Rochester,NY 8/28/2009 9:25:27 PM
Emerson Radio Corp. MSN, Reports Fiscal 2010 First Quarter Results
Emerson Radio Corp.
Emerson Radio Corp. reported financial results for its first quarter ended June 30, 2009. Net revenues for the first quarter of fiscal 2010 were $55.6 million, an increase of $11.8 million, or 26.8%, compared to net revenues in the first quarter of fiscal 2009 of $43.8 million.
The increase in net revenues during the first quarter of fiscal 2010 was due to higher sales in the home appliances category, partially offset by lower sales in the Company's audio and themed categories, and lower revenue earned from licensing activities.
Operating income for the first quarter of fiscal 2010 was $1.4 million compared to $0.4 million for the first quarter of fiscal 2009, an increase of $1.0 million. The increase in operating income was due primarily to the higher revenue coupled with lower SG&A expenses, which were down $0.7 million, or 16.3%, from last year's first fiscal quarter, resulting primarily from lower legal, advertising, and travel related costs.
Net income from continuing operations for the first quarter of fiscal 2010 was $1.2 million or $0.04 per diluted share compared to a first quarter fiscal 2009 net loss from continuing operations of $0.2 million or $0.01.
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