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Voxx Posts Higher Q4 Sales, Lower Profits

5/21/2012 12:01:00 AM Eastern
HAUPPAUGE, N.Y. – Voxx International reported higher sales but lower net income for its fiscal fourth quarter, ended Feb. 28.

Fourth-quarter sales rose 27.1 percent to $176.6 million, with operating income rising 182 percent to $13.8 million. Fourth-quarter net income fell 37.4 percent to $10.9 million from the year-ago $17.4 million.

However in its fiscal 2012 Voxx said sales rose 25.9 percent to $701.1 million, operating income rose 387 percent to $43.9 million, and net income rose 11.4 percent to $25.6 million.

In fiscal 2012, Voxx said it posted continued growth in its mobile electronics OEM business and that Klipsch Group sales rose and met projections. Klipsch generated around $169.5 million in fiscal year sales, up by an unspecified amount. Klipsch was acquired on March 1, 2011.

In breaking out fourth-quarter sales, Voxx said electronics sales rose 32.3 percent to $136 million and accessory sales rose 12.5 percent to $40.6 million.
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