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Koss Files 10-Q Sans Financial Statements, Declares Dividend

Somehow this got overlooked earlier in the week but we can’t literally be all-knowing, all-seeing, all the time. Plus, haven’t you missed this mug?

Headphone cobbler Koss filed it’s first quarter 10-Q earlier this week, which ordinarily would be a non-event except for a small matter of missing financial statements.

The Milwaukee Business Journal reports that the company cited the missing financial statements “due to delays relating to certain previously disclosed unauthorized transactions.”


Yes, that’s PR-speak for ueSay achdevaSay.

Koss executives intend to amend the Form 10-Q to include the quarterly unaudited financial statements as soon as possible after Koss Corp. completes restating statements from previous quarters in fiscal 2008, fiscal 2009 and the quarter ending Sept. 30, 2009, the company said. The company said it expects to file amended financial reports with the SEC no later than June 30.

But there’s nothing to be worried about because the company declared a dividend and secured an $8 million credit facility with JP Morgan. Progress!

Koss declares dividend, but yet to report results [Milwaukee Business Journal]
10-Q [SEC.gov]
8-K [SEC.gov]

Disappointing Accounting Firm Trend: Managers Sitting in Cubicles

Sorry for the downtime today, we’ll make it up to you over the weekend. Promise.

It’s no secret that staff professionals working in public accounting are urged to “stay until manager” for all kinds of substantive reasons that we won’t get into here.

The attraction of being promoted to manager has many superficial benefits including being called a “manager”, having “manager” on your business cards, and getting an office rather than slumming in the cube farm.


With the reconfiguration of some offices however, your dream of getting an office with a door and possibly a window may be dashed as more and more managers, senior managers, and — GASP — even some directors are living life in the grey squares.

Now while this development is most certainly a direct slap in the face of everything public accounting represents, our understanding is that it is not spreading around like H1N1. It depends on the city you’re in, your practice, and possibly your coolness factor.

But if you are in one of the unlucky few in could be much, much worse if more firms follow the lead of E&Y Jericho and go the no-décor-will-be-allowed route (God help you if they lock the bathrooms too). How will these managers be able to appropriately express themselves? Oh! And how on Earth is a manager supposed to get some action during busy season? Cubicle sex is not happening. Christ, how will they live?