ORLANDO, Fla., Oct. 10, 2018 /PRNewswire/ -- VOXX
International Corporation (NASDAQ: VOXX), a leading manufacturer
and distributor of automotive and consumer technologies for global
markets, today announced its financial results for its Fiscal 2019
second quarter and six-months ended August
31, 2018.
Pat Lavelle, President and CEO
of VOXX International Corporation stated, "Automotive
segment sales increased over 22% as newer OEM programs positively
contributed to results. Premium Audio segment sales, while down
slightly, were in line with our plan and gross margins came in 410
basis points higher year-over-year. A continued sales decline in
Consumer Accessories this quarter caused us to take aggressive
action to alter the segment's course. We are consolidating our
Oehlbach and Schwaiger operations, both located in Germany, into one company. Further, following
quarter end, we started a sale process, which includes retaining an
M&A advisor to market this company, with a goal of identifying
a potential buyer by fiscal year-end. We have also begun the
restructuring of our domestic retail accessory group, focusing on
higher volume and higher margin product lines."
Lavelle continued, "It is also our intent to bring our Magnat,
Heco and Mac Audio brands under the Klipsch umbrella in the first
half of Fiscal 2020, which will enable us to lower fixed costs,
advance R&D and improve our market position. Overall, with the
momentum in Automotive, better performance in Premium Audio, and
the steps we are taking to improve our Consumer Accessories
segment, we expect to be profitable in the second half of our
fiscal year, with additional savings to materialize as we realign
and strengthen our foundation with the long-term in mind."
Fiscal 2019 and Fiscal 2018 Second Quarter Results
Comparisons
Net sales for the Fiscal 2019 second quarter ended August 31, 2018 were $108.9 million as
compared to net sales of $113.5 million in the comparable
year-ago period, a decline of $4.6 million or 4.1%.
- Fiscal 2019 second quarter Automotive segment sales were
$40.0 million as compared to
$32.7 million for the comparable
Fiscal 2018 second quarter, an increase of $7.3 million or 22.4%. The year-over-year
increase was driven by new rear-seat infotainment programs with
General Motors and Ford Motor Company, as well as additional
vehicles added to the Company's remote start program with Subaru.
Offsetting OEM growth were declines in the Company's aftermarket
business.
- Fiscal 2019 second quarter Premium Audio segment sales were
$39.7 million as compared to
$39.9 million for the comparable
Fiscal 2018 second quarter, a decrease of $0.3 million or 0.7%. Fiscal 2019 second quarter
sales were positively impacted by higher sales of Klipsch Reference
Series products, offset by modest sales declines in the German
market.
- Fiscal 2019 second quarter Consumer Accessories segment sales
were $28.9 million as compared to
$40.6 million in the comparable
Fiscal 2018 second quarter, a decrease of $11.7 million or 28.9%. Lower year-over-year
sales were due to a number of factors, including lower volume of
wireless and Bluetooth speakers and reception products, as well as
higher load-in sales of the Striiv activity tracking bands in last
year's Fiscal second quarter. Offsetting these declines were higher
sales of Project Nursery products and our new Singsation line,
based on expanded distribution. As noted on last quarter's
conference call, a new distribution program in support of
UnitedHealthcare's Motion program is anticipated to positively
contribute to net sales in the second half of Fiscal 2019.
The gross margin for the Fiscal 2019 second quarter came in at
28.5% as compared to 25.0% for the same period last year, a
year-over-year increase of 350 basis points compared to the Fiscal
2018 second quarter and a sequential improvement of 110 basis
points. Driving the improvement were higher gross margins in the
Premium Audio segment, a direct result of the Company's strategy to
limit distribution and protect gross margins, as well as higher
gross margins in the Consumer Accessories segment based on product
mix. For the comparable second quarter periods, Automotive segment
gross margins were 25.2% as compared to 25.7%; Premium Audio
segment gross margins were 35.2% as compared to 31.1%; and Consumer
Accessories segment gross margins were 23.2% as compared to
18.6%.
