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<SEC-DOCUMENT>0000950134-04-002240.txt : 20040218
<SEC-HEADER>0000950134-04-002240.hdr.sgml : 20040218
<ACCEPTANCE-DATETIME>20040218163101
ACCESSION NUMBER:		0000950134-04-002240
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20040213
ITEM INFORMATION:		
ITEM INFORMATION:		Financial statements and exhibits
ITEM INFORMATION:		Regulation FD Disclosure
FILED AS OF DATE:		20040218

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			KOSS CORP
		CENTRAL INDEX KEY:			0000056701
		STANDARD INDUSTRIAL CLASSIFICATION:	HOUSEHOLD AUDIO & VIDEO EQUIPMENT [3651]
		IRS NUMBER:				391168275
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-03295
		FILM NUMBER:		04613561

	BUSINESS ADDRESS:	
		STREET 1:		4129 N PORT WASHINGTON AVE
		CITY:			MILWAUKEE
		STATE:			WI
		ZIP:			53212
		BUSINESS PHONE:		4149645000

	MAIL ADDRESS:	
		STREET 1:		C/O WHYTE HIRSCHBOECK DUDEK S C
		STREET 2:		111 EAST WISCONSIN AVENUE
		CITY:			MILWAUKEE
		STATE:			WI
		ZIP:			53202

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	KOSS ELECTRONICS INC
		DATE OF NAME CHANGE:	19721005

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	REK O KUT CO INC
		DATE OF NAME CHANGE:	19680124
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>d12793e8vk.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML>
<HEAD>
<TITLE>e8vk</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="center" style="font-size: 14pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>

<P align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>

<P align="center" style="font-size: 18pt"><B>FORM 8-K</B>


<P align="center" style="font-size: 10pt"><B>CURRENT REPORT<BR>
PURSUANT TO SECTION 13 or 15(d) OF THE<BR>
SECURITIES EXCHANGE ACT OF 1934</B>



<P align="center" style="font-size: 10pt"><B>Date of Report (Date of earliest event reported):<BR>
February&nbsp;18, 2004 (February&nbsp;13, 2004)</B>


<P align="center" style="font-size: 24pt"><B>Koss Corporation<BR>
<HR align="center" size="1" noshade width="25%"></B>
<DIV align="center" style="font-size: 10pt"><B>(Exact name of registrant as specified in its charter)</B></DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B>Delaware</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>0-3295</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>39-1168275</B></TD>
</TR>

<TR style="font-size: 1px">
    <TD align="center" valign="top"><HR size="1" noshade>&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><HR size="1" noshade>&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>(State or other<BR>
Jurisdiction of<BR>
Incorporation)</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>(Commission File<BR>
Number)</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>(IRS Employer<BR>
Identification No.)</B></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><B>4129 North Port Washington Avenue, Milwaukee, Wisconsin 53212</B>
<HR align="center" size="1" noshade width="65%">
<div align="center" style="font-size: 10pt"><B>Address of principal executive offices) (Zip code)</B></div>



<P align="center" style="font-size: 10pt"><B>Registrant&#146;s telephone number, including area code:<BR>
(414)&nbsp;964-5000</B>



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<P><HR noshade><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<!-- TOC -->
<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

<P><CENTER>
<TABLE border="0" width="90%" cellpadding="0" cellspacing="0">
<TR>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
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	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="76%"></TD>
</TR>
<TR><TD></TD><TD colspan="8"><A HREF="#000">Item&nbsp;7. Financial Statements and Exhibits.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#001">Items 9 &#038; 12. Regulation&nbsp;FD Disclosure and Results of Operations and Financial Condition.</A></TD></TR>
<TR><TD colspan="9"><A HREF="#002"> INDEX TO EXHIBITS</A></TD></TR>
<TR><TD colspan="9"><A HREF="d12793exv99w1.htm">Press Release</A></TD></TR>
</TABLE>
</CENTER>
<!-- /TOC -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>






<!-- link2 "Item&nbsp;7. Financial Statements and Exhibits." -->
<DIV align="left"><A NAME="000"></A></DIV>

