R
|
ANNUAL
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
|
For
the fiscal year ended March 31, 2009
|
|
OR
|
|
£
|
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
|
For
the transition period from _________ to
___________
|
Delaware
|
95-3795478
|
(State
or other jurisdiction of
|
(I.R.S.
Employer
|
incorporation
or organization)
|
Identification
No.)
|
Part
II
|
||
Item
8.
|
Financial
Statements and Supplementary Data
|
3
|
Part
III
|
||
Item
12.
|
Security
Ownership of Certain Beneficial Owners and Management and Related
Stockholder Matters
|
3
|
PART
IV
|
||
Item
15.
|
Exhibits,
Financial Statement Schedules
|
5
|
·
|
all
directors of the Singing Machine,
|
·
|
all
named executive officers of the Singing Machine;
and
|
·
|
persons
known to own more than 5% of our common
stock.
|
Name
and Address of Beneficial Owner
|
Amount and
Nature of
Beneficial
Ownership of
Common Stock
|
Percent of
Outstanding
Shares
of
Common
Stock
|
||||||
|
||||||||
Security Ownership of
Management:
|
||||||||
Anton
Handal (1)
|
750,000 | 2.0 | % | |||||
Lionel
Marquis
|
- | * | ||||||
Bernardo
Melo (2)
|
60,500 | * | ||||||
Bernard
Appel (3)
|
119,578 | * | ||||||
Harvey
Judkowitz (3)
|
129,578 | * | ||||||
Carol
Lau (3)
|
26,130 | * | ||||||
Yat
Tung Lau (3)
|
26,130 | * | ||||||
Peter
Hon (3)
|
26,130 | * | ||||||
Stewart
Merkin (3)
|
97,231 | * | ||||||
Officers
& Directors as a Group (9 persons)
|
1,235,277 | 3.3 | % | |||||
Security Ownership of
Certain Beneficial Owners:
|
||||||||
koncepts
International Limited (4)
|
19,932,679 | 51.5 | % | |||||
Arts
Electronics Ltd. (5)
|
3,745,917 | 10.0 | % | |||||
Gentle
Boss Investments Ltd (6)
|
2,100,000 | 5.6 | % |
PLAN
CATEGORY
|
NUMBER
OF SECURITIES TO BE ISSUED UPON EXERCISE OF OUTSTANDING OPTIONS, WARRANTS
AND RIGHTS
|
WEIGHTED-AVERAGE
EXERCISE PRICE OF OUTSTANDING OPTIONS, WARRANTS AND RIGHTS
|
NUMBER
OF SECURITIES REMAINING AVAILABLE FOR FUTURE ISSUANCE UNDER EQUITY
COMPENSATION PLANS (EXCLUDING SECURITIES IN COLUMN (A))
|
|||||||||
Equity
Compensation Plans approved by Security Holders
|
1,133,215 | $ | .58 | 727,320 | ||||||||
Equity
Compensation Plans Not approved by Security Holders
|
0 | $ | 0 | 0 |
Exhibit
No.
|
Description
|
Date:
July 7, 2009
|
By:
|
/s/ Anton H. Handal
|
Anton
H. Handal
|
||
Chief
Executive Officer
|
Reports
of Independent Registered Public Accounting Firm
|
F-2
|
|
Consolidated
Balance Sheets
|
F-3
|
|
Consolidated
Statements of Operations
|
F-4
|
|
Consolidated
Statements of Cash Flows
|
F-5
|
|
Consolidated
Statements of Shareholders' Equity (Deficit)
|
F-6
|
|
Notes
to Consolidated Financial Statements
|
F-7
|
March 31, 2009
|
March 31, 2008
|
|||||||
Assets
|
||||||||
Current
Assets
|
||||||||
Cash
|
$ | 957,163 | $ | 447,816 | ||||
Accounts
receivable, net of allowances of $261,980 and $120,899,
respectively
|
972,345 | 1,961,721 | ||||||
Due
from factor
|
73,854 | 131,451 | ||||||
Inventories,net
|
4,729,667 | 3,514,984 | ||||||
Prepaid
expenses and other current assets
|
526,563 | 412,552 | ||||||
Total
Current Assets
|
7,259,592 | 6,468,524 | ||||||
Property and
Equipment, net
|
886,770 | 598,280 | ||||||
Other
Non-Current Assets
|
179,362 | 169,362 | ||||||
Total
Assets
|
$ | 8,325,724 | $ | 7,236,166 | ||||
Liabilities and Shareholders'
Equity
|
||||||||
Current
Liabilities
|
||||||||
Accounts
payable
|
$ | 2,588,769 | $ | 1,145,150 | ||||
Due
to related parties - net
|
