HAUPPAUGE, N.Y., Jan. 8, 2014 /PRNewswire/ --
3Q14 Highlights:
- Net income increases $2.2 million
and EBITDA increases $1.9
million
- Company reports earnings per diluted share of $0.63 vs. $0.56
- Management lowers sales guidance to $825-$830; increases EBITDA guidance to
$65 million and free cash flow
guidance to $40 million
- Company sees organic growth in FY15 of 3-4% with improved
bottom-line performance
- New organizational structure unveiled to drive innovation and
OEM growth
VOXX International Corporation (NASDAQ: VOXX), today announced
financial results for its Fiscal 2014 third quarter and nine months
ended November 30, 2013.
Pat Lavelle, VOXX International's
President and CEO stated, "Our results in the third quarter and
through the first nine months of the year are tracking in line with
our plan and we continue to make progress in executing our
strategy. While we lowered sales guidance slightly, we have
done so due to higher exited product category sales and a strategic
decision to transition away from some online business to protect
future margins. All in all, everything is materializing as
expected. The markets are improving modestly, we're
strengthening relationships with customers, and we're expanding our
global distribution. The new products and programs we
introduced at CES have been met with a lot of enthusiasm and I
remain confident that we will be able to generate organic growth as
we move into our next fiscal year. Additionally, as a result
of other income recorded this past quarter, we are raising our
EBITDA guidance to $65 million and
believe free cash flow will improve to $40
million."
Fiscal Third Quarter
Net sales for the Fiscal 2014 third quarter ended November 30, 2013 were $245.8 million, an increase of 1.1% compared to
net sales of $243.0 million reported
in the comparable year-ago period.
Automotive sales for the quarter ended November 30, 2013 were $121.0 million, an increase of 2.4% over
$118.2 million reported in the
comparable period last year. Automotive sales were positively
impacted by the continued strength in the Company's global OEM
manufacturing lines, and specifically for rear seat entertainment,
digital TV tuners, antennas and remote start products. This
growth was partially offset by lower aftermarket fulfillment sales,
primarily in satellite radio, lower sales of aftermarket car
radios, and year-over-year declines in Venezuela, which were expected given foreign
currency restrictions resulting from current economic and political
conditions.
Premium Audio sales for the Fiscal 2014 third quarter were
$65.6 million, an increase of 3.0% as
compared to $63.6 million reported in
the comparable period last year. The increase in this segment
was driven by higher sales of new soundbars, and Bluetooth,
wireless and cinema speaker products, partially offset by lower
sales volumes internationally. During the quarter, the
Company also phased out of certain products to make way for new
product introductions, and passed on certain business opportunities
to protect margins on a go-forward basis.
Consumer Accessories sales were $58.8
million for the quarter ended November 30, 2013, a decrease of approximately
3.5% as compared to $60.9 million
reported in the comparable period last year. This decline was
primarily related to lower international sales and decreased volume
of certain domestic consumer products that the Company continues to
gradually exit, including digital camcorders, digital voice
recorders and digital media players. Offsetting this were
higher sales of several domestic product lines, including Bluetooth
wireless speakers, our Personal Sound Amplifier and our new
Shutterball products.
As a percentage of sales for the Fiscal 2014 third quarter ended
November 30, 2013, Automotive
represented 49.2%, Premium Audio represented 26.7% and Consumer
Accessories represented 23.9%. As a percentage of sales for
the Fiscal 2013 third quarter ended November
30, 2012, Automotive represented 48.6%, Premium Audio
represented 26.2% and Consumer Accessories represented 25.1%.
The gross margin for the quarter ended November 30, 2013 was 28.0%, a decrease of 80
basis points as compared to 28.8% for the same period last year.
The decrease in gross margin was primarily due to lower
margins in the Company's Premium Audio and Consumer Accessories
segments as a result of lower international sales and the
discounting of certain products. Gross margins in the
Automotive segment increased 230 basis points as a result of
improved margins on several international product lines and higher
sales of OEM related products. Lower sales in Venezuela also negatively impacted gross
margins for the comparable quarters.
Operating expenses for the period ended November 30, 2013 were $52.2 million, an increase of $2.1 million over $50.2
million reported in the comparable Fiscal 2013 period.
This increase was due primarily to higher compensation and payroll
expenses as a result of increased salaries and new hires, increased
trade show and related marketing expenses to support new product
launches, and restructuring expenses associated with warehouse
consolidation and the Company's ERP upgrade, which will both lower
expenses in future periods. These increases were
partially offset by lower occupancy costs and decreases in
professional and legal fees.
