FISCAL 2017 FOURTH QUARTER AND YEAR-END FINANCIAL RESULTS
Fiscal 2017 Q4 operating income of $0.4 million, a year-over-year increase of $8.0 million
Fiscal 2017 Q4 EBITDA of $8.0 million, a year-over-year increase of $9.0 million
Fiscal 2017 operating loss of $0.2 million, a year-over-year improvement of $11.4 million
Fiscal 2017 EBITDA of $30.1 million, a year-over-year improvement of $11.3 million
Company anticipates top- and bottom-line improvements in Fiscal 2018
HAUPPAUGE, NY - May 15, 2017 - VOXX International Corporation (NASDAQ: VOXX), today announced financial results for its Fiscal 2017 fourth quarter and year-ended February 28, 2017.
Commenting on the Company’s performance, Pat Lavelle, President and CEO of VOXX International stated, “We had several positive developments throughout our business segments in Fiscal 2017 and the transformation of our Premium Audio segment was perhaps the biggest story. We generated growth of 18.7% and improved profitability within the Premium Audio segment and we continued to win large, multi-year awards in our Automotive Segment, which have us positioned for growth in Fiscal 2018. While Consumer Accessories segment revenues declined year-over-year, the majority of the decline was in our fourth quarter. We have a number of new products, partnerships and added distribution within Consumer Accessories, both domestically and abroad, which gives us confidence in our ability to grow this segment in the coming year. All in all, we posted an $11.4 million improvement in operating income and an $11.3 million improvement in EBITDA.”
Lavelle continued, “Throughout the year, we set in motion a series of events to streamline operations and leverage synergies within our organization. These efforts, along with improvements in our supply chain led to a gross margin improvement in Fiscal 2017 of 90 basis points and a reduction in operating expenses of $5.6 million. Additionally, we focused R&D investment dollars on next generation products, particularly within our Premium Audio and Automotive segments. We have seen some of the results in our Fiscal 2017 financial performance and expect Fiscal 2018 will build on the momentum. Our foundation is stronger, as are our offerings, and we believe VOXX is positioned well to generate further top- and bottom-line improvements.”
Fiscal Fourth Quarter Comparisons (for the periods ended February 28, 2017 and February 29, 2016)
Net sales for the Fiscal 2017 fourth quarter were $167.4 million, compared to $169.7 million reported in the comparable year-ago period, a decline of $2.3 million or 1.4%.
Automotive segment sales were $85.6 million as compared to $84.8 million, an increase of $0.8 million or 1.0%. The increase was primarily related to higher automotive OEM sales.
Premium Audio segment sales were $43.0 million as compared to $36.2 million, an increase of $6.8 million or 18.6%. The year-over-year increase was driven by higher sales across the majority of product lines, particularly new products introduced throughout Fiscal 2017.
VOXX International Corporation Reports its Fiscal 2017 Fourth Quarter and Year-end Results
Page 2 of 8
Consumer Accessories segment sales were $38.8 million as compared to $48.6 million, a decline of $9.7 million or 20.1%. The sales decline was primarily related to higher sales of outdoor wireless speakers in the Fiscal 2016 fourth quarter, due to strong load-ins which did not repeat in the same volume, as well as
The following information was filed by Voxx International Corp (VOXX) on Friday, May 19, 2017 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
View differences made from one quarter to another to evaluate Voxx International Corp's financial trajectory
Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were removed, and by Voxx International Corp.
Ticker: VOXX CIK: 807707 Form Type:10-Q Quarterly Report Accession Number: 0000807707-17-000025 Submitted to the SEC: Mon Jul 10 2017 4:09:05 PM EST Accepted by the SEC: Mon Jul 10 2017 Period: Wednesday, May 31, 2017 Industry: Wholesale Electronic Parts And Equipment