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The Short of the Week for the week of August 19 – 23, 2013 is…
Emerson Radio Corp (NYSE MKT: MSN)
We mentioned this Friday in NYSE MKT List we issued as a bear pick. And it truly is that.
The Company’s press release from Thursday, August 15th reads kind of sad as Emerson was once a household name (in low, low end) electronics.
“Operating income for the first quarter of fiscal year 2014 was $1.3 million, a decrease of $3.1 million, or 69.9%, from operating income of $4.4 million for the first quarter of fiscal year 2013 due to the lower year-over-year net revenues and higher year-over-year SG&A expenses, due primarily to a year-over-year increase in legal fees, tax consulting fees and a reduced benefit in bad debt recoveries, partially offset by a decrease in compensation costs.
“Net income for the first quarter of fiscal 2014 was $1.4 million, as compared to $3.8 million for the first quarter of fiscal 2013, a decrease of $2.4 million, or 64.3%, due to the year-over-year decrease in operating income. Diluted earnings per share for the first quarter of fiscal year 2014 were $0.05, as compared to $0.14 for the first quarter of fiscal year 2013, a decrease of $0.09 per diluted share, or 64.3%.