Overwhelming Stock: VOXX International Corp (NASDAQ: VOXX)

On 15 July 2020, VOXX International Corp (NASDAQ: VOXX) remained among the day gainers losers and traded with change of 9.26% on volume of 194925 shares in the last session as compared to average volume of 242923 shares. During last trade its minimum price was $5.63 and it gained highest price of $6.12. VOXX has total market capitalization of $141.17M. Its closing value stands at $6.02.

VOXX International Corporation (VOXX) recently reported financial results for its Fiscal 2020 fourth quarter and year ended February 29, 2020.

Fiscal 2020 and Fiscal 2019 Fourth Quarter Financial Comparisons

Net sales in the Fiscal 2020 fourth quarter ended February 29, 2020 were $101.1M, a $6.4M decline as contrast to $107.5M in the Fiscal 2019 fourth quarter ended February 28, 2019 . The year-over-year decline was driven by a $9.3M reduction in Automotive Electronics section sales Because of lower industrywide car sales. This was partially offset by a $3.1M increase in net sales in the Consumer Electronics section, primarily a result of strong sales of premium audio products and expanded distribution.

  • Automotive Electronics section net sales of $27.7M as contrast to $36.9M, down $9.3M.
  • Consumer Electronics section net sales of $73.1M as contrast to $70.0M, up $3.1M.
  • Biometrics section net sales of $0.1M as contrast to $0.3M, down $0.2M.

The gross margin in the Fiscal 2020 fourth quarter was 28.2%, representing a 610-basis point increase over the Fiscal 2019 fourth quarter. Driving this increase was a 710-basis point improvement in the Consumer Electronics section, Because of the higher sales of premium audio products and higher margins associated with a smaller accessories’ assortment. This helped offset a 690-basis point decline in Automotive Electronics section gross margins, which were down primarily Because of lower sales volume and the lack of overhead absorption.

  • Automotive Electronics section gross margin of 17.7% as contrast to 24.6%, down 690 basis points.
  • Consumer Electronics section gross margin of 32.2% as contrast to 25.1%, up 710 basis points.
  • Biometrics section gross margins were negative for both of the comparable periods.

Total operating expenses in the Fiscal 2020 fourth quarter were $63.3M as contrast to $54.2M in the comparable Fiscal 2019 period, a raise of $9.1M . General & administrative and engineering and technical support expenses were down when comparing the Fiscal 2020 and Fiscal 2019 fourth quarter periods and selling expenses were relatively flat. In the Fiscal 2020 fourth quarter, the Company incurred non-cash intangible asset impairment charges of $30.2M , $27.4M of which was in the Biometrics section. In the Fiscal 2019 fourth quarter, the Company incurred non-cash intangible asset impairment charges of $16.0M and restructuring expenses of $4.6M . Not Including the non-cash impairment charges and restructuring expenses, total operating expenses declined by about $0.6M.

The Company stated an operating loss of $34.7M in the Fiscal 2020 fourth quarter, due primarily to the non-cash impairment charges. Not Including these charges, the Company would have stated an operating loss of $4.5M. In the Fiscal 2019 fourth quarter, the Company stated an operating loss of $30.4M. Not Including the non-cash impairment charges and restructuring expenses, the Company would have stated an operating loss of $9.8M in the Fiscal 2019 fourth quarter.

Net loss attributable to VOXX International Corporation was $21.8M in the Fiscal 2020 fourth quarter, as contrast to a net loss attributable to VOXX International Corporation of $36.6M in the Fiscal 2019 fourth quarter.

On a per share basis, the Company stated a basic and diluted loss per share attributable to VOXX International Corporation of $0.90 in the Fiscal 2020 fourth quarter, as contrast to a basic and diluted loss per share attributable to VOXX International Corporation of $1.50 in the Fiscal 2019 fourth quarter.

Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”) in the Fiscal 2020 fourth quarter was $1.8M , as contrast to an Adjusted EBITDA loss of $3.8M in the Fiscal 2019 fourth quarter, an improvement of $5.5M year-over-year.

The price moved ahead of 5.37% from the mean of 20 days, 12.21% from mean of 50 days SMA and performed 34.16% from mean of 200 days price. Company’s performance for the week was 7.89%, 10.05% for month and YTD performance remained 37.44%.

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