ORLANDO, Fla., Jan. 11, 2021 /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 third quarter
and nine months ended November 30,
2020.
Commenting on the Company's results, Pat
Lavelle, President and Chief Executive Officer of VOXX
International Corporation stated, "We delivered a very strong third
quarter with all segments reporting higher sales and improved
bottom-line performance. Within Automotive, demand for our EVOLVE
rear-seat entertainment system with Amazon's Fire TV continues to
grow, with new OEM programs starting in our Fiscal 2022 second
quarter, and the VSM and DEI acquisitions are fully integrated and
performing well. Within Consumer, our premium audio product sales
continue to increase significantly, as we have expanded our retail
distribution, added key brands and enhanced our product offering.
Further, the formation of 11 Trading Company is leading to new
opportunities for us globally. Lastly, while the financial impact
has yet to be felt, demand for EyeLock's iris authentication
solutions has increased since the start of the pandemic, as are
conversations with respect to the strategic process. We are on
track for one of the best years in our Company's history from a
profitability perspective and believe this is the beginning of the
next wave of growth."
Fiscal 2021 and Fiscal 2020 Third Quarter Financial
Comparisons
Net sales in the Fiscal 2021 third quarter ended November 30, 2020 were $201.1 million, an increase of $91.0 million or 82.6%, as compared to
$110.1 million in the Fiscal 2020
third quarter ended November 30,
2019.
- Consumer Electronics segment net sales were $139.0 million as compared to $79.9 million, an increase of $59.1 million or 74.0%. The year-over-year growth
was driven by higher premium audio product sales, which increased
by $59.4 million or 111.6%. Higher
sales of premium wireless computer speaker systems and premium
mobility products, expanded retail distribution, and sales from the
new distribution agreement with Onkyo and Pioneer Corporation drove
the significant year-over-year increase. Other consumer electronics
product sales of $26.4 million
declined by $0.3 million or 1.1%, as
compared to $26.7 million.
- Automotive Electronics segment net sales were $61.5 million as compared to $30.0 million, an increase of $31.5 million or 105.1%. OEM product sales of
$14.1 million increased by
$3.5 million or 32.6%. Aftermarket
product sales of $47.4 million
increased by $28.0 million or 144.9%.
The year-over-year growth within the segment was primarily driven
by the Vehicle Safety Holding Corp. ("VSM") and Directed, LLC and
Directed Electronics Canada Inc. ("Directed" or "DEI")
acquisitions, as well as higher sales of OEM rear-seat
entertainment systems and aftermarket security and remote start
products.
- Biometrics segment sales of $0.3
million were up $0.2 million
or 148.6% due to higher sales of EXT and NXT products.
The gross margin in the Fiscal 2021 third quarter was 28.9%, up
30 basis points compared to the prior fiscal year period. Driving
the year-over-year increase was a 560-basis point gross margin
improvement in the Automotive Electronics segment, primarily from
the acquisitions of VSM and DEI, higher sales of higher margin
aftermarket remote start and security products, and an increase in
sales of OEM rear-seat entertainment systems. This was partially
offset by a 180-basis point gross margin decline in the Consumer
Electronics segment, primarily due to premium audio product mix,
holiday promotions, and certain product line close-outs in light of
new premium audio products coming to market. While Consumer
Electronics segment gross margin declined year-over-year, gross
profit increased by $16.5 million or
64.3%. Biometrics segment margins increased for the comparable
period but the overall impact was minimal.
Total operating expenses in the Fiscal 2021 third quarter were
$39.6 million, as compared to
$31.3 million in the comparable
Fiscal 2020 period, an increase of $8.2
million or 26.3%. The increase in operating expenses for the
comparable periods was primarily related to operating expenses of
the previously acquired VSM and DEI businesses, which accounted for
approximately $4.7 million during the
Fiscal 2021 third quarter. The remaining increases were primarily
due to higher commission expense as a result of higher sales, new
hires, increased salaries due to performance, higher professional
fees, and an increase in research and development expenses due to
the timing of new product launches compared to the prior year,
among other factors. The Company continues to monitor its spending
as it looks to lower fixed expenses and improve bottom-line
performance.
