ORLANDO, Fla., July 10, 2019 /PRNewswire/ -- VOXX International
Corporation (NASDAQ: VOXX), a leading manufacturer and distributor
of automotive and consumer technologies for the global markets,
today announced financial results for its Fiscal 2020 first quarter
ended May 31, 2019.
Pat Lavelle, President and Chief
Executive Officer of VOXX International stated, "Our Fiscal 2020
first quarter materialized mostly as planned, with the key
exception being the Automotive market, as the decline in global car
sales has impacted our Automotive Electronics segment. On the other
hand, Consumer Electronics segment sales grew by 4.5% and gross
margins improved by 130-basis points. Demand for new products
introduced last fiscal year, coupled with increased distribution
for certain Premium Audio product lines, should help drive growth
of the product categories we are focused on. We are continuing to
make progress with our corporate realignment programs and will
continue to de-emphasize certain product lines that do not meet our
gross margin criteria. Ignoring both the legal fee reimbursement
last fiscal year and the benefit from a life insurance policy this
year, our losses decreased quarter-over-quarter. We expect
operating expenses to decline year-over-year and for VOXX to be in
a stronger position to drive more consistent profitability as we
enter our Fiscal 2020 third quarter."
Lavelle continued, "In April, we unveiled our plan to unlock
shareholder value and outlined the various steps we are taking to
improve profitability and strengthen our balance sheet. In June, we
announced a Definitive Agreement to sell our German Accessories
business for approximately $19.0
million, and this week, we executed a Purchase and Transfer
Agreement to sell our real estate in Pulheim, Germany for approximately $12.0 million, following the non-binding LOI we
announced earlier. Our cash position of $60.0 million increased by $10.2 million year-over-year, and we expect
further increases pending the close of these two transactions.
We're continuing to explore all paths that will result in a
stronger VOXX and that includes potential divestitures,
acquisitions, investments, or joint ventures. When the window
opens, we will be executing on the previously announced increase to
our Share Repurchase Program. We also entered into new Employment
Agreements with key executives and have changed the criteria used
for calculating bonus payouts for select executives from pre-tax
income to Adjusted EBITDA based on an independent,
3rd-party analysis of best practices. Lastly, our Board
continues to explore the potential of a dividend later this Fiscal
year. We are not standing still. We are taking the right actions
that we believe will return VOXX to consistent profitability,
leverage our strong assets and balance sheet, and increase
shareholder value."
Fiscal 2020 and Fiscal 2019 First Quarter Financial
Comparisons
Effective March 1, 2019, the
Company changed its reporting structure to include the results of
operations for the following three reporting segments: 1)
Automotive Electronics, which includes the Company's OEM and
aftermarket automotive business; 2) Consumer Electronics, which
includes the former Premium Audio segment and the former Consumer
Accessories segment, less EyeLock, LLC, and; 3) Biometrics, a newly
formed segment which includes the results of EyeLock, LLC, the
Company's majority-owned investment.
Net sales for the Fiscal 2020 first quarter ended May 31, 2019 were $93.5
million, as compared to $100.9
million in the Fiscal 2019 first quarter, a decline of
$7.4 million.
The Automotive Electronics segment had net sales of $29.6 million in the Fiscal 2020 first quarter,
as compared to $39.6 million in the
comparable year-ago period, a decline of $10.0 million. The year-over-year decline within
this segment was primarily related to lower volume of rear-seat
entertainment systems, due to a slowdown in car sales and due to
certain launch delays. Additionally, the Company's OEM remote start
and security sales declined, as did aftermarket satellite radio and
headrest product sales, partially offset by an increase in sales of
certain automotive safety and security products.