1,498,391 | 616,732 | ||||||
Accrued
expenses
|
422,260 | 409,415 | ||||||
Current
portion of long-term financing obligation
|
18,186 | - | ||||||
Customer
credits on account
|
908,449 | 778,993 | ||||||
Deferred
gross profit on estimated returns
|
288,039 | 217,812 | ||||||
Total
Current Liabilities
|
5,724,094 | 3,168,102 | ||||||
Long-term
financing obligation, less current portion
|
22,733 | - | ||||||
Total
Liabilities
|
5,746,827 | 3,168,102 | ||||||
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; 100,000,000 shares authorized;
37,449,432 and 31,758,400 shares issued and outstanding
|
374,494 | 317,584 | ||||||
Additional
paid-in capital
|
19,075,750 | 18,430,612 | ||||||
Accumulated
deficit
|
(16,871,347 | ) | (14,680,132 | ) | ||||
Total
Shareholders' Equity
|
2,578,897 | 4,068,064 | ||||||
Total
Liabilities and Shareholders' Equity
|
$ | 8,325,724 | $ | 7,236,166 |
For the Years Ended
|
||||||||||||
March 31, 2009
|
March 31, 2008
|
March 31, 2007
|
||||||||||
Net
Sales
|
$ | 31,780,709 | $ | 34,067,871 | $ | 26,732,144 | ||||||
Cost
of Goods Sold
|
25,836,586 | 26,389,070 | 20,616,541 | |||||||||
Gross
Profit
|
5,944,123 | 7,678,801 | 6,115,603 | |||||||||
Operating
Expenses
|
||||||||||||
Selling
expenses
|
3,160,950 | 2,931,416 | 2,308,959 | |||||||||
General
and administrative expenses
|
4,346,627 | 4,279,728 | 4,952,254 | |||||||||
Depreciation
and amortization
|
459,354 | 311,273 | 556,051 | |||||||||
Total
Operating Expenses
|
7,966,931 | 7,522,417 | 7,817,264 | |||||||||
(Loss)
Income from Operations
|
(2,022,808 | ) | 156,384 | (1,701,661 | ) | |||||||
Other
Expenses
|
||||||||||||
(Loss)
Gain on sale of subsidiary and other assets
|
- | (27,654 | ) | 29,028 | ||||||||
Interest
expense
|
(131,755 | ) | (127,018 | ) | (42,355 | ) | ||||||
- | ||||||||||||
Net
Other Expenses
|
(131,755 | ) | (154,672 | ) | (13,327 | ) | ||||||
(Loss)
Income before provision for income taxes
|
(2,154,563 | ) | 1,712 | (1,714,988 | ) | |||||||
(Provision)
reversal of provision for income taxes
|
(36,652 | ) | - | 2,453,576 | ||||||||
Net
(Loss) Income
|
$ | (2,191,215 | ) | $ | 1,712 | $ | 738,588 | |||||
(Loss)
Income per Common Share
|
||||||||||||
Basic
|
$ | (0.067 | ) | $ | 0.000 | $ | 0.035 | |||||
Diluted
|
$ | (0.067 | ) | $ | 0.000 | $ | 0.030 | |||||
Weighted
Average Common and Common
|
||||||||||||
Equivalent
Shares:
|
||||||||||||
Basic
|
32,712,191 | 29,925,952 | 21,145,003 | |||||||||
Diluted
|
32,712,191 | 30,910,424 | 24,753,864 |
For
the Years Ended
|
||||||||||||
March
31, 2009
|
March
31, 2008
|
March
31, 2007
|
||||||||||
Cash
flows from operating activities
|
||||||||||||
Net
(Loss) Income
|
$ | (2,191,215 | ) | $ | 1,712 | $ | 738,588 | |||||
Adjustments
to reconcile (net loss) net income to net cash and cash equivalents used
in operating activities:
|
||||||||||||
Reversal
of provision for income taxes
|
- | - | (2,453,576 | ) | ||||||||
Gain
on sale of subsidiary and other assets
|
- | - | (29,028 | ) | ||||||||
Loss
on disposal of property and equipment
|
- | 27,654 | - | |||||||||
Depreciation
and amortization
|
459,354 | 311,273 | 556,051 | |||||||||
Change
in inventory reserve
|
247,404 | 131,154 | (902,071 | ) | ||||||||
Change
in allowance for bad debts
|
141,081 | 17,284 | (41,790 | ) | ||||||||
Stock
compensation
|
32,826 | 38,112 | 194,870 | |||||||||
Deferred
gross profit on estimated sales returns
|
70,227 | 4,094 | 27,436 | |||||||||