The Company reported operating income of $18.6 million in the Fiscal 2021 third quarter,
as compared to operating income of $0.1
million in the comparable year-ago period, an improvement of
$18.4 million. Net income
attributable to VOXX International Corporation was $18.3 million in the Fiscal 2021 third quarter,
as compared to net income attributable to VOXX International
Corporation of $2.5 million in the
Fiscal 2020 third quarter, an improvement of $15.8 million. On a per share basis, in the
Fiscal 2021 third quarter, the Company reported basic and diluted
income per share attributable to VOXX International
Corporation of $0.75 and
$0.74, respectively, as compared to
basic and diluted income per share attributable to VOXX
International Corporation of $0.10 in the comparable
year-ago period.
Earnings Before Interest, Taxes, Depreciation and Amortization
("EBITDA") was $23.8 million in the
Fiscal 2021 third quarter, as compared to EBITDA of $8.6 million in the Fiscal 2020 third quarter, an
improvement of $15.2 million.
Adjusted EBITDA in the Fiscal 2021 third quarter was $24.5 million, as compared to Adjusted EBITDA of
$5.8 million in the comparable
year-ago period, an improvement of $18.7
million.
Fiscal 2021 and Fiscal 2020 Nine-Month Financial Comparisons
Net sales in the Fiscal 2021 nine-month period ended
November 30, 2020 were $401.1 million, an increase of $107.3 million or 36.5%, as compared to
$293.8 million in the Fiscal 2020
nine-month period ended November 30,
2019. On a segment basis for the comparable Fiscal 2021 and
Fiscal 2020 nine-month periods:
- Consumer Electronics segment net sales were $288.5 million as compared to $206.6 million, an increase of $81.9 million or 39.7% year-over-year.
- Automotive Electronics segment net sales were $111.4 million as compared to $86.5 million, an increase of $24.9 million or 28.8%.
- Biometrics segment net sales were $0.7
million as compared to $0.4
million, an increase of $0.3
million or 76.6%.
The gross margin in the Fiscal 2021 nine-month period was 29.0%,
up 130 basis points compared to the prior fiscal year period.
Driving the year-over-year increase was a 180-basis point gross
margin improvement in the Automotive Electronics segment and a
70-basis point gross margin improvement in the Consumer Electronics
segment.
Total operating expenses in the Fiscal 2021 nine-month period
were $96.8 million, as compared to
$96.0 million in the comparable
Fiscal 2020 period, an increase of $0.8
million or 0.9%. Approximately $9.4 million of operating expenses were
related to the VSM and DEI acquisitions that were not in the
comparable Fiscal 2020 nine-month period. Excluding the operating
expenses associated with acquisitions, total operating expenses
declined by $8.5 million or 8.9%.
For the Fiscal 2021 nine-month period, the Company reported
operating income of $19.4 million, as
compared to an operating loss of $14.7
million in the comparable year-ago period, an improvement of
$34.1 million. Net income
attributable to VOXX International Corporation was $17.3 million in the Fiscal 2021 nine-month
period, as compared to a net loss attributable to VOXX
International Corporation of $4.6
million in the comparable year-ago period, an improvement of
$22.0 million. On a per share basis,
the Company reported basic and diluted income per share
attributable to VOXX International Corporation of
$0.72 and $0.71 in the Fiscal 2021 nine-month period,
respectively, as compared to a basic and diluted loss per share
attributable to VOXX International
Corporation of $0.19 in the Fiscal 2020 nine-month
period.
For the Fiscal 2021 nine-month period, EBITDA was $34.1 million, as compared to EBITDA of
$7.1 million in the comparable Fiscal
2020 nine-month period, an improvement of $27.0 million. Adjusted EBITDA in the Fiscal 2021
nine-month period was $35.1 million,
as compared to Adjusted EBITDA of $3.9
million in the comparable year-ago period, an improvement of
$31.2 million.
Balance Sheet Update
As of November 30, 2020, the
Company had cash and cash equivalents of $21.3 million, as compared to cash and cash
equivalents of $37.4 million as of
February 29, 2020. The decline is due
to the repayment of $20.0 million
outstanding on the Company's Domestic Credit Facility. There was
nothing outstanding as of November 30,
2020. Additionally, the decline was due to working capital
needed to support higher sales in the Company's Fiscal 2021 third
quarter and anticipated increases in the Company's Fiscal 2021
fourth quarter, as well as the cash used to fund the DEI
acquisition. The Company expects to end Fiscal 2021 with a higher
cash position compared to Fiscal 2020 year-end.
