Voxx Fiscal Q3 Sales, Profits Are Higher

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Hauppauge, N.Y. - Voxx International reported higher net sales and net earnings for its fiscal third quarter, ended Nov. 30.

Net sales for the fiscal 2012 third quarter were $206.8 million, an increase of 26.7 percent, compared with net sales of $163.2 million in the comparable year-ago period.

Net income for the quarter was $8.9 million, compared with net income of $3.9 million for the third quarter of fiscal 2011.

Commenting on the company's performance, Pat Lavelle, president and CEO, stated, "Our business continued to gain traction across multiple markets, product lines and geographies, and I believe we're well positioned moving into 2012."

Lavelle continued, "We're also pleased with our performance year to date, though we had budgeted for higher sales. Klipsch, our automotive business and international operations have all performed at or ahead of plan, and each group has me excited about our prospects. Consumer weakness, however, primarily in the U.S. and at retail, led to a modest slowdown in our consumer accessories segments. On the positive side, the steps we took to improve margins and operating efficiencies, and to right size our expense structure, have resulted in bottom-line performance which is tracking ahead of our initial plan.

 "As such, we believe our sales for the year will be in excess of $700 million, and we're raising our EBITDA forecast to $44 million."

For the quarter, electronics sales were $165.9 million, an increase of 35.3 percent. Accessories sales were $40.9 million, an increase of 0.9 percent year on year. The electronics group was favorably impacted by the addition of Klipsch, and continued increases in the automotive OEM channel, driven by increases in domestic car sales and new OEM programs for remote start and mobile entertainment systems. Additionally, accessories sales were up slightly for the quarter, primarily due to increased sales in international markets. Offsetting these improvements were lower sales of consumer electronics products and a decline in the audio category.

 As a percentage of net sales, electronics represented 80.2 percent of net sales for the three months, ended Nov. 30, and accessories represented 19.8 percent for the quarter.

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