ORLANDO, Fla., Oct. 13, 2020 /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 2021 second
quarter and six-months ended August 31,
2020.
Commenting on the Company's results, Pat
Lavelle, President and Chief Executive Officer of VOXX
International Corporation stated, "We had a strong second quarter,
both in terms of sales and profitability and our outlook looks
promising. Premium audio product sales are growing and should
increase significantly with expanded distribution, our new alliance
with Onkyo and Pioneer, and new products coming to market. Our
aftermarket Automotive business is growing due to the acquisitions
we made, both of which are progressing well. During the quarter, we
were awarded an additional $30
million in new OEM business, bringing the total to over
$400 million in new business awarded
over the past approximately three quarters. While near-term, the
global car market remains challenged, with these new awards that
range between three to five years, and some as long as ten years,
we see the potential to double our automotive business in the next
three years."
Lavelle continued, "Interest in EyeLock products continues to
intensify given the challenges with other modalities in light of
the global pandemic. During the quarter, we were notified that we
were awarded the healthcare program which we have previously spoken
about. And, as part of the strategic process we began for EyeLock,
we have a number of interested parties and are evaluating options
to determine the best fit for VOXX and our shareholders. Overall,
momentum is building, we are executing on our strategy, and our
balance sheet remains strong. Barring any unforeseen events, the
second half of Fiscal 2021 should generate significant top- and
bottom-line improvements."
Fiscal 2021 and Fiscal 2020 Second Quarter Financial
Comparisons
Net sales in the Fiscal 2021 second quarter ended August 31, 2020 were $128.0 million, an increase of $37.8 million or 41.9%, as compared to
$90.2 million in the Fiscal 2020
second quarter ended August 31,
2019.
- Consumer Electronics segment net sales were $95.0 million as compared to $63.0 million, an increase of $32.0 million or 50.7%. Premium Audio product
sales of $69.3 million increased by
$31.2 million or 81.8%, as compared
to $38.1 million, driven by higher
sales of premium home theater systems, subwoofers, and the newly
introduced premium wireless computer speaker systems, as well as
expanded distribution and new product introductions. Other consumer
electronics product sales of $25.7
million increased by $0.8
million or 3.1%, as compared to $24.9
million, due to higher demand for and sales of hook-up and
Do It Yourself ("DIY") products.
- Automotive Electronics segment net sales were $32.6 million as compared to $26.8 million, an increase of $5.8 million or 21.6%. OEM product sales of
$10.7 million declined by
$1.1 million or 9.3%, primarily due
to plant closures at several of the Company's OEM customers and
related volume of car sales. Aftermarket product sales of
$21.9 million increased by
$6.9 million or 45.8%,
primarily driven by the Directed and Vehicle Safety Holdings Corp.
("VSHC") acquisitions and an increase in remote start sales due to
pent-up demand.
- Biometrics segment sales of $0.3
million were essentially flat for the comparable periods, or
up 3.5%.
The gross margin in the Fiscal 2021 second quarter was 29.7%, up
340 basis points compared to the prior fiscal year period. Driving
the year-over-year increase was a 390-basis point gross margin
improvement in the Consumer Electronics segment, while Automotive
Electronics segment gross margins were relatively flat, down 20
basis points. While gross margin improved in the Biometrics
segment, the impact was minimal based on volume.
Total operating expenses in the Fiscal 2021 second quarter were
$29.4 million, as compared to
$31.5 million in the comparable
Fiscal 2020 period, an improvement of $2.1
million or 6.7%. Selling expenses increased by 4.2%
primarily due to higher sales and related commissions and selling
expenses associated with headcount related to the acquisitions.
General and administrative expenses declined by 12.6% primarily due
to lower salary, and trade and entertainment expenses, also offset
by acquisition-related expenses. Engineering and technical support
expenses declined by 5.0%, primarily due to the COVID-19 pandemic
and partially offset by an increase in research and development and
salary-related expenses associated with the acquisitions.