<P align="left" style="font-size: 10pt"><B>Item&nbsp;7. Financial Statements and Exhibits.</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>(c)&nbsp;Exhibits</I>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">99.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Press Release dated February&nbsp;13, 2004, announcing a change in
the Company&#146;s treasury stock treatment of repurchased employee
shares in the Company&#146;s financial statements for the fiscal years
ended June&nbsp;30, 2001, 2002 and 2003 (<I>furnished and not filed for
purposes of Section&nbsp;18 of the Securities Exchange Act of 1934, as
amended, and not deemed incorporated by reference in any filing
under the Securities Act of 1934, as amended</I>).</TD>
</TR>

</TABLE>

<!-- link2 "Items 9 &#038; 12. Regulation&nbsp;FD Disclosure and Results of Operations and Financial Condition." -->
<DIV align="left"><A NAME="001"></A></DIV>

<P>
<TABLE width="100%" border="0" cellpadding="2" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="1%"></TD>
    <TD width="99%"></TD>
</TR>
<TR valign="top">
    <TD nowrap><B>Items 9 &#038; 12.</B>&nbsp;</TD>
    <TD><B>Regulation&nbsp;FD Disclosure and Results of Operations and Financial Condition.</B></TD>
</TR>
</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On February&nbsp;13, 2004, Koss Corporation issued a press release announcing a
change in the Company&#146;s treasury stock treatment of repurchased employee shares
in the Company&#146;s financial statements for the fiscal years ended June&nbsp;30, 2001,
2002 and 2003. A copy of the press release is being furnished as Exhibit&nbsp;99.1
to this Form 8-K.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The information in this report is being furnished pursuant to Item&nbsp;12
Results of Operations and Financial Condition. In accordance with General
Instruction B.6 of Form 8-K, the information in this report shall not be
deemed to be &#147;filed&#148; for purposes of Section&nbsp;18 of the Securities Exchange Act
of 1934, as amended, nor shall it be deemed incorporated by reference in any
filing under the Securities Act of 1934, as amended.


<P align="center" style="font-size: 10pt">2
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="center" style="font-size: 10pt"><B>SIGNATURES</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top">Dated:  February 18, 2004&nbsp;</TD>
    <TD colspan="3">KOSS CORPORATION<BR>
<BR>
<BR>
&nbsp;<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000">/s/ Michael J. Koss
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">Michael J. Koss&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">Chief Executive Officer,<br>
President and Chief Financial<br>
Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<P align="center" style="font-size: 10pt">3
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link1 " INDEX TO EXHIBITS" -->
<DIV align="left"><A NAME="002"></A></DIV>

<P align="center" style="font-size: 10pt"><B>INDEX TO EXHIBITS</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
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    <TD width="5%">&nbsp;</TD>
    <TD width="87%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Exhibit</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Number</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Description</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Press Release dated February&nbsp;13, 2004, announcing a change in the
Company&#146;s treasury stock treatment of repurchased employee shares in the
Company&#146;s financial statements for the fiscal years ended June&nbsp;30, 2001,
2002 and 2003 (<I>furnished and not filed for purposes of Section&nbsp;18 of the
Securities Exchange Act of 1934, as amended, and not deemed incorporated
by reference in any filing under the Securities Act of 1934, as amended</I>).</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>




<P align="center" style="font-size: 10pt">4
</DIV>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>d12793exv99w1.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>
<HTML>
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<TITLE>exv99w1</TITLE>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="right" style="font-size: 10pt"><B>EXHIBIT 99.1</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="35%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>FOR IMMEDIATE RELEASE<br>
February&nbsp;13, 2004</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>CONTACT:</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>MICHAEL J. KOSS<br>
(414)&nbsp;964-5000</B></TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><B>Koss Corporation Changes Treasury Stock Treatment<BR>
of Repurchased Employee Shares<BR>
in Financial Statements</B>


<P align="left" style="font-size: 10pt"><B>Milwaukee, Wisconsin: </B>Koss Corporation (NASDAQ SYMBOL: KOSS) today announced
that it is changing its treatment for repurchases of some stock issued to
employees on the exercise of employee stock options to comply with FIN 44:
Accounting for Certain Transactions Involving Stock Compensation an
interpretation of APB Opinion No.&nbsp;25 (&#147;FIN 44&#148;). The Company had previously
accounted for these transactions as an acquisition of treasury stock, whereas
under FIN 44, the Company will treat the expenditures to acquire stock
purchased directly from employees who had held the stock for less than six
months as a compensation expense.


