Company profile

Ticker
VOXX
Exchange
CEO
Patrick Michael Lavelle
Employees
Incorporated in
Location
Fiscal year end
Former names
Audiovox Corp
SEC CIK
IRS number
131964841

VOXX stock data

(
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FINRA relative short interest over last month (20 trading days) ?

Calendar

9 Jan 20
24 Feb 20
29 Feb 20

News

Company financial data Financial data

Quarter (USD) Nov 19 Aug 19 May 19 Feb 19
Revenue 110.11M 90.25M 93.45M 107.46M
Net income 2.46M -5.96M -1.15M -36.56M
Diluted EPS 0.1 -0.24 -0.05 -1.5
Net profit margin 2.24% -6.61% -1.23% -34.02%
Operating income 136K -7.75M -7.1M -30.4M
Net change in cash -7.14M -20.71M 1.77M 9.52M
Cash on hand 32.16M 39.29M 60M 58.24M
Cost of revenue 78.65M 66.48M 67.45M 83.7M
Annual (USD) Feb 19 Feb 18 Feb 17 Feb 16
Revenue 446.82M 507.09M 514.53M 530.21M
Net income -46.09M 35.3M 4.42M -2.68M
Diluted EPS -1.89 1.44 0.18
Net profit margin -10.32% 6.96% 0.86% -0.51%
Operating income -41.2M -19.1M -8.17M -17.07M
Net change in cash 6.5M 50.78M -10.81M 3.32M
Cash on hand 58.24M 51.74M 956K 11.77M
Cost of revenue 325.4M 374.8M 370.5M 386.67M

Financial data from company earnings reports

49.9% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 58 58
Opened positions 6 5 +20.0%
Closed positions 6 3 +100.0%
Increased positions 12 16 -25.0%
Reduced positions 24 18 +33.3%
13F shares
Current Prev Q Change
Total value 16.88B 19.16B -11.9%
Total shares 10.94M 11.7M -6.6%
Total puts 0 600 -100.0%
Total calls 94.2K 76.03K +23.9%
Total put/call ratio 0.0
Largest owners
Shares Value Change
Kahn Brothers 3.85M $16.85B -5.5%
Dimensional Fund Advisors 1.74M $7.64M -2.7%
Vanguard 1.04M $4.56M 0.0%
Royce & Associates 786.94K $3.45M -12.7%
Renaissance Technologies 516.12K $2.26M +14.2%
BLK BlackRock 499.08K $2.19M -0.1%
George Kaiser Family Foundation 354.74K $1.55M 0.0%
Moors & Cabot 239.09K $1.05M +15.9%
Bridgeway Capital Management 213.26K $934K 0.0%
Fort Pitt Capital 208.76K $914K -15.0%
Largest transactions
Shares Bought/sold Change
WFC Wells Fargo & Co. 24.69K -419.96K -94.4%
Kahn Brothers 3.85M -221.87K -5.5%
MS Morgan Stanley 192.64K +181.19K +1582.2%
Royce & Associates 786.94K -114.15K -12.7%
Fondren Management 83.5K -108.01K -56.4%
Renaissance Technologies 516.12K +64.08K +14.2%
Prescott Group Capital Management, L.L.C. 0 -59.65K EXIT
Millennium Management 40.49K -54.6K -57.4%
Dimensional Fund Advisors 1.74M -48.4K -2.7%
Fort Pitt Capital 208.76K -36.95K -15.0%

