HAUPPAUGE, N.Y., Oct. 13, 2015 /PRNewswire/ -- VOXX
International Corporation (NASDAQ: VOXX), today announced financial
results for its Fiscal 2016 second quarter and six-months ended
August 31, 2015.
Net sales for the Fiscal 2016 second quarter were $154.2 million compared to $177.3 million reported in the comparable
year-ago period, a decline of $23.2
million or 13.1%. Approximately half of the decline
was related to foreign exchange as the Euro conversion accounted
for $11.3 million, with the remainder
primarily due to retail softness for select Premium Audio and
Consumer Accessories product lines. The average Euro in the
Fiscal 2016 second quarter was 1.11 as compared to 1.35 in the
comparable year ago period, a decline of approximately 18%.
|
Q2 2016
|
Q2 2015
|
Year-over-Year
$ Change
|
Q2 2016 vs. Q2
2015
(Euro
impact)
|
Total Net
Sales
|
$154.2
|
$177.3
|
($23.2)
|
($11.3)
|
Automotive
|
$84.3
|
$92.9
|
($8.6)
|
($8.4)
|
Premium
Audio
|
$30.2
|
$39.0
|
($8.7)
|
($1.4)
|
Consumer
Accessories
|
$39.1
|
$45.2
|
($6.1)
|
($1.5)
|
Corporate
|
$0.6
|
$0.2
|
-
|
-
|
- Automotive segment sales, excluding the impact of the Euro
conversion were essentially flat for the comparable periods.
The automotive OEM business was up year-over-year, though this
growth was offset by declines in the domestic
aftermarket.
- Premium Audio segment sales, excluding the impact of the Euro
conversion, were down $7.3 million,
driven primarily by lower domestic retail sales. Offsetting
the decline were higher sales in the Commercial installation
channel, which continues to increase given the Company's focus on
expanding in the professional and commercial installation
channel.
- Consumer Accessories segment sales, excluding the impact of the
Euro conversion, were down $4.6
million. The sales decline was primarily related to
lower sales of reception products and remote controls, offset by
continued growth in the Company's wireless and Bluetooth speaker
lines.
Pat Lavelle, President and CEO of
VOXX International, commented, "Our second quarter sales were
primarily impacted by the Euro translation and softness at retail
for some of our Premium Audio and Consumer Accessories product
lines. We had budgeted for most of this, though Premium Audio
sales came in below our forecast given increased competition and
pricing pressures in some of the retail categories we operate
in. Despite this, Klipsch continues to increase its domestic
market share and we are increasing our focus on expanding our
custom install and Professional business, which continues to grow
between 15-20% per year. Our Automotive business continues to
perform well and while sales were flat with the prior year,
excluding the Euro translation, we continue to win significant
multi-year contracts, which should drive growth in this
segment. Additionally, we have a number of new products
coming to market in the retail channel, and have begun shipment of
our 360fly action camera with a full launch at Best Buy on October
18th. We will soon begin delivering our nxT perimeter access
solution from EyeLock in the third quarter as well. Overall,
we are confident that the Company is positioned to drive organic
growth in future years, with new products and technologies coming
to market and several new channels being pursued."
The gross margin for the Fiscal 2016 second quarter came in at
29.2% as compared to 29.5% for the same period last year.
Automotive gross margins came in at 30.7% for the Fiscal 2016
second quarter as compared to 31.6% and the decline was primarily
driven by lower sales of higher margin remote starts and slightly
lower margins in the OEM business, given the timing of certain
contracts. Premium Audio gross margins were 32.6% as compared
to 28.4%, an increase of 420 basis points. This reflects the
Company's strategy to transition out of some of its older product
lines in Fiscal 2015 and higher margins associated with its new
product line-up. Consumer Accessories gross margins were
23.0% as compared to 25.7%, which primarily is related to a duty
refund recorded in the Fiscal 2015 second quarter. The Fiscal
2016 gross margins within Consumer Accessories are in line with
historical trends.
Operating expenses for the Fiscal 2016 second quarter, were
$51.8 million as compared to
operating expenses of $51.3 million
in the comparable year-ago period, an increase of $0.5 million or 1.0%. Fiscal 2016 operating
expenses include intangible asset impairment charges of
$6.2 million related to revalued
projections for the Company's Premium Audio segment.
