HAUPPAUGE, N.Y., Oct. 10, 2017 /PRNewswire/ -- VOXX
International Corporation (NASDAQ: VOXX), today announced financial
results for its Fiscal 2018 second quarter ended August 31, 2017.
On August 31, 2017, the Company
completed its sale of Hirschmann Car Communication GmbH and its
subsidiaries ("Hirschmann") to a subsidiary of TE Connectivity Ltd.
("TE"). The consideration received by the Company was €148.5
million. The purchase price, at the exchange rate as of the close
of business on August 31, 2017, was
approximately $177.0 million and is
subject to adjustment based upon the final working capital. VOXX
International (Germany) GmbH, the
Company's German wholly-owned subsidiary, was the selling entity in
this transaction.
Due to the fact that the selling entity was VOXX International
(Germany) GmbH, there are certain
expenses and related income that are reported in VOXX International
Corporation's continuing operations. The Hirschmann business is now
accounted for in discontinued operations. Additional details can be
found in the Company's Form 10-Q which will be filed with the
Securities and Exchange Commission today.
Pat Lavelle, President and Chief
Executive Officer of VOXX International Corporation stated, "The
sale of Hirschmann has strengthened our balance sheet, enabled us
to pay down the majority of our debt while maintaining a healthy
cash position, and provides us with additional availability under
our facilities to implement our strategy. We continue to focus on
driving organic growth and better efficiencies within our business,
while pursuing accretive acquisitions that will enable us to
leverage overhead, drive sales and position us for sustainable
profitability."
Second Quarter Performance Review
The following information includes financial results from
continuing operations for the three-month period ended August 31, 2017 and August
31, 2016.
Net sales for the Fiscal 2018 second quarter were $113.5 million, a decrease of $4.9 million or 4.1% as compared to $118.3 million reported in the comparable
year-ago period.
- Automotive segment sales were $32.7
million as compared to $38.9
million, a decline of $6.3
million or 16.1%. This was principally due to lower OEM
sales, as an international program ended in the Fiscal 2018 first
quarter and domestic OEM sales were impacted by the winding down of
certain headrest programs with two OEM customers in anticipation of
new programs beginning in the Fiscal 2018 third and fourth
quarters. Additionally, the Company experienced higher aftermarket
rear-seat entertainment sales as a result of the acquisition of
Rosen Electronics during the Fiscal 2018 first quarter.
- Premium Audio segment sales were $39.9
million as compared to $34.9
million, an increase of $5.0
million or 14.4%. Driving the year-over-year increase were
higher sales of new products, including various lines of HD
wireless desktop and bookshelf size speakers, home entertainment
speakers, wireless sound bars, Klipsch Heritage products, and
wireless and multi-room streaming audio systems. These increases
were partially offset by lower sales of commercial speakers due to
timing of certain projects and programs.
- Consumer Accessories segment sales were $40.6 million as compared to $44.3 million, a decline of $3.7 million or 8.3%. The segment experienced
higher sales of wireless speakers, Project Nursery products and new
Striiv activity tracking bands, the latter of which was launched
during the Fiscal 2018 second quarter. The Company also experienced
an increase in international sales. Offsetting these increases were
lower sales across select product lines within the hook-up and
reception categories, among others.
The gross margin for the Fiscal 2018 second quarter came in at
25.0% as compared to 27.4% for the same period last year, a
decrease of 240 basis points.
- Automotive segment gross margins of 25.7% declined by 270 basis
points, primarily as a result of lower OEM manufacturing sales
given the timing of new programs, partially offset by an increase
in sales of certain higher margin products related to the Rosen
Electronics acquisition. Lower aftermarket fulfillment sales also
had a positive impact on Automotive segment gross margins.
- Premium Audio segment margins of 31.1% declined by 180 basis
points. This was primarily a result of promotions of older sound
bars that the Company is phasing out to make way for a new line of
products. The Company anticipates gross margin improvements in the
second half of Fiscal 2018. The Company also experienced lower
sales of its higher margin commercial speakers for the comparable
fiscal second quarter periods, which adversely impacted segment
margins.
- Consumer Accessories segment margins of 18.6% declined by 360
basis points. The year-over-year decline was primarily related to
product mix, as the Company had lower sales of certain higher
margin products, and higher fulfillment sales. The Company also
incurred higher freight charges due to increased demand for certain
remote products, incurred a one-time settlement charge related to a
contract shortfall with a vendor, and had certain warranty reserves
released and adjusted based on actual sales and warranty activity.
