VOXX International Corporation (VOXX) Bundle
A Brief History of VOXX International Corporation (VOXX)
Foundation and Early Years
VOXX International Corporation was founded in 1960 as The Audiovox Corporation. It started as a distributor of automotive accessories and consumer electronics. By the 1980s, it became publicly traded with its shares listed on the NASDAQ under the symbol VOXX.
Expansion in the 1990s
During the 1990s, VOXX expanded its product offerings to include a wider range of automotive, consumer, and commercial electronics. The company reported sales reaching approximately $147 million by 1997.
Acquisitions and Growth
In 2004, VOXX acquired the Klipsch Group, Inc., a leading manufacturer of high-performance loudspeakers and headphones. This acquisition contributed significantly to VOXX's revenue, which reached around $224 million in 2005.
Rebranding and Strategic Shift
In 2012, the company rebranded itself as VOXX International Corporation to reflect its global reach and diversified product lines. The company reported revenues of $270 million for the fiscal year ending February 29, 2012.
Recent Developments
In 2015, VOXX announced its acquisition of Oehlbach Kabel GmbH, a German cable manufacturer, enhancing its audio and video product offerings. The company’s total revenue for the fiscal year 2016 was approximately $223 million.
Financial Performance
In the fiscal year 2022, VOXX International reported a revenue of $500.4 million, demonstrating a strong rebound post-pandemic. The net income for the same period was reported at $5.5 million.
Market Presence
As of 2023, VOXX International has an extensive portfolio of brands including Klipsch, RCA, and Advent. The company operates in over 40 countries worldwide.
Product Segmentation
| Product Segment | Revenue (2022) | Percentage of Total Revenue |
|---|---|---|
| Automotive | $199.5 million | 39.8% |
| Consumer Electronics | $210.4 million | 41.9% |
| Premium Audio | $90.5 million | 18.3% |
Stock Performance
The stock performance of VOXX has shown fluctuations, with a current share price of approximately $6.00 as of October 2023. The company’s market capitalization stands at around $160 million.
Challenges and Future Outlook
VOXX International faces challenges including supply chain disruptions and increasing competition. However, the company aims to innovate in its product lines, especially in smart home technology and automotive electronics.
A Who Owns VOXX International Corporation (VOXX)
Shareholder Composition
As of October 2023, VOXX International Corporation has a diverse shareholder base consisting of institutional investors, retail shareholders, and company insiders.
| Shareholder Category | Percentage Ownership |
|---|---|
| Institutional Investors | 60% |
| Insider Ownership | 15% |
| Retail Investors | 25% |
Top Institutional Holders
Significant institutional investors include:
| Institution | Shares Owned | Percentage Owned |
|---|---|---|
| The Vanguard Group | 1,500,000 | 10% |
| BlackRock, Inc. | 1,200,000 | 8% |
| Dimensional Fund Advisors | 900,000 | 6% |
| Wells Fargo & Company | 800,000 | 5% |
Insider Ownership Breakdown
The insiders play a crucial role in the ownership of VOXX:
| Insider Name | Position | Shares Owned |
|---|---|---|
| Patricia E. Vance | Chairman | 500,000 |
| Jeffrey L. Ladd | CEO | 300,000 |
| Michael J. O’Leary | Director | 200,000 |
Recent Stock Performance
VOXX International Corporation has shown notable performance in recent quarters:
| Quarter | Stock Price (USD) | Market Capitalization (USD) |
|---|---|---|
| Q2 2023 | 12.50 | 350 million |
| Q3 2023 | 14.75 | 400 million |
Market Trends and Competitors
VOXX operates in a competitive market with various players such as:
- Harman International
- Sonos Inc.
- Panasonic Corporation
Dividend Information
VOXX has maintained a consistent dividend payout:
| Year | Dividend per Share (USD) | Total Payout (USD) |
|---|---|---|
| 2021 | 0.10 | 1,000,000 |
| 2022 | 0.12 | 1,200,000 |
| 2023 | 0.15 | 1,500,000 |
Future Projections
Analysts forecast the following earnings growth:
| Year | Projected Revenue (USD) | Projected Growth (%) |
|---|---|---|
| 2024 | 500 million | 8% |
| 2025 | 540 million | 8% |
VOXX International Corporation (VOXX) Mission Statement
Corporate Mission
VOXX International Corporation is dedicated to delivering innovative technology solutions and high-quality products that enhance the consumer experience. Our mission is to provide leading-edge technology in the automotive, consumer, and commercial electronics spaces.
Core Values
- Innovation: We strive to be at the forefront of technology and design.
- Quality: We are committed to the highest standards in product development.
- Customer Focus: Our customers are at the center of everything we do.
- Integrity: We conduct our business with the highest ethical standards.
Financial Overview
As of the fiscal year ended February 28, 2023, VOXX International reported net sales of approximately $374.2 million, a decrease of 8.2% compared to the previous fiscal year.
The company achieved an operating loss of $6.1 million in fiscal year 2023.
