Voxx Posts Double-Digit Fiscal Year Sales Gains

By Steve Smith On May 15 2013 - 8:39am

Hauppauge, N.Y. — Voxx reported a double-digit sales gain and relative flat profits in its fiscal year, ended Feb. 28.

Net sales for the fiscal year were $835.6 million, an increase of 18.2 percent when compared with net sales of $707.1 million reported for the prior fiscal year.

Net income in fiscal 2013 was $22.5 million as compared with net income of $25.6 million for the prior year. Operating income was $41.7 million for the year, compared with $43.9 million in the comparable year-ago period.

In a prepared statement on company performance, Pat Lavelle, president /CEO, stated, “We had one of the most successful years in our company’s history, despite the challenges we and most companies continue to experience given the struggling global markets. While our international operations were impacted, mostly in the Eurozone, domestically, we performed ahead of expectations. The strategy we embarked on is working and we are anticipating modest improvements in fiscal 2014 in our sales, margins, net income and EBITDA. I remain very optimistic with our market positions and outlook.”

Automotive sales were $427 million in fiscal 2013, an increase of 43.7 percent over $297.1 million reported in the comparable period last year. Driving this increase was the addition of Hirschmann sales, increases in OEM manufacturing due to several ongoing programs, and the launch of new programs with Ford and Nissan in the second quarter of fiscal 2013, as well as from new product launches.

Premium audio sales were $193 million in fiscal 2013, an increase of 0.8 percent over $191.4 million reported in the comparable period last year. The company experienced growth in its domestic operations, primarily in the headphone and soundbar product categories. This growth was partially offset by sales declines in the European business as a result of the European economic environment.

Consumer accessories sales were $214.3 million in fiscal 2013, a decrease of 0.6 percent as compared with $215.6 million reported in the comparable period last year. The small decline was primarily related to lower sales in international markets as a result of European market conditions, and the company’s decision to exit lower-margin product categories throughout the year, Voxx said.

The accessories group posted strong gains in its domestic operations due to the growth in new product sales for wireless speakers, portable power lines and power-supply systems.

As a percentage of sales for the fiscal year, ended Feb. 28, automotive represented 51.1 percent, premium audio 23.1 percent and consumer accessories 25.6 percent.

Lavelle continued, “We’ve expanded and broadened our retail distribution and believe our commercial business will expand further in fiscal ’14. While our domestic aftermarket business has declined, primarily due to satellite radio and mobile audio, our OEM business is growing, and we were recently awarded several new domestic and international OEM programs, which positions us well for the future. Voxx is a different company — our technical capabilities and resources have never been stronger, and with 280 engineers on staff, we are creating technology for the future. We still have some near-term headwinds ahead of us in the global markets, but we’re well positioned to work through these issues and continue to improve companywide performance.”

In its fiscal fourth quarter, Voxx reported net sales for the fiscal 2013 fourth quarter were $206.8 million, an increase of 17.1 percent over net sales of $176.6 million reported in the comparable year-ago period.

Net income in the fiscal fourth quarter was $10.3 million, compared with net income of $10.9 million in the prior year’s fourth quarter.

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