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<SEC-DOCUMENT>0001181431-06-023692.txt : 20060413
<SEC-HEADER>0001181431-06-023692.hdr.sgml : 20060413
<ACCEPTANCE-DATETIME>20060413155426
ACCESSION NUMBER:		0001181431-06-023692
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20060412
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20060413
DATE AS OF CHANGE:		20060413

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:		06758492

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

	MAIL ADDRESS:	
		STREET 1:		4129 N PORT WASHINGTON AVE
		CITY:			MILWAUKEE
		STATE:			WI
		ZIP:			53212

	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>rrd114277.htm
<DESCRIPTION>FORM 8-K -- 2006 Q3 EARNINGS
<TEXT>


<html><head>
<title>Prepared By R.R. Donnelley Financial -- Form 8-K</title>
</head>
<body Bgcolor="white">

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<div><font Size="1">&nbsp;</font></div>

<div Align="center"><font Face="times New Roman" Size="4" Color="#000000">
<b>UNITED STATES </b></font></div>

<div Align="center"><font Face="times New Roman" Size="4" Color="#000000">
<b>SECURITIES AND EXCHANGE COMMISSION </b></font></div>

<div Align="center"><font Face="times New Roman" Size="2" Color="#000000">
<b>Washington, D.C. 20549 </b></font></div>

<div><font Size="1">&nbsp;</font></div>

<div Align="center"><font Face="times New Roman" Size="5" Color="#000000">
<b>Form 8-K </b></font></div> <div><font Size="1">&nbsp;</font></div>

<div Align="center"><font Face="times New Roman" Size="4" Color="#000000">
<b>Current Report </b></font></div>

<div Align="center"><font Face="times New Roman" Size="4" Color="#000000">
<b>Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 </b></font></div>

<div><font Size="1">&nbsp;</font></div>

<div Align="center"><font Face="times New Roman" Size="3" Color="#000000">
<b>Date of Report (Date of earliest event reported):&nbsp;&nbsp;04/12/2006 </b></font></div>




<div><font Size="1">&nbsp;</font></div>

<div Align="center"><font Face="times New Roman" Size="5" Color="#000000">
<b>Koss Corporation </b></font></div>

<div Align="center"><font Face="times New Roman" Size="2" Color="#000000">
<b>(Exact name of registrant as specified in its charter)</b></font></div>

<div><font Size="1">&nbsp;</font></div>

<div Align="center"><font Face="times New Roman" Size="3" Color="#000000">
<b>Commission File Number:&nbsp;&nbsp;0-3295</b></font></div>

<div><font Size="1">&nbsp;</font></div>

<div Align="center"><table Cellspacing="0" Cellpadding="0" Width="100%" Border="0">
<tr>
<td Valign="bottom" Width="59%" Align="center">
<div Align="center"><font Face="times New Roman" Size="3" Color="#000000"><b>DE</b></font>
</div>
</td>
<td Valign="bottom" Width="3%"><font Face="times New Roman" Size="1">&nbsp;&nbsp;</font>
</td>
<td Valign="bottom" Width="59%" Align="center">
<div Align="center"><font Face="times New Roman" Size="3" Color="#000000"><b>39-1168275</b></font>
</div>
</td>
</tr>

<tr>
<td Valign="top" Align="center" Width="59%">
<div Style="margin-left:2%; Text-indent:-2%" Align="center"><font Face="times New Roman" Size="2" Color="#000000">
<b>(State or other jurisdiction of</b></font>
</div>
</td>
<td Valign="bottom" Width="3%"><font Face="times New Roman" Size="1">&nbsp;&nbsp;</font>
</td>
<td Valign="bottom" Align="center" Width="59%">
<div Align="center"><font Face="times New Roman" Size="2" Color="#000000"><b>(IRS Employer</b></font>
</div>
</td>
</tr>

