The following is a summary of the VOXX International Corporation (VOXX) Q4 2024 Earnings Call Transcript:

Financial Performance:

• VOXX reported a decrease in annual net sales by 12.2% to approximately $469 million, with Q4 net sales falling by 20.8% compared to the same period last year.

• The company posted operating and net losses of $44 million and $40.9 million respectively, further recording an adjusted EBITDA loss of $3.4 million.

• Gross margins saw a dip of 80 basis points with the added burden of $14.2 million non-cash impairment charges and $2.1 million restructuring expenses.

• Cash and cash equivalents stood at $11 million at year end, with total debt amounting to $73.3 million.

Business Progress:

• VOXX has entered a 50-50 joint venture, creating a new company, BioCenturion LLC.

• Sales in automotive and consumer segments declined, with the company citing a need for business restructuring to return to profitability.

• VOXX plans to control inventory, monetize capital, and improve margins for profitability enhancement.

• The company is working on a realignment for fiscal 2025, focusing on cost reduction and preparedness for a potentially flat sales year.

• Automation and streamlining are key elements of the corporate strategy, aiming at improving processes, reducing working capital needs and bettering balance sheet.

More details: VOXX International IR

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