Market Segments
VOXX operates through several segments, including Automotive, Premium Audio, and Consumer Accessories. The following table highlights the net sales by segment for fiscal year 2023:
| Segment | Net Sales (in millions) | Percentage of Total Sales |
|---|---|---|
| Automotive | $150.5 | 40.2% |
| Premium Audio | $112.3 | 30.0% |
| Consumer Accessories | $111.4 | 29.8% |
Commitment to Sustainability
VOXX is committed to sustainable practices that minimize environmental impact. In 2023, the company invested $5 million in sustainable product development and eco-friendly materials.
Future Goals
- Expand Product Line: Introduction of new products across all segments, targeting a 15% market growth by 2025.
- Enhance Distribution Channels: Increase partnerships with major retailers and online platforms.
- Invest in R&D: Allocate 10% of total revenue to research and development efforts focusing on AI and IoT solutions.
How VOXX International Corporation (VOXX) Works
Business Overview
VOXX International Corporation (NASDAQ: VOXX) operates in the consumer electronics industry, specializing in automotive and aftermarket products, as well as premium audio and video products. The company's core segments include Automotive, Premium Audio, and Consumer Accessories.
Financial Performance
As of the fiscal year ending February 28, 2023, VOXX reported the following financial figures:
| Metric | Value |
|---|---|
| Revenue | $294.8 million |
| Net Income | $12.3 million |
| Gross Profit | $92.4 million |
| Operating Income | $22.8 million |
| Total Assets | $182.1 million |
| Total Liabilities | $75.6 million |
Product Segments
VOXX’s product segments include:
- Automotive: Provides advanced driver assistance systems (ADAS), infotainment systems, and integration solutions.
- Premium Audio: Offers high-performance audio products under brands such as Klipsch, RCA, and others.
- Consumer Accessories: Includes accessories for smartphones and tablets, wireless speakers, and other consumer electronic devices.
Market Presence
VOXX International operates in over 30 countries worldwide, serving a diverse customer base, including automotive manufacturers and retailers.
Recent Developments
In Q2 2023, VOXX announced a partnership with a leading automotive OEM to provide next-generation infotainment systems. This deal is projected to generate an estimated $15 million in revenue over the next three years.
Stock Information
As of October 20, 2023, the stock price of VOXX was approximately $8.25, with a market capitalization of about $181 million.
Research and Development
VOXX invests a significant portion of its revenue in R&D, with $10.5 million allocated in the 2023 fiscal year, focusing on innovative automotive technologies and audio solutions.
Competitive Landscape
The competitive landscape includes major players such as:
- Harman International
- Pioneer Corporation
- Panasonic Corporation
Revenue Breakdown by Segment
The revenue breakdown for VOXX in the 2023 fiscal year was as follows:
| Segment | Revenue | Percentage of Total Revenue |
|---|---|---|
| Automotive | $120.5 million | 40.8% |
| Premium Audio | $113.2 million | 38.4% |
| Consumer Accessories | $61.1 million | 20.8% |
Future Outlook
Analysts predict a growth rate of 5% to 7% in the automotive segment over the next five years, driven by demand for innovative technologies in vehicles.
How VOXX International Corporation (VOXX) Makes Money
Product Lines
VOXX International Corporation operates through multiple segments, primarily focusing on the automotive, consumer, and premium audio markets. The company's revenue streams are derived from the following major product categories:
- Automotive Products
- Consumer Electronics
- Premium Audio Products
Automotive Products
The automotive segment is a significant contributor to VOXX's revenue. In the fiscal year 2023, VOXX reported automotive segment sales of approximately $138.4 million, which represented a 25% year-over-year increase.
Consumer Electronics
VOXX’s consumer electronic products range from portable audio devices to home theater systems. For the fiscal year 2023, this segment generated revenues of around $90.3 million. This was a slight increase of 3% from the previous year.
Premium Audio Products
The premium audio segment includes high-end speakers and audio systems. In fiscal year 2023, VOXX reported revenues of approximately $55 million, reflecting a 10% increase compared to fiscal year 2022.
Revenue Breakdown by Segment
| Segment | Revenue (FY 2023) | Year-over-Year Growth (%) |
|---|---|---|
| Automotive | $138.4 million | 25% |
| Consumer Electronics | $90.3 million | 3% |
| Premium Audio | $55 million | 10% |
Geographic Revenue Sources
VOXX generates revenues globally, with notable contributions from North America, Europe, and Asia. In fiscal year 2023, the geographic distribution was as follows:
- North America: $210 million
- Europe: $40 million
- Asia: $33 million
Strategic Partnerships and Licensing
VOXX International has established various partnerships that enhance its revenue through licensing agreements. In fiscal year 2023, licensing revenues were reported at $12 million, which included agreements with major automotive manufacturers.
Financial Highlights
| Financial Metric | Value (FY 2023) |
|---|---|
| Total Revenue | $395 million |
| Gross Profit | $125 million |
| Net Income | $18 million |
| EBITDA | $40 million |
Future Growth Prospects
VOXX International Corporation aims to enhance its market presence through product innovation and expansion into new markets. The company is focusing on integrating advanced technologies, including IoT (Internet of Things) applications, to diversify its revenue streams further.
Recent Acquisitions
VOXX has been active in acquisitions to bolster its portfolio. In 2023, the company acquired a prominent audio brand for $15 million, which is expected to augment its premium audio segment significantly.
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