The Consumer Electronics segment had net sales of $63.7 million in the Fiscal 2020 first quarter,
as compared to $60.9 million in the
comparable year-ago period, an increase of $2.7 million. Driving this year-over-year
increase were higher sales of premium home separate speakers, new
distribution partners for premium commercial speaker products,
higher sales of reception and karaoke products, and higher sales of
wearable devices. This increase was partially offset by a decline
in sales of a variety of Consumer Accessories product lines, some
due to lower year-over-year comparisons and others due to the
Company's SKU rationalization program, intended to limit sales of
lower margin products.
The Biometrics segment essentially had no net sales during the
Fiscal 2020 first quarter as the Company sold out of its inventory
for its NXT perimeter access products. Additional product inventory
was delivered subsequent to the Company's Fiscal 2020 first quarter
end and the Company is now filling customer orders and expects
increases throughout the fiscal year.
The gross margin in the Company's Fiscal 2020 first quarter was
27.8%, representing a 40-basis point increase over the Fiscal 2019
first quarter. The year-over-year gross margin improvement was
driven by higher gross margins in the Consumer Electronics segment,
partially offset by lower gross margins in the Automotive
Electronics segment. During the Fiscal 2020 first quarter, the
Company experienced higher gross margins due to higher sales of
premium home separate speakers, mobility products and commercial
speakers, as well as higher sales of the Company's karaoke
products, and also experienced higher gross margins in the
Biometrics segment due to the release of inventory reserves. These
positive factors were partially offset by lower sales of OEM
security and remote start products and aftermarket headrest
products in the Automotive Electronics segment, as well as lower
European margins in the Consumer Electronics segment, the latter
due to changes in product mix and discounts offered on certain
products in the Fiscal 2020 first quarter which were not offered in
the comparable year-ago period, among other factors.
- Automotive Electronics segment gross margin of 22.4% as
compared to 25.2%.
- Consumer Electronics segment gross margin of 30.0% as compared
to 28.7%.
- Biometrics segment gross margin of 1,816.7% as compared to
61.8%.
Total operating expenses in the Fiscal 2020 first quarter were
$33.1 million, as compared to
$32.7 million in the comparable
year-ago period, an increase of $0.4
million or 1.2%. During the Fiscal 2019 first quarter, the
Company had a reimbursement of legal fees associated with a lawsuit
of $2.1 million which did not repeat
in the current Fiscal year period. Excluding this, total operating
expenses declined $1.7 million
year-over-year.
- Selling expenses of $9.9 million
as compared to $10.7 million, a
reduction of $0.8 million. The
year-over-year improvement was driven primarily by headcount
reductions as part of the corporate restructuring program, lower
commissions, and lower advertising and display amortization
expense, partially offset by salary increases resulting from the
transfer of certain employees from general and administrative to
selling in conjunction with restructuring activities in Fiscal
2019.
- General and administrative expenses of $17.4 million as compared to $16.1 million, an increase of $1.3 million. As noted above, the primary driver
was the reimbursement of legal fees in the Fiscal 2019 first
quarter. Excluding this, general and administrative expenses
declined by approximately $0.8
million due to lower headcount and lower salary expenses as
a result of corporate restructuring activities.
- Engineering and technical support expenses of $5.8 million as compared to $5.9 million, a reduction of $0.1 million.
Total other income, net for the Fiscal 2020 first quarter was
$2.1 million, as compared to
$1.4 million in the Fiscal 2019 first
quarter, an increase of $0.7 million.
Interest and bank charges declined by $0.1
million; equity in income of equity investee declined by
$0.4 million; and other, net
increased by $1.0 million. The
increase in other, net is primarily related to the benefit from a
key man life insurance policy of $1.0
million related to a former employee of Klipsch Group, Inc.
that VOXX became the beneficiary of in conjunction with the
acquisition of Klipsch in Fiscal 2012.
