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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

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Premium Audio Company Launches New Mid-Level Pioneer A/V Receivers

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Premium Audio Company new Pioneer VSX-835 A/V receiver front
VSX-835

Premium Audio Company, a division of VOXX International, this week announced two new Pioneer branded A/V receivers – the VSX-835 and the VSX-535 – that they say are feature-packed “Immersive Sound Audio Video Receivers.” Said to be targeted at home theater and gaming enthusiasts, these appear to be the first new Pioneer products for 2024.

Learn more about these new Pioneer A/V receivers

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Premium Audio Company Elevates Rob Standley and Lowers Prices

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A system with Klipsch speakers, part of Premium Audio Company

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.”

Learn more on these latest moves from Premium Audio Company

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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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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.

Read more on Premium Audio Company & Onkyo

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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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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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Onkyo Directors Vote to Authorize the Sale of the Company in $30.3M Deal

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On Wednesday, at a specially convened meeting of the Board of Directors for Onkyo Home Entertainment Co. Ltd. (Onkyo), company directors formally voted to authorize the transfer of Onkyo’s home AV division to the partnership of VOXX, Intl. and Sharp Corporation, in a deal valued at $30.3 million. The transaction is pending shareholder approval. This development represents real progress on a deal that had appeared to be bogged down recently.

See more on this deal as it gets back on track

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Budding Onkyo & Voxx Romance Grows, Adds Teac & Esoteric to 11 Trading Company

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photo of teac component once part of Onkyo now to be distributed by 11 Trading Company

This week we learned that 11 Trading Company…part of Premium Audio Company…which itself is part of Voxx International (love those big corporate structures), has added the only remaining Onkyo brands – Teac & Esoteric – to their distribution line list. They did not include these brands in the original announcement of their agreement with Onkyo, but most people expected it to be added in time. With this new development we get a nice progression of the budding relationship between the companies – Voxx distributing Onkyo, Integra, Pioneer, Pioneer Elite, Teac & Esoteric – while Onkyo Corp. becomes the Klipsch distributor in Japan. Where could this be heading?

See more on Onkyo & Voxx/11 Trading Company partnership…

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