HAUPPAUGE, N.Y., May 15, 2017 /PRNewswire/ -- VOXX International
Corporation (NASDAQ: VOXX), today announced financial results for
its Fiscal 2017 fourth quarter and year-ended February 28, 2017.
- Fiscal 2017 Q4 operating income of $0.4 million, a year-over-year increase of
$8.0 million
- Fiscal 2017 Q4 EBITDA of $8.0
million, a year-over-year increase of $9.0 million
- Fiscal 2017 operating loss of $0.2
million, a year-over-year improvement of $11.4 million
- Fiscal 2017 EBITDA of $30.1
million, a year-over-year improvement of $11.3 million
- Company anticipates top- and bottom-line improvements in
Fiscal 2018
Commenting on the Company's performance, Pat Lavelle, President and CEO of VOXX
International stated, "We had several positive developments
throughout our business segments in Fiscal 2017 and the
transformation of our Premium Audio segment was perhaps the biggest
story. We generated growth of 18.7% and improved
profitability within the Premium Audio segment and we continued to
win large, multi-year awards in our Automotive Segment, which have
us positioned for growth in Fiscal 2018. While Consumer
Accessories segment revenues declined year-over-year, the majority
of the decline was in our fourth quarter. We have a number of
new products, partnerships and added distribution within Consumer
Accessories, both domestically and abroad, which gives us
confidence in our ability to grow this segment in the coming
year. All in all, we posted an $11.4
million improvement in operating income and an $11.3 million improvement in EBITDA."
Lavelle continued, "Throughout the year, we set in motion a
series of events to streamline operations and leverage synergies
within our organization. These efforts, along with
improvements in our supply chain led to a gross margin improvement
in Fiscal 2017 of 90 basis points and a reduction in operating
expenses of $5.6 million.
Additionally, we focused R&D investment dollars on next
generation products, particularly within our Premium Audio and
Automotive segments. We have seen some of the results in our
Fiscal 2017 financial performance and expect Fiscal 2018 will build
on the momentum. Our foundation is stronger, as are our
offerings, and we believe VOXX is positioned well to generate
further top- and bottom-line improvements."
Fiscal Fourth Quarter Comparisons (for the periods ended
February 28, 2017 and February 29, 2016)
Net sales for the Fiscal 2017 fourth quarter were $167.4 million, compared to $169.7 million reported in the comparable
year-ago period, a decline of $2.3
million or 1.4%.
- Automotive segment sales were $85.6
million as compared to $84.8
million, an increase of $0.8
million or 1.0%. The increase was primarily related to
higher automotive OEM sales.
- Premium Audio segment sales were $43.0
million as compared to $36.2
million, an increase of $6.8
million or 18.6%. The year-over-year increase was
driven by higher sales across the majority of product lines,
particularly new products introduced throughout Fiscal 2017.
- Consumer Accessories segment sales were $38.8 million as compared to $48.6 million, a decline of $9.7 million or 20.1%. The sales decline
was primarily related to higher sales of outdoor wireless speakers
in the Fiscal 2016 fourth quarter, due to strong load-ins which did
not repeat in the same volume, as well as lower sales of reception
products, remotes and other categories. These declines were
partially offset by higher sales of Project Nursery and digital
audio product lines.
The gross margin for the Fiscal 2017 fourth quarter came in at
30.3% as compared to 27.6% for the same period last year, an
increase of 270 basis points. Driving this improvement were
higher gross margins in the Automotive segment.
Operating expenses for the Fiscal 2017 fourth quarter were
$50.3 million as compared to
$54.3 million in the Fiscal 2016
fourth quarter, a reduction of $4.1
million or 7.5%. Included in the Fiscal 2016 fourth quarter
operating expenses are impairment charges of $2.9 million that did not repeat in Fiscal
2017. The remaining decline is primarily due to lower labor
costs, including a reduction in research and development expenses
and a modest decline in selling expenses.
The Company reported operating income of $0.4 million in its Fiscal 2017 fourth quarter as
compared to an operating loss of $7.5
million in the comparable year-ago period. The
$8.0 million year-over-year
improvement was driven by higher gross margins and lower total
operating expenses, as noted above. Net loss attributable to
VOXX International Corporation for the Fiscal 2017 fourth quarter
was $0.1 million or $0.00 per basic and diluted share, as compared to
a net loss attributable to VOXX International Corporation of
$5.4 million or a loss of
$0.22 per basic and diluted share in
the Fiscal 2016 fourth quarter.