The Company reported an operating loss of $7.1 million in the Fiscal 2020 first quarter, as
compared to an operating loss of $5.0
million in the comparable year-ago period. Net loss
attributable to VOXX International Corporation ("VOXX") was
$1.1 million in the Fiscal 2020 first
quarter, as compared to a net loss attributable to VOXX of
$0.9 million in the Fiscal 2019 first
quarter. Net loss attributable to the Company's non-controlling
interest declined from $1.6 million
in the Fiscal 2019 first quarter to $1.2
million in the Fiscal 2020 first quarter. On a per share
basis, the Company reported a basic and diluted loss per share
attributable to VOXX of $0.05 in the Fiscal 2020
first quarter, as compared to a basic and diluted loss per share
attributable to VOXX of $0.04 in the Fiscal 2019 first
quarter.
The Company reported an Adjusted Earnings Before Interest,
Taxes, Depreciation and Amortization ("Adjusted EBITDA") loss in
the Fiscal 2020 first quarter of $0.8
million, as compared to Adjusted EBITDA of $1.5 million in the comparable Fiscal 2019
period.
Balance Sheet Update
For the period ended May 31, 2019, the Company had cash and
cash equivalents of $60.0 million, an increase of $1.8 million, as compared to February 28, 2019. When compared to the Fiscal
2019 first quarter ended May 31,
2018, cash and cash equivalents increased by $10.2 million. Total debt as of May 31, 2019
was $16.0 million as compared to
$17.6 million as of February 28, 2019, a decrease of $1.6 million. The Company's total debt consists
of mortgages related to its domestic and international properties
and a Euro asset-based lending obligation to support its German
operations. Total long-term debt as of May
31, 2019 was $7.5 million, as
compared to $7.6 million as of
February 28, 2019, a decrease of
$0.1 million.
The Company anticipates its net cash position will increase
pending the successful sale of VOXX German Accessory Holdings GmbH
and its real estate holding in Pulheim, Germany. Upon the successful completion of
both transactions, the Company anticipates gross proceeds of
approximately $31.0 million.
Additionally, the proposed sale of VOXX German Accessory Holdings
GmbH has an Option Agreement which could result in the sale of
additional real estate in Langenzenn for a net amount of
approximately $2.2 million.
New Employment Agreements
On July 8, 2019, the Board of
Directors approved new Employment Agreements, effective as of
March 1, 2019, by and between the
Company and Patrick M. Lavelle,
President and Chief Executive Officer; C.
Michael Stoehr, Senior Vice President and Chief Financial
Officer; and Loriann Shelton, Senior
Vice President and Chief Operating Officer. The Company also
amended its Employment Agreement with Thomas C. Malone, President, VOXX Advanced
Solutions LLC.
- Mr. Lavelle has entered into a five (5) year Employment
Agreement with an annual base salary of $1.0
million. His annual cash bonus shall be calculated and paid
at 1.0% of the Company's Adjusted EBITDA up to and including
$10.0 million and 2.0% of the
Company's Adjusted EBITDA in excess of $10.0
million, with such $10.0
million threshold subject to adjustment for an acquisition,
divestiture, or investment by the Company in excess of $5.0 million. Mr. Lavelle shall immediately
receive a stock grant (in lieu of further participating in any of
the Company's stock incentive plans) of 200,000 shares of the
Company's Class A common stock and on each of March 1, 2020, 2021 and 2022, Mr. Lavelle shall
be granted an additional 100,000 shares of the Company's Class A
common stock with a hold requirement equal to one year's base
salary of $1.0 million subject to the
terms of the Employment Agreement. He shall also receive from the
Company a grant of the Company's Class A common stock, or the
equivalence in cash, up to a maximum value of $5.0 million based on the closing NASDAQ price
exceeding $5.00/share ("Market Stock
Units or MSUs") during the five year term of the Employment
Agreement in accordance with a calculation set forth in a schedule
to the Employment Agreement.
- Mr. Stoehr has entered into a five (5) year Employment
Agreement with an annual base salary of $0.4
million. His annual cash bonus shall be calculated and paid
at .375% of the Company's Adjusted EBITDA up to and including
$10.0 million and .75% of the
Company's Adjusted EBITDA in excess of $10.0
million, with such $10.0
million threshold subject to adjustment for an acquisition,
divestiture, or investment by the Company in excess of $5.0 million.
