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VOXX Intl Fiscal ’24 2nd Quarter Results Echo 1st – Sales Down, Losses Up

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Voxx cover image from investor presentation

Company Touts Sequential Improvement, Expense Control, New Investor

VOXX International Corporation (Voxx) (NASDAQ: VOXX), a manufacturer and distributor of a wide range of automotive and consumer electronics products, late on Tuesday released its second quarter of fiscal 2024 financial results for the period ending August 31, 2023. These results mostly echoed those of its first quarter and the company says it is still dealing with multiple negative macroeconomic factors such as a durable drop in consumer spending, inflated retail inventories, a UAW strike, and remaining supply chain challenges. However, the results in the second quarter were slightly more moderate than in the first quarter and there was a modest improvement on a sequential basis.

See more on the VOXX Q2 results and what it says it is focused on

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Tech Guru Panos Panay Resigns from Sonos Board; Co. Intros ‘New’ Execs

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Panos Panay, when he joined Sonos board

Last week, Sonos quietly let the Securities and Exchange Commission know that Panos Panay resigned from the Sonos board of directors, effective September 27, 2023. They made no public announcement that I am aware of, even though this news could have a major impact on the company’s direction. Why? Simply because Panos Panay is one of the most respected technology product gurus in the industry – so much so that Sonos trumpeted his arrival loudly when they convinced him to join their board in 2020.

Separately, and within just days of the exit of Panay, the company announced three “new” (I’ll explain the quotes around the word new below) additions to its executive team, including a new, promoted from within, Chief Product Officer…

See more about the departure of Panay from the Sonos board, and its new additions

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Audio America / Next Level Distribution Files a Form of Receivership in Florida

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Title page of the Audio America and Next Level Distribution ABC filing

Audio America, Inc., the surviving entity that merged with Next Level Distribution and Next Level Fulfillment has filed formal paperwork for an Assignment for the Benefit of Creditors (ABC), a form of receivership, with the Circuit Court of the 17th Judicial Circuit in Broward County, Florida. The move was widely rumored but only confirmed Tuesday. Also joining in this ABC is another entity known as Ecomhalo, LLC, a related company.

The news confirms much of what we heard last month regarding the impending liquidation of a major U.S. distribution company.

See what we learned in Audio America / Next Level Distribution’s ABC filing

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VOXX Int’l Announces Extension of CEO Lavelle’s Contract and Other Exec. Changes; Stock Drops

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Voxx Int'l logo

VOXX International Corporation [NASDAQ: VOXX] (VOXX Int’l) announced this morning before the stock market opened several executive changes, including the extension of the employment agreement of VOXX Chief Executive Officer Pat Lavelle. How did Wall Street react to this news? The value of VOXX stock showed a significant decline on a day when the NASDAQ exchange, where VOXX is traded, saw an overall increase of nearly +2/3rds of a percent.

See more on changes in the VOXX Int’l executive suite

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After Time on Defense, Team Crestron Goes on Offense…and They are Fired Up

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Crestron at 15 Volvo Drive in Rockleigh, NJ

Earlier this week, I had a consequential visit with Crestron Electronics Corp. in which company executives talked about the overall business environment, supply chain issues, several new products, and their strategy going forward. It was quite revealing not only in content…but in tone.

It quickly became clear to me that after a period of playing defense, Crestron is going on offense…

See more on what I learned from my visit to Crestron

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Snap One Reports 2nd Quarter Fiscal ’23 Results; Net Sales Declined, Net Loss Reduced

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Snap One cover photo

Last week, Snap One Holdings Corp. (Nasdaq: SNPO) released its financial results for the second quarter of fiscal 2023, the 13-week period ending June 30, 2023. The company reported mixed results with a continuing sales decline but with a reduced net loss in the quarter.

See more on the SnapOne 2nd quarter fiscal ’23 report

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Emerald Expo Shows Big Increases in 2nd Qtr of Fiscal ’23; Revenues Up 21%, Losses Up 1,057%

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Emerald Holding Inc. cover page of a financial presentation

Mixed Results from Owner of CEDIA Expo and CEPro

Emerald Holding, Inc. (NYSE: EEX) (Emerald) owner of Emerald Expositions, a leading B2B exposition company, as well as the CEDIA Expo, CEPro, and Commercial Integrator media properties, announced its financial performance in the second quarter of fiscal 2023. While results were mixed with both increased revenues and increased losses, the company struck an optimistic tone, saying it is on track to generate $400 million in revenues and $100 million in “Adjusted” EBITDA (a measure of profits) in the current fiscal year.

See more on Emerald’s fiscal ’23 second quarter results

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Savant Realigns Ops, Salesforce, & Pricing for Next Phase of Growth

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Savant president JC Murphy
JC Murphy, President of Savant, on Zoom call with Strata-gee

There has been a flurry of activity in the Savant ecosphere lately, much of it causing a buzz in the industry. Over the last few weeks, I’ve had several integrators reaching out to let me know about some of these changes. Not all felt they were positive and many questioned the motivations behind the moves. Accordingly, I reached out to Savant to see if I could get some insight into just what is going on. The company responded by making President JC Murphy available to update me on a few of their recent moves.

See what Savant’s JC Murphy told me about recent changes

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Nice Announces ‘Pivotal Changes’ in N.A. Operations to Drive Growth

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Home page on the Nice website

Nice North America, part of the globally significant Nice S.p.A. of Italy, announced this week that it has implemented what it calls pivotal changes within its North American operations (U.S. and Canada) that it believes will “further boost growth and innovation.” It is the first major structural change here in the U.S. since Italy’s Nice acquired Nortek Security and Control from Melrose PLC back in October 2021.

See the changes Nice is making in North American Ops

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AudioControl Residential Division Acquired by AVPro Global Holdings

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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

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