HAUPPAUGE, N.Y., Oct. 9, 2014 /PRNewswire/ -- VOXX International
Corporation (NASDAQ: VOXX), today announced financial results for
its Fiscal 2015 second quarter and six-months ended August 31, 2014.
Pat Lavelle, VOXX International's
President and CEO stated, "Despite the fact that our second quarter
results came in lower than expected and we had some delays in new
product launches which forced us to lower our guidance, we remain
very optimistic with our potential. With new programs that
launched in the second quarter, more coming this quarter and a host
of opportunities in the early part of Fiscal 2016 and throughout
the year, we are well positioned to drive organic growth. Our
margins have held steady and in many cases increased, and we've
taken steps to lower overhead this year, while we continue to
improve our balance sheet. Nothing has changed with our
outlook over the long-term and the investments we've made to
improve our offerings and develop new technologies should open up
several new channels for growth in the years ahead."
Second Quarter Results
Net sales for the Fiscal 2015 second quarter ended August 31, 2014 were $177.3 million compared to $183.8 million reported in the comparable
year-ago period, a decline of 3.5%.
Automotive sales for the Fiscal 2015 second quarter were
$92.9 million, a decline of 4.1% as
compared to $96.9 million reported in
the Fiscal 2014 second quarter. The decline in sales is
primarily related to a customer requested, short-term suspension of
an OEM program which negatively impacted year-over-year
comparisons, as well as significantly lower sales in Venezuela for the comparable periods in light
of the current political climate. Additionally, last Fiscal
year's second quarter included higher end-of-life product sales
from one of the Company's OEM customers. Offsetting these
declines were continued improvements in sales of digital tuners and
antennas for OEM customers globally, higher sales associated with
the Company's Car Connection program and an improvement in sales of
remote starts. The Company further noted that it expects the
temporarily suspended OEM program to resume in its Fiscal 2015
third quarter.
Premium Audio sales for the Fiscal 2015 second quarter were
$39.0 million, a decline of 4.5% as
compared to $40.8 million reported in
the comparable year-ago period. The decline is primarily due
to lower retail sales in Canada
and Europe, as well as lower
domestic sales as the Company cleared inventory to make way for its
Reference Series speaker line. The Company also experienced a
slight increase in sales of its Cinema Speaker lines and continues
to see strong demand for many of its new soundbar systems.
Consumer Accessories sales for the Fiscal 2015 second quarter
were $45.2 million, a decrease of
0.8% as compared to $45.6 million
reported in the Fiscal 2014 second quarter. During the
quarter, the Company experienced increases in sales as a result of
an improvement in European sales, and increased sales of wireless
and Bluetooth speakers and reception products. These gains
were offset by the continued decline in sales of clock radios,
digital voice recorders and select power categories.
As a percentage of sales for the Fiscal 2015 second quarter
ended August 31, 2014, Automotive
represented 52.4%, Premium Audio represented 22.0% and Consumer
Accessories represented 25.5%. As a percentage of sales for
the Fiscal 2014 second quarter ended August
31, 2013, Automotive represented 52.7%, Premium Audio
represented 22.2% and Consumer Accessories represented 24.8%.
The gross margin for the Fiscal 2015 second quarter was 29.5%,
an increase of 10 basis points as compared to 29.4% for the same
period last year. This increase was driven by higher gross
margins in the Automotive segment, partially offset by lower gross
margins in the Premium Audio segment. Additionally, product
mix shift contributed to lower gross margins, as did the short-term
impact from clearing out older product lines in anticipation of new
product and program launches, when comparing the Fiscal 2015 and
Fiscal 2014 second quarter periods.
Operating expenses for the Fiscal 2015 second quarter, were
$51.3 million, a decline of 1.1%
compared to operating expenses of $51.9
million reported in the comparable year-ago period.
The decline in operating expenses is primarily related to lower
sales commissions and stock option expense, offset by expense
increases related to headcount and engineering, as well as
increases in advertising and trade show expenses associated with
new product launches.
The Company reported operating income of $1.1 million for the Fiscal 2015 second quarter
as compared to operating income of $2.2
million reported in the Fiscal 2014 second quarter.
Lower sales volumes contributed to the variance for the
year-over-year periods, and were partially offset by higher gross
margins.
The Company reported total other expenses for the Fiscal 2015
second quarter of $5.7 million as
compared to total other income of $5.4
million in the Fiscal 2014 second quarter. In the
Fiscal 2015 second quarter, the Company took a non-cash charge of
$6.7 million, representing the
devaluation loss related to its Venezuelan bonds that were
re-measured at August 31, 2014.