Earnings before interest, taxes, depreciation and amortization
("EBITDA") for the Fiscal 2017 fourth quarter was $8.0 million as compared to an EBITDA loss of
$1.0 million reported in the Fiscal
2016 fourth quarter, an improvement of $9.0
million. Adjusted EBITDA was $8.1 million as compared to Adjusted EBITDA of
$2.0 million for the comparable
Fiscal 2017 and 2016 fourth quarter periods, representing an
increase of $6.1 million.
FY17 vs. FY16 Comparisons (for the twelve-months ended
February 28, 2017 and February 29, 2016)
Fiscal 2017 net sales were $681.0
million compared to $680.7
million reported in the comparable year-ago period, an
increase of $0.3 million.
- Automotive segment sales were $337.2
million as compared to $351.7
million, a decline of $14.4
million or 4.1%. Aftermarket product sales declined
year-over-year and a portion of this was due to the sale and
subsequent licensing of all Jensen Mobile inventory.
Offsetting this decline were higher Automotive OEM sales, driven by
higher tuner sales internationally, as a result of new OEM programs
beginning in Fiscal 2017.
- Premium Audio segment sales were $166.8
million as compared to $140.5
million, an increase of $26.3
million or 18.7%. The year-over-year increase was
driven by several new product introductions, including various
lines of HD wireless desktop and bookshelf size speakers, wireless
sound bars, multi-room streaming audio systems and
headphones. Additionally, the Company saw increases in sales
of its existing lines of home entertainment speakers and commercial
speakers. These increases were partially offset by lower
European sales as a result of a slower market overseas.
- Consumer Accessories segment sales were $176.2 million as compared to $187.3 million, a decline of $11.1 million or 5.9%. The majority of the
decline was in the Company's fourth fiscal quarter, due to
unfavorable comparisons related to stronger Fiscal 2016 product
load-ins and spring orders that were delayed. Additionally,
the Company saw year-over-year declines across select product
categories domestically, including wireless speakers, reception
products and remotes. This was partially offset by higher
sales of Project Nursery baby monitors, the 360Fly® Action Camera,
and higher international sales related to the roll-out of an
upgrade to the digital broadcasting platform in Europe.
The gross margin for Fiscal 2017 was 29.6% as compared to 28.7%
for Fiscal 2016, an increase of 90 basis points. Automotive
segment gross margins were 30.9%, an increase of 150 basis points;
Premium Audio segment gross margins were 33.0%, a decline of 20
basis points; and Consumer Accessories segment gross margins were
23.6%, a decline of 70 basis points.
Operating expenses in Fiscal 2017 were $201.7 million compared to $207.3 million in Fiscal 2016, a reduction of
$5.6 million. Selling, general
and administrative expenses of $156.1
million declined by $3.8
million or 2.4%, due to continued cost control measures
throughout the Company. Engineering and technical support
expenses of $45.6 million increased
by $8.1 million year-over-year, as
the Company continued to invest in Research & Development to
support various Automotive OEM projects and new product launches
within the Premium Audio segment. Additionally, Fiscal 2016
included $9.1 million of intangible
asset impairment charges related to certain trademarks of the
Company and $0.8 million of
acquisition-related costs that did not repeat in the current
year.
The Company reported an operating loss in Fiscal 2017 of
$0.2 million as compared to an
operating loss of $11.6 million in
Fiscal 2016, a year-over-year improvement of $11.4 million. The Company reported net
income attributable to VOXX International Corporation of
$4.4 million or net income per basic
and diluted share of $0.18 in Fiscal
2017. This compares to a net loss attributable to VOXX
International Corporation of $2.7
million or a loss per basic and diluted share of
$0.11 in Fiscal 2016.
EBITDA for Fiscal 2017 was $30.1
million as compared to EBITDA of $18.8 million reported in Fiscal 2016, an
improvement of $11.3 million.
Adjusted EBITDA was $30.9 and
$24.8 million for the comparable
Fiscal 2017 and 2016 years, an improvement of $6.0 million.
Non-GAAP Measures
EBITDA, Adjusted EBITDA and Diluted Adjusted EBITDA per common
share are not financial measures recognized by GAAP. EBITDA
represents net income (loss), computed in accordance with GAAP,
before interest expense and bank charges, taxes, and depreciation
and amortization. Adjusted EBITDA represents EBITDA adjusted for
stock-based compensation expense, impairment charges, certain
foreign currency remeasurements, restructuring charges, as well as
costs and bargain purchase gains relating to our acquisitions.
