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National Press Release
 | Audiovox Corporation Reports Fiscal 2009 Third Quarter and Nine Month ResultsPublished 2009-01-09 17:37By Audiovox Corporation |
- Fiscal third quarter sales of
- Gross margins increase to 19.9% in fiscal 3Q09 vs. 19.1% in fiscal 3Q08
- Partnerships with SIRIUS XM, Sony Playstation and Qualcomm's Media FLO highlight start to fiscal fourth quarter
Net sales for the quarter ended
Electronics sales, which include both mobile and consumer electronics were
Accessories sales for the fiscal 2009 third quarter were
For the period ended
The Company reported operating expenses of
Nine Months Results
Total net sales for the nine month period ended
Electronics sales for the fiscal 2009 nine month period, which represented 77.4% of net sales, were
Gross margins decreased by 100 basis points from 18.8% during the first nine months of fiscal 2008 to 17.8% in the first nine months of fiscal 2009. Gross margins were unfavorably impacted by higher energy costs, transportation expenses, labor and material costs and foreign exchange increases versus the U.S. dollar. To offset these higher costs, the Company implemented price increases in the 2009 second fiscal quarter but did not realize the effect until the period ended
Operating expenses increased
As a percentage of net sales, operating expenses increased to 17.8% for the fiscal 2009 nine month period compared to 17.1% in the comparable prior year period. Core operating expenses declined
The Company reported a pre-tax loss from continuing operations of
Conference Call Information
The Company will be hosting its conference call on
About Audiovox
Audiovox (Nasdaq:VOXX) is a recognized leader in the marketing of automotive entertainment, vehicle security and remote start systems, consumer electronics products and consumer electronics accessories. The company is number one in mobile video and places in the top ten of almost every category that it sells. Among the lines marketed by Audiovox are its mobile electronics products including mobile video systems, auto sound systems including satellite radio, vehicle security and remote start systems; consumer electronics products such as MP3 players, digital camcorders, DVRs, clock radios, portable DVD players, extended range two-way radios, multimedia products like digital picture frames and home and portable stereos; consumer electronics accessories such as indoor/outdoor antennas, connectivity products, headphones, speakers, wireless solutions, remote controls, power & surge protectors and media cleaning & storage devices; Energizer-branded products for rechargeable batteries and battery packs for camcorders, cordless phones, digital cameras and DVD players, as well as for power supply systems, automatic voltage regulators and surge protectors. The company markets its products through an extensive distribution network that includes power retailers, 12-volt specialists, mass merchandisers and an OE sales group. The company markets products under the Audiovox, RCA, Jensen, Acoustic Research, Energizer, Advent, Code Alarm, TERK, Prestige and SURFACE brands. For additional information, visit our Web site at www.audiovox.com.
Safe Harbor Statement
Except for historical information contained herein, statements made in this release that would constitute forward-looking statements may involve certain risks and uncertainties. All forward-looking statements made in this release are based on currently available information and the Company assumes no responsibility to update any such forward-looking statement. The following factors, among others, may cause actual results to differ materially from the results suggested in the forward-looking statements. The factors include, but are not limited to, risks that may result from changes in the Company's business operations; our ability to keep pace with technological advances; significant competition in the mobile and consumer electronics businesses as well as the wireless business; our relationships with key suppliers and customers; quality and consumer acceptance of newly introduced products; market volatility; non-availability of product; excess inventory; price and product competition; new product introductions; the possibility that the review of our prior filings by the SEC may result in changes to our financial statements; and the possibility that stockholders or regulatory authorities may initiate proceedings against Audiovox and/or our officers and directors as a result of any restatements. Risk factors associated with our business, including some of the facts set forth herein, are detailed in the Company's Form 10-K for the fiscal year ended
