Singing Machine jumps after upbeat Q1 results

Algorhythm Holdings

22/08/2022 13:13

** Shares of karaoke products maker Singing Machine Co
 MICS.O  rise 9.4% to $10.25 premarket
    ** MICS posts Q1 net sales of $11.69 mln, up 92%
year-over-year, largely due to fulfilling opening commitments to
Walmart  WMT.N 
    ** Q1 net loss narrows to 1 cent per share from 9 cents, a
year earlier
    ** Co posts first ever quarterly income from operations of
$146,842 vs. loss from operations of $489,735 a year ago
    ** "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" - CEO Gary
Atkinson
    ** "However, inflation concerns still persist and we do
continue to see broader inventory overhang at the retail level
which is weighing on purchase orders," CEO adds
    ** Up to last close, stock down 22.5% YTD

 (Reporting by Chavi Mehta in Bengaluru)
 ((Chavi.Mehta@thomsonreuters.com;))