Technology
VOXX International Corporation Reports its Fiscal 2025 First Quarter Financial Results
Published
2 months agoon
By
Net sales declined by 18.1%, gross margins improved by 310 basis points, operating expenses declined by 16.6%; Adjusted EBITDA Loss of $2.9 million improved by $2.1 million year-over-year amidst restructuring program to streamline sales, lower costs and working capital needs and return the Company to profitability
ORLANDO, Fla., July 10, 2024 /PRNewswire/ — 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 2025 first quarter ended May 31, 2024.
Commenting on the Company’s first quarter results, Pat Lavelle, Chief Executive Officer stated, “During the first quarter, we took aggressive steps to improve gross margins and lower both our operating expenses and working capital needs. While our sales were down for the comparable periods, gross margins improved in our Automotive and Consumer segments, and we reduced year-over-year expenses by over 16%. The retail environment remains challenging, interest rates are high, and inflation is still a major concern. With market pressures expected to continue, we have instituted various restructuring programs to right size our business. We are equally focused on reducing our debt and freeing up capital to re-invest in VOXX. With the changes made and upcoming, we expect to return to profitability this year.”
Fiscal 2025 and Fiscal 2024 First Quarter Comparisons
On March 1, 2024, the Company’s majority owned subsidiary, EyeLock LLC, contributed assets, including inventory and intangible assets, to a newly formed joint venture, BioCenturion LLC, that will operate the Biometrics business moving forward. For the three months ended May 31, 2024, the Company accounted for its investment in BioCenturion as an equity method investment within our Biometrics segment (see Note 12 in the Company’s Form 10-Q filed with the Securities and Exchange Commission).
Net sales in the Fiscal 2025 first quarter ended May 31, 2024, were $91.7 million as compared to $111.9 million in the Fiscal 2024 first quarter ended May 31, 2023, a decrease of $20.3 million or 18.1%.
Automotive Electronics segment net sales in the Fiscal 2025 first quarter were $27.7 million as compared to $38.4 million in the comparable year-ago period, a decrease of $10.7 million or 27.9%. For the same comparable periods, OEM product sales were $12.8 million as compared to $20.3 million, primarily due to a decline in sales of OEM rear seat entertainment (“RSE”) products, partially offset by an increase in sales of OEM remote start products. RSE sales were lower for the comparable periods primarily due to temporary halts in customer programs and volume reductions, as well as the termination of a customer program that was in place in the prior year. Aftermarket product sales were $14.8 million as compared to $18.1 million due primarily to lower aftermarket security, rear seat entertainment, and satellite radio products, among others.Consumer Electronics segment net sales in the Fiscal 2025 first quarter were $63.9 million as compared to $73.3 million in the comparable year-ago period, a decrease of $9.4 million or 12.8%. For the same comparable periods, premium audio product sales were $48.4 million as compared to $47.6 million, driven by higher sales domestically and driven by the successful launch of new products during the current Fiscal year period. This growth was partially offset by lower sales of premium audio products in Europe and Asia. Other consumer electronics (“CE”) product sales were $15.5 million as compared to $25.7 million, primarily related to lower sales of domestic wireless accessory speakers as a large customer program did not repeat, as well as lower sales of the Company’s balcony solar power products.
The gross margin in the Fiscal 2025 first quarter was 27.7% as compared to 24.6% in the Fiscal 2024 first quarter, an improvement of 310 basis points as margins improved across all business segments. When comparing the Fiscal 2025 and Fiscal 2024 first quarters, the Company reported:
Automotive Electronics segment gross margin of 23.2% as compared to 21.0%, an increase of 220 basis points with the year-over-year improvement primarily driven by the Company’s OEM manufacturing transition from Florida to Mexico, as well as improvements related to product mix.Consumer Electronics segment gross margin of 29.6% as compared to 25.5%, an increase of 410 basis points. The year-over-year improvement was primarily driven by the launch of new products both domestically and internationally and fewer close-out promotion sales, with other offsetting factors.
