Despite lower sales, Voxx International Corp. said its second-quarter profits rose sharply as the company's bottom line was boosted by legal settlements.
The Hauppauge manufacturer's sales of car stereos and other electronics slipped to $183.8 million during the three months ended in August, down 4 percent from the same period last year. The results fell short of the expectations of analysts, who had forecast sales of $185 million.
Net income, however, jumped 31 percent to $4.9 million, or 20 cents per share. That increase stemmed in part from $4 million the company received related to the Circuit City bankruptcy case and other legal settlements.
"We are anticipating a strong second half based on several new product launches across all three of our business segments," Voxx president and chief executive Patrick Lavelle said.