<tr>
<td Valign="top" Align="center" Width="59%">
<div Style="margin-left:2%; Text-indent:-2%" Align="center"><font Face="times New Roman" Size="2" Color="#000000">
<b>incorporation)</b></font>
</div>
</td>
<td Valign="bottom" Width="3%"><font Face="times New Roman" Size="1">&nbsp;&nbsp;</font>
</td>
<td Valign="bottom" Align="center" Width="59%">
<div Align="center"><font Face="times New Roman" Size="2" Color="#000000">
<b>Identification No.)</b></font>
</div>
</td>
</tr>

</table></div>

<div><font Size="1">&nbsp;</font></div>

<div Align="center"><font Face="times New Roman" Size="3" Color="#000000">
<b>4129 North Port Washington Avenue, Milwaukee, WI 53212</b></font></div>


<div Align="center"><font Face="times New Roman" Size="2" Color="#000000">
<b>(Address of principal executive offices, including zip code)</b></font>
</div>

<div><font Size="1">&nbsp;</font></div>

<div Align="center"><font Face="times New Roman" Size="3" Color="#000000">
<b>(414) 964-5000 </b></font>
</div>

<div Align="center"><font Face="times New Roman" Size="2" Color="#000000">
<b>(Registrant&#146;s telephone number, including area code)</b></font>
</div>



<div><font Size="1">&nbsp;</font></div>

<div Align="center"><font Face="times New Roman" Size="3" Color="#000000">
<b> </b></font>
</div>

<div Align="center"><font Face="times New Roman" Size="2" Color="#000000">
<b>(Former name or former address, if changed since last report) </b></font>
</div>


<div><font Size="1">&nbsp;</font>
</div>




<div Align="left"><font Face="times New Roman" Size="2" Color="#000000">
<b>Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:<BR><BR>
</b></font>


</div>



<div Align="left"><font Face="times New Roman" Size="2" Color="#000000">
<b>[&nbsp;&nbsp;]&nbsp;&nbsp;
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<BR><BR>

[&nbsp;&nbsp;]&nbsp;&nbsp;
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<BR><BR>


[&nbsp;&nbsp;]&nbsp;&nbsp;
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<BR><BR>


[&nbsp;&nbsp;]&nbsp;&nbsp;
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
</b>

</font>
</div>





<div><font Size="1">&nbsp;</font>
</div>

<hr Size="4" Noshade Color="#000000" Align="left">


<p Style='page-break-before:always'>
<p Align="center"><font Size="2">
Information to be included in the report</b>
</font>





<div><font Size="1">&nbsp;</font></div>

<div align="left"><font Face="times New Roman" Size="2" Color="#000000">
<b>Item 2.02.&nbsp;&nbsp;&nbsp;&nbsp;Results of Operations and Financial Condition</b></font>
</div>

<div><font Size="1">&nbsp;</font>
</div>

<div  align="left" Style="text-indent:4%"><font Face="times New Roman" Size="2" Color="#000000">
On April 12, 2006, Koss Corporation issued a press release announcing its financial results for the quarter ended March 31, 2006.  A copy of the press release is being furnished as Exhibit 99.1 to this Form 8 K.<p>The information in this report is being furnished pursuant to Item 2.02 Results of Operations and Financial Condition.  In accordance with General Instruction B.2 of Form 8-K, the information in this report shall not be deemed to be "filed" for purposes of Section 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.</font>
</div>

<div><font Size="1">&nbsp;</font></div>



<div><font Size="1">&nbsp;</font></div>

<div align="left"><font Face="times New Roman" Size="2" Color="#000000">
<b>Item 9.01.&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements and Exhibits</b></font>
</div>

<div><font Size="1">&nbsp;</font>
</div>

<div  align="left" Style="text-indent:4%"><font Face="times New Roman" Size="2" Color="#000000">
Exhibit 99.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Press Release dated April 12, 2006, announcing financial results for the quarter ended March 31, 2006</font>
</div>

<div><font Size="1">&nbsp;</font></div>



<hr  Size="3" Color="#cceeff" Width="100%" Align="center">
<p Align="center"><font Size="2">&nbsp;</font>
<div Align="center"><font Face="times New Roman" Size="2" Color="#000000">
<b>Signature(s) </b></font>
</div>

