HAUPPAUGE, N.Y., May 16, 2016 /PRNewswire/ -- VOXX International
Corporation (NASDAQ: VOXX), today announced financial results for
its Fiscal 2016 fourth quarter and year-ended February 29, 2016.
Pat Lavelle, President and CEO of
VOXX International, commented, "Our top-line results in the fourth
quarter came in mostly as anticipated, with the majority of product
categories performing as planned. Excluding the Euro impact, our
net sales were up approximately 2.4%. Our expenses were up
with the inclusion of EyeLock, though when factoring out EyeLock
and related expenses, as well as the non-cash impairment charges,
our core overhead declined by $2.9
million. We continue to look for additional savings,
while supporting increased R&D investments to drive innovation
and to support anticipated growth across each of our business
segments in Fiscal 2017."
Fiscal Fourth Quarter Results Comparisons (for the three-months
ended February 29, 2016 and
February 28, 2015
Net sales for the Fiscal 2016 fourth quarter were $169.7 million compared to $169.9 million reported in the comparable
year-ago period. The average Euro for both periods,
respectively, was 1.09 as compared to 1.18, a decline of 7.6%,
which impacted net sales by approximately $4.3 million. Excluding the impact of the
Euro conversion, net sales were up $4.1
million or 2.4%.
|
Q4 2016
|
Q4 2015
|
Year-over-Year
$ Change
|
Q4 2016 vs. Q4
2015
(Euro
impact)
|
Total Net
Sales
|
$169.7
|
$169.9
|
($0.2)
|
($4.3)
|
Automotive
|
$84.8
|
$90.9
|
($6.1)
|
($2.9)
|
Consumer
Accessories
|
$48.6
|
$41.5
|
$7.1
|
($0.7)
|
Premium
Audio
|
$36.2
|
$37.3
|
($1.1)
|
($0.7)
|
Corporate
|
$0.1
|
$0.2
|
($0.1)
|
-
|
- Automotive segment sales were primarily impacted by declines in
the aftermarket, as a result of the Company's sale and subsequent
licensing of its Jensen 12-volt business in Fiscal 2015, as well as
phased out product lines and declines in satellite radio product
sales. Sales to OEM customers were up for the comparable
periods by approximately $1.7
million, excluding the impact of the Euro
conversion.
- Consumer Accessories segment sales, excluding the impact of the
Euro conversion, were up $7.7
million. This increase was primarily related to
stronger sales of wireless and Bluetooth speakers, reception
products, and 360Fly® action cameras.
- Premium Audio segment sales were down approximately
$0.4 million, when excluding the Euro
conversion impact. Newer product lines, including wireless
home theater systems, WiSA-enabled speaker systems, streaming audio
and wireless Bluetooth speakers helped drive domestic sales, which
offset declines related to discontinued business with certain
retailers from the prior year.
The gross margin for the Fiscal 2016 fourth quarter came in at
27.6% as compared to 29.1% for the same period last year, a decline
of 150 basis points ("bps"). The decline in gross profit
margin was primarily due to a change in product mix within the
Automotive and Consumer Accessories segments, offset by
improvements in tooling, obsolescence and warranty expenses.
Operating expenses for the Fiscal 2016 fourth quarter were
$54.3 million, a $4.2 million increase as compared to $50.2 in the Fiscal 2015 fourth quarter.
Excluding the addition of operating expenses associated with
EyeLock, LLC ("EyeLock"), the Company's majority owned subsidiary
and most recent acquisition, operating expenses were flat for the
comparable periods. Additionally, during the Fiscal 2016
fourth quarter, the Company incurred non-cash asset impairment
charges of $2.9 million, partially
offset by $1.1 million in
restructuring charges in the Fiscal 2015 fourth quarter that did
not recur in Fiscal 2016.
The Company reported an operating loss of $7.5 million as compared to an operating loss of
$0.7 million in the Fiscal 2015
fourth quarter. Net loss was $7.0
million or a loss of $0.22 per
diluted share as compared to a net loss of $14.4 million and a net loss per diluted share of
$0.60 in the comparable prior year
period. Net loss attributable to VOXX International for the
comparable Fiscal 2016 and Fiscal 2015 fourth quarters was
$5.4 million vs. $14.4 million, respectively.
Earnings before interest, taxes, depreciation and amortization
("EBITDA") for the Fiscal 2016 fourth quarter was a loss of
$1.0 million as compared to an EBITDA
loss of $6.2 million reported in the
Fiscal 2015 fourth quarter. Adjusted EBITDA was $2.0 million as compared to $5.2 million for the comparable Fiscal 2016 and
2015 fourth quarter periods.
