Singing Machine Reports 25 Percent Jump in Q3 Net Sales

Karaoke machine maker The Singing Machine Company, Inc. (OTCBB:SMDM) reported results from its third fiscal quarter ended December 31, 2011. Bolstered by strong sales from the holiday season, net sales rose approximately 25% to $8.6 million from $6.9 million in the year prior quarter. With the increased sales, so came increased expenses, but as a percentage of net sales, operating expenses dropped to 19.2% as compared with 22.2% in the same period in 2010. As a result, the Company reported net income for the quarter of approximately $134,000, compared to approximately $81,000 over the 2010 period.

The company develops and distributes throughout North America, Europe and Australia a full line of consumer-oriented karaoke machines and music under The Singing Machine™, SMDigital™, SoundX™, and Sound X Kids™ and other brand names. The Singing Machine is also the first to offer digital music downloads for play on home karaoke machines.

“We’re achieving a milestone we haven’t met in many, many years which is to show a strong profit through the first three quarters. With some new products and services in the pipeline, we’re optimistic about our future growth potential,” said Gary Atkinson, CEO of SMDM.

For the nine month period ended December 31, 2011, the Company reported net sales of approximately $24.6 million as compared to approximately $17.4 million in the same period last year. Net income for the nine months ended December 31, 2011 grew to approximately $1.1 million as compared to a net loss of approximately $100,000 in the same period last year.

The Singing Machine Company (SMDM) Stock Quote and News:

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