VOXX International Corporation announced its financial results for its fiscal 2017 first quarter ended May 31, 2016.
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Net sales were $155.5 million, a decrease of $8.9 million as compared to $164.4 million reported in the comparable year-ago period.
The average Euro for the Fiscal 2017 and Fiscal 2016 first quarters was $1.13 and $1.09, respectively, and positively impacted net sales by approximately $1.8 million.
Additionally, the sale of inventory and subsequent licensing of the Jensen 12-volt audio business impacted net sales by $3.0 million. Excluding the impact of the Euro conversion and sale of the Jensen car audio business, net sales were down $7.7 million or approximately 4.7%.
Automotive segment sales were $81.4 million and $90.0 million for the Fiscal 2017 and Fiscal 2016 first quarters, respectively, representing a decline of $8.6 million.
The Jensen sale impacted net sales by $3.0 million and the remaining decline was primarily due to lower OEM sales in North America, and lower aftermarket sales of remote starts and satellite radio products. This was partially offset by an increase in tuner and antenna sales at Hirschmann, as a new OEM program began during the quarter.
Premium Audio segment sales were $32.1 million and $29.3 million for the Fiscal 2017 and Fiscal 2016 first quarters, respectively, an increase of $2.8 million.
The increase in sales was primarily related to the introduction of new products, including HD wireless speakers, soundbars with wireless subwoofers and an increase in headphone sales. Strong domestic performance was partially offset by a decline in European sales.
Consumer Accessories segment sales were $41.7 million and $44.7 million for the Fiscal 2017 and Fiscal 2016 first quarters, respectively, a decline of $3.1 million.
This was primarily related to lower sales of wireless speakers due to stronger load-in's in the Fiscal 2016 first quarter and declines across select categories, partially offset by higher sales of antenna products and 360Fly action cameras, as well as an increase in net sales internationally. ■