The Company reported operating income of $16.6 million for the period ended November 30, 2013 as compared to operating income
of $19.8 million in the comparable
year ago period. The decline in operating income is directly
attributed to lower gross profit and higher expenses, despite
higher sales volumes. Net income for the Fiscal 2014 third
quarter was $15.4 million or net
income per diluted share of $0.63 as
compared to net income of $13.2
million and net income per diluted share of $0.56 for the comparable period last year.
Net income for the three months ended November 30, 2013 was favorably impacted by an
increase in other income as a result of a $4.3 million payment due from an OEM customer due
to a contract shortfall, offset by lower interest and bank charges
and higher income generated from the Company's joint venture, ASA
Electronics.
Earnings before interest, taxes, depreciation and amortization
("EBITDA") for the period ended November 30,
2013, was $27.7 million as
compared to EBITDA of $25.8 million
for the comparable period in Fiscal 2013. There were approximately
$4.2 million in income adjustments
related to the OEM contract shortfall, stock-based compensation and
restructuring charges, resulting in Adjusted EBITDA of $23.5 million for the Fiscal 2014 third quarter
as compared to Adjusted EBITDA of $25.7 for the Fiscal 2013 third
quarter.
Mr. Lavelle continued, "In the U.S., retail sell-in was strong
and we had a number of product load-ins prior to the Holiday
selling season in our Premium Audio and Consumer Accessories
segments. Reports on holiday spending thus far have been
mixed, with growth in smartphones and tablets continuing to drive
industry sales. We're not expecting a robust spending
environment based on sell-thru, though we do see a stable U.S.
consumer market, with increased demand for automotive
products. Internationally, the markets have stabilized and
we're hopeful that we'll see modest improvements throughout the
Eurozone over the coming year. I believe we're
positioned to grow our business organically, especially as we're
almost done exiting certain lower-margin product categories and
given that some of our newer products and categories are performing
well, including soundbars, music systems, Bluetooth wireless
speakers and a host of our automotive solutions. As such, we
believe we're in a better position to exceed both our top and
bottom-line performance in FY15."
Fiscal Nine Months
Net sales for the Fiscal 2014 nine-month period ended November 30, 2013 were $622.6 million, a decrease of 1.0% compared to
net sales of $628.8 million reported
in the comparable year-ago period.
Automotive sales for the nine month period ended November 30, 2013 were $324.8 million, an increase of 2.4% over
$317.3 million reported in the
comparable period last year. The Automotive segment was
positively impacted by higher sales of OEM products, both
domestically and abroad, behind programs with Ford, Nissan,
Bentley, and others. Additionally, sales were positively
impacted by the extra two weeks of sales generated at Hirschmann
Car Communication, as the business was acquired in mid-March of
last year. This increase was partially offset by continued
declines in the aftermarket, primarily satellite radio, as well as
lower sales in Venezuela given
foreign currency restrictions imposed by government.
Excluding the impact of the decline in satellite radio and in
Venezuela sales, both of which
were expected, the Automotive segment grew by $26.4 million or 8.3%.
Premium Audio sales for the Fiscal 2014 nine-month period were
$146.5 million, a decrease of 0.9% as
compared to $147.8 million reported
in the comparable period last year. The decline in this
segment was primarily related to lower European sales and the phase
out of certain products this Fiscal year, offset by higher sales of
the Company's new soundbar products, and Bluetooth, wireless and
cinema speakers.
Consumer Accessories sales were $150.0
million for the nine month period ended November 30, 2013, a decrease of 7.9% as compared
to $162.9 million reported in the
comparable period last year. This decline was primarily
related to lower international sales as a result of the prior year
conversion of analog to digital broadcasting in Germany, and due to the economic climate in
the Eurozone. Also contributing to the decline was the
planned and continued exit of select consumer products
domestically, partially offset by higher sales of wireless
Bluetooth speakers, personal sound amplifiers, new ShutterBall
products, as well as the Company's expanded distribution.
As a percentage of sales for the Fiscal 2014 nine-month period
ended November 30, 2013, Automotive
represented 52.2%, Premium Audio represented 23.5% and Consumer
Accessories represented 24.1%. As a percentage of sales for
the Fiscal 2013 nine-month period ended November 30, 2012, Automotive represented 50.5%,
Premium Audio represented 23.5% and Consumer Accessories
represented 25.9%.