Total operating expenses in the Fiscal 2025 first quarter were $32.5 million as compared to $39.0 million in the comparable Fiscal 2024 period, a decline of $6.5 million or 16.6%. The year-over-year improvement was driven primarily by restructuring programs and other initiatives designed to lower costs and working capital needs. When comparing the Fiscal 2025 and Fiscal 2024 first quarters, the Company reported:
Selling expenses of $9.6 million as compared to $11.2 million. The year-over-year improvement of $1.6 million or 14.1% was primarily driven by lower website and trade show expenses, as well as lower headcount related expenses.General and administrative (“G&A”) expenses of $16.5 million as compared to $19.4 million. The year-over-year improvement of $3.0 million or 15.3% was primarily driven by lower headcount related expenses, and a decline in legal, professional and third-party service fees, among other factors.Engineering and technical support expenses of $6.2 million as compared to $8.3 million. The year-over-year improvement of $2.1 million or 25.1% was primarily due to a decline in labor expense due to lower headcount, as well as lower research and development expenses.The Company incurred approximately $0.2 million of restructuring costs as compared to $0.1 million, with costs in both periods related to the relocation of certain OEM production operations to Mexico.
The Company reported an operating loss of $7.1 million in the Fiscal 2025 first quarter as compared to an operating loss of $11.4 million in the comparable year-ago period.
Total other expense, net, in the Fiscal 2025 first quarter increased by $2.0 million over the comparable Fiscal 2024 period. Interest and bank charges increased by $0.6 million principally due to higher borrowings on the Company’s Domestic Credit Facility, as well as an increase in interest rates, and equity in income of equity investees declined by $1.3 million, principally due to lower net income at ASA as well as due to losses incurred by BioCenturion, which was not present in the prior year period. Additionally, the Company incurred a loss of $0.4 million related to the contribution of assets to the BioCenturion joint venture, representing the difference between the book value of the assets contributed and their fair values on March 1, 2024. Lastly, other net increased by $0.8 million, primarily as a result of losses in foreign currency.
Net loss attributable to VOXX International Corporation in the Fiscal 2025 first quarter was $9.3 million as compared to a net loss attributable to VOXX International Corporation of $10.7 million in the comparable Fiscal 2024 period. The Company reported a basic and diluted loss per common share attributable to VOXX International Corporation of $0.40 in the Fiscal 2025 first quarter as compared to a basic and diluted loss per common share attributable to VOXX International Corporation of $0.45, in the comparable Fiscal 2024 period.
The Company reported an Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”) loss in the Fiscal 2025 first quarter of $5.2 million as compared to an EBITDA loss in the comparable Fiscal 2024 first quarter of $7.6 million. Adjusted EBITDA in the Fiscal 2025 first quarter was a loss of $2.9 million as compared to an Adjusted EBITDA loss of $4.9 million in the comparable Fiscal 2024 period.
Balance Sheet Update
As of May 31, 2024, the Company had cash and cash equivalents of $4.2 million as compared to $11.0 million as of February 29, 2024. Total debt as of May 31, 2024 was $68.6 million as compared to $73.3 million as of February 29, 2024. The decline in total debt is primarily related to a $4.4 million reduction in outstanding debt on the Company’s Domestic Credit Facility as well as lower debt associated with the Company’s Florida mortgage and shareholder loan payable to Sharp Corporation. Total long-term debt, net of debt issuance costs as of May 31, 2024 was $63.7 million as compared to $71.9 million as of February 29, 2024, an improvement of $8.2 million.
Conference Call Information
The Company will be hosting its conference call and webcast on Thursday, July 11, 2024 at 10:00 a.m. ET.
To attend the webcast: https://edge.media-server.com/mmc/p/kzsk98zvTo access by phone: https://register.vevent.com/register/BI7eae05a5e3b74b5b8b78a3235500c167
Participants are requested to register a day in advance or at a minimum 15 minutes before the start of the call. Those wishing to ask questions following management’s remarks should use the dial-in numbers provided.
