ORLANDO, Fla., Oct. 10, 2019 /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 2020 second
quarter ended August 31, 2019.
Pat Lavelle, President and Chief
Executive Officer of VOXX International stated, "We are continuing
to realign our operations to put VOXX in a position where more
sustainable profitability will be achieved. While we do have some
near-term headwinds with respect to the Automotive market,
especially given the timing of new vehicle launches, we are very
optimistic about our position as we've been awarded new OEM,
rear-seat entertainment programs which will create incremental
business beginning in late Fiscal 2021 and significant volume in
the years that follow. Premium audio products continue to be
well-received and we have expanded distribution. While consumer
accessory product sales are down, this was expected due to our SKU
rationalization programs and we outperformed our internal
projections through the first half of the fiscal year. This past
quarter, we launched new products in our biometrics segment; were
awarded a new program in the healthcare industry; and are nearing
completion of testing with other potential partners. Overall,
operating losses declined through the first half of the year; we
expect to be profitable in the second half of the year; and our
balance sheet remains very strong. There are a lot of positive
developments at VOXX and our outlook is improving."
Fiscal 2020 and Fiscal 2019 Second Quarter Financial
Comparisons
Effective March 1, 2019, the
Company changed its reporting structure to include the results of
operations for the following three reporting segments: 1)
Automotive Electronics, which includes the Company's OEM and
aftermarket automotive business; 2) Consumer Electronics, which
includes the former Premium Audio segment and the former Consumer
Accessories segment, less EyeLock, LLC, and; 3) Biometrics, a newly
formed segment which includes the results of EyeLock, LLC, the
Company's majority-owned investment.
Net sales for the Fiscal 2020 second quarter ended August 31, 2019 were $90.2
million, as compared to $108.9
million in the Fiscal 2019 second quarter, a decline of
$18.6 million.
- The Automotive Electronics segment had net sales of
$26.8 million in the Fiscal 2020
second quarter, as compared to $40.0
million in the comparable year-ago period, a decline of
$13.2 million. The year-over-year
decline was primarily related to lower OEM sales due to both launch
delays for certain vehicle models and lower year-over-year volume
due to programs that began in the prior fiscal year period.
Additionally, sales of aftermarket satellite radio and headrest
products declined as compared to the prior year, a result of an
increase in standard factory-equipped vehicles with these options.
Offsetting these declines were higher sales of certain aftermarket
safety and security products, as compared to the prior fiscal year
period.
- The Consumer Electronics segment had net sales of $63.0 million in the Fiscal 2020 second quarter,
as compared to $68.3 million in the
comparable year-ago period, a decline of $5.3 million. The year-over-year decline was
primarily related to the elimination of certain products as part of
the Company's SKU rationalization program, as well as lower
year-over-year sales of select consumer accessory products, both
domestically and in Europe.
Offsetting these declines were higher sales of premium mobility and
premium wireless and Bluetooth speakers related to the launch of
new lines of soundbars and wireless earbuds; increased distribution
for premium commercial speakers; higher sales of reception and
karaoke products; and higher sales of activity bands related to the
Company's distribution agreement in support of the Motion
program.
- The Biometrics segment had net sales of $0.3 million, as compared to $0.2 million in the comparable year-ago period.
Driving the year-over-year increase were higher sales of the
Company's Nano NXT perimeter access product and new sales of the
EXT outdoor perimeter access product which was launched during the
Fiscal 2020 second quarter.
The gross margin in the Company's Fiscal 2020 second quarter was
26.3%, representing a 220-basis point decline, as compared to the
Fiscal 2019 second quarter.
- Automotive Electronics segment gross margins of 20.8% declined
by 440 basis points compared to the prior year-ago period, due
primarily to lower sales of higher margin OEM products, as well as
the lower absorption of fixed overhead costs in the Fiscal 2020
second quarter, as compared to the Fiscal 2019 second quarter.
Additionally, lower aftermarket headrest product sales, which
typically generate higher gross margins for the segment,
contributed to the decline, as did the impact of tariffs. To help
offset the impact of tariffs, production of certain products was
relocated to other countries. Higher sales of certain aftermarket
security products helped offset the gross margin decline, as did
lower sales of satellite radio products.
- Consumer Electronics segment gross margins of 29.0% declined by
110 basis points compared to the prior year-ago period. The primary
drivers for the decline were lower sales of products with typically
higher gross margins, such as hook-up, remotes and the Project
Nursery product line, as well as lower European sales and higher
warehousing costs in Europe. Gross
margins were also impacted by tariff increases and the Company
transitioned production of certain product lines to other
countries. Offsetting these declines were increased sales of select
higher margin premium audio products, including premium wireless
and Bluetooth speakers, mobility products, commercial speakers, and
karaoke products.
