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A year since it was purchased for a reported $7.5 million, Phoenix Gold said it has increased sales 20 percent company-wide and 10 percent in car audio.
For the next 12 months, Phoenix Gold expects another 20 percent company-wide increase and a 15 percent gain in car audio, said president Tom O'Mara.
Since July of last year, Phoenix Gold added 50 to 60 new retailers to its distribution network and hopes to expand its current dealer base of 300 storefronts by 30 percent over the next year.
O'Mara says the company drifted from its car audio roots over the years and is seeking to return to that foundation. It is in the process of upgrading almost all the amplifiers and speakers in the car audio line, and it launched a lower-priced Ryval series in February/March, which now accounts for 70 percent of its car audio sales.
The company reached its heyday in the early 90s amid the American car amplifier boom. It later branched into professional audio with the Carver Pro brand and began offering home audio products under the AudioSource brand in 2000. The company, however, continued to manufacture its products in the United States, resulting in declining profits, said O'Mara.
When he and two partners purchased Phoenix Gold in July, the company "was totally fragmented and didn't have a focus on 12 volt. The product was not up to the standards of the original product," he said.
Phoenix Gold has since dropped the Carver Pro line and has placed the Carver home line on the shelf.
Earlier this month, the new parent company PHX AP Acquisitions (consisting of O'Mara and two partners) changed its corporate name to Rodin, while the Phoenix Gold, AudioSource and Carver brands remain unchanged.
This TWICE webinar, hosted by senior editor Alan Wolf, will take a look at what may be the hottest CE products at retail that will be sold during the all-important fourth quarter. Top technologies, market strategies and industry trends will be discussed with industry analysts and executives.