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.
Management
Emerald Expo Shows Big Increases in 2nd Qtr of Fiscal ’23; Revenues Up 21%, Losses Up 1,057%
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
[Read more…] about Emerald Expo Shows Big Increases in 2nd Qtr of Fiscal ’23; Revenues Up 21%, Losses Up 1,057%Savant Realigns Ops, Salesforce, & Pricing for Next Phase of Growth
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
[Read more…] about Savant Realigns Ops, Salesforce, & Pricing for Next Phase of GrowthNice Announces ‘Pivotal Changes’ in N.A. Operations to Drive Growth
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
[Read more…] about Nice Announces ‘Pivotal Changes’ in N.A. Operations to Drive GrowthAudioControl Residential Division Acquired by AVPro Global Holdings
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‘There is No Solace I Can Offer;’ VOXX CEO Announces 14% Cut in Jobs
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 JobsVoxx Intl 1st Qtr Fiscal ’24 Results Hit Hard; Premium Audio Sales Drop -32%
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%New Parasound CEO Believes They Can Do More With Less
A Strata-gee Exclusive Interview with CEO David Sheriff
In a Teams interview with new Parasound owner and CEO David Sheriff, with VP of Sales and Marketing Larry Bennett joining in occasionally, I learned more about the company’s seemingly dramatic new direction. This new direction is defined not so much by a changed product strategy, but rather by revisions the company plans to make in policies, programs, and dealer structure that looks to redefine its approach to the market.
See what the leaders of Parasound told me
[Read more…] about New Parasound CEO Believes They Can Do More With LessMasimo Shareholders Elect Politan Nominees to Board; Sound United Future is Cloudy
Masimo Corp. [NASDAQ: MASI] shareholders voted to elect two new independent board candidates nominated by activist investor Politan Capital Management, including Politan’s Chief Investment Officer Quentin Koffey, as reported by Reuters. The election took place on Monday, June 26th at the annual stockholder’s meeting, and it was announced late in the day that the Politan candidates prevailed.
The news is a shocking repudiation of the existing Masimo Board and CEO Joe Kiani – and it puts Sound United’s future with the company in serious doubt.
Learn more about Masimo stockholders voting with Politan
[Read more…] about Masimo Shareholders Elect Politan Nominees to Board; Sound United Future is CloudyAudio Research Corp Begins Its Next Chapter as AR Tube Audio Corporation
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.