Despite a tough retail climate for car audio, Rockford’s sales and income rose during the quarter ending September 30.
The company also began selling Blaupunkt radios during the period, and said initial sales are encouraging..
“Car audio retail sales across the US have been turbulent over the past three months,” said Rockford CEO/President Bill Jackson. “Retailers and distributors are reporting softer than normal traffic patterns. Our
team has done a good job working with our retail partners, both domestic and international, to maximize sell through of our products. The Rockford brand portfolio continues to perform well in this challenging retail environment. Net sales were up 7.4% in the third quarter of 2012 and up 14.8% year to date.”
Net sales reached $15.3 million compared to net sales of $14.2 million for the quarter a year ago.
Net income rose to $1.4 million compared to $1.2 million a year ago.
Regarding Blaupunkt sales, Jackson said, “We are encouraged about the initial market response and sell through that distributors are reporting.”
Rockford attributed the gains for the quarter to sales of aftermarket products. OEM royalty revenues for the first 9 months reached $1 million compared to $2 million for the period last year, due to production of fewer Mitsubishi vehicles with Rockford branded audio systems.
Rockford also said it reduced its Board of Directors to 5 members.
Source: Rockford Corp.