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VOXX International   Automotive segment sales were $90.3 million

VOXX International Q3 2017 net sales $198.9 million

VOXX InternationalVOXX International Corporation announced financial results for its fiscal 2017 third quarter ended November 30, 2016.

Q3 net sales were $198.9 million compared to $192.5 million reported in the comparable year-ago period, an increase of $6.4 million or 3.3%.

READ MORE VOXX International Q1 2018 net sales up 2.3%

Automotive segment sales were $90.3 million as compared to $92.6 million, a decline of $2.2 million or 2.4%. This decline was primarily related to lower aftermarket and domestic OEM sales, offset by sales increases in the company's international OEM business.

Premium Audio segment sales were $56.8 million as compared to $44.7 million, an increase of $12 million or 26.9%.

This increase was driven by higher sales of new product lines introduced throughout Fiscal 2017, including sound bars, multi-room streaming audio systems, headphones, as well as speakers within the Custom Installation channel, among others.

Consumer Accessories segment sales were $51.4 million as compared to $54.8 million, a decline of $3.4 million or 6.2%.

The sales decline was primarily related to lower sales of select hook-up, power and remote products, offset by higher sales of wireless and Bluetooth speakers, Project Nursery baby monitors, and 360Fly Action Cameras, among others.

The company reported operating income of $7.3 million in its Fiscal 2017 third quarter as compared to operating income of $3.6 million in the comparable year-ago period.

The $3.7 million year-over-year improvement was driven by higher sales and gross margins, and lower total operating expenses.

Net income attributable to VOXX for the Fiscal 2017 third quarter was $5.8 million or $0.24 per basic and diluted share, as compared to $7.8 million or $0.32 per basic and diluted share in the Fiscal 2016 third quarter.

Note, net income in the Fiscal 2016 third quarter was favorably impacted by a $4.7 million bargain purchase gain related to the company's acquisition of EyeLock, among other factors.

Earnings before interest, taxes, depreciation and amortization (EBITDA) for the Fiscal 2017 third quarter was $15.3 million as compared to EBITDA of $16.8 million reported in the Fiscal 2016 third quarter.

Adjusted EBITDA was $15.5 million as compared to $13.1 million for the comparable Fiscal 2017 and 2016 third quarter periods.




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