Entertainment electronics maker Audiovox Corp., of Hauppauge, reports that its recent acquisitions of other companies -- especially its purchase of Klipsch Group Inc. -- have helped produce increases in sales and profits during the first quarter of its fiscal year, ending May 31.
The company showed a profit of $2.48 million on sales of $165 million, compared to a profit of $1.11 million on sales of $130 million in the same quarter last year, Audiovox said in a Monday news release.
The decision to buy Klipsch, a maker of high-end speakers for home theaters and cinemas, has opened the door to increased retail sales, Pat Lavelle, the company's chief executive, said in the news release.
Klipsch products will also increase Audiovox's opportunities for overall sales to commercial and professional installers, Lavelle said.
"While the retail environment remains challenging and there are some near-term concerns with consumer confidence and supply shortages in the automotive market," Audiovox expects to stay on track with its previous estimates of full-year sales and income, Lavelle said.
Audiovox has acquired an average of more than one company per year during the past decade, and, with that fact in mind, last month it launched a new website to convey a more expansive, global image. The company, in effect, wants to do a better job of showing off its brands, including Klipsch, RCA, Advent, Acoustic Research, Jensen, Omega, Energizer, Terk, Jamo, Mirage, Energy, Mac Audio, Magnat, Heco. The list includes brands bought in the past decade, along with earlier acquisitions.