The Company reported operating income of $8.7 million in the Fiscal 2021 second quarter,
as compared to an operating loss of $7.7
million in the comparable year-ago period, an improvement of
$16.4 million. Net income
attributable to VOXX International Corporation was $7.3 million in the Fiscal 2021 second quarter,
as compared to a net loss attributable to VOXX International
Corporation of $6.0 million in the
Fiscal 2020 second quarter, an improvement of $13.3 million. On a per share basis, the Company
reported basic and diluted income per share attributable
to VOXX International Corporation of $0.30 in
the Fiscal 2021 second quarter, as compared to a basic and diluted
loss per share attributable to VOXX International
Corporation of $0.24 in the Fiscal 2020 second
quarter.
Earnings Before Interest, Taxes, Depreciation and Amortization
("EBITDA") was $13.5 million in the
Fiscal 2021 second quarter, as compared to an EBITDA loss of
$1.3 million in the Fiscal 2020
second quarter, an improvement of $14.9
million. Adjusted EBITDA in the Fiscal 2021 second quarter
was $13.9 million, as compared to an
Adjusted EBITDA loss of $0.9 million
in the comparable year-ago period, an improvement of $14.8 million.
Fiscal 2021 and Fiscal 2020 Six-Month Financial Comparisons
Net sales in the first half of Fiscal 2021 ended August 31, 2020 were $200.0 million, an increase of $16.3 million or 8.9%, as compared to
$183.7 million in the first half of
Fiscal 2020 ended August 31,
2019.
- Consumer Electronics segment net sales were $149.5 million as compared to $126.7 million, an increase of $22.8 million or 18.0%. Premium Audio product
sales of $103.8 million increased by
$29.0 million or 38.8%, as compared
to $74.8 million. This growth was
driven primarily by higher consumer demand, expanded distribution,
increased market share, and the introduction of new products. Other
consumer electronics product sales of $45.7
million decreased by $6.2
million or 11.9%, primarily due to the COVID-19 global
pandemic, nationwide brick and mortar business closures, and fewer
SKU's carried compared to the prior fiscal year period.
- Automotive Electronics segment net sales were $49.9 million as compared to $56.5 million, a decrease of $6.6 million or 11.6%. OEM product sales of
$18.4 million declined by
$8.4 million or 31.3% primarily due
to the global pandemic, which led to several automotive
manufacturing plant shutdowns, and timing of various OEM programs
and the respective vehicle launch dates. Aftermarket product sales
of $31.5 million increased by
$1.8 million or 6.1% due to the
recent acquisitions, partially offset by several retail and
aftermarket car dealerships closing stores due to the impact of
COVID-19.
- Biometrics segment sales of $0.4
million increased by $0.1
million or 38.5%. Driving the increase were higher sales of
the EXT outdoor perimeter access product, as well as an updated
version of the Nano NXT perimeter access product, both of which
launched in the second quarter of Fiscal 2020.
The gross margin in the Fiscal 2021 six-month period was 29.0%,
up 190 basis points compared to the prior fiscal year period.
Driving the year-over-year increase was a 260-basis point gross
margin improvement in the Consumer Electronics segment, which
offset a 200-basis point decline in the Automotive Electronics
segment, primarily due to lower sales of higher margin OEM products
and automotive manufacturing shut-downs which lowered absorption
rates. Offsetting this impact in the Automotive Electronics segment
were higher gross margins associated with the acquisitions.
Total operating expenses in the Fiscal 2021 six-month period
were $57.2 million, as compared to
$64.6 million in the comparable
Fiscal 2020 period, an improvement of $7.4
million or 11.4%. Selling expenses declined by 6.2%
primarily as a result of lower salaries and the elimination of all
non-essential travel and lower trade expenses, offset by higher
sales and related commissions, and additional selling expenses
associated with headcount related to the acquisitions. General and
administrative expenses declined by 13.3% due primarily to lower
salary, trade and entertainment, and office expenses, as well as
lower headcount, among other factors, offset by expenses associated
with acquisitions, and higher compensation expenses from the
resulting new subsidiaries. Engineering and technical support
expenses declined by 14.5%. Note, the fiscal 2021 six-month period
included operating expenses from DEI for the full six months,
whereas VSM was acquired in July
2020.
