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VOXX International Corporation (VOXX-0.07%) has submitted its 10-Q filing for the quarterly period ended November 30, 2024.
The filing details a decrease in net sales to $105.2 million for the quarter, down from $135.3 million in the same period the previous year. This decline is attributed to reduced sales in both the Automotive and Consumer Electronics segments.
Automotive Electronics sales decreased by 11.7% due to lower demand for aftermarket security and remote start products, as well as OEM rear seat entertainment products.
Consumer Electronics sales fell by 26.6%, primarily due to the sale of the Voxx Accessories Corp. subsidiary and reduced sales of premium audio products.
Gross profit for the quarter was $22.3 million, down from $36.3 million in the previous year, with a gross margin of 21.2%, compared to 26.9% the previous year.
Operating expenses increased significantly to $76.6 million from $34.1 million, driven by goodwill and intangible asset impairment charges totaling $44.3 million.
The company reported an operating loss of $54.2 million, compared to an operating income of $2.3 million in the previous year.
Net loss attributable to VOXX International Corporation was $44.0 million, compared to a net income of $1.9 million in the previous year.
Cash provided by operating activities was $31.4 million, while cash used in investing and financing activities was $18.8 million and $55.6 million, respectively.
The filing also notes the pending merger agreement with Gentex Corporation, under which Gentex will acquire VOXX for $7.50 per share, subject to shareholder approval and other customary closing conditions.
The company received a delisting notification from Nasdaq due to a delay in filing this report but believes compliance has been regained with this submission.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the VOXX International Corporation quarterly 10-Q report dated February 7, 2025. To report an error, please email earnings@qz.com.