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Voxx Shrinks Fiscal 2015 Net Loss

Hauppauge, N.Y. – Voxx International dramatically reduced its 2015 fiscal-year net loss to $942,000 from the previous year’s $26.6 million loss and posted operating income of $16.6 million compared to a year-ago operating loss of $37.4 million.

Full-year sales were off 6.4 percent to $757.5 million.

For the fiscal fourth quarter ending February 28, sales were off 9.2 percent to $169.9 million compared to the year-ago period, and net losses shrank to $14.4 million compared to the year-ago $49 million net loss. Operating losses of $700,000 were down from the year-ago loss of $59.6 million.

Fourth-quarter sales were hurt by changes in the value of the Euro, the West Coast port closure, bad weather in the U.S., and changes in distribution in Mexico, the company said.

Sales of the company’s premium home-audio brands fell in the quarter by 12.6 percent to $37.3 million and for the year by 12.4 percent to $165.8 million. Voxx attributed the full-year decline to the Euro conversion and lower sales of some product lines, offset in part by increases in commercial and custom-install products.

Also for the year, automotive-product sales fell 3.9 percent to $396.4 million because of the Euro conversion, the temporary suspension of programs from one automaker, suspended sales in Venezuela, and lower satellite-radio and portable DVD sales, the company said. Sales of remote-start and Car Connections products rose.

Full-year accessories sales were off 5.9 percent to $194.1 million because of lower sales of digital voice recorders and clock radios and lower sales in Mexico, though sales of wireless and Bluetooth speakers were up, as were European sales, the company said.