The Singing Machine Company, Inc. (OTCQB: SMDM) is the North
American leader in consumer karaoke products. The company offers the industry’s
widest selection of consumer-oriented karaoke systems, youth electronics and
related accessories under The Singing Machine®, SoundX®, Home™ and SMDigital™
brands. SMDM’s proven reputation for customer satisfaction has helped it
establish a distribution network of more than 10,000 brick-and-mortar stores
throughout North America, in addition to an increasingly expansive online
presence.
In recent months, SMDM has leveraged its extensive retail
network to post strong financial growth. During the company’s 2015 fiscal year,
it realized a 25 percent increase in annual net sales, recording $39.3 million
for the 12-month period. Additionally, the company reported $8.3 million in
gross profit, which was an improvement of approximately $1.2 million over the
previous year. By expanding its distribution reach internationally into
Australian and European markets, SMDM will look to build upon this progress in
the months to come.
“Singing Machine has now recorded profits for four
consecutive years and shown the ability to continue to grow sales,” Gary
Atkinson, chief executive officer of SMDM, stated in a news release. “As we
grow our sales and market share, we intend to also incorporate strategies to
improve gross profits and earnings to benefit our shareholders.”
Last December, the company provided both investors and
consumers with a demonstration of the versatility of its product portfolio when
it announced the release of the Home 2.0. This product, an upgraded version of
SMDM’s original Bluetooth speaker entertainment system, combines the classic
karaoke experience with a modern technological twist that makes it appealing to
consumers in a variety of demographics. Using an internet connection, Home 2.0
streams HD quality sing-along videos that are perfect for get-togethers, and it
can be easily linked with any Bluetooth-enabled device to provide crystal clear
audio when not serving as a karaoke machine.
With an established presence in the consumer entertainment
industry, SMDM is in a strong strategic position to continue building on its
recent market success moving forward. For prospective shareholders, the
company’s recent financial growth could foreshadow an opportunity for
sustainable returns. Look for SMDM to lean on its considerable industry
experience in order to promote more strong results in the years to come.
For more information, visit www.singingmachine.com
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