Audiovox Electronics Sales Up 5% In Q3 - Twice

Audiovox Electronics Sales Up 5% In Q3

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HAUPPAUGE, N.Y. -- Net sales at Audiovox Corp. subsidiary Audiovox Electronics Corp. climbed 5.2 percent to $66.6 million in the fiscal third quarter ended Aug. 31, compared to $63.3 million in the same three months in 1999.

This jump in revenue reflects increases in demand for the company's video and consumer products, with growth in these categories of 68 percent and 42 percent, respectively, over the same period last year.

Citing increasing demand for mobile and consumer products, Audiovox Electronics president/CEO Patrick M. Lavelle said, "In August, we began shipping a new mobile video system for mass merchants, as well as our new line of FRS two-way radios, our portable DVD and automotive DVD product.

"Additionally, we will commence shipments on a new original-equipment mobile video program in October. We expect both product lines to be contributing factors to our fourth-quarter 2000 and first-quarter 2001 performance."

Parent company Audiovox Corp. recorded record fiscal third-quarter net sales of $470.3 million, up 58.5 percent from the $296.7 percent reported in the same three months last year. For the nine months, net sales were $1.2 billion, a 59 percent jump over the $749 million reported in the year-ago quarter.

Net income for the quarter was $10 million, up nearly 60 percent from the $6.4 million reported in the same period last year. For the nine months, net income jumped about 40 percent to $22 million, compared to $16 million in the year-ago period.

"Our strategy for the remainder of the year," said John J. Shalam, president/CEO of Audiovox Corp., "is to further enhance our overall market position and deliver high-quality video and consumer products in preparation for the upcoming holiday season. We also will further enhance and develop our wireless digital products, with unit sales for fiscal 2000 exceeding 9 million units."

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