Strategy in TECH...
On Thursday, Premium Audio Company (PAC), a division of Voxx, which itself is now part of Gentex Corp., today formally acknowledged what has long been rumored: that it has lost its licensing deal with Pioneer Corporation for the rights to the Pioneer and Elite brands. The announcement portrays the decision as a “mutual” one that concludes “a successful multi-year collaboration.”
Gentex Corporation (Nasdaq: GNTX), the new owner of Voxx, Premium Audio Company, Onkyo, Integra, and Klipsch reported the financial results for its first quarter of fiscal 2025 – the period that ended on March 31, 2025. Note that these results do not include the Voxx et. al. acquisition in its numbers, as that merger did not close until April 1, 2025. Gentex reported declines in sales, gross profit dollars, income from operations, and net income.
And all that happened before the new tariffs launched by the Trump administration took effect in full force.
Voxx International Corporation (Nasdaq: VOXX) has released its Form 10-Q report to the Securities and Exchange Commission (SEC) revealing its financial results for its third quarter – the 90-day period ending on November 30, 2024 – as well as the year-to-date nine-month period ended the same date for Fiscal 2025. It is a sobering report of a company struggling to get to the altar with Gentex while its financial foundation is increasingly shaking.
The surprising results answer some questions, yet raise others as revenues continue to decline and losses mount.
On Wednesday, ProSource CEO Jim Pearse notified members of one of the industry’s largest dealer buying groups that Premium Audio Company – a subsidiary of Voxx International Corporation that oversees its audio brands Onkyo, Integra, and Klipsch – is being dropped from its assortment. This is big news and comes at a difficult time for Voxx which is in deep due diligence for its acquisition by Gentex Corp.
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.
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.
After markets closed on Tuesday, VOXX International Corporation (NASDAQ: VOXX) released its Fiscal 2024 fourth quarter and full-year financial results for the period ending February 29, 2024…and it wasn’t a pretty picture. Net sales in Fiscal 2024 were down a double-digit percentage at 12.2% and the company’s Net Loss ballooned to an eye-popping $45.6 million.
What can investors expect in Fiscal 2025 from Voxx? At best, flat sales but the company is hoping to engage in a protracted restructuring process to try and reattain profitability.
A couple of interesting announcements this week from Premium Audio Company (PAC), the Voxx Int’l subsidiary that markets the company’s premier audio brands such as Klipsch, Onkyo, Integra, Jamo, Pioneer, Elite, and more. First up, Rob Standley gets a big promotion to President of Technology and Product, a big step up. Second, and I would say counter-intuitively, the company says it’s lowering prices on many of its “most popular and best-selling audio solutions.”
Premium Audio Company, a VOXX company, announced this week the launch of an all-new, deeply featured Integra flagship audio/video receiver (AVR) to cap its remarkable DRX line first introduced in 2021. The new DRX-8.4 offers 11 channels of 150 watts of Integra symmetric class AB room-shaking power. This unit is stuffed with all of the latest technology offering integrators an unprecedented level of flexibility and system control.
Citing the “current state of the global economies” and “ongoing supply chain issues” Voxx International (NASDAQ: VOXX) reported the results of their fiscal 2023, third quarter this week and it was a story of more of the same, perhaps intensifying, business challenges that they identified when the company announced its second-quarter results. All of its major business segments reported sales declines – dropping double-digit percentages – with overall sales dropping 25.4% year-over-year. But the company said profits increased on aggressive cost cutting.
