ORLANDO, Fla., Jan. 9, 2020 /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 third quarter
ended November 30, 2019.
Pat Lavelle, President and Chief
Executive Officer of VOXX International stated, "Our fiscal 2020
third quarter and year-to-date results are somewhat mixed. On the
positive side, the restructuring initiatives we've executed have
worked, resulting in lower spending and far greater efficiencies
throughout the Company. Our premium audio business continues to
grow, is profitable and getting stronger, and the accessories
products and programs in place domestically are also doing well.
These are the areas we focused on during our realignment and we are
continuing to look for ways to improve profitability further. On
the other hand, our Automotive Electronics segment, particularly
our OEM business which has historically been a core area of
strength, has been impacted throughout the year. While the segment
was still profitable in the fiscal third quarter and year-to-date,
results have been less than anticipated and have impacted our
consolidated results. However, new OEM programs are slated to begin
next fiscal year, which should drive year-over-growth, and we have
been awarded significant new business that begins in CY21 and will
run for several
years."
Lavelle continued, "Our balance sheet remains strong and we are
executing on our share repurchase program, having entered into a
10b-5 trading program based on
recommendations from shareholders. We are also continuing to
evaluate potential divestitures and acquisitions that will improve
earnings and cash flow, while maintaining flexibility to execute
our strategy. New OEM contract awards and new programs with
companies such as Amazon, SiriusXM and others for our biometrics
and OEM offerings, are providing significant optimism as we look
out over the next few years. Our focus remains on value creation
and we will not stand still until we achieve this."
Fiscal 2020 and Fiscal 2019 Third Quarter Financial
Comparisons
Net sales for the Fiscal 2020 third quarter ended November 30, 2019 were $110.1 million, as compared to $129.6 million in the Fiscal 2019 third quarter,
a decline of $19.5 million.
- The Automotive Electronics segment had net sales of
$30.0 million in the Fiscal 2020
third quarter, as compared to $45.1
million in the comparable year-ago period, a decline of
$15.1 million. The year-over-year
decline was primarily related to lower OEM product sales due to
launch delays for certain vehicle models; a non-refundable up-front
payment to one customer in anticipation of a future OEM contract;
and lower volume for certain programs that began in the prior
fiscal year. Additionally, aftermarket product sales declined by
approximately $1.2 million, with the
majority of the decline related to lower satellite radio product
sales. This was offset by higher sales of certain aftermarket
safety and security products when comparing the fiscal third
quarter periods.
The Consumer Electronics segment
had net sales of $79.9 million in the
Fiscal 2020 third quarter, as compared to $83.9 million in the comparable year-ago period,
a decline of $4.0 million. Premium
audio product sales increased by $3.6
million, driven by higher sales of premium mobility and
premium wireless and Bluetooth speakers following the launch of new
soundbars and wireless earbuds, as well as higher sales in the
custom installation channel with the addition of new distribution
partners. Sales of other consumer electronics products declined by
$7.6 million when comparing the
Fiscal 2020 and Fiscal 2019 third quarters, primarily due to the
discontinuance of older product lines as part of the Company's SKU
rationalization program domestically and in Europe. This was partially offset by higher
sales in the reception category, as well as an increase in sales of
wearable devices, due to more Motion program participants and the
addition of Fitbit and new Apple products in the current fiscal
year period.
- The Biometrics segment had net sales of $0.1 million, as compared to $0.4 million in the comparable year-ago period.
The year-over-year decline was primarily due to product mix, as the
Company was selling more of its higher dollar Hbox products during
the prior fiscal year period.
The gross margin in the Company's Fiscal 2020 third quarter was
28.6%, representing a 140-basis point decline, as compared to 30.0%
in the Fiscal 2019 third quarter.
