HAUPPAUGE, N.Y., Jan. 8, 2015 /PRNewswire/ --
- Fiscal third quarter consolidated gross margins improved 290
basis points.
- Fiscal third quarter operating income of $16.6 million increased by $0.1 million and net income of $15.6 million, increased by approximately
$0.2 million.
- Fiscal third quarter Adjusted EBITDA of $22.4 million declined by $1.1 million; the FY14 third quarter includes a
$4.3 million unanticipated customer
settlement.
- Company launches several products at the 2015 International
Consumer Electronics Show, highlighted by 360fly, myris, Singtrix,
new Reference Series and Jamo Series speakers, 808 Audio, new asset
tracking technology and several enhanced offerings for its OEM
customers.
VOXX International Corporation (NASDAQ: VOXX), today announced
financial results for its Fiscal 2015 third quarter and nine-months
ended November 30, 2014.
Pat Lavelle, President and CEO
stated, "We saw significant gross margin improvements across all of
our business segments, and lowered planned spending further,
resulting in operating income that matched last year's third
quarter, despite lower sales. There were some short-term
factors that impacted sales, such as OEM programs and new product
launches that were delayed. Holiday retail sales also came in
better than anticipated but we had taken a cautious approach in our
buying programs, and is one of the elements that will curtail
top-line results in the Fiscal fourth quarter. We anticipate
FY15 sales to be approximately $760-$770
million, but with gross margins tracking closer to 30% and
operating expenses lower than anticipated. We are receiving
positive responses to the products we debuted at CES and the ones
that will be coming to market shortly, and remain optimistic,
especially with new OEM programs on the horizon and the anticipated
contributions from new products such as 360fly, myris, our
Reference Series and Jamo Concert Series, new 808 Audio products,
and more. Our balance sheet remains strong and we are getting
ready for some exciting programs in 2015 that should drive organic
growth and improved profitability over the coming year."
Third Quarter Results (three months ended November 30, 2014 and November 30, 2013)
Net sales for the Fiscal 2015 third quarter were $223.4 million compared to $245.8 million reported in the comparable
year-ago period, a decline of 9.1%. Within this:
- Automotive sales were $110.2
million as compared to $117.6
million. The Automotive segment was impacted by the
temporary suspension of an OEM program for one customer as it works
through revised safety requirements, lower comparable OEM sales as
a result of programs that launched in the FY14 third quarter,
suspended sales in Venezuela, and
the impact of the Euro conversion, offset by higher sales of remote
starts.
- Premium Audio sales were $54.4
million as compared to $65.6
million. This segment was impacted by lower sales of
soundbars and music centers, primarily driven by lower average
selling prices, and the impact of the Euro conversion, offset by
higher sales of high-end separates and commercial and custom
installations.
- Consumer Accessories sales were $58.2
million as compared to $62.2
million. This segment was impacted by lower sales of digital
voice recorders, clock radios and hook-up and power products, lower
sales in Mexico resulting from the
transition in the Company's distribution model, and the impact of
the Euro conversion, offset by higher sales of wireless and
Bluetooth speakers, and sales increases in Europe.
The gross margin for the Fiscal 2015 third quarter was 30.9%, an
increase of 290 basis points as compared to 28.0% for the same
period last year. All three business segments posted
increases in gross margin due to product mix shifts and better
margins associated with new product launches and programs
(Automotive – 31.3% vs. 28.6%; Premium Audio – 33.7% vs. 30.8%;
Consumer Accessories – 26.7% vs. 23.5%).
Operating expenses for the Fiscal 2015 third quarter were
$52.3 million, roughly in line with
$52.2 million reported in the
comparable year-ago period. The Company experienced a decline
of $3.2 million in its selling,
general and administrative expenses for the comparable third
quarter periods, offset by a $3.4
million increase in engineering and technical support as the
Company continues to bring on engineers and increase its R&D
spend in support of new and potential OEM programs.
