VOXX International Announces Earnings Results for the Third Quarter and Nine Months Ended November 30, 2014; Provides Earnings Guidance for the Fiscal Year 2015
January 08, 2015 at 09:52 pm
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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.
VOXX International Corporation is an international manufacturer and distributor in the automotive electronics, consumer electronics, and biometrics industries. The Company operates through three segments: Automotive Electronics, Consumer Electronics and Biometrics. The Automotive Electronics segment designs, manufactures, distributes and markets rear-seat entertainment devices, remote start systems, automotive security products and devices, vehicle access systems, mobile interface modules, mobile multimedia devices, and others. Consumer Electronics segment designs, manufactures, distributes and markets home theater systems, A/V receivers, premium loudspeakers, outdoor speakers, business music systems, streaming music systems, cinema speakers, architectural speakers, wireless and Bluetooth speakers and soundbars. Its Biometrics segment designs, markets and distributes iris identification and biometric security related products. The Company has a portfolio of approximately 35 brands.
VOXX International Announces Earnings Results for the Third Quarter and Nine Months Ended November 30, 2014; Provides Earnings Guidance for the Fiscal Year 2015