ORLANDO, Fla., Jan. 9, 2019 /PRNewswire/ -- VOXX International
Corporation (NASDAQ: VOXX), a leading manufacturer and distributor
of automotive and consumer technologies for global markets, today
announced its financial results for its Fiscal 2019 third quarter
and nine-months ended November 30,
2018.
Pat Lavelle, President and CEO
of VOXX International Corporation stated, "The steps we
have and continue to take to improve gross margins and lower
expenses resulted in a modest improvement in operating income,
despite a $27 million reduction in
sales. We have begun taking aggressive actions to restructure our
Consumer Accessories segment and realign our international Premium
Audio segment; actions we believe will result in a stronger and
more profitable company going forward. We are focusing R&D
resources to develop unique product solutions that will help VOXX
expand sales in new and growing categories. Further, our balance
sheet continues to improve as evidenced by the increase in our cash
position and lower debt position compared to the Fiscal 2019 second
quarter. We will be providing updates on our strategy and financial
expectations as a result of the changes underway over the next
quarter. All of us at VOXX with the support of our Board are
focused on doing what is necessary to improve shareholder
value."
Fiscal 2019 and Fiscal 2018 Third Quarter Results
Comparisons
Net sales for the Fiscal 2019 third quarter ended November 30, 2018 were $129.6
million as compared to net sales of $156.6
million in the comparable year-ago period, a decline
of $26.9 million or 17.2%, the majority of which was in
the Consumer Accessories segment, as anticipated.
- Fiscal 2019 third quarter Automotive segment sales were
$45.1 million as compared to
$40.6 million for the comparable
Fiscal 2018 third quarter, an increase of $4.4 million or 10.9%. The year-over-year
increase was driven by higher Automotive OEM sales, which increased
by $6.6 million or 36.7%, partially
offset by a $2.2 million or 9.5%
reduction in Automotive aftermarket sales. The increase in OEM
sales was related to higher sales of the Company's EVO rear-seat
entertainment system to several Automotive OEM customers, including
General Motors, Ford Motor Company, Nissan, and Mazda.
- Fiscal 2019 third quarter Premium Audio segment sales were
$49.7 million as compared to
$57.4 million for the comparable
Fiscal 2018 third quarter, a decrease of $7.7 million or 13.5%. The decline in
year-over-year sales was primarily driven by lower sales of certain
discontinued products, lower sales in the European markets and a
shift in sales strategy related to the e-commerce channel,
partially offset by higher sales of commercial speakers in the
custom installation channel. While Fiscal 2019 third quarter sales
were lower on a year-over-year basis, domestic sales came in higher
than the Company's internal forecast.
- Fiscal 2019 third quarter Consumer Accessories segment sales
were $34.7 million as compared to
$58.5 million in the comparable
Fiscal 2018 third quarter, a decrease of $23.8 million or 40.7%. Lower year-over-year
sales were due to several factors, including higher initial
load-ins of wearable devices and wireless products in last year's
Fiscal third quarter, and lower sales in reception due to a large
program that did not repeat, as well as lower volume in other
legacy categories. Additionally, the Company reported lower
international sales when comparing the Fiscal third quarter
periods. Offsetting these declines were higher sales of Singsation,
EyeLock and Project Nursery products, as well as increases in the
smart home and security categories. The Company had and continues
to exit certain lower margin product categories as part of its SKU
rationalization program discussed in the prior period, which also
contributed to the year-over-year sales decline.
The gross margin for the Fiscal 2019 third quarter came in at
30.0% as compared to 26.5% for the same period last year, a
year-over-year increase of 350 basis points. The Company reported
gross margin improvements in all reporting segments: Automotive
segment gross margins were 25.5% as compared to 23.5%, an increase
of 200 basis points; Premium Audio segment gross margins were 36.7%
as compared to 33.4%, an increase of 330 basis points; and Consumer
Accessories gross margins were 25.3% as compared to 21.7%, an
increase of 360 basis points.
