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VOXX International | 8-K: VOXX International Announces Filing of Quarterly Report on Form 10-Q and Results for Fiscal 2025 Third Quarter; Company also Announces Merger Regulatory Approvals

SEC ·  Feb 10 17:08

Summary by Moomoo AI

VOXX International reported Q3 FY2025 results with net sales declining 22.2% to $105.2M from $135.3M YoY. The company posted a net loss of $44M compared to net income of $1.9M in the prior year, primarily due to non-cash impairment charges of $44.3M. Gross margin decreased to 21.2% from 26.9%, impacted by $7.0M in inventory write-downs.For the nine months ended November 30, 2024, total net sales fell 19.8% to $289.3M, with net loss widening to $50.8M from $19.9M YoY. The company's total debt decreased to $18.8M as of November 30, 2024, compared to $73.3M as of February 29, 2024.Regarding the proposed merger with Gentex Corporation, VOXX announced key regulatory approvals - the expiration of HSR Act waiting period on February 3, 2025, and clearance from German Federal Cartel Office on January 27, 2025. The merger remains subject to stockholder approval and other customary closing conditions.
VOXX International reported Q3 FY2025 results with net sales declining 22.2% to $105.2M from $135.3M YoY. The company posted a net loss of $44M compared to net income of $1.9M in the prior year, primarily due to non-cash impairment charges of $44.3M. Gross margin decreased to 21.2% from 26.9%, impacted by $7.0M in inventory write-downs.For the nine months ended November 30, 2024, total net sales fell 19.8% to $289.3M, with net loss widening to $50.8M from $19.9M YoY. The company's total debt decreased to $18.8M as of November 30, 2024, compared to $73.3M as of February 29, 2024.Regarding the proposed merger with Gentex Corporation, VOXX announced key regulatory approvals - the expiration of HSR Act waiting period on February 3, 2025, and clearance from German Federal Cartel Office on January 27, 2025. The merger remains subject to stockholder approval and other customary closing conditions.
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