Audiovox Corp. announced lower net sales and a modest profit for the quarter, ended May 31. Net sales for the fiscal 2010 first quarter fell 17.1% to US$119.8 million, from $144.6 million in the prior-year period. Net income rose to $0.5 million, compared with a net loss of $5.2 million in the same quarter last year.
Electronics sales, including car and general consumer electronics, fell 30.5% due to Audiovox's exit from flat-screen TV, portable GPS and GMRS two-way radios. Sales fell to $79 million, down from $113.7 million last year, also due to the recession's impact on automobile sales.
However, the company saw sales increases in select consumer electronics product lines and in satellite radio. Audiovox assumed the role of primary Sirius satellite-radio distributor (adding to its role as primary XM distributor) early in calendar 2009. Electronics represented nearly 70% of net sales in the quarter, compared with 78.7% a year ago.
to Daily News