These decreases were partially offset by higher sales of Project
Nursery baby monitors and an increase in sales of wireless
speakers, both of which positively impacted gross margins.
Additionally, lower sales of action cameras positively impacted
gross margins for the segment.
Operating expenses for the Fiscal 2018 second quarter were
$38.7 million as compared to
$34.6 million in the Fiscal 2017
second quarter, an increase of $4.1
million or 11.9%. The year-over-year increase in operating
expenses was primarily related to higher advertising and marketing
expenses, higher expenses related to the implementation of a new
payroll and time and attendance system, and an increase in
headcount in certain business units to support expected sales
growth. Additionally, the Company incurred severance expense due to
restructuring activities across certain business segments. These
increases were partially offset by a decline in occupancy costs
related to the consolidation of the Company's shared services into
one location, which was completed during the Fiscal 2017 fourth
quarter. The increase in engineering and technical support expenses
was primarily timing related in support of new OEM programs which
will be launching in the Fiscal 2018 third and fourth quarters.
Total other expenses for the three months ended August 31, 2017 were $6.1
million as compared to $0.04
million in total other income in the comparable year-ago
period. In the Fiscal 2018 second quarter, the Company recorded a
$1.4 million gain related to its
investment in RxNetworks, which was sold to a third party, and also
accounted for net foreign currency losses of $7.4 million. Included in the foreign currency
losses for the Fiscal 2018 second quarter are losses on forward
contracts totaling $6.6 million
incurred in conjunction with the sale of Hirschmann. These
represented the biggest changes in total other (expenses) income
for the comparable second quarter periods.
The Company reported a net loss from continuing operations of
$19.8 million, and net income from
discontinued operations, net of tax of $34.9
million, resulting in net income of $15.0 million for the Fiscal 2018 second quarter.
This compares to net income from continuing operations of
$3.5 million, which includes an
income tax benefit of $5.5 million,
and a net loss from discontinued operations, net of tax of
$2.2 million. This resulted in net
income of $1.3 million for the Fiscal
2017 second quarter. The year-over-year improvement in net income
was $13.8 million when comparing the
three months ended August 31, 2017
and August 31, 2016,
respectively.
Net income attributable to VOXX International Corporation was
$17.1 million for the Fiscal 2018
second quarter as compared to net income attributable to VOXX
International Corporation of $3.0
million for the Fiscal 2017 second quarter. Taking into
account foreign currency translation adjustments, derivatives
designated for hedging, pension plan adjustments and unrealized
holding losses on available-for-sale investment securities, net of
tax, comprehensive income attributable to VOXX International
Corporation was $39.3 million as
compared to $2.3 million for the
three-month periods ended August 31,
2017 and August 31, 2016,
respectively. On an earnings per share basis, both basic and
diluted, the Company reported earnings per share attributable to
VOXX International Corporation of $0.71 for the Fiscal 2018 second quarter as
compared to $0.12 for the Fiscal 2017
second quarter.
The Company reported Earnings before interest, taxes,
depreciation and amortization ("EBITDA") of $29.4 million and negative Adjusted EBITDA of
$1.4 million for the Fiscal 2018
second quarter. This compares to EBITDA of $6.7 million and Adjusted EBITDA of $6.9 million for the comparable year-ago
period.
Balance Sheet Update
For the period ended August 31,
2017, the Company had cash and cash equivalents of
$45.8 million as compared to cash and
cash equivalents of $1.0 million
reported as of February 28, 2017, an
increase of $44.9 million. The
Company's total debt of $18.7 million
as of August 31, 2017 declined by
$91.8 million as of February 28, 2017 as the Company used the net
proceeds from the sale of Hirschmann to reduce the majority of its
total debt position. Total long-term debt, net of debt issuance
costs as of August 31, 2017 was
$8.8 million as compared to
$97.7 million as of February 28, 2017, an increase of $88.9 million. Further details can be found in
Footnote 15 of the Company's Form 10-Q which will be filed shortly
with the Securities and Exchange Commission.
Mr. Lavelle continued, "We're anticipating a stronger second
half of Fiscal 2018 based on a number of new products coming to
market. We have three new rear-seat entertainment programs which
will enhance our Automotive business; new products and improved
distribution within our Premium Audio group; and several new
products under 808 Audio, Project Nursery, Singtrix and RCA that
should lead to growth. Overall, we believe VOXX is well positioned
to generate profitability in the second half of the year, with a
much stronger platform as we move into Fiscal 2019."
