ORLANDO, Fla., Jan. 9, 2018 /PRNewswire/ -- VOXX
International Corporation (NASDAQ: VOXX), a leading manufacturer
and distributor of automotive and consumer technologies for global
markets, announced its financial results for the Fiscal 2018 third
quarter ended November 30, 2017.
Pat Lavelle, President and CEO of
VOXX International Corporation stated, "Our sale of Hirschmann in
August 2017 enabled us to pay down
virtually all of our debt, except mortgages, and we now have a
healthy cash position and access to capital through our banking
facilities to execute our strategy and unlock shareholder value.
Over the coming year, we intend to look for accretive acquisitions
and potentially monetize some of our assets, while realigning some
of our operations to lower expenses and enhance the bottom-line.
Further, we remain focused on generating growth, through both
product innovation and by developing new partnerships that leverage
our distribution and reach."
Lavelle continued, "During the fiscal 2018 third quarter, we
posted growth in our Premium Audio and Consumer Accessories
segments and we have several new product introductions on the
horizon across all of our business segments that should contribute
to top-line growth in the coming years. While Automotive segment
revenue came in lower than the prior year, it was due primarily to
timing as new OEM programs for our EVO rear seat infotainment
solutions started later than anticipated. Further, during the
quarter, we took steps to lower our overhead, as expenses came in
6.6% lower than the prior year and we generated year-over-year
improvements in operating income and net income. Our Board and
management team continue to evaluate all options that will improve
our market position, product offering and valuation."
On August 31, 2017, the Company
completed its sale of Hirschmann Car Communication GmbH and its
subsidiaries (collectively, "Hirschmann") to a subsidiary of TE
Connectivity Ltd. The consideration received by the Company was
€148,500. The purchase price, at the exchange rate as of the close
of business on the Closing Date approximated $177.0 million, and is subject to adjustment
based upon the final working capital. The Hirschmann subsidiary
group, which was previously included within the Automotive segment,
qualified to be presented as a discontinued operation in accordance
with ASC 205-20 beginning in the Company's second quarter ended
August 31, 2017 and is reflected in
the Company's third quarter net income results for the comparable
periods ended November 30, 2017 and
November 30, 2016.
Third Quarter Performance Review
Net sales for the Fiscal 2018 third quarter were $156.6 million as compared to net sales of
$157.4 million in the comparable
year-ago period, a decline of $0.8
million or 0.5%.
- Automotive segment sales were $40.6
million as compared to $48.8
million, a decline of $8.2
million or 16.8%. This was principally due to lower
aftermarket sales of satellite radio products, offset by higher
sales of aftermarket overhead and headrest product sales.
Additionally, the Company experienced lower domestic OEM sales due
to timing, as headrest programs with two OEM customers were winding
down in anticipation of new programs for the Company's
next-generation EVO infotainment systems, which are now
shipping.
- Premium Audio segment sales were $57.4
million as compared to $56.8
million, an increase of $0.6
million or 1.1%. Driving the year-over-year increase were
higher European sales, higher sales of select home entertainment
speaker lines, including various lines of HD wireless speakers,
wireless sound bars, Klipsch Heritage products and wireless and
multi-room streaming audio systems. This increase was partially
offset by lower sales of wireless headphones and portable Bluetooth
speakers, given the prior year's success, as well as lower sales of
commercial speakers, primarily in the cinema speaker category.
- Consumer Accessories segment sales were $58.5 million as compared to $51.4 million, an increase of $7.0 million or 13.7%. The segment experienced
higher sales of Project Nursery products, Striiv activity tracking
bands, wireless speakers, and reception products, as well as an
increase in international sales. Offsetting these increases were
lower sales of other consumer accessory product lines.
The gross margin for the Fiscal 2018 third quarter came in at
26.5% as compared to 27.7% for the same period last year. The
decline in gross margin was mostly as expected given the shift in
product mix within the Company's business segments and product
lines.
- Automotive segment gross margins of 23.5% declined by 210 basis
points, primarily as a result of lower OEM manufacturing sales,
from which the Company generally earns higher margins, offset by an
increase in sales of certain higher margin products such as
aftermarket overhead and headrest systems, and lower satellite
radio fulfillment sales.