- Automotive Electronics segment gross margins of 20.1% declined
by 540 basis points compared to the prior year period, due
primarily to lower sales of higher margin OEM products, which also
resulted in lower absorption of fixed overhead costs in the Fiscal
2020 third quarter. Additionally, gross margins were adversely
impacted by a decline in aftermarket headrest product sales, tariff
increases, and the upfront customer payment associated with the
anticipated future OEM program contract, partially offset by higher
sales of certain aftermarket security products and lower sales of
satellite radio products.
- Consumer Electronics segment gross margins of 32.1% increased
by 30 basis points as a result of higher sales of premium wireless
and Bluetooth speakers, mobility products and commercial speakers.
Offsetting factors included lower sales in Europe and higher European warehousing costs,
lower sales of select higher-margin consumer product lines, and the
impact of tariffs.
- Biometrics segment gross margins were (28.3)% in the fiscal
2020 third quarter, as compared to 80.5% in the comparable year-ago
period. The year-over-year decline was primarily due to the sale of
certain inventory in Fiscal 2019, which was previously written off
and contributed to higher margins in the Fiscal 2019 third quarter,
as well as higher sales of licensing fees in the prior year, which
earned higher margins for the segment. Additionally, the Fiscal
2020 third quarter included certain tooling and repair provisions,
along with beta samples that were sent to customers and prospects
for testing at no cost.
Total operating expenses in the Fiscal 2020 third quarter were
$31.3 million, as compared to
$33.2 million in the comparable
Fiscal 2019 period, a decline of $1.9
million.
- Selling expenses of $9.6 million
declined by $0.8 million, as compared
to the Fiscal 2019 third quarter, primarily related to Fiscal 2019
restructuring activities, lower commissions, and lower advertising
costs and display amortization expenses, partially offset by new
hires at various subsidiaries.
- General and administrative ("G&A") expenses of $16.7 million increased by $0.2 million, as compared to the Fiscal 2019
third quarter. Higher payroll expenses related to medical claims,
an increase in compensation expense associated with share grants to
the Company's Chief Executive Officer, and a reimbursement in the
prior fiscal year period related to a favorable outcome of a
lawsuit contributed to the year-over-year increase. Excluding the
one-time lawsuit reimbursement, G&A expenses declined by
$0.8 million for the comparable
Fiscal third quarter periods.
- Engineering and technical support expenses of $5.1 million declined by $1.3 million, as compared to the Fiscal 2019
third quarter. The decline was primarily related to lower headcount
and research and development spending, as several projects were
completed and others were brought in-house, partially offset by
research and development expenses to start new projects and higher
certification fees for products under development.
Total other income, net for the Fiscal 2020 third quarter was
$4.0 million, as compared to total
other income, net of $0.8 million in
the Fiscal 2019 third quarter, an increase of $3.2 million. Interest and bank charges declined
by $0.4 million as the Company
suspended its domestic supply chain financing. Equity in income of
equity investees declined by $0.7
million due to the impact of tariffs, higher warranty costs
and other one-time expenses. In the Fiscal 2020 third quarter, the
Company sold its real property in Pulheim, Germany resulting in net proceeds of
approximately $9.5 million after
transactional costs and the repayment of the outstanding mortgage.
Concurrent with the sale, the Company entered into an operating
lease arrangement with the Purchaser for a small portion of the
real property to continue to operate its sales office in
Germany. This resulted in a gain
on the sale of real property in the Fiscal 2020 third quarter of
$4.1 million. Additionally, other,
net increased by $0.6 million for the
comparable third quarter periods, primarily related to a payment
made to TE Connectivity Ltd. in final settlement of the working
capital calculation associated with the sale of Hirschmann Car
Communication GmbH in Fiscal 2018.
The Company reported operating income of $0.1 million in the Fiscal 2020 third quarter, as
compared to operating income of $5.7
million in the comparable year-ago period. Income before
income taxes for the Fiscal 2020 third quarter was $4.1 million, as compared to $6.5 million in the Fiscal 2019 third quarter,
with the Automotive Electronics and Consumer Electronics segments
profitable, offset by loss before income taxes within the
Biometrics segment, though the latter has declined
year-over-year.
