Audiovox Files Unaudited Fiscal Year Results
By Jeff Malester -- TWICE, 3/14/2003
Hauppauge, N.Y.- Audiovox filed unaudited financial results for its fiscal year, ended Nov. 30, 2002, that indicated its Audiovox Communications subsidiary had fourth quarter and year-end sales of $210.9 million and $727.5 million, respectively.
Audiovox will miss its March 17 Securities and Exchange Commission deadline for its annual 10-K report and asked for a 15-day delay. The company said the reason for the filing delay is related to the resolution of the company's response to an SEC comment letter on Audiovox's prior 10-K and 10-Q filings. "There can be no assurance we will not be required to make changes to the current financial information or prior financial information as a result of the SEC inquiry," said the company.
At the same time, Audiovox's wireless subsidiary, Audiovox Communications (ACC), reported fourth quarter net sales of $210.9 million, with 1.5 million total units sold, at an average selling price of $137. ACC's fourth quarter loss before taxes was $7.9 million. Several charges were taken during the period, including a valuation allowance of $11.3 million on deferred tax assets.
Fourth quarter net sales for the company's Audiovox Electronics (AEC) subsidiary reached $106.3 million, with income before taxes for the period at $3.2 million.
For the fiscal year, ended last Nov. 30, Audiovox's ACC subsidiary reported revenue of $727.5 million, on sales of 4.9 million units. The average selling price was $136 per unit, due to higher priced new product introductions during the fourth quarter. Wireless sales were impacted by reduced consumer demand, price erosion and delivery delays by Audiovox suppliers, contributing to ACC's fiscal year loss before taxes of $23.4 million.
AEC in the fiscal year posted sales of $373.8 million, with positive impact from continued growth in its mobile video, security and consumer product categories. Income before taxes for AEC in the fiscal year hit $18.8 million.
For the fiscal year, overall Audiovox net sales reached $1.1 billion, on income before taxes of $3.7 million. Operating expenses for the year reached $102.5 million.
In a restatement of financials for the nine months, ended last August 31, Audiovox recorded a reduction of $462,000 in revenue and an increase in net income of $36,000.
Looking ahead to the first fiscal quarter, ended Feb. 28, 2003, Audiovox expects overall revenue in the range of $290 million to $305 million, the result of improved performance in both subsidiaries. This represents an increase of 56 percent to 61 percent over the previous fiscal first quarter.
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