Excluding these charges, operating expenses declined by
$5.7 million for the comparable
fiscal second quarter periods. Additionally, approximately
$3.8 million of the decline is
attributed to the Euro translation and the remainder is due
primarily to lower salary and related payroll expenses, occupancy
costs, advertising expense, and lower spending company-wide.
Offsetting the improvements in operating expenses were higher
salary expenses at Hirschmann as the Company continues to bring on
additional engineers to support its OEM programs and future
business.
The Company reported an operating loss of $6.9 million as compared to operating income of
$1.1 million in the Fiscal 2015
second quarter. Net loss for the Fiscal 2016 second quarter
was $4.4 million or a loss of
$0.18 per diluted share as compared
to a net loss of $2.7 million and a
net loss per diluted share of $0.11.
Earnings before interest, taxes, depreciation and amortization
("EBITDA") for the Fiscal 2016 second quarter was ($1.7) million as compared to EBITDA of
$1.0 million reported in the Fiscal
2015 second quarter. Adjusted EBITDA was $4.8 million as compared to $7.8 million for the comparable Fiscal 2016 and
2015 second quarter periods.
Pat Lavelle, President and CEO
continued, "Our sales came in approximately $5 million below our forecast of $158-$160 million and our gross margins were
in-line, however, lower sales in Premium Audio skewed our projected
mix which affected overall margins. Our overhead, excluding
the impairment charges, came in approximately $1.5 million higher than expected, though this
was due primarily to timing as anticipated NRE funds in the second
quarter were pushed back into the coming quarter. All in all,
the business is progressing as we anticipated and we have a number
of exciting programs and new product introductions on the horizon
which will position us well. The launch of 360fly should help
drive top-line sales, though the big push will be in Fiscal 2017 as
we increase production and expand distribution. And lastly,
our acquisition of a controlling stake in biometrics leader,
EyeLock, puts us in a great position to capitalize in a rapidly
expanding industry, as biometrics authentication continues to grow
in popularity -- for smart devices, laptops, enterprise-wide
applications and both logical and perimeter access security.
We look forward to providing investors with updates on our progress
in the coming quarters."
Six-Month Comparisons (for the six-month periods ended
August 31, 2015 and August 31, 2014)
Net sales for the Fiscal 2016 six-month period were $318.6 million compared to $364.2 million reported in the comparable
year-ago period, a decline of $45.7
million or 12.5%. More than half of the decline was
related to foreign exchange as the Euro conversion accounted for
$25.7 million, with the remainder
primarily due to softness at retail for select Premium Audio and
Consumer Accessories product lines. The average Euro in the
Fiscal 2016 six-month period was 1.10 as compared to 1.36 in the
comparable year ago period, representing an approximate 19%
decrease in value.
|
Six-Months
FY 2016
|
Six-Months
FY 2015
|
Year-over-Year
$ Change
|
Six Months 2016 vs.
Six Months 2015
(Euro
impact)
|
Total Net
Sales
|
$318.6
|
$364.2
|
($45.7)
|
($25.7)
|
Automotive
|
$174.3
|
$195.3
|
($21.0)
|
($19.0)
|
Premium
Audio
|
$59.5
|
$74.2
|
($14.6)
|
($3.3)
|
Consumer
Accessories
|
$83.9
|
$94.4
|
($10.5)
|
($3.4)
|
Corporate
|
$0.9
|
$0.3
|
-
|
-
|
- Automotive segment sales, excluding the impact of the Euro
conversion declined by approximately $2.0
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.
- Premium Audio segment sales, excluding the impact of the Euro
conversion, were down $11.3 million.
The decline was driven by softness at retail domestically.
While international sales in US dollars were down for the
comparable periods, Euro sales were up approximately $0.5 million. Additionally, similar to
quarter comparisons, the Company continued to show increases in its
Commercial installation business.
- Consumer Accessories segment sales, excluding the impact of the
Euro conversion, were down $7.1
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.
Additionally, the Company had lower sales of select product lines
and lower sales of tablets and portable DVDs as the Company
continues to phase out these products. These declines were offset
by increases in the sale of wireless and Bluetooth speakers, as
well as sales of the new Singtrix karaoke product launched in the
fourth quarter of Fiscal 2015.
