VOXX International, parent of Audiovox Electronics, announced a sales increase of 18.2 percent for the recent year with net income essentially flat compared to a year ago.
Automotive sales rose 43.7 percent to $427.0 million for the year ended February 28 (fiscal 2013). The increase was due mainly to the addition of Hirschmann sales as well as an increase in OEM sales. During the year, VOXX launched new OEM programs with Ford and Nissan.
Sales of aftermarket car audio and satellite radio were down from the previous year.
Total net income for VOXX was $22.5 million compared to net income of $25.6 million a year ago.
President and CEO Pat Lavelle stated, “We had one of the most successful years in our Company’s history, despite the challenges we and most companies continue to experience given the struggling global markets. While our international operations were impacted, mostly in the Eurozone, domestically, we performed ahead of expectations…we are anticipating modest improvements in Fiscal 2014… I remain very optimistic with our market positions and outlook.”
Source: VOXX International