Voxx International revenue increases 17%

Voxx International, the Long Island-based maker of car Voxx International, the Long Island-based maker of car stereos and other electronics, said Tuesday, May 14, 2013, that its fiscal fourth-quarter revenue climbed sharply on added sales from a German unit it acquired last year. Photo Credit: Handout

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Voxx International, the Long Island-based maker of car stereos and other electronics, said Tuesday that its fiscal fourth-quarter revenue climbed sharply on added sales from a German unit it acquired last year.

The Hauppauge company said revenue rose to $206.8 million during the three months that ended in February, up 17 percent from the same period last year.

The results beat the expectations of analysts, who had forecast sales of $203 million. Voxx released its results after Wall Street closed; the company's stock climbed more than 7 percent, to $11.14 per share in after-hours trading.

"I remain very optimistic with our market positions and outlook," said Voxx president and chief executive Pat Lavelle.

Voxx's $10.3 million in net income was down 5.5 percent from one year ago. The decrease stemmed from higher advertising fees and added operating expenses from the company's Hirschmann unit, a German maker of antennas and automotive TV tuners that Voxx purchased last year for $111 million.

But at 43 cents per share, Voxx's fourth-quarter profits also beat analysts' expectations.

The company, formerly known as Audiovox, sells products under several brand names, including Klipsch, Jensen, Audiovox and Advent.

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It employs more than 1,200 people, including roughly 400 on Long Island.

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