Audiovox Profit, Sales Up
Audiovox Corp. Monday said that it posted sales of $130.3 million, an 8.8 percent increase in sales in the first quarter. The company also posted net income of $1.1 million.
"While we showed improvement over last year's first quarter, like most companies, we are still feeling the effects of an economic recovery that is materializing slower than expected," president and CEO Pat LaVelle said in a statement.
"However, we are well positioned for growth and profits this year and I believe as the global economies begin to improve, we have a tremendous opportunity to capture meaningful market share given the strength of our brands, the quality of our new programs and partners, and the strength of our retail and automotive distribution."