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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowKlipsch Group parent company Voxx International Corp. said its earnings nearly doubled in its fiscal third quarter, thanks in part to the Indianapolis-based speaker maker it acquired last year.
Voxx, based in Hauppage, N.Y., earned $8.9 million, or 39 cents per share, in the quarter ended Nov. 30 on sales of $206.8 million.
Earnings more than doubled from $3.9 million, or 17 cents per share, in the year-ago quarter. Voxx completed the acquisition of Klipsch Group in March of 2011, so the local company wasn’t counted in third-quarter 2010 earnings.
Voxx, which changed its name from Audiovox last year, owns a number of consumer-electronics brands, including RCA.
Earnings for the nine months ending Nov. 30 were $14.8 million, on sales of $530.5 million.
Voxx CEO Pat Lavelle said he’s pleased with performance year-to-date, though the company had budgeted for higher sales. “Klipsch, our automotive business and international operations have all performed at or ahead of plan, and each group has me excited about our prospects,” he said in a statement.
After taking steps to improve profit margins and “right size” expenses, Lavelle said the bottom line is tracking ahead of budget. He forecast full-year sales at $700 million.
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