Voxx Intl Corp - VOXX STOCK NEWS

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.

VOXX International (NASDAQ: VOXX) reported its Fiscal 2024 fourth quarter and year-end financial results, revealing significant declines in net sales and gross margins across its segments.

The company witnessed a 20.8% drop in Q4 net sales to $108.1 million and a 12.2% annual decrease to $468.9 million. Gross margins fell from 25.4% to 19.9% in Q4. The Automotive Electronics segment saw a substantial decline in sales and margins, driven by lower rear-seat entertainment product sales and higher inventory provisions.

Despite cost-cutting measures, VOXX reported a Q4 net loss of $21.0 million, up from $18.1 million YoY, and a full-year net loss of $40.9 million compared to $27.5 million in Fiscal 2023. Higher operating expenses, including intangible asset impairments, and increased debt levels, further strained their financials.

The company has new products and automotive programs lined up for the latter half of 2024, aiming to improve profitability and margin management.

VOXX International (NASDAQ: VOXX) will report its Fiscal 2024 fourth quarter and year-end results on May 14, 2024, and host a conference call on May 15, 2024. The company is a leading manufacturer of automotive and consumer technologies globally, with a focus on in-vehicle entertainment, automotive security, and premium audio segments.

VOXX International Corporation announces a joint venture agreement between its subsidiary, EyeLock LLC, and GalvanEyes Partners LLC to form BioCenturion, LLC. The new entity aims to strengthen operations by combining technology, R&D, sales, marketing, and business development, with GalvanEyes managing day-to-day operations. The agreement includes preferential distribution rights for capital events, with EyeLock retaining liability of a $70 million note due to VOXX. Executive changes see Beat Kahli stepping down as President of VOXX and assuming the role of Chairman and CEO of BioCenturion, while Loriann Shelton becomes VOXX's Chief Financial Officer.

VOXX Electronics Corporation (VEC) announces the launch of Rosen's new line, LeatherCraft™, a premium vehicle leather seating for new and pre-owned vehicles. The introduction of the LeatherCraft™ line features craftsmanship excellence, premium leather selection, and customization options. The company aims to meet the evolving needs of consumers as the automotive industry rebounds, providing more choices and profit opportunities for dealers and customers.

VOXX International Corporation (NASDAQ: VOXX) announced its financial results for Fiscal 2024 third quarter. Despite lower sales, the company reported improved gross margins and operating expenses. The market challenges and UAW strike impacted the Automotive business. Net sales decreased by 5.4% year-over-year, but increased by 19.0% sequentially. The company expects near-term softness but anticipates improvement in 2024 and Fiscal 2025.

Panasonic Automotive Systems Company of America (PASC) and INFINITI (QX80) announce an exclusive partnership with Klipsch to create a powerful audio system for the all-new 2025 INFINITI QX80, featuring the segment-exclusive Klipsch Reference Premiere Audio System. The system delivers high-quality performance driven by 24 specifically designed speakers, including titanium tweeters, a high-performance 8-inch TriPower™ subwoofer, and Panasonic's proprietary DJX® 3D surround sound processing. The collaboration aims to elevate the ownership experience of the flagship SUV, reflecting INFINITI's commitment to design, quality, and performance. The all-new 2025 QX80, debuting in spring 2024, will showcase the first listening opportunities in the production vehicle later in 2024.