VOXX International (US:VOXX)2022-01-21 15:45Financial Performance & Growth - VOXX International Corporation experienced significant year-over-year growth in fiscal year 2021, with consolidated net sales increasing by 42.7% from $394.9 million to $563.6 million[17] - The company's gross profit increased by $48.8 million, from $109.8 million in fiscal year 2020 to $158.5 million in fiscal year 2021[17] - VOXX achieved an operating income of $22.5 million in fiscal year 2021, a substantial improvement from an operating loss of $50.3 million in fiscal year 2020[17] - For fiscal year 2022 year-to-date, net sales reached $472 million, an increase of $71 million or 17.7% compared to $401.1 million in the same period of fiscal year 2021[22] Business Segments - Automotive Electronics segment net sales increased from $111.4 million in fiscal year 2021 YTD to $150 million in fiscal year 2022 YTD[23] - Consumer Electronics segment net sales increased from $288.5 million in fiscal year 2021 YTD to $320.8 million in fiscal year 2022 YTD[23] - Biometrics segment net sales increased from $0.7 million in fiscal year 2021 YTD to $0.8 million in fiscal year 2022 YTD[23] Strategic Initiatives & Future Outlook - VOXX received approximately $530 million in new OEM awards in the Automotive Electronics segment over the past two and a half years [47, 62] - The acquisition of Onkyo's Home Entertainment A/V business and a new licensing and distribution agreement with Pioneer are expected to generate approximately $50 million in revenue in fiscal year 2022, with a goal of approximately $125 million in fiscal year 2023[52]