Total operating expenses for the Fiscal 2019 third quarter
were $33.2 million as compared to $35.9
million in the Fiscal 2018 third quarter, a reduction of
$2.7 million or 7.4%. The
year-over-year improvement was primarily driven by a continued
focus on lowering fixed expenses throughout the Company. When
comparing the Fiscal 2019 and Fiscal 2018 third quarters, selling
expenses declined by $1.0 million or
8.8%, and general and administrative expenses declined by
$1.8 million or 9.7%, partially
offset by a $0.1 million increase in
Engineering and technical support expenses.
The Company reported operating income of $5.7 million in the Fiscal 2019 third quarter as
compared to operating income of $5.6
million in the comparable year-ago period, a modest increase
driven by improved gross margins and lower expenses, despite lower
sales volumes.
Total other income, net for the Fiscal 2019 third quarter was
$0.8 million as compared to total
other income, net of $1.3 million in
the comparable year ago period. The Fiscal 2019 third quarter
included interest and bank charges of $(1.2)
million, equity in income of equity investees of
$1.7 million and other, net of
$0.3 million. This compares to
interest and bank charges of $(1.2)
million, equity in income of equity investees of
$2.0 million and other, net of
$0.5 million in the Fiscal 2018 third
quarter period.
The Company reported net income from continuing operations of
$10.6 million in the Fiscal 2019
third quarter as compared to net income from continuing operations
of $7.5 million in the comparable
year-ago period. The Fiscal 2018 third quarter includes a net
loss from discontinued operations, net of tax of $0.4 million. Additionally, the Fiscal 2019 third
quarter includes an income tax benefit from continuing operations
of $(4.1) million as compared to an
income tax benefit from continuing operations of $(0.6) million in the Fiscal 2018 third quarter.
Excluding the net loss attributable to VOXX International
Corporations non-controlling interest, net income attributable to
VOXX International Corporation was $12.2
million in the Fiscal 2019 third quarter as compared to
$8.6 million in the comparable
year-ago period, a year-over-year improvement of $3.6 million.
On a per share basis, the Company reported basic and diluted
income per share attributable to VOXX International Corporation of
$0.50 in the Fiscal 2019 third
quarter as compared to basic earnings per share attributable to
VOXX International Corporation of $0.36 and diluted earnings per share attributable
to VOXX International Corporation of $0.35 in the Fiscal 2018 third quarter. Note, the
Fiscal 2018 third quarter includes a basic and diluted loss per
share of $(0.02) related to
discontinued operations.
The Company reported earnings before interest, taxes,
depreciation and amortization ("EBITDA") of $11.5 million and
$12.0 million for the Fiscal 2019 and
Fiscal 2018 third quarters, respectively. Adjusted EBITDA for the
Fiscal 2019 third quarter was $11.6
million as compared to Adjusted EBITDA of $12.2 million in the comparable year-ago
period.
Discontinued Operations
On August 31, 2017, the Company completed its sale
of Hirschmann Car Communication GmbH and its subsidiaries
(collectively, "Hirschmann") to a subsidiary of TE
Connectivity Ltd. The consideration received by the Company
was €148.5 million. The purchase price, at the exchange rate as of
the close of business on the Closing Date, approximated $177.0
million and is subject to adjustment based upon the final working
capital. The Hirschmann subsidiary group, which was previously
included within the Automotive segment, qualified to be presented
as a discontinued operation in accordance with ASC 205-20 beginning
in the Company's second quarter ended August 31, 2017 and
is reflected as such during the three and nine-months ended
November 30, 2018.