<P align="left" style="font-size: 10pt">The Company determined to change reported financial results for the period from
June&nbsp;2001 until June&nbsp;2003 when, in consultation with its independent auditors,
the Company concluded that some previously reported transactions should be
accounted for as employee compensation expense rather than as treasury stock
transactions. The change has no effect on cash and has the following effects
on the Company&#146;s previously announced financial results:



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A cumulative increase in the Company&#146;s paid in capital of
$1,997,913 at June&nbsp;30, 2003.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A cumulative reduction in the Company&#146;s retained earnings of
$1,310,226 at June&nbsp;30, 2003.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A reduction in the Company&#146;s tax liability of $687,687 at
June&nbsp;30, 2003.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Reductions in reported diluted earnings per share for the
fiscal year ended June&nbsp;30, 2001 from $1.28 to $1.16, for the fiscal
year ended June&nbsp;30, 2002, from $1.28 to $1.17, and for the fiscal
year ended June&nbsp;30, 2003 from $1.18 to $1.08, to reflect booking the
acquisition of the repurchased shares as employee compensation
expense.</TD>
</TR>

</TABLE>

<P align="left" style="font-size: 10pt">The change is a noncash adjustment of the prior periods activities and all
transactions involved in the change have been previously disclosed in the
Company&#146;s public filings, including, most specifically, Note 1 to the Company&#146;s
financial statements under the heading &#147;Stock-Based Compensation&#148; contained in
the Company&#146;s most recently filed Form 10-K. The revised financial statements
reflecting the foregoing will be included in a Form 10-K/A to be filed with the
Securities and Exchange Commission and available at www.sec.gov.


<P align="left" style="font-size: 10pt">The change does not affect the current fiscal year&#146;s operations, or the net
income reported during the first two quarters of the current fiscal year ending
June&nbsp;30, 2004. The change will be reflected on the Company&#146;s balance sheet as
a decrease in taxes payable of $687,687 and an increase in stockholders&#146;
investment of $687,687.


<P align="left" style="font-size: 10pt">The Company&#146;s Board of Directors has approved the use of up to $2.5&nbsp;million for
the repurchase of shares of Company stock in open market transactions. The
stock repurchases may or may not be made by the Company under the safe harbor
conditions of Rule&nbsp;10b-18, but will otherwise comply with all applicable rules
and regulations and will be dependent upon market conditions and the
availability of common stock. The Company will not repurchase directly from
employees any shares of Company stock that have not been held for a period
greater than six months.



<P align="right" style="font-size: 10pt">(continued on next page...)



<P align="center" style="font-size: 10pt">&nbsp;
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<P align="left" style="font-size: 10pt">(...continued from previous page)


<P align="left" style="font-size: 10pt">Koss Corporation markets a complete line of high-fidelity stereophones,
speaker-phones, computer headsets, telecommunications headsets, active noise
canceling stereophones, wireless stereophones, and compact disc recordings of
American Symphony Orchestras on the Koss Classics label.


<P align="left" style="font-size: 10pt">This press release contains forward looking statements. These statements
relate to future events or our future financial performance. In some cases,
you can identify forward-looking statements by terminology such as &#147;may,&#148;
&#147;will,&#148; &#147;should,&#148; &#147;forecasts,&#148; &#147;expects,&#148; &#147;plans,&#148; &#147;anticipates,&#148; &#147;believes,&#148;
&#147;estimates,&#148; &#147;predicts,&#148; &#147;potential,&#148; or &#147;continue&#148; or the negative of such
terms and other comparable terminology. These statements are only predictions.
Actual events or results may differ materially. In evaluating forward-looking
statements, you should specifically consider various factors that may cause
actual results to vary from those contained in the forward-looking statements,
such as general economic conditions, in particular, consumer demand for the
Company&#146;s and its customers&#146; products, competitive and technological
developments, foreign currency fluctuations, and costs of operations.
Shareholders, potential investors and other readers are urged to consider these
factors carefully in evaluating the forward-looking statements and are
cautioned not to place undue reliance on such forward-looking statements. The
forward-looking statements made herein are only made as of the date of this
press release and the Company undertakes no obligation to publicly update such
forward-looking statements to reflect subsequent events or circumstances. In
addition, such uncertainties and other operational matters are discussed
further in the Company&#146;s quarterly and annual filings with the Securities and
Exchange Commission.



<P align="center" style="font-size: 10pt"># # #




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