Quarterly Performance Highlights - Report on VOXX International

Jul 16, 2015, 09:00 ET from www.aciassociation.com

NEW YORK, July 16, 2015 /PRNewswire/ --

ACI Association has initiated research coverage on VOXX International Corporation (NASDAQ: VOXX). Select highlights from the internally released reports are being made available to the general public (included below), with access to the entirety of the research available to new members.

Today, membership is open to readers on a complementary basis at the following URL: http://www.aciassociation.com/?c=VOXX

Highlights from our VOXX Report include:

  • Total Sales Impacted by Foreign Exchange and Divestures -- On July 9, 2015, VOXX International Corporation (VOXX International) reported its financial results for the Q1 FY 2016 ended May 31, 2015. Total net sales of worldwide leader in many automotive and consumer electronics and accessories categories, stood at $164.4 million compared to $187.0 million in the corresponding prior year period. The Company highlighted that the majority of the decline was attributed to foreign exchange as the EUR conversion accounted for $14.0 million.
  • Segmental Performance -- During Q1, sales at its automotive segment was reported at $90.0 million compared to $102.4 million in Q1 FY 2015. The Y-o-Y decline in segmental performance was majorly related to EUR impact as mentioned earlier. Furthermore, its Premium Audio segment contributed $29.3 million in topline versus $35.2 million in the corresponding prior year period. Lastly sales at its Consumer Accessories segment came in at $44.7 million compared with $49.1 million in Q1 FY 2015.
  • Improved Margins -- During the reported quarter, the Company's gross profits came in at $48.0 million versus $53.1 million in Q1 FY 2015. Meanwhile, gross margin for Q1 FY 2016 came in at 29.2%, representing an increase of 80 basis points as compared to 28.4% for the same period last year.
  • Operating Performance -- VoXX international informed that its operating expenses for the reported quarter reduced to $48.8 million from $53.5 million in the comparable year-ago period. During Q1 FY 2016, the Company reported a net loss of $0.7 million or a loss of $0.03 per diluted share as compared to net income of $0.5 million or net income per diluted share of $0.02 in Q1 FY 2015. As per the release, VoXX international's EBITDA for reported period was $4.6 million as compared to EBITDA of $6.1 million reported in the Q1 FY 2015.

To find out how this influences our rating on VOXX International Corporation, read the full report in its entirety here: http://www.aciassociation.com/?c=VOXX

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