Strata-gee.com

Strategy in TECH...

You are here: Home / Archives for Voxx

Voxx

Voxx Fiscal 2024 Annual Shareholders Meeting – More Restructuring, Disposal of Brands Ahead

by Leave a Comment

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

by Leave a Comment

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’

by Leave a Comment

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’

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

by 1 Comment

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

by 1 Comment

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?

[Read more…] about Trying to Avert Disaster, Onkyo Signs Preliminary Deal to Sell to Voxx/Sharp

Making Space for Onkyo Brands, Voxx Announces Subsidiary Reorganization

by Leave a Comment

Voxx International logo

Voxx Expects Big Growth; That May Be a Bigger Challenge Than Anticipated

As part of an internal restructuring to accommodate their recent acquisition of the distribution rights to certain Onkyo brands, Voxx International Corporation announced this week that it has renamed the existing Klipsch Holding LLC to the rather generically named Premium Audio Company LLC. This is just the first change, as I’ve learned more announcements are just around the corner.

See more on the Voxx & Klipsch plans for Onkyo…

[Read more…] about Making Space for Onkyo Brands, Voxx Announces Subsidiary Reorganization