The Company reported operating income of $16.6 million for both the Fiscal 2015 and Fiscal
2014 third quarters. For the comparable three-month
periods, there was a variance in other income (expense) of
$5.7 million, as the FY14 third
quarter included $4.3 million related
to an unanticipated OEM customer settlement. There were other
offsetting factors for the comparable periods. This resulted
in net income of $15.6 million or
income per diluted share of $0.64 for
the Fiscal 2015 third quarter as compared to net income of
$15.4 million or net income per
diluted share of $0.63 for the
comparable year ago period.
Earnings before interest, taxes, depreciation and amortization
("EBITDA") for the Fiscal 2015 third quarter was $22.2 million as compared to EBITDA of
$27.7 million reported in the Fiscal
2014 third quarter. Adjusted EBITDA was $22.4 million as compared to $23.5 million for the comparable Fiscal 2015 and
2014 periods.
Mr. Lavelle continued, "The safety recall at an OEM customer,
lack of business in Venezuela,
normal run rates for OEM programs and the Euro conversion impacted
year-to-date sales by over $18
million. Within Premium Audio, the delayed launch of our new
Reference Series impacted our top-line as well, but we expect to
see improvements in gross margins and profitability. We
continue to expand distribution and our Consumer Accessories
business should be aided by new sales of action cameras, Singtrix
and biometrics products next Fiscal year. We have a number of
exciting products coming to market and have been awarded contracts
or are participating in, several large-scale RFQs in our Automotive
segment as well. While this may not have immediate returns,
we are growing our pipeline and positioning the Company for
growth."
Nine-Month Results (periods ended November 30, 2014 and November 30, 2013)
Net sales for the nine months ended November
30, 2014 were $587.6 million
compared to $622.6 million reported
in the comparable year-ago period, a decline 5.6%. Within
this:
- Automotive sales were $305.6
million as compared to $318.6
million. The Automotive segment experienced decreases in its
OEM manufacturing lines as a result of the temporary suspension of
programs from one OEM customer, and lower OEM sales given the
volume of new product and program launches in the Fiscal 2014 nine
month period as compared to Fiscal 2015. Additionally, lower
satellite radio sales due to credit concerns, and lower sales in
Venezuela led to the decline,
offset by higher sales of remote starts and Car Connection devices
domestically, and higher European sales.
- Premium Audio sales were $128.5
million as compared to $146.5
million. The segment decline was primarily due to the
transition of inventory in anticipation of new product launches,
which took place in the Fiscal 2015 second and third quarters, a
decline in industry-wide pricing for soundbars, music centers and
Bluetooth wireless speakers, as well as lower international sales.
Offsetting this were higher sales of high-end separates, and gains
in the Commercial and Custom Installation business.
- Consumer Accessories sales were $152.6
million as compared to $156.2
million. This segment was impacted by lower sales of digital
voice recorders, clock radios, and hook-up and power products, and
lower comparable sales in Mexico,
offset by higher sales of wireless and Bluetooth speakers, and
higher sales throughout Europe.
The gross margin for the nine-month period ended November 30, 2014 was 29.7%, an increase of 120
basis points as compared to 28.5% for the same period last
year. This increase was driven by improved margins in the
Automotive and Consumer Accessories segment, up 290 basis points
and 60 basis points, respectively, offset by a 60 basis point
decline in the Premium Audio segment.
Operating expenses for the nine month period ended November 30, 2014 were $157.1 million, an increase of 1.2% compared to
operating expenses of $155.2 million
reported in the comparable year-ago period. The modest
increase is primarily related to a $3.9
million increase in engineering and technical support and a
$0.5 million increase in selling
expenses, both related to new personnel brought on-board to support
various customer and prospective programs. This was offset by
a $1.3 million reduction in
restructuring expense and lower general and administrative expenses
of $1.1 million.
The Company reported operating income of $17.3 million for the nine-month period ended
November 30, 2014 as compared to
operating income of $22.2 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 gross margin
improvements.
The Company reported total other expenses for the nine month
period ended November 30, 2014 of
$5.2 million as compared to total
other income of $10.5 million in the
comparable period last year. In Fiscal 2015, 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
loss for the nine months ended November 30,
2014 of $6.2 million.