Changes
in assets and liabilities:
|
||||||||||||
(Increase)
Decrease in:
|
||||||||||||
Accounts
receivable
|
49,182 | (924,634 | ) | 156,690 | ||||||||
Inventories
|
(1,462,087 | ) | (1,366,055 | ) | 310,046 | |||||||
Prepaid
expenses and other current assets
|
(114,011 | ) | 109,339 | (293,489 | ) | |||||||
Other
non-current assets
|
(10,000 | ) | (113,308 | ) | 42,633 | |||||||
Increase
(Decrease) in:
|
||||||||||||
Accounts
payable
|
1,670,341 | 441,906 | (160,565 | ) | ||||||||
Accounts
payable - related party
|
1,992,407 | - | - | |||||||||
Accrued
expenses
|
12,845 | (215,579 | ) | (23,190 | ) | |||||||
Customer
credits on account
|
129,456 | 184,824 | (440,046 | ) | ||||||||
Net
cash from (used in) operating activities
|
1,027,810 | (1,352,224 | ) | (2,317,441 | ) | |||||||
Cash
flows from investing activities
|
||||||||||||
Purchase
of property and equipment
|
(747,844 | ) | (490,697 | ) | (488,946 | ) | ||||||
Receipt
of restricted cash
|
- | - | 268,405 | |||||||||
Proceeds
from sales of assets
|
- | - | 29,028 | |||||||||
Net
cash used in investing activities
|
(747,844 | ) | (490,697 | ) | (191,513 | ) | ||||||
Cash
flows from financing activities
|
||||||||||||
Borrowings
from (retention by) factor, net
|
57,597 | (21,460 | ) | 24,290 | ||||||||
Proceeds
from issuance of stock
|
- | 630,881 | 3,125,700 | |||||||||
Proceeds
persuant to factoring facility
|
799,113 | - | - | |||||||||
Net
proceeds from long-term financing obligation
|
40,919 | - | - | |||||||||
Net
loan (payments to) proceeds from related parties
|
(668,248 | ) | 492,416 | 124,316 | ||||||||
Net
cash provided by financing activities
|
229,381 | 1,101,837 | 3,274,306 | |||||||||
Change
in cash and cash equivalents
|
509,347 | (741,084 | ) | 765,352 | ||||||||
Cash
and cash equivalents at beginning of period
|
447,816 | 1,188,900 | 423,548 | |||||||||
Cash
and cash equivalents at end of period
|
$ | 957,163 | $ | 447,816 | $ | 1,188,900 | ||||||
Supplemental
Disclosures of Cash Flow Information:
|
||||||||||||
Cash
paid for Interest
|
$ | 136,826 | $ | 78,898 | $ | 57,769 | ||||||
Cash
paid for Income Taxes
|
$ | 60,322 | $ | - | $ | - | ||||||
Non-Cash
Financing Activities:
|
||||||||||||
Conversion
of loan payable to equity
|
$ | - | $ | - | $ | 2,000,000 | ||||||
Conversion
of trade payable to equity
|
$ | 669,222 | $ | 500,000 | $ | 500,000 |
Preferred
Stock
|
Common
Stock
|
Additional
Paid
|
Accumulated
|
|
||||||||||||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
in
Capital
|
Deficit
|
Total
|
||||||||||||||||||||||
Balance
at March 31, 2006
|
- | 10,060,282 | $ | 100,603 | $ | 11,658,031 | $ | (15,420,432 | ) | $ | (3,661,798 | ) | ||||||||||||||||
Net
Income
|
- | - | - | - | - | 738,588 | 738,588 | |||||||||||||||||||||
Employee
compensation-stock option
|
- | - | - | - | 182,369 | - | 182,369 | |||||||||||||||||||||
Exercise
of employee stock options
|
- | - | 285,000 | 2,850 | 122,350 | - | 125,200 | |||||||||||||||||||||
Director
Fees
|
- | - | 39,065 | 391 | 12,110 | - | 12,501 | |||||||||||||||||||||
Issuances
of common stock
|
- | - | 16,901,852 | 169,018 | 5,331,482 | - | 5,500,500 | |||||||||||||||||||||
Balance
at March 31, 2007
|
- | - | 27,286,199 | 272,862 | 17,306,342 | (14,681,844 | ) | 2,897,360 | ||||||||||||||||||||
Net
Income
|
- | - | - | - | - | 1,712 | 1,712 | |||||||||||||||||||||
Employee
compensation-stock option
|