- Biometrics segment gross margins of (22.4)% declined by 767
basis points compared to the prior year-ago period. The decline was
primarily due to the sale of certain fully reserved inventory,
which resulted in the release of inventory reserves and contributed
to higher margins in the Fiscal 2019 second quarter. The Company
also provided select products to companies that it is working with
to complete testing and evaluation, which adversely impacted gross
margins for the Fiscal 2020 second quarter.
Total operating expenses in the Fiscal 2020 second quarter were
$31.5 million, as compared to
$42.5 million in the comparable
year-ago period, a decline of $11.0
million or 25.9%.
- Selling expenses of $8.7 million
declined by $0.9 million or 9.4%, as
compared to the Fiscal 2019 second quarter, primarily related to
lower commissions, advertising costs and display amortization
expenses, offset by salary increases related to the Company's
realignment initiatives, as well as additional hires at the Klipsch
subsidiary.
- General and administrative ("G&A") expenses of $17.8 million increased by $0.7 million or 4.4%, as compared to the Fiscal
2019 second quarter. The primary driver of the increase was related
to the grant of 200,000 common shares to the Company's Chief
Executive Officer in conjunction with his employment agreement.
Excluding this, G&A expenses were down modestly when comparing
the Fiscal 2020 and Fiscal 2019 second quarters.
- Engineering and technical support expenses of $5.0 million declined by $1.0 million or 17.1%, as compared to the Fiscal
2019 second quarter. The decline was primarily related to lower
research and development spending related to projects that were
completed, as well as the movement of certain projects utilizing
outside contractors to in-house employees at EyeLock. This was
partially offset by higher research and development expenses
related to the start of new projects; higher certification fees for
new products under development; as well as higher customer
reimbursement payments, compared to the prior Fiscal 2019
period.
- In the Fiscal 2019 second quarter, the Company incurred
intangible asset impairment charges of $9.8
million as it re-evaluated its projections for several
brands in its former Consumer Accessories and Automotive segments.
As a result of this evaluation, the Company determined that several
of its trademarks were impaired resulting in a total charge of
$9.8 million in the Fiscal 2019
second quarter, whereas no such charges were recorded in the
current fiscal year period. Excluding the intangible asset
impairment charges, total operating expenses declined by
$1.2 million or 3.7%.
Total other income, net for the Fiscal 2020 second quarter was
$1.7 million, as compared to total
other expense of $(2.7) million in
the Fiscal 2019 second quarter, an increase of $4.4 million. Interest and bank charges declined
by $0.2 million; equity in income of
equity investee declined by $0.4
million; and other, net increased by $0.3 million. During the Fiscal 2020 second
quarter, the Company recorded a $0.8
million investment gain related to the prior year sale of
its investment of RxNetworks in Fiscal 2018. Additionally, during
the Fiscal 2019 second quarter, the Company recorded a $3.5 million impairment related to its
Venezuela investment
properties.
The Company reported an operating loss of $(7.7) million in the Fiscal 2020 second quarter,
as compared to an operating loss of $(11.5)
million in the comparable year-ago period. Net loss
attributable to VOXX International Corporation ("VOXX") was
$(6.0) million in the Fiscal 2020
second quarter, as compared to a net loss attributable to VOXX of
$(20.8) million in the Fiscal 2019
second quarter. Net loss attributable to the Company's
non-controlling interest declined from $(1.7) million in the Fiscal 2019 second quarter
to $(1.2) million in the Fiscal 2020
second quarter. The Company reported a basic and diluted loss per
share attributable to VOXX of $(0.24)
in the Fiscal 2020 second quarter, as compared to a basic and
diluted loss per share attributable to VOXX of $(0.85) in the Fiscal 2019 second quarter.
The Company reported an Adjusted Earnings Before Interest,
Taxes, Depreciation and Amortization ("Adjusted EBITDA") loss in
the Fiscal 2020 second quarter of $(0.7)
million, as compared to Adjusted EBITDA of $4.3 million in the comparable Fiscal 2019
period.
Balance Sheet Update
As of August 31, 2019, the Company
had cash and cash equivalents of $39.3
million, as compared to $58.2
million as of February 28,
2019. Total debt as of August 31,
2019 was $14.0 million, as
compared to $17.6 million as of
February 28, 2019, a decrease of
$3.6 million. The Company's total
debt consists of mortgages related to its domestic and
international properties and a Euro asset-based lending obligation
to support its German operations. Total long-term debt as of
August 31, 2019 was $7.4 million, as compared to $7.6 million as of February 28, 2019, a decrease of $0.2 million.
