Global Supplier Directory
Supplier Solutions
Whitepaper Library
Calendar of Events
Association Locator
Contents Pages
Market Research
Subscription Center

Daily News

Audiovox Reports Q2 Results
Jul 12, 2005
 Printable format
 Email this Article

Consumer electronics manufacturer Audiovox Corporation announced results for its fiscal second quarter ended May 31, 2005.

The company reported 2005 fiscal second quarter net sales of U.S. $144.5 million, a decrease of 1.6 percent compared to net sales of $146.9 million reported in the fiscal second quarter of 2004. Net income from continuing operations for the 2005 fiscal second quarter was $5.8 million compared to $1.6 million in the comparable prior-year period.

Including discontinued operations, the manufacturer reported net income of $5.6 million compared to net income of $3.7 million in the fiscal second quarter of 2004. Net income was favorably impacted by a tax benefit of $3.3 million during the quarter ended May 31, 2005.

Commenting on the results, John J. Shalam, chairman of Audiovox Corporation, stated: "Our second-quarter sales were in line with earlier projections, and margins are beginning to trend higher as we have worked through the mobile inventory and have begun shipments of some of the new products in both our mobile and consumer electronics divisions."

Mr. Shalam also said that as the company moves into the second half of 2005, it will continue to actively seek strategic and synergistic acquisitions that will improve sales and profits, as well as shareholder value, over the long-term.

"We also are well into some of the expense reductions we outlined at the end of the year and will continue the process, which should bring us to our previously announced goal of a five percent operating margin by the fourth quarter," he noted.

The company's Mobile Electronics segment, which represented 64.3 percent of net sales, came in at $93.0 million, down 23.5 percent compared to net sales of $121.5 million reported in the comparable prior year period. This decline was primarily related to lower mobile video sales, the company said.

The Consumer Electronics segment, which represented 35.7 percent of net sales, had sales of $51.6 million, an increase of 103 percent compared to net sales of $25.4 million reported in the fiscal second quarter of 2004. Audiovox said the significant increase was due to higher sales of LCD flat panel TVs. Sales of portable DVD players, however, declined during the period due to ongoing price erosion.

The company confirmed its previous guidance for growth of 3 to 8 percent in fiscal 2005, with improving margins during the second half of the year. Audiovox expects to report sales of $135 million to $145 million in the fiscal third quarter of 2005.

Back to Daily News


Daily News


Sep 23, 2014: Shipments and placements of new manufactured homes up in July

Sep 23, 2014: Existing-home sales down in August

Sep 23, 2014: FHP motor shipments up big in the first half of 2014

Sep 23, 2014: Electrolux and General Electric to lead conferences at retail marketing conference

Sep 23, 2014: Global PCB Production Worth $59.4 Billion

More Daily News>>

RSS Feeds
Appliance Industry
Market Research


March 2014: Market Research - 62nd Annual U.S. Appliance Industry Forecast
February 2014: Appliance Magazine Market Insight: December 2013
January 2014: Market Research - Appliance Historical Statistical Review: 1954-2012
January 2014: Appliance Magazine Market Insight: November 2013

Contact Us | About Us | Subscriptions | Advertising | Home
UBM Canon © 2014  

Please visit these other UBM Canon sites

UBM Canon Corporate | Design News | Test & Measurement World | Packaging Digest | EDN | Qmed | Plastics Today | Powder Bulk Solids | Canon Trade Shows