- | - | 24,010 | - | 24,010 | |||||||||||||||||||||||
Exercise
of employee stock options
|
- | - | 147,515 | 1,475 | 46,905 | - | 48,380 | |||||||||||||||||||||
Director
Fees
|
- | - | 15,162 | 152 | 13,950 | - | 14,102 | |||||||||||||||||||||
Issuances
of common stock
|
- | - | 4,309,524 | 43,095 | 1,039,405 | - | 1,082,500 | |||||||||||||||||||||
Balance
at March 31, 2008
|
- | - | 31,758,400 | 317,584 | 18,430,612 | (14,680,132 | ) | 4,068,064 | ||||||||||||||||||||
Net
Loss
|
- | - | - | - | - | (2,191,215 | ) | (2,191,215 | ) | |||||||||||||||||||
Employee
compensation-stock option
|
- | - | - | - | 17,825 | - | 17,825 | |||||||||||||||||||||
Director
Fees
|
- | - | 33,336 | 333 | 14,668 | - | 15,001 | |||||||||||||||||||||
Issuances
of common stock
|
- | - | 5,657,696 | 56,577 | 612,645 | - | 669,222 | |||||||||||||||||||||
Balance
at March 31, 2009
|
- | - | 37,449,432 | $ | 374,494 | $ | 19,075,750 | $ | (16,871,347 | ) | $ | 2,578,897 |
|
·
|
For
the year ended March 31, 2009: expected dividend yield 0%, risk-free
interest rate of 0.57% to 1.41%, volatility 70.22% and 80.07% and expected
term of three years.
|
|
·
|
For
the year ended March 31, 2008: expected dividend yield 0%, risk-free
interest rate of 3.3%, volatility of 67.41% and expected term of three
years.
|
|
·
|
For
the year ended March 31, 2007: expected dividend yield 0%, risk-free
interest rate of 4.65% to 5.1%, volatility 90.77% and 91.6% and expected
term of three years.
|
|
·
|
Income
tax benefits should be recognized when, based on the technical merits of a
tax position, the company believes that if a dispute arose with the taxing
authority and were taken to a court of last resort, it is more likely than
not (i.e., a probability of greater than 50 percent) that the tax position
would be sustained as filed; and
|
|
·
|
If
a position is determined to be more likely than not of being sustained,
the reporting company should recognize the largest amount of tax benefit
that is greater than 50 percent likely of being realized upon ultimate
settlement with the taxing
authority.
|
|
·
|
The
period after the balance sheet date during which management of a reporting
entity should evaluate events or transactions that may occur for potential
recognition or disclosure in the financial
statements
|
|
·
|
The
circumstances under which an entity should recognize events or
transactions occurring after the balance sheet date in its financial
statements
|
|
·
|
The
disclosures that an entity should make about events or transactions that
occurred after the balance sheet
date.
|
March
31,
|
March
31,
|
|||||||
2009
|
2008
|
|||||||
Finished
Goods
|
$ | 5,475,056 | $ | 4,012,969 | ||||
Less:
Inventory Reserve
|
(745,389 | ) | (497,985 | ) | ||||
Total
Inventories
|
$ | 4,729,667 | $ | 3,514,984 |
USEFUL
|
MARCH
31,
|
MARCH
31,
|
||||||||||
LIFE
|
2009
|
2008
|
||||||||||
Computer
and office equipment
|
5
years
|
$ | 652,235 | $ | 520,182 | |||||||
Furniture
and fixtures
|
5-7
years
|
220,315 | 216,120 | |||||||||
Leasehold
improvement
|
* | 153,993 | 156,614 | |||||||||
Warehouse
equipment
|
7
years
|
86,599 | - | |||||||||
Molds
and tooling
|
3
years
|
1,552,465 | 1,032,970 | |||||||||
2,665,607 | 1,925,886 | |||||||||||
Less:
Accumulated depreciation and amortization
|
(1,778,837 | ) | (1,327,606 | ) | ||||||||
$ | 886,770 | $ | 598,280 |
|
·
|
Maximum
of $7.0 million on 80% of qualified accounts
receivable.