As of November 30, 2020, total
debt stood at $7.2 million as
compared to $8.2 million as of
February 29, 2020. The total debt as
of quarter-end relates solely to the Company's Florida mortgage. Total long-term debt, net of
debt issuance costs stood at $6.0
million as of November 30,
2020 as compared to $6.1
million as of February 29,
2020.
Conference Call and Webcast Information
VOXX International will be hosting its conference call
on Tuesday, January 12, 2021 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: 7656347). 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, certain settlements, 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)
|
|
|
|
November 30,
2020
|
|
|
February 29,
2020
|
|
|
|
(unaudited)
|
|
|
|
|
|
Assets
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
21,337
|
|
|
$
|
37,425
|
|
Accounts receivable,
net
|
|
|
155,322
|
|
|
|
69,714
|
|
Inventory
|
|
|
138,607
|
|
|
|
99,110
|
|
Receivables from
vendors
|
|
|
251
|
|
|
|
230
|
|
Prepaid expenses and
other current assets
|
|
|
17,880
|
|
|
|
10,885
|
|
Income tax
receivable
|
|
|
454
|
|
|
|
456
|
|
Total current
assets
|
|
|
333,851
|
|
|
|
217,820
|
|
Investment
securities
|
|
|
1,827
|
|
|
|
2,282
|
|
Equity
investment
|
|
|
22,182
|
|
|
|
21,924
|
|
Property, plant and
equipment, net
|
|
|
52,124
|
|
|
|
51,424
|
|
Operating lease,
right of use asset
|
|
|
4,811
|
|
|
|
3,143
|
|
Goodwill
|
|
|
58,928
|
|
|
|
55,000
|
|
Intangible assets,
net
|
|
|
92,797
|
|
|
|
88,288
|
|
Deferred income tax
assets
|
|
|
56
|
|
|
|
52
|
|
Other
assets
|
|
|
1,413
|
|
|
|
1,638
|
|
Total
assets
|
|
$
|
567,989
|
|
|
$
|
441,571
|
|
Liabilities,
Redeemable Equity, and Stockholders' Equity
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
Accounts
payable
|
|
$
|
80,177
|
|
|
$
|
22,096
|
|
Accrued expenses and
other current liabilities
|
|
|
55,695
|
|
|
|
34,046
|
|
Income taxes
payable
|
|
|
3,166
|
|
|
|
1,523
|
|
Accrued sales
incentives
|
|
|
27,883
|
|
|
|
12,250
|
|
Contract liabilities,
current
|
|
|
3,396
|
|
|
|
—
|
|
Current portion of
long-term debt
|
|
|
500
|
|
|
|
1,107
|
|
Total current
liabilities
|
|
|
170,817
|
|
|
|
71,022
|
|
Long-term debt, net
of debt issuance costs
|
|
|
5,973
|
|
|
|
6,099
|
|
Finance lease
liabilities, less current portion
|
|
|
386
|
|
|
|
720
|
|
Operating lease
liabilities, less current portion
|
|
|
3,813
|
|
|
|
2,391
|
|
Contract liabilities,
less current portion
|
|
|
1,016
|
|
|
|
—
|
|
Deferred
compensation
|
|
|
1,827
|
|
|
|
2,282
|
|
Deferred income tax
liabilities
|
|
|
7,975
|
|
|
|
3,828
|
|
Other tax
liabilities
|
|
|
1,123
|
|
|
|
1,225
|
|
Other long-term
liabilities
|
|
|
5,570
|
|
|
|
3,294
|
|
Total
liabilities
|
|
|
198,500
|
|
|
|
90,861
|
|
Commitments and
contingencies
|
|
|
|
|
|
|
|
|
Redeemable
equity
|
|
|
2,959
|
|
|
|
2,481
|
|
Stockholders'
equity:
|
|
|
|
|
|
|
|
|
Preferred
stock:
|
|
|
|
|