In the Fiscal 2014 second quarter, the Company recorded a gain of
$6.1 million, $5.2 million related to funds received in a class
action settlement and $0.9 million in
funds received as part of a recovery of funds from a prior
customer, offset by a $1.2 million
accrual for estimated patent settlements with certain third
parties. There were other offsetting factors for the
comparable periods.
As a result of the difference of $11.1
million in total other expenses and total other income for
the comparable Fiscal second quarter periods, the Company reported
a net loss of ($2.7) million or a net
loss per diluted share of ($0.11) as
compared to net income of $4.9
million or net income per diluted share of $0.20 for the Fiscal 2015 and Fiscal 2014 periods
ended August 31, 2014 and
August 31, 2013, respectively.
Earnings before interest, taxes, depreciation and amortization
("EBITDA") for the Fiscal 2015 second quarter was $1.0 million as compared to EBITDA of
$13.4 million reported in the Fiscal
2014 second quarter. Adjusted EBITDA for the Fiscal 2015
second quarter was $7.8 million as
compared to Adjusted EBITDA of $9.4
million for the comparable year-ago period.
Lavelle continued, "We anticipated second quarter sales to come
in roughly in line with last year, but experienced continued
softness at retail. Not all was retail driven however, as we
continued to curtail some speaker sales in anticipation of the
launch of our Reference Series this past quarter. That launch
however, was delayed by about a month, which impacted our
top-line. In Consumer Accessories and Automotive, we see
opportunities to expand our business organically and there are a
number of new contracts and programs we are pursuing, beyond what
we've already been awarded, which could have a positive impact on
next year's results. We will keep the market updated as
developments occur."
Six Month Results
Net sales for the six months ended August
31, 2014 were $364.2 million
compared to $376.8 million reported
in the comparable year-ago period, a decline of 3.3%.
Automotive sales for the six months ended August 31, 2014 were $195.3 million, a decline of 2.9% as compared to
$201.1 million reported in the six
months ended August 31, 2013.
The decline in sales is primarily related to a few OEM programs
which were active in last year's six month period, but did not
contribute to Fiscal 2015 results. The big impact was related
to the customer requested, short-term suspension of an OEM program
and significantly lower sales in Venezuela, offset by higher sales of digital
tuners and antennas globally, and increased sales for the Company's
Car Connection program.
Premium Audio sales for the six months ended August 31, 2014 were $74.2
million, a decline of 8.4% as compared to $81.0 million reported in the comparable year-ago
period. The decline is primarily related to lower retail
sales in Canada and Europe, as well as the Company's decision to
curtail sales of select speaker lines in anticipation of the launch
of its Reference Series speaker line, which were introduced towards
the end of the Fiscal 2015 second quarter. Additionally,
higher sales of Cinema Speakers offset the declines for the
comparable six month periods.
Consumer Accessories sales for the six months ended August 31, 2014 were $94.4
million, an increase of 0.5% as compared to $93.9 million reported in the comparable year-ago
period. This increase was primarily driven by improvements in
the Company's European operations and higher sales of Bluetooth and
wireless speakers and reception products. Additionally,
during the Fiscal 2015 first quarter, the Company transitioned its
Mexican subsidiary from a distributor to a representative office,
which positively impacted sales for the Fiscal 2015 six month
period. This transition is anticipated to improve
profitability on a go-forward basis. Offsetting these
increases were lower sales of home audio products, such as clock
radios, digital voice recorders and select power product lines.
As a percentage of sales for the six month period ended
August 31, 2014, Automotive
represented 53.6%, Premium Audio represented 20.4% and Consumer
Accessories represented 25.9%. As a percentage of sales for
the Fiscal 2014 second quarter ended August
31, 2013, Automotive represented 53.4%, Premium Audio
represented 21.5% and Consumer Accessories represented 24.9%.
The gross margin for six month period ended August 31, 2014 was 29.0%, an increase of 20
basis points as compared to 28.8% for the same period last
year. This increase was driven by higher gross margins in the
Automotive segment, partially offset by lower gross margins in the
Premium Audio and Consumer Accessories segments.