As announced on October 2, 2019,
the Company closed on the sale of its Pulheim real estate,
effective September 30, 2019, and
received net proceeds of approximately $9.7
million, which will be used to pay down its Euro asset-based
lending obligation and to support its German operations. The
Company's balance sheet remains strong and further improvements are
anticipated in the second half of Fiscal 2020.
Conference Call and Webcast Information
VOXX International will be hosting its conference call on
Friday, October 11, 2019 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: 4474677). 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 (loss) income 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, investment gains, life insurance proceeds, as
well tangible and intangible asset impairment charges.
Depreciation, amortization, stock-based compensation, and tangible
and intangible 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 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 many automotive and consumer electronics and
accessories categories, as well as premium high-end audio. Today,
VOXX International is a global company, with an extensive
distribution network that includes power retailers, mass
merchandisers, 12-volt specialists and most of the world's leading
automotive manufacturers. The Company has an international
footprint in Europe, Asia and Latin
America, and a growing portfolio, which is comprised of over
30 trusted brands. 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 28, 2019 which was filed
with the SEC on May 14, 2019, as
amended on Form 10-K/A filed on May 30,
2019, 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 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.
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,
2019
|
|
|
February
28,
2019
|
|
|
|
(unaudited)
|
|
|
|
|
|
Assets
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
39,294
|
|
|
$
|
58,236
|
|
Accounts receivable,
net
|
|
|
68,371
|
|
|
|
73,391
|
|
Inventory,
net
|
|
|
114,568
|
|
|
|
102,379
|
|
Receivables from
vendors
|
|
|
366
|
|
|
|
1,009
|
|
Prepaid expenses and
other current assets
|
|
|
9,605
|
|
|
|
10,449
|
|
Income tax
receivable
|
|
|
1,239
|
|
|
|
921
|
|
Total current
assets
|
|
|
233,443
|
|
|
|
246,385
|
|
Investment
securities
|
|
|
2,518
|
|
|
|
2,858
|
|
Equity
investment
|
|
|
21,688
|
|
|
|
21,885
|
|
Property, plant and
equipment, net
|
|
|
59,864
|
|
|
|
60,493
|
|
Operating lease,
right of use asset
|
|
|
2,301
|
|
|
|
—
|
|
Goodwill
|
|
|
54,785
|
|
|
|
54,785
|
|
Intangible assets,
net
|
|
|
115,769
|
|
|
|
119,449
|
|
Deferred income tax
assets
|
|
|
78
|
|
|
|
79
|
|
Other
assets
|
|
|
1,937
|
|
|
|
2,877
|
|
Total
assets
|
|
$
|
492,383
|
|
|
$
|
508,811
|
|
Liabilities and
Stockholders' Equity
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
Accounts
payable
|
|
$
|
33,844
|
|
|
$
|
31,143
|
|
Accrued expenses and
other current liabilities
|
|
|
36,352
|
|
|
|
39,129
|
|
Income taxes
payable
|
|
|
1,099
|
|
|
|
1,349
|
|
Accrued sales
incentives
|
|
|
10,948
|
|
|
|
13,574
|
|
Current portion of
long-term debt
|
|
|
6,665
|
|
|
|
10,021
|
|
Total current
liabilities
|
|
|
88,908
|
|
|
|
95,216
|
|
Long-term debt, net
of debt issuance costs
|
|
|
5,958
|
|
|
|
5,776
|
|
Finance lease
liabilities, less current portion
|
|
|
974
|
|
|
|
516
|
|