Conference Call and Webcast Information
VOXX International will be hosting its conference call on
Wednesday, October 11, 2017 at
10:00 a.m. ET. Interested parties can
participate by visiting www.voxxintl.com, and clicking on the
webcast in the Investor Relations section or via teleconference
(toll-free number: 877-303-9079; international: 970-315-0461 /
conference ID: 94408456).
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, gains on the sale of discontinued operations,
losses on forward contracts, and investment gains. 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 earnings 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 the Automotive, Consumer Electronics, Consumer
Accessories and Premium Audio industries. Today, the Company has an
extensive distribution network that includes power retailers, mass
merchandisers, 12-volt specialists and many of the world's leading
automotive manufacturers. The Company has an international
footprint and a growing portfolio, which comprises over 30 trusted
domestic and global brands. Among the Company's brands are
Klipsch®, RCA®, Invision®, Jensen®, Audiovox®, Terk®, Acoustic
Research®, Advent®, Code Alarm®, Car Connection®, 808®, AR for
Her®, Prestige®, EyeLock, Jamo®, Energy®, Mirage®, Mac Audio®,
Magnat®, Heco®, Schwaiger®, and Oehlbach®. For additional
information, please visit our Web site 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,
2017.
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)
|
|
|
|
August 31,
2017
|
|
February 28,
2017
|
Assets
|
|
(unaudited)
|
|
|
Current
assets:
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
45,821
|
|
|
$
|
956
|
|
Accounts receivable,
net
|
|
70,956
|
|
|
79,971
|
|
Inventory,
net
|
|
142,053
|
|
|
122,352
|
|
Receivables from
vendors
|
|
617
|
|
|
634
|
|
Prepaid expenses and
other current assets
|
|
23,543
|
|
|
12,332
|
|
Income tax
receivable
|
|
1,644
|
|
|
1,596
|
|
Assets held for sale,
current
|
|
—
|
|
|
55,507
|
|
Total current
assets
|
|
284,634
|
|
|
273,348
|
|
Investment
securities
|
|
8,763
|
|
|
10,388
|
|
Equity
investments
|
|
21,340
|
|
|
21,926
|
|
Property, plant and
equipment, net
|
|
66,197
|
|
|
65,589
|
|
Goodwill
|
|
53,916
|
|
|
53,905
|
|
Intangible assets,
net
|
|
153,403
|
|
|
154,939
|
|
Deferred income
taxes
|
|
23
|
|
|
23
|
|
Other
assets
|
|
6,541
|
|
|
1,699
|
|
Assets held for sale,
non-current
|
|
—
|
|
|
86,669
|
|
Total
assets
|
|
$
|
594,817
|
|
|
$
|
668,486
|
|
Liabilities and
Stockholders' Equity
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Accounts
payable
|
|
$
|
44,146
|
|
|
$
|
46,244
|
|
Accrued expenses and
other current liabilities
|
|
49,227
|
|
|
32,110
|
|
Income taxes
payable
|
|
2,320
|
|
|
703
|
|
Accrued sales
incentives
|
|
13,033
|
|
|
13,154
|
|
Current portion of
long-term debt
|
|
6,770
|
|
|
9,215
|
|
Liabilities held for
sale, current
|
|
—
|
|
|
28,641
|
|
Total current
liabilities
|
|
115,496
|
|
|
130,067
|
|
Long-term debt, net
of debt issuance costs
|
|
8,842
|
|
|
97,747
|
|
Capital lease
obligation
|
|
849
|
|
|
926
|
|
Deferred
compensation
|
|
3,624
|
|
|
3,844
|
|
Deferred income tax
liabilities
|
|
28,757
|
|
|
27,627
|
|
Other tax
liabilities
|
|
3,328
|
|
|
3,194
|
|
Other long-term
liabilities
|
|
3,389
|
|
|
2,125
|
|
Liabilities held for
sale, non-current
|
|
—
|
|
|
11,641
|
|
Total
liabilities
|
|
164,285