The gross margin for the nine-month period ended November 30, 2013 was 28.5%, an increase of 60
basis points as compared to 27.9% for the same period last year.
The increase in gross margin was primarily due to a 290 basis
point improvement in gross margins in the Automotive segment,
offset by lower margins in the Premium Audio and Consumer
Accessories segment. For the Fiscal 2014 nine-month period,
gross margins in both of these segments were unfavorably impacted
by lower sales of certain higher margin products
internationally. The Company reiterated that gross margins
are tracking in line with plan for Fiscal year 2014.
Operating expenses for the nine-month period ended November 30, 2013 were $155.2 million, an increase of $9.7 million over $145.4
million reported in the comparable Fiscal 2013 period.
This increase was due primarily to higher compensation and payroll
expenses, an increase in research and development costs, given the
high volume of Automotive OEM programs in development, and due to
owning Hirschmann for the full nine-month period in Fiscal 2014 as
compared to eight and a half months in Fiscal 2013. Operating
expenses were also up as a result of related expenses associated
with the Company's ERP system upgrade and Klipsch integration,
partially offset by lower professional and legal fees, and lower
occupancy costs.
The Company reported operating income of $22.2 million for the nine-month period ended
November 30, 2013 as compared to
operating income of $29.7 million in
the comparable year ago period. Similar to the three-month
period comparisons, operating income declined due to lower sales
volumes and higher operating expenses, many of which are not
expected to repeat in Fiscal 2015. Net income for the Fiscal
2014 nine-month period was $22.4
million or net income per diluted share of $0.93 as compared to net income of $12.2 million and net income per diluted share of
$0.52 for the comparable period last
year. Net income was favorably impacted by improved gross
margins, improved performance of the Company's equity investment,
lower interest expense and bank charges, lower acquisition and
other professional fees, as well as funds the Company received as
part of a contract shortfall payment due, class action settlement
and funds recovered related to the Circuit City bankruptcy.
Additionally, net income during the Fiscal 2013 nine-month period
was unfavorably impacted by expenses associated with the patent
lawsuit and losses on forward exchange contracts, offset by income
related to favorable legal settlements.
Earnings before interest, taxes, depreciation and amortization
("EBITDA") for the nine-month period ended November 30, 2013, was $50.3 million as compared to EBITDA of
$36.4 million for the comparable
period in Fiscal 2013, an increase of $13.9
million. There were approximately $7.6 million in income adjustments related to a
contract shortfall from one of the Company's OEM customers,
restructuring charges, net settlements, the Circuit City recovery,
Asia warehouse relocation
expenses, and stock-based compensation in Fiscal 2014. This
compares to $12.7 million in
adjustments in the comparable Fiscal 2013 period which are related
to net patent settlements, acquisition costs and foreign exchange
losses related to our Hirschmann acquisition, Asia warehouse relocation charges
and stock-based compensation. As a result, Adjusted
EBITDA for the Fiscal 2014 nine-month period was $42.7 million as compared to $49.1 million in the comparable Fiscal 2013
period.
Lavelle concluded, "We're generating good cash flow and paying
down our debt. Our strategy remains to be opportunistic in
the M&A environment and barring acquisitions; we expect to have
debt under $100 million by the end of
our Fiscal year. Things are shaping up as planned and we look
forward to finishing out our Fiscal year as we work towards
increasing shareholder value, both near- and long-term."
Non-GAAP Measures
EBITDA, Adjusted EBITDA and diluted adjusted EBITDA per common
share are not financial measures recognized by GAAP. EBITDA
represents net income, computed in accordance with GAAP, before
interest expense, taxes and depreciation and amortization.
Adjusted EBITDA represents net income, computed in accordance with
GAAP, before interest and bank charges, taxes, depreciation and
amortization, stock-based compensation expense, restructuring
charges, litigation settlements, certain recoveries and contract
settlements, and costs and foreign exchange gains or losses
relating to acquisitions. Depreciation, amortization, and
stock-based compensation expense are non-cash items. Diluted
adjusted EBITDA per common share represents the Company's diluted
earnings per common share based on adjusted EBITDA.
