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Voxx shares fall after earnings report

The exterior of Voxx offices at 180 Marcus

The exterior of Voxx offices at 180 Marcus Blvd. in Hauppauge on Jan. 13, 2015. Photo Credit: Ed Betz

Shares of Voxx International Corp. fell sharply Wednesday after the Hauppauge electronics manufacturer reported a $4.4 million loss for its fiscal second quarter.

Voxx's stock fell 16 percent, to $6.41, in early trading. On Tuesday, the company said its sales slipped to 154.2 million during the three months that ended in August, down 13 percent from the same period last year.

The company, which makes car-stereo antennas, entertainment systems and other electronics, said the lower revenue stemmed largely from the decline in the value of the euro, which fell 18 percent this year from the previous year.

"We had budgeted for most of this, though premium audio sales came in below our forecast given increased competition and pricing pressures in some of the retail categories we operate in," Voxx chief executive Pat Lavelle said.

Voxx announced in January that plans to move its corporate headquarters to Orlando by the end of the year. The company, however, has said it will keep a majority of its 330 local jobs on Long Island.

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