Strata-gee.com

Strategy in TECH...

You are here: Home / Archives for Voxx International

Voxx International

Voxx Total Company Value Falls Below Book; Takes Big Write-Downs to Over-Valued Assets

by 2 Comments

Voxx investor relations page. Company is being acuired by Gentex Corp.

In New SEC Filing, Company Reveals Onkyo, Rosen, and VSM No Longer Have Any Goodwill

Voxx International Corporation (Nasdaq: VOXX) has released its Form 10-Q report to the Securities and Exchange Commission (SEC) revealing its financial results for its third quarter – the 90-day period ending on November 30, 2024 – as well as the year-to-date nine-month period ended the same date for Fiscal 2025. It is a sobering report of a company struggling to get to the altar with Gentex while its financial foundation is increasingly shaking.

The surprising results answer some questions, yet raise others as revenues continue to decline and losses mount.

Learn more about Voxx’s current financial situation…

[Read more…] about Voxx Total Company Value Falls Below Book; Takes Big Write-Downs to Over-Valued Assets

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

by Leave a Comment

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

[Read more…] about Voxx Tells the SEC Its Latest Quarterly Report Will Be Late; Sets Severance for Key Execs

Voxx Jettisons Jamo & Energy Brands as It Tries to Stop the Bleeding

by Leave a Comment

Jamo founders in 1968; Jamo is part of Klipsch which is part of Voxx International
Jamo founders Preben Jacobsen and Julius Mortensen in 1968

Will Voxx International Itself Be Sold? It Says It’s Exploring *All* Options

Premium Audio Company (PAC), a division of Voxx International Corporation (Nasdaq: VOXX), announced today that Voxx has sold off both the Jamo and Energy brands as part of its plan to divest multiple brands in an effort to stave off its financial decline and revitalize its profits. The brands were sold to a Chinese manufacturing company and a Chinese distributor. Oddly, this announcement was retroactive, as the transaction was said to have taken place on August 15, 2024. No reason was given for why this announcement of the transaction was withheld until now.

See more on Voxx selling off underperforming brands

[Read more…] about Voxx Jettisons Jamo & Energy Brands as It Tries to Stop the Bleeding

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

by Leave a Comment

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 Intl Fiscal ’24 2nd Quarter Results Echo 1st – Sales Down, Losses Up

by 1 Comment

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

by Leave a Comment

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

by Leave a Comment

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

[Read more…] about ‘There is No Solace I Can Offer;’ VOXX CEO Announces 14% Cut in Jobs

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

by 6 Comments

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%

VOXX SHOXX Market with Double-Digit Percentage Sales Declines & Deepening Losses

by 2 Comments

VOXX International website

VOXX Stock Value Drops Nearly 30%

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…

Learn more on VOXX’s results in Fiscal 2023

[Read more…] about VOXX SHOXX Market with Double-Digit Percentage Sales Declines & Deepening Losses

Premium Audio Company Elevates Rob Standley and Lowers Prices

by 3 Comments

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

[Read more…] about Premium Audio Company Elevates Rob Standley and Lowers Prices