Hauppauge, N.Y. - Audiovox Electronics, the consumer electronics subsidiary of Audiovox, continues to show 'steady growth, particularly in the mobile video category,' with sales in the subsidiary soaring 46.7 percent in the third quarter, the company said.
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 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.'
Consolidated net sales for the third quarter at Audiovox dropped about 7 percent, to $291.4 million, down from $311.7 million. CE represented over 35 percent of overall Audiovox sales in the third quarter, up from a 22 percent share in the same quarter last year, the company said.
Driven by increased demand in mobile and CE products, overall net income for the third quarter was $1.9 million, up from $1 million in the third quarter of 2001.
For the nine months, consolidated net sales dropped to $784.6 million, down about 14 percent from the $916.8 million reported for the first nine months of last year. However, Audiovox was able to erase a loss of $4.7 million in the first nine months of 2001, posting a $2.3 profit in the first nine months of this year.