The gross margin for the six-month period in Fiscal 2016 came in
at 29.2% as compared to 29.0% for the same period last year, an
increase of 20 basis points. Automotive gross margins came in
at 30.5% for the Fiscal 2016 six-month period as compared to 30.9%,
a decline of 40 basis points; Premium Audio gross margins were
32.3% as compared to 29.7%, an increase of 260 basis points; and
Consumer Accessories gross margins were 23.9% as compared to 24.1%,
a decline of 20 basis points.
Operating expenses for the Fiscal 2016 six-month period were
$100.7 million as compared to
operating expenses of $104.8 million
in the comparable year-ago period, a decrease of $4.1 million or 3.9%. Excluding the impact
of the intangible asset impairment charges of $6.2 million taken in the Fiscal 2016 second
quarter, operating expenses declined by $10.3 million for the comparable six-month
periods. Additionally, approximately $8.5 million of the decline is attributed to the
Euro translation and the remainder is due primarily to lower salary
and related payroll expenses, occupancy costs, advertising expense,
and lower spending company-wide. Offsetting the improvements
in operating expenses were higher salary expenses at Hirschmann as
the Company continues to bring on additional engineers to support
its OEM programs and future business.
The Company reported an operating loss of $7.6 million as compared to operating income of
$0.7 million in the Fiscal 2015
six-month period. Net loss for the Fiscal 2016 six-month
period was $5.1 million or a loss of
$0.21 per diluted share as compared
to a net loss of $2.2 million and a
net loss per diluted share of $0.09.
Earnings before interest, taxes, depreciation and amortization
("EBITDA") for the Fiscal 2016 six-month period was $3.0 million as compared to EBITDA of
$7.1 million reported in the
comparable Fiscal 2015 period. Adjusted EBITDA was
$9.7 million as compared to
$14.0 million for the comparable
Fiscal 2016 and 2015 six-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.
Mr. Lavelle concluded, "I have no doubt that biometrics will be
one of the primary authentication mechanisms for the Internet of
Things and overall access management and this acquisition
solidifies our position in an industry that is expected to grow to
over $20 billion over the next
4-5 years. In EyeLock, we have acquired the fastest and most
secure iris-authentication technology in the market which solves a
real and growing challenge for enterprises, corporations and
government agencies around the world. While EyeLock is still
a relatively new company, and it will take some time for us to
experience the anticipated growth, their technology is currently
deployed or being tested by some of the largest financial
institutions, laptop and smart device manufacturers and by
government. We've expanded beyond retail with new enterprise
and logical and perimeter access solutions and believe we'll be in
a position to announce some meaningful awards for our Company in
the coming quarters. This acquisition has the potential to be
a game-changer for VOXX and a key driver for shareholder value, and
we look forward to leveraging our relationships and bringing
EyeLock's full suite of products to the global markets."
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 Wednesday, October 14 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: 55484059). 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: 55484059).