|
|
|
|
No shares issued or
outstanding
|
|
|
—
|
|
|
|
—
|
|
Common
stock:
|
|
|
|
|
|
|
|
|
Class A, $.01 par
value, 60,000,000 shares authorized, 24,416,194 and 24,306,194
shares issued and
21,666,976 and 21,556,976 shares outstanding at November 30, 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 November 30, 2020 and February 29,
2020
|
|
|
22
|
|
|
|
22
|
|
Paid-in
capital
|
|
|
300,107
|
|
|
|
299,228
|
|
Retained
earnings
|
|
|
139,458
|
|
|
|
122,139
|
|
Accumulated other
comprehensive loss
|
|
|
(16,046)
|
|
|
|
(19,055)
|
|
Less: Treasury stock,
at cost, 2,749,218 shares of Class A Common Stock at both November
30, 2020 and
February 29, 2020
|
|
|
(23,918)
|
|
|
|
(23,918)
|
|
Less: Redeemable
equity
|
|
|
(2,959)
|
|
|
|
(2,481)
|
|
Total VOXX
International Corporation stockholders' equity
|
|
|
396,909
|
|
|
|
376,179
|
|
Non-controlling
interest
|
|
|
(30,379)
|
|
|
|
(27,950)
|
|
Total stockholders'
equity
|
|
|
366,530
|
|
|
|
348,229
|
|
Total liabilities,
redeemable equity, and stockholders' equity
|
|
$
|
567,989
|
|
|
$
|
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
November 30,
|
|
|
Nine months
ended
November 30,
|
|
|
|
2020
|
|
|
2019
|
|
|
2020
|
|
|
2019
|
|
Net sales
|
|
$
|
201,065
|
|
|
$
|
110,112
|
|
|
$
|
401,084
|
|
|
$
|
293,812
|
|
Cost of
sales
|
|
|
142,937
|
|
|
|
78,648
|
|
|
|
284,905
|
|
|
|
212,570
|
|
Gross
profit
|
|
|
58,128
|
|
|
|
31,464
|
|
|
|
116,179
|
|
|
|
81,242
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling
|
|
|
12,761
|
|
|
|
9,580
|
|
|
|
30,190
|
|
|
|
28,162
|
|
General and
administrative
|
|
|
21,128
|
|
|
|
16,689
|
|
|
|
51,668
|
|
|
|
51,896
|
|
Engineering and
technical support
|
|
|
5,676
|
|
|
|
5,059
|
|
|
|
14,942
|
|
|
|
15,901
|
|
Total operating
expenses
|
|
|
39,565
|
|
|
|
31,328
|
|
|
|
96,800
|
|
|
|
95,959
|
|
Operating income
(loss)
|
|
|
18,563
|
|
|
|
136
|
|
|
|
19,379
|
|
|
|
(14,717)
|
|
Other (expense)
income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and bank
charges
|
|
|
(471)
|
|
|
|
(751)
|
|
|
|
(2,334)
|
|
|
|
(2,635)
|
|
Equity in income of
equity investee
|
|
|
1,761
|
|
|
|
967
|
|
|
|
4,506
|
|
|
|
3,672
|
|
Gain on sale of real
property
|
|
|
—
|
|
|
|
4,057
|
|
|
|
—
|
|
|
|
4,057
|
|
Investment
gain
|
|
|
42
|
|
|
|
—
|
|
|
|
42
|
|
|
|
775
|
|
Other, net
|
|
|
(121)
|
|
|
|
(322)
|
|
|
|
21
|
|
|
|
1,869
|
|
Total other income,
net
|
|
|
1,211
|
|
|
|
3,951
|
|
|
|
2,235
|
|
|
|
7,738
|
|
Income (loss) before
income taxes
|
|
|
19,774
|
|
|
|
4,087
|
|
|
|
21,614
|
|
|
|
(6,979)
|
|
Income tax
expense
|
|
|
2,334
|
|
|
|
2,720
|
|
|
|
6,724
|
|
|
|
1,190
|
|
Net income
(loss)
|
|
|
17,440
|
|
|
|
1,367
|
|
|
|
14,890
|
|
|
|
(8,169)
|
|
Less: net loss
attributable to non-controlling interest
|
|
|
(811)
|
|
|
|
(1,097)
|
|
|
|
(2,429)
|
|
|
|
(3,521)
|
|
Net income (loss)
attributable to VOXX International
Corporation