Net income attributable to VOXX International Corporation
("VOXX") was $2.5 million, as
compared to $12.2 million in the
Fiscal 2019 third quarter, with the net loss attributable to the
Company's non-controlling interest improving by $0.5 million when comparing the Fiscal 2020 and
Fiscal 2019 third quarter periods. The Company reported basic and
diluted income per share of $0.10 in
the Fiscal 2020 third quarter and basic and diluted income per
share of $0.50 in the Fiscal 2019
third quarter.
The Company reported Adjusted Earnings Before Interest, Taxes,
Depreciation and Amortization ("Adjusted EBITDA") in the Fiscal
2020 third quarter of $6.0 million,
as compared to Adjusted EBITDA of $11.6
million in the comparable Fiscal 2019 period.
Balance Sheet Update
As of November 30, 2019, the Company had cash and cash
equivalents of $32.2 million, as
compared to $39.3 million as of
August 31, 2019 and $58.2 million as of February 28, 2019. Total debt as of November 30, 2019 was $8.4
million, as compared to total debt of $14.0 million as of August
31, 2019 and $17.6 million as
of February 28, 2019. The decline in
total debt as compared to the February 28,
2019 period is primarily related to the paydown of the
Company's Euro Asset-Based Lending Obligation for VOXX Germany, as
it was repaid using the proceeds received from the sale of the real
estate in Pulheim, Germany during
the Fiscal 2020 third quarter. Total long-term debt as of
November 30, 2019 was $7.2 million, as compared to $7.4 million as of August
31, 2019 and $7.6 million as
of February 28, 2019.
Stock Repurchase Agreement Update
In April 2019, the Company was
authorized by the Board of Directors to increase the number of
Class A Common Stock available for repurchase in the open market to
3,000,000. During the three and nine months ended November 30,
2019, the Company repurchased 218,453 and 426,765 shares,
respectively, for an aggregate cost of $1,057 and $2,040,
respectively. At November 30, 2019, the Company's remaining
authorized share repurchase for its Class A Common Stock was
2,573,235 shares.
Conference Call and Webcast Information
VOXX International will be hosting its conference call
on Friday, January 10, 2020 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:
3394134). 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, certain settlements, 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 Automotive Electronics and Consumer
Electronics, with emerging Biometrics technology to capitalize on
the increased need for advanced security. Over the past several
decades, with a portfolio of over 30 trusted brands, VOXX has built
market-leading positions in in-vehicle entertainment, automotive
security, reception products, a number of premium audio market
segments, and more. VOXX is a global company, with an extensive
distribution network that includes power retailers, mass
merchandisers, 12-volt specialists and many of the world's leading
automotive manufacturers. For additional information, please visit
our website at www.voxxintl.com.
