VOXX International Corporation Reports Fiscal 2015 Third Quarter And Nine-Month Financial Results
HAUPPAUGE, N.Y., Jan. 8, 2015 /PRNewswire/ --
Fiscal third quarter consolidated gross margins improved 290 basis points.
Fiscal third quarter operating income of $16.6 million increased by $0.1 million and net income of $15.6 million, increased by approximately $0.2 million.
Fiscal third quarter Adjusted EBITDA of $22.4 million declined by $1.1 million; the FY14 third quarter includes a $4.3 million unanticipated customer settlement.
Company launches several products at the 2015 International Consumer Electronics Show, highlighted by 360fly, myris, Singtrix, new Reference Series and Jamo Series speakers, 808 Audio, new asset tracking technology and several enhanced offerings for its OEM customers.
VOXX International Corporation (NASDAQ: VOXX), today announced financial results for its Fiscal 2015 third quarter and nine-months ended November 30, 2014.
Pat Lavelle, President and CEO stated, "We saw significant gross margin improvements across all of our business segments, and lowered planned spending further, resulting in operating income that matched last year's third quarter, despite lower sales. There were some short-term factors that impacted sales, such as OEM programs and new product launches that were delayed. Holiday retail sales also came in better than anticipated but we had taken a cautious approach in our buying programs, and is one of the elements that will curtail top-line results in the Fiscal fourth quarter. We anticipate FY15 sales to be approximately $760-$770 million, but with gross margins tracking closer to 30% and operating expenses lower than anticipated. We are receiving positive responses to the products we debuted at CES and the ones that will be coming to market shortly, and remain optimistic, especially with new OEM programs on the horizon and the anticipated contributions from new products such as 360fly, myris, our Reference Series and Jamo Concert Series, new 808 Audio products, and more. Our balance sheet remains strong and we are getting ready for some exciting programs in 2015 that should drive organic growth and improved profitability over the coming year."
The following information was filed by Voxx International Corp (VOXX) on Monday, January 12, 2015 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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Ticker: VOXX CIK: 807707 Form Type:10-K Annual Report Accession Number: 0000807707-15-000006 Submitted to the SEC: Thu May 14 2015 4:18:39 PM EST Accepted by the SEC: Thu May 14 2015 Period: Saturday, February 28, 2015 Industry: Wholesale Electronic Parts And Equipment