Audiovox Corporation today announced that net sales for the first quarter of fiscal 2003 amounted to U.S. $296.8 million. This is an increase of $112.5 million from the net sales reported for the same period last year. According to the company, first-quarter net sales for Audiovox Communications Corp. were $216.6 million compared to $113.0 million for the first quarter of fiscal 2002. Net sales for Audiovox Electronics Corp. were reported at $80.3 million.
According to the company, net income was $1.2 million, resulting in income per common share of $0.06 basic and $0.05 diluted.
John J. Shalam, chairman of Audiovox Corporation, commented, "I am pleased to report that sales in both our operating subsidiaries increased during the first quarter and the company returned to profitability…In our electronics group, new products in the mobile video category fueled growth. Two days ago, we announced the acquisition of Recoton's audio assets, which we believe will add to our market share as we leverage the well known Jensen, Acoustic Research, and Advent brands to increase sales and penetration."
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