Additionally, Other, net, decreased by $9.9
million, primarily as a result of $5.2 million received in a class action
settlement, $4.3 million from an
unanticipated customer contract settlement, and $0.9 million related to Klipsch recoveries.
This was offset by an accrual of $1.2
million for estimated patent settlements with certain third
parties, among other factors. The net result was a
$15.7 million decline in total other
income (expense) for the comparable periods.
The Company reported net income of $13.4
million or income per diluted share of $0.55 as compared to net income of $22.4 million or net income per diluted share of
$0.93 for the nine-months ended
November 30, 2014 and November 30, 2013, respectively.
EBITDA for the Fiscal 2015 nine-month period was $29.3 million as compared to EBITDA of
$50.3 million reported in the
comparable Fiscal 2014 period. Adjusted EBITDA for the Fiscal
2015 nine-month period was $36.3
million as compared to Adjusted EBITDA of $42.7 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 and relocation
charges, litigation and other settlements and recoveries, and
certain remeasurement losses related to our Venezuela subsidiary. Depreciation,
amortization, stock-based compensation, 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 our Form 10-Q and in this release,
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
relocation, litigation settlements, recoveries and unanticipated
payments 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,
January 9, 2015 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:
60334536). 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: 60334536).
About VOXX International Corporation
VOXX
International Corporation (NASDAQ:VOXX) has grown into a worldwide
leader in many automotive and consumer electronics and accessories
categories, as well as premium high-end audio. Today, VOXX
International Corporation has 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™. 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)
|
|
|
|
November 30,
2014
|
|
February 28,
2014
|
|
Assets
|
|
(unaudited)
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
11,056
|
|
|
$
|
10,603
|
|
|
Accounts receivable,
net
|
|
140,952
|
|
|
147,054
|
|
|
Inventory,
net
|
|
153,325
|
|
|
144,339
|
|
|
Receivables from
vendors
|
|
3,471
|
|
|
2,443
|
|
|
Investment
securities, current
|
|
968
|
|
|
—
|
|
|
Prepaid expenses and
other current assets
|
|
19,747
|
|
|
15,897
|
|
|
Income tax
receivable
|
|
4,388
|
|
|
2,463
|
|
|
Deferred income
taxes
|
|
2,527
|
|
|
3,058
|
|
|
Total current
assets
|
|
336,434
|
|
|
325,857
|
|
|
Investment
securities
|
|
12,477
|
|
|
14,102
|
|
|
Equity
investments
|
|
21,347
|
|
|
20,628
|
|
|
Property, plant and
equipment, net
|
|
81,500
|
|
|
83,222
|
|
|
Goodwill
|
|
111,946
|
|
|
117,938
|
|
|
Intangible assets,
net
|
|
165,767
|
|
|
174,312
|
|
|
Deferred income
taxes
|
|
750
|
|
|
760
|
|
|
Other
assets
|
|
8,435
|
|
|
10,331
|
|
|
Total
assets
|
|
$
738,656
|
|
$
747,150
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
VOXX International
Corporation and Subsidiaries
|
Consolidated
Balance Sheets
|
(In
thousands)
|
|
