VOXX International Corporation Reports its Fiscal 2022 Third Quarter and Nine-Month Financial Results
VOXX International Corporation (NASDAQ: VOXX) reported third-quarter financial results for Fiscal 2022, with net sales of $191.9 million, a 4.6% decline from $201.1 million in the previous year. However, year-to-date sales surged 17.7% to $472 million. Key growth drivers included a $125 million award from Stellantis and a strong performance in Automotive Electronics, which saw a 34.7% increase in sales year-to-date. Despite the sales growth, the company faced challenges with gross margin, down to 26.9% from 28.9% due to global supply chain constraints.
- Total net sales increased by 17.7% year-to-date to $472 million.
- Automotive Electronics segment net sales rose by 34.7% year-to-date.
- Received a $125 million award from Stellantis for OEM products.
- Onkyo acquisition expected to drive future growth in Consumer Electronics.
- Third-quarter net sales declined by 4.6% year-over-year to $191.9 million.
- Operating income fell sharply to $7.8 million from $18.1 million in the prior year.
- Net loss attributable to VOXX was $28.1 million compared to a profit of $18.3 million last year.
- Gross margin decreased to 26.9%, down from 28.9% due to supply chain issues.
ORLANDO, Fla., Jan. 10, 2022 /PRNewswire/ --
Year-to-Date ("YTD") Highlights
- Total net sales of
$472 million , up$71 million or17.7% . - All business segments reported year-over-year growth with Automotive Electronics up
$38.6 million and Consumer Electronics up$32.3 million . - Onkyo Home Entertainment acquisition completed in Q3 of Fiscal 2022.
- Company receives award from Stellantis for OEM rear-seat entertainment, estimated to be ~
$125 million . - Remains on track with prior outlook and positioned for top- and bottom-line improvements Fiscal 2023.
VOXX International Corporation (NASDAQ: VOXX), a leading manufacturer and distributor of automotive and consumer technologies for the global markets, today announced its financial results for its Fiscal 2022 third quarter and nine-months ended November 30, 2021.
Commenting on the Company's results and business outlook, Pat Lavelle, President and Chief Executive Officer stated, "Overall, we had a strong quarter, especially considering the ongoing impact of the global pandemic and industrywide supply chain shortages. We outperformed our plan, exceeding our latest projections for revenue, margins and operating income, and our outlook remains the same, provided OEM customers meet their projected schedules. The price increases we instituted last quarter helped drive sequential gross margin improvements, with a bigger impact anticipated in the coming quarter. The increase in operating expenses is primary related to the Onkyo acquisition, and an increase in R&D associated with OEM programs. We are delivering on several automotive OEM programs, with the big news in Q3, a new award from Stellantis estimated to be approximately
Lavelle continued, "Last fiscal year, we had one of the best third quarters in our history. While we did not repeat at those levels, our future business is in a better position. Several OEM customers temporarily halted production given their part and chip shortages Sales would have been in line with the prior year had it not been for this issue. Our OEM program with Stellantis is shipping, Ford will begin shortly, and we have another OEM program layering on top of our core. Onkyo will be a strong growth driver for our CE segment, and during the quarter, we won a few projects for EyeLock, with more projects underway. Global supply chain issues will persist, but we have proven to be agile and have a strong foundation to drive top- and bottom-line improvements in the years ahead."
