Audiovox of Hauppauge reports year profit of $22.4M

Audiovox,HauppaugeConsumer electronicsYear: Ended Feb. 28, 2010

Net income: Profit of $22.4 million, compared with a loss of $71 million in the previous year.

Net sales: $550 million compared with $603 million in previous year.

Outlook: "Our margins were up despite lower sales, we made smart overhead reductions and we acquired businesses that greatly enhance our product portfolio and distribution,'' said chief executive Pat Lavelle. " . . . Audiovox is positively positioned for growth and continued profits in fiscal 2011."

Company statement: "I am generally pleased with our performance and the steps we took in fiscal 2010 to weather some of the most difficult economic times this company, and the U.S. economy, has had to face. We took aggressive steps to realign our organization and improve our competitive position to drive profitability," Lavelle said.