FY16 vs. FY15 Comparisons (for the twelve-months ended
February 29, 2016 and February 28, 2015)
Fiscal 2016 net sales were $680.7
million compared to $757.5
million reported in the comparable year-ago period, a
decline of $76.8 million or
10.1%. Approximately $40.0
million of the decline was related solely to foreign
exchange. The average Euro in Fiscal 2016 was 1.10 as
compared to 1.29 in the comparable year-ago period, representing an
approximate 15% decrease in value.
|
FY 2016
|
FY 2015
|
YOY $
Change
|
FY16 vs.
FY15
(Euro
impact)
|
Total Net
Sales
|
$680.7
|
$757.5
|
($76.8)
|
($39.9)
|
Automotive
|
$351.7
|
$396.4
|
($44.8)
|
($28.2)
|
Premium
Audio
|
$140.5
|
$165.8
|
($25.3)
|
($6.0)
|
Consumer
Accessories
|
$187.3
|
$194.1
|
($6.8)
|
($5.7)
|
Corporate
|
$1.3
|
$1.2
|
$0.1
|
-
|
- Automotive segment sales, excluding the impact of the Euro
conversion declined by approximately $16.6
million. The Company's Automotive OEM business was up
for the comparable periods, when factoring in the Euro conversion,
and this growth was offset by lower domestic aftermarket
sales. The remote start category in particular, was impacted
by warmer winter weather conditions and timing associated with
various programs, as well as lower sales of phased out product
lines and satellite radio products. Additionally, the sale
and subsequent licensing of the Jensen 12-volt business in FY15
adversely impacted revenues by $6.1
million.
- Premium Audio segment sales, excluding the impact of the Euro
conversion, were down $19.3 million,
driven by a phase-out of some older product lines and higher
load-in's in Fiscal 2015. International sales, excluding the
impact of the Euro conversion, were relatively flat for the
comparable periods.
- Consumer Accessories segment sales, excluding the impact of the
Euro conversion, were down $1.1
million, primarily related to lower sales in Mexico as a result of the Fiscal 2015 change
in the Company's distribution strategy and sale of its inventory,
as well as lower sales in select categories. Offsetting these
declines were higher sales of wireless and Bluetooth speakers, and
new sales associated with the 360Fly action camera.
The gross margin for the Fiscal 2016 twelve-month period was
28.7% as compared to 29.6% for the same period last year, a decline
of 90 basis points. Automotive gross margins were 29.4% as
compared to 30.4%; Premium Audio gross margins were 33.2% as
compared to 31.9%; and Consumer Accessories gross margins were
24.3% as compared to 25.4%. Consolidated gross margins were
primarily impacted by a change in product mix within the Automotive
and Consumer Accessories segments, and a one-time duty refund in
Fiscal 2015 which did not repeat in Fiscal 2016, partially offset
by higher product margins within Premium Audio.
Operating expenses for both the Fiscal 2016 and Fiscal 2015
twelve-month periods were $207.3
million. Note however, that Fiscal 2016 includes
$9.1 million in operating expenses
associated with intangible and long-lived asset impairment charges
and $0.8 million in acquisition
related costs associated with EyeLock, offset by a restructuring
expense of $1.1 million in Fiscal
2015, that did not recur in Fiscal 2016. Additionally, Fiscal
2016 includes operating expenses from the Company's acquisition of
a controlling interest in substantially all of the assets and
certain liabilities of EyeLock, Inc. and EyeLock Corporation, which
includes both overhead and R&D related expenses to drive future
offerings and support customer programs.
The Company reported an operating loss of $11.6 million as compared to operating income of
$16.6 million in the Fiscal 2015
twelve-month period. Intangible asset impairment charges and
acquisition-related expenses totaled approximately $9.9 million in Fiscal 2016.
The Company reported a net loss for the Fiscal 2016 twelve-month
period of $6.1 million as compared to
a net loss of $0.9 million in Fiscal
2015. Net loss attributable to VOXX International Corporation
was approximately $2.7 million in
Fiscal 2016 or a loss per diluted share of $0.11 as compared to a net loss attributable to
VOXX International Corporation of $0.9
million or a loss of $0.04 per
diluted share in Fiscal 2015.
