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Voxx Drops Another 18.6% in Sales; Smaller Company Seeks More Profits & Less Debt

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Voxx reports Fiscal 2025 Q2 results

Onkyo, Integra, and Klipsch Owner Stops Bleeding in Profits But Not Sales

Voxx International Corporation (Nasdaq: VOXX) announced the financial results for its second quarter and first half of Fiscal 2025 on Thursday after the close of markets. The company, which is in the middle of a major transformation of its business, hailed the results in which it has dramatically cut the level of its total and net debt, and finished with a small net income after several quarters of net losses.

But these positive results were generated at the expense of net sales which continue to decline.

See more on the results of the second quarter for Voxx

[Read more…] about Voxx Drops Another 18.6% in Sales; Smaller Company Seeks More Profits & Less Debt

Stock Value Jumps 8.7% on News Politan Nominees are Elected to Masimo Board

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The Days of Sound United as Part of Masimo are Likely Numbered

Masimo Corporation’s [Nasdaq: MASI] 2024 Annual Stockholders Meeting concluded yesterday, September 19, 2024, to the surprising news that the battle for control of the company’s Board of Directors was over…and there’s a new sheriff in town. According to a public statement released from Politan, activist investor Quentin Koffey, and his Politan Capital Management group’s nominated candidates, both won election to the two open Board seats – guaranteeing that the new independent directors are a majority of…and control…the Board.

Investors reacted to the news…and it was a strong reaction.

See more on the investor reaction to the Politan directors gaining control

[Read more…] about Stock Value Jumps 8.7% on News Politan Nominees are Elected to Masimo Board

A Huge Merger of Major Specialty Distributors; WAVE Elects. Acquires KOA Elects.

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WAVE CEO Mark Fukuda & KOA CEO Anton Tomassian
Mark Fukuda (L) CEO of WAVE Electronics and Anton Tomassian CEO of KOA Electronics Distribution

BREAKING NEWS

Houston, TX-based WAVE Electronics, one of the nation’s largest independent distributors for the custom integration industry, announced today that it has acquired KOA Electronics Distribution, itself a leading CI distributor based in Panorama City, CA. This merger creates a mega-distribution business spanning multiple locations in multiple states.

Learn more about this WAVE & KOA acquisition

[Read more…] about A Huge Merger of Major Specialty Distributors; WAVE Elects. Acquires KOA Elects.

Voxx Jettisons Jamo & Energy Brands as It Tries to Stop the Bleeding

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Jamo founders in 1968; Jamo is part of Klipsch which is part of Voxx International
Jamo founders Preben Jacobsen and Julius Mortensen in 1968

Will Voxx International Itself Be Sold? It Says It’s Exploring *All* Options

Premium Audio Company (PAC), a division of Voxx International Corporation (Nasdaq: VOXX), announced today that Voxx has sold off both the Jamo and Energy brands as part of its plan to divest multiple brands in an effort to stave off its financial decline and revitalize its profits. The brands were sold to a Chinese manufacturing company and a Chinese distributor. Oddly, this announcement was retroactive, as the transaction was said to have taken place on August 15, 2024. No reason was given for why this announcement of the transaction was withheld until now.

See more on Voxx selling off underperforming brands

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Even With Snap One Included, Resideo Sees Revenues & Net Income Decline

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Resideo image from presentation

Last week, Resideo Technologies, Inc. (NYSE: REZI), the new owner of Snap One, announced its financial results for the second quarter of Fiscal 2024. This is the first earnings report that follows the closing on its acquisition of Snap One, the largely residential AV integration business, and therefore the first earnings in which Snap One’s business contributed to the results. Even with Snap One included in its numbers, the surprise was that the company reported a 1% revenue decline…and a 40% drop in Net Income.

I’d call that an inauspicious start for this new partnership.