|
|
·
|
Maximum
letter of credit facility of $4.0 million for accounts payable
financing.
|
|
·
|
Maximum
$2.0 million negotiation of export bills under letter of
credit.
|
|
·
|
The
Internal Revenue Service’s asserted position that the Company is not the
taxpayer.
|
|
·
|
The
1120- F tax liability was recorded under the taxpayer identification
number belonging to ISMC and not the Company’s taxpayer identification
number
|
|
·
|
The
IRS would be barred from recovery since it failed to assess or issue a
notice of levy within the three year statute of
limitations
|
Property
Leases
|
Equipment
Leases
|
|||||||
For
period ending
|
||||||||
2010
|
$ | 782,410 | $ | 9,747 | ||||
2011
|
645,929 | 5,807 | ||||||
2012
|
665,307 | - | ||||||
2013
|
226,193 | - | ||||||
2014
and beyond
|
- | - | ||||||
$ | 2,319,839 | $ | 15,554 |
Fiscal
2009
|
Fiscal
2008
|
Fiscal
2007
|
||||||||||||||||||||||
Number
of Options
|
Weighted
Average
Exercise
Price
|
Number
of
Options
|
Weighted
Average
Exercise
Price
|
Number
of
Options
|
Weighted
Average
Exercise
Price
|
|||||||||||||||||||
Stock
Options:
|
||||||||||||||||||||||||
Balance
at beginning of period
|
1,247,815 | $ | 1.25 | 1,382,890 | $ | 1.26 | 1,300,110 | $ | 1.74 | |||||||||||||||
Granted
|
420,000 | $ | 0.13 | 120,000 | $ | 0.45 | 943,000 | $ | 0.39 | |||||||||||||||
Exercised
|
- | - | (147,515 | ) | $ | 0.33 | (285,000 | ) | $ | 0.44 | ||||||||||||||
Forfeited
|
(534,600 | ) | $ | 1.90 | (107,560 | ) | $ | 1.27 | (575,220 | ) | $ | 1.34 | ||||||||||||
Balance
at end of period
|
1,133,215 | $ | 0.58 | 1,247,815 | $ | 1.25 | 1,382,890 | $ | 1.26 | |||||||||||||||
Options
exercisable at end of period
|
709,965 | $ | 0.83 | 1,029,296 | $ | 1.44 | 582,307 | $ | 2.14 |
Range
of Exercise Price
|
Number
Outstanding at
March
31, 2009
|
Weighted
Average
Remaining
Contractural
Life
|
Weighted
Average
Exercise
Price
|
Number
Exercisable at
March
31, 2009
|
Weighted
Average
Exercise
Price
|
|||||||||||||||
$0.11-$0.77
|
988,485 | 7.08 | $ | 0.33 | 568,485 | 0.48 | ||||||||||||||
$0.93
- $1.97
|
120,180 | 6.58 | $ | 1.20 | 116,930 | $ | 1.20 | |||||||||||||
$2.04-$5.60
|
5,550 | 1.43 | $ | 2.04 | 5,550 | $ | 2.04 | |||||||||||||
$7.20-$9.00
|
19,000 | 3.86 | $ | 9.00 | 19,000 | $ | 9.00 | |||||||||||||
1,133,215 | 709,965 |
|
·
|
Income
tax benefits should be recognized when, based on the technical merits of a
tax position, the company believes that if a dispute arose with the taxing
authority and were taken to a court of last resort, it is more likely than
not (i.e., a probability of greater than 50 percent) that the tax position
would be sustained as filed; and
|
|
·
|
If
a position is determined to be more likely than not of being sustained,
the reporting company should recognize the largest amount of tax benefit
that is greater than 50 percent likely of being realized upon ultimate
settlement with the taxing
authority.
|
2009
|
2008
|
2007
|
||||||||||
Current:
|
||||||||||||
U.S.
