VOXX International Corporation Announces Consolidated Earnings Results for the Fourth Quarter and Full Year Ended February 28, 2018; Expects Effective Tax Rate for the Fiscal 2019
May 14, 2018 at 04:01 pm EDT
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VOXX International Corporation announced consolidated earnings results for the fourth quarter and full year ended February 28, 2018. For the quarter, the company reported net sales of $122,236,000 against $124,894,000 a year ago. Operating loss was $4,985,000 against $3,707,000 a year ago. Loss from continuing operations before income taxes was $4,518,000 against $4,423,000 a year ago. Net income attributable to company was $12,585,000 or $0.51 per diluted share compared to loss of $90,000 or $0.00 per diluted share a year ago. EBITDA was $943,000 against $7,962,000 a year ago. Adjusted EBITDA was $1,050,000 against $8,147,000 a year ago. Diluted adjusted EBITDA per common share were $0.04 compared to $0.34 a year ago.
For the year, the company reported net sales of $507,092,000 against $514,530,000 a year ago. Operating loss was $19,099,000 against $8,168,000 a year ago. Loss from continuing operations before income taxes was $24,104,000 against $8,930,000 a year ago. Net income attributable to company was $35,304,000 or $1.44 per diluted share compared to $4,422,000 or $0.18 per diluted share a year ago. EBITDA was $41,090,000 against $30,105,000 a year ago. Adjusted EBITDA was $10,726,000 against $30,858,000 a year ago. Diluted adjusted EBITDA per common share were $0.44 compared to $1.28 a year ago. Total debt as of year-end was just under $19 million from primarily mortgages on facilities, an improvement of over $91 million.
The company expects effective tax rate to differ from the current 21% corporate rate for the fiscal 2019.
VOXX International Corporation is an international manufacturer and distributor in the automotive electronics, consumer electronics, and biometrics industries. The Company has a portfolio of approximately 35 brands. The Company operates through three segments: Automotive Electronics, Consumer Electronics and Biometrics. The Automotive Electronics segment designs, manufactures, distributes and markets rear-seat entertainment devices, remote start systems, automotive security products and devices, vehicle access systems, mobile interface modules, mobile multimedia devices, and others. Consumer Electronics segment designs, manufactures, distributes and markets home theater systems, premium loudspeakers, outdoor speakers, A/V receivers, business music systems, streaming music systems, cinema speakers, architectural speakers, wireless and Bluetooth speakers and soundbars. Its Biometrics segment designs, markets and distributes iris identification and biometric security related products.
VOXX International Corporation Announces Consolidated Earnings Results for the Fourth Quarter and Full Year Ended February 28, 2018; Expects Effective Tax Rate for the Fiscal 2019