Total operating expenses for the Fiscal 2019 second quarter
were $42.5 million as compared to $38.7
million in the Fiscal 2018 second quarter, an increase of
$3.9 million or 10.0%. However,
the Fiscal 2019 second quarter included non-cash intangible asset
impairment charges of $9.8 million,
primarily related to assets acquired as part of the Company's
acquisitions of Thomson's Consumer Electronics Accessory and Audio
Video businesses in 2007. Excluding the non-cash charges, total
operating expenses declined by $6.0
million or 15.4% when comparing the Fiscal 2019 and Fiscal
2018 second quarter periods. The year-over-year improvements were
driven by the Company's continued focus on cost controls and
streamlining operations.
Total other expenses were $(2.7)
million in the Fiscal 2019 second quarter compared to
$(6.1) million in the comparable
year-ago period. The Fiscal 2019 second quarter included interest
and bank charges of $(1.1) million,
equity in income of equity investees of $1.6
million and an impairment of Venezuela investment properties of
approximately $(3.5) million. This
compares to interest and bank charges of $(1.8) million, equity in income of equity
investees of $1.9 million, an
investment gain related to the sale of RxNetworks to a third-party
of $1.4 million, and foreign currency
losses of $(7.4) million, which
includes losses on forward contracts incurred in conjunction with
the sale of Hirschmann in August
2017.
The Company reported a net loss from continuing operations of
$(22.5) million in the Fiscal 2019
second quarter as compared to a net loss of $(19.8) million in the comparable year-ago
period. The Fiscal 2019 second quarter includes non-cash asset
impairment charges of $9.8 million
and $3.5 million related to
tradenames and Venezuela
investment properties, respectively. As such, the year-over-year
operational improvements were substantial, and the Company would
have reported a modest operating loss, given the improvement in
gross profit margins and significantly lower total operating
expenses. Additionally, the Company recorded an income tax from
continuing operations of $8.3 million
as compared to $3.5 million in the
comparable year-ago period. Further, the Fiscal 2018 second quarter
included net income from discontinued operations, net of tax of
$34.9 million related to the sale of
Hirschmann.
As a result of the non-cash impairment charges in the Fiscal
2019 second quarter and net income from discontinued operations in
the Fiscal 2018 second quarter, the Company reported a net loss
attributable to VOXX International Corporation of $(20.8) million as compared to net income
attributable to VOXX International Corporation of $17.1 million for the Fiscal 2019 and Fiscal 2018
second quarters, respectively.
On a per share basis, the Company reported a basic and diluted
loss from continuing operations of $(0.85) and $(0.74)
for the Fiscal 2019 and Fiscal 2018 second quarters, respectively,
as well as income per basic and diluted share of $1.45 from discontinued operations in the Fiscal
2018 second quarter. This resulted in a loss per basic and diluted
share attributable to VOXX International Corporation of
$(0.85) in the Fiscal 2019 second
quarter compared to income per basic and diluted share attributable
to VOXX International Corporation of $0.71 in the comparable year-ago period.
The Company reported earnings before interest, taxes,
depreciation and amortization ("EBITDA") of $(9.1) million and
$29.4 million for the Fiscal 2019 and
Fiscal 2018 second quarters, respectively. Adjusted EBITDA for the
Fiscal 2019 second quarter was $4.3
million as compared to an Adjusted EBITDA loss of
$(1.4) million in the comparable
year-ago period.
Discontinued Operations
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 €148.5 million. 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 as such during the three and six-months ended
August 31, 2018 and 2017.
Balance Sheet Update
As of August 31, 2018, the Company
had cash and cash equivalents of $44.2
million as compared to cash and cash equivalents of
$51.7 million as of February 28, 2018. Total debt as of August
31, 2018 was $18.4 million, as
compared to total debt of $18.9
million reported as of February 28,
2018. Total long-term debt, net of debt issuance costs as of
August 31, 2018 was $8.0
million as compared to $8.5 million as of
February 28, 2018. Further details
can be found in Footnote 16 of the Company's Form 10-Q on file with
the Securities and Exchange Commission.
Conference Call and Webcast Information
The
Company will be hosting its conference call and webcast
on Thursday, October 11, 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:
8452229). A replay will also be available on the Company's
website approximately one hour after 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,
impairment charges, gains on the sale of discontinued operations,
losses on certain forward contracts, and investment gains.
Depreciation, amortization, stock- based compensation and asset
impairment charges 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 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 and
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 VOXX
Automotive, 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, 2018.