Operating lease
liabilities, less current portion
|
|
|
1,762
|
|
|
|
—
|
|
Deferred
compensation
|
|
|
2,517
|
|
|
|
2,605
|
|
Deferred income tax
liabilities
|
|
|
4,015
|
|
|
|
5,284
|
|
Other tax
liabilities
|
|
|
1,128
|
|
|
|
1,332
|
|
Other long-term
liabilities
|
|
|
2,481
|
|
|
|
2,981
|
|
Total
liabilities
|
|
|
107,743
|
|
|
|
113,710
|
|
Commitments and
contingencies
|
|
|
|
|
|
|
|
|
Redeemable
equity
|
|
|
1,770
|
|
|
|
—
|
|
Stockholders'
equity:
|
|
|
|
|
|
|
|
|
Preferred
stock:
|
|
|
|
|
|
|
|
|
No shares issued or
outstanding
|
|
|
—
|
|
|
|
—
|
|
Common
stock:
|
|
|
|
|
|
|
|
|
Class A, $.01 par
value, 60,000,000 shares authorized, 24,306,194 and 24,106,194
shares issued and
21,929,788 and 21,938,100 shares outstanding at August 31, 2019 and
February 28, 2019, respectively
|
|
|
244
|
|
|
|
242
|
|
Class B Convertible,
$.01 par value, 10,000,000 shares authorized, 2,260,954 shares
issued
and outstanding at both August 31, 2019 and February 28,
2019
|
|
|
22
|
|
|
|
22
|
|
Paid-in
capital
|
|
|
298,289
|
|
|
|
296,946
|
|
Retained
earnings
|
|
|
141,470
|
|
|
|
148,582
|
|
Accumulated other
comprehensive loss
|
|
|
(18,231)
|
|
|
|
(16,944)
|
|
|
|
|
421,794
|
|
|
|
428,848
|
|
Less: Treasury stock,
at cost, 2,376,406 and 2,168,094 shares of Class A Common Stock at
August 31, 2019
and February 28, 2019, respectively
|
|
|
(22,159)
|
|
|
|
(21,176)
|
|
Less: Redeemable
equity
|
|
|
(1,770)
|
|
|
|
—
|
|
Total VOXX
International Corporation stockholders' equity
|
|
|
397,865
|
|
|
|
407,672
|
|
Non-controlling
interest
|
|
|
(14,995)
|
|
|
|
(12,571)
|
|
Total stockholders'
equity
|
|
|
382,870
|
|
|
|
395,101
|
|
Total liabilities,
redeemable equity, and stockholders' equity
|
|
$
|
492,383
|
|
|
$
|
508,811
|
|
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,
|
|
|
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
Net sales
|
|
$
|
90,246
|
|
|
$
|
108,867
|
|
|
$
|
183,700
|
|
|
$
|
209,722
|
|
Cost of
sales
|
|
|
66,477
|
|
|
|
77,804
|
|
|
|
133,922
|
|
|
|
150,982
|
|
Gross
profit
|
|
|
23,769
|
|
|
|
31,063
|
|
|
|
49,778
|
|
|
|
58,740
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling
|
|
|
8,701
|
|
|
|
9,604
|
|
|
|
18,582
|
|
|
|
20,298
|
|
General and
administrative
|
|
|
17,782
|
|
|
|
17,038
|
|
|
|
35,207
|
|
|
|
33,150
|
|
Engineering and
technical support
|
|
|
5,035
|
|
|
|
6,070
|
|
|
|
10,842
|
|
|
|
11,981
|
|
Intangible asset
impairment charges
|
|
|
—
|
|
|
|
9,814
|
|
|
|
—
|
|
|
|
9,814
|
|
Total operating
expenses
|
|
|
31,518
|
|
|
|
42,526
|
|
|
|
64,631
|
|
|
|
75,243
|
|
Operating
loss
|
|
|
(7,749)
|
|
|
|
(11,463)
|
|
|
|
(14,853)
|
|
|
|
(16,503)
|
|
Other income
(expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and bank
charges
|
|
|
(887)
|
|
|
|
(1,117)
|
|
|
|
(1,884)
|
|
|
|
(2,217)
|
|
Equity in income of
equity investee
|
|
|
1,265
|
|
|
|
1,637
|
|
|
|
2,705
|
|
|
|
3,451
|
|
Investment
gain
|
|
|
775
|
|
|
|
—
|
|
|
|
775
|
|
|
|
—
|
|
Impairment of
Venezuela investment properties
|
|
|
—
|
|
|
|
(3,473)
|
|
|
|
—
|
|
|
|
(3,473)
|
|
Other, net
|
|
|
547
|
|
|
|
252
|
|
|
|
2,191
|
|
|
|
913
|
|
Total other income
(expense), net
|
|
|
1,700
|
|
|
|
(2,701)
|
|
|
|
3,787
|
|
|
|
(1,326)
|
|
Loss before income
taxes
|
|
|
(6,049)
|
|
|
|
(14,164)
|
|
|
|
(11,066)
|
|
|
|
(17,829)
|
|
Income tax expense
(benefit)
|
|
|
1,115
|
|
|
|