Fiscal 2022 and Fiscal 2021 Third Quarter Comparisons
Net sales in the Fiscal 2022 third quarter ended November 30, 2021, were
- Automotive Electronics segment net sales in the Fiscal 2022 third quarter were
$61.6 million as compared to$61.5 million in the comparable year-ago period, an increase of$0.1 million or0.2% . For the same comparable periods, OEM product sales were$18.5 million as compared to$14.1 million , an increase of$4.4 million or31.6% . Aftermarket product sales for the Fiscal 2022 third quarter were$43.1 million as compared to$47.4 million , a decrease of$4.3 million or9.2% . Driving the year-over-year improvements were higher OEM sales related to rear-seat entertainment ("RSE") programs, and higher sales of OEM automotive safety electronics products. This helped offset declines in the automotive aftermarket primarily as a result of chip and part shortages, and due to the fact that some aftermarket customers purchased products earlier in the year to avoid future stock outings. - Consumer Electronics segment net sales in the Fiscal 2022 third quarter were
$129.7 million as compared to$139.0 million in the comparable year-ago period, a decrease of$9.3 million or6.7% . For the same comparable periods. Premium Audio product sales were$104.9 million as compared to$112.7 million , a decrease of$7.8 million or6.9% . The year-over-year decline is primarily related to global supply chain shortages resulting in product backorders, as well as higher sales in the fiscal 2021 third quarter associated with the ProMedia speaker launch and new distribution channels. As an offset, the Company had an increase in sales of$7.8 million within the 11 Trading Company subsidiary ("11TC"). Note, 11TC began selling Onkyo and Pioneer products through distribution agreements during the third quarter of Fiscal 2021. In the third quarter of Fiscal 2022, the Company completed its acquisition of certain assets of Onkyo Home Entertainment ("Onkyo acquisition"), acquiring the Onkyo and Integra brands, and set up a new trademark license agreement with Pioneer Corporation. The decline in Other Consumer Electronics product sales is primarily due to the fact that more people were staying and working at home during the fiscal 2021 third quarter, resulting in higher sales in that period. - Biometrics segment net sales when comparing the Fiscal 2022 and Fiscal 2021 third quarters, was relatively flat, coming in at
$0.4 million and$0.3 million for these periods, respectively.
The gross margin in the Fiscal 2022 third quarter was
- Automotive Electronics segment gross margin of
23.8% as compared to25.7% , a decrease of 190 basis points. The year-over-year decline was primarily related to the increased cost of materials and shipping, higher tariffs, a general increase in the cost of doing business, and costs related to new OEM rear-seat entertainment programs. The Company has worked to mitigate this impact and imposed price increases which helped offset the decline, but not all price increases took effect during the Fiscal 2022 third quarter due to required notice periods from OEM customers.
- Consumer Electronics segment gross margin of
28.3% as compared to30.3% , a decrease of 200 basis points. The primary drivers for the year-over-year decline are higher container costs and surcharges, lower margins associated with the new line of premium wireless computer speakers, and distribution mix. Offsetting the declines were higher margins from products sold through 11TC, and the positive impact from price increases that were instituted to offset higher supply chain costs.
- Biometrics segment gross margins of
32.1% as compared to14.6% , with the improvement primarily driven by product mix, as the Company's NIXT product has generated higher margins for the segment.
Total operating expenses in the Fiscal 2022 third quarter were
- Selling expenses of
$13.9 million increased by$0.7 million when comparing the periods ended November 30, 2021, and November 30, 2020. This was primarily due to higher salary expenses and related payroll taxes, primarily related to new hires at 11TC and Australia Premium Audio Company. There were also modest increases in trade show expenses, website fees and travel as COVID-19 travel restrictions were lifted. Offsetting this increase was lower commission expense which directly correlates to sales volumes.
- General and administrative expenses of
$20.0 million decreased by$1.1 million when comparing the periods ended November 30, 2021, and November 30, 2020. Salary expense decreased$3.1 million and professional fees decreased$0.3 million . These improvements were offset by higher occupancy and office expenses associated with the Onkyo acquisition, as well as higher bad debt expense, depreciation and amortization expense, taxes and licensing fees and insurance premiums, among other factors.
- Engineering and technical support expenses of
$9.7 million increased by$4.0 million when comparing the periods ended November 30, 2021 and November 30, 2020. The year-over-year increase was due an increase in research and development expense of$2.1 million , related to both the Onkyo acquisition and OEM rear-seat entertainment projects. Direct labor and related expenses of$1.9 million was primarily related to the Onkyo acquisition as well.
- Acquisition costs of
$0.3 million increased by$0.3 million when comparing the periods ended November 30, 2021 and November 30, 2020. Acquisition costs in Fiscal 2022 relate to consulting and due diligence fees for the asset purchase agreement signed with Onkyo Home Entertainment Corporation and the joint venture created with Sharp Corporation to complete the transaction, which occurred in the Company's Fiscal 2022 third quarter.