<div><font Size="1">&nbsp;</font></div>

<div align="left" Style="text-indent:4%"><font Face="times New Roman" Size="2" Color="#000000">
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 hereunto
duly authorized. </font>
</div>

<div><font Size="1">&nbsp;</font></div>

<div><table Cellspacing="0" Cellpadding="0" Width="100%" Border="0">




<tr>
	<td Valign="top" Colspan="3" Width="53%"> <div Style="margin-left:2%; Text-indent:-2%"><font Face="times New Roman" Size="2" Color="#000000"></font>
	</div>
	</td>
	<td Valign="bottom" Width="3%"><font Face="times New Roman" Size="1">&nbsp;</font>
	</td>
	<td> <font Size="1">&nbsp;</font>
	</td>
	<td Valign="bottom" Width="3%"><font Face="times New Roman" Size="1">&nbsp;</font>
	</td>	<td Valign="top" Align="center" Width="3%">
	<div Align="center"><font Face="times New Roman" Size="2" Color="#000000">
	</font>
	</div>
	</td>
	<td Valign="bottom" Width="3%"><font Face="times New Roman" Size="1">&nbsp;</font></td>
	<td Valign="top" Width="53%">
	<div Style="margin-left:2%; Text-indent:-2%"><font Face="times New Roman" Size="2" Color="#000000">
	Koss Corporation</font>
	</div>	</td>
</tr>
<tr><td>&nbsp;</td></tr>
<tr><td>&nbsp;</td></tr>
<tr>
	<td Valign="top" Colspan="3" Width="53%"> <div Style="margin-left:2%; Text-indent:-2%"><font Face="times New Roman" Size="2" Color="#000000">
	Date: April 13, 2006</font>
	</div>
	</td>
	<td Valign="bottom" Width="3%"><font Face="times New Roman" Size="1">&nbsp;</font>
	</td>
	<td> <font Size="1">&nbsp;</font>
	</td>
	<td Valign="bottom" Width="3%"><font Face="times New Roman" Size="1">&nbsp;</font>
	</td>	<td Valign="top" Align="center" Width="3%">
	<div Align="center"><font Face="times New Roman" Size="2" Color="#000000">
	By:</font>
	</div>
	</td>
	<td Valign="bottom" Width="3%"><font Face="times New Roman" Size="1">&nbsp;</font></td>
	<td Valign="top" Width="53%">
	<div Style="margin-left:2%; Text-indent:-2%"><font Face="times New Roman" Size="2" Color="#000000">
	/s/&nbsp;&nbsp;&nbsp;&nbsp;Michael J. Koss</font>
	</div>
	<hr Noshade Align="left" Color="#000000">
	</td>
</tr>

<tr>
	<td> <font Size="1">&nbsp;</font></td>
	<td Valign="bottom" Width="3%"><font Face="times New Roman" Size="1">&nbsp;</font></td>
	<td> <font Size="1">&nbsp;</font></td>
	<td Valign="bottom" Width="3%"><font Face="times New Roman" Size="1">&nbsp;</font></td>
	<td> <font Size="1">&nbsp;</font></td>
	<td Valign="bottom" Width="3%"><font Face="times New Roman" Size="1">&nbsp;</font></td>
	<td> <font Size="1">&nbsp;</font></td>
	<td Valign="bottom" Width="3%"><font Face="times New Roman" Size="1">&nbsp;</font></td>
	<td Valign="bottom" Width="53%">
	<div Style="margin-left:2%; Text-indent:-2%"><font Face="times New Roman" Size="2" Color="#000000">
	Michael J. Koss</font>
	</div>
	</td>
</tr>