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
Incaarâ„¢. 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)
|
|
|
|
August 31,
2015
|
|
February 28,
2015
|
Assets
|
|
(unaudited)
|
|
|
Current
assets:
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
8,450
|
|
|
$
|
8,448
|
|
Accounts receivable,
net
|
|
80,853
|
|
|
102,766
|
|
Inventory,
net
|
|
162,933
|
|
|
156,649
|
|
Receivables from
vendors
|
|
3,855
|
|
|
3,622
|
|
Investment
securities, current
|
|
—
|
|
|
275
|
|
Prepaid expenses and
other current assets
|
|
21,370
|
|
|
26,370
|
|
Income tax
receivable
|
|
2,169
|
|
|
1,862
|
|
Deferred income
taxes
|
|
1,669
|
|
|
1,723
|
|
Total current
assets
|
|
281,299
|
|
|
301,715
|
|
Investment
securities
|
|
13,299
|
|
|
12,413
|
|
Equity
investments
|
|
21,871
|
|
|
21,648
|
|
Property, plant and
equipment, net
|
|
76,344
|
|
|
69,783
|
|
Goodwill
|
|
105,898
|
|
|
105,874
|
|
Intangible assets,
net
|
|
149,282
|
|
|
158,455
|
|
Deferred income
taxes
|
|
675
|
|
|
717
|
|
Other
assets
|
|
11,291
|
|
|
6,908
|
|
Total
assets
|
|
$
|
659,959
|
|
|
$
|
677,513
|
|
Liabilities and
Stockholders' Equity
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Accounts
payable
|
|
$
|
57,045
|
|
|
$
|
71,403
|
|
Accrued expenses and
other current liabilities
|
|
46,885
|
|
|
51,744
|
|
Income taxes
payable
|
|
3,558
|
|
|
3,067
|
|
Accrued sales
incentives
|
|
14,011
|
|
|
14,097
|
|
Deferred income
taxes
|
|
487
|
|
|
1,060
|
|
Current portion of
long-term debt
|
|
11,549
|
|
|
6,032
|
|
Total current
liabilities
|
|
133,535
|
|
|
147,403
|
|
Long-term
debt
|
|
84,836
|
|
|
79,455
|
|
Capital lease
obligation
|
|
1,658
|
|
|
733
|
|
Deferred
compensation
|
|
4,254
|
|
|
4,650
|
|
Other tax
liabilities
|
|
5,143
|
|
|
5,157
|
|
Deferred tax
liabilities
|
|
31,359
|
|
|
34,327
|
|
Other long-term
liabilities
|
|
9,886
|
|
|
9,648
|
|
Total
liabilities
|
|
270,671
|
|
|
281,373
|
|
Commitments and
contingencies (see Note 20)
|
|
|
|
|
Stockholders'
equity:
|
|
|
|
|
Preferred
stock:
|
|
|
|
|
No shares issued or
outstanding (see Note 18)
|
|
—
|
|
|
—
|
|
Common
stock:
|
|
|
|
|
Class A, $.01 par
value; 60,000,000 shares authorized, 24,067,444 and 24,003,240
shares issued, 21,937,994 and 21,873,790 shares outstanding at
August 31, 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
|
|
293,361
|
|
|
292,427
|
|
Retained
earnings
|
|
152,521
|
|
|
157,629
|
|
Accumulated other
comprehensive loss
|
|
(35,914)
|
|
|
(33,235)
|
|
Treasury stock, at
cost, 2,129,450 shares of Class A Common Stock at August 31, 2015
and February 28, 2015
|
|
(20,958)
|
|
|
(20,958)
|
|
Total stockholders'
equity
|
|
389,288
|
|
|
396,140
|
|
Total liabilities and
stockholders' equity
|
|
$
|
659,959
|
|
|
$
|
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
August 31,
|
|
Six Months
Ended
August 31,
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Net sales
|
|
$
|
154,174
|
|
|
$
|
177,343
|
|
|
$
|
318,557
|
|
|
$
|
364,242
|
|
Cost of
sales
|
|
109,199
|
|
|
124,939
|
|
|
225,539
|
|
|
258,785
|
|
Gross
profit
|
|
44,975
|
|
|
52,404
|
|
|
93,018
|
|
|
105,457
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
Selling
|
|
10,680
|
|
|
13,010
|
|
|
23,718
|
|
|
27,606
|
|
General and
administrative
|
|
26,303
|
|
|
29,088
|
|
|
53,994
|
|
|
58,703
|
|
Engineering and
technical support
|
|
8,652
|
|
|
9,215
|
|