Safe Harbor Statement
Except for historical information contained herein, statements
made in this release constitute forward-looking statements and thus
may involve certain risks and uncertainties. All forward-looking
statements made in this release are based on currently available
information and the Company assumes no responsibility to update any
such forward-looking statements. The following factors, among
others, may cause actual results to differ materially from the
results suggested in the forward-looking statements. The factors
include, but are not limited to the: risk factors described in the
Company's annual report on Form 10-K for the fiscal year ended
February 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)
|
|
|
|
November 30,
2019
|
|
|
February 28,
2019
|
|
|
|
(unaudited)
|
|
|
|
|
|
Assets
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
32,156
|
|
|
$
|
58,236
|
|
Accounts receivable,
net
|
|
|
93,356
|
|
|
|
73,391
|
|
Inventory,
net
|
|
|
111,089
|
|
|
|
102,379
|
|
Receivables from
vendors
|
|
|
218
|
|
|
|
1,009
|
|
Prepaid expenses and
other current assets
|
|
|
10,623
|
|
|
|
10,449
|
|
Income tax
receivable
|
|
|
578
|
|
|
|
921
|
|
Total current
assets
|
|
|
248,020
|
|
|
|
246,385
|
|
Investment
securities
|
|
|
2,554
|
|
|
|
2,858
|
|
Equity
investment
|
|
|
21,389
|
|
|
|
21,885
|
|
Property, plant and
equipment, net
|
|
|
51,350
|
|
|
|
60,493
|
|
Operating lease,
right of use asset
|
|
|
2,773
|
|
|
|
—
|
|
Goodwill
|
|
|
54,785
|
|
|
|
54,785
|
|
Intangible assets,
net
|
|
|
114,006
|
|
|
|
119,449
|
|
Deferred income tax
assets
|
|
|
78
|
|
|
|
79
|
|
Other
assets
|
|
|
1,695
|
|
|
|
2,877
|
|
Total
assets
|
|
$
|
496,650
|
|
|
$
|
508,811
|
|
Liabilities and
Stockholders' Equity
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
Accounts
payable
|
|
$
|
34,445
|
|
|
$
|
31,143
|
|
Accrued expenses and
other current liabilities
|
|
|
37,158
|
|
|
|
39,129
|
|
Income taxes
payable
|
|
|
2,072
|
|
|
|
1,349
|
|
Accrued sales
incentives
|
|
|
16,667
|
|
|
|
13,574
|
|
Current portion of
long-term debt
|
|
|
1,165
|
|
|
|
10,021
|
|
Total current
liabilities
|
|
|
91,507
|
|
|
|
95,216
|
|
Long-term debt, net
of debt issuance costs
|
|
|
6,019
|
|
|
|
5,776
|
|
Finance lease
liabilities, less current portion
|
|
|
855
|
|
|
|
516
|
|
Operating lease
liabilities, less current portion
|
|
|
2,127
|
|
|
|
—
|
|
Deferred
compensation
|
|
|
2,554
|
|
|
|
2,605
|
|
Deferred income tax
liabilities
|
|
|
4,921
|
|
|
|
5,284
|
|
Other tax
liabilities
|
|
|
1,125
|
|
|
|
1,332
|
|
Other long-term
liabilities
|
|
|
2,401
|
|
|
|
2,981
|
|
Total
liabilities
|
|
|
111,509
|
|
|
|
113,710
|
|
Commitments and
contingencies
|
|
|
|
|
|
|
|
|
Redeemable
equity
|
|
|
2,124
|
|
|
|
—
|
|
Stockholders'
equity:
|
|
|
|
|
|
|
|
|
Preferred
stock:
|
|
|
|
|
|
|
|
|
No shares issued
or outstanding (see Note 20)
|
|
|
—
|
|
|
|
—
|
|
Common
stock:
|
|
|
|
|
|
|
|
|
Class A, $.01 par
value, 60,000,000 shares authorized, 24,306,194 and 24,106,194
shares issued
