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VOXX International Q3 2020 net sales $110.1 million

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Christian Fernsby ▼ | January 10, 2020
VOXX International Corporation announced financial results for its Fiscal 2020 third quarter ended November 30, 2019.
VOXX International
VOXX International   The gross margin was 28.6%
Net sales for the Fiscal 2020 third quarter ended November 30, 2019 were $110.1 million, as compared to $129.6 million in the Fiscal 2019 third quarter, a decline of $19.5 million.

Topics: VOXX International

The gross margin in VOXX International Corporation's Fiscal 2020 third quarter was 28.6%, representing a 140-basis point decline, as compared to 30.0% in the Fiscal 2019 third quarter.

Total operating expenses in the Fiscal 2020 third quarter were $31.3 million, as compared to $33.2 million in the comparable Fiscal 2019 period, a decline of $1.9 million.

Total other income, net for the Fiscal 2020 third quarter was $4.0 million, as compared to total other income, net of $0.8 million in the Fiscal 2019 third quarter, an increase of $3.2 million.

Interest and bank charges declined by $0.4 million as VOXX International Corporation suspended its domestic supply chain financing.

Equity in income of equity investees declined by $0.7 million due to the impact of tariffs, higher warranty costs and other one-time expenses.

In the Fiscal 2020 third quarter, VOXX International Corporation sold its real property in Pulheim, Germany resulting in net proceeds of approximately $9.5 million after transactional costs and the repayment of the outstanding mortgage.

Concurrent with the sale, VOXX International Corporation entered into an operating lease arrangement with the Purchaser for a small portion of the real property to continue to operate its sales office in Germany.

This resulted in a gain on the sale of real property in the Fiscal 2020 third quarter of $4.1 million.

Additionally, other, net increased by $0.6 million for the comparable third quarter periods, primarily related to a payment made to TE Connectivity Ltd.

in final settlement of the working capital calculation associated with the sale of Hirschmann Car Communication GmbH in Fiscal 2018.


 

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