The Minnesota District Court for the Fourth Judicial District in the County of Hennepin held a hearing on Tuesday to determine the final disposition of the insolvent Audio Research Corporation which is operating under Assignment for the Benefit of Creditors (ABC) – a form of receivership. The assignee in this case, Patrick Finn of Lighthouse Management Group had executed an Asset Purchase Agreement (APA) with Acora Acoustics and was seeking an order from the judge to approve the APA and the transfer of the assets free and clear of any and all liens to Acora Acoustics.
Is Sonos Exploding?
In a filing with the Securities and Exchange Commission (SEC) on Tuesday, Sonos, Inc. [NASDAQ: SONO] said it will institute a “reduction in force” or headcount reduction of approximately 7% of their employees. While the decision to cut jobs is designed to reduce labor expenses, the execution of the plan is estimated to cost the company somewhere between $11 million to $14 million.
But there was even more in the Sonos filing…[Read more…] about Sonos Cuts Headcount 7%, Looking to Cut Real Estate & Programs
So much has transpired over the last two weeks in the matter of Audio Research Corp’s status as it operates under Assignment for the Benefit of Creditors, a form of receivership. Several more documents have emerged that serve to shed more light on just precisely what is going on.
See all the latest on the status of Audio Research Corp’s journey to a new owner[Read more…] about Will Audio Research Corp Actually Be Acquired by Acora Acoustics?
VOXX Stock Value Drops Nearly 30%
Yet more evidence of an industrywide downturn emerges, this time from VOXX International’s Fiscal 2023 fourth quarter and full-year results. After claiming that “…we had a lot of positive developments and continued to win new business and expand globally,” Voxx President Pat Lavelle went on to blame “inflation,” “fears of recession,” “the retail environment,” and “supply chain constraints,” for creating “roadblocks” to the company’s performance this year. Roadblocks, indeed…
Learn more on VOXX’s results in Fiscal 2023[Read more…] about VOXX SHOXX Market with Double-Digit Percentage Sales Declines & Deepening Losses
An announcement recently appeared on an audio enthusiast website that appears to announce the sale of Audio Research Corp. to a Canadian high-end speaker manufacturer. However, when reached for confirmation of this news, the officially appointed receiver issued a terse “no comment.”
So IS Audio Research Corp sold?[Read more…] about Audio Research Corp is Sold; Or Is It?
After the close of the stock market Wednesday, Sonos, Inc. released its fiscal 2023 second quarter (Q2) financial results. The numbers were pretty rough, but the company had previously adjusted its forward forecast downward. Yet even though the company’s latest Q2 numbers beat analysts’ revenue forecast and were in line with their guidance, the market reacted negatively. How negatively? Sonos’ stock lost more than 25% of its value on the day after the Q2 earnings were announced.
Why such a strong reaction? Read on…
See why investors were spooked after the Sonos earnings report[Read more…] about Sonos Stock Drops 25% as Fiscal 2023 2nd Quarter Hit By Slackening Demand
How Did Masimo Consumer – aka Sound United – Perform?
Masimo Corporation (NASDAQ: MASI) released the financial results for its first quarter of fiscal 2023 (the quarter that ended on April 1, 2023), and at first glance, the numbers looked pretty good. The company reported revenues grew by an eye-popping 87.5% over the same quarter last year, a number that beat analysts’ estimates. Not only that, but the company delivered adjusted earnings per share of $0.87, which were also well over analysts’ projected adjusted earnings per share of $0.83.
Yet Masimo stock value crashed by more than -5¼% after the announcement. Why?[Read more…] about Masimo Reports Fiscal ’23 First Quarter Results; Stock Slides on Margin Decline
In a new round of filings from the designated “Assignee” in the matter of Audio Research Corporation’s filing of an Assignment for the Benefit of Creditors, we actually learn a few new things and get a little more detail on the state of affairs for the beleaguered but popular high-end audio brand. And these new details help to put a finer point on just where things stand at the moment for the company.
See more on what the Assignee told the court…[Read more…] about Audio Research Corp Assignee Files New, More Revealing Papers with Court
Minnesota Bank & Trust (MB&T) of Minnetonka, MN has filed documents with the Fourth Judicial District of the Minnesota District Court notifying the court of the existence of a secured agreement with Audio Research Corporation (ARC) and its principal owner, Trent Suggs. This agreement, the bank wants the court to know, has been subject to “Numerous events of default” which “are continuing.”
With this being the case, the bank is asking the court to issue a judgment for the amount owed, plus accrued interest, plus attorneys’ fees, and other collection costs – an amount in excess of $1.5 million.
See more on events surrounding Audio Research Corp & Suggs[Read more…] about Minn. Bank Asks Court for $1.5M+ Judgment Against Audio Research Corp & Trent Suggs
Another storied high-end audio brand has seen itself fall into hard times. Audio Research Corporation of Maple Grove, MN has filed paperwork with Minnesota District Court to start a form of the receivership process known as an Assignment for the Benefit of Creditors.’