VOXX Sales Dip Due to Port Closure and Euro

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VOXX announced lower sales for the year and fourth quarter ended February 28, citing the West Coast port closure as well as a weaker Euro and other factors.

Overall sales for the Q4 declined by 9 percent, half of that due to the Euro weakening. VOXX also lost $4 million in sales due to the port closure, mainly affecting its general consumer electronics accessories business.

In automotive, sales declined by $3 million in the recent quarter to $90.9 million, but would have been up (at $97 million) if not for the shift in the value of the Euro.

For the full fiscal year, automotive sales totaled $386.4 million, down from $412.5 million with $8 million of that due to a loss in the changed value of the Euro.

VOXX, which owns Klipsch, said it included Klipsch headphones in a rear seat entertainment contract with Cadillac, marking the first time it employed the Klipsch brand in OEM car audio.

It said its Car Connection car tracker “continues to gain momentum.” It also referenced OEM contracts with Mazda as well as Daimler Benz ($30 million a year for life of contract) and Jaguar/Land Rover ($58 million for life of contract) and an Audi contract.

Total sales for the company for the full year were $757.5 million compared to $809.7 million a year earlier.  However the company reduced its net loss to $0.9 million  from $26.6 million a year earlier.

CEO Pat Lavelle said, “Despite the impact the Euro conversion is expected to have on our results, we anticipate our first quarter revenues will grow in US and Euro denominated business.”

 

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