Last $0.16 USD
Change Today -0.018 / -10.11%
Volume 1.1K
As of 5:20 PM 08/21/14 All times are local (Market data is delayed by at least 15 minutes).

singing machine co inc/the (SMDM) Snapshot

Open
$0.19
Previous Close
$0.18
Day High
$0.19
Day Low
$0.16
52 Week High
10/17/13 - $0.34
52 Week Low
08/5/14 - $0.10
Market Cap
6.1M
Average Volume 10 Days
34.7K
EPS TTM
$0.03
Shares Outstanding
38.1M
EX-Date
--
P/E TM
5.3x
Dividend
--
Dividend Yield
--
Current Stock Chart for SINGING MACHINE CO INC/THE (SMDM)

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singing machine co inc/the (SMDM) Details

The Singing Machine Company, Inc., doing business as SMC Global, develops, produces, markets, and distributes consumer karaoke audio equipment, accessories, music, musical instruments, and licensed youth electronic products in North America and Europe. The company offers karaoke machines comprising Singing machine home karaoke and Bluetooth speaker system for connection to compact disc players, built-in cameras, and home theater systems. It also provides consumer Bluetooth audio products for outdoor and home use under Sound X brand name; and musical instruments, including semi-professional digital drum sets and keyboards, and youth musical instruments under the Sound X and Sound X Kids brands. The Singing Machine Company, Inc. sells its products primarily through mass merchandisers, department stores, direct mail catalogs and showrooms, music and record stores, national chains, specialty stores, and warehouse clubs, as well as through online karaoke music download store. The company was founded in 1982 and is headquartered in Fort Lauderdale, Florida.

singing machine co inc/the (SMDM) Top Compensated Officers

Chief Executive Officer and General Counsel
Total Annual Compensation: $100.4K
Chief Financial Officer, Principal Accounting...
Total Annual Compensation: $109.8K
Vice President of Global Sales and Marketing
Total Annual Compensation: $180.8K
Compensation as of Fiscal Year 2014.

singing machine co inc/the (SMDM) Key Developments

the Singing Machine Company, Inc. Announces Unaudited Consolidated Earnings Results for the First Quarter Ended June 30, 2014

The Singing Machine Company, Inc. announced unaudited consolidated earnings results for the first quarter ended June 30, 2014. For the quarter, the company reported net sales of $2,544,959 against 1,413,567 a year ago. Loss from operations was $787,578 against $866,439 a year ago. Loss before income tax benefit was $789,420 against $867,407 a year ago. Net loss was $499,529 against $541,066 a year ago. Loss per basic and diluted share was $0.01 against $0.01 a year ago. Net cash used in operating activities was $1,037,701 against $1,120,168 a year ago. Purchase of property and equipment was $33,013 against $122,177 a year ago. The increase in net sales is attributable to inventory replenishment by retailers due to favorable retail sell-through of the company's products, the move by several retailers to carry and promote Singing Machine products on a year-around basis, and increased sales to distributors in Mexico and the United Kingdom.

The Singing Machine Company, Inc. Executes Three-Year Credit Agreement for Senior Secured Financing Facility with PNC Bank

On July 14, 2014, The Singing Machine Company, Inc. executed a three-year Credit Agreement for a senior secured financing facility with PNC Bank. The asset-based facility provides the company with up to $15,000,000 in senior secured financing during the company's peak season and reduces to $7,500,000 from January 1 to July 31 each year. The Facility provides for borrowing against eligible accounts receivable and inventory, with sub limits on inventory up to $4,000,000 and for letters of credit up to $3,000,000. Interest on the revolving credit facility is PNC Base Rate floating plus 2% or 1, 2 or 3 month fully absorbed PNC LIBOR rate plus 3.50%. The credit facility is secured with all assets of the company as well as related-party debt subordination agreements totaling $2,500,000 from Starlight Marketing Development Ltd. and a promissory note with Ram Light Management Ltd. in the amount of $1,100,000 which will accrue interest at a rate of 6% per annum.

The Singing Machine Company, Inc. Reports Consolidated Earnings Results for the Year Ended March 31, 2014

The Singing Machine Company, Inc. reported consolidated earnings results for the year ended March 31, 2014. For the period, the company net sales were $31,379,629 against $34,437,774 a year ago. Income from operations was $278,965 against $1,569,897 a year ago. Income before income tax benefit was $225,519 against $1,521,476 a year ago. Net income was $1,004,316 or $0.026 diluted per share against $3,140,935 or $0.082 diluted per share a year ago. Net cash provided by operating activities was $64,428 against $1,682,353 a year ago. Purchase of property and equipment was $214,677 against $296,822 a year ago. EBITDA was $0.4 million compared to $1.7 million in the previous year.

 

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