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Rockford Sales Decline; Core After-Market Gains

5/04/2007 12:47:00 PM Eastern

Tempe, Ariz. — Rockford reported continued overall sales declines, but also cited a slight increase in sales of its after-market car audio products.

For the first quarter ended March 31, sales decreased 11.9 percent to $26.4 million compared to $29.9 million in 2006. The decrease was primarily due to a reduction in OEM sales as Nissan is no longer including Rockford systems in the latest generation Sentra at the same rate as the last model. In addition, Rockford sold its Q-logic enclosure product line last year.

The company said these decreases were offset by a small increase in core Rockford after-market sales.

Gross margin for the period increased to 29.9 percent compared to 26.3 percent for the period last year.

Operating loss for the quarter was $0.5 million compared to a loss of $1.7 million for the period last year.

Company president Bill Jackson said, “We are beginning to see the favorable impact of our new business model. Gross margins are increasing and expenses are down. We continue to implement our outsourcing plans step by step and expect to substantially complete them by the end of 2007.”

Operating expenses for the quarter decreased 11.9 percent to $8.4 million compared to $9.5 million for the period last year.

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