HAUPPAUGE, N.Y. –
Audiovox posted lower sales, but higher net income in its fiscal fourth quarter ended February 28.
Net income for the quarter was $17.4 million as compared to net income of $6.6 million year-onyear. Net income for the 2011 fiscal fourth quarter was positively impacted by a net tax benefit of $12.3 million compared to a net tax benefit of $1.0 million in the comparable fiscal fourth quarter.
Net sales for the quarter were $138.9 million, a decrease of 7.6 percent compared to net sales of $150.3 million reported in the comparable three-month period.
Electronics sales, which includes both mobile and consumer electronics products, were down 4.2 percent to $102.8 million in the quarter as compared to $107.3 million for the prior year’s final quarter. Electronics sales were positively impacted by the acquisition of Invision, as well as higher sales of mobile electronics products in most categories. The increases in mobile electronics were partially offset by declines in mobile audio, lower margin consumer electronics business and sales of FLO TV products which were included in fiscal 2010 comparisons.
Accessory sales were $36.1 million in the quarter as compared to $43.1 million for the prior year, a decrease of 16.1 percent. The Accessories group was impacted by the continued slowdown in consumer electronics sales at retail, particularly video-related products which correlate to the company’s accessories offering.
In the fiscal year net sales were $561.7 million, an increase of 2 percent compared to net sales of $550.7 million reported in the comparable year ago period.
Net income for the fiscal year 2011 period was $23 million compared to net income of $22.5 million in the prior year.
Electronics sales, which include both mobile and consumer electronics products, were $415.2 million for the 2011 fiscal year as compared to $375 million for the 2010 fiscal year, an increase of 10.7 percent.
Accessory sales were $146.5 million as compared to $175.7 million in the comparable yearago, a 16.6 percent decline.