Strategy in TECH...
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%.
Yet more evidence of an industrywide downturn emerges, this time from VOXX International’s Fiscal 2023 fourth quarter and full-year results. After claiming that “…we had a lot of positive developments and continued to win new business and expand globally,” Voxx President Pat Lavelle went on to blame “inflation,” “fears of recession,” “the retail environment,” and “supply chain constraints,” for creating “roadblocks” to the company’s performance this year. Roadblocks, indeed…
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.”
On Monday, Premium Audio Company (PAC) announced the launch of the Onkyo TX-RZ70, a flagship audio-video receiver that the company says provides “stellar audio performance” along with “studio-level processing.” As a “flagship,” by definition, this model is at the top of the Onkyo AVR line-up and is being launched just three-and-a-half weeks after the launch of Integra’s flagship model, the DRX-8.4.
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.
On Monday, a federal holiday, VOXX International’s Premium Audio Company (PAC) announced that Oscar Bernardo, its Chief Operating Officer, left the company on December 31, 2022. The company says – in this kind of strange, after-the-fact announcement – that Bernardo left to relaunch the Mirage speaker brand. Mirage is owned by VOXX International, which acquired it in 2006.
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?
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.
VOXX International Corporation (VOXX), owner of Premium Audio Company (PAC) and many other brands, announced this week that it has launched a new e-commerce platform. This new platform is initially being rolled out at Premium Audio Company – the division that operates brands such as Klipsch, Jamo, Onkyo, Integra, Pioneer, Elite, Magnat, and Heco.
VOXX International Corp. announced its fiscal 2023, first-quarter results late Monday, reporting that it saw sales declines, deepening operating losses, and a swing to a net loss in the quarter. Shares in VOXX declined 9.44% in value in trading Monday – and after-hours trading in the early evening pointed to another nearly 3% decline in shares. By comparison, the S & P 500 saw overall shares decline 1.15% on Monday.