EBITDA for the Fiscal 2016 twelve-month period was $18.8 million as compared to EBITDA of
$23.1 million reported in the
comparable Fiscal 2015 period. Adjusted EBITDA was
$24.8 million as compared to
$41.5 million for both the Fiscal
2016 and Fiscal 2015 periods, respectively.
Lavelle continued, "We knew coming in to the year that it was a
challenging environment, and we planned for it. We've been
transitioning out of older product lines, while introducing new
solutions in the Automotive, Premium Audio and Consumer Accessories
segments; all of which, we believe, are positioned for organic
growth in FY17. In the fourth quarter and in the roughly two
months since year-end, our Automotive segment has been awarded over
$300 million of new contract awards,
and we're continuing to build our pipeline. In Consumer
Accessories, we expect to continue to drive growth in the wireless
speaker and reception categories, and will have additional sales of
360Fly action cameras, with a new 4K model coming to market later
this month. Our Premium Audio segment, excluding the Euro
conversion impact, grew in the fourth quarter and while the first
quarter may not show continued growth, new products coming to
market in both the second and third fiscal quarters have us
optimistic that the category will return to growth. All in
all, we're expecting better top- and bottom-line performance in the
year ahead, and we continue to strengthen our balance sheet in
support of our business."
Non-GAAP Measures
Adjusted EBITDA and diluted adjusted earnings per common share are
not financial measures recognized by GAAP. Adjusted EBITDA
represents net income (loss), computed in accordance with GAAP,
before interest expense and bank charges, taxes, depreciation and
amortization, stock-based compensation expense, certain foreign
currency remeasurements, relocation and restructuring charges and
impairment charges. Depreciation, amortization, stock-based
compensation, and impairment expenses are non-cash items.
Diluted adjusted earnings per common share represent the
Company's diluted earnings per common share based on adjusted
EBITDA.
We present adjusted EBITDA and diluted adjusted earnings 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 earnings 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 relating
to the Company's acquisitions, restructuring, relocations,
remeasurements, impairments, stock-based compensation, settlements
and recoveries 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 an appropriate measure
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 earnings 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.
The Company will be hosting its conference call on Tuesday, May 17, 2016 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: 9357994). 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: 9357994).
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, the
Company 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®, Car Connection®, 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 29, 2016.
Company Contact:
Glenn Wiener, President
GW Communications
Tel: 212-786-6011
Email: gwiener@GWCco.com
- Tables to Follow -
VOXX International
Corporation and Subsidiaries
Consolidated
Balance Sheets
February 29,
2016 and February 28, 2015
(In thousands,
except share data)
|
|
|
|
|
February
29,
2016
|
|
|
February
28,
2015
|
|
Assets
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
11,767
|
|
|
$
|
8,448
|
|
Accounts receivable,
net
|
87,055
|
|
|
102,766
|
|
Inventory,
net
|
144,028
|
|
|
156,649
|
|
Receivables from
vendors
|
2,519
|
|
|
3,622
|
|
