PARSIPPANY, N.J., Feb. 13 /PRNewswire-FirstCall/ --Emerson Radio Corp. (NYSE Alternext US, LLC: MSN) today reported financial results for its third quarter ended December 31, 2008.

Net revenues for the third quarter of fiscal 2009 were $60.3 million, a decrease of $15.5 million compared to net revenues in the third quarter of fiscal 2008. The decrease in net revenues during the third quarter of fiscal 2009 was primarily due to lower sales of the Company's traditional audio products and iPod(R) accessories, and Mattel(R) licensed themed products.

Operating loss for the third quarter of fiscal 2009 was $2.4 million compared to an operating loss of $1.7 million during the third quarter of fiscal 2008. Operating loss for the third quarter increased compared to the prior year primarily as a result of the lower revenue, coupled with softer margins in the fiscal 2009 third quarter, partially offset by lower SG&A expenses.

Net loss for the third quarter of fiscal 2009 was $2.1 million, or $0.08 per diluted share, compared to a net income of $1.1 million, or $0.04 per diluted share, for the third quarter of fiscal 2008.

'Emerson's fiscal third quarter results were negatively impacted by the continuing economic downturn and the resulting effect it had on our retail partners who tightened inventory levels to cope with slower sales. Management is mindful that the current economic slowdown may persist for several quarters, and we have taken steps to reduce costs and expenses of our operations, as evidenced by a 24% decline in SG&A and other operating costs in the third quarter of fiscal 2009 as compared to the third quarter of fiscal 2008. In addition, our balance sheet remains strong with almost $16 million in cash and no long-term debt,' said John Spielberger, President of North American Operations. 'Looking ahead, we will continue to look at all strategic options to improve efficiencies throughout the organization and further improve operations to better position the Company to drive sales.