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Audiovox Corporation announced results for its fiscal third quarter and 9 months ended Aug. 31, 2003.
Net sales for the third quarter of fiscal 2003 were U.S. $265.8 million, compared to $302.0 million reported in the comparable period one year ago. The company's majority owned subsidiary, Audiovox Communications Corp. (ACC), reported net sales of $130.6 million, compared to $197.3 million in the fiscal third quarter 2002, a decrease of 34 percent. Audiovox Electronics Corp. (AEC) reported net sales of $135.2 million, compared to $104.7 million in the fiscal third quarter last year, an increase of 29 percent. Net sales were up 21 percent sequentially over $111.9 million reported last fiscal quarter. AEC results included sales from the recent Recoton acquisition, according to the company.
Net income and income per share for the quarter were $647,000 and $0.03, both basic and diluted, compared to net income and income per share of $2.6 million and $0.12, both basic and diluted, for the three months ended Aug. 31, 2002.
For the nine-month period ended Aug. 31, 2003, net sales were $863.7 million versus $783.5 million in the comparable nine-month period one year ago. Wireless sales (ACC) were $536.2 million, compared to $516.6 million reported in the nine-month period last year. AEC posted net sales of $327.4 million, an increase of more than 22 percent, compared to $266.9 million reported during the same nine-month period one year ago. Consolidated net income and income per share were $3.9 million and $0.18, both basic and diluted, compared to net income and income per share of $1.0 million and $0.05, both basic and diluted, reported for the nine-month 2002 period.
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