Karaoke Products Provider Singing Machine's Q1 Revenue Nearly Doubles

Singing Machine Company Inc MICS reported first-quarter FY23 sales growth of 92% year-on-year to $11.6 million versus $6.1 million last year.
The company said it delivered over $11 million in karaoke products in the quarter despite a challenging retail environment.
The gross profit for the quarter doubled to $3.2 million, and the profit margin expanded 120 basis points to 27.5%.
The operating expenses rose 46.7% Y/Y to $3 million.
The operating margin was 1.3%, and operating income for the quarter was $0.15 million compared to a loss of $(0.49) million.
The company held $2.3 million in cash and equivalents as of June 30, 2022.
EPS loss for the quarter was $(0.01) versus $(0.09) last year.
"Sell-through within the Walmart Electronics department has been strong out of the gate which is proving the case that karaoke is not limited to a holiday activity," said CEO Gary Atkinson.
Price Action: MICS shares are trading higher by 1.92% at $9.55 on the last check Monday.