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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0001116502-03-001567.txt : 20030815
<SEC-HEADER>0001116502-03-001567.hdr.sgml : 20030815
<ACCEPTANCE-DATETIME>20030815154321
ACCESSION NUMBER:		0001116502-03-001567
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20030814
ITEM INFORMATION:		Financial statements and exhibits
ITEM INFORMATION:		Regulation FD Disclosure
FILED AS OF DATE:		20030815

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SINGING MACHINE CO INC
		CENTRAL INDEX KEY:			0000923601
		STANDARD INDUSTRIAL CLASSIFICATION:	PHONOGRAPH RECORDS & PRERECORDED AUDIO TAPES & DISKS [3652]
		IRS NUMBER:				953795478
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-24968
		FILM NUMBER:		03850740

	BUSINESS ADDRESS:	
		STREET 1:		6601 LYONS ROAD
		STREET 2:		BLDG A-7
		CITY:			COCONUT CREEK
		STATE:			FL
		ZIP:			33073
		BUSINESS PHONE:		9545961000

	MAIL ADDRESS:	
		STREET 1:		6601 LYONS ROAD BLDG
		CITY:			COCONUT CREEK
		STATE:			FL
		ZIP:			33073
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>singingmachine-8k.txt
<DESCRIPTION>CURRENT REPORT
<TEXT>

                       SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549
                            -------------------------

                                   FORM 8-K

                                 CURRENT REPORT

                     PURSUANT TO SECTION 13 OR 15(D) OF THE
                         SECURITIES EXCHANGE ACT OF 1934


        Date of Report (Date of earliest event reported): August 14, 2003


                        THE SINGING MACHINE COMPANY, INC.
                        ---------------------------------
             (Exact Name of Registrant as Specified in its Charter)

                                    Delaware
                                    --------
                 (State or Other Jurisdiction of Incorporation)

        0-24968                                            95-3795478
- -------------------------                     ----------------------------------
(Commission File Number)                      (IRS Employer Identification No.)


                           6601 Lyons Road, Bldg. A-7
                             Coconut Creek, FL 33073
                             -----------------------
               (Address of Principal Executive Offices) (Zip Code)


                                 (954) 596-1000
                                 --------------
              (Registrant's Telephone Number, Including Area Code)


           ----------------------------------------------------------
          (Former Name or Former Address, if Change Since Last Report)


<PAGE>

ITEM 7.  FINANCIAL STATEMENTS AND EXHIBITS

         (c) Exhibits.

         99.1     The Singing Machine Company, Inc. Press Release dated August
                  14, 2003

ITEM 9.  REGULATION FD DISCLOSURE

         On August 14, 2003, The Singing Machine Company, Inc. (the "Company")
issued a press release commenting on its financial results for the first quarter
ended March 31, 2003. The information contained in this Report on Form 8-K is
furnished pursuant to Item 12 (Results of Operation and Financial Condition).
A copy of the press release issued on August 14, 2003 is attached hereto as
Exhibit 99.1.
<PAGE>

                                   SIGNATURES

         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 hereto duly authorized.

                                              THE SINGING MACHINE COMPANY, INC.

Date: August 14, 2003                         By:  /s/ April Green
                                                   ------------------
                                                       April Green
                                                       Chief Financial Officer


<PAGE>



                                  EXHIBIT INDEX


Exhibit No.                         Description
- -----------                         -----------

99.1            Press Release of The Singing Machine Company, Inc. dated
                August 14, 2003


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>pressrelease.txt
<DESCRIPTION>PRESS RELEASE
<TEXT>
                                                                    Exhibit 99.1

THE                INVESTOR CONTACT:                    COMPANY CONTACT:
SINGING            Neil Berkman                         Y.P. Chan
MACHINE            Berkman Associates                   Chief Operating Officer
                   (310) 277 - 5162                     (954) 596 - 1000
                   info@BerkmanAssociates.com            www.SingingMachine.com

                              FOR IMMEDIATE RELEASE

                           THE SINGING MACHINE COMPANY
                          REPORTS FIRST QUARTER RESULTS


     COCONUT CREEK, FL, August 14, 2003 THE SINGING MACHINE COMPANY (AMEX: SMD)
announced today that revenue for the first quarter of fiscal 2004 ended June 30,
2003 increased 78% to $7,628,000 from $4,297,000 for the first quarter of fiscal
2003. The net loss for this year's first quarter was $2,317,000, or $0.28 per
share, compared to a net loss of $1,427,000, or $0.18 per share, for the same
period last year. "Singing Machine's performance in the first quarter, which is
traditionally the seasonally weakest quarter of the fiscal year, met our
expectations. The increase in revenue reflected higher sales in both domestic
and international markets. Our products are performing well at retail worldwide.
We are optimistic that the Company will deliver improved top and bottom line
results in the current quarter," said Robert Weinberg, who was named Chief
Executive Officer on July 23, 2003.

