Voxx quarterly revenue up 27%; stock surges
Voxx International reported a $4.7-million loss Tuesday.
Helped by a recovery in the car industry and a rebound in consumer spending, electronics seller Voxx International posted a 27 percent increase in quarterly revenue.
Hauppauge-based Voxx recorded sales of $176.6 million in its fiscal fourth quarter, ended Feb. 29. Net income was $10.9 million, down from $17.4 million in the year-ago quarter. The decrease was attributed to a one-time tax expense.
Voxx released its earnings after the stock market closed Monday. When the market opened Tuesday, shares surged 18.94 percent to close at $13.94. Year-to-date, Voxx is up 65 percent.
The company sells consumer and automotive electronics and accessories under several brand names, including Klipsch, Jensen, Audiovox, Hirschmann and Advent.
In February, Voxx purchased Germany-based Hirschmann, a maker of antennas and TV tuners for cars. In December, the company changed its name from Audiovox. Voxx bought Klipsch in March 2011.
In a conference call Tuesday to discuss the financial results, chief executive Patrick Lavelle said Klipsch and Hirschmann were "two significant acquisitions that have changed the financial makeup of our company and significantly strengthened our product offering."
Sarra Sounds Off, Season 3, Ep 4: Top football teams in action, fantasy update and plays of the week Gregg Sarra sounds off on the Nassau Conference II football matchup between Calhoun at Carey, plus the comeback story of New Hyde Park's Gabriel Peter, an update on the high school fantasy football standings and the plays of the week.
Sarra Sounds Off, Season 3, Ep 4: Top football teams in action, fantasy update and plays of the week Gregg Sarra sounds off on the Nassau Conference II football matchup between Calhoun at Carey, plus the comeback story of New Hyde Park's Gabriel Peter, an update on the high school fantasy football standings and the plays of the week.