- Ms. Shelton has entered into a five (5) year Employment
Agreement with an annual base salary of $0.45 million. Her annual cash bonus shall be
calculated and paid at (a) .375% of the Company's Adjusted EBITDA
up to [the Threshold (initially $10.0
million) minus $10.0 million]
(but never less than Zero); plus (b) .75% of the Company's Adjusted
EBITDA in excess of [the Threshold, as adjusted by the Board of
Directors for acquisitions, divestitures and investments by the
Company in excess of $5.0 million,
minus $10.0 million]; with no minimum
Adjusted EBITDA required for the annual bonus to accrue and become
payable and with no maximum cap on the annual bonus payable based
upon the Company's Adjusted EBITDA.
- Mr. Malone's Employment Agreement was amended to restructure
his bonus arrangement. His new bonus criteria consists of (a) a
guaranteed bonus of $0.125 million
annually; (b) an additional bonus of $0.1
million annually, provided that Mr. Malone achieves at least
100% of the net income budgeted for the applicable fiscal year in
the original budget for VOXX Advanced Solutions LLC, as approved by
the Company's Board of Directors. Such $0.1
million bonus shall be proportionately reduced by the ratio
of net income achieved versus net income budgeted for a fiscal
year; and (c) a payment of 1.0% of the Company's net gain from the
sale, less accumulated losses, of the Company's ownership interest
in EyeLock LLC, should a transaction materialize.
All of the new Employment Agreements and the Amendment were
approved by the Compensation Committee of VOXX International
Corporation and the compensation terms were formulated with the
assistance of a global, leading executive compensation benefits
advisory firm. In addition to the above Agreements, and as
previously announced, the Company's Chairman John Shalam has agreed
to forgo his annual cash bonus.
Conference Call and Webcast Information
VOXX International will be hosting its conference call
on Thursday, July 11, 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:
2665908). A replay will be available on the Company's website
approximately one hour after the 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 and life insurance proceeds. Depreciation,
amortization and stock-based compensation 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 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, 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 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: statements
with respect to the anticipated results of the proposed
transaction; the proposed transaction's anticipated benefits to the
Company; the anticipated closing of the proposed transaction; and,
other risk factors described in the Company's annual report on Form
10-K for the fiscal year ended February 28,
2019 which was filed with the SEC on May 14, 2019, as amended on Form 10-K/A filed on
May 30, 2019, and other filings made
by the Company from time to time with the SEC. The factors
described in such SEC filings include, without limitation: the
Company's ability to realize the anticipated results of its
business realignment; cybersecurity risks; 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 restrictive debt covenants.
