HAUPPAUGE, N.Y. – Voxx International reported slightly higher net income and net income for its fiscal third quarter, ended Nov. 30.
Net income for the quarter was $15.4 million as compared with net income of $13.2 million for the comparable period last year.
Net sales for the third quarter were $245.8 million, an increase of 1.1 percent compared with net sales of $243.0 million reported in the comparable year-ago period.
Pat Lavelle, Voxx International’s president and CEO, stated, “The markets are improving modestly, we’re strengthening relationships with customers, and we’re expanding our global distribution. The new products and programs we introduced at CES have been met with a lot of enthusiasm, and I remain confident that we will be able to generate organic growth as we move into our next fiscal year.”
By product group, automotive sales for the quarter were $121 million, an increase of 2.4 percent over $118.2 million reported in the comparable period last year. Automotive sales were positively impacted by the continued strength in the company’s global OEM manufacturing lines, and specifically for rear-seat entertainment, digital TV tuners, antennas and remote-start products.
Premium audio sales for the quarter were $65.6 million, an increase of 3 percent as compared with $63.6 million reported in the comparable period last year. The increase in this segment was driven by higher sales of new soundbars, and Bluetooth, wireless and cinema speaker products, partially offset by lower sales volumes internationally.
Consumer accessories sales were $58.8 million for the quarter, a decrease of approximately 3.5 percent as compared with $60.9 million reported in the comparable period last year.
This decline was primarily related to lower international sales and decreased volume of certain domestic consumer products that Voxx continues to gradually exit. Offsetting this were higher sales of several domestic product lines, including Bluetooth wireless speakers, its Personal Sound Amplifier and its new Shutterball products.
As a percentage of sales for the quarter, automotive represented 49.2 percent, premium audio represented 26.7 percent, and consumer accessories represented 23.9 percent.