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Voxx Reports Higher Sales, Net Income

1/10/2013 09:34:00 AM Eastern

Hauppauge, N.Y.- Voxx International reported higher net sales and net income in its fiscal third quarter ended November 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 stated, "From a bottom-line perspective, we had one of the best quarters in our history and our business performed well, especially considering continued weakness in the international markets. Our domestic operations met plan with sales reaching targets and gross margins slightly ahead of internal projections.”

He added, “We've also placed greater emphasis on managing our core overhead and saw expenses, less Hirschmann, decline by over 5 percent.”

Lavelle continued, "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 $243.0 million, an increase of 17.5 percent compared to 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 percentwith the declines primarily in consumer products, mobile audio and in the international markets. Offsetting this decline were increases in mobile OEM sales, particularly at Invision on the strength of new OEM programs with Ford and Nissan for rear-seat entertainment, higher sales of headphones and sound bars, and new product offerings. For the three months ended November 30, 2012, Electronics sales represented 82.9% of net sales as compared to 80.2% in the comparable prior year period.

Accessories sales for the fiscal 2013 third quarter were $41.6 million, an increase of 1.7 percent as compared to 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. This growth was partially offset by declines internationally. Accessories represented 17.1 percent of net sales for the three months ended November 30, 2012 as compared to 19.8 percent in the comparable prior year period.

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