Rockford announced its net income for the calendar year 2011 was $5.3 million, compared to $2.7 million for 2011.
CEO and President Bill Jackson said, “We are pleased with our 4th quarter and full year results for 2011. The overall car audio market was challenging in 2011. However, our brand portfolio performed quite well and we were able to show growth in all of our distribution channels.”
The company said it is successfully moving into new areas including audio products for motor sports vehicles. It has also reduced costs through lowering returns and reducing shipping expenses.
Rockford is also optimistic about Q1. It is forecasting that revenues will fall in the range of $20.5 million to $21.5 million for the quarter, an increase of over 24 percent compared to Q1 2011 revenues of $16.6 million. Net income is expected to increase by an even larger percent, said the company.
Looking specifically at Q4 last year, Rockford sales and income also showed gains. Net income was $1.1 million compared to $0.2 million a year ago. Net sales rose almost 12 percent to $13 million compared to $11.7 million a year ago.
For the full year, Rockford also improved its gross margins which increased to 38.8 percent compared to 36.8 percent in 2010.
OEM royalty revenue for 2011 was $2.7 million compared to $2.9 million in 2010.
Operating expenses for the full year increased 6.6 percent to $18.3 million compared to $17.2 million for the same period in 2010. The increase was due to higher sales and marketing expenses.
Rockford said the market response to its new products has been excellent and many car audio dealers are optimistic about 2012.
Rockford brands include Rockford Fosgate, Rockford Acoustic Design, Lightning Audio, Brax, Helix and Renegade.