FISCAL 2018 FOURTH QUARTER AND YEAR-END FINANCIAL RESULTS
ORLANDO, Fla. May 14, 2018 - VOXX International Corporation (NASDAQ: VOXX), a leading manufacturer and distributor of automotive and consumer technologies for global markets, today announced its financial results for its Fiscal 2018 fourth quarter and year ended February 28, 2018.
Pat Lavelle, President and CEO of VOXX International Corporation stated, “With the sale of Hirschmann in Fiscal 2018, we paid down our credit facility, strengthened our balance sheet and have begun realigning our operations to lower our overhead and bring VOXX back to profitability. This was the first step in our plan to unlock shareholder value and reposition our Company. In the coming fiscal year, we intend to look for other avenues to potentially monetize assets, while concurrently looking at opportunities to generate growth and improve the bottom-line, whether it be in the form of acquisitions or strategic partnerships.”
Lavelle continued, “R&D investments over the past several years have positioned us to bring EyeLock’s solutions to commercialization, and there are several projects in development that we believe will begin to generate royalty income for our Company this year. Similarly, we have spent considerable resources developing our next-generation rear-seat infotainment system, EVO, which is now live with three large Automotive OEM’s, with other programs to follow. There are also new programs in the healthcare space that have significant growth potential over the next two years, and new partnerships in Premium Audio that hold great promise for the category and should further extend our brand recognition. While there will always be end-of-life products within our segments, the newer categories we have invested in are positioned for growth and we should see gradual improvements throughout the year.”
Fiscal 2018 and Fiscal 2017 Fourth Quarter Results Comparisons
Net sales for the Fiscal 2018 fourth quarter ended February 28, 2018 were $122.2 million as compared to net sales of $124.9 million in the comparable year-ago period, a decline of $2.7 million or 2.1%.
Automotive segment sales were $45.1 million as compared to $43.1 million for the comparable Fiscal 2018 and 2017 fourth quarters, an increase of $2.0 million or 4.7%. The year-over-year increase in net sales was primarily driven by higher sales of OEM product lines, particularly the Company’s next-generation, EVO-based rear-seat infotainment system as new programs with General Motors and Ford began in the Company’s Fiscal 2018 third quarter.
Consumer Accessories segment sales were $39.8 million as compared to $38.8 million, an increase of $0.9 million or 2.4%. The year-over-year increase in net sales was driven primarily by wireless speaker sales as well as a modest increase in Project Nursery sales, among others.
Premium Audio segment sales were $37.4 million as compared to $43.0 million for the comparable Fiscal 2018 and Fiscal 2017 fourth quarters, a decrease of $5.7 million or 13.1%. The decline in net sales was primarily driven by retail and discount promotions in the prior fiscal year period, which did not repeat in the current fiscal year fourth quarter.
VOXX International Corporation Reports its Fiscal 2018 Fourth Quarter and Year-end Financial Results
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The following information was filed by Voxx International Corp (VOXX) on Thursday, May 17, 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-Q Quarterly 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-Q Quarterly Report Accession Number: 0000807707-18-000043 Submitted to the SEC: Tue Jul 10 2018 4:13:14 PM EST Accepted by the SEC: Tue Jul 10 2018 Period: Thursday, May 31, 2018 Industry: Wholesale Electronic Parts And Equipment