|
16,731
|
|
|
18,476
|
|
Intangible asset
impairment charges
|
|
6,210
|
|
|
—
|
|
|
6,210
|
|
|
—
|
|
Total operating
expenses
|
|
51,845
|
|
|
51,313
|
|
|
100,653
|
|
|
104,785
|
|
Operating (loss)
income
|
|
(6,870)
|
|
|
1,091
|
|
|
(7,635)
|
|
|
672
|
|
Other income
(expense):
|
|
|
|
|
|
|
|
|
Interest and bank
charges
|
|
(1,625)
|
|
|
(1,577)
|
|
|
(3,192)
|
|
|
(3,185)
|
|
Equity in income of
equity investees
|
|
1,457
|
|
|
1,455
|
|
|
3,075
|
|
|
3,386
|
|
Venezuela currency
devaluation, net
|
|
(1)
|
|
|
(6,334)
|
|
|
(34)
|
|
|
(6,232)
|
|
Other, net
|
|
192
|
|
|
723
|
|
|
501
|
|
|
1,274
|
|
Total other income
(expense), net
|
|
23
|
|
|
(5,733)
|
|
|
350
|
|
|
(4,757)
|
|
Loss before income
taxes
|
|
(6,847)
|
|
|
(4,642)
|
|
|
(7,285)
|
|
|
(4,085)
|
|
Income tax
benefit
|
|
(2,453)
|
|
|
(1,960)
|
|
|
(2,177)
|
|
|
(1,892)
|
|
Net loss
|
|
$
|
(4,394)
|
|
|
$
|
(2,682)
|
|
|
$
|
(5,108)
|
|
|
$
|
(2,193)
|
|
Other comprehensive
income (loss):
|
|
|
|
|
|
|
|
|
Foreign currency
translation adjustments
|
|
1,764
|
|
|
(7,000)
|
|
|
(1,033)
|
|
|
(7,441)
|
|
Derivatives
designated for hedging
|
|
(977)
|
|
|
311
|
|
|
(1,641)
|
|
|
951
|
|
Pension plan
adjustments
|
|
(53)
|
|
|
50
|
|
|
(1)
|
|
|
60
|
|
Unrealized holding
loss on available-for-sale investment securities arising during the
period, net of tax
|
|
—
|
|
|
2
|
|
|
(4)
|
|
|
2
|
|
Other comprehensive
income (loss), net of tax
|
|
734
|
|
|
(6,637)
|
|
|
(2,679)
|
|
|
(6,428)
|
|
Comprehensive
loss
|
|
$
|
(3,660)
|
|
|
$
|
(9,319)
|
|
|
$
|
(7,787)
|
|
|
$
|
(8,621)
|
|
|
|
|
|
|
|
|
|
|
Net loss per common
share (basic)
|
|
$
|
(0.18)
|
|
|
$
|
(0.11)
|
|
|
$
|
(0.21)
|
|
|
$
|
(0.09)
|
|
Net loss per common
share (diluted)
|
|
$
|
(0.18)
|
|
|
$
|
(0.11)
|
|
|
$
|
(0.21)
|
|
|
$
|
(0.09)
|
|
Weighted-average
common shares outstanding (basic)
|
|
24,193,606
|
|
|
24,433,922
|
|
|
24,173,733
|
|
|
24,433,922
|
|
Weighted-average
common shares outstanding (diluted)
|
|
24,193,606
|
|
|
24,433,922
|
|
|
24,173,733
|
|
|
24,433,922
|
|
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
August 31,
|
|
Six Months
Ended
August 31,
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Net loss
|
|
$
|
(4,394)
|
|
|
$
|
(2,682)
|
|
|
$
|
(5,108)
|
|
|
$
|
(2,193)
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
Interest expense and
bank charges
|
|
1,625
|
|
|
1,577
|
|
|
3,192
|
|
|
3,185
|
|
Depreciation and
amortization
|
|
3,558
|
|
|
4,067
|
|
|
7,055
|
|
|
8,000
|
|
Income tax
benefit
|
|
(2,453)
|
|
|
(1,960)
|
|
|
(2,177)
|
|
|
(1,892)
|
|
EBITDA
|
|
(1,664)
|
|
|
1,002
|
|
|
2,962
|
|
|
7,100
|
|
Stock-based
compensation
|
|
257
|
|
|
76
|
|
|
487
|
|
|
151
|
|
Venezuela bond
remeasurement
|
|
—
|
|
|
6,702
|
|
|
—
|
|
|
6,702
|
|
Intangible asset
impairment charges
|
|
6,210
|
|
|
—
|
|
|
6,210
|
|
|
—
|
|
Net
settlements
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Adjusted
EBITDA
|
|
$
|
4,803
|
|
|
$
|
7,780
|
|
|
$
|
9,659
|
|
|
$
|
13,953
|
|
Diluted (loss)
earnings per common share
|
|
$
|
(0.18)
|
|
|
$
|
(0.11)
|
|
|
$
|
(0.21)
|
|
|
$
|
(0.09)
|
|
Diluted adjusted
EBITDA per common share
|
|
$
|
0.20
|
|
|
$
|
0.32
|
|
|
$
|
0.40
|
|
|
$
|
0.57
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/voxx-international-corporation-reports-its-fiscal-2016-second-quarter-and-six-month-financial-results-300159033.html
SOURCE VOXX International Corporation