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Artikel Bisnis Digital

VOXX International Corporation Reports its Fiscal 2022 Fourth Quarter and Year-End Financial Results

Universitas Amikom Purwokerto, Kampus IT dan Bisnis Digital Banyumas, Jawa Tengah.

Fiscal 2022 Highlights

  • Total net sales of $635.9 million, a year-over-year increase of 12.8%.
  • All business segments reported year-over-year growth with Automotive Electronics up 22.4%, Consumer Electronics up 9.0% and Biometrics up 5.5%.
  • Onkyo Home Entertainment acquisition completed in Q3 of Fiscal 2022; joint venture with Sharp Corporation formed; licensing and distribution agreement with Pioneer Corporation established.
  • New, multi-year OEM awards received across multiple product categories.

Fiscal 2023 Updates

  • New OEM programs with Ford awarded for rear-seat entertainment systems, bringing total estimated value of Ford awards to over $200 million through calendar year 2027.
  • New OEM program awarded by Osh Kosh Defense in support of the U.S. Postal Service Fleet Modernization Initiative; multi-year program with initial award estimated at approximately $45.0 million.
  • Company anticipates growth and bottom-line improvements in Fiscal 2023.

ORLANDO, Fla., May 16, 2022 /PRNewswire/ — VOXX International Corporation (NASDAQ: VOXX), a leading manufacturer and distributor of automotive and consumer technologies for the global markets, today announced its financial results for its Fiscal 2022 fourth quarter and year ended February 28, 2022.

Commenting on the Company’s results and business outlook, Pat Lavelle, President and Chief Executive Officer stated, “We experienced one of the most challenging years in our history due to global supply chain disruptions, and still delivered revenue growth of close to 13% and Adjusted EBITDA of nearly $40 million. I’m proud of the VOXX team and how they performed and especially pleased with their ongoing support of our customers. During Fiscal 2022, we acquired the Onkyo and Integra brands for consumer electronics products and formed a joint venture with Sharp Corporation, established a licensing and distribution agreement with Pioneer, added new brands at 11TC, and continued to win new, long-term Automotive OEM awards. Since year-end, we’ve added substantial OEM business, all of which fuels our long-term optimism. “

Lavelle continued, “Chip shortages and the ongoing impact to OEM production remains the #1 obstacle near-term. With that said, the opportunities to drive both top- and bottom-line growth throughout our business has never been stronger as we look out over the next few years. We will remain diligent in our capital allocation plans, while continuing to invest in innovation to expand market share and our reach.”

Fiscal 2022 and Fiscal 2021 Fourth Quarter Comparisons

Net sales in the Fiscal 2022 fourth quarter ended February 28, 2022, were $163.9 million as compared to net sales of $162.5 million in the Fiscal 2021 fourth quarter ended February 28, 2021, an increase of $1.4 million or 0.8%.

  • Automotive Electronics segment net sales in the Fiscal 2022 fourth quarter were $50.6 million as compared to $52.5 million in the comparable year-ago period, a decrease of $1.9 million or 3.7%. For the same comparable periods, OEM product sales were $15.2 million as compared to $13.7 million, and aftermarket product sales were $35.4 million as compared to $38.8 million. The Company continued to be impacted by industrywide chip and part shortages, resulting in lower aftermarket product sales and delays in OEM customer production, despite the increase in OEM product sales.
  • Consumer Electronics segment net sales in the Fiscal 2022 fourth quarter were $113.1 million as compared to $109.7 million in the comparable year-ago period, an increase of $3.4 million or 3.1%. For the same comparable periods. Premium Audio product sales were $91.4 million as compared to $83.4 million, and other CE product sales were $21.7 million as compared to $26.3 million. Driving the year-over-year growth were higher sales within the 11 Trading Company subsidiary (“11TC”), which increased by $20.2 million for the comparable fourth quarter periods, partially offset by the impact of industrywide supply chain constraints and chip shortages.
  • Biometrics segment net sales in both the Fiscal 2022 and Fiscal 2021 fourth quarters were $0.1 million.

The gross margin in the Fiscal 2022 fourth quarter was 26.8% as compared to 26.1% in the Fiscal 2021 fourth quarter, an increase of 70 basis points. The year-over-year improvement was primarily driven by higher margins in the Consumer Electronics segment, partially offset by lower margins in the Automotive Electronics segment. For the same comparable periods, the Company reported:

  • Automotive Electronics segment gross margin of 20.1% as compared to 26.2%, a decrease of 610 basis points. The year-over-year decline was primarily related to higher supply chain costs, slower moving inventory, as well as higher costs related to new OEM rear-seat entertainment programs. The Company has worked to mitigate this impact and imposed additional price increases in the Fiscal 2022 fourth quarter to offset the higher costs in future periods.
  • Consumer Electronics segment gross margin of 29.8% as compared to 26.2%, an increase of 360 basis points. The primary drivers for the year-over-year increase are higher sales within 11TC, which includes the addition of Onkyo products and other brands distributed through 11TC, as well as the positive impact from price increases that were instituted throughout Fiscal 2022.
  • Biometrics segment gross margins were negative in both the Fiscal 2022 and Fiscal 2021 fourth quarter periods, though the gross profit impact for the comparable periods was an increase of $0.2 million.

