VOXX International Q2 2017 net increased $5.1 million
Staff Writer |
VOXX International announced its financial results for its 2017 second quarter ended August 31, 2016.
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Net sales were $159.3 million, an increase of $5.1 million or 3.3% as compared to $154.2 million reported in the comparable year-ago period.
Gross margins were 29.2%, consistent with the Fiscal 2016 second quarter. Automotive segment gross margins were 31.3%, an increase of 60 basis points due primarily to a shift in product mix given lower fulfillment sales.
Premium Audio segment gross margins were 32.9%, an increase of 30 basis points due primarily to the introduction of new product lines.
Consumer Accessories segment gross margins were 22.2%, a decrease of 80 basis points, primarily due to a shift in product mix domestically, partially offset by higher margins internationally.
Operating expenses were $47.3 million, an improvement of $4.5 million or 8.7%, as compared to the Fiscal 2016 second quarter.
Q2 included $6.2 million of intangible asset impairment charges and EyeLock's expenses in the Fiscal 2017 second quarter totaled $4.1 million.
Excluding the impact of the intangible asset impairment charges and EyeLock related expenses, core operating expenses declined by $2.4 million as the Company continues to institute various cost controls to improve bottom-line performance.
The Company reported an operating loss of $0.8 million as compared to an operating loss of $6.9 million in the Fiscal 2016 second quarter.
Net income attributable to VOXX International Corporation for the three months ended August 31, 2016 was $3.0 million or $0.12 per basic and diluted share, as compared to a net loss of $4.4 million or a net loss per basic and diluted share of $0.18 in the comparable prior year period.
Earnings before interest, taxes, depreciation and amortization (EBITDA) was $6.7 million as compared to an EBITDA loss of $1.7 million reported in the Fiscal 2016 second quarter, an improvement of $8.4 million.
Adjusted EBITDA was $6.9 million as compared to $4.8 million for the comparable Fiscal 2017 and 2016 second quarter periods. ■