HAUPPAUGE, N.Y., Oct. 21, 2014 /PRNewswire/ -- VOXX
International Corporation (NASDAQ: VOXX), announced today that its
Board of Directors has reaffirmed its stock repurchase programs
originally authorized in May 1999 and
July 2006, and as a result the
Company plans to purchase up to $4.5
million of its Class A Common Stock over the next six
months, effective immediately. As of February 28, 2014, the remaining authorized share
repurchase balance pursuant to the Board authorized May 1999 and July
2006 programs was 1,738,243 shares of Class A Common
Stock.
Under the program, the shares will be repurchased from time to
time at prevailing market prices, through open market
purchases. The purchases will be funded from available
working capital funds and the repurchased shares will be held in
treasury. There is no guarantee as to the exact number of shares
that will be repurchased and VOXX may discontinue at management's
discretion and/or increase its purchases at any time that
management determines it is warranted and the Company's board
approves. Repurchased shares would be returned to the status
of authorized but un-issued shares of common stock. As of
October 17, 2014 VOXX had 22,172,968
shares of Class A Common Stock outstanding.
Commenting on the repurchase program, John Shalam, Chairman of the Board, stated,
"Growing our business and paying down debt remain top corporate
priorities, but we also believe our shares are currently
undervalued and repurchasing stock is not only a good investment
for our Company but underscores our commitment to enhancing
shareholder value. We remain steadfast in our belief that
despite some near-term headwinds that have impacted our results,
our Company is well-positioned, with significant opportunities to
grow organically, generate higher cash flow and improve bottom-line
performance in the years ahead."
About VOXX International Corporation
VOXX
International Corporation (NASDAQ:VOXX) was formed over 45 years
ago as Audiovox, and has grown into a worldwide leader in many
automotive and consumer electronics and accessories categories, as
well as premium high-end audio. Through its wholly-owned
subsidiaries, VOXX International proudly is recognized as the #1
premium loudspeaker company in the world, and has #1 market
positions in automotive video entertainment and remote starts,
digital TV tuners and digital antennas. The Company's brands
also hold #1 market share for TV remote controls and reception
products and leading market positions across a wide-spectrum of
other consumer and automotive segments.
Today, VOXX International Corporation is a global company, with
an extensive distribution network that includes power retailers,
mass merchandisers, 12-volt specialists and most of the world's
leading automotive manufacturers. The Company has an
international footprint in Europe,
Asia, Mexico and South
America, and a growing portfolio, which now comprises over
30 trusted brands. Among the key domestic brands are Klipsch®,
RCA®, Invision®, Jensen®, Audiovox®, Terk®, Acoustic Research®,
Advent®, Code Alarm®, CarLink®, 808®, AR for Her®, and Prestige®.
International brands include Hirschmann Car Communication®,
Klipsch®, Jamo®, Energy®, Mirage®, Mac Audio®, Magnat®, Heco®,
Schwaiger®, Oehlbach® and Incaar™. The Company continues to
drive innovation throughout all of its subsidiaries, and maintains
its commitment to exceeding the needs of the consumers it serves.
For additional information, please visit our Web site at
www.voxxintl.com.
Safe Harbor Statement
Except for historical
information contained herein, statements made in this release that
would constitute forward-looking statements may involve certain
risks and uncertainties. All forward-looking statements made in
this release are based on currently available information and the
Company assumes no responsibility to update any such
forward-looking statements. The following factors, among others,
may cause actual results to differ materially from the results
suggested in the forward-looking statements. The factors include,
but are not limited to risks that may result from changes in the
Company's business operations; our ability to keep pace with
technological advances; significant competition in the automotive,
premium audio and consumer accessories businesses; our
relationships with key suppliers and customers; quality and
consumer acceptance of newly introduced products; market
volatility; non-availability of product; excess inventory; price
and product competition; new product introductions; foreign
currency fluctuations and concerns regarding the European debt
crisis; restrictive debt covenants; the possibility that the review
of our prior filings by the SEC may result in changes to our
financial statements; and the possibility that stockholders or
regulatory authorities may initiate proceedings against VOXX
International Corporation and/or our officers and directors as a
result of any restatements. Risk factors associated with our
business, including some of the facts set forth herein, are
detailed in the Company's Form 10-K for the fiscal year ended
February 28, 2014.
Company Contact:
Glenn Wiener, President
GW Communications
Tel: 212-786-6011
Email: gwiener@GWCco.com
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SOURCE VOXX International Corporation