Depreciation, amortization, stock-based compensation, bargain gains
and impairment charges are non-cash items. Diluted Adjusted EBITDA
per common share represents the Company's diluted earnings per
common share based on Adjusted EBITDA.
We present EBITDA, Adjusted EBITDA and Diluted Adjusted EBITDA
per common share in this Form 10-K 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 certain costs
or gains relating to non-recurring events 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. EBITDA, Adjusted EBITDA and Diluted Adjusted EBITDA per
common share should not be assessed in isolation from, 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 16, 2017 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: 12837314).
About VOXX International Corporation
VOXX International Corporation (NASDAQ: VOXX) has grown into a
worldwide leader in Automotive, Consumer Electronics, Consumer
Accessories and Premium 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 Company's brands are Klipsch®, RCA®, Invision®,
Jensen®, Audiovox®, Terk®, Acoustic Research®, Advent®, Code
Alarm®, Car Connection®, 808®, AR for Her®, Prestige®, EyeLock,
Hirschmann Car Communication®, 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,
2017.
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 28, 2017 and February 29,
2016
(In thousands, except share
data)
|
|
|
February 28,
2017
|
|
February 29,
2016
|
|
Assets
|
|
|
|
|
Current
assets:
|
|
|
|
|
Cash and cash
equivalents
|
$
|
7,800
|
|
|
$
|
11,767
|
|
|
Accounts receivable,
net
|
90,641
|
|
|
87,055
|
|
|
Inventory,
net
|
153,053
|
|
|
144,028
|
|
|
Receivables from
vendors
|
665
|
|
|
2,519
|
|
|
Prepaid expenses and
other current assets
|
19,593
|
|
|
17,256
|
|
|
Income tax
receivable
|
1,596
|
|
|
1,426
|
|
|
Total current
assets
|
273,348
|
|
|
264,051
|
|
|
Investment
securities
|
10,388
|
|
|
10,206
|
|
|
Equity
investments
|
21,926
|
|
|
21,949
|
|
|
Property, plant and
equipment, net
|
81,601
|
|
|
79,422
|
|
|
Goodwill
|
103,212
|
|
|
104,349
|
|
|
Intangible assets,
net
|
176,289
|
|
|
185,022
|
|
|
Deferred income
taxes
|
23
|
|
|
23
|
|
|
Other
assets
|
1,699
|
|
|
2,168
|
|
|
Total
assets
|
$
|
668,486
|
|
|
$
|
667,190
|
|
|
Liabilities and
Stockholders' Equity
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Accounts
payable
|
$
|
61,143
|
|
|
$
|
55,790
|
|
|
Accrued expenses and
other current liabilities
|
42,476
|
|
|
50,748
|
|
|
Income taxes
payable
|
3,077
|
|
|
4,081
|
|
|
Accrued sales
incentives
|
13,154
|
|
|
12,439
|
|
|
Current portion of
long-term debt
|
10,217
|
|
|
8,826
|
|
|
Total current
liabilities
|
130,067
|
|
|
131,884
|
|
|
Long-term debt, net
of debt issuance costs
|
97,747
|
|
|
88,169
|
|
|
Capital lease
obligation
|
1,400
|
|
|
1,381
|
|
|
Deferred
compensation
|
4,224
|
|
|
4,011
|
|
|
Deferred tax
liabilities
|
30,155
|
|
|
30,374
|
|
|
Other tax
liabilities
|
3,194
|
|
|
4,997
|
|
|
Other long-term
liabilities
|
10,384
|
|
|
10,480
|
|
|
Total
liabilities
|
277,171
|
|
|
271,296
|
|
|
Commitments and
contingencies
|
|
|
|
|
Stockholders'
equity:
|
|
|
|
|
Preferred
stock:
|
|
|
|
|
No shares issued or
outstanding (see Note 10)
|
—
|
|
|
—
|
|
|
Common
stock:
|
|
|
|
|
Class A, $.01 par
value; 60,000,000 shares authorized, 24,067,444 shares issued and
21,899,370 shares outstanding at both February 28, 2017 and
February 29, 2016
|
256
|
|
|
