VOXX International Corporation - VOXX STOCK NEWS

Nissan and Panasonic Automotive Systems Company of America have announced the integration of a segment-exclusive Klipsch® Reference Premiere Audio System in the all-new 2025 Nissan Armada. This premium audio system features 12 specifically designed speakers, including titanium tweeters and a high-performance 8-inch DualPower™ subwoofer, delivering audiophile-quality performance throughout the cabin.

The 2025 Nissan Armada, revealed today, reimagines the company's flagship full-size SUV with new features such as a PRO-4X grade for off-road capability, an 8,500-pound maximum towing capacity, and Nissan's latest ProPILOT Assist 2.1 driver-assistance technology. The Klipsch Premium Audio System will be available on Armada SL and higher trims, complementing the vehicle's advanced technology and comfort features.

VOXX International (NASDAQ: VOXX), a leading manufacturer of automotive and consumer technologies, has announced that its board of directors is exploring strategic alternatives to maximize shareholder value. The board will consider various options, including a potential sale of the company, sale of segments, operational improvements, or other strategic transactions.

To support this process, VOXX has established a strategic transactions committee and retained Solomon Partners as financial advisor and Bryan Cave Leighton Paisner LLP as legal advisor. The company has not set a timetable for completion and will only disclose further developments if necessary. VOXX International has grown into a worldwide leader in the Automotive Electronics and Consumer Electronics industries, with a portfolio of approximately 30 trusted brands.

VOXX International (NASDAQ: VOXX) announced significant changes to its Board of Directors. Ari M. Shalam has been unanimously elected as the new Chairman of the Board, succeeding his father, John J. Shalam, who becomes Chairman Emeritus after nearly 65 years since founding the company. Beat Kahli remains as Vice Chairman.

Ari Shalam expressed his commitment to transforming the company, restructuring operations, and improving financial positions. He highlighted the recent sale of domestic accessories assets as part of this effort. Despite challenging global markets, he expressed confidence in returning VOXX to profitability.

VOXX International is a leader in Automotive Electronics and Consumer Electronics industries, with a portfolio of approximately 35 trusted brands and an extensive global distribution network.

VOXX International (NASDAQ: VOXX) has announced the sale of certain assets of its Domestic Accessories Group to Established, Inc. for approximately $25 million. The deal includes the iconic RCA® trademarks and other intellectual property. VOXX will continue to operate as VOXX Accessories Corp. (VAC) to ensure business continuity. The transaction, expected to close by August 30, 2024, aligns with VOXX's strategy of monetizing assets, realigning the organization, and paying down debt. CEO Pat Lavelle stated that this move will strengthen the company's financial position while maintaining strong global brands and distribution.

VOXX International (NASDAQ: VOXX) announced its fiscal 2025 first-quarter financial results, highlighting a net sales decline of 18.1% to $91.7 million compared to the previous year.

Despite the sales drop, gross margins improved by 310 basis points to 27.7%. Operating expenses were reduced by 16.6% to $32.5 million, contributing to an adjusted EBITDA loss improvement to $2.9 million, a $2.1 million improvement from the previous year.

The net loss attributable to VOXX was $9.3 million, down from $10.7 million the previous year. The company highlighted aggressive cost-cutting measures and restructuring programs as steps to return to profitability, expecting these changes to positively impact the fiscal year.

The Automotive Electronics segment saw a sales decline of 27.9% while the Consumer Electronics segment decreased by 12.8%. However, gross margins for both segments improved. VOXX ended the quarter with $4.2 million in cash and reduced its total debt to $68.6 million.

VOXX International (NASDAQ: VOXX) will announce its Fiscal 2025 first quarter results on July 10, 2024, after market close. A conference call and webcast to discuss the results will follow on July 11, 2024, at 10:00 a.m. Eastern. The company urges participants to register in advance. The webcast replay will be available two hours post-call and archived on VOXX’s Investor Relations website. VOXX specializes in Automotive and Consumer Electronics with a global reach.

VOXX International (NASDAQ: VOXX) reported its Fiscal 2024 fourth quarter and year-end financial results, revealing significant declines in net sales and gross margins across its segments.

The company witnessed a 20.8% drop in Q4 net sales to $108.1 million and a 12.2% annual decrease to $468.9 million. Gross margins fell from 25.4% to 19.9% in Q4. The Automotive Electronics segment saw a substantial decline in sales and margins, driven by lower rear-seat entertainment product sales and higher inventory provisions.

Despite cost-cutting measures, VOXX reported a Q4 net loss of $21.0 million, up from $18.1 million YoY, and a full-year net loss of $40.9 million compared to $27.5 million in Fiscal 2023. Higher operating expenses, including intangible asset impairments, and increased debt levels, further strained their financials.

The company has new products and automotive programs lined up for the latter half of 2024, aiming to improve profitability and margin management.

VOXX International (NASDAQ: VOXX) will report its Fiscal 2024 fourth quarter and year-end results on May 14, 2024, and host a conference call on May 15, 2024. The company is a leading manufacturer of automotive and consumer technologies globally, with a focus on in-vehicle entertainment, automotive security, and premium audio segments.

VOXX International Corporation announces a joint venture agreement between its subsidiary, EyeLock LLC, and GalvanEyes Partners LLC to form BioCenturion, LLC. The new entity aims to strengthen operations by combining technology, R&D, sales, marketing, and business development, with GalvanEyes managing day-to-day operations. The agreement includes preferential distribution rights for capital events, with EyeLock retaining liability of a $70 million note due to VOXX. Executive changes see Beat Kahli stepping down as President of VOXX and assuming the role of Chairman and CEO of BioCenturion, while Loriann Shelton becomes VOXX's Chief Financial Officer.