|
|
|
277,171
|
|
Commitments and
contingencies
|
|
|
|
|
Stockholders'
equity:
|
|
|
|
|
Preferred
stock:
|
|
|
|
|
No shares issued or
outstanding
|
|
—
|
|
|
—
|
|
Common
stock:
|
|
|
|
|
Class A, $.01 par
value, 60,000,000 shares authorized, 24,068,105 and 24,067,444
shares issued and 21,900,011 and 21,899,370 shares outstanding at
August 31, 2017 and February 28, 2017, respectively
|
|
256
|
|
|
256
|
|
Class B Convertible,
$.01 par value, 10,000,000 shares authorized, 2,260,954 shares
issued and outstanding
|
|
22
|
|
|
22
|
|
Paid-in
capital
|
|
295,847
|
|
|
295,432
|
|
Retained
earnings
|
|
173,445
|
|
|
159,369
|
|
Accumulated other
comprehensive loss
|
|
(15,478)
|
|
|
(43,898)
|
|
Treasury stock, at
cost, 2,168,094 and 2,168,074 shares of Class A Common Stock at
August 31, 2017 and February 28, 2017, respectively
|
|
(21,176)
|
|
|
(21,176)
|
|
Total VOXX
International Corporation stockholders' equity
|
|
432,916
|
|
|
390,005
|
|
Non-controlling
interest
|
|
(2,384)
|
|
|
1,310
|
|
Total stockholders'
equity
|
|
430,532
|
|
|
391,315
|
|
Total liabilities and
stockholders' equity
|
|
$
|
594,817
|
|
|
$
|
668,486
|
|
VOXX International
Corporation and Subsidiaries
|
Unaudited
Consolidated Statements of Operations and Comprehensive
Income
|
(In thousands,
except share and per share data)
|
|
|
|
Three Months
Ended
August 31,
|
|
Six Months
Ended
August 31,
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
Net sales
|
|
$
|
113,470
|
|
|
$
|
118,325
|
|
|
$
|
228,293
|
|
|
$
|
232,225
|
|
Cost of
sales
|
|
85,049
|
|
|
85,882
|
|
|
169,728
|
|
|
167,809
|
|
Gross
profit
|
|
28,421
|
|
|
32,443
|
|
|
58,565
|
|
|
64,416
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
Selling
|
|
10,652
|
|
|
9,924
|
|
|
23,061
|
|
|
21,306
|
|
General and
administrative
|
|
20,640
|
|
|
18,021
|
|
|
40,837
|
|
|
38,148
|
|
Engineering and
technical support
|
|
7,383
|
|
|
6,609
|
|
|
14,037
|
|
|
14,655
|
|
Total operating
expenses
|
|
38,675
|
|
|
34,554
|
|
|
77,935
|
|
|
74,109
|
|
Operating
loss
|
|
(10,254)
|
|
|
(2,111)
|
|
|
(19,370)
|
|
|
(9,693)
|
|
|
|
|
|
|
|
|
|
|
Other (expense)
income:
|
|
|
|
|
|
|
|
|
Interest and bank
charges
|
|
(1,843)
|
|
|
(1,729)
|
|
|
(3,635)
|
|
|
(3,293)
|
|
Equity in income of
equity investees
|
|
1,927
|
|
|
1,545
|
|
|
3,730
|
|
|
3,353
|
|
Investment
gain
|
|
1,416
|
|
|
—
|
|
|
1,416
|
|
|
—
|
|
Other, net
|
|
(7,629)
|
|
|
223
|
|
|
(8,636)
|
|
|
(257)
|
|
Total other (expense)
income, net
|
|
(6,129)
|
|
|
39
|
|
|
(7,125)
|
|
|
(197)
|
|
|
|
|
|
|
|
|
|
|
Loss from continuing
operations before income taxes
|
|
(16,383)
|
|
|
(2,072)
|
|
|
(26,495)
|
|
|
(9,890)
|
|
Income tax expense
(benefit) from continuing operations
|
|
3,465
|
|
|
(5,543)
|
|
|
(3,963)
|
|
|
(6,940)
|
|
Net (loss) income
from continuing operations
|
|
(19,848)
|
|
|
3,471
|
|
|
(22,532)
|
|
|
(2,950)
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
from discontinued operations, net of tax (Note 2)
|
|
34,931
|
|
|
(2,167)
|
|
|
32,710
|
|
|
(1,866)
|
|
Net income
(loss)
|
|
15,083
|
|
|
1,304
|
|
|
10,178
|
|
|
(4,816)
|
|
Less: net loss
attributable to non-controlling interest
|
|
(2,023)
|
|
|
(1,716)
|
|
|
(3,898)
|
|
|
(3,528)
|
|
Net income (loss)
attributable to VOXX International Corporation
|
|
$
|
17,106
|
|
|
$
|
3,020
|
|
|
$
|
14,076
|
|
|
$
|
(1,288)
