VOXX International announced earnings results for the third quarter and nine months ended November 30, 2014. For the third quarter, the company reported sales of $223.36 million compared to $245.81 million in the same period a year earlier. Earnings per share were $0.64 compared to $0.63 for the comparable quarter a year earlier. Operating income was $16.6 million for both periods. Reported net income was $15.6 million against $15.4 million. EBITDA was $22.2 million against $27.7 million a year ago. Adjusted EBITDA was $22.4 million against $23.5 million last year which included the unanticipated customer settlement of $4.3 million and minor adjustments related to stock-based compensation.

For the nine months, sales are down $18 million. Operating income was $17.3 million against $22.2 million a year ago. Net income was $13.4 million or $0.55 per diluted share against $22.4 million or $0.93 per diluted share a year ago. EBITDA was $29.3 million against $50.3 million a year ago and adjusted EBITDA was $36.3 million against $42.7 million a year ago.

For the fiscal year of 2015, the company expects sales to be approximately $760 million -$770 million, but with gross margins tracking closer to 30%. Free cash flow is expected to be $17.5 million.