Hauppauge, N.Y. -
Voxx International reported higher net sales and net earnings for its fiscal
third quarter, ended Nov. 30.
Net sales for the
fiscal 2012 third quarter were $206.8 million, an increase of 26.7 percent,
compared with net sales of $163.2 million in the comparable year-ago period.
Net income for the
quarter was $8.9 million, compared with net income of $3.9 million for the
third quarter of fiscal 2011.
Commenting on the
company's performance, Pat Lavelle, president and CEO, stated, "Our business
continued to gain traction across multiple markets, product lines and
geographies, and I believe we're well positioned moving into 2012."
"We're also pleased with our performance year to date, though we had budgeted
for higher sales. Klipsch, our automotive business and international operations
have all performed at or ahead of plan, and each group has me excited about our
prospects. Consumer weakness, however, primarily in the U.S. and at retail, led
to a modest slowdown in our consumer accessories segments. On the positive
side, the steps we took to improve margins and operating efficiencies, and to
right size our expense structure, have resulted in bottom-line performance
which is tracking ahead of our initial plan.
"As such, we believe our sales for the year
will be in excess of $700 million, and we're raising our EBITDA forecast to $44
For the quarter, electronics
sales were $165.9 million, an increase of 35.3 percent. Accessories sales were
$40.9 million, an increase of 0.9 percent year on year. The electronics group
was favorably impacted by the addition of Klipsch, and continued increases in
the automotive OEM channel, driven by increases in domestic car sales and new
OEM programs for remote start and mobile entertainment systems. Additionally, accessories
sales were up slightly for the quarter, primarily due to increased sales in
international markets. Offsetting these improvements were lower sales of
consumer electronics products and a decline in the audio category.
As a percentage of net sales, electronics
represented 80.2 percent of net sales for the three months, ended Nov. 30, and
accessories represented 19.8 percent for the quarter.