Voxx International, the Long Island-based maker of car stereos and other electronics, reported a $4.7-million loss Tuesday as a legal settlement and other one-time costs dashed an increase in sales.
The company said revenue climbed 17 percent during March, April and May, to $1.9 billion, thanks in part to its recent acquisition of a German company that makes antennas and TV tuners for cars.
That increase, however, was eclipsed by Voxx's having to pay $8.4 million to settle a breach of contract lawsuit filed by a Denver company, MPEG-LA, which specializes in technology patent rights. The company also reported $4.3 million in expenses stemming from its purchase of the German company, Hirschmann.
Voxx president and chief executive Pat Lavelle said the company, headquartered in Hauppauge, remains on strong financial footing and still expects to hit $900 million in sales this year. "Our strategy has not changed, and we believe Voxx International is well positioned to deliver long-term sustainable value for our shareholders," Lavelle said in a statement accompanying the earnings report.
Voxx released its earnings after the stock market closed Tuesday. Shares were down 15.86 percent, to $8.22 a share, in after-hours trading.
The company sells car and home stereos, speakers, cellphones and a variety of other consumer electronics under several brand names, including Klipsch, Jensen, Audiovox, Hirschmann and Advent.
It was founded in 1965 as a small car-stereo company by John Shalam, who remains the company's chairman and controlling shareholder. Voxx now employs more than 1,200 people, including roughly 400 on Long Island. Last year the company changed its name from Audiovox to Voxx International.