Financial report summary

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Risks
  • Our businesses are highly competitive and face significant competition from Original Equipment Manufacturers (OEMs) and direct imports by our retail customers.
  • OEM sales are dependent on the economic success of the automotive industry.
  • Sales in our businesses are dependent on new products, product development and consumer acceptance.
  • The impact of future selling prices and technological advancements may cause price erosion and adversely impact our profitability and inventory value.
  • We purchase a significant amount of our products from suppliers in Pacific Rim countries and we are subject to the economic risks associated with inherent changes in the social, political, regulatory and economic conditions not only in these countries, but also in other countries we do business in, including our own.
  • A portion of our workforce is represented by labor unions. Collective bargaining agreements can increase our expenses. Labor disruptions could adversely affect our operations.
  • We depend on our suppliers to provide us with adequate quantities of high-quality competitive products and/or component parts on a timely basis.
  • We have few long-term sales contracts with our customers that contain guaranteed customer purchase commitments.
  • Our success will depend on a less diversified line of business.
  • We depend on a small number of key customers for a large percentage of our sales.
  • We plan to continue to expand the international marketing and distribution of our products, which will subject us to risks associated with international operations, including exposure to foreign currency fluctuations.
  • A decline in general economic conditions could lead to reduced consumer demand for the discretionary products we sell.
  • Conditions in the global economy, the geographic markets we serve, and the financial markets may adversely affect us.
  • Our stock price could fluctuate significantly.
  • We invest, from time to time, in marketable securities and other investments as part of our investing activities. These investments fluctuate in value based on economic, operational, competitive, political and technological factors. These investments could be subject to loss or impairment based on their performance.
  • From time to time, we provide funding to certain entities in the form of loans. Based on the performance of these entities, these loans may become partially or entirely uncollectible.
  • We are subject to governmental regulations.
  • The Tax Cuts and Jobs Act could adversely affect our business and financial condition.
  • A data privacy breach or failure to comply with data privacy laws could damage our reputation and customer relationships, expose us to litigation risk and potential fines and adversely affect our business.
  • We are responsible for product warranties and defects.
  • We must comply with restrictive covenants in our debt agreements.
  • We may be unable to collect amounts owed to us by our customers.
  • We provide financial support to one of our subsidiaries through an intercompany loan agreement and may need to secure additional financing for our own operations, but we cannot be sure that additional financing will be available.
  • Our capital resources may not be sufficient to meet our future capital and liquidity requirements.
  • We have recorded, and may record in the future, goodwill and other intangible assets as a result of acquisitions, and changes in future business conditions could cause these investments to become impaired, requiring substantial write-downs that would reduce our operating income.
  • Our cash and cash equivalents could be adversely affected if the financial institutions in which we hold our cash and cash equivalents fail.
  • If our sales during the holiday season fall below our expectations, our annual results could also fall below expectations.
  • Our business could be affected by unseasonal or severe weather-related factors.
  • Our products could infringe the intellectual property rights of others and we may be exposed to costly litigation.
  • Acquisitions and strategic investments may divert our resources and management attention; results may fall short of expectations.
  • We depend heavily on existing directors, management and key personnel and our ability to recruit and retain qualified personnel.
  • We exercise our option for the "controlled company" exemption under NASDAQ rules.
Management Discussion
  • As you read this discussion and analysis, refer to the accompanying Unaudited Consolidated Statements of Operations and Comprehensive Income (Loss), which present the results of our operations for the three and nine months ended November 30, 2019 and 2018.
  • Automotive sales represented 27.2% and 29.4% of the net sales for the three and nine months ended November 30, 2019, respectively, compared to 34.8% and 36.7% in the respective prior year periods. Sales in this segment decreased during the three and nine months ended November 30, 2019 as compared to the prior year due to various factors, including a decline in sales of the Company’s EVO rear seat entertainment product line, which was due in part to launch delays for certain vehicle models, as well as slower sales for certain programs that began in the prior year and the deletion of one planned program, which is attributable to a softening of global automotive industry sales in both periods. The Company’s OEM security and remote start sales also declined during the three and nine months ended November 30, 2019 as a result of competition, as well as the discontinuation of passive entry programs with one of the Company’s customers. Sales of aftermarket satellite radio and headrest products have declined in the three and nine months ended November 30, 2019, as compared to the prior year, as a result of an increase in standard factory equipped vehicles with these options, as well as due to price competition for aftermarket headrest products. Additionally, during the three and nine months ended November 30, 2019, the Company made a non-refundable up-front payment to one of its customers in anticipation of a future OEM program contract, which resulted in a reduction of revenue. Offsetting the sales declines in this segment for the three and nine months ended November 30, 2019 were increases in sales of certain aftermarket safety and security products as compared to the prior year periods.
  • Consumer Electronics sales represented 72.6% and 70.3% of our net sales for the three and nine months ended November 30, 2019, respectively, compared to 64.7% and 62.8% in the comparable prior year periods. Sales decreased for the three and nine months ended November 30, 2019 as compared to the prior year due to several factors. The Company experienced decreases in sales of certain products, such as in the Project Nursery line, as a result of the elimination of baby video monitors; in wireless and bluetooth speakers, due a reduction in product placement with one of the Company’s larger customers; and in karaoke products, due to a one time holiday sale to one of the Company’s customers in the prior year that did not repeat in the current fiscal year. The Company also continued to see a decline in sales of certain hook-up and power products, as well as headphones and remotes, as a result of changes in customer demand and technology, and due to the Company’s continuing rationalization of SKU’s with the goal of limiting sales of lower margin products, and a decrease in sales of smart home products as the Company is exiting this category. Within Europe, the Company experienced decreases in sales across all product lines, as well as in the DIY business during the three and nine months ended November 30, 2019 as a result of a slowdown in the European market. For the three months ended November 30, 2019, there was also a decrease in sales of the Company’s premium home separate speaker products, as a result of prior year load-in sales of two new product lines that launched during the second quarter of Fiscal 2019 that did not repeat in the current year period. Offsetting these decreases, the Company had an increase in sales within both of its premium mobility and premium wireless and bluetooth speaker categories as a result of the launch of new lines of soundbars and wireless earbuds, as well as stronger sales of several existing products. Additional distribution partners for the Company’s premium commercial speaker products have also had a favorable impact on sales for the three and nine months ended November 30, 2019. Reception product sales were up for the three and nine months ended November 30, 2019 as a result of expanded SKU offerings with certain customers and stronger market share, and sales of the Company’s activity bands have increased year over year as a result of increased motion program participants, as well as additional product offerings for participants, including the Apple watch and Fitbit. For the nine months ended November 30, 2019, the Company’s premium home separate speaker product sales increased as a result of the continued success of its new domestic product lines that launched during the second quarter of Fiscal 2019, as well as due to a new distribution partnership.
Content analysis ?
Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability
H.S. junior Avg
New words: beta, bore, clarification, Concurrently, deletion, exiting, Fitbit, Hbox, leaseback, location, medical, partnership, payroll, relief, smaller, suspension, troubled, ultimate, version, written
Removed: consistently, forecasted, reimbursement

