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Voxx's sales rise, but miss expectations

Patrick M. Lavelle $3,321,924 yearly compensation change: 88.0%CEO,

Patrick M. Lavelle
$3,321,924 yearly compensation change: 88.0%
VOXX International Corp., Consumer electronics
1-yr total return on stock: 54.5% Credit: Newsday, 2010 / Audrey C. Tiernan

Voxx International, the Long Island-based maker of car stereos and other electronics, said on Wednesday that its second-quarter sales increased 21 percent, to $191 million.

But the company’s stock price fell 10 percent, to $6.52 a share, in after-hours trading as the jump in revenue during June, July and August fell short of analysts’ expectations of hitting $204.5 million.

Profits also came in below expectations, rising 8 percent, to $3.7 million, or 16 cents per share, compared to the same period last year.  

"Economic conditions throughout the global markets, particularly in Europe, impacted our performance year-to-date, and we expect this will continue into the second half of the year,” Voxx president and chief executive Pat Lavelle said in a statement announcing the earnings.

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.

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