Audiovox Corp., the Hauppauge maker of consumer and in-vehicle entertainment products, saw a fivefold increase in profit for its quarter ended Aug. 31, and the company's chief executive said that an increase in sales to carmakers played a part in the improvement.
The 540 percent increase in profit came as the company improved its revenue overall by 22 percent, led by increased sales of a range of products, including its Klipsch speaker and headphones brand, the company said Tuesday.
Higher margins and lower core overhead costs played a part in the profit increase, the company said.
Company shares on Thursday opened at $5.86, representing a 14 percent decline in share price over the past 12 months. Shares dropped $0.11 in early trading Thursday.
Audiovox had income of $3.4 million on revenue of $158.3 million, up from $645,000 profit on $129.2 million in the same quarter for 2010. With about 1,000 employees, Audiovox has a market capitalization of $146 million,
Net income per common share, diluted, rose to $0.15, compared to $0.03 for the prior-year quarter.
"... Car sales over the past few months have rebounded and all signs are pointing to continued strength," Audiovox chief executive Pat Lavelle said in a prepared statement. "Our international operations are performing well, despite weakness in some European countries, and our Klipsch acquisition is meeting plan with a lot of potential to grow in the years ahead."
The company's brands include Advent, Acoustic Research, Jensen, Omega and RCA.
Photo: Audiovox chief executive Pat Lavelle.