Audiovox Reports Strong Q1

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Audiovox reported solid gains in net income and sales citing strong sales of automotive products and its newly acquired Klipsch home audio brand.

Audiovox reports strong Q1Net income rose to $2.5 million for the quarter ended May 31, up from $1.1 million a year ago.

Net sales rose 27 percent to $165.3 million compared to $130.3 million a year ago.

Klipsch sales accounted for $35.1 million of the results.

Total electronics sales for Audiovox were up 40 percent, mainly due to the Klipsch acquisition in March but also due to increases in audio and video sales and gains in OEM, said the company. Sales were lower in satellite radio. Electronics sales totaled $132.3 million compared to $94.5 million a year ago.

Total accessories sales fell by 7.8 percent to $33 million, compared to $35.8 million a year ago.

Source: Audiovox Corp.

Photo: Audiovox’s Movies2Go

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