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Pat Lavelle

Voxx Tells the SEC Its Latest Quarterly Report Will Be Late; Sets Severance for Key Execs

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Voxx Int'l headquarters building

Voxx International Corporation (Nasdaq: VOXX) has filed papers with the Securities and Exchange Commission (SEC) informing them that the company will be late in filing its latest Quarterly Report. It has separately notified the SEC of new “Compensatory Arrangements” with certain officers of the company. The subject of the first filing is a regular Quarterly Earnings report – which is mandated by securities regulations. The delayed report Voxx is referring to is its normal earnings report for the quarter ending November 30, 2024.

The second filing – a Form 8-K – details certain changes to the employment agreements of CEO/President Pat Lavelle, Senior VP/COO/CFO Lorianne Shelton, and Senior VP/Treasurer Charles M. Stoehr.

See why Voxx is delaying the filing of its SEC-required Quarterly report

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Voxx Drops Another 18.6% in Sales; Smaller Company Seeks More Profits & Less Debt

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Voxx reports Fiscal 2025 Q2 results

Onkyo, Integra, and Klipsch Owner Stops Bleeding in Profits But Not Sales

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.

See more on the results of the second quarter for Voxx

[Read more…] about Voxx Drops Another 18.6% in Sales; Smaller Company Seeks More Profits & Less Debt

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

[Read more…] about Voxx Fiscal 2024 Annual Shareholders Meeting – More Restructuring, Disposal of Brands Ahead

VOXX Reports Q1 of Fiscal 2025 Results; Sales Slide 18.1%, Company Cuts Costs

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Voxx website image

All Categories Declined Except Premium Audio, Up 1.6%

Voxx International Corporation (Nasdaq: VOXX) reported its financial performance after markets closed on Wednesday for its Fiscal 2025 first quarter, the 90-day period that ended on May 31, 2024. The result was a mixed bag, including a shocking 18.1% decline in reported net sales, but also a bit of a counterbalance to that with news of a reduced loss due to the company’s extra effort to control and lower its cost structure.

Learn all about the VOXX report released this week

[Read more…] about VOXX Reports Q1 of Fiscal 2025 Results; Sales Slide 18.1%, Company Cuts Costs

VOXX Fiscal 2024 Results Reveal 2nd Year of Deteriorating Sales & Deepening Losses

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VOXX headquarters

Value of VOXX Stock Drops 23.9%…Hits New 52-Week Lows

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.

See more on the VOXX report of financial performance in fiscal 2024

[Read more…] about VOXX Fiscal 2024 Results Reveal 2nd Year of Deteriorating Sales & Deepening Losses

VOXX Reports Fiscal ’24 Q3 Results, Cites a ‘Slowing’ Economy & ‘Continued Softness’

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New VOXX product, the Klipsch Flexux powered by Onkyo

VOXX Stock Loses Over 12% of Its Value the Next Trading Day

After the close of markets on Tuesday, VOXX International Corporation (NASDAQ: VOXX) released its Fiscal 2024 third-quarter financial results for the period ending November 30, 2023. Citing continued challenging macroeconomic conditions in 2023, the company reported that its third-quarter sales declined 5.4% and net income dropped 74.3%. CEO Pat Lavelle, who was participating in an analyst conference call on its earnings by phoning in from CES 2024, started his presentation somberly, saying to analysts that, “2023 has been tough for everyone, not just Voxx. Our entire industry has had a very challenging year.”

Learn more from the VOXX fiscal ’24 3rd quarter earnings report

[Read more…] about VOXX Reports Fiscal ’24 Q3 Results, Cites a ‘Slowing’ Economy & ‘Continued Softness’

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

[Read more…] about VOXX Intl Fiscal ’24 2nd Quarter Results Echo 1st – Sales Down, Losses Up

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

[Read more…] about VOXX Int’l Announces Extension of CEO Lavelle’s Contract and Other Exec. Changes; Stock Drops

‘There is No Solace I Can Offer;’ VOXX CEO Announces 14% Cut in Jobs

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VOXX letter to employees

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

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Voxx Intl 1st Qtr Fiscal ’24 Results Hit Hard; Premium Audio Sales Drop -32%

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Voxx International website

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%