Steve Smith On Jan 21 2013 - 1:00am

Voxx Reports Higher Sales, Net Income


HAUPPAUGE, N.Y. — Voxx International reported higher net sales and net income in its fiscal third quarter, ended Nov. 30.

Sales increased 17.5 percent, driven by the Hirschmann acquisition and increases in mobile OEM and in accessories.

Net income was $13.2 million, up $4.3 million year on year.

Commenting on the company’s performance, Pat Lavelle, president and CEO, said, “Domestically, we had strong placement at retail driven by new products and through new channels. We also saw increases in our mobile OEM business on the heels of programs with Ford and Nissan which began last quarter. While overall retail sales during the Holiday season were lighter than anticipated, we’re hoping the recently passed legislation will provide some clarity for consumers and give them confidence moving into 2013.”

Net sales for the fiscal 2013 third quarter were $243 million, an increase of 17.5 percent, compared with net sales of $206.8 million in the comparable year ago period.

Electronics sales were $201.5 million and $165.9 million for the comparable fiscal third quarters, an increase of 21.4 percent. Driving this increase was primarily the addition of Hirschmann sales, which accounted for $39.5 million during the fiscal 2013 third quarter.

Excluding the impact of Hirschmann, Electronics sales declined approximately $3.9 million, or 2.4 percent, with the declines primarily in consumer products, mobile audio and in the international markets

Accessories sales for the fiscal 2013 third quarter were $41.6 million, an increase of 1.7 percent as compared with sales of $40.9 million in the comparable prior-year period. The accessories group was favorably impacted by higher domestic sales of new wireless speakers, digital antennas and both portable power lines and power supply systems.

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