HAUPPAUGE, N.Y., Jan. 11, 2016 /PRNewswire/ -- VOXX
International Corporation (NASDAQ: VOXX), today announced financial
results for its Fiscal 2016 third quarter and nine-months, ended
November 30, 2015.
Net sales for the Fiscal 2016 third quarter were $192.5 million compared to $223.4 million reported in the comparable
year-ago period, a decline of $30.9
million or 13.8%. The average Euro in the Fiscal 2016
third quarter was 1.11 as compared to 1.27 in the comparable
year-ago period, a decline of approximately 13%, and this impacted
net sales by approximately $9.2
million.
|
Q3 2016
|
Q3 2015
|
Year-over-Year
$ Change
|
Q3 2016 vs. Q3
2015
(Euro
impact)
|
Total Net
Sales
|
$192.5
|
$223.4
|
($30.9)
|
($9.2)
|
Automotive
|
$92.6
|
$110.2
|
($17.7)
|
($6.2)
|
Premium
Audio
|
$44.7
|
$54.4
|
($9.6)
|
($1.6)
|
Consumer
Accessories
|
$54.8
|
$58.2
|
($3.4)
|
($1.4)
|
Corporate
|
$0.4
|
$0.6
|
($0.2)
|
-
|
- Automotive segment sales were down $11.5
million, excluding the impact of the Euro conversion.
The Company saw an increase in OEM sales as a result of the start
of a new rear-seat entertainment contract with Cadillac and the
re-launch of a previously suspended program, which partially offset
declines in the aftermarket. Lower aftermarket sales were
primarily related to a decline in remote start systems given better
than expected weather conditions across the U.S., and lower sales
of satellite radio products and portable DVD players, the latter of
which is being phased out. Additionally, the Company had
previously divested its Jensen product line, which led to
approximately $3.2 million of the
decline.
- Premium Audio segment sales, excluding the impact of the Euro
conversion, were down $8.0 million,
driven primarily by lower domestic retail sales, some of which were
related to the discontinuation of business with certain retailers
and higher load-in sales of products not repeated in the current
year.
- Consumer Accessories segment sales, excluding the impact of the
Euro conversion, were down $2.0
million. The sales decline was primarily related to
lower sales of headphones, reception and hook-up products, and
tablets, the latter of which is being phased out. These
declines were offset by sales increases of wireless and Bluetooth
speakers, Singtrix and 360Fly™ action cameras.
Pat Lavelle, President and CEO of
VOXX International, commented, "Our third quarter results came in
mostly as anticipated though production delays of the 360Fly Action
Camera, coupled with lower than expected sales in the Automotive
aftermarket, impacted projections in excess of $8.0 million. While some near-term
headwinds remain in the coming quarter, we're confident that the
Company is positioned for growth in Fiscal 2017. Within
Automotive, we have a number of multi-year Automotive contracts
that should positively impact performance, though the China environment is something we're watching
closely. The Premium Audio category is poised for a
rebound with the introduction of new soundbars, streaming audio and
PlayFi music systems. And Consumer Accessories, where we
continue to grow our position in wireless and Bluetooth speakers,
should potentially drive the biggest growth with new sales from
reception, 360Fly and EyeLock products."
The gross margin for the Fiscal 2016 third quarter came in at
29.0% as compared to 30.9% for the same period last year, a decline
of 190 basis points. Automotive gross margins came in at
29.2% as compared to 31.3% and the decline was primarily driven by
a change in product mix. Premium Audio gross margins were
33.9% as compared to 33.7% with the 20 basis point increase driven
primarily by product phase-outs in Fiscal 2015 and higher product
margins on new product lines. Consumer Accessories gross
margins were 24.1% as compared to 26.7%. Gross margins were
adversely impacted by a decline in sales of some higher margin
products, partially offset by higher sales of wireless and
Bluetooth speakers, and other product lines.
Operating expenses for both the Fiscal 2016 and Fiscal 2015
third quarters were $52.3
million. The Company's operating expenses have been
impacted by foreign exchange translations, resulting in a
$2.5 million year-over-year
decline. There have also been decreases in operating expenses
due to lower commission expenses, salary and related payroll
expenses, travel and entertainment expenses, and advertising
expenses resulting from various cost containment programs.
These declines were partially offset by higher legal fees and
salary expenses at VOXXHirschmann as the Company continues to bring
on new engineers to support existing and new programs.