Operating expenses for the six month period ended August 31, 2014 were $104.8 million, an increase of 1.8% compared to
operating expenses of $103.0 million
reported in the comparable year-ago period. The increase in
operating expenses is primarily related to higher engineering
costs, labor and professional fees, and an increase in advertising
expenses to support new product launches and programs, offset by
lower research and development expenses as the Company received
reimbursements for various customer programs, and lower stock
option expenses and sales commissions, the latter a result of lower
sales for the comparable periods.
The Company reported operating income of $0.7 million for the six month period ended
August 31, 2014 as compared to
operating income of $5.7 million
reported in the comparable period last year. Lower sales
volumes and higher expenses contributed to the variance for the
year-over-year periods, and were partially offset by higher gross
margins.
The Company reported total other expenses for the six month
period ended August 31, 2014 of
$4.8 million as compared to total
other income of $5.2 million in the
six month period August 31,
2013. The Company recorded a $6.7
million charge representing the devaluation loss related to
its Venezuelan bonds that were remeasured at August 31, 2014, resulting in a net Venezuela currency devaluation and translation
for the comparable periods of $6.2
million. Additionally, other net decreased
$4.4 million, primarily as a result
of the $5.2 million and $0.9 million received as part of a class action
lawsuit and recovery funds from a customer, respectively, in the
Fiscal 2014 six month period, offset by a $1.2 million accrual for estimated patent
settlements with certain third parties. The net result was a
$10.0 million decline in total other
income (expense) for the comparable periods, which adversely
impacted net income.
The Company reported a net loss of ($2.2)
million or a net loss per diluted share of ($0.09) for the six month period ended
August 31, 2014 as compared to net
income of $7.0 million or net income
per diluted share of $0.29 for the
six months ended August 31, 2013.
Earnings before interest, taxes, depreciation and amortization
("EBITDA") for the Fiscal 2015 six month period was $7.1 million as compared to EBITDA of
$22.6 million reported in the
comparable Fiscal 2014 period. Adjusted EBITDA for the Fiscal
2015 six month period was $14.0
million as compared to Adjusted EBITDA of $19.2 million for the comparable year-ago
period.
Non-GAAP Measures
Adjusted EBITDA and diluted adjusted EBITDA per common share are
not financial measures recognized by GAAP. 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 and certain remeasurement losses related to our
Venezuela subsidiary.
Depreciation, amortization, stock-based compensation expense, and
the Venezuela bond remeasurement
expenses 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 adjusted EBITDA and diluted
adjusted EBITDA per common share in this Form 10-Q because we
consider them to be useful and appropriate supplemental measures of
our performance. 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 certain costs relating to our Venezuela subsidiary, restructuring and
litigation settlements 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. Adjusted EBITDA should not
be assessed in isolation from or construed as a substitute for
EBITDA prepared in accordance with GAAP. 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 alternatives to, measures of operating
performance as determined in accordance with GAAP.
Conference Call Information