Company Contact:
Glenn Wiener, President
GW Communications
Tel: 212-786-6011
Email: gwiener@GWCco.com
VOXX International
Corporation and Subsidiaries Consolidated Balance
Sheets (In thousands, except share and per share
data)
|
|
|
|
August 31,
2018
|
|
February 28,
2018
|
Assets
|
|
(unaudited)
|
|
|
Current
assets:
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
44,191
|
|
|
$
|
51,740
|
|
Accounts receivable,
net
|
|
70,600
|
|
|
81,116
|
|
Inventory,
net
|
|
124,415
|
|
|
117,992
|
|
Receivables from
vendors
|
|
353
|
|
|
493
|
|
Prepaid expenses and
other current assets
|
|
30,041
|
|
|
14,007
|
|
Income tax
receivable
|
|
650
|
|
|
511
|
|
Total current
assets
|
|
270,250
|
|
|
265,859
|
|
Investment
securities
|
|
3,649
|
|
|
4,167
|
|
Equity
investment
|
|
22,049
|
|
|
21,857
|
|
Property, plant and
equipment, net
|
|
59,467
|
|
|
65,259
|
|
Goodwill
|
|
54,785
|
|
|
54,785
|
|
Intangible assets,
net
|
|
136,839
|
|
|
150,320
|
|
Deferred income tax
assets
|
|
24
|
|
|
24
|
|
Other
assets
|
|
3,165
|
|
|
13,373
|
|
Total
assets
|
|
$
|
550,228
|
|
|
$
|
575,644
|
|
Liabilities and
Stockholders' Equity
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Accounts
payable
|
|
$
|
38,657
|
|
|
$
|
34,700
|
|
Accrued expenses and
other current liabilities
|
|
30,318
|
|
|
36,350
|
|
Income taxes
payable
|
|
1,718
|
|
|
2,587
|
|
Accrued sales
incentives
|
|
12,628
|
|
|
14,020
|
|
Current portion of
long-term debt
|
|
8,153
|
|
|
7,730
|
|
Total current
liabilities
|
|
91,474
|
|
|
95,387
|
|
Long-term debt, net
of debt issuance costs
|
|
7,974
|
|
|
8,476
|
|
Capital lease
obligation
|
|
742
|
|
|
699
|
|
Deferred
compensation
|
|
2,986
|
|
|
3,369
|
|
Deferred income tax
liabilities
|
|
18,380
|
|
|
12,217
|
|
Other tax
liabilities
|
|
1,887
|
|
|
2,191
|
|
Other long-term
liabilities
|
|
3,018
|
|
|
3,187
|
|
Total
liabilities
|
|
126,461
|
|
|
125,526
|
|
Commitments and
contingencies
|
|
|
|
|
Stockholders'
equity:
|
|
|
|
|
Preferred
stock:
|
|
|
|
|
No shares issued or
outstanding (see Note 20)
|
|
—
|
|
|
—
|
|
Common
stock:
|
|
|
|
|
Class A, $.01 par
value, 60,000,000 shares authorized, 24,106,194 shares issued
and
21,938,100 shares outstanding at both August 31, 2018 and February
28, 2018
|
|
242
|
|
|
256
|
|
Class B Convertible,
$.01 par value, 10,000,000 shares authorized, 2,260,954 shares
issued and outstanding at both August 31, 2018 and February 28,
2018
|
|
22
|
|
|
22
|
|
Paid-in
capital
|
|
296,629
|
|
|
296,395
|
|
Retained
earnings
|
|
172,931
|
|
|
194,673
|
|
Accumulated other
comprehensive loss
|
|
(15,739)
|
|
|
(14,222)
|
|
Treasury stock, at
cost, 2,168,094 shares of Class A Common Stock at both August
31,
2018 and February 28, 2018
|
|
(21,176)
|
|
|
(21,176)
|
|
Total VOXX
International Corporation stockholders' equity
|
|
432,909
|
|
|
455,948
|
|
Non-controlling
interest
|
|
(9,142)
|