We present EBITDA, adjusted EBITDA and diluted adjusted EBITDA
per common share in this release and in our Form 10-Q because we
consider them to be useful and appropriate supplemental measures of
our performance. EBITDA, adjusted EBITDA and diluted adjusted
EBITDA per common share help us to evaluate our performance without
the effects of certain GAAP calculations that may not have a direct
cash impact on our current operating performance. In addition, the
exclusion of costs and foreign exchange gains or losses relating to
our acquisitions, stock-based compensation expense, litigation
settlements, certain recoveries and contract settlements, and
relocation and restructuring charges allows for a more meaningful
comparison of our results from period-to-period. These non-GAAP
measures, as we define them, are not necessarily comparable to
similarly entitled measures of other companies and may not be
appropriate measures for performance relative to other
companies. EBITDA and Adjusted EBITDA should not be assessed
in isolation from or construed as a substitute for net income
prepared in accordance with GAAP. EBITDA, adjusted EBITDA and
diluted adjusted EBITDA per common share are not intended to
represent, and should not be considered to be more meaningful
measures than, or an alternative to, measures of operating
performance as determined in accordance with GAAP.
Conference Call Information
The Company will be
hosting its conference call on Thursday,
January 9, 2014 at 10:00 a.m.
ET. Interested parties can participate by visiting
www.voxxintl.com, and clicking on the webcast in the Investor
Relations section or via teleconference (toll-free number:
877-665-2462; international: 970-315-0515). For those unable
to join, a replay will be available approximately four hours after
the call has been completed and will last for one week (replay
number: 855-859-2056; international replay: 404-537-3406;
conference ID: 29637635).
About VOXX International Corporation
VOXX
International Corporation (NASDAQ:VOXX) is the new name for
Audiovox Corporation, a company that was formed over 45 years ago
as Audiovox that has grown into a worldwide leader in many
automotive and consumer electronics and accessories categories, as
well as premium high-end audio. Through its wholly-owned
subsidiaries, VOXX International proudly is recognized as the #1
premium loudspeaker company in the world, and has #1 market
positions in automotive video entertainment and remote starts,
digital TV tuners and digital antennas. The Company's brands
also hold #1 market share for TV remote controls and reception
products and leading market positions across a wide-spectrum of
other consumer and automotive segments.
Today, VOXX International is a global company, with an extensive
distribution network that includes power retailers, mass
merchandisers, 12-volt specialists and most of the world's leading
automotive manufacturers. The Company has an international
footprint in Europe, Asia, Mexico
and South America, and a growing
portfolio, which now comprises over 30 trusted brands. Among the
key domestic brands are Klipsch®, RCA®, Invision®, Jensen®,
Audiovox®, Terk®, Acoustic Research®, Advent®, Code Alarm®,
CarLink®, Excalibur® and Prestige®. International brands include
Hirschmann Car Communication®, Klipsch®, Jamo®, Energy®, Mirage®,
Mac Audio®, Magnat®, Heco®, Schwaiger®, Oehlbach® and Incaar™.
The Company continues to drive innovation throughout all of
its subsidiaries, and maintains its commitment to exceeding the
needs of the consumers it serves. For additional information,
