Earnings : 27c/share.
25c diluted
biz.yahoo.com
Looks like another blowout quarter. Estimate was 0.22.
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Audiovox Corporation Reports First Quarter Results
* Net Sales increase 62% to $340 Million * Net Earnings increase 78% to $5.3 Million from $3.0 Million in Q1, '99 * EPS of $0.25 diluted compared to $0.16 in first quarter '99 * Company completes follow on offering * Digital handset sales-62 % of total units sold * Electronics group announces Model Year 2000, Nissan OE contract
HAUPPAUGE, N.Y., March 16 /PRNewswire/ -- Audiovox Corporation (Nasdaq: VOXX - news) today announced results for the three months ended February 29, 2000.
Net sales were $340 million, a 61.8% increase from sales of $210.3 million in the comparable period one year ago. Net earnings and earnings per share for the quarter were $5.3 million or $0.27 basic and $0.25 diluted compared to net income of $ 3.0 million or $ 0.16 basic and diluted for the three months ended February 28, 1999.
John J. Shalam, Chairman, President and CEO of Audiovox Corporation, commenting on the quarter said, ``There were several significant events during the first quarter of 2000: the completion of the Company's follow on offering, the move to the Nasdaq Stock Market and the launch of a consumer advertising campaign. We have used the $97.4 million net proceeds from that offering to reduce outstanding debt on our revolving credit facility, which, in addition to the increase in our credit lines will enable us to capitalize on the exciting opportunities facing us. In addition, the offering added 2.3 million shares to the public float. I wish to thank our underwriters, S.G. Cowan, Morgan Keegan, Prudential Securities and Ladenburg Thalmann for their professionalism and experience in guiding the VOXX offering.'
Shalam further stated, ``Our move from the American Stock Exchange to the Nasdaq is another indication of our desire to enhance shareholder value and to further define Audiovox as a high technology firm. Finally, the launch of our advertising campaign 'Audiovox - I want one!' reaffirms our commitment to creating greater brand awareness for Audiovox.
``These initiatives, combined with continued investments in developing digital technologies, new relationships with manufacturers and strong penetration of both the wireless and consumer electronic markets should position us well for solid results in the year ahead. Of course, the wireless and consumer electronics markets are among the most competitive and challenging. One must be ever mindful that our continued success depends on our ability to respond to competitive pricing, technology and supply issues while maintaining our profit goals.'
Philip Christopher, President and CEO of Audiovox Communications Corp., commenting on the quarter said, ``I am pleased with our 70% sales increase during what is traditionally ours and the markets slowest quarter. Sales of digital phones reached 62% of the total of all units sold as digital continues to become the larger portion of our business.' Christopher further stated, ``I expect sales during the balance of the year to be sparked by delivery of our tri-mode and web browsing phones, the fulfillment of several pending supply agreements and the launch of carrier promotions, scheduled to begin in late spring. We remain on target to reach our goals for 2000.'
Electronics Division Senior Vice President, Patrick Lavelle, said ``The Electronics division recorded a 35% increase in sales over first quarter '99, with mobile video and consumer electronics continuing to be the strongest categories. Autosound sales, which are traditionally low during first quarter, also experienced an increase over first quarter '99. Several new products introduced at the winter Consumer Electronics show are expected to begin delivery in the second quarter. Initial response to them has been positive and we anticipate beginning shipments on these products in the late spring.'
Except for historical information contained herein, statements made in this release that would constitute forward-looking statements may involve certain risks such as our ability to keep pace with technological advances, significant competition in the wireless, mobile and consumer electronics businesses, quality and consumer acceptance of newly introduced products, our relationships with key suppliers and customers, market volatility, non-availability of product, excess inventory, price and product competition, new product introductions and other risks detailed in the Company's registration statement on Form S-3, dated February 2, 2000 and in the Company's Form 10K for the fiscal year ended November 30, 1999. These factors, among others may cause actual results to differ materially from the results suggested in the forward-looking statements.
Audiovox Corporation and Subsidiaries
Consolidated Statements of Income
(Dollars in Thousands, Except Share and Per Share Data)
(Unaudited)
Three Months Ended
Feb 29 Feb 28
2000 1999
Net Sales $340,156 $210,266
Operating Income 9,081 5,202
Net Income 5,300 2,982
Net income per common share - basic $0.27 $0.16
Net income per common share - diluted $0.25 $0.16
Weighted average number of
common shares outstanding - basic 19,951,186 19,021,472
Weighted average number of
common shares outstanding - diluted 21,575,569 19,277,942
SOURCE: Audiovox Corporation |