Total operating expenses in the Fiscal 2022 fourth quarter were $40.7 million as compared to $38.5 million in the comparable Fiscal 2021 period, an increase of $2.2 million. For the same Fiscal 2022 and Fiscal 2021 fourth quarter periods:

  • Selling expenses of $13.3 million increased by $0.5 million, primarily related to higher salary, advertising, marketing, and travel and entertainment expenses, partially offset by a decrease in website fees related to e-commerce initiatives, and a modest decrease in commissions based on higher sales.
  • General and administrative expenses of $19.3 million increased by $0.9 million. The Company incurred higher depreciation and amortization expenses and office expenses in the Fiscal 2022 fourth quarter period.
  • Engineering and technical support expenses of $7.7 million increased by $1.8 million when comparing the periods ended February 28, 2022 and February 28, 2021. The year-over-year increase was primarily due to an increase in engineering labor expenses related to the Onkyo acquisition.
  • Intangible asset impairment charges declined by $1.3 million, as the Company incurred an impairment charge related to one of its trademarks in the Consumer Electronics segment of $1.3 million in Fiscal 2021.

Operating income in the Fiscal 2022 fourth quarter was $3.2 million as compared to operating income of $3.9 million in the comparable Fiscal 2021 fourth quarter.

Total other income, net, in the Fiscal 2022 fourth quarter was a loss of $(0.1) million as compared to other income, net of $2.1 million in the Fiscal 2021 fourth quarter.

Net income attributable to VOXX International Corporation in the Fiscal 2022 fourth quarter was $2.8 million as compared to net income attributable to VOXX International Corporation of $9.4 million in the comparable Fiscal 2021 period. The Company reported basic and diluted net income per share attributable to VOXX International Corporation of $0.11 in the Fiscal 2022 fourth quarter as compared to basic and diluted net income per common share attributable to VOXX International Corporation of $0.39 and $0.38, respectively, in the comparable Fiscal 2021 period.

Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”) in the Fiscal 2022 fourth quarter was $8.4 million as compared to EBITDA in the Fiscal 2021 fourth quarter of $10.3 million. Adjusted EBITDA in the Fiscal 2022 fourth quarter was $9.3 million as compared to Adjusted EBITDA in the Fiscal 2021 fourth quarter of $11.9 million.

Fiscal 2022 and Fiscal 2021 Year-End Comparisons

Net sales in the Fiscal 2022 year ended February 28, 2022, were $635.9 million as compared to net sales of $563.6 million in the Fiscal 2021 year ended February 28, 2021, an increase of $72.3 million or 12.8%.

  • Automotive Electronics segment net sales in Fiscal 2022 were $200.6 million as compared to $163.9 million in the comparable year-ago period, an increase of $36.7 million or 22.4%. For the same comparable periods, OEM product sales were $65.0 million as compared to $46.2 million, an increase of $18.8 million or 40.8%, and aftermarket product sales were $135.6 million as compared to $117.7 million, an increase of $17.8 million or 15.2%. Driving the year-over-year increase were higher sales of aftermarket security products related to the Company’s DEI subsidiary and higher sales of rear-seat entertainment systems due to the start of new programs with Stellantis, Ford and Nissan, which were not present in the prior year. Industrywide chip and part shortages, along with global supply chain constraints adversely impacted sales for both the Fiscal 2022 and Fiscal 2021 periods.
  • Consumer Electronics segment net sales in Fiscal 2022 were $433.9 million as compared to $398.3 million in the comparable Fiscal 2021 period, an increase of $35.7 million or 9.0%. For the same comparable periods, Premium Audio product sales were $344.0 million as compared to $299.9 million, an increase of $44.1 million or 14.7%. Other Consumer Electronics product sales were $89.9 million as compared to $98.4 million, a decrease of $8.4 million or 8.6%. Driving the year-over-year increase was a $45.7 million increase in sales within the 11TC subsidiary, higher sales of wireless accessory products, and higher premium audio product and accessory sales in Europe. Industrywide chip and part shortages, along with global supply chain constraints adversely impacted sales for both the Fiscal 2022 and Fiscal 2021 periods.
  • Biometrics segment net sales in Fiscal 2022 were $0.9 million as compared to $0.8 million in the comparable Fiscal 2021 period.

The gross margin in Fiscal 2022 was 26.7% as compared to 28.1% in Fiscal 2021, a decline of 140 basis points. While gross margin declined for the comparable periods, gross profit increased by $10.9 million. Supply chain constraints, price increases for parts, transportation, and warehousing, and product mix were the primary contributing factors to the decline in gross margin with the increase in gross profit related to higher sales. For the same comparable periods, the Company reported:

  • Automotive Electronics segment gross margin of 23.6% as compared to 24.0%, a decline of 40 basis points. The year-over-year decline was primarily related to the increased cost of materials and shipping, higher tariffs included in cost of goods sold and lower gross margin associated with certain new OEM rear-seat entertainment programs. This was partially offset by higher margins in certain aftermarket categories and lower fulfilment sales of satellite radio products for the comparable period.
  • Consumer Electronics segment gross margin of 28.0% as compared to 29.8%, a decline of 180 basis points. The year-over-year decline was primarily related to higher container costs and surcharges, partially offset by higher sales within the 11TC, among other factors.
  • Biometrics segment gross margins of 21.0% as compared to negative gross margin of 22.8%. In the Fiscal 2021 period, the Company incurred higher tooling and effective repair costs, as well as inventory obsolescence charges for certain products.

Total operating expenses in Fiscal 2022 were $161.6 million as compared to $136.1 million in Fiscal 2021, an increase of $25.5 million. The year-over-year increase is primary related to the addition of Onkyo expenses, and additional headcount at the Onkyo, Australia PAC and DEI subsidiaries. The increase was also due to higher acquisition costs incurred in Fiscal 2022, partially offset by lower intangible asset impairment charges which occurred in Fiscal 2021 but were not present in Fiscal 2022. For the same Fiscal 2022 and Fiscal 2021 periods:

  • Selling expenses of $50.5 million increased by $6.7 million, primarily as a result of higher salary and payroll expenses related to higher headcount, the absence of COVID-19 related furloughs that were present in Fiscal 2021, and higher advertising and web fees, among other factors, partially offset by lower trade show expenses.
  • General…

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