Consumer electronics maker Audiovox Corp. reported a fiscal 1Q 2008 loss, citing a write-down of about $2.9 million related to portable navigation products. For the three months ended May 31, Audiovox posted a loss of US$5.2 million.
Audiovox said a highly competitive market resulted in lower average selling prices, prompting the company to exit its portable navigation business and resulting in the $2.9 million writedown.
Sales rose 13% to $144.6 million, from $128.3 million in the year-ago period. Electronics sales rose 20 percent to $113.7 million, on incremental sales generated from acquisitions, higher sales at the company's core consumer and security product lines, and increased sales in Germany and Venezue.
to Daily News