Audiovox Reports FY2008 3Q and 9-Month Results Jan 10, 2008

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Audiovox Corp. announced results for its fiscal 2008 third quarter and nine months ended Nov. 30, 2007. The company reported net sales for the fiscal 2008 third quarter of US$183.6 million, an increase of 20.9% compared to $151.8 million reported in the comparable prior year quarter. Operating income for the three months ended Nov. 30, 2007 was $5.6 million, an increase of 229.4% compared to $1.7 million reported in the comparable prior year period. Pre-tax income from continuing operations for the fiscal 2008 third quarter was $6.7 million, an increase of $3.6 million or 116.1%, compared to $3.1 million in the fiscal 2007 third quarter.

Electronics sales, which include both mobile and consumer electronics were $139.0 million, a decrease of 6.3% compared to the three-month period ended Nov. 30, 2006. The decrease was due to a decline in consumer electronics sales as a result of lower holiday sales than anticipated and LCD panel shortages. Accessories sales were $44.6 million, an increase of over 1,139% compared to sales of $3.6 million in the fiscal 2007 third quarter.  

   

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