<tr>
	<td> <font Size="1">&nbsp;</font></td>
	<td Valign="bottom" Width="3%"><font Face="times New Roman" Size="1">&nbsp;</font></td>
	<td> <font Size="1">&nbsp;</font></td>
	<td Valign="bottom" Width="3%"><font Face="times New Roman" Size="1">&nbsp;</font></td>
	<td> <font Size="1">&nbsp;</font></td>
	<td Valign="bottom" Width="3%"><font Face="times New Roman" Size="1">&nbsp;</font></td>
	<td> <font Size="1">&nbsp;</font></td>
	<td Valign="bottom" Width="3%"><font Face="times New Roman" Size="1">&nbsp;</font></td>
	<td Valign="bottom" Width="53%">
	<div><font Face="times New Roman" Size="2" Color="#000000">Chief Executive Officer, President and Chief Financial Officer</font>
	</div>
</td>
</tr>
<tr><td>&nbsp;</td></tr>
<tr><td>&nbsp;</td></tr>



</table></div>





<p Style='page-break-before:always'>
<hr  Size="3" Color="#cceeff" Width="100%" Align="center">

<p Align="center"><font Size="2">&nbsp;</font>
<div Align="center"><font Face="times New Roman" Size="3" Color="#000000">
<b>Exhibit Index </b></font>
</div>

<div><font Size="2">&nbsp;</font></div>

<div Align="center">
<table Cellspacing="0" Cellpadding="0" Width="100%" Border="0">




<tr>
	<td Valign="top" Align="left">
	<div Align="left"><font Face="times New Roman" Size="2" Color="#000000">
	<b>Exhibit&nbsp;No.</b></font>
	</div>
		<hr Size="2" Noshade Width="48" Color="#000000">
	</td>
	<td Valign="top" Width="3%" Align="left"><font Face="times New Roman" Size="2">&nbsp;&nbsp;</font></td>
	<td Valign="top" Width="100%" Align="left">
	<div><font Face="times New Roman" Size="2" Color="#000000">
	<b>Description</b></font>
	</div>
	<hr Size="2" Noshade Width="73" Align="left" Color="#000000">
	</td>
</tr>




<tr>
	<td Valign="top" Align="left">
	<div Align="top"><font Face="times New Roman" Size="1" Color="#000000">
	EX-99.1</font>
	</div>

	</td>
	<td Valign="top" Width="3%" Align="left"><font Face="times New Roman" Size="2">&nbsp;&nbsp;</font></td>
	<td Valign="top" Width="100%" Align="left">
	<div><font Face="times New Roman" Size="2" Color="#000000">
	Press Release dated April 12, 2006, announcing financial results for the quarter ended March 31, 2006</font>
	</div>
		</td>
</tr>





</div></table>



</body></html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>rrd114277_12932.htm
<DESCRIPTION>PRESS RELEASE DATED APRIL 12, 2006, ANNOUNCING FINANCIAL RESULTS FOR THE QUARTER ENDED MARCH 31, 2006
<TEXT>



<HTML>


<HEAD>








<TITLE>Exhibit 99</TITLE>


</HEAD>


<BODY>





<B><U><P ALIGN="RIGHT">Exhibit 99.1</P>


</U><FONT SIZE=3>


<P>FOR IMMEDIATE RELEASE:  APRIL 12, 2006</P>





<P>CONTACT:&#9;MICHAEL J. KOSS (414) 964-5000</P>





</FONT><P ALIGN="CENTER">Koss Third Quarter Net Income Jumps 69% on Record Sales</P>


<FONT SIZE=3><P ALIGN="JUSTIFY"></P>


<P ALIGN="JUSTIFY">Milwaukee, Wisconsin:</B>  Koss Corporation (NASDAQ SYMBOL: KOSS), the U.S. based high fidelity stereophone company has announced earnings for the third quarter period ending March 31, 2006.  Sales for the three months increased 35% to $13,222,496 compared to $9,772,686 for the same period one year ago.  Income from operations for the third quarter rose from $1,412,935 to $2,340,243, an increase of 66%.  Net income rose 69% from $885,976 compared to $1,500,118.   Third quarter diluted earnings per share increased by 74% to $0.40 compared with $0.23 for the same period one year ago.</P>