For the Fiscal 2021 six-month period, the Company reported
operating income of $0.8 million, as
compared to an operating loss of $14.9
million in the comparable year-ago period, an improvement of
$15.7 million. Net loss attributable
to VOXX International Corporation was $0.9
million in the Fiscal 2021 six-month period, as compared to
a net loss attributable to VOXX International Corporation of
$7.1 million in the comparable
year-ago period, an improvement of $6.2
million. On a per share basis, the Company reported a basic
and diluted loss per share attributable to VOXX International
Corporation of $0.04 in the Fiscal 2021 six-month
period, as compared to a basic and diluted loss per share
attributable to VOXX International
Corporation of $0.29 in the Fiscal 2020 six-month period.
Contributing to the net loss attributable to VOXX in the Fiscal
2021 six-month period was an income tax expense of $4.4 million, whereas the Fiscal 2020 six-month
period included an income tax benefit of $1.5 million.
For the Fiscal 2021 six-month period, EBITDA was $10.3 million, as compared to an EBITDA loss of
$1.5 million in the Fiscal 2020
six-month period, an improvement of $11.7
million. Adjusted EBITDA in the Fiscal 2021 six-month period
was $10.5 million, as compared to an
Adjusted EBITDA loss of $1.9 million
in the comparable year-ago period, an improvement of $12.4 million.
Balance Sheet Update
As of August 31, 2020, the Company
had cash and cash equivalents of $45.9
million, as compared to cash and cash equivalents of
$37.4 million as of February 29, 2020. As of August 31, 2020, long-term debt, net of debt
issuance costs was $26.3 million, as
compared to $6.1 million as of
February 29, 2020. The increase in
total long-term debt was primarily related to $20.3 million outstanding on the Company's
domestic Credit Facility as of August 31,
2020.
As a precautionary measure to ensure financial flexibility and
maintain maximum liquidity, given the uncertainty surrounding the
COVID-19 global pandemic, in April
2020 the Company borrowed $20.0
million from its Credit Facility in the U.S., and on
June 11, 2020, amended the Credit
Facility to extend its maturity date. The Company has sufficient
cash on hand and access to capital to meet all of its working
capital needs and will evaluate the appropriate time to pay back
the $20.0 million as it currently is
in its heaviest buying season.
Acquisition of Directed LLC and Directed Electronics Canada,
Inc.
On July 2, 2020, the Company
completed its acquisition of certain assets and liabilities, which
comprised the aftermarket vehicle remote start and security systems
and connected car solutions (telematics) business, from Directed
LLC and Directed Electronics Canada, Inc. ("Directed"), resulting
in newly formed subsidiaries VOXX DEI LLC and VOXX DEI Canada LLC.
This transaction was done via an asset purchase agreement and the
acquired assets included inventory, accounts receivable, certain
fixed assets, IT systems, and intellectual property. The cash
purchase price was $11.0 million.
Note, the acquisition of certain assets and liabilities of Vehicle
Safety Holdings Corp. closed on January 31,
2020, which was during the Company's Fiscal 2020 fourth
quarter, resulting in the newly formed subsidiary VSM-Rostra LLC
("VSM").
Conference Call and Webcast Information
VOXX International will be hosting its conference call
on Wednesday, October 14, 2020 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: 8549988). 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 income (loss) 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, as well as investment gains 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 Automotive Electronics and Consumer
Electronics, with emerging Biometrics technology to capitalize on
the increased need for advanced security. Over the past several
decades, with a portfolio of approximately 35 trusted brands, VOXX
has built market-leading positions in in-vehicle entertainment,
automotive security, reception products, a number of premium audio
market segments, and more. VOXX is a global company, with an
extensive distribution network that includes power retailers, mass
merchandisers, 12-volt specialists and many of the world's leading
automotive manufacturers. 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 the: risk factors described in the
Company's annual report on Form 10-K for the fiscal year ended
February 29, 2020 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
impact of the COVID-19 outbreak on the Company's results of
operations, 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 electronics, consumer electronics and
biometrics 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. Many of the foregoing risks and uncertainties are, and
will be, exacerbated by the COVID-19 pandemic and any worsening of
the global business and economic environment as a result. The
Company assumes no obligation and does not intend to update these
forward-looking statements.