The Company reported operating income in the Fiscal 2022 third quarter of
Total other income, net, for the three-months ended November 30, 2021, was a loss of
Net loss attributable to VOXX International Corporation in the Fiscal 2022 third quarter was
Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA") in the Fiscal 2022 third quarter was
Fiscal 2022 and Fiscal 2021 Nine-Month Comparisons
Net sales in the Fiscal 2022 nine-month period ended November 30, 2021, were
- Automotive Electronics segment net sales in the Fiscal 2022 nine-month period were
$150.0 million as compared to$111.4 million in the comparable year-ago period, an increase of$38.6 million or34.7% . For the same comparable periods, OEM product sales were$49.9 million as compared to$32.5 million , an increase of$17.4 million or53.6% , and aftermarket product sales were$100.2 million as compared to$78.9 million , an increase of$21.2 million or26.9% . Automotive Electronics segment growth was primarily driven by higher aftermarket security products from the Company's DEI subsidiary, higher OEM rear-seat entertainment products resulting from new OEM programs, and higher automotive safety electronics products to heavy duty truck OEMs and their tier-1 suppliers. - Consumer Electronics segment net sales in the Fiscal 2022 nine-month period were
$320.8 million as compared to$288.5 million in the comparable Fiscal 2021 nine-month period, an increase of$32.3 million or11.2% . For the same comparable periods, Premium Audio product sales were$252.6 million as compared to$216.5 million , an increase of$36.1 million or16.7% . Other Consumer Electronics product sales were$68.2 million as compared to$72.0 million , a decrease of$3.8 million or5.3% . Consumer electronics segment growth was primarily driven by higher sales from 11TC, and higher product sales of premium home theater speakers and wireless accessory speakers. Within Europe, the Company experienced net increases in both premium audio product and accessory sales primarily due to an easing of COVID-19 restrictions. Chip shortages have curtailed sales in Fiscal 2022, as have supply chain constraints related primarily to transportation and warehousing, among other factors. - Biometrics segment net sales in the Fiscal 2022 nine-month period were
$0.8 million as compared to$0.7 million in the comparable Fiscal 2021 nine-month period, an increase of$0.1 million or15.6% . The increase primarily relates to EyeLock's NXT product, which launched in the second half of Fiscal 2021.
The gross margin in the Fiscal 2022 nine-month period was
- Automotive Electronics segment gross margin of
24.7% as compared to22.9% , up 180 basis points. - Consumer Electronics segment gross margin of
27.4% as compared to31.2% , down 380 basis points. - Biometrics segment gross margins of
28.4% as compared4.0% .
Total operating expenses in the Fiscal 2022 nine-month period were
- Selling expenses increased by
$6.2 million . - General and administrative expenses increased by
$5.2 million . - Engineering and technical support expenses increased by
$8.9 million . - Acquisition costs increased by
$3.0 million .
The Company reported operating income in the Fiscal 2022 nine-month period of
Total other income, net, for the nine-month period ended November 30, 2021, was a loss of
- Interest and bank charges declined by
$0.4 million . - Equity in income of equity investee increased by
$2.5 million . - Other, net decreased by
$0.1 million .
Net loss attributable to VOXX International Corporation in the Fiscal 2022 nine-month period was
Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA") in the Fiscal 2022 nine-month period was a loss of
Seaguard Electronics LLC
In March 2007, the Company entered into a contract with Seaguard Electronics, LLC ("Seaguard") relating to the purchase of a stolen vehicle recovery product and back-end services. In August 2018, Seaguard filed a demand for arbitration against the Company with the American Arbitration Association ("AAA") alleging claims for breach of contract and patent infringement. Seaguard originally sought damages of approximately
On November 29, 2021, the Arbitrator issued an interim award (the "Interim Award") with Seaguard prevailing on its breach of contract claim. The Company's affirmative defenses relating to those claims, however, were denied in their entirety. Seaguard was awarded damages in the amount of
Balance Sheet Update
As of November 30, 2021, the Company had cash and cash equivalents of
Conference Call Information
VOXX International Corporation will be hosting its conference call and webcast on Tuesday, January 11, 2022 at 10:00 a.m. Eastern. Interested parties can participate by visiting www.voxxintl.com and clicking on the webcast in the Investor Relations section or via teleconference using the information below.
- Toll-free number: 877-303-9079 / International number: 970-315-0461 / Conference ID: 7185066
A webcast and teleconference replay will be available approximately one hour after the completion of the call.