Federal
|
$ | (878,241 | ) | $ | 9,181 | $ | (781,917 | ) | ||||
Foreign
|
- | - | (2,453,576 | ) | ||||||||
State
|
(77,918 | ) | 944 | (69,080 | ) | |||||||
Deferred
|
992,811 | (10,125 | ) | 850,997 | ||||||||
$ | 36,652 | $ | - | $ | (2,453,576 | ) |
2009
|
2008
|
2007
|
||||||||||
United
States
|
$ | (2,583,061 | ) | $ | 27,002 | $ | (2,316,348 | ) | ||||
Foreign
|
428,498 | (25,290 | ) | 601,360 | ||||||||
$ | (2,154,563 | ) | $ | 1,712 | $ | (1,714,988 | ) |
2009
|
2008
|
2007
|
||||||||||
Expected
tax (benefit) expense
|
$ | (732,551 | ) | $ | 582 | $ | (583,096 | ) | ||||
State
income taxes, net of Federal income tax benefit
|
(77,919 | ) | 943 | (69,080 | ) | |||||||
Permanent
differences
|
6,447 | 5,829 | 5,640 | |||||||||
Change
in valuation allowance
|
652,738 | (194,062 | ) | (3,702,790 | ) | |||||||
Tax
rate differential on foreign earnings
|
(145,689 | ) | 8,600 | (204,462 | ) | |||||||
Reversal
of provision for foreign income taxes
|
- | - | (2,453,576 | ) | ||||||||
Other
|
333,627 | 178,108 | 4,553,788 | |||||||||
Actual
tax (benefit) expense
|
$ | 36,652 | $ | - | $ | (2,453,576 | ) |
2009
|
2008
|
2007
|
||||||||||
Deferred
tax assets:
|
||||||||||||
Federal
net operating loss carryforward
|
1,616,816 | 1,490,139 | $ | 2,034,910 | ||||||||
State
net operating loss carryforward
|
509,378 | 518,078 | 291,285 | |||||||||
AMT
credit carryforward
|
70,090 | 70,090 | 70,090 | |||||||||
Inventory
differences
|
445,109 | 169,382 | 66,942 | |||||||||
Allowance
for doubtful accounts
|
89,073 | 41,105 | 21,021 | |||||||||
Reserve
for sales returns
|
97,933 | 74,056 | 72,664 | |||||||||
Charitable
contributions
|
60,700 | 60,700 | 60,700 | |||||||||
Accrued
Vacation
|
12,568 | - | - | |||||||||
Depreciation
and amortization
|
197,614 | - | - | |||||||||
Amortization
of reorganization intangible
|
30,658 | 53,652 | 53,652 | |||||||||
Total
deferred tax assets
|
3,129,940 | 2,477,201 | 2,671,264 | |||||||||
Net
deferred tax assets before valuation allowance
|
3,129,940 | 2,477,201 | 2,671,264 | |||||||||
Valuation
allowance
|
(3,129,940 | ) | (2,477,201 | ) | (2,671,264 | ) | ||||||
Net
deferred tax assets
|
$ | - | $ | - | $ | - |
FOR
THE FISCAL YEARS ENDED
|
||||||||||||
March
31,
|
||||||||||||
2009
|
2008
|
2007
|
||||||||||
North
America
|
$ | 26,154,402 | $ | 27,085,841 | $ | 20,552,962 | ||||||
Europe
|
4,813,309 | 6,314,126 | 5,793,062 | |||||||||
Others
|
812,998 | 667,904 | 386,120 | |||||||||
$ | 31,780,709 | $ | 34,067,871 | $ | 26,732,144 |
|
|
|
Basic
|
Diluted
|
||||||||||||||||
|
Earnings
|
Earnings
|
||||||||||||||||||
Net
Earnings
|
(Loss)
|
(Loss)
|
||||||||||||||||||
Sales
|
Gross
Profit
|
(Loss)
|
Per
Share
|
Per
Share
|
||||||||||||||||
(In
thousands)
|
(In
thousands)
|
(In
thousands)
|
||||||||||||||||||
2009
|
||||||||||||||||||||
First
quarter
|
