Rockford Corp. reported a rise in net income for Q3 to $1.2 million, up from $0.7 million during the same period a year ago.
Net sales for the quarter ended September 30, dropped slightly by less than 1 percent to $14.2 million, compared to $14.3 million a year ago. The shortfall was primarily due to lower OEM royalty revenue.
Year to-date, (for the 9 month period) Rockford net income is $4.2 million compared to $2.5 million a year ago. Net sales are up by 12.3 percent to $47.8 million.
“All of our distribution channels remain stable and have shown growth year to date,” said said CEO/president Bill Jackson. “The US market continues to be bumpy. Several dealers and distributors have reported improving retail trends, but a lack of floor traffic and fears about general consumer confidence are an ongoing concern. Our gross margins have improved and our expenses are in line with our plan,” he said.
Rockford amplifiers are performing well in all channels, Jackson said. “Response to the new Punch woofer line has been very strong. Our Renegade, Lightning Audio and Brax/Helix brands continue to gain new dealers every month. Our OEM business remains stable and our Japanese based partners have returned to normal production after the earthquake and tsunami that reduced their operations in the second quarter.”
OEM royalty revenue for the nine months was $2 million compared to $2.2 million for the same period in 2010.
Source: Rockford Corp.