- Premium Audio segment margins of 33.4% increased by 60 basis
points due to higher sales of home entertainment speakers and
systems, offset by lower sales of commercial speakers and certain
close-out promotions to make way for newer product
introductions.
- Consumer Accessories segment margins of 21.7% declined by 190
basis points, but gross profit dollars increased due to higher
sales volumes. The year-over-year decline was primarily due to
lower hookup product sales which typically carry higher gross
margins, higher sales of the Striiv activity band, which carries
lower gross margins, and promotions offered on certain products
within the Project Nursery line. The Company also incurred higher
freight charges due to increased demand for certain remote products
in both the Fiscal 2018 and Fiscal 2017 third quarter periods,
which adversely impacted gross margins.
Operating expenses for the Fiscal 2018 third quarter were
$35.9 million as compared to
$38.4 million in the Fiscal 2017
third quarter, an improvement of $2.5
million or 6.6%. The year-over-year improvement was
primarily related to a $1.8 million
decline in general and administrative expenses as a result of
headcount reductions in select groups and lower professional
services and occupancy expenses, and a $1.0
million decline in engineering and technical support
expenses. These improvements were partially offset by a
$0.3 million increase in selling
expenses due primarily to higher advertising and marketing related
expenses.
Total other income for the three months ended November 30, 2017 was $1.3
million as compared to $0.2
million in total other income in the comparable year-ago
period. Interest and bank charges declined by approximately
$0.7 million due to a lower average
outstanding balance on the Company's Credit Facility compared to
the prior year period due to the use of proceeds from the
Hirschmann sale on August 31, 2017.
Equity in income of equity investees of $2.0
million increased by approximately $0.1 million due to higher sales and a special
project performed for one of the Company's customers during the
Fiscal 2018 third quarter. Other, net increased by approximately
$0.4 million due to changes in net
foreign currency losses, among other factors.
The Company reported operating income of $5.6 million as compared to operating income of
$5.2 million for the comparable
Fiscal 2017 period. Net income from continuing operations of
$7.5 million increased by
approximately $5.9 million as
compared to $1.6 million in the
comparable Fiscal 2017 period. This improvement takes into account
an income tax benefit from continuing operations of $0.6 million and an income tax expense of
$3.8 million for the three months
ended November 30, 2017 and
November 30, 2016, respectively. In
the Fiscal 2018 third quarter, the Company recorded a net loss from
discontinued operations, net of tax of $0.4
million, whereas in the Fiscal 2017 third quarter, the
Company recorded net income from discontinued operations, net of
tax of $2.3 million.
Net income attributable to VOXX International Corporation was
$8.6 million for the Fiscal 2018
third quarter as compared to $5.8
million for the Fiscal 2017 third quarter. The Company
reported earnings per share attributable to VOXX International
Corporation of $0.36 on a basic basis
and $0.35 on a diluted basis for the
Fiscal 2018 third quarter. This compares to $0.24 on both a basic and diluted per share basis
for the Fiscal 2017 third quarter. Note, the Company recorded a
loss per share from discontinued operations of $0.02, both basic and diluted, in the Fiscal 2018
third quarter and earnings per share of $0.09, both basic and diluted, in the Fiscal 2017
third quarter.
The Company reported Earnings before interest, taxes,
depreciation and amortization ("EBITDA") of $12.0 million and Adjusted EBITDA of $12.2 million for the Fiscal 2018 third quarter.
This compares to EBITDA of $15.3
million and Adjusted EBITDA of $15.5
million for the comparable year-ago period.
Balance Sheet Update
For the period ended November 30,
2017, the Company had cash and cash equivalents of
$37.5 million as compared to cash and
cash equivalents of $1.0 million
reported as of February 28, 2017, an
increase of $36.6 million.
Total debt as of November 30, 2017
was $19.1 million, an improvement of
$91.3 million as compared to
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 November 30,
2017 was $8.6 million as
compared to $97.7 million as of
February 28, 2017, an improvement of
$89.2 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.
Conference Call and Webcast Information
VOXX International will be hosting its conference call on
Wednesday, January 10, 2018 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: 5657629).