Investor & Media Relations Contact:
Glenn Wiener, GW Communications (for
VOXX)
Email: gwiener@GWCco.com
Tables to Follow
VOXX International
Corporation and Subsidiaries
|
Consolidated
Balance Sheets
|
(In thousands,
except share and per share data)
|
|
|
|
August
31,
2020
|
|
|
February 29,
2020
|
|
|
(unaudited)
|
|
|
|
|
Assets
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
45,889
|
|
|
$
|
37,425
|
Accounts receivable,
net
|
|
|
104,613
|
|
|
|
69,714
|
Inventory
|
|
|
126,407
|
|
|
|
99,110
|
Receivables from
vendors
|
|
|
567
|
|
|
|
230
|
Prepaid expenses and
other current assets
|
|
|
14,294
|
|
|
|
10,885
|
Income tax
receivable
|
|
|
443
|
|
|
|
456
|
Total current
assets
|
|
|
292,213
|
|
|
|
217,820
|
Investment
securities
|
|
|
1,838
|
|
|
|
2,282
|
Equity
investment
|
|
|
22,305
|
|
|
|
21,924
|
Property, plant and
equipment, net
|
|
|
52,846
|
|
|
|
51,424
|
Operating lease,
right of use asset
|
|
|
4,990
|
|
|
|
3,143
|
Goodwill
|
|
|
58,383
|
|
|
|
55,000
|
Intangible assets,
net
|
|
|
94,350
|
|
|
|
88,288
|
Deferred income tax
assets
|
|
|
56
|
|
|
|
52
|
Other
assets
|
|
|
1,524
|
|
|
|
1,638
|
Total
assets
|
|
$
|
528,505
|
|
|
$
|
441,571
|
Liabilities,
Redeemable Equity, and Stockholders' Equity
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
Accounts
payable
|
|
$
|
58,376
|
|
|
$
|
22,096
|
Accrued expenses and
other current liabilities
|
|
|
45,743
|
|
|
|
34,046
|
Income taxes
payable
|
|
|
2,424
|
|
|
|
1,523
|
Accrued sales
incentives
|
|
|
17,543
|
|
|
|
12,250
|
Contract liabilities,
current
|
|
|
4,486
|
|
|
|
—
|
Current portion of
long-term debt
|
|
|
959
|
|
|
|
1,107
|
Total current
liabilities
|
|
|
129,531
|
|
|
|
71,022
|
Long-term debt, net
of debt issuance costs
|
|
|
26,319
|
|
|
|
6,099
|
Finance lease
liabilities, less current portion
|
|
|
490
|
|
|
|
720
|
Operating lease
liabilities, less current portion
|
|
|
3,996
|
|
|
|
2,391
|
Contract liabilities,
less current portion
|
|
|
1,070
|
|
|
|
—
|
Deferred
compensation
|
|
|
1,838
|
|
|
|
2,282
|
Deferred income tax
liabilities
|
|
|
6,786
|
|
|
|
3,828
|
Other tax
liabilities
|
|
|
1,094
|
|
|
|
1,225
|
Other long-term
liabilities
|
|
|
6,130
|
|
|
|
3,294
|
Total
liabilities
|
|
|
177,254
|
|
|
|
90,861
|
Commitments and
contingencies
|
|
|
|
|
|
|
|
Redeemable
equity
|
|
|
2,767
|
|
|
|
2,481
|
Stockholders'
equity:
|
|
|
|
|
|
|
|
Preferred
stock:
|
|
|
|
|
|
|
|
No shares issued or
outstanding
|
|
|
—
|
|
|
|
—
|
Common
stock:
|
|
|
|
|
|
|
|
Class A, $.01 par
value, 60,000,000 shares authorized, 24,406,194 and 24,306,194
shares issued and 21,656,976 and 21,556,976 shares outstanding at
August 31, 2020 and February 29, 2020, respectively