A replay of the webcast will be available approximately two hours after the call and archived under “Events and Presentations” in the Investor Relations section of the Company’s website at https://investors.voxxintl.com/events-and-presentations
Non-GAAP Measures
EBITDA and Adjusted EBITDA are not financial measures recognized by GAAP. EBITDA represents net loss attributable to VOXX International Corporation and Subsidiaries, 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, gains on the sale of certain assets, loss on contribution of assets to a joint venture, foreign currency losses, restructuring expenses, certain non-routine legal fees, and awards. Depreciation, amortization, stock-based compensation, loss on contribution of assets to a joint venture, and foreign currency losses are non-cash items.
We present EBITDA and Adjusted EBITDA in this release 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 worldwide leader in the Automotive Electronics and Consumer Electronics industries. 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 “Risk Factors” section of the Company’s Annual Report on Form 10-K for the fiscal year ended February 29, 2024, and other filings made by the Company from time to time with the SEC, as such descriptions may be updated or amended in any future reports we file with the SEC. The factors described in such SEC filings include, without limitation: impacts related to the COVID-19 pandemic, global supply shortages and logistics costs and delays; global economic trends; cybersecurity risks; risks that may result from changes in the Company’s business operations; operational execution by our businesses; changes in law, regulation or policy that may affect our businesses; our ability to increase margins through implementation of operational improvements, restructuring and other cost reduction methods; 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 War in the Ukraine and any worsening of the global business and economic environment as a result.
Investor Relations Contact:
Glenn Wiener, GW Communications (for VOXX)
Email: gwiener@GWCco.com
VOXX International Corporation and Subsidiaries
Consolidated Balance Sheets
(In thousands, except share and per share data)
May 31,
2024
February 29,
2024
(unaudited)
Assets
Current assets:
Cash and cash equivalents
$
4,160
$
10,986
Accounts receivable, net of allowances of $2,758 and $3,041 at May 31, 2024 and February 29, 2024, respectively
64,787
71,066
Inventory
116,230
128,471
Receivables from vendors
1,190
1,192
Due from GalvanEyes LLC, current
–
1,238
Prepaid expenses and other current assets
16,759
20,820
Income tax receivable
4,273
2,095
Total current assets
207,399
235,868
Investment securities
761
828
Equity investments
23,762
21,380
Property, plant and equipment, net
44,420
45,070
Operating lease, right of use assets
3,053
2,577
Goodwill
63,283
63,931
Intangible assets, net
65,265
68,766
Due from GalvanEyes LLC, less current portion
–
1,340
Deferred income tax assets
1,461
1,452
Other assets
2,798
2,794
Total assets
$
412,202
$
444,006
Liabilities, Redeemable Equity, Redeemable Non-Controlling Interest, and Stockholders’ Equity
Current liabilities:
Accounts payable
$
25,895
$
35,076
Accrued expenses and other current liabilities
36,601
38,238
Income taxes payable
834
1,123
Accrued sales incentives
15,160
18,236
Contract liabilities, current
3,574
3,810
Current portion of long-term debt
4,162
500
Total current liabilities
86,226
96,983
Long-term debt, net of debt issuance costs
63,684
71,881
Finance lease liabilities, less current portion
559
644
Operating lease liabilities, less current portion
2,127
1,884
Deferred compensation
761
828
Deferred income tax liabilities
2,604
2,690
Other tax liabilities
706
809
Prepaid ownership interest in EyeLock LLC due to GalvanEyes LLC
–
9,817
Other long-term liabilities
2,147
2,170
Total liabilities
158,814
187,706
Commitments and contingencies
Redeemable equity: Class A, $.01 par value; 577,581 shares at both May 31, 2024 and February 29, 2024 (Note 8)
4,110
4,110
Redeemable non-controlling interest
(3,158)
(3,203)
Stockholders’ equity:
Preferred stock:
No shares issued or outstanding
–
–
Common stock:
Class A, $.01 par value, 60,000,000 shares authorized, 23,990,603 and 23,985,603 shares issued and 19,639,420 and 19,698,562 shares outstanding at May 31, 2024 and February 29, 2024, respectively
240
240
Class B Convertible, $.01 par value, 10,000,000 shares authorized, 2,260,954 shares issued and outstanding at both May 31, 2024 and February 29, 2024
22
22
Paid-in capital
296,044
293,272
Retained earnings
49,003
58,272
Accumulated other comprehensive loss
(16,784)
(17,366)
Less: Treasury stock, at cost, 4,351,183 and 4,287,041 shares of Class A Common Stock at May 31, 2024 and February 29, 2024, respectively
(39,821)
(39,573)
Total VOXX International Corporation stockholders’ equity
288,704
294,867
Non-controlling interest
(36,268)
(39,474)
Total stockholders’ equity
252,436
255,393
Total liabilities, redeemable equity, redeemable non-controlling interest, and stockholders’ equity
$
412,202
$
444,006
VOXX International Corporation and Subsidiaries
Unaudited Consolidated Statements of Operations and Comprehensive Loss
(In thousands, except share and per share data)
Three months ended
May 31,
2024
2023
Net sales
$
91,661
$
111,926
Cost of sales
66,252
84,346
Gross profit
25,409
27,580
Operating expenses:
Selling
9,590
11,166
General and administrative
16,457
19,427
Engineering and technical support
6,244
8,337
Restructuring expenses
231
59
Total operating expenses
32,522
38,989
Operating loss
(7,113)
(11,409)
Other (expense) income:
Interest and bank charges
(2,138)
(1,546)
Equity in income of equity investees
351
1,616
Final arbitration award
–
(986)
Other, net
(1,871)
(701)
Total other expense, net
(3,658)
(1,617)
Loss before income taxes
(10,771)
(13,026)
Income tax benefit
(594)
(1,321)
Net loss
(10,177)
(11,705)
Less: net loss attributable to non-controlling interest
(908)
(967)
Net loss attributable to VOXX International Corporation and Subsidiaries
$
(9,269)
$
(10,738)
Other comprehensive income (loss):
Foreign currency translation adjustments
595
238
Derivatives designated for hedging
(13)
(60)
Pension plan adjustments
–
(1)
Other comprehensive income, net of tax
582
177
Comprehensive loss attributable to VOXX International Corporation and Subsidiaries
$
(8,687)
$
(10,561)
Loss per share – basic: Attributable to VOXX International Corporation and Subsidiaries
$
(0.40)
$
(0.45)
Loss per share – diluted: Attributable to VOXX International Corporation and Subsidiaries
$
(0.40)
$
(0.45)
Weighted-average common shares outstanding (basic)
23,139,876
23,795,718
Weighted-average common shares outstanding (diluted)
23,139,876
23,795,718
Reconciliation of GAAP Net Loss Attributable to
VOXX International Corporation to EBITDA and Adjusted EBITDA
Three months ended
May 31,
2024
2023
Net loss attributable to VOXX International Corporation and Subsidiaries
$
(9,269)
$
(10,738)
Adjustments:
Interest expense and bank charges (1)
1,923
1,346
Depreciation and amortization (1)
2,728
3,101
Income tax benefit
(594)
(1,321)
EBITDA
(5,212)
(7,612)
Stock-based compensation
146
258
Gain on sale of tradename
–
(450)
Loss on contribution of assets to joint venture (1)
252
–
Foreign currency losses (1)
1,849
962
Restructuring expenses
231
59
Non-routine legal fees
(123)
853
Final arbitration award
–
986
Adjusted EBITDA
$
(2,857)
$
(4,944)
(1)
For purposes of calculating Adjusted EBITDA for the Company, interest expense and bank charges, depreciation and amortization, losses on the contribution of assets to a joint venture, as well as foreign currency losses have been adjusted in order to exclude the non-controlling interest portion of these expenses attributable to EyeLock LLC and Onkyo Technology KK, as appropriate.
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SOURCE VOXX International Corporation (NASDAQ:VOXX)
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In 2023, dubbed the first year of AI in China, Markor led the industry by launching its AI-powered home application, “AI Smart Home.” This program integrates cutting-edge AI model technology with a curated selection of best-selling products, offering features such as a home knowledge encyclopedia, lifestyle analysis and recommendations, design style suggestions, furniture recommendations, and one-click product replacements, providing users with 24/7 intelligent home design and easy home setup solutions.