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)
|
|
|
May 31,
2019
|
|
|
February 28,
2019
|
|
|
|
(unaudited)
|
|
|
|
|
|
Assets
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
60,004
|
|
|
$
|
58,236
|
|
Accounts receivable,
net
|
|
|
61,585
|
|
|
|
73,391
|
|
Inventory,
net
|
|
|
103,275
|
|
|
|
102,379
|
|
Receivables from
vendors
|
|
|
547
|
|
|
|
1,009
|
|
Prepaid expenses and
other current assets
|
|
|
9,572
|
|
|
|
10,449
|
|
Income tax
receivable
|
|
|
1,041
|
|
|
|
921
|
|
Total current
assets
|
|
|
236,024
|
|
|
|
246,385
|
|
Investment
securities
|
|
|
2,994
|
|
|
|
2,858
|
|
Equity
investment
|
|
|
21,853
|
|
|
|
21,885
|
|
Property, plant and
equipment, net
|
|
|
59,695
|
|
|
|
60,493
|
|
Operating lease,
right of use asset
|
|
|
2,187
|
|
|
|
—
|
|
Goodwill
|
|
|
54,785
|
|
|
|
54,785
|
|
Intangible assets,
net
|
|
|
117,588
|
|
|
|
119,449
|
|
Deferred income tax
assets
|
|
|
78
|
|
|
|
79
|
|
Other
assets
|
|
|
2,816
|
|
|
|
2,877
|
|
Total
assets
|
|
$
|
498,020
|
|
|
$
|
508,811
|
|
Liabilities and
Stockholders' Equity
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
Accounts
payable
|
|
$
|
32,349
|
|
|
$
|
31,143
|
|
Accrued expenses and
other current liabilities
|
|
|
34,395
|
|
|
|
39,129
|
|
Income taxes
payable
|
|
|
227
|
|
|
|
1,349
|
|
Accrued sales
incentives
|
|
|
11,069
|
|
|
|
13,574
|
|
Current portion of
long-term debt
|
|
|
8,554
|
|
|
|
10,021
|
|
Total current
liabilities
|
|
|
86,594
|
|
|
|
95,216
|
|
Long-term debt, net
of debt issuance costs
|
|
|
5,859
|
|
|
|
5,776
|
|
Finance lease
liabilities, less current portion
|
|
|
404
|
|
|
|
516
|
|
Operating lease
liabilities, less current portion
|
|
|
1,689
|
|
|
|
—
|
|
Deferred
compensation
|
|
|
2,931
|
|
|
|
2,605
|
|
Deferred income tax
liabilities
|
|
|
4,148
|
|
|
|
5,284
|
|
Other tax
liabilities
|
|
|
1,337
|
|
|
|
1,332
|
|
Other long-term
liabilities
|
|
|
3,074
|
|
|
|
2,981
|
|
Total
liabilities
|
|
|
106,036
|
|
|
|
113,710
|
|
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 May 31, 2019 and February 28,
2019
|
|
|
242
|
|
|
|
242
|
|
Class B Convertible,
$.01 par value, 10,000,000 shares authorized, 2,260,954 shares
issued
and outstanding at both May 31, 2019 and February 28,
2019
|
|
|
22
|
|
|
|
22
|
|
Paid-in
capital
|
|
|
297,105
|
|
|
|
296,946
|
|
Retained
earnings
|
|
|
147,434
|
|
|
|
148,582
|
|
Accumulated other
comprehensive loss
|
|
|
(17,848)
|
|
|
|
(16,944)
|
|
Treasury stock, at
cost, 2,168,094 shares of Class A Common Stock at both May 31, 2019
and
February 28, 2019
|
|
|
(21,176)
|
|
|
|
(21,176)
|
|
Total VOXX
International Corporation stockholders' equity
|
|
|
405,779
|
|
|
|
407,672
|
|
Non-controlling
interest
|
|
|
(13,795)
|
|
|
|
(12,571)
|
|
Total stockholders'
equity
|
|
|
391,984
|
|
|
|
395,101
|
|
Total liabilities and
stockholders' equity
|
|
$
|
498,020
|
|
|
$
|
508,811
|
|
VOXX International
Corporation and Subsidiaries
Unaudited
Consolidated Statements of Operations and Comprehensive (Loss)
Income
(In thousands,
except share and per share data)
|
|
|
|
Three months
ended
May 31,
|
|
|
|
2019
|
|
|
2018
|
|
Net sales
|
|
$
|
93,454
|
|
|