Investment
securities, current
|
—
|
|
|
275
|
|
Prepaid expenses and
other current assets
|
17,256
|
|
|
26,370
|
|
Income tax
receivable
|
1,426
|
|
|
1,862
|
|
Deferred income
taxes
|
—
|
|
|
1,723
|
|
Total current
assets
|
264,051
|
|
|
301,715
|
|
Investment
securities
|
10,206
|
|
|
12,413
|
|
Equity
investments
|
21,949
|
|
|
21,648
|
|
Property, plant and
equipment, net
|
79,422
|
|
|
69,783
|
|
Goodwill
|
104,349
|
|
|
105,874
|
|
Intangible assets,
net
|
185,022
|
|
|
158,455
|
|
Deferred income
taxes
|
23
|
|
|
717
|
|
Other
assets
|
4,690
|
|
|
6,908
|
|
Total
assets
|
$
|
669,712
|
|
|
$
|
677,513
|
|
Liabilities and
Stockholders' Equity
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
Accounts
payable
|
$
|
55,790
|
|
|
$
|
71,403
|
|
Accrued expenses and
other current liabilities
|
50,748
|
|
|
51,744
|
|
Income taxes
payable
|
4,081
|
|
|
3,067
|
|
Accrued sales
incentives
|
12,439
|
|
|
14,097
|
|
Deferred income
taxes
|
—
|
|
|
1,060
|
|
Current portion of
long-term debt
|
8,826
|
|
|
6,032
|
|
Total current
liabilities
|
131,884
|
|
|
147,403
|
|
Long-term
debt
|
90,691
|
|
|
79,455
|
|
Capital lease
obligation
|
1,381
|
|
|
733
|
|
Deferred
compensation
|
4,011
|
|
|
4,650
|
|
Other tax
liabilities
|
4,997
|
|
|
5,157
|
|
Deferred tax
liabilities
|
30,374
|
|
|
34,327
|
|
Other long-term
liabilities
|
10,480
|
|
|
9,648
|
|
Total
liabilities
|
273,818
|
|
|
281,373
|
|
Commitments and
contingencies
|
|
|
|
Stockholders'
equity:
|
|
|
|
Preferred
stock:
|
|
|
|
No shares issued or
outstanding (see Note 9)
|
—
|
|
|
—
|
|
Common
stock:
|
|
|
|
Class A, $.01 par
value; 60,000,000 shares authorized, 24,067,444 and 24,003,240
shares issued, 21,899,370 and 21,873,790 shares outstanding at
February 29, 2016 and February 28, 2015, respectively
|
256
|
|
|
255
|
|
Class B Convertible,
$.01 par value, 10,000,000 authorized, 2,260,954 shares issued and
outstanding
|
22
|
|
|
22
|
|
Paid-in
capital
|
294,038
|
|
|
292,427
|
|
Retained
earnings
|
154,947
|
|
|
157,629
|
|
Non-controlling
interest
|
8,524
|
|
|
—
|
|
Accumulated other
comprehensive loss
|
(40,717)
|
|
|
(33,235)
|
|
Treasury stock, at
cost, 2,168,074 and 2,129,450 shares of Class A Common Stock at
February 29, 2016 and February 28, 2015, respectively
|
(21,176)
|
|
|
(20,958)
|
|
Total stockholders'
equity
|
395,894
|
|
|
396,140
|
|
Total liabilities and
stockholders' equity
|
$
|
669,712
|
|
|
$
|
677,513
|
|
VOXX International
Corporation and Subsidiaries
Consolidated
Statements of Operations and Comprehensive Income
(In
thousands, except share and per share data)
(unaudited)
|
|
|
Three Months
Ended
February 29,
|
|
Three Months
Ended
February 28,
|
|
Year
Ended
February 29,
|
|
Year
Ended
February 28,
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
Net sales
|
$
|
169,683
|
|
$
|
169,900
|
|
$
|
680,746
|
|
$
|
757,498
|
Cost of
sales
|
122,859
|
|
120,444
|
|
485,061
|
|
533,628
|
Gross
profit
|
46,824
|
|
49,456
|
|
195,685
|
|
223,870
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
Selling
|
12,331
|
|
12,907
|
|
48,513
|
|
54,136
|
General and
administrative
|
27,852
|
|
26,559
|
|
111,382
|
|
114,849
|
Engineering and
technical support
|
11,300
|
|
9,578
|
|
37,490
|
|
37,157
|
Intangible asset
impairment charges
|
2,860
|
|
—
|
|
9,070
|
|
—
|
Acquisition
costs
|
—
|
|
—
|
|
800
|
|
—
|
Restructuring
expense
|
—
|
|
1,134
|
|
—
|
|
1,134
|
Total operating
expenses
|
54,343
|
|
50,178
|
|
207,255
|
|
207,276
|
Operating (loss)
income
|
(7,519)
|
|
(722)
|
|
(11,570)
|
|
16,594
|
Other income
(expense):
|
|
|
|
|
|
|
|
|
Interest and bank
charges
|
(3,111)