Replay Information
- Replay number: 855-859-2056 / International replay number: 404-537-3406 / Conference ID: 7185066
Non-GAAP Measures
EBITDA and Adjusted EBITDA are not financial measures recognized by GAAP. EBITDA represents net income (loss) attributable to VOXX International Corporation, computed in accordance with GAAP, before interest expense and bank charges, taxes, and depreciation and amortization. Adjusted EBITDA represents EBITDA adjusted for stock- based compensation expense, acquisition costs, certain non-routine legal and professional fees, settlements, and life insurance proceeds. Depreciation, amortization, and stock-based compensation are non-cash items.
We present EBITDA and Adjusted EBITDA in this Form 10-Q because we consider them to be useful and appropriate supplemental measures of our performance. Adjusted EBITDA helps us to evaluate our performance without the effects of certain GAAP calculations that may not have a direct cash impact on our current operating performance. In addition, the exclusion of certain costs or gains relating to certain events allows for a more meaningful comparison of our results from period-to-period. These non-GAAP measures, as we define them, are not necessarily comparable to similarly entitled measures of other companies and may not be an appropriate measure for performance relative to other companies. EBITDA and Adjusted EBITDA should not be assessed in isolation from, are not intended to represent, and should not be considered to be more meaningful measures than, or alternatives to, measures of operating performance as determined in accordance with GAAP.
About VOXX International Corporation
VOXX International Corporation (NASDAQ: VOXX) has grown into a leader in Automotive Electronics and Consumer Electronics, with emerging Biometrics technology to capitalize on the increased need for advanced security. Over the past several decades, with a portfolio of approximately 35 trusted brands, VOXX has built market-leading positions in in-vehicle entertainment, automotive security, reception products, a number of premium audio market segments, and more. VOXX is a global company, with an extensive distribution network that includes power retailers, mass merchandisers, 12-volt specialists and many of the world's leading automotive manufacturers. For additional information, please visit our website at www.voxxintl.com.
Safe Harbor Statement
Except for historical information contained herein, statements made in this release constitute forward-looking statements and thus may involve certain risks and uncertainties. All forward-looking statements made in this release are based on currently available information and the Company assumes no responsibility to update any such forward-looking statements. The following factors, among others, may cause actual results to differ materially from the results suggested in the forward-looking statements. The factors include, but are not limited to the: risk factors described in the Company's annual report on Form 10-K for the fiscal year ended February 28, 2021, and other filings made by the Company from time to time with the SEC. The factors described in such SEC filings include, without limitation: the impact of the COVID-19 outbreak on the Company's results of operations, the Company's ability to realize the anticipated results of its business realignment; cybersecurity risks; risks that may result from changes in the Company's business operations; our ability to keep pace with technological advances; significant competition in the automotive electronics, consumer electronics and biometrics businesses; our relationships with key suppliers and customers; quality and consumer acceptance of newly introduced products; market volatility; non-availability of product; excess inventory; price and product competition; new product introductions; foreign currency fluctuations; and restrictive debt covenants. Many of the foregoing risks and uncertainties are, and will be, exacerbated by the COVID-19 pandemic and any worsening of the global business and economic environment as a result. The Company assumes no obligation and does not intend to update these forward-looking statements.