The Company will be hosting its conference call on Friday, October 10, 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: 877-303-9079; international: 970-315-0461 /
conference ID: 13958036). 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: 13958036).
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 Corporation 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®, 808®, AR for Her®, 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,
2014.
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)
|
|
|
|
August 31,
2014
|
|
February 28,
2014
|
Assets
|
|
(unaudited)
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
9,401
|
|
|
$
|
10,603
|
|
Accounts receivable,
net
|
|
110,740
|
|
|
147,054
|
|
Inventory,
net
|
|
153,797
|
|
|
144,339
|
|
Receivables from
vendors
|
|
3,573
|
|
|
2,443
|
|
Investment
securities, current
|
|
966
|
|
|
—
|
|
Prepaid expenses and
other current assets
|
|
20,697
|
|
|
15,897
|
|
Income tax
receivable
|
|
5,993
|
|
|
2,463
|
|
Deferred income
taxes
|
|
2,738
|
|
|
3,058
|
|
Total current
assets
|
|
307,905
|
|
|
325,857
|
|
Investment
securities
|
|
12,547
|
|
|
14,102
|
|
Equity
investments
|
|
21,392
|
|
|
20,628
|
|
Property, plant and
equipment, net
|
|
82,317
|
|
|
83,222
|
|
Goodwill
|
|
115,052
|
|
|
117,938
|
|
Intangible assets,
net
|
|
169,533
|
|
|
174,312
|
|
Deferred income
taxes
|
|
776
|
|
|
760
|
|
Other
assets
|
|
9,104
|
|
|
10,331
|
|
Total
assets
|
|
$
|
718,626
|
|
|
$
|
747,150
|
|
Liabilities and
Stockholders' Equity
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
Accounts
payable
|
|
$
|
64,656
|
|
|
$
|
55,373
|
|
Accrued expenses and
other current liabilities
|
|
48,602
|
|
|
59,247
|
|
Income taxes
payable
|
|
2,974
|
|
|
3,634
|
|
Accrued sales
incentives
|
|
16,172
|
|
|
17,401
|
|
Deferred income
taxes
|
|
10
|
|
|
9
|
|
Current portion of
long-term debt
|
|
8,501
|
|
|
5,960
|
|
Total current
liabilities
|
|
140,915
|
|
|
141,624
|
|
Long-term
debt
|
|
87,786
|
|
|
103,222
|
|
Capital lease
obligation
|
|
5,794
|
|
|
6,114
|
|
Deferred
compensation
|
|
5,774
|
|
|
5,807
|
|
Other tax
liabilities
|
|
10,854
|
|
|
11,060
|
|
Deferred tax
liabilities
|
|
33,402
|
|
|
34,963
|
|
Other long-term
liabilities
|
|
12,988
|
|
|
14,776
|
|
Total
liabilities
|
|
297,513
|
|
|
317,566
|
|
Commitments and
contingencies
|
|
|
|
|
|
|
Stockholders'
equity:
|
|
|
|
|
|
|
Preferred
stock:
|
|
|
|
|
|
|
No shares issued or
outstanding (see Note 18)
|
|
—
|
|
|
—
|
|
Common
stock:
|
|
|
|
|
|
|
Class A, $.01 par
value; 60,000,000 shares authorized, 22,172,968 shares issued and
23,166,802 shares outstanding at August 31, 2014 and February 28,
2014
|
|
255
|
|
|
255
|
|
Class B Convertible,
$.01 par value, 10,000,000 authorized, 2,260,954 shares issued and
outstanding
|
|
22
|
|
|
22
|
|
Paid-in
capital
|
|
291,110
|
|
|
290,960
|
|
Retained
earnings
|
|
156,378
|
|
|
158,571
|
|
Accumulated other
comprehensive loss
|
|
(8,301)
|
|
|
(1,873)
|
|
Treasury stock, at
cost, 1,815,272 shares of Class A Common Stock at August 31, 2014
and February 28, 2014
|
|
(18,351)
|
|
|
(18,351)
|
|
Total stockholders'
equity
|
|
421,113
|
|
|
429,584
|
|
Total liabilities and
stockholders' equity
|
|
$
|
718,626
|
|
|
$
|
747,150
|
|
VOXX International
Corporation and Subsidiaries
Consolidated
Statements of Operations and Comprehensive Income
(In thousands,
except share and per share data)
(unaudited)
|
|
|
|
Three Months
Ended
August 31,
|
|
Six Months
Ended
August 31,
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
Net sales
|
|
$
|
177,343
|
|
|
$
|
183,818
|
|
|
$
|
364,242
|
|
|
$
|
376,790
|
|
Cost of
sales
|
|
124,939
|
|
|
129,716
|
|
|
258,785
|
|
|
268,175
|
|
Gross
profit
|
|
52,404
|
|
|
54,102
