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VOXX International swings to loss in fiscal Q2

VOXX International Corp. said its normalized net income for the fiscal second quarter ended Aug. 31 amounted to a loss of 12 cents per share, compared with the S&P Capital IQ consensus estimate of 4 cents per share.

The per-share result swung to a loss from the prior-year profit of 12 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $2.9 million, compared with income of $2.9 million in the prior-year period.

The normalized profit margin declined to negative 1.6% from 1.6% in the year-earlier period.

Total revenue declined on an annual basis to $177.3 million from $183.8 million, and total operating expenses declined on an annual basis to $176.3 million from $180.6 million.

Reported net income came to a loss of $2.7 million, or a loss of 11 cents per share, compared to income of $4.9 million, or 20 cents per share, in the prior-year period.