please visit our Web site at www.voxxintl.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 statements. 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 automotive,
premium audio and consumer accessories businesses; 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; foreign
currency fluctuations and concerns regarding the European debt
crisis; restrictive debt covenants; 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 VOXX
International Corporation 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
February 28, 2013.
Company Contact:
Glenn Wiener, President
GW Communications
Tel: 212-786-6011
Email: gwiener@GWCco.com
VOXX International
Corporation and Subsidiaries Consolidated Balance
Sheets (In thousands)
|
|
|
|
November 30,
2013
|
|
February 28,
2013
|
Assets
|
|
(unaudited)
|
|
|
Current
assets:
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
16,328
|
|
|
$
|
19,777
|
|
Accounts receivable,
net
|
|
181,461
|
|
|
152,596
|
|
Inventory,
net
|
|
160,853
|
|
|
159,099
|
|
Receivables from
vendors
|
|
6,407
|
|
|
9,943
|
|
Prepaid expenses and
other current assets
|
|
12,718
|
|
|
12,017
|
|
Income tax
receivable
|
|
439
|
|
|
448
|
|
Deferred income
taxes
|
|
4,472
|
|
|
3,362
|
|
Total current
assets
|
|
382,678
|
|
|
357,242
|
|
Investment
securities
|
|
14,160
|
|
|
13,570
|
|
Equity
investments
|
|
20,089
|
|
|
17,518
|
|
Property, plant and
equipment, net
|
|
79,754
|
|
|
76,208
|
|
Goodwill
|
|
149,075
|
|
|
146,680
|
|
Intangible assets,
net
|
|
201,495
|
|
|
205,398
|
|
Deferred income
taxes
|
|
901
|
|
|
924
|
|
Other
assets
|
|
11,478
|
|
|
11,732
|
|
Total
assets
|
|
$
|
859,630
|
|
|
$
|
829,272
|
|
Liabilities and
Stockholders' Equity
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Accounts
payable
|
|
$
|
76,347
|
|
|
$
|
56,894
|
|
Accrued expenses and
other current liabilities
|
|
61,503
|
|
|
51,523
|
|
Income taxes
payable
|
|
8,543
|
|
|
5,103
|
|
Accrued sales
incentives
|
|
21,373
|
|
|
16,821
|
|
Deferred income
taxes
|
|
1,169
|
|
|
178
|
|
Current portion of
long-term debt
|
|
19,047
|
|
|
26,020
|
|
Total current
liabilities
|
|
187,982
|
|
|
156,539
|
|
Long-term
debt
|
|
115,963
|
|
|
148,996
|
|
Capital lease
obligation
|
|
5,876
|
|
|
5,764
|
|
Deferred
compensation
|
|
5,630
|
|
|
4,914
|
|
Other tax
liabilities
|
|
8,661
|
|
|
9,631
|
|
Deferred tax
liabilities
|
|
44,382
|
|
|
43,944
|
|
Other long-term
liabilities
|
|
14,882
|
|
|
14,948
|
|
Total
liabilities
|
|
383,376
|
|
|
384,736
|
|
Commitments and
contingencies
|
|
|
|
|
Stockholders'
equity:
|
|
|
|
|
Preferred
stock
|
|
—
|
|
|
—
|
|
Common
stock
|
|
276
|
|
|
254
|
|
Paid-in
capital
|
|
289,604
|
|
|
283,971
|
|
Retained
earnings
|
|
207,597
|
|
|
185,168
|
|
Accumulated other
comprehensive loss
|
|
(2,872)
|
|
|
(6,497)
|
|
Treasury
stock
|
|
(18,351)
|
|
|
(18,360)
|
|
Total stockholders'
equity
|
|
476,254
|
|
|
444,536
|
|
Total liabilities and
stockholders' equity
|
|
$
|
859,630
|
|
|
$
|
829,272
|
|
VOXX International
Corporation and Subsidiaries Consolidated Statements of
Operations and Comprehensive Income (Loss) (In
thousands, except share and per share data)
(unaudited)
|
|
|
|
Three Months
Ended
November 30,
|
|
Nine Months
Ended
November 30,
|
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
Net sales
|
|
$
|
245,814
|
|
|
$
|
243,036
|
|
|
$
|
622,604
|
|
|
$
|
628,787
|
|
Cost of
sales
|
|
177,016
|
|
|
173,087
|
|
|
445,191
|
|
|
453,656
|
|
Gross
profit
|
|
68,798
|
|
|
69,949
|
|
|
177,413
|
|
|
175,131
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
Selling
|
|
15,026
|
|
|
13,515
|
|
|
40,751
|
|
|
38,227
|
|
General and
administrative
|
|
31,422
|
|
|
29,650
|
|
|
89,403
|
|
|
84,466
|
|
Engineering and