Patents

APP
Utility
Monitor Assembly for Vehicle Headrest
20 Feb 20
A monitor assembly for a vehicle headrest, the monitor assembly including: a monitor holding part, the monitor holding part including a first side and a second side opposite the first side, the first side configured to connect a monitor thereto, the second side configured to face a vehicle headrest, the monitor holding part further including: a digital media player disposed on the second side of the monitor holding part, the digital media player disposed on a heat sink; an input/output board disposed on the second side of the monitor holding part and connected to the digital media player; a vent extended lengthwise adjacent to an edge of the second side of the monitor holding part; and an opening adjacent to the heat sink, wherein the opening exposes the heat sink at the first side of the monitor holding part.
APP
Utility
System and Method for Locating a Portable Device In Different Zones Relative to a Vehicle and Enabling Vehicle Control Functions
20 Feb 20
A vehicle system may include wireless transmitters carried by a vehicle and spaced apart from one another and configured to transmit wireless signals, a portable device configured to receive the wireless signals from the wireless transmitters, and a controller carried by the vehicle.
GRANT
Utility
Headrest-integrated entertainment system
11 Feb 20
A headrest system and a method of providing the same is disclosed.
GRANT
Utility
Omni-directional television antenna with WiFi reception capability
21 Jan 20
An antenna device includes a housing defining an interior cavity, a UHF antenna element, two VHF antenna elements and two WiFi antenna elements.
GRANT
Utility
System and method for micro-locating and communicating with a portable vehicle control device
21 Jan 20
A system for micro-locating a portable device including: a plurality of proximity sensors disposed within a vehicle, wherein the proximity sensors are disposed at different locations from each other, and wherein the proximity sensors are each configured to broadcast a signal; a portable device configured to receive the signals broadcast from the proximity sensors to determine its location with respect to the vehicle; and a control module disposed within the vehicle and configured to enable or disable vehicle control features of the portable device based on the location of the portable device.