Audiovox parent VOXX released financial earnings Wednesday citing higher income but lower sales for the recent quarter ended August 31.
Automotive sales increased slightly, by 0.2 percent to $99 million. Gains were due to higher OEM sales but they were offset by losses mainly from satellite radio sales. Domestic OEM automotive sales were up 7.2 percent from the year earlier. Including overseas sales, OEM automotive was up 12 percent. OEM product sales include smart app remote starts, rear-seat entertainment systems, OEM automotive digital TV tuners, 4G antennas, a multi-tuner pack and a mobile eHub server.
The company expects significant improvement in retail and OEM sales in the second half. It noted that the Consumer Electronics Association recently said it expects a 4 percent gain in consumer electronics sales over the holidays this year compared to 2012.
Total sales for the company, including the automotive, audio and accessory sectors fell 4.1 percent to $183.8 million, down from $191.7 million a year ago.
Net income was $4.9 million compared to $3.7 million last year due to over $4 million received from legal settlements including $900,000 received from the settlement of Circuit City accounts.
CEO Pat Lavelle told analysts that new auto sales, at a rate of 16 million this year, are benefiting Audiovox’s business.
Source: CEoutlook