Balance Sheet Update
As of November 30, 2018, the
Company had cash and cash equivalents of $48.7 million as compared to cash and cash
equivalents of $51.7 million as of
February 28, 2018. On a sequential
basis, cash and cash equivalents improved by $4.5 million when compared to the period ending
August 31, 2018. Total debt as of
November 30, 2018 was $18.2 million as compared to total of
$18.9 million as of February 28, 2018. Total long-term debt, net of
debt issuance costs as of November 30,
2018 was $5.8 million as
compared to $8.5 million as of
February 28, 2018, an improvement of
$2.7 million. Further details can be
found in Footnote 16 of the Company's Form 10-Q on file with the
Securities and Exchange Commission.
Conference Call and Webcast Information
The Company will be hosting its conference call and webcast
on Thursday, January 10, 2019 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 (toll-free:
877-303-9079; international: 970-315-0461 / conference ID:
4481589). A replay will also be available on the Company's
website approximately one hour after completion of the call.
Non-GAAP Measures
EBITDA, Adjusted EBITDA and Diluted Adjusted EBITDA per common
share are not financial measures recognized by GAAP. EBITDA
represents net (loss) income 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, impairment charges, gains on the sale of
discontinued operations, losses on certain forward contracts, and
investment gains. Depreciation, amortization, stock-based
compensation and asset impairment charges are non- cash items.
Diluted Adjusted EBITDA per common share represents the Company's
diluted earnings per common share based on Adjusted EBITDA.
We present EBITDA, Adjusted EBITDA and Diluted Adjusted EBITDA
per common share in this Form 10-Q because we consider them to be
useful and appropriate supplemental measures of our performance.
Adjusted EBITDA and Diluted Adjusted EBITDA per common share help
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 non-recurring 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, Adjusted EBITDA and Diluted Adjusted EBITDA per
common share 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 many automotive and consumer
electronics and accessories categories, as well as premium high-end
audio. Today, VOXX International is a global company, with an
extensive distribution network that includes power retailers, mass
merchandisers, 12-volt specialists and most of the world's leading
automotive manufacturers. The Company has an international
footprint in Europe, Asia and Latin
America, and a growing portfolio, which is comprised of over
30 trusted brands. 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 that would constitute
forward-looking statements 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 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, premium audio
and consumer accessories 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 concerns
regarding the European debt crisis; restrictive debt covenants; the
possibility that the review of our prior filings by
the SEC may result in changes to our financial
statements; and the possibility that stockholders or regulatory
authorities may initiate proceedings against VOXX