|
|
|
245
|
|
|
|
244
|
Class B Convertible,
$.01 par value, 10,000,000 shares authorized, 2,260,954 shares
issued and outstanding at both August 31, 2020 and February 29,
2020
|
|
|
22
|
|
|
|
22
|
Paid-in
capital
|
|
|
299,339
|
|
|
|
299,228
|
Retained
earnings
|
|
|
121,207
|
|
|
|
122,139
|
Accumulated other
comprehensive loss
|
|
|
(16,076)
|
|
|
|
(19,055)
|
Less: Treasury stock,
at cost, 2,749,218 shares of Class A Common Stock at both August
31, 2020 and February 29, 2020
|
|
|
(23,918)
|
|
|
|
(23,918)
|
Less: Redeemable
equity
|
|
|
(2,767)
|
|
|
|
(2,481)
|
Total VOXX
International Corporation stockholders' equity
|
|
|
378,052
|
|
|
|
376,179
|
Non-controlling
interest
|
|
|
(29,568)
|
|
|
|
(27,950)
|
Total stockholders'
equity
|
|
|
348,484
|
|
|
|
348,229
|
Total liabilities,
redeemable equity, and stockholders' equity
|
|
$
|
528,505
|
|
|
$
|
441,571
|
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
August
31,
|
|
|
Six months
ended
August
31,
|
|
|
2020
|
|
|
2019
|
|
|
2020
|
|
|
2019
|
Net sales
|
|
$
|
128,032
|
|
|
$
|
90,246
|
|
|
$
|
200,019
|
|
|
$
|
183,700
|
Cost of
sales
|
|
|
89,956
|
|
|
|
66,477
|
|
|
|
141,968
|
|
|
|
133,922
|
Gross
profit
|
|
|
38,076
|
|
|
|
23,769
|
|
|
|
58,051
|
|
|
|
49,778
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling
|
|
|
9,067
|
|
|
|
8,701
|
|
|
|
17,429
|
|
|
|
18,582
|
General and
administrative
|
|
|
15,545
|
|
|
|
17,782
|
|
|
|
30,540
|
|
|
|
35,207
|
Engineering and
technical support
|
|
|
4,781
|
|
|
|
5,035
|
|
|
|
9,266
|
|
|
|
10,842
|
Total operating
expenses
|
|
|
29,393
|
|
|
|
31,518
|
|
|
|
57,235
|
|
|
|
64,631
|
Operating income
(loss)
|
|
|
8,683
|
|
|
|
(7,749)
|
|
|
|
816
|
|
|
|
(14,853)
|
Other (expense)
income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and bank
charges
|
|
|
(1,010)
|
|
|
|
(887)
|
|
|
|
(1,863)
|
|
|
|
(1,884)
|
Equity in income of
equity investee
|
|
|
1,883
|
|
|
|
1,265
|
|
|
|
2,745
|
|
|
|
2,705
|
Investment
gain
|
|
|
—
|
|
|
|
775
|
|
|
|
—
|
|
|
|
775
|
Other, net
|
|
|
(392)
|
|
|
|
547
|
|
|
|
142
|
|
|
|
2,191
|
Total other income,
net
|
|
|
481
|
|
|
|
1,700
|
|
|
|
1,024
|
|
|
|
3,787
|
Income (loss) before
income taxes
|
|
|
9,164
|
|
|
|
(6,049)
|
|
|
|
1,840
|
|
|
|
(11,066)
|
Income tax expense
(benefit)
|
|
|
2,609
|
|
|
|
1,115
|
|
|
|
4,390
|
|
|
|
(1,530)
|
Net income
(loss)
|
|
|
6,555
|
|
|
|
(7,164)
|
|
|
|
(2,550)
|
|
|
|
(9,536)
|
Less: net loss
attributable to non-controlling interest
|
|
|
(785)
|
|
|
|
(1,200)
|
|
|
|
(1,618)
|
|
|
|
(2,424)
|
Net income (loss)
attributable to VOXX International Corporation
|
|
$
|
7,340
|
|
|
$
|
(5,964)
|
|
|
$
|
(932)
|
|
