By Lisa Johnston
New products on display at the American International Toy Fair, held in N
Hauppauge, N.Y. – Voxx International reported a double-digit gain in net sales, as well as higher net income and operating income in its second fiscal quarter, ended Aug. 31.
Fiscal second-quarter sales increased driven by the Hirschmann acquisition and increases in mobile OEM and in accessories.
Net sales for the fiscal 2013 second quarter were $191.7 million, an increase of 21.1 percent compared with net sales of $158.3 million in the comparable year-ago period.
Net income for the quarter was $3.7 million as compared with net income of $3.4 million the prior year. Net income for the comparable periods was favorably impacted as a result of the Hirschmann acquisition and lower tax provisions.
Operating income of $6.8 million for the quarter compares with operating income of $7.7 million in the comparable year-ago period.
Commenting on the company's performance, Pat Lavelle, president/CEO, stated, “During the second quarter, our domestic operations performed according to plan across all of our business segments, and we expect this to continue throughout the fiscal year. We have several new products coming to market in time for the holiday selling season and new partnerships that should continue to drive sales. We have also placed our premium high-end audio products and accessories lines at new accounts, which should open up channels for longer-term growth."
By category electronics sales were $156.3 million, up from the prior year’s $126.7 million, an increase of 23.3 percent. Driving this increase was primarily the addition of Hirschmann sales, which accounted for $39.6 million during the fiscal 2013 second quarter. Hirschmann was acquired by Voxx on March 14, 2012.
Excluding the impact of Hirschmann, electronics sales declined approximately $10.0 million with the declines primarily in consumer products, mobile audio and in the international markets.
Accessories sales for the fiscal 2013 second quarter were $35.4 million, an increase of 12 percent as compared with sales of $31.6 million in the comparable prior-year period. The accessories group was favorably impacted by higher sales of wireless speakers, digital antennas and portable power line products, as well as increases in sales of accessories products internationally, the company said.
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