Cows are milking here !...

Cows are milking here !

http://finance.yahoo.com/news/singing-machine-announces-record-earnings-203313927.html

FORT LAUDERDALE, FL--(Marketwired - Jun 29, 2016) - The Singing Machine Company, Inc.("Singing Machine" or the "Company") (OTCQB: SMDM) -- the North American leader in consumer karaoke products -- today announced record-breaking financial results for its fiscal year ended March 31, 2016.
Fiscal Year End Highlights:

• Earnings per share of $0.04 for the March 31, 2016 fiscal year end.
  
  
• Net sales for the fiscal year increased by 24% to $48.9 million.
  
  
• Gross profit margins increased by 3.3% to 24.4%.
  
  
• Gross profits increased by $3.6 million to $11.9 million.
  
  
• Product returns reduced to historical low of 5.5% of gross sales.
  
  
• Inventory decreased by 50% to $3.7 million.
  
  
• Net income for the fiscal year end increased to $1.7 million.

Singing Machine reports net sales of approximately $48.9 million for the March 31, 2016 fiscal year end period, an increase of 24% from the prior year ($39.3 million). The increase in net sales is attributable to an increase in sales to the Company's major retailers caused by successful marketing campaigns and increased consumer demand. The increase is also attributable to an expansion in international sales to the United Kingdom and other new territories. E-commerce sales through the Company's online platforms continue to grow, accounting for 18% of the increase.

Gross profit increased by $3.6 million to $11.9 million, or 24.4% of net sales compared to $8.3 million or 21.1% of net sales reported in the prior year. The increase in gross profit margin is primarily attributable to the Company successfully negotiating price reductions on select high volume products and the Company's ability to command a higher margin on its digital download line of products.

Total operating expenses for FYE March 2016 were $10.0 million compared to $7.7 million in the prior year. The increase is primarily attributable to the rise in selling expenses due to the 24% increase in overall net sales.