Investor Relations Contact:
Glenn Wiener, GW Communications (for VOXX)
Email: gwiener@GWCco.com
-- Tables to Follow --
VOXX International Corporation and Subsidiaries Consolidated Balance Sheets | ||||||||
(In thousands, except share and per share data) | ||||||||
November 30, 2021 | February 28, 2021 | |||||||
(unaudited) | ||||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 21,162 | $ | 59,404 | ||||
Accounts receivable, net | 131,811 | 106,165 | ||||||
Inventory | 166,361 | 130,793 | ||||||
Receivables from vendors | 398 | 277 | ||||||
Prepaid expenses and other current assets | 24,935 | 22,266 | ||||||
Income tax receivable | 431 | 434 | ||||||
Total current assets | 345,098 | 319,339 | ||||||
Investment securities | 1,440 | 1,777 | ||||||
Equity investment | 22,628 | 23,267 | ||||||
Property, plant and equipment, net | 50,692 | 52,026 | ||||||
Operating lease, right of use asset | 4,010 | 4,572 | ||||||
Goodwill | 66,913 | 58,311 | ||||||
Intangible assets, net | 111,293 | 90,104 | ||||||
Deferred income tax assets | 95 | 99 | ||||||
Other assets | 946 | 1,323 | ||||||
Total assets | $ | 603,115 | $ | 550,818 | ||||
Liabilities, Redeemable Equity, Redeemable Non-Controlling Interest, and Stockholders' Equity | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 78,274 | $ | 61,826 | ||||
Accrued expenses and other current liabilities | 64,782 | 53,392 | ||||||
Income taxes payable | 1,172 | 1,587 | ||||||
Accrued sales incentives | 31,450 | 25,313 | ||||||
Interim arbitration award payable | 39,444 | — | ||||||
Contract liabilities, current | 3,713 | 4,178 | ||||||
Current portion of long-term debt | 2,091 | 500 | ||||||
Total current liabilities | 220,926 | 146,796 | ||||||
Long-term debt, net of debt issuance costs | 9,925 | 5,962 | ||||||
Finance lease liabilities, less current portion | 117 | 302 | ||||||
Operating lease liabilities, less current portion | 3,073 | 3,582 | ||||||
Deferred compensation | 1,440 | 1,777 | ||||||
Contingent consideration, less current portion | 5,582 | — | ||||||
Deferred income tax liabilities | 6,128 | 6,645 | ||||||
Other tax liabilities | 1,002 | 1,170 | ||||||
Other long-term liabilities | 5,790 | 5,255 | ||||||
Total liabilities | 253,983 | 171,489 | ||||||
Commitments and contingencies | ||||||||
Redeemable equity | 3,448 | 3,260 | ||||||
Redeemable non-controlling interest | 1,355 | — | ||||||
Stockholders' equity: | ||||||||
Preferred stock: | ||||||||
No shares issued or outstanding | — | — | ||||||
Common stock: | ||||||||
Class A, $.01 par value, 60,000,000 shares authorized, 24,476,847 and 24,416,194 shares issued and | 245 | 245 | ||||||
Class B Convertible, $.01 par value, 10,000,000 shares authorized, 2,260,954 shares issued and | 22 | 22 | ||||||
Paid-in capital | 300,240 | 300,402 | ||||||
Retained earnings | 123,812 | 148,906 | ||||||
Accumulated other comprehensive loss | (17,249) | (14,977) | ||||||
Less: Treasury stock, at cost, 2,862,218 and 2,749,218 shares of Class A Common Stock at November 31, | (25,138) | (23,918) | ||||||
Less: Redeemable equity | (3,448) | (3,260) | ||||||
Total VOXX International Corporation stockholders' equity | 378,484 | 407,420 | ||||||
Non-controlling interest | (34,155) | (31,351) | ||||||
Total stockholders' equity | 344,329 | 376,069 | ||||||
Total liabilities, redeemable equity, redeemable non-controlling interest, and stockholders' equity | $ | 603,115 | $ | 550,818 | ||||
VOXX International Corporation and Subsidiaries | ||||||||||||||||
Unaudited Consolidated Statements of Operations and Comprehensive (Loss) Income | ||||||||||||||||
(In thousands, except share and per share data) | ||||||||||||||||
Three months ended November 30, | Nine months ended November 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Net sales | $ | 191,871 | $ | 201,065 | $ | 472,040 | $ | 401,084 | ||||||||
Cost of sales | 140,167 | 142,937 | 346,455 | 284,905 | ||||||||||||
Gross profit | 51,704 | 58,128 | 125,585 | 116,179 | ||||||||||||