8,338
|
|
|
|
(1,530)
|
|
|
|
7,225
|
|
Net loss
|
|
|
(7,164)
|
|
|
|
(22,502)
|
|
|
|
(9,536)
|
|
|
|
(25,054)
|
|
Less: net loss
attributable to non-controlling interest
|
|
|
(1,200)
|
|
|
|
(1,699)
|
|
|
|
(2,424)
|
|
|
|
(3,312)
|
|
Net loss attributable
to VOXX International
Corporation
|
|
$
|
(5,964)
|
|
|
$
|
(20,803)
|
|
|
$
|
(7,112)
|
|
|
$
|
(21,742)
|
|
Other comprehensive
(loss) income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency
translation adjustments
|
|
|
(215)
|
|
|
|
(50)
|
|
|
|
(1,026)
|
|
|
|
(2,070)
|
|
Derivatives designated
for hedging
|
|
|
(177)
|
|
|
|
50
|
|
|
|
(284)
|
|
|
|
492
|
|
Pension plan
adjustments
|
|
|
9
|
|
|
|
1
|
|
|
|
23
|
|
|
|
37
|
|
Unrealized holding
gain on available-for-sale investment
securities, net of tax
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
24
|
|
Other comprehensive
(loss) income, net of tax
|
|
|
(383)
|
|
|
|
1
|
|
|
|
(1,287)
|
|
|
|
(1,517)
|
|
Comprehensive loss
attributable to VOXX International
Corporation
|
|
$
|
(6,347)
|
|
|
$
|
(20,802)
|
|
|
$
|
(8,399)
|
|
|
$
|
(23,259)
|
|
Loss per share -
basic: Attributable to VOXX International
Corporation
|
|
$
|
(0.24)
|
|
|
$
|
(0.85)
|
|
|
$
|
(0.29)
|
|
|
$
|
(0.89)
|
|
Loss per share -
diluted: Attributable to VOXX International
Corporation
|
|
$
|
(0.24)
|
|
|
$
|
(0.85)
|
|
|
$
|
(0.29)
|
|
|
$
|
(0.89)
|
|
Weighted-average
common shares outstanding (basic)
|
|
|
24,481,477
|
|
|
|
24,355,791
|
|
|
|
24,457,482
|
|
|
|
24,355,791
|
|
Weighted-average
common shares outstanding (diluted)
|
|
|
24,481,477
|
|
|
|
24,355,791
|
|
|
|
24,457,482
|
|
|
|
24,355,791
|
|
Reconciliation of
GAAP Net Income Attributable to VOXX International Corporation to
EBITDA, Adjusted EBITDA and
Diluted Adjusted EBITDA per Common Share
|
|
|
|
Three months
ended
August
31,
|
|
|
Six months
ended
August
31,
|
|
|
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
Net loss attributable
to VOXX International Corporation
|
|
$
|
(5,964)
|
|
|
$
|
(20,803)
|
|
|
$
|
(7,112)
|
|
|
$
|
(21,742)
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense and
bank charges (1)
|
|
|
766
|
|
|
|
735
|
|
|
|
1,644
|
|
|
|
1,482
|
|
Depreciation and
amortization (1)
|
|
|
2,990
|
|
|
|
2,652
|
|
|
|
5,976
|
|
|
|
5,306
|
|
Income tax expense
(benefit)
|
|
|
1,115
|
|
|
|
8,338
|
|
|
|
(1,530)
|
|
|
|
7,225
|
|
EBITDA
|
|
|
(1,093)
|
|
|
|
(9,078)
|
|
|
|
(1,022)
|
|
|
|
(7,729)
|
|
Stock-based
compensation
|
|
|
1,186
|
|
|
|
127
|
|
|
|
1,345
|
|
|
|
234
|
|
Investment
gain
|
|
|
(775)
|
|
|
|
—
|
|
|
|
(775)
|
|
|
|
—
|
|
Life insurance
benefit
|
|
|
—
|
|
|
|
—
|
|
|
|
(1,000)
|
|
|
|
—
|
|
Intangible asset
impairment charges
|
|
|
—
|
|
|
|
9,814
|
|
|
|
—
|
|
|
|
9,814
|
|
Impairment of
Venezuela investment properties
|
|
|
—
|
|
|
|
3,473
|
|
|
|
—
|
|
|
|
3,473
|
|
Adjusted
EBITDA
|
|
$
|
(682)
|
|
|
$
|
4,336
|
|
|
$
|
(1,452)
|
|
|
$
|
5,792
|
|
Diluted loss per
common share attributable to VOXX International
Corporation
|
|
$
|
(0.24)
|
|
|
$
|
(0.85)
|
|
|
$
|
(0.29)
|
|
|
$
|
(0.89)
|
|
Diluted Adjusted
EBITDA per common share attributable to
VOXX International Corporation
|
|
$
|
(0.03)
|
|
|
$
|
0.18
|
|
|
$
|
(0.06)
|
|
|
$
|
0.24
|
|
|
|
(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-2020-second-quarter-financial-results-300936839.html
SOURCE VOXX International Corporation