256
|
|
|
Class B Convertible,
$.01 par value, 10,000,000 shares authorized, 2,260,954 shares
issued and outstanding
|
22
|
|
|
22
|
|
|
Paid-in
capital
|
295,432
|
|
|
294,038
|
|
|
Retained
earnings
|
159,369
|
|
|
154,947
|
|
|
Non-controlling
interest
|
1,310
|
|
|
8,524
|
|
|
Accumulated other
comprehensive loss
|
(43,898)
|
|
|
(40,717)
|
|
|
Treasury stock, at
cost, 2,168,074 shares of Class A Common Stock at both February 28,
2017 and February 29, 2016
|
(21,176)
|
|
|
(21,176)
|
|
|
Total stockholders'
equity
|
391,315
|
|
|
395,894
|
|
|
Total liabilities and
stockholders' equity
|
$
|
668,486
|
|
|
$
|
667,190
|
|
|
VOXX International
Corporation and Subsidiaries
Consolidated Statements of
Operations and Comprehensive Income (Loss)
Years Ended
February 28, 2017, February 29, 2016 and
February 28, 2015
(In thousands, except share
and per share data)
|
|
|
Year
Ended
|
|
Year
Ended
|
|
Year
Ended
|
|
February 28,
2017
|
|
February 29,
2016
|
|
February 28,
2015
|
|
Net sales
|
$
|
681,042
|
|
|
$
|
680,746
|
|
|
$
|
757,498
|
|
|
Cost of
sales
|
479,527
|
|
|
485,061
|
|
|
533,628
|
|
|
Gross
profit
|
201,515
|
|
|
195,685
|
|
|
223,870
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
Selling
|
48,205
|
|
|
48,513
|
|
|
54,136
|
|
|
General and
administrative
|
107,882
|
|
|
111,382
|
|
|
114,849
|
|
|
Engineering and
technical support
|
45,600
|
|
|
37,490
|
|
|
37,157
|
|
|
Intangible asset
impairment charges
|
—
|
|
|
9,070
|
|
|
—
|
|
|
Restructuring
expense
|
—
|
|
|
—
|
|
|
1,134
|
|
|
Acquisition related
costs
|
—
|
|
|
800
|
|
|
—
|
|
|
Total operating
expenses
|
201,687
|
|
|
207,255
|
|
|
207,276
|
|
|
|
|
|
|
|
|
Operating (loss)
income
|
(172)
|
|
|
(11,570)
|
|
|
16,594
|
|
|
|
|
|
|
|
|
Other (expense)
income:
|
|
|
|
|
|
|
Interest and bank
charges
|
(7,488)
|
|
|
(8,075)
|
|
|
(6,851)
|
|
|
Equity in income of
equity investee
|
6,797
|
|
|
6,538
|
|
|
5,866
|
|
|
Venezuela currency
devaluation, net
|
(8)
|
|
|
(2)
|
|
|
(7,104)
|
|
|
Impairment of
Venezuela investment properties (see Note 1(p))
|
—
|
|
|
—
|
|
|
(9,304)
|
|
|
Gain on bargain
purchase
|
—
|
|
|
4,679
|
|
|
—
|
|
|
Other, net
|
(572)
|
|
|
632
|
|
|
1,495
|
|
|
Total other (expense)
income, net
|
(1,271)
|
|
|
3,772
|
|
|
(15,898)
|
|
|
|
|
|
|
|
|
(Loss) income before
income taxes
|
(1,443)
|
|
|
(7,798)
|
|
|
696
|
|
|
Income tax expense
(benefit)
|
1,759
|
|
|
(1,735)
|
|
|
1,638
|
|
|
Net loss
|
$
|
(3,202)
|
|
|
$
|
(6,063)
|
|
|
$
|
(942)
|
|
|
Less: net loss
attributable to non-controlling interest
|
(7,624)
|
|
|
(3,381)
|
|
|
—
|
|
|
Net income (loss)
attributable to Voxx International Corporation
|
$
|
4,422
|
|
|
$
|
(2,682)
|
|
|
$
|
(942)
|
|
|
|
|
|
|
|
|
Other comprehensive
(loss) income:
|
|
|
|
|
|
|
Foreign currency
translation adjustments
|
(3,194)
|
|
|
(5,702)
|
|
|
(33,170)
|
|
|
Derivatives
designated for hedging, net of tax
|
210
|
|
|
(2,440)
|
|
|
3,258
|
|
|
Pension plan
adjustments, net of tax
|
(180)
|
|
|
640
|
|
|
(1,423)
|
|
|
Unrealized holding
(loss) gain on available-for-sale investment securities arising
during the period, net of tax
|
(17)
|
|
|
20
|
|
|
(27)
|
|
|
Other comprehensive
loss, net of tax
|
(3,181)
|
|
|
(7,482)
|
|
|
(31,362)
|
|
|
Comprehensive income
(loss) attributable to Voxx International Corporation
|
$
|
1,241
|
|
|
$
|
(10,164)
|
|
|
$
|
(32,304)
|
|
|
|
|
|
|
|
|
Net income (loss) per
