Voxx International Corp (VOXX) SEC Filing 10-Q Quarterly report for the period ending Friday, August 31, 2018

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Voxx International Corp
Ticker: VOXX CIK: 807707

FOR IMMEDIATE RELEASE

VOXX INTERNATIONAL CORPORATION REPORTS ITS FISCAL 2019 FIRST QUARTER FINANCIAL RESULTS

ORLANDO, Fla. July 10, 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 2019 first quarter ended May 31, 2018.

Pat Lavelle, President and CEO of VOXX International Corporation stated, “The steps we have taken to realign operations and lower fixed costs are taking hold as losses were reduced year-over-year and further improvements are expected. While sales declined, this was anticipated. New programs and product launches across the segments should result in top-line growth in the second half of the year. Additionally, lower inventory positions and improved gross margins, particularly in the Premium Audio segment, should favorably impact the bottom-line. As such, we expect VOXX to return to profitability in the Fiscal 2019 third quarter and finish the year profitable on an operating and net income basis.”

Lavelle continued, “Demand for our next-generation EVO rear-seat infotainment system is building and holds significant potential for our Automotive segment, as our OEM customers are rolling EVO out on new vehicles and inbound interest has intensified. We’re gearing up for the launch of our new Klipsch Reference and Reference Premier speaker lines, as well as the launch of other Klipsch audio solutions. Our Consumer Accessories segment has expanded its distribution in the healthcare space, and we anticipate top-line improvements as a result in the second half of Fiscal 2019 and beyond, coupled with EyeLock products soon coming to market. Our balance sheet remains strong and our business outlook is improving.”

Fiscal 2019 and Fiscal 2018 First Quarter Results Comparisons

Net sales for the Fiscal 2019 first quarter ended May 31, 2018 were $100.9 million as compared to net sales of $114.8 million in the comparable year-ago period, a decline of $14.0 million or 12.2%.

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Fiscal 2019 first quarter Automotive segment sales were $39.6 million as compared to $37.0 million for the comparable Fiscal 2018 first quarter, an increase of $2.6 million or 7.1%. The year-over-year increase was primarily driven by new rear-seat infotainment headrest programs, offset by lower aftermarket sales. The Company anticipates continued top-line increases in its OEM business throughout the year based on new EVO rear-seat infotainment programs that launched in the Fiscal 2018 third quarter and new vehicles soon coming to market, as well as a new remote start program with Subaru.

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Fiscal 2019 first quarter Consumer Accessories segment sales were $28.7 million as compared to $39.9 million in the comparable Fiscal 2018 first quarter, a decrease of $11.2 million or 28.0%. The year-over-year decrease was driven primarily by lower volume of wireless speakers, reception and hook-up products, and lower sales internationally, offset by a slight increase in Project Nursery baby products and a new line of music systems. A new distribution program in support of United Healthcare’s Motion Program is anticipated to positively contribute to net sales in the second half of Fiscal 2019.

VOXX International Reports its Fiscal 2019 First Quarter Results

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•	Fiscal 2019 Premium Audio segment sales were $32.4 million as compared to $37.7 million for the comparable Fiscal 2019 first quarter, a decrease of $5.3 million or 14.2%. This decline was

The following information was filed by Voxx International Corp (VOXX) on Friday, July 13, 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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