Welcome to our dedicated page for Voxx Intl news (Ticker: VOXX), a resource for investors and traders seeking the latest updates and insights on Voxx Intl stock.
VOXX International Corporation (NASDAQ: VOXX) delivers cutting-edge automotive electronics and premium audio solutions through brands like Klipsch® and RCA®. This news hub provides investors and industry professionals with direct access to official corporate announcements and market-moving developments.
Our curated collection features earnings reports, product launch details, partnership announcements, and regulatory filings. Track VOXX's progress in automotive security systems, in-vehicle entertainment innovations, and emerging biometric technologies through verified press releases and financial disclosures.
Key updates include quarterly financial results, executive leadership changes, manufacturing expansions, and technology licensing agreements. All content is sourced directly from VOXX International's corporate communications to ensure accuracy and timeliness.
Bookmark this page for streamlined access to essential information about VOXX's market position in automotive OEM solutions and consumer electronics. Check regularly for updates on strategic initiatives affecting the company's global operations across North America, Europe, and Asia.
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.
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