technical support
|
|
5,740
|
|
|
6,938
|
|
|
23,701
|
|
|
21,042
|
|
Restructuring
expense
|
|
32
|
|
|
—
|
|
|
1,324
|
|
|
—
|
|
Acquisition-related
costs
|
|
—
|
|
|
56
|
|
|
—
|
|
|
1,707
|
|
Total operating
expenses
|
|
52,220
|
|
|
50,159
|
|
|
155,179
|
|
|
145,442
|
|
Operating
income
|
|
16,578
|
|
|
19,790
|
|
|
22,234
|
|
|
29,689
|
|
Other income
(expense):
|
|
|
|
|
|
|
|
|
Interest and bank
charges
|
|
(1,830)
|
|
|
(2,286)
|
|
|
(5,609)
|
|
|
(6,223)
|
|
Equity in income of
equity investees
|
|
1,520
|
|
|
1,180
|
|
|
4,772
|
|
|
3,730
|
|
Other, net
|
|
5,565
|
|
|
776
|
|
|
11,293
|
|
|
(9,223)
|
|
Total other income
(expense), net
|
|
5,255
|
|
|
(330)
|
|
|
10,456
|
|
|
(11,716)
|
|
Income before income
taxes
|
|
21,833
|
|
|
19,460
|
|
|
32,690
|
|
|
17,973
|
|
Income tax
expense
|
|
6,409
|
|
|
6,258
|
|
|
10,261
|
|
|
5,751
|
|
Net income
|
|
$
|
15,424
|
|
|
$
|
13,202
|
|
|
$
|
22,429
|
|
|
$
|
12,222
|
|
Other comprehensive
income (loss):
|
|
|
|
|
|
|
|
|
Foreign currency
translation adjustments
|
|
4,658
|
|
|
1,469
|
|
|
4,096
|
|
|
(3,723)
|
|
Derivatives
designated for hedging
|
|
(744)
|
|
|
(93)
|
|
|
(430)
|
|
|
7
|
|
Pension plan
adjustments
|
|
(29)
|
|
|
—
|
|
|
(41)
|
|
|
—
|
|
Unrealized holding
gain on available-for-sale investment
securities arising
during the period, net of tax
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6
|
|
Other comprehensive
income (loss), net of tax
|
|
3,885
|
|
|
1,376
|
|
|
3,625
|
|
|
(3,710)
|
|
Comprehensive
income
|
|
$
|
19,309
|
|
|
$
|
14,578
|
|
|
$
|
26,054
|
|
|
$
|
8,512
|
|
|
|
|
|
|
|
|
|
|
Net income per common
share (basic)
|
|
$
|
0.63
|
|
|
$
|
0.56
|
|
|
$
|
0.93
|
|
|
$
|
0.52
|
|
Net income per common
share (diluted)
|
|
$
|
0.63
|
|
|
$
|
0.56
|
|
|
$
|
0.93
|
|
|
$
|
0.52
|
|
Weighted-average
common shares outstanding (basic)
|
|
24,341,897
|
|
|
23,434,965
|
|
|
24,060,492
|
|
|
23,377,859
|
|
Weighted-average
common shares outstanding (diluted)
|
|
24,424,956
|
|
|
23,536,140
|
|
|
24,209,611
|
|
|
23,593,040
|
|
VOXX International
Corporation and Subsidiaries Reconciliation of GAAP Net
Income to Adjusted EBITDA (In thousands, except share
and per share data)
(unaudited)
|
|
|
|
Three Months
Ended
November 30,
|
|
Nine Months
Ended
November 30,
|
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
Net income
|
|
$
|
15,424
|
|
|
$
|
13,202
|
|
|
$
|
22,429
|
|
|
$
|
12,222
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
Interest expense and
bank charges
|
|
1,830
|
|
|
2,286
|
|
|
5,609
|
|
|
6,223
|
|
Depreciation and
amortization
|
|
4,040
|
|
|
4,024
|
|
|
12,000
|
|
|
12,173
|
|
Income tax
expense
|
|
6,409
|
|
|
6,258
|
|
|
10,261
|
|
|
5,751
|
|
EBITDA
|
|
27,703
|
|
|
25,770
|
|
|
50,299
|
|
|
36,369
|
|
Stock-based
compensation
|
|
63
|
|
|
63
|
|
|
552
|
|
|
190
|
|
Circuit City
recovery
|
|
—
|
|
|
—
|
|
|
(940)
|
|
|
—
|
|
Net
settlements
|
|
—
|
|
|
(215)
|
|
|
(4,025)
|
|
|
7,350
|
|
Contract
shortfall
|
|
(4,313)
|
|
|
—
|
|
|
(4,313)
|
|
|
—
|
|
Asia warehouse
relocation
|
|
—
|
|
|
—
|
|
|
(208)
|
|
|
789
|
|
Restructuring
charges
|
|
32
|
|
|
—
|
|
|
1,324
|
|
|
—
|
|
Acquisition related
costs
|
|
—
|
|
|
56
|
|
|
—
|
|
|
1,707
|
|
Loss on foreign
exchange as a result of
Hirschmann
acquisition
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,670
|
|
Adjusted
EBITDA
|
|
$
|
23,485
|
|
|
$
|
25,674
|
|
|
$
|
42,689
|
|
|
$
|
49,075
|
|
Diluted earnings per
common share
|
|
$
|
0.63
|
|
|
$
|
0.56
|
|
|
$
|
0.93
|
|
|
$
|
0.52
|
|
Diluted adjusted
EBITDA per common share
|
|
$
|
0.96
|
|
|
$
|
1.09
|
|
|
$
|
1.76
|
|
|
$
|
2.08
|
|
SOURCE VOXX International Corporation