Rockford Corp. noted it raised prices slightly last month, while announcing solid results for its second quarter ending June 30, 2011.
Citing strong sales in both aftermarket and OEM car audio products, Rockford said net income was $1.8 million compared to $1.1 million for Q2 a year ago.
Net sales rose 14.2 percent to $17 million compared to $14.9 million a year ago.
Regarding the price hike, CEO and president Bill Jackson said “Currency fluctuations and rising commodity prices continue to put pressure on the business and, in response, we announced a slight price increase at the end of the second quarter.”
Overall, Jackson said of the quarter, “All of our business and distribution channels contributed to the gain. Our specialist and international channels continue to perform well,”
“Several areas in the US are experiencing improved retail traffic, while others are still feeling the impact of the weak economy,” he added. “Gas prices appear to have stabilized and our retailers are beginning to take a more optimistic view. Gross margins have improved compared to last year and expenses are tracking to plan.”
Jackson also credited Rockford’s SoundLab demo vehicles with helping to boost sales.
The company said its OEM royalty revenue rose for the fiscal first half to $1.4 million, compared to $1.1 million a year ago.
See the full report here.
Source: Rockford Corporation