See more on the report from Resideo on Q2 fiscal 2024

[Read more…] about Even With Snap One Included, Resideo Sees Revenues & Net Income Decline

Sonos App Disaster Spoils Launch of Ace & Better Results for Q3 of Fiscal 2024

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Last week, Sonos, Inc. (Nasdaq: SONO) announced the results for its third quarter of Fiscal Year 2024. CEO Patrick Spence must feel like the tech company can’t catch a break. The company successfully launched its first headphone product, Sonos Ace, to much fanfare in June – the load-in of which helped to drive better-than-expected results for the 3rd quarter of Fiscal 2024. And yet the company’s launch of its newest totally “re-architected” app turned into an unmitigated disaster – infuriating dealers and consumers alike and spoiling all of the positive momentum from Ace and the improved quarter.

What’s worse, the company warns financial analysts that the app disaster will likely continue, causing the company to push back the launch of two new products planned for the 4th quarter and to downwardly revise sales and profit forecasts for the next quarter and the full fiscal year. The ugliness, according to the company, will likely continue into the 1st quarter of Fiscal 2025. Ouch!

See more on the Sonos Q3 results, and the ongoing app disaster impact

[Read more…] about Sonos App Disaster Spoils Launch of Ace & Better Results for Q3 of Fiscal 2024

Masimo Q2 Fiscal 2024 Results Show Healthcare Rebound, But Audio Declines Double-Digits

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Cover slide to Masimo earnings presentation

CEO Has a New Option for Offing Sound United

On Wednesday, Masimo Corporation (Nasdaq: MASI) reported its financial results for the second quarter of fiscal year 2024 and the company’s Healthcare division showed solid signs of regaining traction as it continues to power out of the post-COVID doldrums of the last eighteen months to two years. Investors cheered the results by driving up shares of the company’s stock by more than 11%. However, the Non-Healthcare division (Sound United) continues to be troubled with revenues declining 13% in the quarter.

See more on the results for Masimo

[Read more…] about Masimo Q2 Fiscal 2024 Results Show Healthcare Rebound, But Audio Declines Double-Digits

Sharp Cuts CEO After Two Years of Losses; Company Scaling Back LCD Div Significantly

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Sharp display at a trade show
REUTERS/Toru Hanai/File Photo

Remember: Sharp Manufactures Onkyo, Integra, Pioneer & Elite

Sharp Corporation, part of top Apple supplier Foxconn, saw its annual shareholders meeting turn contentious this year as investors are frustrated with management after the company has turned in two years of significant net losses. Perhaps to help mollify investors, the company announced its President and CEO, Robert Wu, has stepped down from his role at the company. Sharp also announced it is scaling back its struggling LCD business.

See more on troubles at Sharp

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Voxx Fiscal 2024 Annual Shareholders Meeting – More Restructuring, Disposal of Brands Ahead

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Investor Relations page on Voxx website

On Tuesday, Voxx International Corporation (Nasdaq: VOXX) held its annual shareholders meeting, closing out a tough Fiscal 2024 with declining sales (down 12.2%) and deepening net losses (up over 53%). Sounding a little defensive, Ari M. Shalam, the company’s Co-Vice Chairman of the Board and son of company founder John J. Shalam, promised investors more restructuring and said the company will shed assets, including some of its previous brand acquisitions, to generate cash to lower debt and prepare the company for healthier growth ahead.

See more on the remarkable Voxx Annual Shareholders Meeting

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VOXX Reports Q1 of Fiscal 2025 Results; Sales Slide 18.1%, Company Cuts Costs

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Voxx website image

All Categories Declined Except Premium Audio, Up 1.6%

Voxx International Corporation (Nasdaq: VOXX) reported its financial performance after markets closed on Wednesday for its Fiscal 2025 first quarter, the 90-day period that ended on May 31, 2024. The result was a mixed bag, including a shocking 18.1% decline in reported net sales, but also a bit of a counterbalance to that with news of a reduced loss due to the company’s extra effort to control and lower its cost structure.

Learn all about the VOXX report released this week

[Read more…] about VOXX Reports Q1 of Fiscal 2025 Results; Sales Slide 18.1%, Company Cuts Costs