Audiovox Corp. reported higher sales and income for the full year ending February 28, but sales dropped in the fourth quarter of that period.
Sales for the full year rose in car security and mobile video as well as OEM products but they declined in satellite radio and FLO TV (now discontinued).
Full year net income edged up to $23 million, from $22.5 million compared to a year ago. Full year net sales increased 2 percent to $561.7 million, up from $550.7 million a year ago. Total electronics sales excluding accessories rose by $40 million to $415.2 million.
Audiovox expects sales next year to increase to $730 million due to its recent acquisition of Klipsch.
For Q4 ending February 28, net sales dropped by 7.6 percent while earnings more than doubled due to a tax benefit of $12.3 million compared to $1 million in the quarter a year ago.
Total sales were $138.9 million compared to $150.3 million for the same quarter a year ago. Net income was $17.4 million compared to $6.6 million a year ago, due to the tax benefit.
Sales of mobile audio declined during the quarter.
Source: Audiovox Corporation
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