Audio equipment maker Voxx International Corp posted a quarterly net loss on Tuesday, hurt by a patent litigation settlement charge and costs related to its acquisition of German car-audio maker Hirschmann. * Q1 loss/shr $0.20 * Q1 rev up 17 pct to $194 mln Shares of the company fell 18 percent to $8.02 after the bell on Tuesday. They closed at $9.77 on the Nasdaq. The company, earlier called Audiovox Corp, said it took a charge of $8.4 million related to the settlement of a patent suit. It also incurred losses of about $2.7 million associated with the acquisition
VOXX International Corporation announced today that it has completed its acquisition of Car Communication Holding GmbH and its worldwide subsidiaries ("Hirschmann") for a total purchase price of approximately $112 million (€85 million), plus related transaction fees, expenses and working capital adjustments. In 2011, Hirschmann sales were approximately $199 million (€143 million), representing a 16% increase over the prior year. Management believes, based on the Company's existing pipeline of booked business through 2016 and anticipated global market opportunities that Hirschmann sales will continue to increase in the coming year
Audiovox Corp. and subsidiary Audiovox Accessories are planning an array of product introductions this year that capitalize on what president Tom Malone characterized as consumer desire for ease of control of and access to content both on the go and in the home.
Audiovox Corp. announced this week that it has reached a deal to become the principal aftermarket supplier of products from Sirius XM Satellite Radio. Audiovox had had a similar deal in place with XM, which preceded the XM-Sirius merger, since 2005.
Each year, the Consumer Electronics Association compiles a list of technology trends that represent the most promising areas in CE development, according to CEA market analysts.
The Consumer Electronics Association this week announced its Executive Board and Board of Industry Leaders for 2009. MyerEmco President/CEO Gary Yacoubian has been elected chairman of the Executive Board- the first retailer to ever hold that title- while DBL President Henry Chiarelli will be vice chairman.