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VOXX International fiscal Q4 loss narrows YOY

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VOXX International fiscal Q4 loss narrows YOY

VOXX International Corp. said its normalized net income for the fiscal fourth quarter ended Feb. 28 amounted to a loss of 3 cents per share, compared with the S&P Capital IQ consensus estimate of a loss of 1 cents per share.

The per-share loss decreased 84.9% year over year from 17 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $616,880, compared with a loss of $4.1 million in the year-earlier period.

The normalized profit margin climbed to negative 0.4% from negative 2.2% in the year-earlier period.

Total revenue decreased 9.2% year over year to $169.9 million from $187.1 million, and total operating expenses decreased 10.4% from the prior-year period to $169.5 million from $189.2 million.

Reported net income totaled a loss of $14.4 million, or a loss of 60 cents per share, compared to a loss of $49.0 million, or a loss of $2.02 per share, in the year-earlier period.

For the year, the company's normalized net income totaled 29 cents per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 52 cents.

EPS declined 52.9% from 61 cents in the prior year.

Normalized net income was $7.0 million, a decrease of 52.5% from $14.6 million in the prior year.

Full-year total revenue fell 6.4% year over year to $757.5 million from $809.7 million, and total operating expenses declined 6.1% year over year to $739.8 million from $788.2 million.

The company said reported net income totaled a loss of $973,210, or a loss of 4 cents per share, in the full year, compared with a loss of $26.5 million, or a loss of $1.10 per share, the prior year.