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®, Rosen®, Audiovox®, Terk®, Acoustic
Research®, Advent®, Code Alarm®, 808®, 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)
|
|
|
|
November 30,
2017
|
|
February 28,
2017
|
Assets
|
|
(unaudited)
|
|
|
Current
assets:
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
37,514
|
|
|
$
|
956
|
|
Accounts receivable,
net
|
|
93,106
|
|
|
79,971
|
|
Inventory,
net
|
|
125,389
|
|
|
122,352
|
|
Receivables from
vendors
|
|
568
|
|
|
634
|
|
Prepaid expenses and
other current assets
|
|
16,390
|
|
|
12,332
|
|
Income tax
receivable
|
|
1,468
|
|
|
1,596
|
|
Assets held for sale,
current
|
|
—
|
|
|
55,507
|
|
Total current
assets
|
|
274,435
|
|
|
273,348
|
|
Investment
securities
|
|
9,040
|
|
|
10,388
|
|
Equity
investments
|
|
22,416
|
|
|
21,926
|
|
Property, plant and
equipment, net
|
|
65,959
|
|
|
65,589
|
|
Goodwill
|
|
54,639
|
|
|
53,905
|
|
Intangible assets,
net
|
|
151,703
|
|
|
154,939
|
|
Deferred income
taxes
|
|
23
|
|
|
23
|
|
Other
assets
|
|
8,483
|
|
|
1,699
|
|
Assets held for sale,
non-current
|
|
—
|
|
|
86,669
|
|
Total
assets
|
|
$
|
586,698
|
|
|
$
|
668,486
|
|
Liabilities and
Stockholders' Equity
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Accounts
payable
|
|
$
|
36,203
|
|
|
$
|
46,244
|
|
Accrued expenses and
other current liabilities
|
|
36,638
|
|
|
32,110
|
|
Income taxes
payable
|
|
3,117
|
|
|
703
|
|
Accrued sales
incentives
|
|
18,123
|
|
|
13,154
|
|
Current portion of
long-term debt
|
|
7,675
|
|
|
9,215
|
|
Liabilities held for
sale, current
|
|
—
|
|
|
28,641
|
|
Total current
liabilities
|
|
101,756
|
|
|
130,067
|
|
Long-term debt, net
of debt issuance costs
|
|
8,583
|
|
|
97,747
|
|
Capital lease
obligation
|
|
774
|
|
|
926
|
|
Deferred
compensation
|
|
3,854
|
|
|
3,844
|
|
Deferred income tax
liabilities
|
|
28,611
|
|
|
27,627
|
|
Other tax
liabilities
|
|
1,798
|
|
|
3,194
|
|
Other long-term
liabilities
|
|
3,185
|
|
|
2,125
|
|
Liabilities held for
sale, non-current
|
|
—
|
|
|
11,641
|
|
Total
liabilities
|
|
148,561
|
|
|
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, 24,106,194 and
24,067,444 shares issued and 21,938,100 and 21,899,370 shares
outstanding at November 30, 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
|
|
296,291
|
|
|
295,432
|
|
Retained
earnings
|
|
182,089
|
|
|
159,369
|
|
Accumulated other
comprehensive loss
|
|
(15,427)
|
|
|
(43,898)
|
|
Treasury stock, at
cost, 2,168,094 and 2,168,074 shares of Class A Common Stock at
November 30, 2017 and February 28, 2017, respectively
|
|
(21,176)
|
|
|
(21,176)
|
|
Total VOXX
International Corporation stockholders' equity
|
|
442,055
|
|
|
390,005
|
|
Non-controlling
interest
|
|
(3,918)
|
|
|
1,310
|
|
Total stockholders'
equity
|
|
438,137
|
|
|
391,315
|
|
Total liabilities and
stockholders' equity
|
|
$
|
586,698
|
|
|
$
|
668,486
|
|
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,