<P ALIGN="JUSTIFY"></P>


<P ALIGN="JUSTIFY">"We have continued to experience unprecedented growth in our stereophone sales worldwide," Michael J. Koss, President and CEO, told employees here today. "Export sales, specifically to Europe, continue to be particularly strong and have exceeded our expectations."</P>


<P ALIGN="JUSTIFY"></P>


<P ALIGN="JUSTIFY">Koss went on to say that export sales to European Distributors had increased by 63% for the quarter, and 88% on a year to date basis for the nine months.</P>


<P ALIGN="JUSTIFY"></P>


<P ALIGN="JUSTIFY">"The quarter also contributed sharply to our profitability despite reductions in royalty income, increased costs required for freight and promotional expenses, and the increase in expenses due to accounting for stock options under FAS 123R," Michael Koss commented.  "Despite these additional expenses in 2006, the Company maintained solid gross margins and profitability leading to an increase of 69% in net income over the same quarter last year."</P>


</FONT>


<FONT SIZE=3><P ALIGN="JUSTIFY">Year to date sales for the nine months increased by 40% to $40,607,934 compared to $28,970,345 for the same period one year ago.  Income from operations for the nine months rose from $4,218,180 to $7,756,291, an increase of 84%.  Net income for the nine months rose 66% from $2,995,329 compared to $4,972,582.  Diluted earnings per share for the nine months increased by 74% to $1.32 compared with $0.76 for the same period one year ago.</P>


<P ALIGN="JUSTIFY"></P>


<P ALIGN="JUSTIFY">"This is the fourth consecutive quarter that we have set new records in net sales," Koss said.   "In fact, our nine month sales revenue to date has now matched the best sales performance that the Company has ever reported for a complete twelve month fiscal year period.  That means we have matched our best twelve months net sales number with just nine months of shipments."</P>


<P ALIGN="JUSTIFY"></P>


<P ALIGN="JUSTIFY">Koss went on to say that exceeding the current year's performance in fiscal year 2007 beginning July 1, 2006 would mark a new challenge.</P>


<P ALIGN="JUSTIFY"></P>


<P ALIGN="JUSTIFY">"It is clear that the Company will establish a dynamic new record for net sales this fiscal year," Michael Koss continued.  "We are particularly concerned about the consistency of our business with several U.S. retailers for the coming year.  The recent increases in interest rates may again cause U.S. retailers to sharply curtail inventory increases in advance of this year's holiday season.  We have already seen some consolidation in product lines, and item elimination, or reductions at several big box retailers this past spring.  We must also recognize the struggle that many of the company's automobile customers have been reporting in the news, and the potential impact that a reduction in automobile unit sales might have upon our 'rear seat entertainment products' for the automotive market in the coming fiscal year."</P>


<P ALIGN="JUSTIFY"></P>


<P ALIGN="JUSTIFY">Koss Corporation will pay a quarterly dividend of $0.13 cents on April 14, 2006 to shareholders of record on March 31, 2006.</P>


<P ALIGN="JUSTIFY"> </P>


<P ALIGN="JUSTIFY">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>


<P ALIGN="JUSTIFY"></P>


<P ALIGN="JUSTIFY">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 "may," "will," "should," "forecasts," "expects," "plans," "anticipates," "believes," "estimates," "predicts," "potential," or "continue" 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's and its customers' products, competitive and technological developments, foreign currency fluctuations, and costs of operations.  Shareholders, potential investors and other readers are urged to consider these factors carefu
lly 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's quarterly and annual filings with the Securities and Exchange Commission.</P>


</FONT><B><FONT SIZE=2><P ALIGN="CENTER"></P>


<P ALIGN="CENTER">KOSS CORPORATION AND SUBSIDIARIES</P>


<P ALIGN="CENTER">CONDENSED CONSOLIDATED STATEMENT OF INCOME</P>


</B><P ALIGN="CENTER">&#9;(Unaudited)</P>


<P ALIGN="CENTER"></P>


</FONT><FONT SIZE=3><P>&#9;&#9;&#9;&#9;                     Three Months&#9;&#9;            Nine Months</P></FONT>


