Voxx Intl Corp - VOXX STOCK NEWS

VOXX International Corporation (NASDAQ: VOXX) reported strong Q3 results for Fiscal 2021, with net sales reaching $201.1 million, an 82.6% increase year-over-year. The Consumer Electronics segment saw a 74.0% rise in sales, driven by premium audio products. Automotive segment sales doubled, up 105.1% to $61.5 million, bolstered by acquisitions. Operating income improved dramatically to $18.6 million, up from just $0.1 million in the previous year. EBITDA reached $23.8 million, a significant increase compared to $8.6 million last year. VOXX anticipates continued growth into Fiscal 2022.

At CES 2021, Panasonic Automotive, Klipsch, and Dolby Atmos Music unveiled a new concept enhancing in-vehicle audio experiences. This collaboration aims to integrate Dolby Atmos technology into automotive sound systems, creating an immersive listening environment. Notable features include high efficiency, controlled directivity, and a wide dynamic range, promising clearer sound with minimal distortion. The proof-of-concept demonstrates a commitment to elevating vehicle entertainment standards, reflecting Panasonic's dedication to innovation in automotive audio solutions.

VOXX International Corporation (NASDAQ: VOXX) will report its fiscal 2021 third quarter results on January 11, 2021, after the market closes. A conference call and webcast are scheduled for January 12, 2021, at 10 a.m. Eastern. Investors can join via phone or online to hear the results and ask questions. VOXX has established itself as a leader in Automotive Electronics and Consumer Electronics, with a focus on innovative security technology. For further information, visit www.voxxintl.com.

EyeLock LLC has announced that its nano iXT iris recognition reader can now detect whether a mask is being worn, denying access if it isn't. This feature works in conjunction with the iTemp temperature screening module, addressing safety concerns amid the COVID-19 pandemic. EyeLock's CEO, Jeff Carter, emphasized the importance of this technology in creating safer work environments. The nano iXT's ability to manage temperature thresholds and mask presence enhances its utility as a biometric solution, combining accuracy and ease of use.

VOXX Electronics Corporation has launched the VOXX Power Systems (VPS), an innovative battery-backup solution designed for automotive, marine, motorcycle, and powersport applications. This patent-pending technology allows consumers to jump-start their vehicles from inside the driver's seat, eliminating reliance on roadside assistance or traditional jumper cables. VPS is compact, continually charges while the engine runs, and uses a Bluetooth-enabled smartphone for control. The system is engineered to enhance battery life and is available across multiple vehicle applications.

On November 2, 2020, Avalon Park International and Kähli Holding AG established a Standstill Agreement with VOXX International Corporation (NASDAQ: VOXX) for the assessment of its subsidiary Eyelock, LLC. Swiss businessman Beat Kahli, VOXX's largest shareholder, aims to acquire a majority stake in Eyelock while allowing VOXX to retain significant ownership. The move is timely as Eyelock's biometric technology aligns well with current market demands during the Covid-19 pandemic, particularly for contactless solutions, enhancing VOXX's growth outlook and potential earnings.

EyeLock LLC has announced that its EyeLock Identity Suite (EIS) now supports the U.S. Federal Government's Personal Identity Verification (PIV) credential format. This upgrade allows government agencies to utilize a secure 200-bit card format, which offers enhanced authentication features and multi-factor authentication capabilities. EyeLock was approached by a federal agency in August to implement this technology. The CEO of EyeLock, Jeff Carter, indicated growing interest from other agencies, emphasizing the company's focus on expanding its federal channel business.

VOXX Automotive Corp., a subsidiary of VOXX International Corporation (NASDAQ: VOXX), was recognized as a Supplier of the Year by Fiat Chrysler Automobiles (FCA) for Innovation. The award was presented during FCA's virtual 2020 North America Annual Supplier Conference on October 23. This accolade highlights VOXX's commitment to providing innovative and high-quality products. The selection was based on evaluations of supplier performance, including quality and delivery metrics. VOXX Automotive plays a key role in developing the next generation of infotainment systems.

VOXX International Corporation (NASDAQ: VOXX) reported strong fiscal Q2 2021 results with net sales of $128 million, a 41.9% increase year-over-year. Premium audio products grew significantly, contributing $69.3 million to sales. The automotive segment saw an overall increase, driven by aftermarket sales, despite OEM product sales declining by 9.3%. The company secured $30 million in new OEM business, boosting future outlook. Operating income reached $8.7 million, compared to a loss last year, with net income of $7.3 million. The gross margin improved to 29.7%, reflecting effective cost management.