Additionally, as a result of the Company's acquisition of a
controlling interest in substantially all of the assets and certain
liabilities of EyeLock LLC, the Company incurred acquisition
related costs and higher salary and R&D expenses related to
EyeLock.
The Company reported operating income of $3.6 million as compared to operating income of
$16.6 million in the Fiscal 2015
third quarter. Net income for the Fiscal 2016 third quarter
was $7.8 million or income of
$0.32 per diluted share as compared
to net income of $15.6 million and
net income per diluted share of $0.64. Net income was favorably impacted by
a bargain purchase gain recognized in the Fiscal 2016 third quarter
of approximately $4.7 million related
to the Company's acquisition of EyeLock, among other factors.
Earnings before interest, taxes, depreciation and amortization
("EBITDA") for the Fiscal 2016 third quarter was $16.8 million as compared to EBITDA of
$22.2 million reported in the Fiscal
2015 third quarter. Adjusted EBITDA was $13.1 million as compared to $22.4 million for the comparable Fiscal 2016 and
2015 third quarter periods.
Nine-Month Comparisons (for the nine-month periods ended
November 30, 2015 and November 30, 2014)
Net sales for the Fiscal 2016 nine-month period were
$511.1 million compared to
$587.6 million reported in the
comparable year-ago period, a decline of $76.5 million or 13.0%. Almost half of the
sales decline was related to foreign exchange as the Euro
conversion accounted for $35.5
million, with the remainder primarily due to softness at
retail for select Premium Audio and Consumer Accessories product
lines, and Automotive aftermarket declines. The average Euro
in the Fiscal 2016 nine-month period was 1.10 as compared to 1.33
in the comparable year-ago period, representing an approximate 17%
decrease in value.
|
Nine-Months
FY 2016
|
Nine-Months
FY 2015
|
Year-over-Year
$ Change
|
Nine-Months 2016
vs.
Nine-Months 2015
(Euro
impact)
|
Total Net
Sales
|
$511.1
|
$587.6
|
($76.5)
|
($35.5)
|
Automotive
|
$266.9
|
$305.6
|
($38.7)
|
($25.4)
|
Premium
Audio
|
$104.3
|
$128.5
|
($24.3)
|
($5.2)
|
Consumer
Accessories
|
$138.7
|
$152.6
|
($13.9)
|
($4.9)
|
Corporate
|
$1.2
|
$1.0
|
$0.3
|
-
|
- Automotive segment sales, excluding the impact of the Euro
conversion declined by approximately $13.3
million. The Company's Automotive OEM business was up
for the comparable periods, when factoring in the Euro translation,
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 satellite radio
products and portable DVD products. Additionally, the
divestiture of Jensen adversely impacted year-over-year sales by
$2.3 million.
- Premium Audio segment sales, excluding the impact of the Euro
conversion, were down $19.1 million.
This decline was driven by softness at retail domestically and a
phase-out of some of the Company's older product lines.
International sales, excluding the impact of the Euro
conversion were essentially flat for the comparable periods (down
$0.4 million).
- Consumer Accessories segment sales, excluding the impact of the
Euro conversion, were down $9.0
million. The sales decline was primarily related to
lower sales in Mexico as Fiscal
2015 included the sale of all inventory on hand at the Company's
Mexico subsidiary, lower sales of
tablets as the Company continues to phase out these products and
declines in some of the other product segments. This was offset by
higher sales of wireless and Bluetooth products, as well as sales
of Singtrix and the 360Fly Action Camera.
The gross margin for the Fiscal 2016 nine-month period was 29.1%
as compared to 29.7% for the same period last year, a decline of 60
basis points. Automotive gross margins were 30.0% as compared
to 31.5%; Premium Audio gross margins were 33.0% as compared to
31.4%; and Consumer Accessories gross margins were 24.0% as
compared to 25.1%. Consolidated gross margins were primarily
impacted by a change in product mix, and a one-time duty refund in
the prior Fiscal year which did not repeat in the Consumer
Accessories segment, partially offset by higher product margins
within Premium Audio.
Operating expenses for the Fiscal 2016 nine-month period were
$152.9 million as compared to
operating expenses of $157.1 million
in the comparable year-ago period, a decrease of $4.2 million or 2.7%. Excluding the impact
of the intangible asset impairment charges of $6.2 million taken in the Fiscal 2016 second
quarter, and $0.8 million associated
with acquisition costs, operating expenses declined by $11.2 million for the comparable nine-month
periods. Approximately $11.0
million of the decline is attributed to the Euro
translation. Additionally, the Company incurred additional
salary and research and development expenses related to the
operations of EyeLock, which was acquired in September 2015.