Operating expenses: | ||||||||||||||||
Selling | 13,864 | 13,176 | 37,169 | 30,976 | ||||||||||||
General and administrative | 20,049 | 21,104 | 56,609 | 51,398 | ||||||||||||
Engineering and technical support | 9,706 | 5,676 | 23,824 | 14,942 | ||||||||||||
Acquisition costs | 287 | 24 | 3,279 | 270 | ||||||||||||
Total operating expenses | 43,906 | 39,980 | 120,881 | 97,586 | ||||||||||||
Operating income | 7,798 | 18,148 | 4,704 | 18,593 | ||||||||||||
Other (expense) income: | ||||||||||||||||
Interest and bank charges | (730) | (471) | (1,840) | (2,280) | ||||||||||||
Equity in income of equity investee | 2,206 | 1,761 | 6,964 | 4,506 | ||||||||||||
Interim arbitration award (see Note 24) | (39,444) | — | (39,444) | — | ||||||||||||
Investment gain (see Note 4) | — | 42 | — | 42 | ||||||||||||
Other, net | (143) | 294 | 675 | 753 | ||||||||||||
Total other (expense) income, net | (38,111) | 1,626 | (33,645) | 3,021 | ||||||||||||
(Loss) income before income taxes | (30,313) | 19,774 | (28,941) | 21,614 | ||||||||||||
Income tax (benefit) expense | (641) | 2,334 | (374) | 6,724 | ||||||||||||
Net (loss) income | (29,672) | 17,440 | (28,567) | 14,890 | ||||||||||||
Less: net loss attributable to non-controlling interest | (1,551) | (811) | (3,473) | (2,429) | ||||||||||||
Net (loss) income attributable to VOXX | $ | (28,121) | $ | 18,251 | $ | (25,094) | $ | 17,319 | ||||||||
Other comprehensive income (loss): | ||||||||||||||||
Foreign currency translation adjustments | (1,835) | 79 | (2,797) | 3,608 | ||||||||||||
Derivatives designated for hedging | 184 | (43) | 466 | (514) | ||||||||||||
Pension plan adjustments | 36 | (6) | 59 | (85) | ||||||||||||
Other comprehensive (loss) income, net of tax | (1,615) | 30 | (2,272) | 3,009 | ||||||||||||
Comprehensive (loss) income attributable to VOXX | $ | (29,736) | $ | 18,281 | $ | (27,366) | $ | 20,328 | ||||||||
(Loss) income per share - basic: Attributable to VOXX | $ | (1.16) | $ | 0.75 | $ | (1.03) | $ | 0.72 | ||||||||
(Loss) income per share - diluted: Attributable to VOXX | $ | (1.16) | $ | 0.74 | $ | (1.03) | $ | 0.71 | ||||||||
Weighted-average common shares outstanding (basic) | 24,289,909 | 24,197,786 | 24,279,084 | 24,196,393 | ||||||||||||
Weighted-average common shares outstanding (diluted) | 24,289,909 | 24,677,525 | 24,279,084 | 24,532,329 | ||||||||||||
Reconciliation of GAAP Net Income Attributable to VOXX | ||||||||||||||||
International Corporation to EBITDA and Adjusted EBITDA | ||||||||||||||||
Three months ended November 30, | Nine months ended November 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Net (loss) income attributable to VOXX International | $ | (28,121) | $ | 18,251 | $ | (25,094) | $ | 17,319 | ||||||||
Adjustments: | ||||||||||||||||
Interest expense and bank charges (1) | 565 | 325 | 1,357 | 1,853 | ||||||||||||
Depreciation and amortization (1) | 3,378 | 2,904 | 8,891 | 8,128 | ||||||||||||
Income tax (benefit) expense | (641) | 2,334 | (374) | 6,724 | ||||||||||||
EBITDA | (24,819) | 23,814 | (15,220) | 34,024 | ||||||||||||
Stock-based compensation | 221 | 768 | 694 | 1,454 | ||||||||||||
Investment gain | — | (42) | — | (42) | ||||||||||||
Acquisition costs | 287 | 24 | 3,279 | 270 | ||||||||||||
Professional fees related to distribution agreement with | — | — | 325 | — | ||||||||||||
Non-routine legal fees | 235 | — | 1,469 | — | ||||||||||||
Interim arbitration award | 39,444 | — | 39,444 | — | ||||||||||||
Life insurance proceeds | — | — | — | (420) | ||||||||||||
Adjusted EBITDA | $ | 15,368 | $ | 24,564 | $ | 29,991 | $ | 35,286 | ||||||||
(1) | For purposes of calculating Adjusted EBITDA for the Company, interest expense and bank charges, as well as depreciation and amortization, have been adjusted in order to exclude the non-controlling interest portion of these expenses attributable to EyeLock LLC. |
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SOURCE VOXX International Corporation
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