Thu, Jun 27, 8:03 PM (72 days ago)
Emerson Radio Corp.'s financial performance for the fiscal year ended March 31, 2024, showed significant improvements. Net revenues increased by 26.4% to $9.1 million, driven by a 42.8% rise in net product sales, particularly in houseware and audio products. Licensing revenue and royalty income, however, decreased. Cost of sales rose by 47.9%, reflecting higher sales volumes and changes in product mix. Selling, general, and administrative expenses increased by 18.3%, partially due to higher legal fees and compensation costs. The company recorded a net income of $766,000, a significant turnaround from a $1.36 million loss the previous year, aided by a $3.1 million settlement from litigation. Cash and cash equivalents decreased to $19.9 million, with working capital at $26.6 million. The company remains reliant on a few key customers, with Walmart, Amazon, and Fred Meyer accounting for 83% of net revenues. Future outlook includes expanding distribution channels and managing geopolitical risks, particularly tariffs on Chinese imports.