Audiovox Looks To Buy Custom Installation Company
By Amy Gilroy -- TWICE, 10/11/2007
Hauppauge, N.Y. — Fresh from absorbing Thomson’s accessory business and other acquisitions, Audiovox said it continues to look to acquire new companies, including a custom home installation business.
President and CEO Pat Lavelle said Audiovox is examining two companies that have synergies with Audiovox’s electronics and accessories business. In addition, he said, “We are also looking at the possibility of doing something in the CEDIA channel, in home installation type products.”
The comment was made on an earnings call today where Audiovox announced a 52.2 percent gain in net sales, due mainly to the company’s recently acquired Thomson and Oehlbach operations.
Audiovox said it is also on track to become the largest aftermarket supplier of XM Satellite Radio by the end of the year.
When asked how the proposed merger between Sirius and XM would impact Audiovox, Lavelle said, “It’s too early to tell. We’ve obviously had conversations with both groups,” but their attention is on the merger at the moment, he added, noting that product commitments are set six months in advance.
Lavelle also said that LCD-panel shortages hurt Audiovox’s LCD TV sales by as much as 20 percent and its portable DVD player business by 30 percent, and resulted in the delay of the company’s digital frame line.
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