|
|
$
|
18,251
|
|
|
$
|
2,464
|
|
|
$
|
17,319
|
|
|
$
|
(4,648)
|
|
Other comprehensive
income (loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency
translation adjustments
|
|
|
79
|
|
|
|
(295)
|
|
|
|
3,608
|
|
|
|
(1,321)
|
|
Derivatives designated
for hedging
|
|
|
(43)
|
|
|
|
13
|
|
|
|
(514)
|
|
|
|
(271)
|
|
Pension plan
adjustments
|
|
|
(6)
|
|
|
|
2
|
|
|
|
(85)
|
|
|
|
25
|
|
Other comprehensive
income (loss), net of tax
|
|
|
30
|
|
|
|
(280)
|
|
|
|
3,009
|
|
|
|
(1,567)
|
|
Comprehensive income
(loss) attributable to VOXX
International Corporation
|
|
$
|
18,281
|
|
|
$
|
2,184
|
|
|
$
|
20,328
|
|
|
$
|
(6,215)
|
|
Income (loss) per
share - basic: Attributable to VOXX
International Corporation
|
|
$
|
0.75
|
|
|
$
|
0.10
|
|
|
$
|
0.72
|
|
|
$
|
(0.19)
|
|
Income (loss) per
share - diluted: Attributable to VOXX
International Corporation
|
|
$
|
0.74
|
|
|
$
|
0.10
|
|
|
$
|
0.71
|
|
|
$
|
(0.19)
|
|
Weighted-average
common shares outstanding (basic)
|
|
|
24,197,786
|
|
|
|
24,418,313
|
|
|
|
24,196,393
|
|
|
|
24,458,926
|
|
Weighted-average
common shares outstanding (diluted)
|
|
|
24,677,525
|
|
|
|
24,625,410
|
|
|
|
24,532,329
|
|
|
|
24,458,926
|
|
Reconciliation of
GAAP Net Income Attributable to VOXX International Corporation to
EBITDA, Adjusted EBITDA, and
Diluted Adjusted EBITDA per Common Share
|
|
|
|
Three months
ended
November 30,
|
|
|
Nine months
ended
November 30,
|
|
|
|
2020
|
|
|
2019
|
|
|
2020
|
|
|
2019
|
|
Net income (loss)
attributable to VOXX International
Corporation
|
|
$
|
18,251
|
|
|
$
|
2,464
|
|
|
$
|
17,319
|
|
|
$
|
(4,648)
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense and
bank charges (1)
|
|
|
325
|
|
|
|
625
|
|
|
|
1,907
|
|
|
|
2,269
|
|
Depreciation and
amortization (1)
|
|
|
2,904
|
|
|
|
2,796
|
|
|
|
8,128
|
|
|
|
8,313
|
|
Income tax
expense
|
|
|
2,334
|
|
|
|
2,720
|
|
|
|
6,724
|
|
|
|
1,190
|
|
EBITDA
|
|
|
23,814
|
|
|
|
8,605
|
|
|
|
34,078
|
|
|
|
7,124
|
|
Stock-based
compensation
|
|
|
768
|
|
|
|
471
|
|
|
|
1,454
|
|
|
|
1,816
|
|
Gain on sale of real
property
|
|
|
—
|
|
|
|
(4,057)
|
|
|
|
—
|
|
|
|
(4,057)
|
|
Settlement of
Hirschmann working capital
|
|
|
—
|
|
|
|
804
|
|
|
|
—
|
|
|
|
804
|
|
Investment
gain
|
|
|
(42)
|
|
|
|
—
|
|
|
|
(42)
|
|
|
|
(775)
|
|
Life insurance
proceeds
|
|
|
—
|
|
|
|
—
|
|
|
|
(420)
|
|
|
|
(1,000)
|
|
Adjusted
EBITDA
|
|
$
|
24,540
|
|
|
$
|
5,823
|
|
|
$
|
35,070
|
|
|
$
|
3,912
|
|
Diluted income (loss)
per common share attributable to
VOXX International Corporation
|
|
$
|
0.74
|
|
|
$
|
0.10
|
|
|
$
|
0.71
|
|
|
$
|
(0.19)
|
|
Diluted Adjusted
EBITDA per common share attributable to
VOXX International Corporation
|
|
$
|
0.99
|
|
|
$
|
0.24
|
|
|
$
|
1.43
|
|
|
$
|
0.16
|
|
|
|
(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-third-quarter-financial-results-301205608.html
SOURCE VOXX International Corporation