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You are here: Home / Archives for Financial

Financial

AudioControl Residential Division Acquired by AVPro Global Holdings

August 1, 2023 by Ted Leave a Comment

Some AVPro Global products

BREAKING NEWS

This morning, AVPro Global Holdings, Inc., a maker of a wide variety of audio/video gear and services, announced it has acquired the residential division of AudioControl from AAMP Global. Like King Solomon, the move “splits the baby” in half along its logical business lines with AVPro Global taking over AudioControl’s residential division, while AAMP Global retains its mobile electronics business.

See more on the AudioControl acquisition by AVPro Global

[Read more…] about AudioControl Residential Division Acquired by AVPro Global Holdings

Filed Under: Brands, Financial, Management, Manufacturers, News, Pivot Point Tagged With: AudioControl, AVPro Global, Jeff Murray

‘There is No Solace I Can Offer;’ VOXX CEO Announces 14% Cut in Jobs

July 25, 2023 by Ted Leave a Comment

VOXX letter to employees

In a letter to employees earlier this month, VOXX International Corp. (Nasdaq: VOXX) CEO Pat Lavelle painted a dark picture of the economic environment the company finds itself mired in, noting its significant sales declines and mounting losses. If you were a VOXX employee reading the opening phrases of this letter, I’m pretty certain a feeling of dread would sweep over you – sensing where this communication is heading.

And you would be right, as later in the correspondence, Lavelle reveals a plan to cut “more than 150 employees” along with a series of other steps to cut costs and lower overhead. And these cuts are on top of the job cuts the company has already implemented in 2022, as it tries again to right the ship.

See more on VOXX management’s missive to employees

[Read more…] about ‘There is No Solace I Can Offer;’ VOXX CEO Announces 14% Cut in Jobs

Filed Under: Financial, Management, Manufacturers, News Tagged With: layoffs, Pat Lavelle, Voxx International

Masimo Stock Value Crashes After Prelim Q2 Warning of Revenue Decline

July 18, 2023 by Ted Leave a Comment

Masimo website

BREAKING NEWS

After the close of markets on Monday, Masimo Corporation (Nasdaq: MASI) took the unusual step of issuing a press release announcing preliminary results for its fiscal 2023 second quarter, the quarter that ended July 1, 2023. The release warned investors that the company expected to report a revenue decline in the quarter…a pretty significant revenue decline. But perhaps even more impactful than that, the company went on to add that it is forced to revise downward its forward guidance for the full Fiscal 2023 annual results. The value of MASI stock crashed nearly 26% in an early evening reading of after-hours trading in the stock.

See more on this surprising announcement from Masimo on Q2 results

[Read more…] about Masimo Stock Value Crashes After Prelim Q2 Warning of Revenue Decline

Filed Under: Financial Tagged With: Joe Kiani, Masimo, Sound United, stock market

Voxx Intl 1st Qtr Fiscal ’24 Results Hit Hard; Premium Audio Sales Drop -32%

July 12, 2023 by Ted 6 Comments

Voxx International website

VOXX International Corporation (Voxx) (Nasdaq: VOXX) reported its financial results for the first quarter of fiscal year 2024 and the numbers were not pretty. The first quarter is the period ending on May 31, 2023, and overall net sales n the quarter dropped by -13.1%, with a net loss increase of 65%. The hardest hit segment was the company’s Premium Audio Company division – home of brands like Onkyo, Pioneer, Integra, Elite, and more – which saw sales collapse by -32%.

Learn more about Voxx Intl’s rough first quarter of fiscal 2024

[Read more…] about Voxx Intl 1st Qtr Fiscal ’24 Results Hit Hard; Premium Audio Sales Drop -32%

Filed Under: Financial, Management, Manufacturers, News Tagged With: Pat Lavelle, Premium Audio Company, quarterly earnings, Voxx International

Audio Research Corp Begins Its Next Chapter as AR Tube Audio Corporation

June 21, 2023 by Ted 9 Comments

Minnesota Judicial Branch logo

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.

See more on this end of one era of Audio Research…and the beginning of the next

[Read more…] about Audio Research Corp Begins Its Next Chapter as AR Tube Audio Corporation

Filed Under: Financial, Law, Management, Manufacturers, News, Specialty Tagged With: Audio Research Corporation, Patrick Finn, receivership, Trent Suggs, Valerio Cora

Sonos Cuts Headcount 7%, Looking to Cut Real Estate & Programs

June 14, 2023 by Ted Leave a Comment

Exploded view of Sonos speaker

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

Filed Under: Financial, Management, Manufacturers Tagged With: layoffs, Sonos

Will Audio Research Corp Actually Be Acquired by Acora Acoustics?

June 7, 2023 by Ted 5 Comments

Audio Research Corp tube amplifier

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?

Filed Under: Financial, Management, Manufacturers, News, Specialty Tagged With: Acora Acoustics, ARC, Audio Research Corporation, Patrick Flynn, Trent Suggs, Valerio Cora

VOXX SHOXX Market with Double-Digit Percentage Sales Declines & Deepening Losses

May 19, 2023 by Ted 2 Comments

VOXX International website

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

Filed Under: Financial, Management, Manufacturers, News Tagged With: Pat Lavelle, Premium Audio Company, Voxx International, VOXX Intl

Audio Research Corp is Sold; Or Is It?

May 18, 2023 by Ted 13 Comments

Audio Research Corp headquarters

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?

Filed Under: Financial, Strategy Tagged With: Acora Acoustics, Audio Research Corporation, Patrick Flynn, Valerio Cora

Sonos Stock Drops 25% as Fiscal 2023 2nd Quarter Hit By Slackening Demand

May 11, 2023 by Ted 2 Comments

Sonos fiscal 2023 second quarter results image

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

Filed Under: Financial, Management, Manufacturers Tagged With: quarterly earnings, Sonos

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Ted Green Bio

A former dealer, manufacturer, distributor & more. Focusing on business strategy, my goal is to help you make better decisions for greater success.

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