Audiovox Electronics parent VOXX Corp. announced gains in sales of OEM and traditional car audio for fiscal 2012 ended in February.
The company recently reported an increase of nearly 5 percent in combined car audio, security and OEM sales for the fiscal year ended in February compared to a year earlier. OEM sales alone grew by 14.8 percent over the year earlier but were offset by a $20.8 million downturn in satellite radio/FLO TV fulfillment.
The satellite radio segment, however, is expected to see an increase this coming year, Pat Lavelle, VOXX President and CEO told analysts Tuesday.
VOXX also expects to be a key player in mobile DTV (digital TV for moving vehicles and portables) as the service begins to roll out more aggressively over the next 12 to 18 months. Through VOXX’s recent purchase of antenna maker Hirschmann, a leader in mobile DTV tuners, the company believes it will have “a first mover advantage” in the segment.
VOXX is now a company made up of about $500 million annually in car audio and OEM sales, $200 million in high end audio and $200 million in accessories, it told analysts Tuesday.
Net sales for the year reached $707.1 million, up almost 26 percent from a year ago. Net income for the year rose to $25.6 million from $23 million (but would have been slightly less than a year ago if not for a higher tax benefit this year).
Total electronics sales grew 35 percent to $561 million compared to $415.2 million a year ago. Accessories sales fell 0.3 percent to $146 million.
During the fiscal year, Klipsch, (purchased in March 2011) generated about $169.5 million in sales.
Audiovox said it expects sales to hit $900 million for fiscal 2013.
CEO Pat Lavelle noted, “Many of our core product lines are expected to grow organically this year and we see increased potential in the 2nd half of the year backed by new product introductions and new OEM programs.” These products include new car tracking systems launching with Sprint.