EXHIBIT 99.1

NEWS & INFORMATION

FOR:	EMERSON RADIO CORP.
	610 Fifth Ave
	New York, NY 10020
CONTACT:	Emerson Radio Corp.	or:	Investor Relations:
	Greenfield Pitts		Robert Maffei
	Chief Financial Officer		Investor Relations Manager
	(212) 521-4344		(973) 428-2098
			Brainerd Communicators
			Brad Edwards or
			Denise Roche
			(212) 986-6667

Monday, July 14, 2008

EMERSON RADIO CORP. REPORTS FISCAL 2008 FOURTH QUARTER AND FULL YEAR RESULTS

PARSIPPANY, N.J. — July 14, 2008 — Emerson Radio Corp. (AMEX:MSN) today reported financial results for its fourth quarter and fiscal year ended March 31, 2008.

Net revenues for the fourth quarter of fiscal 2008 were $36.9 million, a decrease of $3.3 million as compared to net revenues in the fourth quarter of fiscal 2007. Revenues during the fourth quarter of fiscal 2008 were driven by strong home appliance product sales offset by lower sales of the Company’s traditional audio products and iPodâ accessories, as well as lower themed product sales.

Net revenues for fiscal 2008 decreased 21.5% to $223.2 million, compared to $284.4 million during fiscal 2007. Higher home appliance product net revenues, which increased $37.8 million, or 42.1% to $127.6 million in fiscal 2008, were offset by: (i) $32.9 million in revenue in fiscal 2007 related to a one-time holiday promotion by one of the Company’s major customers which did not recur in fiscal 2008; (ii) a $26.8 million decline in themed products net revenues compared to fiscal 2007 primarily due to the discontinuance of Nickelodeonâ themed products partially offset by sales of Mattelâ themed products which were

dampened by $2.4 million in product returns made by one long time distribution partner; and (iii) lower sales volumes of several Emerson branded audio product lines and the iPodâ category.

Operating loss for the fourth quarter of fiscal 2008 was $6.1 million compared to operating loss of $5.2 million during the fourth quarter of fiscal 2007. The Company’s operating loss for fiscal 2008 was $7.3 million compared to operating income of $7.2 million during fiscal 2007. The decrease during fiscal 2008 was due primarily to lower margins in several audio categories and higher payroll and legal expenses.

Net loss for the fourth quarter of fiscal 2008 was $7.3 million, or $0.27 per diluted share, compared to net loss of $4.6 million, or $0.17 per diluted share, for the fourth quarter of fiscal 2007. Net loss for the fourth quarter of fiscal 2008 was negatively impacted by a $1.9 million loss on impairment of securities during the fourth quarter of fiscal 2008 related to the Company’s auction rate preferred securities experiencing failed auctions since February 2008. These preferred securities are AAA rated and 200 percent collateralized, and the assets backing these securities are guaranteed by the U.S. government. As of the date hereof, Emerson’s liquidity has not been impaired. Net loss for fiscal 2008 was $9.0 million, or $0.33 per diluted share, compared to net income of $3.5 million, or $0.13 per diluted share, in fiscal 2007. Net loss for fiscal 2008 was impacted by the factors discussed above as well as a settlement with the California Franchise Tax Board for taxes for years 1979-1990.

“Our financial results in fiscal 2008 were negatively impacted by a challenging manufacturing and global economy as well as a number of non-recurring, extraordinary expenses that we believe make annual comparable results less relevant,” said John Spielberger, President of North American Operations. “While audio and themed product sales for the year were disappointing, our Home Appliance product category demonstrated robust growth in fiscal 2008, with net revenues increasing 42.1% year over year, driven by continued strong performance of our microwave oven and wine cooler product lines, plus the addition of several new home appliance product categories.

“Looking forward, we’re making significant, strategic progress in transforming Emerson Radio into a more competitive, refreshed company with re-designed products across our core product lines and continued development in logical, profitable product extensions and new product categories. We’ve strengthened key management, we’re working to continuously improve our supply chain and we are re-committed to

enhancing our product designs and features. These efforts will evolve over the coming quarters, and while the economy will play a role in our performance during this time, we firmly believe we will emerge a stronger company as we continue to execute on our strategic plan.”

The Company also announced today that it filed a Current Report on Form 8-K with the Securities and Exchange Commission (SEC), which includes a letter to shareholders that contains additional insight into the Company’s financial performance and strategic and operational progress.

About Emerson Radio Corp.