$
|
100,855
|
|
Cost of
sales
|
|
|
67,445
|
|
|
|
73,178
|
|
Gross
profit
|
|
|
26,009
|
|
|
|
27,677
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
Selling
|
|
|
9,881
|
|
|
|
10,694
|
|
General and
administrative
|
|
|
17,425
|
|
|
|
16,112
|
|
Engineering and
technical support
|
|
|
5,807
|
|
|
|
5,911
|
|
Total operating
expenses
|
|
|
33,113
|
|
|
|
32,717
|
|
Operating
loss
|
|
|
(7,104)
|
|
|
|
(5,040)
|
|
Other income
(expense):
|
|
|
|
|
|
|
|
|
Interest and bank
charges
|
|
|
(997)
|
|
|
|
(1,100)
|
|
Equity in income of
equity investee
|
|
|
1,440
|
|
|
|
1,814
|
|
Other, net
|
|
|
1,644
|
|
|
|
661
|
|
Total other income,
net
|
|
|
2,087
|
|
|
|
1,375
|
|
Loss before income
taxes
|
|
|
(5,017)
|
|
|
|
(3,665)
|
|
Income tax
benefit
|
|
|
(2,645)
|
|
|
|
(1,113)
|
|
Net loss
|
|
|
(2,372)
|
|
|
|
(2,552)
|
|
Less: net loss
attributable to non-controlling interest
|
|
|
(1,224)
|
|
|
|
(1,613)
|
|
Net loss attributable
to VOXX International Corporation
|
|
$
|
(1,148)
|
|
|
$
|
(939)
|
|
Other comprehensive
(loss) income:
|
|
|
|
|
|
|
|
|
Foreign currency
translation adjustments
|
|
|
(811)
|
|
|
|
(2,020)
|
|
Derivatives designated
for hedging
|
|
|
(107)
|
|
|
|
442
|
|
Pension plan
adjustments
|
|
|
14
|
|
|
|
36
|
|
Unrealized holding
gain on available-for-sale investment securities, net of
tax
|
|
|
—
|
|
|
|
24
|
|
Other comprehensive
loss, net of tax
|
|
|
(904)
|
|
|
|
(1,518)
|
|
Comprehensive loss
attributable to VOXX International Corporation
|
|
$
|
(2,052)
|
|
|
$
|
(2,457)
|
|
Loss per share -
basic: Attributable to VOXX International Corporation
|
|
$
|
(0.05)
|
|
|
$
|
(0.04)
|
|
Loss per share -
diluted: Attributable to VOXX International Corporation
|
|
$
|
(0.05)
|
|
|
$
|
(0.04)
|
|
Weighted-average
common shares outstanding (basic)
|
|
|
24,355,791
|
|
|
|
24,316,103
|
|
Weighted-average
common shares outstanding (diluted)
|
|
|
24,355,791
|
|
|
|
24,316,103
|
|
Reconciliation of
GAAP Net Income Attributable to VOXX International Corporation to
EBITDA, Adjusted EBITDA and
Diluted Adjusted EBITDA per Common Share
|
|
|
|
Three months
ended
May 31,
|
|
|
|
2019
|
|
|
2018
|
|
Net loss attributable
to VOXX International Corporation
|
|
$
|
(1,148)
|
|
|
$
|
(939)
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
Interest expense and
bank charges (1)
|
|
|
878
|
|
|
|
747
|
|
Depreciation and
amortization (1)
|
|
|
2,986
|
|
|
|
2,654
|
|
Income tax
benefit
|
|
|
(2,645)
|
|
|
|
(1,113)
|
|
EBITDA
|
|
|
71
|
|
|
|
1,349
|
|
Stock-based
compensation
|
|
|
159
|
|
|
|
107
|
|
Life insurance
benefit
|
|
|
(1,000)
|
|
|
|
—
|
|
Adjusted
EBITDA
|
|
$
|
(770)
|
|
|
$
|
1,456
|
|
Diluted loss per
common share attributable to VOXX International
Corporation
|
|
$
|
(0.05)
|
|
|
$
|
(0.04)
|
|
Diluted Adjusted
EBITDA per common share attributable to VOXX International
Corporation
|
|
$
|
(0.03)
|
|
|
$
|
0.06
|
|
(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.
|
View original
content:http://www.prnewswire.com/news-releases/voxx-international-corporation-reports-its-fiscal-2020-first-quarter-financial-results-300882995.html
SOURCE VOXX International Corporation