The Singing Machine Company, a maker of consumer-oriented karaoke machines in the US, has said it will look to selling its accounts receivables in order to finance working capital, following weak results for 2003-04.
The maker of karaoke systems for home entertainment in the US and distributor of its ‘Singing Machine’ product in Europe and Asia, reported disappointing preliminary (unaudited) financial results for the fiscal year ending March 31, 2004.
The company reported a net loss of $22.7m on revenue of $70.5m. In contrast, fiscal 2003 saw net income of $1.2m on revenue of $95.6m. Total current assets were $13.2m, including cash and restricted cash of $1.2m, accounts receivable of $3.8m, and inventories of $5.2m. Total current liabilities at March 31, 2004 were $13.1m.