and 21,711,335 and 21,938,100 shares outstanding at November 30,
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 November 30, 2019 and February 28,
2019
|
|
|
22
|
|
|
|
22
|
|
Paid-in
capital
|
|
|
298,760
|
|
|
|
296,946
|
|
Retained
earnings
|
|
|
143,934
|
|
|
|
148,582
|
|
Accumulated other
comprehensive loss
|
|
|
(18,511)
|
|
|
|
(16,944)
|
|
|
|
|
424,449
|
|
|
|
428,848
|
|
Less: Treasury stock,
at cost, 2,594,859 and 2,168,094 shares of Class A Common Stock
at
November 30, 2019 and February 28, 2019, respectively
|
|
|
(23,216)
|
|
|
|
(21,176)
|
|
Less: Redeemable
equity
|
|
|
(2,124)
|
|
|
|
—
|
|
Total VOXX
International Corporation stockholders' equity
|
|
|
399,109
|
|
|
|
407,672
|
|
Non-controlling
interest
|
|
|
(16,092)
|
|
|
|
(12,571)
|
|
Total stockholders'
equity
|
|
|
383,017
|
|
|
|
395,101
|
|
Total liabilities,
redeemable equity, and stockholders' equity
|
|
$
|
496,650
|
|
|
$
|
508,811
|
|
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,
|
|
|
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
Net sales
|
|
$
|
110,112
|
|
|
$
|
129,637
|
|
|
$
|
293,812
|
|
|
$
|
339,359
|
|
Cost of
sales
|
|
|
78,648
|
|
|
|
90,714
|
|
|
|
212,570
|
|
|
|
241,696
|
|
Gross
profit
|
|
|
31,464
|
|
|
|
38,923
|
|
|
|
81,242
|
|
|
|
97,663
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling
|
|
|
9,580
|
|
|
|
10,363
|
|
|
|
28,162
|
|
|
|
30,661
|
|
General and
administrative
|
|
|
16,689
|
|
|
|
16,482
|
|
|
|
51,896
|
|
|
|
49,632
|
|
Engineering and
technical support
|
|
|
5,059
|
|
|
|
6,368
|
|
|
|
15,901
|
|
|
|
18,349
|
|
Intangible asset
impairment charges
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
9,814
|
|
Total operating
expenses
|
|
|
31,328
|
|
|
|
33,213
|
|
|
|
95,959
|
|
|
|
108,456
|
|
Operating income
(loss)
|
|
|
136
|
|
|
|
5,710
|
|
|
|
(14,717)
|
|
|
|
(10,793)
|
|
Other income
(expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and bank
charges
|
|
|
(751)
|
|
|
|
(1,174)
|
|
|
|
(2,635)
|
|
|
|
(3,391)
|
|
Equity in income of
equity investee
|
|
|
967
|
|
|
|
1,695
|
|
|
|
3,672
|
|
|
|
5,146
|
|
Gain on sale of real
property
|
|
|
4,057
|
|
|
|
—
|
|
|
|
4,057
|
|
|
|
—
|
|
Investment
gain
|
|
|
—
|
|
|
|
—
|
|
|
|
775
|
|
|
|
—
|
|
Impairment of
Venezuela investment properties
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(3,473)
|
|
Other, net
|
|
|
(322)
|
|
|
|
260
|
|
|
|
1,869
|
|
|
|
1,173
|
|
Total other income
(expense), net
|
|
|
3,951
|
|
|
|
781
|
|
|
|
7,738
|
|
|
|
(545)
|
|
Income (loss) before
income taxes
|
|
|
4,087
|
|
|
|
6,491
|
|
|
|
(6,979)
|
|
|
|
(11,338)
|
|
Income tax expense
(benefit)
|
|
|
2,720
|
|
|
|
(4,078)
|
|
|
|
1,190
|
|
|
|
3,147
|
|
Net income
(loss)
|
|
|
1,367
|
|
|
|
10,569
|
|
|
|
(8,169)
|
|
|
|
(14,485)
|
|
Less: net loss
attributable to non-controlling interest
|
|
|
(1,097)
|
|
|
|
(1,642)
|
|
|
|
(3,521)
|
|
|
|
(4,954)
|
|
Net income (loss)
attributable to VOXX International Corporation
|
|
$
|
2,464
|
|
|
$
|
12,211
|
|
|
$
|
(4,648)
|
|
|
$
|
(9,531)
|
|
Other comprehensive