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
Net sales
|
|
$
|
156,563
|
|
|
$
|
157,411
|
|
|
$
|
384,856
|
|
|
$
|
389,636
|
|
Cost of
sales
|
|
115,044
|
|
|
113,763
|
|
|
284,772
|
|
|
281,572
|
|
Gross
profit
|
|
41,519
|
|
|
43,648
|
|
|
100,084
|
|
|
108,064
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
Selling
|
|
11,357
|
|
|
11,081
|
|
|
34,805
|
|
|
32,387
|
|
General and
administrative
|
|
18,258
|
|
|
20,099
|
|
|
59,095
|
|
|
58,247
|
|
Engineering and
technical support
|
|
6,261
|
|
|
7,236
|
|
|
20,298
|
|
|
21,891
|
|
Total operating
expenses
|
|
35,876
|
|
|
38,416
|
|
|
114,198
|
|
|
112,525
|
|
Operating income
(loss)
|
|
5,643
|
|
|
5,232
|
|
|
(14,114)
|
|
|
(4,461)
|
|
Other (expense)
income:
|
|
|
|
|
|
|
|
|
Interest and bank
charges
|
|
(1,215)
|
|
|
(1,901)
|
|
|
(4,850)
|
|
|
(5,194)
|
|
Equity in income of
equity investees
|
|
2,004
|
|
|
1,931
|
|
|
5,734
|
|
|
5,284
|
|
Investment
gain
|
|
—
|
|
|
—
|
|
|
1,416
|
|
|
—
|
|
Other, net
|
|
477
|
|
|
121
|
|
|
(7,772)
|
|
|
(136)
|
|
Total other income
(expense), net
|
|
1,266
|
|
|
151
|
|
|
(5,472)
|
|
|
(46)
|
|
Income (loss) from
continuing operations before income taxes
|
|
6,909
|
|
|
5,383
|
|
|
(19,586)
|
|
|
(4,507)
|
|
Income tax (benefit)
expense from continuing operations
|
|
(568)
|
|
|
3,756
|
|
|
(4,531)
|
|
|
(3,184)
|
|
Net income (loss)
from continuing operations
|
|
7,477
|
|
|
1,627
|
|
|
(15,055)
|
|
|
(1,323)
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income
from discontinued operations, net of tax
|
|
(368)
|
|
|
2,283
|
|
|
32,342
|
|
|
417
|
|
Net income
(loss)
|
|
7,109
|
|
|
3,910
|
|
|
17,287
|
|
|
(906)
|
|
Less: net loss
attributable to non-controlling interest
|
|
(1,535)
|
|
|
(1,890)
|
|
|
(5,433)
|
|
|
(5,418)
|
|
Net income
attributable to VOXX International Corporation
|
|
$
|
8,644
|
|
|
$
|
5,800
|
|
|
$
|
22,720
|
|
|
$
|
4,512
|
|
Other comprehensive
income (loss):
|
|
|
|
|
|
|
|
|
Foreign
currency translation adjustments
|
|
(170)
|
|
|
(6,684)
|
|
|
27,669
|
|
|
(3,168)
|
|
Derivatives designated for hedging
|
|
226
|
|
|
752
|
|
|
(960)
|
|
|
240
|
|
Pension
plan adjustments
|
|
(2)
|
|
|
96
|
|
|
1,688
|
|
|
44
|
|
Unrealized
holding (loss) gain on available-for-sale
investment securities, net of tax
|
|
(3)
|
|
|
4
|
|
|
74
|
|
|
(4)
|
|
Other comprehensive income (loss), net of tax
|
|
51
|
|
|
(5,832)
|
|
|
28,471
|
|
|
(2,888)
|
|
Comprehensive income
(loss) attributable to VOXX International Corporation
|
|
$
|
8,695
|
|
|
$
|
(32)
|
|
|
$
|
51,191
|
|
|
$
|
1,624
|
|
Earnings (loss) per
share - basic:
|
|
|
|
|
|
|
|
|
Continuing operations
|
|
$
|
0.37
|
|
|
$
|
0.15
|
|
|
$
|
(0.40)
|
|
|
$
|
0.17
|
|
Discontinued
operations
|
|
$
|
(0.02)
|
|
|
$
|
0.09
|
|
|
$
|
1.34
|
|
|
$
|
0.02
|
|
Attributable to
VOXX International Corporation
|
|
$
|
0.36
|
|
|
$
|
0.24
|
|
|
$
|
0.94
|
|
|
$
|
0.19
|
|
