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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

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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

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Integra DRX 3.4 Now Available at Adorama; Buyers Get 50% Off via Slickdeals

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Adorama page showing Integra DRX 3.4
This is the page you see when you browse directly to Adorama and find the Integra DRX 3.4 product page [Click to enlarge]

BREAKING NEWS

Strata-gee has learned that the popular Integra AVR model DRX 3.4 is now available at NY retail & online dealer Adorama. While Adorama was previously selling Onkyo- and Pioneer-branded models, the addition of this Integra unit appears to be an entirely new development. Not only that, but the consumer deal website Slickdeals has a special deal on the DRX 3.4, with a 50% discount, via a link to purchase at Adorama.

See what I’ve learned about Integra at Adorama

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Cambridge Audio Launches Evo One Wireless Streaming Speaker

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Cambridge Audio Evo One

Cambridge Audio, the British specialty audio manufacturer and merchant of musically-inspired audio gear announced today the launch of the Evo One wireless streaming speaker that looks like it will be a formidable force in just about any home. Like Sonos on steroids, with 700 watts of power and no fewer than 14 speakers arrayed to provide room-filling sound – no matter what type of music you like…crank it up!

Learn more about the Cambridge Audio Evo One

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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

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Revised Politan Proxy Material Offers a Surprising Masimo Tidbit

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Chancery Court Declines to Force an Earlier Stockholders Meeting

New proxy material produced and distributed to stockholders this week by Politan Capital Management – an activist investor in Masimo Corp (Nasdaq: MASI) – mostly contains information that was already known. The activist investor, as well as Masimo itself, must provide new proxy materials and voting forms as all previous votes were invalidated as a result of a rescheduling of the 2024 Annual Stockholders Meeting to September 19th (originally was to be July 25th).

But Politan included a few pages of updated background information which, among those items I’ve already written about, did include one fascinating or tantalizing bit of new information.

See more on the updated Politan proxy & its new Masimo tidbit

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Lutron Loses Appeal in J Geiger Lawsuit But Gets Penalty Reduction

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The judge hearing Lutron Electronics’ appeal of its loss to GeigTech East Bay (part of J. Geiger shades) in a patent infringement case has delivered her decision and it is sure to please neither side. Earlier this year a jury declared Lutron a willful infringer of a GeigTech patent and awarded it an eye-popping $34.6 million. Lutron appealed asking for a new trial, which was denied, but the Judge cut the award to $3.8 million, agreeing that it was “grossly excessive.”

So what happens now? Read on to see…

See more on this ruling of Lutron’s appeal of Geigtech’s trial win

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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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-In Memoriam- Merrill Smith

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Photo of Merrill Smith

I have recently learned about the death of a dear friend and personal mentor, Merrill Smith. Formerly a prominent executive in our industry, Merrill passed away late last year in Orange, California. He was a unique and savvy leader who touched many lives by helping them navigate the vicissitudes of business and life’s daily challenges. He will be missed by all those who knew him best.

Learn more about the life of Merrill Smith

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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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