VOXX International Corporation - VOXX STOCK NEWS

VOXX International reported its Fiscal 2025 Q2 results, showing progress in restructuring efforts despite sales declines. Key points include:

• Sales down ~18% in first half of Fiscal 2025, but gross margin up 120 basis points and operating expenses reduced by over 15%
• Sale of domestic accessory business and non-core assets for ~$28 million
• Florida real estate sale for $20 million in Q3
• Over $50 million in debt reduction since year-end, bringing total debt under $20 million
• Q2 net sales of $92.5 million, down 18.6% year-over-year
• Q2 net income of $2.4 million, compared to net loss of $11.1 million in prior year
• EBITDA of $8.5 million in Q2, compared to loss of $5.4 million in prior year

The company continues to focus on restructuring, strengthening its balance sheet, and exploring strategic alternatives to maximize shareholder value.

VOXX International (NASDAQ: VOXX) has announced it will report its Fiscal 2025 second quarter and six-month results for the period ended August 31, 2024, on Thursday, October 10, 2024, after market close. The company will host a conference call and webcast to discuss results and business operations on Friday, October 11, 2024 at 10:00 a.m. Eastern.

Interested parties can attend the webcast or access the call by phone. Registration is required a day in advance or at least 15 minutes before the call starts. A replay of the webcast will be available approximately two hours after the call and archived under 'Events and Presentations' on the company's investor relations website.

VOXX International is a leading manufacturer and distributor of automotive and consumer technologies for global markets, with market-leading positions in in-vehicle entertainment, automotive security, and premium audio segments.

VOXX International (NASDAQ: VOXX) has announced the successful sale of its domestic accessory business and the Jamo™ and Energy™ brands for a total of approximately $28 million. The domestic accessories business, including RCA® trademarks and inventory, was sold to Talisman Brands Inc./Established, Inc. for about $25 million. The Jamo™ and Energy™ brands were sold to Rayleigh Lab and Cinemaster for approximately $3.2 million.

These transactions are part of VOXX's restructuring plan to pay down debt, strengthen its balance sheet, and improve operations. The company expects to reduce its total debt by over 60% following these sales. VOXX is also in contract to sell its Orlando, FL facility, which could further reduce outstanding debts. The divested brands accounted for about $49 million in revenue in Fiscal 2024.

Nissan and Panasonic Automotive Systems Company of America have announced the integration of a segment-exclusive Klipsch® Reference Premiere Audio System in the all-new 2025 Nissan Armada. This premium audio system features 12 specifically designed speakers, including titanium tweeters and a high-performance 8-inch DualPower™ subwoofer, delivering audiophile-quality performance throughout the cabin.

The 2025 Nissan Armada, revealed today, reimagines the company's flagship full-size SUV with new features such as a PRO-4X grade for off-road capability, an 8,500-pound maximum towing capacity, and Nissan's latest ProPILOT Assist 2.1 driver-assistance technology. The Klipsch Premium Audio System will be available on Armada SL and higher trims, complementing the vehicle's advanced technology and comfort features.

VOXX International (NASDAQ: VOXX), a leading manufacturer of automotive and consumer technologies, has announced that its board of directors is exploring strategic alternatives to maximize shareholder value. The board will consider various options, including a potential sale of the company, sale of segments, operational improvements, or other strategic transactions.

To support this process, VOXX has established a strategic transactions committee and retained Solomon Partners as financial advisor and Bryan Cave Leighton Paisner LLP as legal advisor. The company has not set a timetable for completion and will only disclose further developments if necessary. VOXX International has grown into a worldwide leader in the Automotive Electronics and Consumer Electronics industries, with a portfolio of approximately 30 trusted brands.

VOXX International (NASDAQ: VOXX) announced significant changes to its Board of Directors. Ari M. Shalam has been unanimously elected as the new Chairman of the Board, succeeding his father, John J. Shalam, who becomes Chairman Emeritus after nearly 65 years since founding the company. Beat Kahli remains as Vice Chairman.

Ari Shalam expressed his commitment to transforming the company, restructuring operations, and improving financial positions. He highlighted the recent sale of domestic accessories assets as part of this effort. Despite challenging global markets, he expressed confidence in returning VOXX to profitability.

VOXX International is a leader in Automotive Electronics and Consumer Electronics industries, with a portfolio of approximately 35 trusted brands and an extensive global distribution network.

VOXX International (NASDAQ: VOXX) has announced the sale of certain assets of its Domestic Accessories Group to Established, Inc. for approximately $25 million. The deal includes the iconic RCA® trademarks and other intellectual property. VOXX will continue to operate as VOXX Accessories Corp. (VAC) to ensure business continuity. The transaction, expected to close by August 30, 2024, aligns with VOXX's strategy of monetizing assets, realigning the organization, and paying down debt. CEO Pat Lavelle stated that this move will strengthen the company's financial position while maintaining strong global brands and distribution.

VOXX International (NASDAQ: VOXX) announced its fiscal 2025 first-quarter financial results, highlighting a net sales decline of 18.1% to $91.7 million compared to the previous year.

Despite the sales drop, gross margins improved by 310 basis points to 27.7%. Operating expenses were reduced by 16.6% to $32.5 million, contributing to an adjusted EBITDA loss improvement to $2.9 million, a $2.1 million improvement from the previous year.

The net loss attributable to VOXX was $9.3 million, down from $10.7 million the previous year. The company highlighted aggressive cost-cutting measures and restructuring programs as steps to return to profitability, expecting these changes to positively impact the fiscal year.

The Automotive Electronics segment saw a sales decline of 27.9% while the Consumer Electronics segment decreased by 12.8%. However, gross margins for both segments improved. VOXX ended the quarter with $4.2 million in cash and reduced its total debt to $68.6 million.

VOXX International (NASDAQ: VOXX) will announce its Fiscal 2025 first quarter results on July 10, 2024, after market close. A conference call and webcast to discuss the results will follow on July 11, 2024, at 10:00 a.m. Eastern. The company urges participants to register in advance. The webcast replay will be available two hours post-call and archived on VOXX’s Investor Relations website. VOXX specializes in Automotive and Consumer Electronics with a global reach.