Tables to Follow
Audiovox Corporation and Subsidiaries
Consolidated Balance Sheets
(In thousands, except per share data)
November 30, February 29,
2008 2008
Assets (unaudited)
Current assets:
Cash and cash equivalents $13,925 $39,341
Accounts receivable, net 159,594 112,688
Inventory 149,321 155,748
Receivables from vendors 20,618 29,358
Prepaid expenses and other current assets 12,585 13,780
Deferred income taxes 7,198 7,135
Total current assets 363,241 358,050
Investment securities 8,559 15,033
Equity investments 13,068 13,222
Property, plant and equipment, net 20,615 21,550
Goodwill 29,098 23,427
Intangible assets 93,797 101,008
Deferred income taxes 2,128 -
Other assets 1,658 746
Total assets $532,164 $533,036
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable $43,014 $24,433
Accrued expenses and other current
liabilities 34,728 38,575
Income taxes payable 141 5,335
Accrued sales incentives 12,633 10,768
Bank obligations 2,018 3,070
Current portion of long-term debt 1,294 82
Total current liabilities 93,828 82,263
Long-term debt 5,944 1,621
Capital lease obligation 5,551 5,607
Deferred compensation 3,312 4,406
Other tax liabilities 4,740 4,566
Deferred tax liabilities - 6,057
Other long term liabilities 4,198 5,003
Total liabilities 117,573 109,523
Commitments and contingencies
Stockholders' equity:
Series preferred stock, $.01 par value;
1,500,000 shares authorized, no shares
issued or outstanding - -
Common stock:
Class A, $.01 par value; 60,000,000 shares
authorized, 22,424,992 and 22,414,212 shares
issued, 20,604,460 and 20,593,660 shares
outstanding at November 30, 2008 and
February 29, 2008, respectively 224 224
Class B convertible, $.01 par value;
10,000,000 shares authorized, 2,260,954
shares issued and outstanding at November
30, 2008 and February 29, 2008, respectively 22 22
Paid-in capital 274,484 274,282
Retained earnings 161,532 162,542
Accumulated other comprehensive income (3,275) 4,847
Treasury stock, at cost, 1,819,752 and
1,820,552 shares of Class A common stock at
November 30, 2008 and February 29, 2008,
respectively (18,396) (18,404)
Total stockholders' equity 414,591 423,513
Total liabilities and stockholders' equity $532,164 $533,036
Audiovox Corporation and Subsidiaries
Consolidated Statement of Operations
For the Three and Nine Months Ended November 30, 2008 and 2007
(In thousands, except per share data)
(unaudited)
Three Months Ended Nine Months Ended
November 30, November 30,
2008 2007 2008 2007
Net sales $195,642 $183,563 $487,433 $460,085
Cost of sales 156,684 148,572 400,900 373,431
Gross profit 38,958 34,991 86,533 86,654
Operating expenses:
Selling 8,370 9,828 26,598 26,534
General and
administrative 16,500 16,948 52,004 45,153
Engineering and
technical support 2,436 2,600 8,219 7,010
Total operating
expenses 27,306 29,376 86,821 78,697
Operating income
(loss) 11,652 5,615 (288) 7,957
Other income
(expense):
Interest and bank
charges (453) (723) (1,439) (2,087)
Equity in income of
equity investees (484) 1,011 926 2,927
Other, net (10) 816 375 3,444
Total other income,
net (947) 1,104 (138) 4,284
Income (loss) from
continuing operations
before income taxes 10,705 6,719 (426) 12,241
Income tax expense
(benefit) 4,180 2,039 582 3,709
Net income (loss)
from continuing
operations 6,525 4,680 (1,008) 8,532
Net income from
discontinued
operations, net of
tax - - - 2,111
Net income (loss) $6,525 $4,680 ($1,008) $10,643
Net income (loss)
per common share
(basic):
From continuing
operations $0.29 $0.20 ($0.04) $0.38
From discontinued
operations - - - 0.09
Net income (loss)
per common share
(basic) $0.29 $0.20 ($0.04) $0.47
Net income (loss)
per common share
(diluted):
From continuing
operations $0.29 $0.20 ($0.04) $0.38
From discontinued
operations - - - 0.09
Net income (loss)
per common share
(diluted) $0.29 $0.20 ($0.04) $0.47
Weighted-average
common shares
outstanding
(basic) 22,864,668 22,852,781 22,858,777 22,853,108
Weighted-average
common shares
outstanding
(diluted) 22,867,235 22,857,355 22,858,777 22,880,263
Contact:
Tel: 212-786-6011 / Email: gwiener@GWCco.com
SOURCE Audiovox Corporation
