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    VOXX International Corp (VOXX) Shares Jump after Strong FY Q3 Results

    VOXX International Corp  (VOXX) Shares Jump after Strong FY Q3 Results

    Shares of VOXX International Corp  (NASDAQ: VOXX) rose 20.6% to $10.89, extending Monday’s gains when the company announced its third quarter earnings report.  The stock saw trading volume hit over 855 K shares Thursday, topping 10-day average of over 156.52 K. It is currently above the 50-day and 200-day moving averages of $7.70 and $6.88, respectively.

    Voxx International, formerly Audiovox Corp., is an international distributor in the accessory, mobile and consumer electronics industries. Headquartered in Hauppauge, NY, the company boasts of an extensive distribution network that includes power retailers, mass merchandisers, 12-volt specialists and most of the world’s leading automotive manufacturers. The company has an international footprint in Europe, Asia, Mexico and South America, and a growing portfolio, which is now comprised of over 30 trusted brands.

    For the third quarter ended November 30, 2011, the company reported a 26.7% to $206.8 million year-over-year increase in net sales, helped by the addition of Klipsch, the company’s automotive business and international operations, and continued OEM growth.  Electronics sales rose 35.3% to $165.9 million while accessories sales inched up 0.9% to $40.9 million.

    The gross margin for the three months ended November 30, 2011 was 28.9%, an increase of 770 basis points as compared to 21.2% for the three months ended November 30, 2010.

    The Company realized a net income of $8.9 million, or $0.38 per basic and diluted share, for the latest period, which compares to the prior year quarter net income of $3.9 million, or $0.17 per basic and diluted share.

    Adjusted net income came in at $9.1 million or $0.39 per diluted share, compared to $4.3 million, or $0.19 per diluted share, for the comparable year ago period.

    “Our business continued to gain traction across multiple markets, product lines and geographies, and I believe we’re well positioned moving into 2012,” Pat Lavelle, president and CEO of VOXX International, commented in the release.  “We have a number of new products coming to market, new accounts at retail and with automotive OEMs, and several new programs and partnerships kicking off this year.  The holiday season is over and while not overly robust, there was a pick-up in certain categories, which should continue into our fourth fiscal quarter, and hopefully into next year.  We believe we’re in a good position for organic growth and continued profitability in fiscal 2013.”

    VOXX shares have gained 22.4% in the last five days; 48.0% in the last month; and 37.8% year-to-date.

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