<TABLE BORDER CELLSPACING=2 CELLPADDING=2 WIDTH=624>


<TR><TD WIDTH="41%" VALIGN="TOP">


<B><FONT SIZE=2><P>Period Ended March 31</B></FONT></TD>


<TD WIDTH="15%" VALIGN="TOP">


<B><FONT SIZE=2><P ALIGN="CENTER">2006</B></FONT></TD>


<TD WIDTH="15%" VALIGN="TOP">


<B><FONT SIZE=2><P ALIGN="CENTER">2005</B></FONT></TD>


<TD WIDTH="15%" VALIGN="TOP">


<B><FONT SIZE=2><P ALIGN="CENTER">2006</B></FONT></TD>


<TD WIDTH="15%" VALIGN="TOP">


<B><FONT SIZE=2><P ALIGN="CENTER">2005</B></FONT></TD>


</TR>


<TR><TD WIDTH="41%" VALIGN="TOP">


<FONT SIZE=2><P>Net sales</FONT></TD>


<TD WIDTH="15%" VALIGN="TOP">


<FONT SIZE=2><P ALIGN="RIGHT">$13,222,496</FONT></TD>


<TD WIDTH="15%" VALIGN="TOP">


<FONT SIZE=2><P ALIGN="RIGHT">$ 9,772,686</FONT></TD>


<TD WIDTH="15%" VALIGN="TOP">


<FONT SIZE=2><P ALIGN="RIGHT">$40,607,934</FONT></TD>


<TD WIDTH="15%" VALIGN="TOP">


<FONT SIZE=2><P ALIGN="RIGHT">$28,970,345</FONT></TD>


</TR>


<TR><TD WIDTH="41%" VALIGN="TOP">


<FONT SIZE=2><P>Cost of goods sold</FONT></TD>


<TD WIDTH="15%" VALIGN="TOP">


<FONT SIZE=2><P ALIGN="RIGHT">8,266,958</FONT></TD>


<TD WIDTH="15%" VALIGN="TOP">


<FONT SIZE=2><P ALIGN="RIGHT">6,159,205</FONT></TD>


<TD WIDTH="15%" VALIGN="TOP">


<FONT SIZE=2><P ALIGN="RIGHT">24,938,947</FONT></TD>


<TD WIDTH="15%" VALIGN="TOP">


<FONT SIZE=2><P ALIGN="RIGHT">17,975,273</FONT></TD>


</TR>


<TR><TD WIDTH="41%" VALIGN="TOP">


<FONT SIZE=2><P>Gross profit</FONT></TD>


<TD WIDTH="15%" VALIGN="TOP">


<FONT SIZE=2><P ALIGN="RIGHT">4,955,538</FONT></TD>


<TD WIDTH="15%" VALIGN="TOP">


<FONT SIZE=2><P ALIGN="RIGHT">3,613,481</FONT></TD>


<TD WIDTH="15%" VALIGN="TOP">


<FONT SIZE=2><P ALIGN="RIGHT">15,668,987</FONT></TD>


<TD WIDTH="15%" VALIGN="TOP">


<FONT SIZE=2><P ALIGN="RIGHT">10,995,072</FONT></TD>


</TR>


<TR><TD WIDTH="41%" VALIGN="TOP">


<FONT SIZE=2><P>Selling, general and administrative expense</FONT></TD>


<TD WIDTH="15%" VALIGN="TOP">


<FONT SIZE=2><P ALIGN="RIGHT">2,615,295</FONT></TD>


<TD WIDTH="15%" VALIGN="TOP">


<FONT SIZE=2><P ALIGN="RIGHT">2,200,546</FONT></TD>


<TD WIDTH="15%" VALIGN="TOP">


<FONT SIZE=2><P ALIGN="RIGHT">7,912,696</FONT></TD>


<TD WIDTH="15%" VALIGN="TOP">


<FONT SIZE=2><P ALIGN="RIGHT">6,776,892</FONT></TD>


</TR>


<TR><TD WIDTH="41%" VALIGN="TOP">


<FONT SIZE=2><P>Income from operations</FONT></TD>


<TD WIDTH="15%" VALIGN="TOP">


