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Voxx Int’l Fiscal 3rd Quarter Sales Drop 25.4%; Profits Up on Cost Cutting

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cover of Voxx investor presentation

CEO Says Onkyo AVRs Offered to Costco This Year

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.

Learn more about Voxx Int’l fiscal 2023 third quarter performance

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VOXX Intl, Owner of Onkyo & Others, Reports Fiscal ’23 Q2 Sales Decline, $11M Net Loss

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VOXX International Corporation (NASDAQ: VOXX) announced its financial results for the second quarter of fiscal 2023 this week and they were quite sobering. Not only did revenues decline by double digits, but the company had a dramatic increase in net loss to nearly $11 million.

What went wrong?

See more on VOXX Intl’s fiscal Q2/2023 results

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Layoffs Hit Premium Audio Company as It Right-Sizes Ops; To Skip CEDIA Expo

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Onkyo receiver, part of Premium Audio Company

BREAKING NEWS

Premium Audio Company, a division of VOXX International and operator of brands such as Onkyo, Integra, Pioneer, and Elite, confirmed today that it has instituted a round of layoffs to “right-size” company operations based on current macroeconomic trends. The company has also confirmed that it has decided, for the second year in a row, not to participate in next week’s CEDIA Expo 2022, due to product roadmap cycles.

See more on these Premium Audio Company decisions

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Onkyo Bankruptcy – New Owner Premium Audio Company Addresses Latest News

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Onkyo products still sold by VOXX despite Onkyo bankruptcy
[Image: From Onkyousa.com]

On Monday, I received a note from Premium Audio Company regarding my post on the bankruptcy of Onkyo Home Entertainment Co. Ltd. In this note, the company sought to get the message across that the Onkyo bankruptcy has nothing to do with them and that the Onkyo brand lives on under the guidance of its new owner, Premium Audio Company, a subsidiary of VOXX International.

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Final Curtain Falls as Main Onkyo Company Declares Bankruptcy

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Onkyo system on display in Japan
Onkyo system on display in Japan [PHOTO: The Nikkei]

BREAKING NEWS

Today in Osaka District Court in Osaka, Japan, Onkyo Home Entertainment Co. Ltd. (formerly Onkyo Corp.) filed for bankruptcy ending a long and storied history of innovative audio products. The action was taken less than a month after the company declared bankruptcy for two of its major subsidiaries in April. Now, the parent company has fallen as well…

See more on the Onkyo bankruptcy…

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Osaka District Court Approves Onkyo Bankruptcy Petition for Two Subsidiaries

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Onkyo Home Entertainment Co. Ltd. (Onkyo) has announced that its two consolidated subsidiaries – Onkyo Sound Co. Ltd. (ONS) and Onkyo Marketing Co. Ltd (OMC) – have filed for bankruptcy. The company said that it had petitioned the court to begin bankruptcy proceedings for these divisions and has received judicial approval to begin the bankruptcy process from the Osaka District Court in Osaka, Japan.

See more on the bankruptcy of these Onkyo subsidiaries

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Onkyo Announces Two Subsidiaries Will Cease Operations & File for Bankruptcy

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One of the products to be sold in Onkyo’s new direct-to-consumer business

Onkyo Home Entertainment Company Ltd. (formerly Onkyo Corp.) has announced that two of its consolidated subsidiaries will cease operations and file for bankruptcy. It is yet another dramatic development in the company’s effort to stop the bleeding and stabilize the company. But substantial concerns exist about the company’s ability to continue as a going concern.

Learn more on these shuttered Onkyo subsidiaries

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Voxx Announces Final Deal to Acquire Onkyo, with a Twist

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onkyo portable record player

Voxx International has announced that they have finalized their agreement to partner with Sharp Corporation to acquire the Home Entertainment Division of Onkyo – news that Strata-gee readers knew about last week. The news comes as a result of Onkyo shareholders voting last Friday to approve the sale of the company to Voxx’s subsidiary known as the Premium Audio Company. Not much was new here on the Onkyo front, as we already told you about the deal only covering the Onkyo and Integra brands. However, we did learn some more interesting details on the company’s attempts relative to the Pioneer and Pioneer Elite brands.

See what’s happening with Voxx, Onkyo & Pioneer

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End of an Era: Onkyo Shareholders Vote to Sell Off Home Entertainment Division

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Photo of Onkyo Atmos models at CE Week
Onkyo Atmos-ready AV models at a past CE Week [Click to enlarge]

BREAKING NEWS

In a rather terse announcement to investors posted today, Onkyo Home Entertainment Company, Ltd. announced that, by a majority vote of company shareholders, the sale of the company’s Home Entertainment Division to Voxx International has been approved. This vote of approval was widely anticipated and represents the last formality in the transfer of the company over to Voxx. This is the first time since 1945 that Onkyo’s parent company is no longer involved in the home entertainment business.

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VOXX Finally Speaks: We Have an Agreement to Purchase Only Onkyo

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onkyo logo

Well after much coverage on the VOXX/Onkyo deal by Strata-gee, in which VOXX remained strangely silent, the company finally issued a press release today in which they acknowledged that they had signed an asset purchase agreement (APA) with Onkyo for $30.8 million. The deal remains subject to approval by Onkyo shareholders in a vote scheduled to take place on June 25, 2021.

This news was likely not a surprise to Strata-gee readers. But what was a surprise is that this purchase does NOT include the Pioneer and Pioneer Elite brands.

See more on the latest news out of VOXX about Onkyo

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