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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

[Read more…] about Voxx Int’l Fiscal 3rd Quarter Sales Drop 25.4%; Profits Up on Cost Cutting

Oh-Oh: Deadline for Onkyo & VOXX Agreement Passes with No Deal

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Onkyo web page
From Onkyo’s website…

BREAKING NEWS

Oh-oh! I thought today I would be confirming that the VOXX/Sharp/Onkyo definitive agreement – which was supposed to be concluded today, May 20, 2021 – was in fact fully executed as directed in the original tentative agreement. But instead, I have learned that the definitive agreement for this sale was NOT in fact signed today, as dictated in the preliminary agreement. Now what?

Is There Trouble in Osaka for Onkyo?

[Read more…] about Oh-Oh: Deadline for Onkyo & VOXX Agreement Passes with No Deal

Trying to Avert Disaster, Onkyo Signs Preliminary Deal to Sell to Voxx/Sharp

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

I can’t say this news from Onkyo Home Entertainment comes as much of a surprise. And based on conversations I’ve had with many of you over the last week or so, my reference a couple of weeks back to the growing romance between Onkyo and Voxx was clearly a wink-nod signal that I saw this coming. Onkyo has signed a preliminary agreement to sell their largest, but not their only, remaining division – the home audio/video division – to a partnership consisting of Sharp Corp. and Voxx Intl. The deal includes the Onkyo, Integra, Pioneer, and Pioneer Elite brands.

But after the abject failure of three previous attempts to sell the troubled company, will this deal actually close? See my thoughts…

Will deal between Onkyo and VOXX/Sharp close?

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Sharp Hit With Pushback; Hisense Refuses to Rescind Licensing Deal

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Hisense is Said to be ‘Defiant’

Graphic of Sharp's LogoNews sources in Japan are reporting that Hisense has fired back at newly aggressive Sharp negotiating tactics, saying firmly it will not relinquish the licensing rights to the Sharp brand name in North & South America, as the company has recently requested. Hisense paid heavily to obtain those rights, and despite the fact that Sharp has asked to terminate the deal, the company has no intention of doing so no matter the offer – or more recently – no matter the threat from Sharp.

See more on this developing Sharp soap opera… [Read more…] about Sharp Hit With Pushback; Hisense Refuses to Rescind Licensing Deal

On Saturday, Sharp Becomes Taiwanese

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Savvy Negotiating by Gou Lands Him Sharp At a Discount

Photo of Terry Gou
Terry Gou, Chairman
Hon Hai Presicion
Foxconn

The Boards of both Hon Hai Precision Industry Co. (better known as Foxconn) and Sharp Corp. have approved the acquisition of 66% of the outstanding shares of Sharp by the Taiwanese OEM manufacturer of largely Apple, Inc. products. This day came largely as a result of some savvy negotiations and tactics from Foxconn’s CEO Terry Gou, who overcame tremendous odds to score this win.

Gou not only won Sharp, but he won it at a discount…see more… [Read more…] about On Saturday, Sharp Becomes Taiwanese

After Big Setback, Sharp-Foxconn Deal Expected Soon

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Newly Discovered Liabilities Nearly Derail Deal

Photo of Terry Gou
Terry Gou

In what most Japanese media are calling a due diligence blunder, a potential deal for Hon Hai Precision Industry, better known as Foxconn, to buy Sharp Corp. was nearly scuttled when over $3 billion in potential additional liabilities suddenly came to light. The development caused Foxconn to pull back and, ultimately, launch an even deeper and more detailed analysis of the opportunity.

With talks back on track, a deal is now expected by March 31st… [Read more…] about After Big Setback, Sharp-Foxconn Deal Expected Soon

Foxconn Goes All In – Ups Offer to $5.3 Billion to Bag Sharp

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But Will They Lose Out to a Bid Only Half as Much?

Photo of Terry Gou

Hon Hai Precision Industry Co., the largest Apple, Inc. supplier that is better known as Foxconn, has upped the ante according to a report in the Wall Street Journal, doubling their initial offer to a big $5.3 billion. Yet many in Japan are predicting that the Taiwanese company will lose to another bid rumored to be only half as much. How is that possible?

See the rapidly increasing drama surrounding a once mighty world brand… [Read more…] about Foxconn Goes All In – Ups Offer to $5.3 Billion to Bag Sharp

Proxy Adviser Tells Japanese Investors to Vote Out CEOs at Sony & Sharp

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Exterior of the Tokyo Stock Exchange
Tokyo Stock Exchange

We live in interesting times! In a news report out of Japan that is, shall we say, unusual – proxy investment advisory firm ISS is recommending that Japanese shareholders vote against the reelection of the top executives at both Sony Corp. and Sharp Corp. at upcoming annual shareholders meeting for the firms. Coming from the land of consensus and support for local brands, this news is quite surprising.

See more on ISS’s recommendation & the reason they suggest these execs must go… [Read more…] about Proxy Adviser Tells Japanese Investors to Vote Out CEOs at Sony & Sharp

Whew! First Hurdle Cleared: Banks Say They’ll Help Sharp

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Image of Sharp logoIf you’ve been holding your breath, waiting to see what is going to happen to troubled Japanese giant Sharp Corp., you can now relax and exhale. The first significant hurdle the company faced on their race to survival appears to be cleared. Media in Japan is now reporting that Sharp’s two banks will support it through a restructuring with a ¥200 billion convertible loan.

But these bank loans come with strings attached. Read on to see what these are… [Read more…] about Whew! First Hurdle Cleared: Banks Say They’ll Help Sharp

Sharp Expected to Report 200 Billion Yen Loss

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BREAKING NEWS

Photo of Sharp Logo Outside Store in JapanIn a new report out of Japan today, Sharp Corp. is said to be preparing to report a loss of “more than 200 billion yen” or about $1.66 billion, when they finally release their fiscal year-end results. This report is based on unnamed sources and appeared in the Nikkei.

See more on this rather dramatic news out of Japan… [Read more…] about Sharp Expected to Report 200 Billion Yen Loss