VOXX International Corporation, the parent of brands including Viper, Audiovox, Code Alarm, Rosen, and others, released its Q3 earnings for the period ending in November 2024, following a delay attributed to the pending sale of the company to Gentex (maker of the automotive mirrors).
VOXX also performed “goodwill” testing of its current assets to see if they are valued on the books correctly. It found that many of these had lost value and it took impairment charges. This contributed to charges against earnings of $44.3 million (including goodwill impairment charges of $28.2 million and intangible asset impairment charges of $16.1 million). Excluding impairment charges, total operating expenses of $32.3 million declined by $1.8 million.
For the quarter, VOXX reported a 22 percent decrease in sales, which totaled $105.2 million compared to $135.3 million for the same quarter a year ago. Net income swung to a loss of $44 million compared to a net income of $1.9 million a year ago.
In December, VOXX announced that it entered into an agreement with Gentex Corporation, for VOXX to be acquired in an all cash transaction where Gentex will acquire all shares of VOXX common stock not already owned by Gentex for $7.50 per share, representing a total value of approximately $196 million. The deal is expected to close this quarter.
source: https://www.ceoutlook.com/2025/02/20/voxx-announces-q3-losses/
