EARNINGS: Audiovox of Hauppauge
Audiovox Corp.,HauppaugeConsumer electronics
First quarter: Ended May 31
Net income: $1.1 million compared with $500,000 in the same period last year
Net sales: $130.3 million compared with $119.8 million in the year-ago quarter
Expenses: $3.3 million related to acquisitions; $1.5 million for employee stock options costs and professional service fees.
Outlook: Chief executive Pat Lavelle said, "Despite two acquisitions last year, our cash position has improved. While market concerns remain, both domestically and abroad, we believe we are positioned to weather the turbulent markets and emerge stronger long-term."
Company statement: "While we showed improvement over last year's first quarter, like most companies, we are still feeling the effects of an economic recovery that is materializing slower than expected. What has us most encouraged near-term are positive signs pointing to a continuing automotive market recovery."
Out East with Doug Geed: Wine harvests, a fish market, baked treats and poinsettias NewsdayTV's Doug Geed visits two wineries and a fish market, and then it's time for holiday cheer, with a visit to a bakery and poinsettia greenhouses.
Out East with Doug Geed: Wine harvests, a fish market, baked treats and poinsettias NewsdayTV's Doug Geed visits two wineries and a fish market, and then it's time for holiday cheer, with a visit to a bakery and poinsettia greenhouses.