common share attributable to Voxx International Corporation -
basic
|
$
|
0.18
|
|
|
$
|
(0.11)
|
|
|
$
|
(0.04)
|
|
|
|
|
|
|
|
|
Net income (loss) per
common share attributable to Voxx International Corporation -
diluted
|
$
|
0.18
|
|
|
$
|
(0.11)
|
|
|
$
|
(0.04)
|
|
|
|
|
|
|
|
|
Weighted-average
common shares outstanding (basic)
|
24,160,324
|
|
|
24,172,710
|
|
|
24,330,361
|
|
|
Weighted-average
common shares outstanding (diluted)
|
24,240,310
|
|
|
24,172,710
|
|
|
24,330,361
|
|
|
VOXX International
Corporation and Subsidiaries
Consolidated Statements of
Operations and Comprehensive Income (Loss)
Three Months Ended February 28, 2017 and February 29,
2016
(In thousands, except share and per share
data)
|
|
|
|
|
|
|
Three Months
Ended
|
|
Three Months
Ended
|
|
|
|
February 28,
2017
|
|
February 29,
2016
|
|
|
|
Net sales
|
$
|
167,387
|
|
|
$
|
169,683
|
|
|
|
|
|
|
Cost of
sales
|
116,679
|
|
|
122,859
|
|
|
|
|
|
Gross
profit
|
50,708
|
|
|
46,824
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
Selling
|
12,005
|
|
|
12,331
|
|
|
|
|
|
General and
administrative
|
28,668
|
|
|
27,852
|
|
|
|
|
|
Engineering and
technical support
|
9,587
|
|
|
11,300
|
|
|
|
|
|
Intangible asset
impairment charges
|
—
|
|
|
2,860
|
|
|
|
|
|
Total operating
expenses
|
50,260
|
|
|
54,343
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
(loss)
|
448
|
|
|
(7,519)
|
|
|
|
|
|
|
|
|
|
|
|
Other (expense)
income:
|
|
|
|
|
|
|
Interest and bank
charges
|
(1,928)
|
|
|
(3,111)
|
|
|
|
|
|
Equity in income of
equity investee
|
1,513
|
|
|
1,536
|
|
|
|
|
|
Venezuela currency
devaluation, net
|
—
|
|
|
—
|
|
|
|
|
|
Other, net
|
(352)
|
|
|
(473)
|
|
|
|
|
|
Total other
(expenses) income, net
|
(767)
|
|
|
(2,048)
|
|
|
|
|
|
|
|
|
|
|
|
Loss from operations
before income taxes
|
(319)
|
|
|
(9,567)
|
|
|
|
|
|
Income tax expense
(benefit)
|
1,977
|
|
|
(2,526)
|
|
|
|
|
|
Net loss
|
$
|
(2,296)
|
|
|
$
|
(7,041)
|
|
|
|
|
|
|
Less: net loss
attributable to non-controlling interest
|
(2,206)
|
|
|
(1,690)
|
|
|
|
|
|
Net loss attributable
to Voxx International Corporation
|
$
|
(90)
|
|
|
$
|
(5,351)
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive
(loss) income:
|
|
|
|
|
|
|
Foreign currency
translation adjustments
|
(26)
|
|
|
3,324
|
|
|
|
|
|
Derivatives
designated for hedging, net of tax
|
(30)
|
|
|
(767)
|
|
|
|
|
|
Pension plan
adjustments, net of tax
|
(224)
|
|
|
486
|
|
|
|
|
|
Unrealized holding
gain (loss) on available-for-sale investment securities arising
during the period, net of tax
|
(13)
|
|
|
19
|
|
|
|
|
|
Other comprehensive
(loss) income, net of tax
|
(293)
|
|
|
3,062
|
|
|
|
|
|
Comprehensive loss
attributable to Voxx International Corporation
|
$
|
(383)
|
|
|
$
|
(2,289)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per
common share (basic) attributable to Voxx International
Corporation
|
$
|
0.00
|
|
|
$
|
(0.22)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per
common share (diluted) attributable to Voxx International
Corporation
|
$
|
0.00
|
|
|
$
|
(0.22)
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average
common shares outstanding (basic)
|
24,160,324
|
|
|
24,159,419
|
|
|
|
|
|
Weighted-average
common shares outstanding (diluted)
|
24,160,324
|
|
|
24,159,419
|
|
|
|
|
|
VOXX International
Corporation and Subsidiaries
Reconciliation of GAAP Net
