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VOXX International Corporation (NASDAQ: VOXX) began as Audiovox over 45 years ago and has evolved into a global leader in automotive and consumer electronics as well as high-end audio. Today, the company boasts an extensive distribution network, including partnerships with Fortune 500 companies and a presence in Europe, Asia, Mexico, and South America. VOXX's brand portfolio includes over 30 trusted names such as Audiovox, Klipsch, RCA, Invision, Jensen, Acoustic Research, Jamo, Energy, Mac Audio, Magnat, Heco, Schwaiger, Hirschmann Car Communication, and Oehlbach.
VOXX International operates through three main segments: Automotive Electronics, Consumer Electronics, and Biometrics. The company offers a variety of consumer electronic products that include premium audio and other electronics sold to retail and commercial customers. The automotive segment features both OEM and aftermarket products, while the biometrics segment focuses on advanced security solutions.
Recent highlights include:
- On October 10, 2023, Avalon Park Group announced a Stock Purchase Agreement with Gentex Corporation, making Gentex one of VOXX's largest shareholders.
- On November 7, 2023, Panasonic Automotive Systems and Ram announced the integration of the Klipsch® Reference Premiere audio system in the 2025 RAM 1500 Tungsten model.
- On January 4, 2024, VOXX announced its Fiscal 2024 Q3 results, showcasing its commitment to innovation across all subsidiaries.
- On March 7, 2024, VOXX's subsidiary EyeLock entered into a joint venture to form BioCenturion LLC, focusing on biometrics solutions.
- On May 14, 2024, VOXX reported its Fiscal 2024 Q4 and full-year results, emphasizing steps taken to realign and improve margins.
VOXX continues to innovate, recently launching advanced hearing aids under the RCA brand and high-performance audio systems with Panasonic Automotive, among other projects. Despite the challenging market landscape, VOXX remains a significant player in its industry by continually adapting and expanding its product lineup to meet consumer needs.
Premium Audio Company has announced a collaboration with Marvel Television's 'Daredevil: Born Again', making Klipsch and Onkyo the official speakers and home audio system providers for the series. The show, streaming March 4 on Disney+, features the return of Charlie Cox as Matt Murdock and Vincent D'Onofrio as Wilson Fisk.
This marks Premium Audio Company's third collaboration with Marvel Television. The partnership aims to enhance viewers' experience through Klipsch's speaker technology and Onkyo's a/v receivers, delivering precise sound quality for the show's soundscapes, dialogue, and action sequences. Dave Gans, Global Vice President of Marketing at Premium Audio Company, emphasized how their systems will help immerse viewers in the world of Daredevil.
VOXX International (NASDAQ: VOXX) has filed its delayed Fiscal 2025 Q3 report and announced merger regulatory approvals. The company reported significant financial declines, with total net sales dropping 22.2% to $105.2 million compared to $135.3 million in the previous year. The quarter saw substantial non-cash charges, including $28.2 million in goodwill and $16.1 million in intangible asset impairment charges.
Key financial metrics include a gross margin decline to 21.2% from 26.9%, and a net loss of $44.0 million compared to a net income of $1.9 million in the prior year. The company's cash position decreased to $6.3 million from $11.0 million, while total debt reduced to $18.8 million from $73.3 million.
Regarding the proposed merger with Gentex, the company received antitrust clearance as the HSR Act waiting period expired and obtained approval from the German Federal Cartel Office. The merger remains subject to stockholder approval and other customary closing conditions.
VOXX International (NASDAQ: VOXX) announced receiving a notice from Nasdaq on January 28, 2025, regarding non-compliance with listing rules due to delayed filing of its Quarterly Report (Form 10-Q) for the period ended November 30, 2024. The delay stems from necessary impairment testing of goodwill, intangible assets, and long-lived assets following the company's December 17, 2024 merger agreement with Gentex .
The notice has no immediate effect on VOXX's Nasdaq listing. The company has until March 31, 2025, to either file the report or submit a compliance plan. If Nasdaq accepts a compliance plan, VOXX could receive an extension until July 14, 2025. The company intends to file the Quarterly Report within the initial 60-day period.
VOXX International (NASDAQ: VOXX) announced a delay in filing its Quarterly Report on Form 10-Q for the quarter ended November 30, 2024. The company has filed Form 12b-25 with the SEC to notify this delay.
The delay is primarily due to the need to conduct impairment testing of the company's goodwill, other intangible assets, and long-lived assets. This testing requirement was triggered by VOXX's previously announced Merger Agreement with Gentex on December 17, 2024.
VOXX International is a global leader in Automotive Electronics and Consumer Electronics, with strong positions in in-vehicle entertainment, automotive security, and premium audio market segments. The company operates through an extensive distribution network including retailers, mass merchandisers, and automotive manufacturers.
VOXX International has announced a definitive merger agreement with Gentex , where Gentex will acquire VOXX in an all-cash transaction valued at approximately $196 million. Under the agreement, Gentex will purchase all outstanding VOXX shares for $7.50 per share, representing a 163% premium over the unaffected closing price of $2.85 on August 26, 2024.
The transaction was unanimously approved by VOXX's transaction committee and disinterested board members after a thorough sales process led by Solomon Partners. The Shalam family, holding approximately 57% of voting power, has agreed to vote in favor of the merger. The deal is expected to close during Q1 2025, subject to stockholder approval and regulatory clearances.
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.