Voxx International Corporation Announces Unaudited Consolidated Financial Results for the Third Quarter and Nine Months Ended November 30, 2020
January 11, 2021 at 09:01 pm
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VOXX International Corporation announced unaudited consolidated financial results for the third quarter and nine months ended November 30, 2020. Net sales in the Fiscal 2021 third quarter ended November 30, 2020 were $201.1 million, an increase of $91.0 million or 82.6%, as compared to $110.1 million in the Fiscal 2020 third quarter ended November 30, 2019. Operating income was $18,563,000 against $136,000 for the same period of last year. Net income was $17,440,000 against $1,367,000 for the same period of last year. Income per basic share attributable to the company was $0.75 against $0.10 for the same period of last year.
Net sales in the Fiscal 2021 nine-month period ended November 30, 2020 were $401.1 million, an increase of $107.3 million or 36.5%, as compared to $293.8 million in the Fiscal 2020 nine-month period ended November 30, 2019. Operating income was $19,379,000 against loss of $14,717,000 for the same period of last year. Net income was $14,890,000 against loss of $8,169,000 for the same period of last year. Income per basic share attributable to the company was $0.72 against loss of $0.19 for the same period of last year.
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.