|
|
|
|
|
|
|
|
November 30,
2014
|
|
February 28,
2014
|
|
|
|
|
|
|
|
Liabilities
and Stockholders' Equity
|
|
(unaudited)
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
Accounts
payable
|
|
$
|
73,971
|
|
$
|
55,373
|
Accrued expenses and
other current liabilities
|
|
|
58,461
|
|
|
64,403
|
Income taxes
payable
|
|
|
6,856
|
|
|
3,634
|
Accrued sales
incentives
|
|
|
18,415
|
|
|
17,401
|
Deferred income
taxes
|
|
|
77
|
|
|
9
|
Current portion of
long-term debt
|
|
|
2,068
|
|
|
5,960
|
Total current
liabilities
|
|
|
159,848
|
|
|
146,780
|
Long-term
debt
|
|
|
95,146
|
|
|
103,222
|
Capital lease
obligation
|
|
|
5,612
|
|
|
6,114
|
Deferred
compensation
|
|
|
4,615
|
|
|
5,807
|
Other tax
liabilities
|
|
|
4,625
|
|
|
11,060
|
Deferred tax
liabilities
|
|
|
33,534
|
|
|
34,963
|
Other long-term
liabilities
|
|
|
8,670
|
|
|
9,620
|
Total
liabilities
|
|
|
312,050
|
|
|
317,566
|
Commitments and
contingencies
|
|
|
|
|
|
|
Stockholders'
equity:
|
|
|
|
|
|
|
Preferred
stock:
|
|
|
|
|
|
|
No shares issued or
outstanding Note 18)
|
|
|
—
|
|
|
—
|
Common
stock:
|
|
|
|
|
|
|
Class A, $.01 par
value; 60,000,000 shares authorized, 23,993,240 and 23,988,240
shares issued,21,863,785 and 22,172,968 shares outstanding at
November 30, 2014 and February 28, 2014, respectively
|
|
|
255
|
|
|
255
|
Class B Convertible,
$.01 par value, 10,000,000 authorized, 2,260,954 shares issued and
outstanding
|
|
|
22
|
|
|
22
|
Paid-in
capital
|
|
|
291,283
|
|
|
290,960
|
Retained
earnings
|
|
|
172,000
|
|
|
158,571
|
Accumulated other
comprehensive loss
|
|
|
(15,996)
|
|
|
(1,873)
|
Treasury stock, at
cost, 2,129,455 and 1,815,272 shares of Class A Common Stock at
November 30, 2014 and February 28, 2014, respectively
|
|
|
(20,958)
|
|
|
(18,351)
|
Total stockholders'
equity
|
|
|
426,606
|
|
|
429,584
|
Total
liabilities and stockholders'
equity
|
|
$
|
738,656
|
|
$
|
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
November 30,
|
|
Nine Months
Ended
November 30,
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
Net sales
|
|
$
|
223,356
|
|
|
$
|
245,814
|
|
|
$
|
587,598
|
|
|
$
|
622,604
|
|
Cost of
sales
|
|
154,399
|
|
|
177,016
|
|
|
413,184
|
|
|
445,191
|
|
Gross
profit
|
|
68,957
|
|
|
68,798
|
|
|
174,414
|
|
|
177,413
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling
|
|
13,623
|
|
|
15,026
|
|
|
41,229
|
|
|
40,751
|
|
General and
administrative
|
|
29,587
|
|
|
31,422
|
|
|
88,290
|
|
|
89,403
|
|
Engineering and
technical support
|
|
9,103
|
|
|
5,740
|
|
|
27,579
|
|
|
23,701
|
|
Restructuring
expense
|
|
—
|
|
|
32
|
|
|
—
|
|
|
1,324
|
|
Total operating
expenses
|
|
52,313
|
|
|
52,220
|
|
|
157,098
|
|
|
155,179
|
|
Operating
income
|
|
16,644
|
|
|
16,578
|
|
|
17,316
|
|
|
22,234
|
|
Other (expense)
income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and bank
charges
|
|
(1,825)
|
|
|
(1,830)
|
|
|
(5,010)
|
|
|
(5,609)
|
|
Equity in income of
equity investees
|
|
1,245
|
|
|
1,520
|
|
|
4,631
|
|
|
4,772
|
|
Venezuela currency
devaluation, net
|
|
—
|
|
|
—
|
|
|
(6,232)
|
|
|
—
|
|
Other, net
|
|
142
|
|
|
5,565
|
|
|
1,416
|
|
|
11,293
|
|
Total other (expense)
income, net