Emerson Radio Corporation (AMEX: MSN), founded in 1948, is headquartered in Parsippany, N.J. The Company designs, markets and licenses, worldwide, a variety of consumer electronics and home appliances including microwaves and wine coolers, clock radios, full lines of televisions and other video products, and audio and home theater products. For more information, please visit Emerson Radio’s Web site at www.emersonradio.com.

Forward Looking Statements

This release contains “forward-looking statements” made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect management’s current knowledge, assumptions, judgment and expectations regarding future performance or events. Although management believes that the expectations reflected in such statements are reasonable, they give no assurance that such expectations will prove to be correct and you should be aware that actual results could differ materially from those contained in the forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties, including the risk factors detailed in the Company’s reports as filed with the Securities and Exchange Commission. The Company assumes no obligation to update the information contained in this news release.

Emerson Radio Corp. and Subsidiaries
Consolidated Statements of Operations
(in thousands, except per share data)

	Year Ended March 31,						Three months ended March 31,
	2008			2007			2008			2007
Net revenues
Net revenues		222,857			284,166			36,888			39,998
Net revenues-related party		373			233			3			233
		223,230			284,399			36,891			40,231
Costs and Expenses
Cost of sales		200,814			215,175			35,982			37,255
Cost of sales-related party		232			—			—			(200	)
Cost of sales-related party purchases		—			32,890			—			—
Other operating costs and expenses		6,097			6,492			1,319			2,137
Selling, general & administrative expenses (exclusive of non-cash compensation shown below)		23,587			22,269			5,680			6,061
Acquisition costs incurred		—			190			—			169
Non Cash Compensation, net of recoveries		(177	)		192			(18	)		54
		230,553			277,208			42,963			45,476
Operating income (loss)		(7,323	)		7,191			(6,072	)		(5,245	)
Other income (expense)
Gain on sale of building		854			—			—			—
Gains on foreign exchange forward contracts		465			—			(50	)		—
Interest income (expense), net		140			(692	)		212			(128	)
Interest income-related party		163			638			—			638
Loss on impairment of securities		(1,952	)		—			(1,952	)		—
Income (loss) before income taxes and minority interest		(7,653	)		7,137			(7,862	)		(4,735	)
Provision (benefit) for income taxes		1,427			3,679			(510	)		(113	)
Minority interest in loss of consolidated subsidiary		59			—			59			—
Net income (loss)		(9,021	)		3,458			(7,293	)		(4,622	)
Net income (loss) per share:
Basic		(0.33	)		0.13			(0.27	)		(0.17	)
Diluted		(0.33	)		0.13			(0.27	)		(0.17	)
Weighted average shares outstanding:
Basic		27,126			27,087			27,130			27,110
Diluted		27,126			27,127			27,130			27,110

Emerson Radio Corp. and Subsidiaries
Consolidated Summary Balance Sheets
(in thousands)

	March 31, 2008			March 31, 2007
ASSETS
Cash and cash equivalents		14,444			1,851
Restricted cash		—			3,000
Cash and cash equivalents (includes cash securing bank loans		14,444			4,851
of $0 and $3,000 respectively)
Foreign exchange forward contracts		134			—
Accounts receivable		17,289			19,375
Due from affiliates		765			24,690
Net inventory		24,854			32,463
Deferred tax assets		5,412			5,737
Prepaid expenses and other current assets		2,246			3,376
Other receivables		2,131			1,536
Other current assets		4,377			4,912
TOTAL CURRENT ASSETS		67,275			92,028
Property, plant, and equipment, net		1,902			2,492
Investments in marketable securities		11,948			—
Trademarks and other intangible assets		279			311
Deferred tax assets		5,927			4,067
Other assets		598			510
Other assets		6,804			4,888
TOTAL ASSETS		87,929			99,408
Short term borrowings		—			3,111
Revolver — Current		—			—
Current maturities of long-term borrowings		82			146
Accts payable & other current liabilities		21,737			20,044
Due to affiliates		102
Accrued Sales Returns		872			1,191
Income taxes payable		185			306
Deferred tax liabilities		—			47
Current liabilities		22,978			24,845
Long-term borrowings		142			651
Other Long term debt		57			25
Minority interest		133			—
Preferred shares		3,310			3,310
Common shares		529			529
Cap in excess of par value		117,245			117,371
Acc other comprehensive losses		(82	)		(82	)
Accumulated deficit		(32,159	)		(23,017	)
Treasury stock		(24,224	)		(24,224	)
Total shareholders equity		64,619			73,887
TOTAL LIABILITIES AND EQUITY		87,929			99,408