Singing Machine Starts Holiday Season with Strong Black Friday Sales
FORT LAUDERDALE, Fla., Dec. 20, 2011 /PRNewswire/ -- The Singing Machine Company, Inc. ("Singing Machine" or the "Company") (OTCBB: SMDM) met and exceeded projected sales for Black Friday this year, reinforcing growth the Company has seen throughout the year as retailers get excited about the home karaoke segment once again.
The Singing Machine Company participated in Black Friday promotions with a variety of major retailers including Target, Toys 'R' Us, Kohl's, Costco, Amazon.com and Walmart.com. The Company anticipated retail sales of its karaoke machines, accessories, karaoke downloads, and musical instruments to exceed approximately $3 million over Black Friday weekend. The Company enters this Holiday Season with distribution through approximately 10,000 retail stores throughout North America.
The Company recently released its 2nd quarter earnings which reported an impressive 70% increase in Net Sales over the same period last year. Selling into North America and the UK, through the first six months of the year, the Company added approximately $6 million in Net Sales compared to the same period last year.
"Consumers and retailers alike are really getting excited about Karaoke again and we couldn't be more thrilled. We're well distributed in all major karaoke programs across North America and continue to hold our place as the market leader," commented Bernardo Melo, VP of Global Sales and Marketing.
About The Singing Machine
Incorporated in 1982, The Singing Machine Company develops and distributes a full line of consumer-oriented karaoke machines and music under The Singing Machine™ and SoundX™ brand names. The first to provide karaoke systems for home entertainment in the United States, The Singing Machine is available in North America, Europe and Australia. The Singing Machine is also the first to offer digital music downloads for play on home karaoke machines. See www.singingmachine.com for more details.
This press release contains forward‑looking statements within the meaning of the Private 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 our financial statements for the fiscal year ended March 31, 2011. You should review our risk factors in our SEC filings which are incorporated herein by reference. 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.
SOURCE The Singing Machine Company, Inc.
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