Florida-based karaoke machine maker the Singing Machine Company (OTCBB: SMDM) has announced what it called "the lowest price of the season" on its hottest new item for the year, the Singing Machine 4TV.
Target stores nationwide will be promoting the 4TV at $49.99, regularly priced at $69, from now through Sunday, December 9, 2012.
The latest in technology from the company features new design, rich sound, and plays customers' favorite CD+G karaoke discs, the Singing Machine said.
It is also the first home karaoke machine to play downloadable MP3+G karaoke songs, for purchase through the Singing Machine download store.
The 4TV, which is available in three colors, hooks up to any television to display lyrics on-screen and includes a microphone.
The Singing Machine's karaoke machines, accessories, karaoke music downloads, and musical instruments are sold under the brands of Singing Machine, SMDigital and Sound X.
The company already has a number of partnerships with big box retailers nationwide for the sell-through of its products, and has signed "a lot of commitments with new retailers" for this coming holiday season.
Last month, the karaoke machine maker reported that its second fiscal quarter results were able to meet its numbers from the same period last year, despite being forced to delay some shipments to its retail customers.
Sales for the quarter increased 1 per cent to $14.3 million from $14.1 million in the second quarter of 2011. The company said that flat growth in net sales and profit was primarily a timing issue, due to retail customers taking delivery later in the year for the holiday.
Gross margins during the latest period improved to 24.1 per cent from 22.6 per cent a year earlier.
The company has released a number of new products, with an iPad-docking karaoke machine along with a Retina display iPad App designed specifically for the new machine to provide thousands of streaming karaoke songs available for subscription.
For 2012, the company has also redesigned its flagship Pedestal Karaoke line, which is the company's most visible and highest revenue generating line of products.
Its products are now featured across 1,800 stores across the US, with plans to expand its presence abroad, already selling its products in Europe and Australia.
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