VOXX Int'l (VOXX) Reports Q4 EPS of $0.38, Revenues Beat

VOXX Int'l (NASDAQ: VOXX) reported Q4 EPS of $0.38, versus ($1.50) reported last year. Revenue for the quarter came in at $162.52 million versus the consensus estimate of $112.5 million.

Commenting on the Company's Fiscal 2021 results, Pat Lavelle, President and Chief Executive Officer stated, "As our results demonstrate, we made significant progress this past fiscal year and believe we are at the beginning of the next phase of growth. We made two strategic acquisitions to strengthen our automotive business and have been awarded over $400 million in new OEM awards, many of which are the result of our alliance with Amazon to bring Fire TV to the automotive markets, and other OEM awards from our acquisition of VSM. We also realigned our premium audio business, gained new retail customers and with the formation of 11 Trading Company, expanded our distribution and brand offering. Demand for EyeLock's iris authentication solutions has picked up, and we entered into a strategic process to seek partners that could help expedite EyeLock's growth and expand into new markets. As announced this month, this process resulted in a new distribution agreement with GalvanEyes Partners, LLC which upon shareholder approval, should substantially reduce our cash burn and EyeLock's EBITDA loss."

Lavelle continued, "Looking ahead and barring any major downturns in the economy or changes that could impact our customer base, we are poised for growth in Fiscal 2022 and anticipate strong bottom-line performance. In the years that follow, we believe we are in an excellent position to continue this trend due to the volume of automotive awards received and others we expect will materialize. Our premium audio offering and expanded distribution should result in new opportunities and our Biometrics segment should show improvements given awards, projects currently in the testing phase, and through our new strategic alliance with GalvanEyes Partners. Lastly, our cash position and balance sheet are strong, we have access to capital, and we continue to look for strategic transactions that can drive profitability further while enhancing shareholder value."

For earnings history and earnings-related data on VOXX Int'l (VOXX) click here.

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