International Corporation and/or our officers and directors as
a result of any restatements. Risk factors associated with our
business, including some of the facts set forth herein, are
detailed in the Company's Form 10-K for the fiscal year
ended February 28, 2018.
Company Contact:
Glenn Wiener, President
GW Communications
Tel: 212-786-6011
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,
2018
|
|
February 28,
2018
|
Assets
|
|
(unaudited)
|
|
|
Current
assets:
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
48,718
|
|
|
$
|
51,740
|
|
Accounts receivable,
net
|
|
84,639
|
|
|
81,116
|
|
Inventory,
net
|
|
118,816
|
|
|
117,992
|
|
Receivables from
vendors
|
|
463
|
|
|
493
|
|
Prepaid expenses and
other current assets
|
|
28,598
|
|
|
14,007
|
|
Income tax
receivable
|
|
499
|
|
|
511
|
|
Total current
assets
|
|
281,733
|
|
|
265,859
|
|
Investment
securities
|
|
3,243
|
|
|
4,167
|
|
Equity
investment
|
|
22,108
|
|
|
21,857
|
|
Property, plant and
equipment, net
|
|
61,200
|
|
|
65,259
|
|
Goodwill
|
|
54,785
|
|
|
54,785
|
|
Intangible assets,
net
|
|
135,041
|
|
|
150,320
|
|
Deferred income tax
assets
|
|
24
|
|
|
24
|
|
Other
assets
|
|
2,590
|
|
|
13,373
|
|
Total
assets
|
|
$
|
560,724
|
|
|
$
|
575,644
|
|
Liabilities and
Stockholders' Equity
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Accounts
payable
|
|
$
|
37,097
|
|
|
$
|
34,700
|
|
Accrued expenses and
other current liabilities
|
|
33,776
|
|
|
36,350
|
|
Income taxes
payable
|
|
1,371
|
|
|
2,587
|
|
Accrued sales
incentives
|
|
16,606
|
|
|
14,020
|
|
Current portion of
long-term debt
|
|
10,417
|
|
|
7,730
|
|
Total current
liabilities
|
|
99,267
|
|
|
95,387
|
|
Long-term debt, net
of debt issuance costs
|
|
5,754
|
|
|
8,476
|
|
Capital lease
obligation
|
|
628
|
|
|
699
|
|
Deferred
compensation
|
|
2,529
|
|
|
3,369
|
|
Deferred income tax
liabilities
|
|
14,853
|
|
|
12,217
|
|
Other tax
liabilities
|
|
1,377
|
|
|
2,191
|
|
Other long-term
liabilities
|
|
3,014
|
|
|
3,187
|
|
Total
liabilities
|
|
127,422
|
|
|
125,526
|
|
Commitments and
contingencies
|
|
|
|
|
Stockholders'
equity:
|
|
|
|
|
Preferred
stock:
|
|
|
|
|
No shares issued or
outstanding
|
|
—
|
|
|
—
|
|
Common
stock:
|
|
|
|
|
Class A, $.01 par
value, 60,000,000 shares authorized, 24,106,194 shares issued
and
21,938,100 shares outstanding at both November 30, 2018 and
February 28, 2018
|
|
242
|
|
|
256
|
|
Class B Convertible,
$.01 par value, 10,000,000 shares authorized, 2,260,954 shares
issued and outstanding at both November 30, 2018 and February 28,
2018
|
|
22
|
|
|
22
|
|
Paid-in
capital
|
|
296,788
|
|
|
296,395
|
|
Retained
earnings
|
|
185,142
|
|
|
194,673
|
|
Accumulated other
comprehensive loss
|
|
(16,932)
|
|
|
(14,222)
|
|
Treasury stock, at
cost, 2,168,094 shares of Class A Common Stock at both November
30, 2018 and February 28, 2018
|
|
(21,176)
|
|
|
(21,176)
|
|
Total VOXX
International Corporation stockholders' equity
|
|
444,086
|
|
|
455,948
|
|
Non-controlling
interest
|
|
(10,784)
|
|
|
(5,830)
|
|
Total stockholders'
equity
|
|
433,302
|
|
|
450,118
|
|
Total liabilities and
stockholders' equity
|
|
$
|
560,724
|
|
|
$
|
575,644
|
|
VOXX International
Corporation and Subsidiaries
Unaudited
