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HACKENSACK, NJ -- (Marketwire) -- 02/14/13 -- Emerson Radio Corp. (NYSE MKT: MSN) today reported financial results for its third quarter and nine month period ended December 31, 2012.

Net revenues for the third quarter of fiscal 2013 were $24.7 million, a decrease of $18.8 million, or 43.3%, as compared to the third quarter of fiscal 2012 net revenues of $43.5 million. The decline in year-over-year net revenues was driven by lower year-over-year net product sales due to pricing pressures, intense competitive activity and a challenging retail sales environment.

Net product sales for the third quarter of fiscal 2013 were $22.6 million, as compared to $41.3 million for the third quarter of fiscal 2012, a decrease of $18.7 million, or 45.2%. The lower year-over-year net product sales were driven by a $17.0 million, or 44.2%, decline in net sales of houseware products, which was the result of lower year-over-year sales of all product offerings within the category due to increased pricing pressures, intense competitive activity and the continuing effects of a challenging retail sales environment, and a $1.7 million, or 59.7%, decline in net sales of audio products, due to lower year-over-year sales of all product offerings within the category.

Licensing revenue in the third quarter of fiscal 2013 was $2.0 million, as compared to $2.2 million in the third quarter of fiscal 2012, a decrease of $0.2 million, or 6.0%. The lower year-over-year licensing revenue was the result of lower year-over-year sales of products bearing the Emerson brand name by its active licensees as well as a lower year-over-year number of licensees.

Net revenues for the nine month period of fiscal 2013 were $105.4 million, a decrease of $31.0 million, or 22.7%, as compared to the nine month period of fiscal 2012 net revenues of $136.4 million. The decline in year-over-year net revenues was driven by lower year-over-year net product sales, slightly offset by higher year-over-year licensing revenues.

Net product sales for the nine month period of fiscal 2013 were $99.8 million, as compared to $131.6 million for the nine month period of fiscal 2012, a decrease of $31.8 million, or 24.2%. The lower year-over-year net product sales were driven primarily by a $26.5 million, or 21.5%, decline in net sales of houseware products, which was the result of lower year-over-year sales of all product offerings within the category due to pricing pressures, intense competitive activity and the continuing effects of a challenging retail sales environment, and a $5.4 million, or 63.0%, decline in net sales of audio products, due to lower year-over-year sales of all product offerings within the category.

Licensing revenue in the nine month period of fiscal 2013 was $5.6 million, as compared to $4.8 million in the nine month period of fiscal 2012, an increase of $0.8 million, or 17.5%. The higher year-over-year licensing revenue was the result of approximately $1.3 million of higher year-over-year licensing revenue earned from the Company's largest licensee Funai Corporation ("Funai"), on higher year-over-year sales by Funai of products bearing the Emerson brand name, partially offset by lower aggregate year-over-year licensing revenues earned by the Company due to a lower year-over-year number of licensees as well as lower year-over-year sales of products bearing the Emerson brand name by its active licensees other than by Funai.