The Company reported an operating loss of $4.1 million as compared to operating income of
$17.3 million in the Fiscal 2015
nine-month period. Intangible asset impairment charges and
acquisition related expenses totaled approximately $7.0 million during the Fiscal 2016 nine-month
period. Net income for the Fiscal 2016 nine-month period was
$2.7 million or income of
$0.11 per diluted share as compared
to net income of $13.4 million and
net income per diluted share of $0.55. Net income was favorably impacted by a
bargain purchase gain recognized in the Fiscal 2016 third quarter
of approximately $4.7 million related
to the Company's acquisition of EyeLock and lower currency
devaluation in Venezuela, among
other factors.
EBITDA for the Fiscal 2016 nine-month period was $19.8 million as compared to EBITDA of
$29.3 million reported in the
comparable Fiscal 2015 period. Adjusted EBITDA was
$22.8 million as compared to
$36.3 million for the comparable
Fiscal 2016 and 2015 nine-month periods.
Effective September 1, 2015, VOXX
International acquired a majority voting interest in biometrics
leader EyeLock. As part of this transaction, the Company
disclosed that it now owns a controlling interest in substantially
all of the assets of EyeLock and all of the intellectual property,
encompassing 36 patents and over 40 patents pending. The
Company further disclosed that it has expanded its distribution
agreement and will now play a larger role in the sale of EyeLock's
complete suite of products for retail, enterprise, and logical and
perimeter access security.
Lavelle continued, "The Euro conversion continues to impact
results, though we expect this to lessen in the coming
quarters. During this past quarter alone, we were awarded
over $37.0 million in Automotive
contracts and have a building backlog in place. We expect new
products to drive Consumer Accessories sales and are beginning to
see the positive impact of new Premium Audio products, with over 40
products introduced at the this week's Consumer Electronics
Show. The addition of EyeLock holds great promise and a
number of meaningful partnerships and customers are beginning to
materialize. The road ahead will not be easy, but we're
positioned well and I look forward to reporting on our progress in
the coming year."
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, January 12, 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: 18703832). 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: 18703832).
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®, 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 28, 2015.
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
|
(In
thousands)
|
|
|
|
|
|
|
|
November 30,
2015
|
|
February 28,
2015
|
Assets
|
|
(unaudited)
|
|
|
Current
assets:
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
12,435
|
|
|
$
|
8,448
|
|
Accounts receivable,
net
|
|
101,949
|
|
|
102,766
|
|
Inventory,
net
|
|
153,663
|
|
|
156,649
|
|
Receivables from
vendors
|
|
3,190
|
|
|
3,622
|
|
Investment
securities, current
|
|
—
|
|
|
275
|
|
Prepaid expenses and
other current assets
|
|
18,248
|
|
|
26,370
|
|
Income tax
receivable
|
|
1,655
|
|
|
1,862
|
|
Deferred income
taxes
|
|
1,646
|
|
|
1,723
|
|
Total current
assets
|
|
292,786
|
|
|
301,715
|
|
Investment
securities
|
|
10,541
|
|
|
12,413
|
|
Equity
investments