Income to EBITDA, Adjusted EBITDA and Diluted Adjusted EBITDA per
Common Share
(In thousands, except share and per share
data)
|
|
|
|
Fiscal
|
|
Fiscal
|
|
Fiscal
|
|
|
2017
|
|
2016
|
|
2015
|
|
Net income (loss)
attributable to VOXX International Corporation
|
|
$
|
4,422
|
|
|
$
|
(2,682)
|
|
|
$
|
(942)
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
Interest expense and
bank charges (1)
|
|
6,860
|
|
|
7,960
|
|
|
6,851
|
|
|
Depreciation and
amortization (1)
|
|
17,064
|
|
|
15,228
|
|
|
15,565
|
|
|
Income tax expense
(benefit)
|
|
1,759
|
|
|
(1,735)
|
|
|
1,638
|
|
|
EBITDA
|
|
30,105
|
|
|
18,771
|
|
|
23,112
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
Stock-based compensation
attributable to stock options and
restricted
stock
|
|
753
|
|
|
859
|
|
|
521
|
|
|
Venezuela bond
remeasurement
|
|
—
|
|
|
—
|
|
|
7,396
|
|
|
Impairment of investment
properties in Venezuela
|
|
—
|
|
|
—
|
|
|
9,304
|
|
|
Restructuring
charges
|
|
—
|
|
|
—
|
|
|
1,134
|
|
|
Intangible asset impairment
charges
|
|
—
|
|
|
9,070
|
|
|
—
|
|
|
Acquisition related
costs
|
|
—
|
|
|
800
|
|
|
—
|
|
|
Gain on bargain
purchase
|
|
—
|
|
|
(4,679)
|
|
|
—
|
|
|
Adjusted
EBITDA
|
|
$
|
30,858
|
|
|
$
|
24,821
|
|
|
$
|
41,467
|
|
|
Diluted income (loss)
per common share
|
|
$
|
0.18
|
|
|
$
|
(0.11)
|
|
|
$
|
(0.04)
|
|
|
Diluted adjusted
EBITDA per common share
|
|
$
|
1.27
|
|
|
$
|
1.03
|
|
|
$
|
1.70
|
|
|
|
(1) For purposes of
calculating Adjusted EBITDA for the Company, interest expense, bank
charges, as well as depreciation and amortization expense added
back to net income (loss) have been adjusted in order to exclude
the minority interest portion of these expenses attributable to
EyeLock LLC.
|
|
VOXX International
Corporation and Subsidiaries
Reconciliation of GAAP Net
Income to EBITDA, Adjusted EBITDA and Diluted Adjusted EBITDA per
Common Share
(In thousands, except share and per share
data)
|
|
|
|
|
|
|
|
Three Months Ended
February 28, 2017
|
|
Three Months Ended
February 29, 2016
|
|
|
|
|
Net loss attributable
to VOXX International Corporation
|
|
$
(90)
|
|
|
$
|
(5,351))
|
|
|
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
Interest expense and
bank charges (1)
|
|
1,726
|
|
|
2,996
|
|
|
|
|
|
Depreciation and
amortization (1)
|
|
4,349
|
|
|
3,872
|
|
|
|
|
|
Income tax
benefit
|
|
1,977
|
|
|
(2,526)
|
|
|
|
|
|
EBITDA
|
|
7,962
|
|
|
(1,009)
|
|
|
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation attributable to stock options and
restricted stock
|
|
185
|
|
|
173
|
|
|
|
|
|
Intangible asset impairment charges
|
|
—
|
|
|
2,860
|
|
|
|
|
|
Adjusted
EBITDA
|
|
$
|
8,147
|
|
|
$
|
2,024
|
|
|
|
|
|
|
|
Diluted income (loss)
earnings per common share
|
|
$
|
0.00
|
|
|
$
|
(0.22)
|
|
|
|
|
|
|
|
Diluted adjusted
EBITDA per common share
|
|
$
|
0.34
|
|
|
$
|
0.08
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) For purposes of
calculating Adjusted EBITDA for the Company, interest expense, bank
charges, as well as depreciation and amortization expense added
back to net income (loss) have been adjusted in order to exclude
the minority interest portion of these expenses attributable to
EyeLock LLC.
|
|
|
|
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/voxx-international-corporation-reports-its-fiscal-2017-fourth-quarter-and-year-end-financial-results-300457782.html
SOURCE VOXX International Corporation