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Singing Machine Announces 3rd Quarter Earnings Release

COCONUT CREEK, Fla. Feb. 14, 2011 The Singing Machine Company, Inc. ("Singing Machine" or the "Company") December 31, 2010

$6.9 million $11.9 million December 31, 2010 $17.3 million $19.7 million $80,000

$2.7 million $1.5 million $5.6 million $3.9 million December 31, 2010 $107,000 $1.6 million

Gary Atkinson $1.7 million

About The Singing Machine

the United States North America Europe Australia www.singingmachine.com

Forward-Looking Statements

This press release contains forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  Such forward March 31, 2010 looking statements speak only as of the date on which they are made and the company does not undertake any obligation to update any forward looking statement to reflect events or circumstances after the date of this release.

(Financial statements attached)

The Singing Machine Company, Inc. and Subsidiaries

CONSOLIDATED BALANCE SHEETS

December 31, 2010

March 31, 2010

(Unaudited)

(Audited)

Assets

Current Assets

Cash

$

1,312,239

$

865,777

Accounts receivable, net of allowances of $212,858 and      

  $185,407, respectively

2,527,120

983,791

Due from factor

14,987

Due from related parties, net – Other Starlight Group Companies

141,951

Inventories, net

3,448,246

2,804,848

Prepaid expenses and other current assets

71,248

118,465

          Total Current Assets

7,358,853

4,929,819

Property and equipment , net

424,108

736,966

Other non-current assets

164,678

164,644

         Total Assets

$

7,947,639

$

5,831,429

Liabilities and Shareholders’ Deficit

Current Liabilities

Accounts payable

$

1,955,289

$

895,713

Due to related parties – Starlight Marketing Development, Ltd

2,499,286

860,356

Due to related parties – Ram Light Management, Ltd

1,683,247

1,683,747

Due to related parties – Starlight R&D, Ltd

430,037

431,653

Due to related parties – Cosmo Communications USA, Inc.

249,752

199,996

Due to related parties, net – Other Starlight Group Companies

127,394

Accrued expenses

532,987

227,257

Short-term loan – bank

1,091,828

Current portion of long-term financing obligation

9,093

18,186

Obligations to clients for returns and allowances

617,757

742,009

Warranty provisions

384,506

123,708

       Total Current Liabilities

8,489,348

6,274,453

Long-term financing obligation, less current portion

4,547

         Total Liabilities

8,489,348

6,279,000

Shareholders’  Deficit

Preferred stock, $1.00 par value; 1,000,000 shares authorized; no  

 shares issued and outstanding

Common stock, Class A, $.01 par value;  100,000 shares

 authorized; no shares issued and outstanding

Common stock, $0.01 par value;  100,000,000 shares authorized;  

37,835,793 and 37,585,794 shares issued and outstanding

378,357

375,857

Additional paid-in capital

19,109,225

19,098,726

Accumulated deficit

       (20,029,291)

    (19,922,154)

       Total Shareholders’ Deficit

(541,709)

(447,571)

       Total Liabilities and Shareholders’ Deficit

$

7,947,639

$

5,831,429

The accompanying notes are an integral part of these consolidated financial statements.

The Singing Machine Company, Inc. and Subsidiaries

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

For Three Months Ended

For Nine Months Ended

December 31, 2010

December 31, 2009

December 31, 2010

December 31, 2009

Net Sales

$         6,935,843

$       11,975,761

$      17,385,142

$       19,781,141

Cost of Goods Sold

5,303,075

8,981,999

13,483,805

15,689,397

Gross Profit

1,632,768

2,993,762

3,901,337

4,091,744

Operating Expenses

Selling expenses

816,375

1,708,663

1,710,385

2,648,835

General and administrative expenses

628,642

875,864

1,938,251

2,666,471

Depreciation and amortization

98,090

120,682

339,858

322,947

Total Operating Expenses

1,543,107

2,705,209

3,988,494

5,638,253

Income (Loss) from Operations

89,661

288,553

(87,157)

(1,546,509)

Other Expenses

Interest expense

(8,992)

(41,244)

(19,981)

(72,195)

Income (Loss) before provision for income taxes

80,669

247,309

(107,138)

(1,618,704)

Provision for income taxes

Net Income (Loss)

$               80,669

$            247,309

$          (107,138)

$       (1,618,704)

Income (Loss) per Common Share

Basic and Diluted

$                   0.00

$                   0.01

$                 (0.00)

$                  (0.04)

Weighted Average Common and Common

Equivalent Shares:

Basic and Diluted

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