|
|
22,340
|
|
|
21,648
|
|
Property, plant and
equipment, net
|
|
78,458
|
|
|
69,783
|
|
Goodwill
|
|
102,967
|
|
|
105,874
|
|
Intangible assets,
net
|
|
189,069
|
|
|
158,455
|
|
Deferred income
taxes
|
|
673
|
|
|
717
|
|
Other
assets
|
|
6,118
|
|
|
6,908
|
|
Total
assets
|
|
$
|
702,952
|
|
|
$
|
677,513
|
|
VOXX International
Corporation and Subsidiaries
|
Consolidated
Balance Sheets
|
(In
thousands)
|
|
|
|
|
|
|
|
November 30,
2015
|
|
February 28,
2015
|
Liabilities and
Stockholders' Equity
|
|
(unaudited)
|
|
|
Current
liabilities:
|
|
|
|
|
Accounts
payable
|
|
$
|
71,739
|
|
|
$
|
71,403
|
|
Accrued expenses and
other current liabilities
|
|
51,690
|
|
|
51,744
|
|
Income taxes
payable
|
|
4,006
|
|
|
3,067
|
|
Accrued sales
incentives
|
|
16,330
|
|
|
14,097
|
|
Deferred income
taxes
|
|
560
|
|
|
1,060
|
|
Current portion of
long-term debt
|
|
85,179
|
|
|
6,032
|
|
Total current
liabilities
|
|
229,504
|
|
|
147,403
|
|
Long-term
debt
|
|
17,298
|
|
|
79,455
|
|
Capital lease
obligation
|
|
1,454
|
|
|
733
|
|
Deferred
compensation
|
|
4,404
|
|
|
4,650
|
|
Other tax
liabilities
|
|
5,013
|
|
|
5,157
|
|
Deferred tax
liabilities
|
|
35,339
|
|
|
34,327
|
|
Other long-term
liabilities
|
|
10,827
|
|
|
9,648
|
|
Total
liabilities
|
|
303,839
|
|
|
281,373
|
|
Commitments and
contingencies
|
|
|
|
|
Stockholders'
equity:
|
|
|
|
|
Preferred
stock:
|
|
|
|
|
No shares issued or
outstanding
|
|
—
|
|
|
—
|
|
Common
stock:
|
|
|
|
|
Class A, $.01 par
value; 60,000,000 shares authorized, 24,067,444 and 24,003,240
shares issued, 21,898,465 and 21,873,790 shares outstanding at
November 30, 2015 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
|
|
293,390
|
|
|
292,427
|
|
Retained
earnings
|
|
160,298
|
|
|
157,629
|
|
Non-controlling
interest
|
|
10,111
|
|
|
—
|
|
Accumulated other
comprehensive loss
|
|
(43,779)
|
|
|
(33,235)
|
|
Treasury stock, at
cost, 2,168,979 and 2,129,450 shares of Class A Common Stock at
November 30, 2015 and February 28, 2015, respectively
|
|
(21,185)
|
|
|
(20,958)
|
|
Total stockholders'
equity
|
|
399,113
|
|
|
396,140
|
|
Total liabilities and
stockholders' equity
|
|
$
|
702,952
|
|
|
$
|
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
November 30,
|
|
Nine Months
Ended
November 30,
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Net sales
|
|
$
|
192,506
|
|
|
$
|
223,356
|
|
|
$
|
511,063
|
|
|
$
|
587,598
|
|
Cost of
sales
|
|
136,663
|
|
|
154,399
|
|
|
362,202
|
|
|
413,184
|
|
Gross
profit
|
|
55,843
|
|
|
68,957
|
|
|
148,861
|
|
|
174,414
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
Selling
|
|
12,464
|
|
|
13,623
|
|
|
36,182
|
|
|
41,229
|
|
General and
administrative
|
|
29,536
|
|
|
29,587
|
|
|
83,530
|
|
|
88,290
|
|
Engineering and
technical support
|
|
9,459
|
|
|
9,103
|
|
|
26,190
|
|
|
27,579
|
|
Intangible asset
impairment charges
|
|
—
|
|
|
—
|
|
|
6,210
|
|
|
—
|
|
Acquisition
costs
|
|
800
|
|
|
—
|
|
|
800
|
|
|
—
|
|
Total operating
expenses
|
|
52,259
|
|
|
52,313
|
|
|
152,912
|
|
|
157,098
|
|
Operating income
(loss)
|
|
3,584
|
|
|
16,644
|
|
|
(4,051)
|
|
|
17,316
|
|
Other income
(expense):
|
|
|
|
|
|
|
|
|
Interest and bank
charges
|
|
(1,772)
|
|
|
(1,825)
|
|
|
(4,964)
|
|
|
(5,010)
|
|
Equity in income of
equity investees
|
|
1,927
|
|
|
1,245
|
|
|
5,002
|
|
|
4,631
|
|
Venezuela currency