|
|
|
105,457
|
|
|
108,615
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling
|
|
13,010
|
|
|
12,602
|
|
|
27,606
|
|
|
25,725
|
|
General and
administrative
|
|
29,088
|
|
|
29,043
|
|
|
58,703
|
|
|
57,981
|
|
Engineering and
technical support
|
|
9,215
|
|
|
9,226
|
|
|
18,476
|
|
|
17,961
|
|
Restructuring
expense
|
|
—
|
|
|
989
|
|
|
—
|
|
|
1,292
|
|
Total operating
expenses
|
|
51,313
|
|
|
51,860
|
|
|
104,785
|
|
|
102,959
|
|
Operating
income
|
|
1,091
|
|
|
2,242
|
|
|
672
|
|
|
5,656
|
|
Other (expense)
income:
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and bank
charges
|
|
(1,577)
|
|
|
(1,799)
|
|
|
(3,185)
|
|
|
(3,779)
|
|
Equity in income of
equity investees
|
|
1,455
|
|
|
1,496
|
|
|
3,386
|
|
|
3,252
|
|
Venezuela currency
devaluation, net
|
|
(6,334)
|
|
|
15
|
|
|
(6,232)
|
|
|
15
|
|
Other, net
|
|
723
|
|
|
5,697
|
|
|
1,274
|
|
|
5,713
|
|
Total other (expense)
income, net
|
|
(5,733)
|
|
|
5,409
|
|
|
(4,757)
|
|
|
5,201
|
|
(Loss) income before
income taxes
|
|
(4,642)
|
|
|
7,651
|
|
|
(4,085)
|
|
|
10,857
|
|
Income tax (benefit)
expense
|
|
(1,960)
|
|
|
2,788
|
|
|
(1,892)
|
|
|
3,852
|
|
Net (loss)
income
|
|
$
|
(2,682)
|
|
|
$
|
4,863
|
|
|
$
|
(2,193)
|
|
|
$
|
7,005
|
|
Other comprehensive
(loss) income:
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency
translation adjustments
|
|
(7,000)
|
|
|
1,758
|
|
|
(7,441)
|
|
|
(562)
|
|
Derivatives
designated for hedging
|
|
311
|
|
|
3
|
|
|
951
|
|
|
314
|
|
Pension plan
adjustments
|
|
50
|
|
|
(18)
|
|
|
60
|
|
|
(12)
|
|
Unrealized holding
gain on available-for-sale investment securities arising during the
period, net of tax
|
|
2
|
|
|
—
|
|
|
2
|
|
|
—
|
|
Other comprehensive
(loss) income, net of tax
|
|
(6,637)
|
|
|
1,743
|
|
|
(6,428)
|
|
|
(260)
|
|
Comprehensive (loss)
income
|
|
$
|
(9,319)
|
|
|
$
|
6,606
|
|
|
$
|
(8,621)
|
|
|
$
|
6,745
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income per
common share (basic)
|
|
$
|
(0.11)
|
|
|
$
|
0.20
|
|
|
$
|
(0.09)
|
|
|
$
|
0.29
|
|
Net (loss) income per
common share (diluted)
|
|
$
|
(0.11)
|
|
|
$
|
0.20
|
|
|
$
|
(0.09)
|
|
|
$
|
0.29
|
|
Weighted-average
common shares outstanding (basic)
|
|
24,433,922
|
|
|
24,122,364
|
|
|
24,433,922
|
|
|
23,921,319
|
|
Weighted-average
common shares outstanding (diluted)
|
|
24,433,922
|
|
|
24,258,788
|
|
|
24,433,922
|
|
|
24,103,468
|
|
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
August 31,
|
|
Six Months
Ended
August 31,
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
Net income
|
|
$
|
(2,682)
|
|
|
$
|
4,863
|
|
|
$
|
(2,193)
|
|
|
$
|
7,005
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense and
bank charges
|
|
1,577
|
|
|
1,799
|
|
|
3,185
|
|
|
3,779
|
|
Depreciation and
amortization
|
|
4,067
|
|
|
3,991
|
|
|
8,000
|
|
|
7,961
|
|
Income tax
expense
|
|
(1,960)
|
|
|
2,788
|
|
|
(1,892)
|
|
|
3,852
|
|
EBITDA
|
|
1,002
|
|
|
13,441
|
|
|
7,100
|
|
|
22,597
|
|
Stock-based
compensation
|
|
76
|
|
|
154
|
|
|
151
|
|
|
489
|
|
Venezuela bond
remeasurement
|
|
6,702
|
|
|
—
|
|
|
6,702
|
|
|
—
|
|
Circuit City
recovery
|
|
—
|
|
|
(940)
|
|
|
—
|
|
|
(940)
|
|
Net
settlements
|
|
—
|
|
|
(4,025)
|
|
|
—
|
|
|
(4,025)
|
|
Asia warehouse
relocation
|
|
—
|
|
|
(208)
|
|
|
—
|
|
|
(208)
|
|
Restructuring
charges
|
|
—
|
|
|
989
|
|
|
—
|
|
|
1,292
|
|
Adjusted
EBITDA
|
|
$
|
7,780
|
|
|
$
|
9,411
|
|
|
$
|
13,953
|
|
|
$
|
19,205
|
|
Diluted earnings per
common share
|
|
$
|
(0.11)
|
|
|
$
|
0.20
|
|
|
$
|
(0.09)
|
|
|
$
|
0.29
|
|
Diluted adjusted
EBITDA per common share
|
|
$
|
0.32
|
|
|
$
|
0.39
|
|
|
$
|
0.57
|
|
|
$
|
0.80
|
|
SOURCE VOXX International Corporation