ACTION PLAN UPDATE
     "We have developed and are implementing an action plan designed to enhance
every key area of our operations. The Company is continuing to work closely with
its lender, and we remain optimistic (but cannot guarantee) that we will
negotiate in the near future a restructured credit agreement for the remainder
of fiscal 2004. As part of this process, we recently met our commitment to our
lender to obtain $2.0 million in subordinated debt financing from third
parties," Weinberg said.

     "At the same time, we are working hard to reduce costs throughout the
organization, including headcount reductions and the consolidation of warehouse
and office space. This will take time to implement fully. We are alert to every
opportunity to take costs out of the business while sustaining our core
competencies and industry leadership.

     "We also have made significant headway in reducing our inventories. We
delivered $3.8 million of existing inventory since June, and we have begun
shipping an additional $12.0 million order that is scheduled to be completed
over the next few months. As of August 12, 2003, our unsold or uncommitted
inventories amounted to approximately $9.9 million, compared to more than $25
million a few months ago, all of which we plan to sell before Christmas. Our
peak selling season is only now beginning - last year we did about 80% of our
business between August and December. Accordingly, we anticipate that
inventories will decline substantially in the current quarter and again in the
December quarter compared to their level at June 30, 2003. This of course will
improve our liquidity as we receive payment for these goods in the months to
come.


                                     (more)

                       THE SINGING MACHINE COMPANY, INC.
          6601 Lyons Road o Building A-7 o Coconut Creek, Florida 33073
                     o (954) 596-1000 o Fax (954) 596-2000
<PAGE>


THE SINGING MACHINE COMPANY REPORTS FIRST QUARTER RESULTS
August 14, 2003
Page Two



     "Our goal is to minimize inventories in the future by generating a larger
share of our total sales through import programs and efficient supply chain
management. By substantially reducing our investment in inventories, as well as
warehousing and associated labor and other costs, this strategy will reduce risk
and enhance our cash and competitive position. At the same time, we are
committed to meeting the needs of our domestic customers and are confident that
we can implement this strategic shift with minimal impact on them.

     "Finally, we are developing plans to expand our product offerings in
related areas where we see significant incremental growth potential and are
confident that Singing Machine's product design, licensing, marketing and
manufacturing skills can add value for our customers and our shareholders,"
Weinberg said.

CONFERENCE CALL
     Singing Machine has scheduled a conference call today at 11:00 AM ET. A
simultaneous WebCast may be accessed at www.companyboardroom.com/
company.asp?client=cb&ticker=smd. A replay will be available at this address
after 1:00 PM ET. For a telephone replay, dial (800) 633-8284, reservation
#21157644 after 1:00 PM ET.

ABOUT THE SINGING MACHINE COMPANY
     Incorporated in 1982, The Singing Machine Company develops and distributes
a full line of consumer-oriented karaoke machines and music under The Singing
MachineTM, MTVTM, NickelodeonTM, Hardrock AcademyTM and MotownTM brand names.
The first to provide karaoke systems for home entertainment in the United
States, Singing Machine sells its products in North America, Europe and Asia.

FORWARD-LOOKING STATEMENTS
     This press release contains forward-looking statements within the meaning
of the Securities Litigation Reform Act of 1995. Such forward-looking statements
are based on current expectations, estimates and projections about the Company's
business based, in part, on assumptions made by management and include, but are
not limited to statements about projected revenues, net income and net income
per share.. These statements are not guarantees of future performance and
involve risks and uncertainties that are difficult to predict. Therefore, actual
outcomes and results may differ materially from what is expressed or forecasted
in such forward-looking statements due to numerous factors, including the
following: the risk that (1) we will not be able to successfully renegotiate our
credit agreement with our commercial lender, and/or find other sources of
capital to finance our business operations, (2) we will not have sufficient
funding to meet our working capital requirements; (3) changes in demand for the
Company's products; (4) the impact of competitive products and pricing
conditions in the karaoke industry and (5) general economic conditions and other
risks discussed from time to time in the Company's Securities and Exchange
Commission filings and reports, including but not limited to the Company's
Amended Annual Report on Form 10-KSB for the year ended March 31, 2002. In
addition, such statements could be affected by general industry and market
conditions and growth rates, and general domestic and international economic
conditions. Such forward-looking statements speak only as of the date on which
they are made and the company does not undertake any obligation to update any
forward-looking statement to reflect events or circumstances after the date of
this release.