Consolidated Statements of Operations and Comprehensive Income
(Loss)
(In
thousands, except share and per share data)
|
|
|
|
Three Months
Ended
November 30,
|
|
Nine Months
Ended
November 30,
|
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
Net sales
|
|
$
|
129,637
|
|
|
$
|
156,563
|
|
|
$
|
339,359
|
|
|
$
|
384,856
|
|
Cost of
sales
|
|
90,714
|
|
|
115,044
|
|
|
241,696
|
|
|
284,772
|
|
Gross
profit
|
|
38,923
|
|
|
41,519
|
|
|
97,663
|
|
|
100,084
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
Selling
|
|
10,363
|
|
|
11,357
|
|
|
30,661
|
|
|
34,805
|
|
General and
administrative
|
|
16,482
|
|
|
18,258
|
|
|
49,632
|
|
|
59,095
|
|
Engineering and
technical support
|
|
6,368
|
|
|
6,261
|
|
|
18,349
|
|
|
20,298
|
|
Intangible asset
impairment charges
|
|
—
|
|
|
—
|
|
|
9,814
|
|
|
—
|
|
Total operating
expenses
|
|
33,213
|
|
|
35,876
|
|
|
108,456
|
|
|
114,198
|
|
Operating income
(loss)
|
|
5,710
|
|
|
5,643
|
|
|
(10,793)
|
|
|
(14,114)
|
|
|
|
|
|
|
|
|
|
|
Other income
(expense):
|
|
|
|
|
|
|
|
|
Interest and bank
charges
|
|
(1,174)
|
|
|
(1,215)
|
|
|
(3,391)
|
|
|
(4,850)
|
|
Equity in income of
equity investee
|
|
1,695
|
|
|
2,004
|
|
|
5,146
|
|
|
5,734
|
|
Investment
gain
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,416
|
|
Impairment of
Venezuela investment properties
|
|
—
|
|
|
—
|
|
|
(3,473)
|
|
|
—
|
|
Other, net
|
|
260
|
|
|
477
|
|
|
1,173
|
|
|
(7,772)
|
|
Total other income
(expense), net
|
|
781
|
|
|
1,266
|
|
|
(545)
|
|
|
(5,472)
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from
continuing operations before income taxes
|
|
6,491
|
|
|
6,909
|
|
|
(11,338)
|
|
|
(19,586)
|
|
Income tax (benefit)
expense from continuing operations
|
|
(4,078)
|
|
|
(568)
|
|
|
3,147
|
|
|
(4,531)
|
|
Net income (loss)
from continuing operations
|
|
10,569
|
|
|
7,477
|
|
|
(14,485)
|
|
|
(15,055)
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income
from discontinued operations, net of tax
|
|
—
|
|
|
(368)
|
|
|
—
|
|
|
32,342
|
|
Net income
(loss)
|
|
10,569
|
|
|
7,109
|
|
|
(14,485)
|
|
|
17,287
|
|
Less: net loss
attributable to non-controlling interest
|
|
(1,642)
|
|
|
(1,535)
|
|
|
(4,954)
|
|
|
(5,433)
|
|
Net income (loss)
attributable to VOXX International Corporation
|
|
$
|
12,211
|
|
|
$
|
8,644
|
|
|
$
|
(9,531)
|
|
|
$
|
22,720
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive
(loss) income:
|
|
|
|
|
|
|
|
|
Foreign currency
translation adjustments
|
|
(1,263)
|
|
|
(170)
|
|
|
(3,333)
|
|
|
27,669
|
|
Derivatives
designated for hedging
|
|
50
|
|
|
226
|
|
|
542
|
|
|
(960)
|
|
Pension plan
adjustments
|
|
20
|
|
|
(2)
|
|
|
57
|
|
|
1,688
|
|
Unrealized holding
(loss) gain on available-for-sale investment
securities, net of tax
|
|
—
|
|
|
(3)
|
|
|
24
|
|
|
74
|
|
Other comprehensive
(loss) income, net of tax
|
|
(1,193)
|
|
|
51
|
|
|
(2,710)
|
|
|
28,471
|
|
Comprehensive income
(loss) attributable to VOXX International Corporation
|
|
$
|
11,018
|
|
|
$
|
8,695
|
|
|
$
|
(12,241)
|
|
|
$
|
51,191
|
|
|
|
|
|
|
|
|
|
|
Income (loss) income
per share - basic:
|
|
|
|
|
|
|
|
|
Continuing operations
attributable to VOXX International Corporation
|
|
$
|
0.50
|
|
|
$
|
0.37
|
|
|
$
|
(0.39)
|
|
|
$
|
(0.40)
|
|
Discontinued
