Audiovox Corp., Hauppauge
Supplier of consumer electronics systems
Quarter: Ended Nov. 30
Net income: Profit of $12.6 million, including a $9 million tax benefit, compared with profit of $6.5 million in the same period a year ago.
Net sales: $155.7 million compared with $195.6 million in the year-ago quarter.
Outlook: "We have taken aggressive steps to lower our overhead and improve margins, while managing our buying programs to position Audiovox for continued profitability in future periods," chief executive Patrick Lavelle said in a statement.
Company statement: "Through the first nine months of the year, we have been profitable despite lower sales volumes, which were anticipated and planned for given the current economic climate and the factors which impacted last year's results," Lavelle said.