VOXX International announced its financial results for its Fiscal 2022 first quarter ended May 31, 2021.
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Net sales in the Fiscal 2022 first quarter ended May 31, 2021, were $137.1 million as compared to net sales of $72.0 million in the Fiscal 2021 first quarter ended May 31, 2020, an increase of $65.1 million or 90.4%.
The Company reported year-over-year increases in all reporting segments for the comparable Fiscal periods.
Automotive Electronics segment net sales in the Fiscal 2022 first quarter were $42.7 million as compared to $17.3 million in the comparable year-ago period, an increase of $25.4 million or 146.9%. OEM product sales were $14.9 million as compared to $7.7 million and aftermarket product sales were $27.7 million as compared to $9.6 million for the Fiscal 2022 and Fiscal 2021 first quarter periods, respectively.
Driving the year-over-year improvements were new sales associated with the Company's acquisition of DEI, which occurred in the Fiscal 2021 second quarter, higher sales of OEM and aftermarket rear-seat entertainment solutions, and an increase in sales of automotive safety and security products. This was partially offset by lower OEM remote start product sales due to industrywide, global semiconductor shortages.
Consumer Electronics segment net sales in the Fiscal 2022 first quarter were $94.1 million as compared to $54.5 million in the comparable year-ago period, an increase of $39.6 million or 72.6%.
Premium Audio product sales were $71.6 million as compared to $34.5 million and other Consumer Electronics products sales were $22.5 million as compared to $20.0 million when comparing the Fiscal 2022 and Fiscal 2021 first quarter periods.
The primary drivers were higher product sales in the premium home theater, subwoofer, premium mobility, and premium wireless audio categories; new sales of premium wireless computer speaker systems and other Bluetooth speakers; higher volume of products sold through new distribution channels; and an increase in sales through 11 Trading Company LLC ("11 TC"), a newly formed subsidiary in the Fiscal 2021 second quarter; and higher e-commerce sales.
The Company also had higher sales of wireless speakers, remotes, karaoke products, and nursery products domestically, and an increase in sales of premium audio and accessory products in Europe, as many COVID-19 restrictions were lifted.
Biometrics segment net sales in the Fiscal 2022 first quarter were approximately $0.2 million, an increase of $0.1 million or 111.3% as compared to $0.1 million in the comparable year-ago period. The year-over-year increase was primarily related to higher sales of the Company's NIXT product, which was introduced in the second half of Fiscal 2021. ■