Audiovox Corporation announced results for its fiscal fourth quarter and full-year ended Nov. 30, 2004.
Audiovox reported fourth quarter net sales from continuing operations of $149.5 million, a 21.4-percnet decrease compared to $190.3 million reported in the same period of 2003. Net income for the fourth quarter was $66.3 million as compared to net income of $7.3 million in the fourth quarter of 2003.
Mobile electronics sales were $93.4 million, a decrease of 17.5 percent compared to the prior-year period. Consumer electronics sales were $56.1 million in the fourth quarter, down 27.1 percent compared to the 2003.
The company reported full-year net sales from continuing operations were $567.1 million. Mobile electronics sales for the year were $405.7 million, a 14.2-percent increase compared to 2003. Consumer electronics sales for 2004 were $161.4 million, a decrease of 0.3 percent compared to 2003. For the year, net income was $77.2 million versus net income of $11.2 million reported in fiscal 2003.
In fiscal 2005, Audiovox said it will focus its consumer electronics efforts on LCD TVs, digital multimedia portables, home theater, and new home speaker lines, and expects the lines to be key drivers to growth.
Based on current market conditions, the company said it anticipates fiscal year 2005 net sales to increase in the 3 percent to 8 percent range. For the first quarter of fiscal 2005, management has indicated that sales will be in the range of $118 to $122 million.
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