|
|
(5,830)
|
|
Total stockholders'
equity
|
|
423,767
|
|
|
450,118
|
|
Total liabilities and
stockholders' equity
|
|
$
|
550,228
|
|
|
$
|
575,644
|
|
VOXX International
Corporation and Subsidiaries Unaudited Consolidated
Statements of Operations and Comprehensive (Loss)
Income (In thousands, except share and per share
data)
|
|
|
|
Three Months
Ended
August 31,
|
|
Six Months
Ended
August 31,
|
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
Net sales
|
|
$
|
108,867
|
|
|
$
|
113,470
|
|
|
$
|
209,722
|
|
|
$
|
228,293
|
|
Cost of
sales
|
|
77,804
|
|
|
85,049
|
|
|
150,982
|
|
|
169,728
|
|
Gross
profit
|
|
31,063
|
|
|
28,421
|
|
|
58,740
|
|
|
58,565
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
Selling
|
|
9,604
|
|
|
10,652
|
|
|
20,298
|
|
|
23,061
|
|
General and
administrative
|
|
17,038
|
|
|
20,640
|
|
|
33,150
|
|
|
40,837
|
|
Engineering and
technical support
|
|
6,070
|
|
|
7,383
|
|
|
11,981
|
|
|
14,037
|
|
Intangible asset
impairment charges
|
|
9,814
|
|
|
—
|
|
|
9,814
|
|
|
—
|
|
Total operating
expenses
|
|
42,526
|
|
|
38,675
|
|
|
75,243
|
|
|
77,935
|
|
Operating
loss
|
|
(11,463)
|
|
|
(10,254)
|
|
|
(16,503)
|
|
|
(19,370)
|
|
|
|
|
|
|
|
|
|
|
Other (expense)
income:
|
|
|
|
|
|
|
|
|
Interest and bank
charges
|
|
(1,117)
|
|
|
(1,843)
|
|
|
(2,217)
|
|
|
(3,635)
|
|
Equity in income of
equity investee
|
|
1,637
|
|
|
1,927
|
|
|
3,451
|
|
|
3,730
|
|
Investment
gain
|
|
—
|
|
|
1,416
|
|
|
—
|
|
|
1,416
|
|
Impairment of
Venezuela investment properties
|
|
(3,473)
|
|
|
—
|
|
|
(3,473)
|
|
|
—
|
|
Other, net
|
|
252
|
|
|
(7,629)
|
|
|
913
|
|
|
(8,636)
|
|
Total other expense, net
|
|
(2,701)
|
|
|
(6,129)
|
|
|
(1,326)
|
|
|
(7,125)
|
|
|
|
|
|
|
|
|
|
|
Loss from continuing
operations before income taxes
|
|
(14,164)
|
|
|
(16,383)
|
|
|
(17,829)
|
|
|
(26,495)
|
|
Income tax expense
(benefit) from continuing operations
|
|
8,338
|
|
|
3,465
|
|
|
7,225
|
|
|
(3,963)
|
|
Net loss from continuing operations
|
|
(22,502)
|
|
|
(19,848)
|
|
|
(25,054)
|
|
|
(22,532)
|
|
|
|
|
|
|
|
|
|
|
Net income from discontinued operations, net of
tax
|
|
—
|
|
|
34,931
|
|
|
—
|
|
|
32,710
|
|
Net (loss)
income
|
|
(22,502)
|
|
|
15,083
|
|
|
(25,054)
|
|
|
10,178
|
|
Less: net loss
attributable to non-controlling interest
|
|
(1,699)
|
|
|
(2,023)
|
|
|
(3,312)
|
|
|
(3,898)
|
|
Net (loss) income attributable to VOXX International
Corporation
|
|
$
|
(20,803)
|
|
|
$
|
17,106
|
|
|
$
|
(21,742)
|
|
|
$
|
14,076
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive
income (loss):
|
|
|
|
|
|
|
|
|
Foreign currency
translation adjustments
|
|
(50)
|
|
|
20,480
|
|
|
(2,070)
|
|
|
27,839
|
|
Derivatives
designated for hedging
|
|
50
|
|
|
(134)
|
|
|
492
|
|
|
(1,186)
|
|
Pension plan
adjustments
|
|
1
|
|
|
1,810
|
|
|
37
|
|
|
1,690
|
|
Unrealized
holding gain on available-for-sale investment securities, net