(loss) income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency
translation adjustments
|
|
|
(295)
|
|
|
|
(1,263)
|
|
|
|
(1,321)
|
|
|
|
(3,333)
|
|
Derivatives designated
for hedging
|
|
|
13
|
|
|
|
50
|
|
|
|
(271)
|
|
|
|
542
|
|
Pension plan
adjustments
|
|
|
2
|
|
|
|
20
|
|
|
|
25
|
|
|
|
57
|
|
Unrealized holding
gain on available-for-sale investment
securities, net of tax
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
24
|
|
Other comprehensive
(loss) income, net of tax
|
|
|
(280)
|
|
|
|
(1,193)
|
|
|
|
(1,567)
|
|
|
|
(2,710)
|
|
Comprehensive income
(loss) attributable to VOXX International
Corporation
|
|
$
|
2,184
|
|
|
$
|
11,018
|
|
|
$
|
(6,215)
|
|
|
$
|
(12,241)
|
|
Income (loss) per
share - basic: Attributable to VOXX
International Corporation
|
|
$
|
0.10
|
|
|
$
|
0.50
|
|
|
$
|
(0.19)
|
|
|
$
|
(0.39)
|
|
Income (loss) per
share - diluted: Attributable to VOXX
International Corporation
|
|
$
|
0.10
|
|
|
$
|
0.50
|
|
|
$
|
(0.19)
|
|
|
$
|
(0.39)
|
|
Weighted-average
common shares outstanding (basic)
|
|
|
24,418,313
|
|
|
|
24,355,791
|
|
|
|
24,458,926
|
|
|
|
24,355,791
|
|
Weighted-average
common shares outstanding (diluted)
|
|
|
24,625,410
|
|
|
|
24,628,836
|
|
|
|
24,458,926
|
|
|
|
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
November 30,
|
|
|
Nine months
ended
November 30,
|
|
|
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
Net income (loss)
attributable to VOXX International
Corporation
|
|
$
|
2,464
|
|
|
$
|
12,211
|
|
|
$
|
(4,648)
|
|
|
$
|
(9,531)
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense and
bank charges (1)
|
|
|
625
|
|
|
|
771
|
|
|
|
2,269
|
|
|
|
2,252
|
|
Depreciation and
amortization (1)
|
|
|
3,005
|
|
|
|
2,580
|
|
|
|
8,981
|
|
|
|
7,886
|
|
Income tax expense
(benefit)
|
|
|
2,720
|
|
|
|
(4,078)
|
|
|
|
1,190
|
|
|
|
3,147
|
|
EBITDA
|
|
|
8,814
|
|
|
|
11,484
|
|
|
|
7,792
|
|
|
|
3,754
|
|
Stock-based
compensation
|
|
|
471
|
|
|
|
159
|
|
|
|
1,816
|
|
|
|
393
|
|
Gain on sale of real
property
|
|
|
(4,057)
|
|
|
|
—
|
|
|
|
(4,057)
|
|
|
|
—
|
|
Settlement of
Hirschmann working capital
|
|
|
804
|
|
|
|
—
|
|
|
|
804
|
|
|
|
—
|
|
Investment
gain
|
|
|
—
|
|
|
|
—
|
|
|
|
(775)
|
|
|
|
—
|
|
Life insurance
proceeds
|
|
|
—
|
|
|
|
—
|
|
|
|
(1,000)
|
|
|
|
—
|
|
Intangible asset
impairment charges
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
9,814
|
|
Impairment of
Venezuela investment properties
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
3,473
|
|
Adjusted
EBITDA
|
|
$
|
6,032
|
|
|
$
|
11,643
|
|
|
$
|
4,580
|
|
|
$
|
17,434
|
|
Diluted income (loss)
per common share attributable to
VOXX International Corporation
|
|
$
|
0.10
|
|
|
$
|
0.50
|
|
|
$
|
(0.19)
|
|
|
$
|
(0.39)
|
|
Diluted Adjusted
EBITDA per common share attributable to
VOXX International Corporation
|
|
$
|
0.24
|
|
|
$
|
0.47
|
|
|
$
|
0.19
|
|
|
$
|
0.72
|
|
|
|
(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-third-quarter-financial-results-300984658.html
SOURCE VOXX International Corporation