Fiscal 2018 third quarter operating income of $5.6 million, improved by $0.4 million year-over-year
Fiscal 2018 third quarter net income from continuing operations of $7.5 million increased by $5.9 million year-over-year
Fiscal 2018 third quarter net income attributable to VOXX International Corporation of $8.6 million improved $2.8 million year-over-year
Fiscal 2018 third quarter diluted earnings per share of $0.35 improved $0.11 year-over-year

ORLANDO, FL - January 9, 2018
- VOXX International Corporation (NASDAQ: VOXX), a leading manufacturer and distributor of automotive and consumer technologies for global markets, announced its financial results for the Fiscal 2018 third quarter ended November 30, 2017.

Pat Lavelle, President and CEO of VOXX International Corporation stated, “Our sale of Hirschmann in August 2017 enabled us to pay down virtually all of our debt, except mortgages, and we now have a healthy cash position and access to capital through our banking facilities to execute our strategy and unlock shareholder value. Over the coming year, we intend to look for accretive acquisitions and potentially monetize some of our assets, while realigning some of our operations to lower expenses and enhance the bottom-line. Further, we remain focused on generating growth, through both product innovation and by developing new partnerships that leverage our distribution and reach.”

Lavelle continued, “During the fiscal 2018 third quarter, we posted growth in our Premium Audio and Consumer Accessories segments and we have several new product introductions on the horizon across all of our business segments that should contribute to top-line growth in the coming years. While Automotive segment revenue came in lower than the prior year, it was due primarily to timing as new OEM programs for our EVO rear seat infotainment solutions started later than anticipated. Further, during the quarter, we took steps to lower our overhead, as expenses came in 6.6% lower than the prior year and we generated year-over-year improvements in operating income and net income. Our Board and management team continue to evaluate all options that will improve our market position, product offering and valuation.”

On August 31, 2017, the Company completed its sale of Hirschmann Car Communication GmbH and its subsidiaries (collectively, “Hirschmann”) to a subsidiary of TE Connectivity Ltd. The consideration received by the Company was €148,500. The purchase price, at the exchange rate as of the close of business on the Closing Date approximated $177.0 million, and is subject to adjustment based upon the final working capital. The Hirschmann subsidiary group, which was previously included within the Automotive segment, qualified to be presented as a discontinued operation in accordance with ASC 205-20 beginning in the Company’s second quarter ended August 31, 2017 and is reflected in the Company’s third quarter net income results for the comparable periods ended November 30, 2017 and November 30, 2016.

Third Quarter Performance Review

Net sales for the Fiscal 2018 third quarter were $156.6 million as compared to net sales of $157.4 million in the comparable year-ago period, a decline of $0.8 million or 0.5%.

Automotive segment sales were $40.6 million as compared to $48.8 million, a decline of $8.2 million or 16.8%. This was principally due to lower aftermarket sales of satellite radio products, offset by higher sales of aftermarket overhead and headrest product sales. Additionally, the Company experienced lower domestic OEM sales due to timing, as headrest programs with two OEM customers were winding down in

The following information was filed by Voxx International Corp (VOXX) on Friday, January 12, 2018 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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