VOXX International (US:VOXX)2024-05-17 19:08Financial Performance - Net sales for Fiscal 2024 fourth quarter were $108.1 million, a decrease of $28.4 million or 20.8% compared to $136.5 million in the same period of Fiscal 2023[4] - For the twelve-month period, net sales were $468.9 million, a decrease of $65.1 million or 12.2% from $534.0 million in Fiscal 2023[13] - Net sales for the fiscal year ended February 29, 2024, were $468.9 million, a decrease of 12.2% from $534.0 million in 2023[37] - For the three months ended February 29, 2024, net sales were $108.1 million, a decline of 20.8% from $136.5 million in the same period of 2023[39] Segment Performance - Automotive Electronics segment net sales decreased by $16.9 million or 34.1% to $32.6 million, while Consumer Electronics segment net sales decreased by $11.4 million or 13.2% to $75.2 million in the fourth quarter[5] Profitability - Gross margin in the Fiscal 2024 fourth quarter was 19.9%, down 550 basis points from 25.4% in the prior year, primarily due to higher inventory provisions[6] - The company reported an operating loss of $26.4 million in the fourth quarter of Fiscal 2024, compared to an operating loss of $12.9 million in the same quarter of Fiscal 2023[9] - The company reported a total long-term debt of $71.9 million as of February 29, 2024, up from $37.5 million a year earlier[22] - The company reported a net loss attributable to VOXX International Corporation in the fourth quarter was $21.0 million, compared to a net loss of $18.1 million in the same period of Fiscal 2023[11] - The net loss attributable to VOXX International Corporation for the fiscal year 2024 was $40.9 million, compared to a net loss of $27.5 million in 2023, representing a 48.9% increase in losses[37] - The company reported a net loss per common share of $1.74 for the fiscal year 2024, compared to a loss of $1.13 per share in 2023[37] Expenses - Total operating expenses for Fiscal 2024 were $158.1 million, a decrease of $3.5 million or 2.2% from $161.6 million in Fiscal 2023[15] - Total operating expenses for the fiscal year 2024 were $158.1 million, slightly down from $161.6 million in 2023[37] - The company incurred intangible asset impairment charges of $14.2 million in Fiscal 2024, compared to $1.3 million in Fiscal 2023[18] - The company incurred intangible asset impairment charges of $14.2 million in the fiscal year 2024, compared to $1.3 million in 2023[41] Cash and Debt - As of February 29, 2024, the company had cash and cash equivalents of $11.0 million, an increase from $6.1 million as of February 28, 2023[22] - Total debt increased to $73.3 million as of February 29, 2024, compared to $39.2 million a year earlier, primarily due to a $34.8 million increase in outstanding debt on the Domestic Credit Facility[22] - The company has sufficient working capital and availability to fund its business and meet all obligations following the settlement payment[23] Corporate Developments - The company settled a claim with Seaguard for $42.0 million, with an initial payment of $10 million made on December 27, 2023, and a final payment of $32.0 million on January 10, 2024[23] - The joint venture BioCenturion LLC was formed on March 1, 2024, with EyeLock LLC contributing selected assets and liabilities, while GalvanEyes will manage day-to-day operations[24][25] Future Outlook - The company is focused on launching new products and automotive programs in the second half of the year to improve margins and combat market softness[3] - The company will host its conference call and webcast on May 15, 2024, at 10:00 a.m. ET[26] Shareholder Information - The weighted-average common shares outstanding (basic) decreased to 23,428,473 in fiscal year 2024 from 24,325,938 in 2023[37]