VOXX International Corporation Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended November 30, 2012; Reaffirms Earnings Guidance for the Fiscal Year 2013
January 10, 2013 at 03:00 am IST
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VOXX International Corporation reported unaudited consolidated earnings results for the third quarter and nine months ended November 30, 2012. For the quarter, the company reported net sales of $243,036,000 compared to $206,803,000 a year ago. Operating income was $19,790,000 compared to $18,437,000 a year ago. Income before income tax was $19,460,000 compared to $14,994,000 a year ago. Net income was $13,202,000 or $0.56 per basic and diluted share compared to $8,858,000 or $0.38 per basic and diluted share a year ago. EBITDA was $25,770,000 compared to $19,245,000 a year ago. Adjusted EBITDA was $25,674,000 compared to $22,219,000 a year ago. Diluted adjusted EBITDA per share were $1.09 compared to $0.96 a year ago.
For the nine months, the company reported net sales of $628,787,000 compared to $530,465,000 a year ago. Operating income was $29,689,000 compared to $30,065,000 a year ago. Income before income tax was $17,973,000 compared to $25,020,000 a year ago. Net income was $12,222,000 or $0.52 per basic and diluted share compared to $14,783,000 or $0.64 per basic and diluted share a year ago. EBITDA was $36,369,000 compared to $37,202,000 a year ago. Adjusted EBITDA was $49,075,000 compared to $42,133,000 a year ago. Diluted adjusted EBITDA per share was $2.08 compared to $1.82 a year ago.
The company provided earnings guidance for the fiscal year 2013. For the period, the company reaffirms adjusted EBITDA of $61 million. CapEx may be higher this year versus last year.
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.
VOXX International Corporation Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended November 30, 2012; Reaffirms Earnings Guidance for the Fiscal Year 2013