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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