|
|
(1,841)
|
|
(8,075)
|
|
(6,851)
|
Equity in income of
equity investees
|
1,536
|
|
1,235
|
|
6,538
|
|
5,866
|
Venezuela currency
devaluation, net
|
—
|
|
(872)
|
|
(2)
|
|
(7,104)
|
Impairment of
Venezuela investment properties
|
—
|
|
(9,304)
|
|
—
|
|
(9,304)
|
Gain on bargain
purchase
|
—
|
|
—
|
|
4,679
|
|
—
|
Other, net
|
(473)
|
|
79
|
|
632
|
|
1,495
|
Total other (expense)
income, net
|
(2,048)
|
|
(10,703)
|
|
3,772
|
|
(15,898)
|
(Loss) income before
income taxes
|
(9,567)
|
|
(11,425)
|
|
(7,798)
|
|
696
|
Income tax (benefit)
expense
|
(2,526)
|
|
2,946
|
|
(1,735)
|
|
1,638
|
Net loss
|
$
|
(7,041)
|
|
$
|
(14,371)
|
|
$
|
(6,063)
|
|
$
|
(942)
|
Less: net loss
attributable to non-controlling interest
|
(1,691)
|
|
—
|
|
(3,381)
|
|
—
|
Net loss attributable
to VOXX
International Corporation
|
$
|
(5,351)
|
|
$
|
(14,371)
|
|
$
|
(2,682)
|
|
$
|
(942)
|
Other comprehensive
income (loss):
|
|
|
|
|
|
|
|
|
Foreign currency
translation adjustments
|
3,324
|
|
(17,387)
|
|
(5,702)
|
|
(33,170)
|
Derivatives
designated for hedging
|
(767)
|
|
1,729
|
|
(2,440)
|
|
3,258
|
Pension plan
adjustments
|
486
|
|
(1,547)
|
|
640
|
|
(1,423)
|
Unrealized holding
loss on available-for-sale investment securities arising during the
period, net of tax
|
19
|
|
(34)
|
|
20
|
|
(27)
|
Other comprehensive
income (loss), net of tax
|
3,062
|
|
(17,239)
|
|
(7,482)
|
|
(31,362)
|
|
|
|
|
|
|
|
|
Comprehensive loss
attributable to Voxx International Corporation
|
$
|
(2,289)
|
|
$
|
(31,610)
|
|
$
|
(10,164)
|
|
$
|
(32,304)
|
|
|
|
|
|
|
|
Net loss per common
share attributable to Voxx International Corporation
(basic)
|
$
|
(0.22)
|
|
$
|
(0.60)
|
|
$
|
(0.11)
|
|
$
|
(0.04)
|
Net loss per common
share attributable to Voxx International Corporation
(diluted)
|
$
|
(0.22)
|
|
$
|
(0.60)
|
|
$
|
(0.11)
|
|
$
|
(0.04)
|
Weighted-average
common shares outstanding (basic)
|
24,159,419
|
|
24,126,781
|
|
24,172,710
|
|
24,330,361
|
Weighted-average
common shares outstanding (diluted)
|
24,159,419
|
|
24,126,781
|
|
24,172,710
|
|
24,330,361
|
Reconciliation of
GAAP Net (Loss) Income to Adjusted EBITDA
|
|
|
Three Months
Ended
February 29,
|
|
Three Months
Ended
February 28,
|
|
Year
Ended
February 29,
|
|
Year
Ended
February 28,
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
Net income
(loss)
|
$
|
(5,351)
|
|
$
|
(14,371)
|
|
$
|
(2,682)
|
|
$
|
(942)
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
Interest expense and
bank charges (1)
|
2,996
|
|
1,841
|
|
7,960
|
|
6,851
|
Depreciation and
amortization (1)
|
3,872
|
|
4,209
|
|
15,228
|
|
15,565
|
Income tax expense
(benefit)
|
(2,526)
|
|
2,946
|
|
(1,735)
|
|
1,638
|
EBITDA
|
(1,009)
|
|
(5,375)
|
|
18,771
|
|
23,112
|
Stock-based
compensation (1)
|
173
|
|
230
|
|
859
|
|
521
|
Venezuela bond
remeasurement
|
—
|
|
694
|
|
—
|
|
7,396
|
Impairment of
Venezuela investment properties
|
—
|
|
9,304
|
|
—
|
|
9,304
|
Restructuring
charges
|
—
|
|
1,134
|
|
—
|
|
1,134
|
Intangible asset
impairment charges
|
2,860
|
|
—
|
|
9,070
|
|
—
|
Gain on bargain
purchase
|
—
|
|
—
|
|
(4,679)
|
|
—
|
Acquisition
costs
|
—
|
|
—
|
|
800
|
|
—
|
Adjusted
EBITDA
|
$
|
2,025
|
|
$
|
5,987
|
|
$
|
24,821
|
|
$
|
41,467
|
Diluted earnings
(loss) per common share
|
$
|
(0.22)
|
|
$
|
(0.60)
|
|
$
|
(0.11)
|
|
$
|
(0.04)
|
Diluted adjusted
EBITDA per common share
|
$
|
0.08
|
|
$
|
0.25
|
|
$
|
1.03
|
|
$
|
1.70
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/voxx-international-corporation-reports-its-fiscal-2016-fourth-quarter-and-year-end-financial-results-300269388.html
SOURCE VOXX International Corporation