|
$
|
(7,112)
|
Other comprehensive
income (loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency
translation adjustments
|
|
|
3,025
|
|
|
|
(215)
|
|
|
|
3,529
|
|
|
|
(1,026)
|
Derivatives designated
for hedging
|
|
|
(294)
|
|
|
|
(177)
|
|
|
|
(471)
|
|
|
|
(284)
|
Pension plan
adjustments
|
|
|
(65)
|
|
|
|
9
|
|
|
|
(79)
|
|
|
|
23
|
Other comprehensive
income (loss), net of tax
|
|
|
2,666
|
|
|
|
(383)
|
|
|
|
2,979
|
|
|
|
(1,287)
|
Comprehensive income
(loss) attributable to VOXX International Corporation
|
|
$
|
10,006
|
|
|
$
|
(6,347)
|
|
|
$
|
2,047
|
|
|
$
|
(8,399)
|
Income (loss) per
share - basic: Attributable to VOXX International
Corporation
|
|
$
|
0.30
|
|
|
$
|
(0.24)
|
|
|
$
|
(0.04)
|
|
|
$
|
(0.29)
|
Income (loss) per
share - diluted: Attributable to VOXX International
Corporation
|
|
$
|
0.30
|
|
|
$
|
(0.24)
|
|
|
$
|
(0.04)
|
|
|
$
|
(0.29)
|
Weighted-average
common shares outstanding (basic)
|
|
|
24,224,478
|
|
|
|
24,481,477
|
|
|
|
24,223,935
|
|
|
|
24,457,482
|
Weighted-average
common shares outstanding (diluted)
|
|
|
24,552,064
|
|
|
|
24,481,477
|
|
|
|
24,223,935
|
|
|
|
24,457,482
|
Reconciliation of
GAAP Net Income Attributable to VOXX International Corporation to
EBITDA, Adjusted EBITDA, and Diluted Adjusted EBITDA per Common
Share
|
|
|
|
Three months
ended
August
31,
|
|
|
Six months
ended
August
31,
|
|
|
2020
|
|
|
2019
|
|
|
2020
|
|
|
2019
|
Net income (loss)
attributable to VOXX International Corporation
|
|
$
|
7,340
|
|
|
$
|
(5,964)
|
|
|
$
|
(932)
|
|
|
$
|
(7,112)
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense and
bank charges (1)
|
|
|
867
|
|
|
|
766
|
|
|
|
1,582
|
|
|
|
1,644
|
Depreciation and
amortization (1)
|
|
|
2,715
|
|
|
|
2,757
|
|
|
|
5,224
|
|
|
|
5,517
|
Income tax expense
(benefit)
|
|
|
2,609
|
|
|
|
1,115
|
|
|
|
4,390
|
|
|
|
(1,530)
|
EBITDA
|
|
|
13,531
|
|
|
|
(1,326)
|
|
|
|
10,264
|
|
|
|
(1,481)
|
Stock-based
compensation
|
|
|
335
|
|
|
|
1,186
|
|
|
|
686
|
|
|
|
1,345
|
Investment
gain
|
|
|
—
|
|
|
|
(775)
|
|
|
|
—
|
|
|
|
(775)
|
Life insurance
proceeds
|
|
|
24
|
|
|
|
—
|
|
|
|
(420)
|
|
|
|
(1,000)
|
Adjusted
EBITDA
|
|
$
|
13,890
|
|
|
$
|
(915)
|
|
|
$
|
10,530
|
|
|
$
|
(1,911)
|
Diluted income (loss)
per common share attributable to VOXX International
Corporation
|
|
$
|
0.30
|
|
|
$
|
(0.24)
|
|
|
$
|
(0.04)
|
|
|
$
|
(0.29)
|
Diluted Adjusted
EBITDA per common share attributable to VOXX International
Corporation
|
|
$
|
0.57
|
|
|
$
|
(0.04)
|
|
|
$
|
0.43
|
|
|
$
|
(0.08)
|
|
|
(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-2021-second-quarter-financial-results-301151499.html
SOURCE VOXX International Corporation