Earnings (loss) per
share - diluted:
|
|
|
|
|
|
|
|
|
Continuing operations
|
|
$
|
0.37
|
|
|
$
|
0.14
|
|
|
$
|
(0.40)
|
|
|
$
|
0.17
|
|
Discontinued
operations
|
|
$
|
(0.02)
|
|
|
$
|
0.09
|
|
|
$
|
1.34
|
|
|
$
|
0.02
|
|
Attributable to
VOXX International Corporation
|
|
$
|
0.35
|
|
|
$
|
0.24
|
|
|
$
|
0.94
|
|
|
$
|
0.19
|
|
|
|
|
|
|
|
|
|
|
Weighted-average
common shares outstanding (basic)
|
|
24,238,493
|
|
|
24,160,324
|
|
|
24,222,973
|
|
|
24,160,324
|
|
Weighted-average
common shares outstanding (diluted)
|
|
24,498,144
|
|
|
24,287,431
|
|
|
24,222,973
|
|
|
24,237,357
|
|
VOXX International
Corporation and Subsidiaries Reconciliation of GAAP Net
Income Attributable to VOXX International Corporation to EBITDA,
Adjusted EBITDA and Diluted Adjusted EBITDA per Common Share
(2)
|
|
|
|
Three Months
Ended
November 30,
|
|
Nine Months
Ended
November 30,
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
Net income
attributable to VOXX International Corporation
|
|
$
|
8,644
|
|
|
$
|
5,800
|
|
|
$
|
22,720
|
|
|
$
|
4,512
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
Interest expense and
bank charges (1)
|
|
921
|
|
|
1,824
|
|
|
4,327
|
|
|
5,134
|
|
Depreciation and
amortization (1)
|
|
2,685
|
|
|
4,225
|
|
|
11,162
|
|
|
12,715
|
|
Income tax (benefit)
expense
|
|
(205)
|
|
|
3,434
|
|
|
1,939
|
|
|
(218)
|
|
EBITDA
|
|
12,045
|
|
|
15,283
|
|
|
40,148
|
|
|
22,143
|
|
Stock-based
compensation
|
|
146
|
|
|
205
|
|
|
445
|
|
|
568
|
|
Gain on sale of
discontinued operation
|
|
—
|
|
|
—
|
|
|
(36,118)
|
|
|
—
|
|
Loss on forward
contracts attributable to sale of business
|
|
—
|
|
|
—
|
|
|
6,618
|
|
|
—
|
|
Investment
gain
|
|
—
|
|
|
—
|
|
|
(1,416)
|
|
|
—
|
|
Adjusted
EBITDA
|
|
$
|
12,191
|
|
|
$
|
15,488
|
|
|
$
|
9,677
|
|
|
$
|
22,711
|
|
Diluted income per
common share attributable to VOXX
International
Corporation
|
|
$
|
0.35
|
|
|
$
|
0.24
|
|
|
$
|
0.94
|
|
|
$
|
0.19
|
|
Diluted Adjusted
EBITDA per common share attributable to VOXX
International
Corporation
|
|
$
|
0.50
|
|
|
$
|
0.64
|
|
|
$
|
0.40
|
|
|
$
|
0.94
|
|
(1)
|
For purposes of
calculating Adjusted EBITDA for the Company, interest expense and
bank charges, as well as depreciation and
amortization have been adjusted in order to exclude the
non-controlling interest portion of these expenses attributable to
EyeLock LLC.
|
|
|
(2)
|
EBITDA, Adjusted
EBITDA and Diluted Adjusted EBITDA per common share in this
presentation are based on a reconciliation
to Net income attributable to VOXX International Corporation, which
includes net income (loss) from both continuing and
discontinued
operations for all periods presented. The Company sold its
Hirschmann subsidiary on August 31, 2017.
|
View original
content:http://www.prnewswire.com/news-releases/voxx-international-corporation-reports-its-fiscal-2018-third-quarter-financial-results-300580296.html
SOURCE VOXX International Corporation