<FONT SIZE=2><P ALIGN="RIGHT">2,340,243</FONT></TD>


<TD WIDTH="15%" VALIGN="TOP">


<FONT SIZE=2><P ALIGN="RIGHT">1,412,935</FONT></TD>


<TD WIDTH="15%" VALIGN="TOP">


<FONT SIZE=2><P ALIGN="RIGHT">7,756,291</FONT></TD>


<TD WIDTH="15%" VALIGN="TOP">


<FONT SIZE=2><P ALIGN="RIGHT">4,218,180</FONT></TD>


</TR>


<TR><TD WIDTH="41%" VALIGN="TOP">


<FONT SIZE=2><P>Other income (expense)</FONT></TD>


<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>


<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>


<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>


<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>


</TR>


<TR><TD WIDTH="41%" VALIGN="TOP">


<FONT SIZE=2><P>  Royalty income</FONT></TD>


<TD WIDTH="15%" VALIGN="TOP">


<FONT SIZE=2><P ALIGN="RIGHT">75,000</FONT></TD>


<TD WIDTH="15%" VALIGN="TOP">


<FONT SIZE=2><P ALIGN="RIGHT">21,921</FONT></TD>


<TD WIDTH="15%" VALIGN="TOP">


<FONT SIZE=2><P ALIGN="RIGHT">276,918</FONT></TD>


<TD WIDTH="15%" VALIGN="TOP">


<FONT SIZE=2><P ALIGN="RIGHT">657,991</FONT></TD>


</TR>


<TR><TD WIDTH="41%" VALIGN="TOP">


<FONT SIZE=2><P>  Interest income</FONT></TD>


<TD WIDTH="15%" VALIGN="TOP">


<FONT SIZE=2><P ALIGN="RIGHT">44,191</FONT></TD>


<TD WIDTH="15%" VALIGN="TOP">


<FONT SIZE=2><P ALIGN="RIGHT">17,563</FONT></TD>


<TD WIDTH="15%" VALIGN="TOP">


<FONT SIZE=2><P ALIGN="RIGHT">119,661</FONT></TD>


<TD WIDTH="15%" VALIGN="TOP">


<FONT SIZE=2><P ALIGN="RIGHT">34,439</FONT></TD>


</TR>


<TR><TD WIDTH="41%" VALIGN="TOP">


<FONT SIZE=2><P>  Interest expense</FONT></TD>


<TD WIDTH="15%" VALIGN="TOP">


<FONT SIZE=2><P ALIGN="RIGHT">0</FONT></TD>


<TD WIDTH="15%" VALIGN="TOP">


<FONT SIZE=2><P ALIGN="RIGHT">0</FONT></TD>


<TD WIDTH="15%" VALIGN="TOP">


<FONT SIZE=2><P ALIGN="RIGHT">0</FONT></TD>


<TD WIDTH="15%" VALIGN="TOP">


<FONT SIZE=2><P ALIGN="RIGHT">0</FONT></TD>


</TR>


<TR><TD WIDTH="41%" VALIGN="TOP">


<FONT SIZE=2><P>Income before income tax provision</FONT></TD>


<TD WIDTH="15%" VALIGN="TOP">


<FONT SIZE=2><P ALIGN="RIGHT">2,459,434</FONT></TD>


<TD WIDTH="15%" VALIGN="TOP">


<FONT SIZE=2><P ALIGN="RIGHT">1,452,419</FONT></TD>


<TD WIDTH="15%" VALIGN="TOP">


<FONT SIZE=2><P ALIGN="RIGHT">8,152,870</FONT></TD>


<TD WIDTH="15%" VALIGN="TOP">


<FONT SIZE=2><P ALIGN="RIGHT">4,910,610</FONT></TD>


</TR>


<TR><TD WIDTH="41%" VALIGN="TOP">


<FONT SIZE=2><P>Provision for income taxes</FONT></TD>


