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Higher Profits, Lower Sales For Audiovox

5/23/2011 12:01:00 AM Eastern

HAUPPAUGE, N.Y. – Audiovox posted lower
sales, but higher net income in its fiscal fourth
quarter ended February 28.

Net income for the quarter was $17.4 million as
compared to net income of $6.6 million year-onyear.
Net income for the 2011 fiscal fourth quarter
was positively impacted by a net tax benefit
of $12.3 million compared
to a net tax benefit
of $1.0 million in
the comparable fiscal
fourth quarter.

Net sales for the
quarter were $138.9
million, a decrease of
7.6 percent compared
to net sales of $150.3 million reported in the comparable
three-month period.

Electronics sales, which includes both mobile
and consumer electronics products, were down
4.2 percent to $102.8 million in the quarter as compared
to $107.3 million for the prior year’s final quarter.
Electronics sales were positively impacted by
the acquisition of Invision, as well as higher sales of
mobile electronics products in most categories. The
increases in mobile electronics were partially offset
by declines in mobile audio, lower margin consumer
electronics business and sales of FLO TV products
which were included in fiscal 2010 comparisons.

Accessory sales were $36.1 million in the quarter
as compared to $43.1 million for the prior year, a decrease
of 16.1 percent. The Accessories group was
impacted by the continued slowdown in consumer
electronics sales at retail, particularly video-related
products which correlate to the company’s accessories
offering.

In the fiscal year net
sales were $561.7
million, an increase of
2 percent compared
to net sales of $550.7
million reported in the
comparable year ago
period.

Net income for the fiscal year 2011 period was
$23 million compared to net income of $22.5 million
in the prior year.

Electronics sales, which include both mobile
and consumer electronics products, were $415.2
million for the 2011 fiscal year as compared to
$375 million for the 2010 fiscal year, an increase
of 10.7 percent.

Accessory sales were $146.5 million as compared
to $175.7 million in the comparable yearago,
a 16.6 percent decline.