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VOXX International Corp Reports Net Loss of $24.3 Million for the Six Months Ended August 31, 2023
Annual Revenue of $225.6 Million
On October 2, 2023, VOXX International Corp [VOXX], a leading global manufacturer and distributor of consumer electronics, announced its financial results for the six months ended August 31, 2023. The company reported a net loss of $24.3 million, compared to a net loss of $18.8 million in the same period last year. Annual revenue for the period was $225.6 million, reflecting a decrease compared to the prior year.
Despite the decline in revenue, VOXX International Corp was able to maintain a gross profit of $56.2 million, with a gross profit margin of 24.9%. Operating expenses for the period amounted to $76.1 million, resulting in an operating loss of $19.9 million. The company's financial performance was negatively impacted by interest and bank charges of $3.1 million as well as a final arbitration award of $2.6 million. However, the company recorded equity in income of $2.9 million from its equity investees, which partially offset the losses.