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive
income (loss):
|
|
|
|
|
|
|
|
|
Foreign
currency translation adjustments
|
|
20,480
|
|
|
(680)
|
|
|
27,839
|
|
|
3,516
|
|
Derivatives designated for hedging
|
|
(134)
|
|
|
(21)
|
|
|
(1,186)
|
|
|
(512)
|
|
Pension
plan adjustments
|
|
1,810
|
|
|
6
|
|
|
1,690
|
|
|
(52)
|
|
Unrealized
holding gain (loss) on available-for-sale
investment securities, net of tax
|
|
81
|
|
|
(3)
|
|
|
77
|
|
|
(8)
|
|
Other comprehensive income (loss), net of tax
|
|
22,237
|
|
|
(698)
|
|
|
28,420
|
|
|
2,944
|
|
Comprehensive income
attributable to VOXX International Corporation
|
|
$
|
39,343
|
|
|
$
|
2,322
|
|
|
$
|
42,496
|
|
|
$
|
1,656
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per
share - basic:
|
|
|
|
|
|
|
|
|
Continuing operations
|
|
$
|
(0.74)
|
|
|
$
|
0.21
|
|
|
$
|
(0.77)
|
|
|
$
|
0.02
|
|
Discontinued operations
|
|
$
|
1.45
|
|
|
$
|
(0.09)
|
|
|
$
|
1.35
|
|
|
$
|
(0.08)
|
|
Attributable to
VOXX International Corporation
|
|
$
|
0.71
|
|
|
$
|
0.12
|
|
|
$
|
0.58
|
|
|
$
|
(0.05)
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per
share - diluted:
|
|
|
|
|
|
|
|
|
Continuing operations
|
|
$
|
(0.74)
|
|
|
$
|
0.21
|
|
|
$
|
(0.77)
|
|
|
$
|
0.02
|
|
Discontinued operations
|
|
$
|
1.45
|
|
|
$
|
(0.09)
|
|
|
$
|
1.35
|
|
|
$
|
(0.08)
|
|
Attributable to
VOXX International Corporation
|
|
$
|
0.71
|
|
|
$
|
0.12
|
|
|
$
|
0.58
|
|
|
$
|
(0.05)
|
|
|
|
|
|
|
|
|
|
|
Weighted-average
common shares outstanding (basic)
|
|
24,160,680
|
|
|
24,160,324
|
|
|
24,160,502
|
|
|
24,160,324
|
|
Weighted-average
common shares outstanding (diluted)
|
|
24,160,680
|
|
|
24,242,447
|
|
|
24,160,502
|
|
|
24,255,341
|
|
Reconciliation of
GAAP Net Income (Loss) Attributable to VOXX International
Corporation to EBITDA, Adjusted EBITDA and Diluted Adjusted EBITDA
per Common Share
|
(In thousands,
except share and per share data)
|
|
|
|
Three Months
Ended
August 31,
|
|
Six Months
Ended
August 31,
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
Net income
attributable to VOXX International Corporation
|
|
$
|
17,106
|
|
|
$
|
3,020
|
|
|
$
|
14,076
|
|
|
$
|
(1,288)
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
Interest expense and
bank charges (1)
|
|
1,730
|
|
|
1,722
|
|
|
3,406
|
|
|
3,310
|
|
Depreciation and
amortization (1)
|
|
4,340
|
|
|
4,247
|
|
|
8,477
|
|
|
8,490
|
|
Income tax expense
(benefit)
|
|
6,207
|
|
|
(2,261)
|
|
|
2,144
|
|
|
(3,653)
|
|
EBITDA
|
|
29,383
|
|
|
6,728
|
|
|
28,103
|
|
|
6,859
|
|
Stock-based
compensation
|
|
157
|
|
|
188
|
|
|
299
|
|
|
363
|
|
Gain on sale of
discontinued operation
|
|
(36,118)
|
|
|
—
|
|
|
(36,118)
|
|
|
—
|
|
Loss on forward
contracts attributable to sale of business
|
|
6,618
|
|
|
—
|
|
|
6,618
|
|
|
—
|
|
Investment
gain
|
|
(1,416)
|
|
|
—
|
|
|
(1,416)
|
|
|
—
|
|
Adjusted
EBITDA
|
|
$
|
(1,376)
|
|
|
$
|
6,916
|
|
|
$
|
(2,514)
|
|
|
$
|
7,222
|
|
Diluted income per
common share attributable to
VOXX International Corporation
|
|
$
|
0.71
|
|
|
$
|
0.12
|
|
|
$
|
0.58
|
|
|
$
|
(0.05)
|
|
Diluted Adjusted
EBITDA per common share attributable to
VOXX International Corporation
|
|
$
|
(0.06)
|
|
|
$
|
0.29
|
|
|
$
|
(0.10)
|
|
|
$
|
0.30
|
|
(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-2018-second-quarter-financial-results-300534227.html
SOURCE VOXX International Corporation