of tax
|
|
—
|
|
|
81
|
|
|
24
|
|
|
77
|
|
Other
comprehensive income (loss), net of tax
|
|
1
|
|
|
22,237
|
|
|
(1,517)
|
|
|
28,420
|
|
Comprehensive (loss)
income attributable to VOXX International Corporation
|
|
$
|
(20,802)
|
|
|
$
|
39,343
|
|
|
$
|
(23,259)
|
|
|
$
|
42,496
|
|
|
|
|
|
|
|
|
|
|
(Loss) income per
share - basic:
|
|
|
|
|
|
|
|
|
Continuing
operations
|
|
$
|
(0.85)
|
|
|
$
|
(0.74)
|
|
|
$
|
(0.89)
|
|
|
$
|
(0.77)
|
|
Discontinued
operations
|
|
$
|
—
|
|
|
$
|
1.45
|
|
|
$
|
—
|
|
|
$
|
1.35
|
|
Attributable to
VOXX International Corporation
|
|
$
|
(0.85)
|
|
|
$
|
0.71
|
|
|
$
|
(0.89)
|
|
|
$
|
0.58
|
|
|
|
|
|
|
|
|
|
|
(Loss) income per
share - diluted:
|
|
|
|
|
|
|
|
|
Continuing
operations
|
|
$
|
(0.85)
|
|
|
$
|
(0.74)
|
|
|
$
|
(0.89)
|
|
|
$
|
(0.77)
|
|
Discontinued
operations
|
|
$
|
—
|
|
|
$
|
1.45
|
|
|
$
|
—
|
|
|
$
|
1.35
|
|
Attributable to
VOXX International Corporation
|
|
$
|
(0.85)
|
|
|
$
|
0.71
|
|
|
$
|
(0.89)
|
|
|
$
|
0.58
|
|
|
|
|
|
|
|
|
|
|
Weighted-average
common shares outstanding (basic)
|
|
24,355,791
|
|
|
24,160,680
|
|
|
24,355,791
|
|
|
24,160,502
|
|
Weighted-average
common shares outstanding (diluted)
|
|
24,355,791
|
|
|
24,160,680
|
|
|
24,355,791
|
|
|
24,160,502
|
|
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
August 31,
|
|
Six Months
Ended
August 31,
|
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
Net (loss) income
attributable to VOXX International
Corporation
|
|
$
|
(20,803)
|
|
|
$
|
17,106
|
|
|
$
|
(21,742)
|
|
|
$
|
14,076
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
Interest expense and
bank charges (1)
|
|
735
|
|
|
1,730
|
|
|
1,482
|
|
|
3,406
|
|
Depreciation and
amortization (1)
|
|
2,652
|
|
|
4,340
|
|
|
5,306
|
|
|
8,477
|
|
Income tax
expense
|
|
8,338
|
|
|
6,207
|
|
|
7,225
|
|
|
2,144
|
|
EBITDA
|
|
(9,078)
|
|
|
29,383
|
|
|
(7,729)
|
|
|
28,103
|
|
Stock-based
compensation
|
|
127
|
|
|
157
|
|
|
234
|
|
|
299
|
|
Intangible asset
impairment charges
|
|
9,814
|
|
|
—
|
|
|
9,814
|
|
|
—
|
|
Impairment of
Venezuela investment properties
|
|
3,473
|
|
|
—
|
|
|
3,473
|
|
|
—
|
|
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
|
|
$
|
4,336
|
|
|
$
|
(1,376)
|
|
|
$
|
5,792
|
|
|
$
|
(2,514)
|
|
Diluted (loss) income
per common share attributable
to VOXX International Corporation
|
|
$
|
(0.85)
|
|
|
$
|
0.71
|
|
|
$
|
(0.89)
|
|
|
$
|
0.58
|
|
Diluted Adjusted
EBITDA per common share
attributable to VOXX International Corporation
|
|
$
|
0.18
|
|
|
$
|
(0.06)
|
|
|
$
|
0.24
|
|
|
$
|
(0.10)
|
|
|
(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
(loss) income from both continuing and discontinued operations for
all periods
presented, as 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-2019-second-quarter-financial-results-300728975.html
SOURCE VOXX International Corporation