devaluation, net
|
|
—
|
|
|
—
|
|
|
(34)
|
|
|
(6,232)
|
|
Gain on bargain
purchase
|
|
4,679
|
|
|
—
|
|
|
4,679
|
|
|
—
|
|
Other, net
|
|
636
|
|
|
142
|
|
|
1,137
|
|
|
1,416
|
|
Total other income
(expense), net
|
|
5,470
|
|
|
(438)
|
|
|
5,820
|
|
|
(5,195)
|
|
Income before income
taxes
|
|
9,054
|
|
|
16,206
|
|
|
1,769
|
|
|
12,121
|
|
Income tax expense
(benefit)
|
|
2,968
|
|
|
584
|
|
|
791
|
|
|
(1,308)
|
|
Net income
|
|
$
|
6,086
|
|
|
$
|
15,622
|
|
|
$
|
978
|
|
|
$
|
13,429
|
|
Less: net loss
attributable to non-controlling interest
|
|
(1,691)
|
|
|
—
|
|
|
(1,691)
|
|
|
—
|
|
Net income
attributable to Voxx International Corporation
|
|
$
|
7,777
|
|
|
$
|
15,622
|
|
|
$
|
2,669
|
|
|
$
|
13,429
|
|
Other comprehensive
loss:
|
|
|
|
|
|
|
|
|
Foreign currency
translation adjustments
|
|
(7,993)
|
|
|
(8,342)
|
|
|
(9,026)
|
|
|
(15,783)
|
|
Derivatives
designated for hedging
|
|
(32)
|
|
|
578
|
|
|
(1,673)
|
|
|
1,529
|
|
Pension plan
adjustments
|
|
155
|
|
|
64
|
|
|
154
|
|
|
124
|
|
Unrealized holding
loss on available-for-sale investment securities arising during the
period, net of tax
|
|
5
|
|
|
5
|
|
|
1
|
|
|
7
|
|
Other comprehensive
loss, net of tax
|
|
(7,865)
|
|
|
(7,695)
|
|
|
(10,544)
|
|
|
(14,123)
|
|
Comprehensive (loss)
income attributable to Voxx International Corporation
|
|
$
|
(88)
|
|
|
$
|
7,927
|
|
|
$
|
(7,875)
|
|
|
$
|
(694)
|
|
Net income per common
share attributable to Voxx International Corporation
(basic)
|
|
$
|
0.32
|
|
|
$
|
0.64
|
|
|
$
|
0.11
|
|
|
$
|
0.55
|
|
Net income per common
share attributable to Voxx International Corporation
(diluted)
|
|
$
|
0.32
|
|
|
$
|
0.64
|
|
|
$
|
0.11
|
|
|
$
|
0.55
|
|
Weighted-average
common shares outstanding (basic)
|
|
24,183,791
|
|
|
24,322,307
|
|
|
24,177,061
|
|
|
24,396,987
|
|
Weighted-average
common shares outstanding (diluted)
|
|
24,219,555
|
|
|
24,340,534
|
|
|
24,211,651
|
|
|
24,418,298
|
|
|
|
|
|
|
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,
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Net income
(loss)
|
|
$
|
7,777
|
|
|
$
|
15,622
|
|
|
$
|
2,669
|
|
|
$
|
13,429
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
Interest expense and
bank charges
|
|
1,772
|
|
|
1,825
|
|
|
4,964
|
|
|
5,010
|
|
Depreciation and
amortization
|
|
4,302
|
|
|
4,189
|
|
|
11,356
|
|
|
12,189
|
|
Income tax expense
(benefit)
|
|
2,968
|
|
|
584
|
|
|
791
|
|
|
(1,308)
|
|
EBITDA
|
|
16,819
|
|
|
22,220
|
|
|
19,780
|
|
|
29,320
|
|
Stock-based
compensation
|
|
199
|
|
|
140
|
|
|
686
|
|
|
291
|
|
Venezuela bond
remeasurement
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6,702
|
|
Intangible asset
impairment charges
|
|
—
|
|
|
—
|
|
|
6,210
|
|
|
—
|
|
Gain on bargain
purchase
|
|
(4,679)
|
|
|
—
|
|
|
(4,679)
|
|
|
—
|
|
Acquisition
costs
|
|
800
|
|
|
—
|
|
|
800
|
|
|
—
|
|
Adjusted
EBITDA
|
|
$
|
13,139
|
|
|
$
|
22,360
|
|
|
$
|
22,797
|
|
|
$
|
36,313
|
|
Diluted earnings
(loss) per common share
|
|
$
|
0.32
|
|
|
$
|
0.64
|
|
|
$
|
0.11
|
|
|
$
|
0.55
|
|
Diluted adjusted
EBITDA per common share
|
|
$
|
0.54
|
|
|
$
|
0.92
|
|
|
$
|
0.94
|
|
|
$
|
1.49
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/voxx-international-corporation-reports-its-fiscal-2016-third-quarter-and-nine-month-financial-results-300202587.html
SOURCE VOXX International Corporation