The AI Smart Home system revolutionizes traditional home setup processes, enabling users to enjoy services conveniently via mobile devices. At the summit, Markor provided live demonstrations of the AI Smart Home system, with an interactive area for hands-on experiences. The system’s ease of use, wide range of style options, instant results, one-click sharing, and seamless purchasing capabilities ushered in a new era, allowing attendees to transition from imagining AI-powered home setups to instantly experiencing full-room services. The audience was left impressed and full of praise.
As the world’s first AI multimodal model for professional interior design, and the only AI application to incorporate a large language model in home furnishing retail, the AI Smart Home offers flexible and dynamic solutions that go beyond pre-existing layout-generated designs. It represents a groundbreaking leap in the home industry, emerging as a leading tool that reshapes service ecosystems.
Open, Shared, and Collaborative AI Business Achievements Define AI’s Sustainable Future
As a traditional home furnishing retailer closely tied to people’s daily lives, the success of AI Smart Home is no coincidence. Markor’s global strategy and presence ensure that the brand remains open and internationally competitive. Whether through prestigious awards or its global manufacturing footprint, each leap in innovation is supported by its competitive edge.
Since the beta launch of AI Smart Home by Markor Furnishings, a home furnishing brand under Markor, it has recorded over 50,000 page visits in a short time, with tens of thousands of users generating sales orders worth tens of millions of yuan. This achievement has boosted confidence in the traditional industry’s digital transformation.
A representative of Markor at the summit stated, “AI represents openness, and Markor has always embraced the times through an open ecosystem to meet users’ needs. With over 20 years of accumulated lifestyle experience, we aim to extend the reach of quality living experiences through AI interaction and expansion. The true sustainable future of AI lies in achieving shared success among users, brands, and technology platforms.”
It is evident that Markor is not simply focused on app development; it is committed to a long-term strategy that builds AI-driven lifestyles and reshapes business models. By creating personalized shopping experiences and innovating marketing models that cater to new consumer demands, Markor’s AI-based tools like “AI Xiaomei” and “AI Smart Home” serve as personalized recommendation and virtual design solutions. The company is poised to further enhance its services by leveraging AI to accurately predict market trends, optimize advertising effectiveness, and upgrade customer solutions, thus driving marketing conversion opportunities. Through disruptive shopping experiences and business models, Markor aims to become the world’s first AI-driven home furnishing brand with a fully digital and intelligent shopping experience.
Pioneering Future Living with AI: Unlocking New Opportunities
Markor is committed to leveraging technological convenience, unlocking potential, and sharing technological benefits. As a trailblazer in quality living, its development path consistently follows a “science + art” approach, which has proven to be a long-term strategy in line with current market trends. In 2024, Markor was honored with the title of “Outstanding Home Furnishing Brand Enterprise of 2024.” Its sub-brand, Markor Furnishings, reached a new brand value of over 32.2 billion yuan, securing a spot in the “Top 100 New Quality Home Brands of 2024” and winning the “Home Service Excellence Award” for the 13th consecutive year.
Backed by its national-level Industrial Design Center, robust R&D systems, and global operational capabilities, Markor continues to invigorate the ecosystem through digitalization, intelligence, and supply chain integration. With AI Smart Home as the bridge, Markor is reigniting public interest and confidence in AI’s potential and advancing the commercialization of AI technologies like natural language processing. It is building a continually open-source platform for both DTC end-users and B2B interior designers.
In July 2024, Markor hosted the “Art + AI + Life” forum in Beijing and launched a national AI painting and design competition, further embedding AI practices in the industry. In September, it signed a strategic partnership with the AI technology leader Shengshu Technology to break new ground in product design, manufacturing, marketing content innovation, and service experience. This collaboration will fuel the company’s efforts toward smart, personalized home furnishing upgrades, setting new benchmarks in the industry. These initiatives underscore Markor’s determination to use AI to enhance its future competitiveness.
Democratizing design empowers everyone to shape their dreams and take control of their future. Markor’s ongoing AI strategy not only provides opportunities for those pursuing a better life but also highlights new possibilities in the ever-evolving home living landscape.
View original content:https://www.prnewswire.com/news-releases/reshaping-future-lifestyles-markor-unveils-ai-strategy-at-the-apsara-conference-302255015.html
SOURCE Markor International Home Furnishings
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