operations attributable to VOXX International
Corporation
|
|
$
|
—
|
|
|
$
|
(0.02)
|
|
|
$
|
—
|
|
|
$
|
1.34
|
|
Attributable to VOXX
International Corporation
|
|
$
|
0.50
|
|
|
$
|
0.36
|
|
|
$
|
(0.39)
|
|
|
$
|
0.94
|
|
|
|
|
|
|
|
|
|
|
Income (loss) income
per share - diluted:
|
|
|
|
|
|
|
|
|
Continuing operations
attributable to VOXX International Corporation
|
|
$
|
0.50
|
|
|
$
|
0.37
|
|
|
$
|
(0.39)
|
|
|
$
|
(0.40)
|
|
Discontinued
operations attributable to VOXX International
Corporation
|
|
$
|
—
|
|
|
$
|
(0.02)
|
|
|
$
|
—
|
|
|
$
|
1.34
|
|
Attributable to VOXX
International Corporation
|
|
$
|
0.50
|
|
|
$
|
0.35
|
|
|
$
|
(0.39)
|
|
|
$
|
0.94
|
|
|
|
|
|
|
|
|
|
|
Weighted-average
common shares outstanding (basic)
|
|
24,355,791
|
|
|
24,238,493
|
|
|
24,355,791
|
|
|
24,222,973
|
|
Weighted-average
common shares outstanding (diluted)
|
|
24,628,836
|
|
|
24,498,144
|
|
|
24,355,791
|
|
|
24,222,973
|
|
Reconciliation of
GAAP Net Income Attributable to VOXX International Corporation to
EBITDA, Adjusted EBITDA and
Diluted Adjusted EBITDA per Common Share (2)
|
|
|
|
Three Months
Ended
November 30,
|
|
Nine Months
Ended
November 30,
|
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
Net income (loss)
attributable to VOXX International Corporation
|
|
$
|
12,211
|
|
|
$
|
8,644
|
|
|
$
|
(9,531)
|
|
|
$
|
22,720
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
Interest expense and
bank charges (1)
|
|
771
|
|
|
921
|
|
|
2,252
|
|
|
4,327
|
|
Depreciation and
amortization (1)
|
|
2,580
|
|
|
2,685
|
|
|
7,886
|
|
|
11,162
|
|
Income tax
expense
|
|
(4,078)
|
|
|
(205)
|
|
|
3,147
|
|
|
1,939
|
|
EBITDA
|
|
11,484
|
|
|
12,045
|
|
|
3,754
|
|
|
40,148
|
|
Stock-based
compensation
|
|
159
|
|
|
146
|
|
|
393
|
|
|
445
|
|
Intangible asset
impairment charges
|
|
—
|
|
|
—
|
|
|
9,814
|
|
|
—
|
|
Impairment of
Venezuela investment properties
|
|
—
|
|
|
—
|
|
|
3,473
|
|
|
—
|
|
Gain on sale of
discontinued operation
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(36,118)
|
|
Loss on forward
contracts attributable to sale of business
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6,618
|
|
Investment
gain
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,416)
|
|
Adjusted
EBITDA
|
|
$
|
11,643
|
|
|
$
|
12,191
|
|
|
$
|
17,434
|
|
|
$
|
9,677
|
|
Diluted (loss) income
per common share attributable to VOXX International
Corporation
|
|
$
|
0.50
|
|
|
$
|
0.35
|
|
|
$
|
(0.39)
|
|
|
$
|
0.94
|
|
Diluted Adjusted
EBITDA per common share attributable to VOXX International
Corporation
|
|
$
|
0.47
|
|
|
$
|
0.50
|
|
|
$
|
0.72
|
|
|
$
|
0.40
|
|
|
(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.
|
|
(2) EBITDA, Adjusted
EBITDA and Diluted Adjusted EBITDA per common share in this
presentation are based on a reconciliation to Net income
attributable to VOXX International Corporation, which includes net
(loss) income from both continuing and discontinued operations for
all periods presented, as the Company sold its Hirschmann
subsidiary on August 31, 2017.
|
View original
content:http://www.prnewswire.com/news-releases/voxx-international-corporation-reports-its-fiscal-2019-third-quarter-financial-results-300775936.html
SOURCE VOXX International Corporation