                                (tables attached)

<PAGE>

                THE SINGING MACHINE COMPANY, INC. AND SUBSIDIARY
                       CONSOLIDATED STATEMENTS OF EARNINGS
                                   (unaudited)

                                                         Three Months Ended
                                                              June 30,
                                                     --------------------------
                                                         2003          2002
                                                     -----------    -----------

NET SALES                                            $ 7,627,975    $ 4,296,841
COST OF SALES                                          5,901,866      2,990,881
                                                     -----------    -----------

GROSS PROFIT                                           1,726,109      1,305,960

OPERATING EXPENSES
    Advertising                                          270,770        165,765
    Compensation                                       1,111,579        770,898
    Freight & handling                                   225,866        245,490
    Royalty expense                                       83,964         67,830
    Selling, general & administrative expenses         2,168,168      1,389,020
                                                     -----------    -----------
TOTAL OPERATING EXPENSES                               3,860,347      2,639,003
                                                     -----------    -----------

EARNINGS (LOSS) FROM OPERATIONS                       (2,134,238)    (1,333,043)

OTHER INCOME (EXPENSES)
    Other income                                           7,669         13,901
    Interest expense                                    (188,468)        (1,549)
    Interest income                                           --         11,604
                                                     -----------    -----------
NET OTHER EXPENSES                                      (180,799)        23,956

NET LOSS BEFORE INCOME TAX                            (2,315,037)    (1,309,087)

INCOME TAX EXPENSE                                         2,315        118,334
                                                     -----------    -----------

NET LOSS                                             $(2,317,352)   $(1,427,421)
                                                     ===========    ===========

EARNINGS PER SHARE:
    Basic & Diluted                                  $     (0.28)   $     (0.18)

WEIGHTED AVERAGE COMMON AND
COMMON EQUIVALENT SHARES OUTSTANDING:
    Basic & Diluted                                    8,278,469      8,061,277


<PAGE>

                THE SINGING MACHINE COMPANY, INC. AND SUBSIDIARY
                           CONSOLIDATED BALANCE SHEETS
<TABLE>
<CAPTION>
                                                                  June 30,      March 31,
                                                                    2003          2003
                                                                -----------   -----------
                                        ASSETS
                                        ------
<S>                                                             <C>           <C>
CURRENT ASSETS
  Cash and cash equivalents                                     $    86,413   $   268,265
  Restricted Cash                                                   862,122       838,411
  Accounts Receivable, net                                        4,236,488     5,762,944
  Due from manufacturer                                              60,272     1,091,871
  Inventories                                                    25,959,760    25,194,346
  Prepaid expense and other current assets                        1,943,844     1,483,602
  Deferred tax asset                                              1,925,612     1,925,612
                                                                -----------   -----------
TOTAL CURRENT ASSETS                                             35,074,511    36,565,051

PROPERTY AND EQUIPMENT, net                                       2,149,919     2,026,252
                                                                -----------   -----------
OTHER ASSETS
  Other non-current assets                                          341,530       343,991
                                                                -----------   -----------
TOTAL OTHER ASSETS                                                  341,530       343,991
                                                                -----------   -----------
TOTAL ASSETS                                                    $37,565,960   $38,935,294
                                                                -----------   ===========

LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
  Bank overdraft                                                     46,652       316,646
  Accounts payable                                              $ 9,785,339   $ 8,486,009
  Accrued expenses                                                1,231,491     1,443,406
  Due to related party                                              200,000       400,000
  Notes payable                                                   2,000,000            --
  Revolving credit facility                                       4,903,371     6,782,824
  Income taxes payable                                            3,823,360     3,821,045
                                                                -----------   -----------
TOTAL CURRENT LIABILITIES                                        21,990,213    21,249,930

SHAREHOLDERS' EQUITY
  Preferred stock, $1.00 par value; 1,000,000
   shares authorized, no shares issued and outstanding                   --            --
  Common stock, Class A, $.01 par value; 100,000
   shares authorized; no shares issued and outstanding                   --            --
 Common stock, $0.01 par value; 18,900,000 shares authorized;
   8,300,178 and 8,171,678 shares issued and outstanding             83,002        81,717
  Additional paid-in capital                                      5,049,880     4,843,430
  Retained earnings                                              10,442,865    12,760,217
                                                                -----------   -----------
TOTAL SHAREHOLDERS' EQUITY                                       15,575,747    17,685,364
                                                                -----------   -----------
TOTAL LABILITIES AND SHAREHOLDERS' EQUITY                       $37,565,960   $38,935,294
                                                                ===========   ===========
</TABLE>

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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