VOXX Plans Slingbox for Car

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Updated! VOXX (Audiovox) told analysts today that it has signed a letter of intent with Echostar to integrate a Sling player into the vehicle.

CEO of VOXX Pat Lavelle said the system “Will deliver the richest content of any rear seat entertainment device on the market,” but gave no further details.

The Slingbox for home use can stream media from many different sources to the home TV system.

The news came during a call discussing the company’s earnings for the quarter ended August 31.  Earnings and sales were down due to a postponement of an OEM contract and a halt to business in Venezuela due to a political situation there.   The company also is delaying by a month, until November the release of its Myris software that replaces the need for computer passwords with iris-recognition.

VOXX expects a return to growth next year, it said.

Earnings for the quarter swung to a loss $2.7 million compared to a positive net gain of $4.9 million for the period a year ago.

Net sales for the quarter ended August 31, fell 3.5 percent to $177.3 million compared to $183.8 million.

Automotive sales were $92.9 million, down 4.1 percent from last year’s $96.9 million for the quarter. VOXX said an OEM customer requested a short term suspension of its program, which should resume next quarter.

In response to our questions following the call, Lavelle said, “Within Automotive, we feel the industry is performing well and should do so through the balance of the year, based on new car sales and new technologies we continue to develop. We expect to see a strong remote start business this year as we enter the winter season as well.  All in all, we are optimistic that we’ll see a better retail environment this season, as last year’s weather conditions had a direct impact on consumers and retailers, but we still anticipate softness until we see retail and consumer sell-through.  Things are shaping up well for next fiscal year and we have a lot of optimism based on new programs and product launches scheduled throughout the year.”

For the full results click here.

Source: CEoutlook

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