VOXX International Corporation Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended November 30, 2017
January 10, 2018 at 02:45 am IST
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VOXX International Corporation announced unaudited consolidated earnings results for the third quarter and nine months ended November 30, 2017. For the quarter, the company reported net sales of $156,563,000 against $157,411,000 a year ago. Operating income was $5,643,000 against $5,232,000 a year ago. Income from continuing operations before income taxes was $6,909,000 against $5,383,000 a year ago. Net income from continuing operations was $7,477,000 or $0.37 basic and diluted per share against $1,627,000 or $0.14 diluted per share a year ago. Net income attributable to VOXX International Corporation was $8,644,000 or $0.35 diluted per share against $5,800,000 or $0.24 basic and diluted per share a year ago. EBITDA was $12,045,000 against $15,283,000 a year ago. Adjusted EBITDA was $12,191,000 against $15,488,000 a year ago. Diluted Adjusted EBITDA per common share attributable to VOXX International Corporation was $0.50 against $0.64 a year ago. The improvement in net income from continuing operations takes into account an income tax benefit from continuing operations of $0.6 million and an income tax expense of $3.8 million for the three months ended November 30, 2017 and November 30, 2016, respectively.
For the nine months, the company reported net sales of $384,856,000 against $389,636,000 a year ago. Operating loss was $14,114,000 against $4,461,000 a year ago. Loss from continuing operations before income taxes was $19,586,000 against $4,507,000 a year ago. Net loss from continuing operations was $15,055,000 or $0.40 basic and diluted per share against $1,323,000 or $0.17 basic and diluted per share a year ago. Net income attributable to VOXX International Corporation was $22,720,000 or $0.94 basic and diluted per share against $4,512,000 or $0.19 basic and diluted per share a year ago. EBITDA was $40,148,000 against $22,143,000 a year ago. Adjusted EBITDA was $9,677,000 against $22,711,000 a year ago. Diluted Adjusted EBITDA per common share attributable to VOXX International Corporation was $0.40 against $0.94 a year ago. Total long-term debt, net of debt issuance costs as of November 30, 2017 was $8.6 million as compared to $97.7 million as of February 28, 2017, an improvement of $89.2 million.
VOXX International Corporation is an international manufacturer and distributor in the automotive electronics, consumer electronics, and biometrics industries. The Company operates through three segments: Automotive Electronics, Consumer Electronics and Biometrics. The Automotive Electronics segment designs, manufactures, distributes and markets rear-seat entertainment devices, remote start systems, automotive security products and devices, vehicle access systems, mobile interface modules, mobile multimedia devices, and others. Consumer Electronics segment designs, manufactures, distributes and markets home theater systems, A/V receivers, premium loudspeakers, outdoor speakers, business music systems, streaming music systems, cinema speakers, architectural speakers, wireless and Bluetooth speakers and soundbars. Its Biometrics segment designs, markets and distributes iris identification and biometric security related products. The Company has a portfolio of approximately 35 brands.