VOXX Automotive Sales Gain

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Audiovox Electronics

Voxx, parent of Audiovox Electronics said its automotive sales increased 5.4 percent for the recent quarter ended May 31, 2013 over last year due mainly to new OEM programs with Ford, Nissan, Bentley, Kia, Hyundai and others.

Automotive sales for the quarter totaled $104.9 million compared to $100.4 million last year.

Aftermarket sales, however, declined, due mainly to slower sales in satellite radio, plus an economic slowdown in Venezuela.

OEM sales to auto makers increased 17.3 percent over the previous quarter.  Audiovox is supplying remote start to Ford and Nissan and remote access and security to Lincoln.

Audiovox reported “good market acceptance” of its new smartphone remote start for Ford and it anticipates that Lincoln will launch a version of the device in 2014.

The company was also awarded a contract to supply 4G antennae for Audi and VW.

The automotive group accounts for 51.7 of Voxx’s net sales, followed by consumer accessories at 27.8 percent and premium audio at 20.3 percent.

Total net sales for Voxx, including all categories, fell by $1 million to $193 million for the quarter compared to a year ago.

Net income was $2.1 million compared to a net loss of $4.7 million a year ago.

Source: Voxx

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