$ | 1,770 | $ | 203 | $ | (1,050 | ) | $ | (0.03 | ) | $ | (0.03 | ) | |||||||
Second
quarter
|
12,616 | 2,021 | 103 | - | - | |||||||||||||||
Third
quarter
|
16,612 | 3,772 | 464 | 0.01 | 0.01 | |||||||||||||||
Fourth
quarter
|
783 | (52 | ) | (1,708 | ) | (0.03 | ) | (0.03 | ) | |||||||||||
Fiscal
Year 2009
|
$ | 31,781 | $ | 5,944 | $ | (2,191 | ) | $ | (0.07 | ) | $ | (0.07 | ) | |||||||
2008
|
||||||||||||||||||||
First
quarter
|
$ | 2,446 | $ | 339 | $ | (852 | ) | $ | (0.03 | ) | $ | (0.03 | ) | |||||||
Second
quarter
|
16,108 | 3,193 | 1,054 | 0.04 | 0.03 | |||||||||||||||
Third
quarter
|
13,784 | 3,747 | 767 | 0.03 | 0.03 | |||||||||||||||
Fourth
quarter
|
1,730 | 400 | (967 | ) | (0.03 | ) | (0.03 | ) | ||||||||||||
Fiscal
Year 2008
|
$ | 34,068 | $ | 7,679 | $ | 2 | $ | - | $ | - | ||||||||||
2007
|
||||||||||||||||||||
First
quarter
|
$ | 1,036 | $ | 126 | $ | (1,151 | ) | $ | (0.11 | ) | $ | (0.11 | ) | |||||||
Second
quarter
|
14,299 | 3,046 | 806 | 0.04 | 0.03 | |||||||||||||||
Third
quarter
|
11,018 | 3,289 | 2,824 | 0.11 | 0.10 | |||||||||||||||
Fourth
quarter
|
379 | (345 | ) | (1,740 | ) | (0.08 | ) | (0.08 | ) | |||||||||||
Fiscal
Year 2007
|
$ | 26,732 | $ | 6,116 | $ | 739 | $ | 0.03 | $ | 0.03 |
Balance
at
|
Charged
to
|
Reduction
to
|
Credited
to
|
Balance
at
|
|||||||||||||||||
Beginning
of
|
Costs
and
|
for
Write off
|
Costs
and
|
End
of
|
|||||||||||||||||
Description
|
Period
|
Expenses
|
Expenses
|
Period
|
|||||||||||||||||
Year
ended March 31, 2009
|
|||||||||||||||||||||
Reserves
deducted from assets to which they apply:
|
|||||||||||||||||||||
Allowance
for doubtful accounts
|
$ | 120,899 | $ | 197,178 | $ | (71,068 | ) | $ | 13,961 | $ | 260,970 | ||||||||||
Deferred
tax valuation allowance
|
$ | 2,477,202 | $ | 689,390 | $ | (36,652 | ) | $ | - | $ | 3,129,940 | ||||||||||
Inventory
reserve
|
$ | 497,984 | $ | 700,709 | $ | (316,734 | ) | $ | (136,571 | ) | $ | 745,388 | |||||||||
Year
ended March 31, 2008
|
|||||||||||||||||||||
Reserves
deducted from assets to which they apply:
|
|||||||||||||||||||||
Allowance
for doubtful accounts
|
$ | 61,824 | $ | 112,390 | $ | (53,315 | ) | $ | - | $ | 120,899 | ||||||||||
Deferred
tax valuation allowance
|
$ | 2,671,264 | $ | 123,910 | $ | - | $ | (317,972 | ) | $ | 2,477,202 | ||||||||||
Inventory
reserve
|
$ | 198,848 | $ | 382,048 | $ | - | $ | (82,911 | ) | $ | 497,984 | ||||||||||
Year
ended March 31, 2007
|
|||||||||||||||||||||
Reserves
deducted from assets to which they apply:
|
|||||||||||||||||||||
Allowance
for doubtful accounts
|
$ | 103,615 | $ | 40,082 | $ | (26,973 | ) | $ | (54,900 | ) | $ | 61,824 | |||||||||
Deferred
tax valuation allowance
|
$ | 6,374,053 | $ | - | $ | - | $ | (3,702,789 | ) | $ | 2,671,264 | ||||||||||
Inventory
reserve
|
$ | 1,096,123 | $ | 121,969 | $ | (747,505 | ) | $ | (271,739 | ) | $ | 198,848 |