<TD WIDTH="15%" VALIGN="TOP">


<FONT SIZE=2><P ALIGN="RIGHT">959,316</FONT></TD>


<TD WIDTH="15%" VALIGN="TOP">


<FONT SIZE=2><P ALIGN="RIGHT">566,443</FONT></TD>


<TD WIDTH="15%" VALIGN="TOP">


<FONT SIZE=2><P ALIGN="RIGHT">3,180,288</FONT></TD>


<TD WIDTH="15%" VALIGN="TOP">


<FONT SIZE=2><P ALIGN="RIGHT">1,915,281</FONT></TD>


</TR>


<TR><TD WIDTH="41%" VALIGN="TOP">


<FONT SIZE=2><P>  Net income</FONT></TD>


<TD WIDTH="15%" VALIGN="TOP">


<FONT SIZE=2><P ALIGN="RIGHT">$ 1,500,118</FONT></TD>


<TD WIDTH="15%" VALIGN="TOP">


<FONT SIZE=2><P ALIGN="RIGHT">$  885,976</FONT></TD>


<TD WIDTH="15%" VALIGN="TOP">


<FONT SIZE=2><P ALIGN="RIGHT">$ 4,972,582</FONT></TD>


<TD WIDTH="15%" VALIGN="TOP">


<FONT SIZE=2><P ALIGN="RIGHT">$ 2,995,329</FONT></TD>


</TR>


<TR><TD WIDTH="41%" VALIGN="TOP">


<FONT SIZE=2><P>Earnings per common share:</FONT></TD>


<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>


<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>


<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>


<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>


</TR>


<TR><TD WIDTH="41%" VALIGN="TOP">


<FONT SIZE=2><P>  Basic</FONT></TD>


<TD WIDTH="15%" VALIGN="TOP">


<FONT SIZE=2><P ALIGN="RIGHT">$0.43</FONT></TD>


<TD WIDTH="15%" VALIGN="TOP">


<FONT SIZE=2><P ALIGN="RIGHT">$0.24</FONT></TD>


<TD WIDTH="15%" VALIGN="TOP">


<FONT SIZE=2><P ALIGN="RIGHT">$1.36</FONT></TD>


<TD WIDTH="15%" VALIGN="TOP">


<FONT SIZE=2><P ALIGN="RIGHT">$0.81</FONT></TD>


</TR>


<TR><TD WIDTH="41%" VALIGN="TOP">


<FONT SIZE=2><P>  Diluted</FONT></TD>


<TD WIDTH="15%" VALIGN="TOP">


<FONT SIZE=2><P ALIGN="RIGHT">$0.40</FONT></TD>


<TD WIDTH="15%" VALIGN="TOP">


<FONT SIZE=2><P ALIGN="RIGHT">$0.23</FONT></TD>


<TD WIDTH="15%" VALIGN="TOP">


<FONT SIZE=2><P ALIGN="RIGHT">$1.32</FONT></TD>


<TD WIDTH="15%" VALIGN="TOP">


<FONT SIZE=2><P ALIGN="RIGHT">$0.76</FONT></TD>


</TR>


<TR><TD WIDTH="41%" VALIGN="TOP">


<FONT SIZE=2><P>Dividends per common share</FONT></TD>


<TD WIDTH="15%" VALIGN="TOP">


<FONT SIZE=2><P ALIGN="RIGHT">$0.13</FONT></TD>


<TD WIDTH="15%" VALIGN="TOP">


<FONT SIZE=2><P ALIGN="RIGHT">$0.13</FONT></TD>


<TD WIDTH="15%" VALIGN="TOP">


<FONT SIZE=2><P ALIGN="RIGHT">$0.39</FONT></TD>


<TD WIDTH="15%" VALIGN="TOP">


<FONT SIZE=2><P ALIGN="RIGHT">$0.39</FONT></TD>


</TR>


</TABLE>





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