|
|
(438)
|
|
|
5,255
|
|
|
(5,195)
|
|
|
10,456
|
|
Income before income
taxes
|
|
16,206
|
|
|
21,833
|
|
|
12,121
|
|
|
32,690
|
|
Income tax expense
(benefit)
|
|
584
|
|
|
6,409
|
|
|
(1,308)
|
|
|
10,261
|
|
Net income
|
|
$
|
15,622
|
|
|
$
|
15,424
|
|
|
$
|
13,429
|
|
|
$
|
22,429
|
|
Other
comprehensive (loss) income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency
translation adjustments
|
|
(8,342)
|
|
|
4,658
|
|
|
(15,783)
|
|
|
4,096
|
|
Derivatives
designated for hedging
|
|
578
|
|
|
(744)
|
|
|
1,529
|
|
|
(430)
|
|
Pension plan
adjustments
|
|
64
|
|
|
(29)
|
|
|
124
|
|
|
(41)
|
|
Unrealized holding
gain on available-for-sale investment securities arising during the
period, net of tax
|
|
5
|
|
|
—
|
|
|
7
|
|
|
—
|
|
Other comprehensive
(loss) income, net of tax
|
|
(7,695)
|
|
|
3,885
|
|
|
(14,123)
|
|
|
3,625
|
|
Comprehensive income
(loss)
|
|
$
|
7,927
|
|
|
$
|
19,309
|
|
|
$
|
(694)
|
|
|
$
|
26,054
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per
common share (basic)
|
|
$
|
0.64
|
|
|
$
|
0.63
|
|
|
$
|
0.55
|
|
|
$
|
0.93
|
|
Net income per
common share (diluted)
|
|
$
|
0.64
|
|
|
$
|
0.63
|
|
|
$
|
0.55
|
|
|
$
|
0.93
|
|
Weighted-average common shares outstanding
(basic)
|
|
24,322,307
|
|
|
24,341,897
|
|
|
24,396,987
|
|
|
24,060,492
|
|
Weighted-average common shares outstanding
(diluted)
|
|
24,340,534
|
|
|
24,424,956
|
|
|
24,418,298
|
|
|
24,209,611
|
|
VOXX International
Corporation and Subsidiaries
|
Reconciliation of
GAAP Net (Loss) Income to Adjusted EBITDA
|
(In thousands,
except share and per share data)
|
(unaudited)
|
|
|
|
Three Months
Ended
November 30,
|
|
Nine Months
Ended
November 30,
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
Net income
|
|
$
|
15,622
|
|
|
$
|
15,424
|
|
|
$
|
13,429
|
|
|
$
|
22,429
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense and
bank charges
|
|
1,825
|
|
|
1,830
|
|
|
5,010
|
|
|
5,609
|
|
Depreciation and
amortization
|
|
4,189
|
|
|
4,040
|
|
|
12,189
|
|
|
12,000
|
|
Income tax
expense
|
|
584
|
|
|
6,409
|
|
|
(1,308)
|
|
|
10,261
|
|
EBITDA
|
|
22,220
|
|
|
27,703
|
|
|
29,320
|
|
|
50,299
|
|
Stock-based
compensation
|
|
140
|
|
|
63
|
|
|
291
|
|
|
552
|
|
Venezuela bond
remeasurement
|
|
—
|
|
|
—
|
|
|
6,702
|
|
|
—
|
|
Circuit City
recovery
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(940)
|
|
Net
settlements
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4,025)
|
|
Unanticipated
settlement from customer
|
|
—
|
|
|
(4,313)
|
|
|
—
|
|
|
(4,313)
|
|
Asia warehouse
relocation
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(208)
|
|
Restructuring
charges
|
|
—
|
|
|
32
|
|
|
—
|
|
|
1,324
|
|
Adjusted
EBITDA
|
|
$
|
22,360
|
|
|
$
|
23,485
|
|
|
$
|
36,313
|
|
|
$
|
42,689
|
|
Diluted earnings per
common share
|
|
$
|
0.64
|
|
|
$
|
0.63
|
|
|
$
|
0.55
|
|
|
$
|
0.93
|
|
Diluted adjusted
EBITDA per common share
|
|
$
|
0.92
|
|
|
$
|
0.96
|
|
|
$
|
1.49
|
|
|
$
|
1.76
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/voxx-international-corporation-reports-fiscal-2015-third-quarter-and-nine-month-financial-results-300018089.html
SOURCE VOXX International Corporation