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The consumer electronics subsidiary of Audiovox — Audiovox Electronics — continues to show steady growth, particularly in mobile video, portable DVD and auto security, with sales soaring 46.7 percent in the third quarter. This was the first time the electronics division surpassed $100 million in quarterly revenue. The company does not break out specific numbers.
For the nine months, revenue at Audiovox Electronics rose 26.3 percent over the same period in 2001, while profit increased by 59.6 percent.
However, the Audiovox Communications telecom sector, including wireless, has been hit particularly hard this year. Yet, the company said sales in Audiovox Communications are beginning to pick up, and it expects new 3G products will contribute to a recovery.
"We are mindful that improvements in the overall economic conditions have been slow to materialize," said John J. Shalam, president/CEO of parent Audiovox. "We continue to streamline operations and reduce operating costs in order to maximize shareholder value."
"Advance holiday orders as well as the introduction of new products should result in a positive finish to our fiscal year," said Patrick Lavelle, president/CEO of Audiovox Electronics," who emphasized his group "recorded a very successful third quarter." It was the 25th consecutive quarter the division has posted revenue growth vs. the comparable year-ago period.
Consolidated net sales for the third quarter at Audiovox dropped about 7 percent, to $291.4 million, from $311.7 million. Net income for the third quarter was $1.9 million, up from $1 million in the third quarter of 2001.
This TWICE webinar, hosted by senior editor Alan Wolf, will take a look at what may be the hottest CE products at retail that will be sold during the all-important fourth quarter. Top technologies, market strategies and industry trends will be discussed with industry analysts and executives.