VOXX International Corp (NASDAQ:VOXX) has posted an operating loss in Q2 2022 compared to operating income in Q2 2021

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VOXX International Corp (NASDAQ:VOXX) stock fell 5.70% (As on Oct 13, 12:27:16 AM UTC-4, Source: Google Finance) though the company in the second quarter of FY 22 has reported 11.8% rise in the net sales to $143.1 million. The Company has delivered an operating loss in the Fiscal 2022 second quarter of $2.7 million as compared to operating income of $8.5 million in the Fiscal 2021 second quarter. Net income attributable to VOXX International Corporation in the Fiscal 2022 second quarter was $0.3 million as compared to net income attributable to VOXX International Corporation of $7.3 million in the comparable Fiscal 2021 period. As of August 31, 2021, the Company had cash and cash equivalents of $41.1 million as compared to $36.7 million as of May 31, 2021 and $59.4 million as of February 28, 2021. Total debt as of August 31, 2021, was $7.7 million as compared to $7.0 million as of May 31, 2021 and $7.1 million as of February 28, 2021. The increase in total debt is related to a Euro asset-based lending credit facility related to VOXX Germany. Total long-term debt, net of debt issuance costs as of August 31, 2021 was $5.2 million as compared to $5.3 million as of May 31, 2021 and $6.0 million as of February 28, 2021.

Moreover, Automotive Electronics segment net sales in the second quarter of Fiscal 2022 were $45.8 million as compared to $32.6 million in the comparable year-ago period, which represents an increase of $13.1 million or 40.2%. For the same comparable periods, OEM product sales were $16.4 million as compared to $10.7 million, an increase of $5.7 million or 53.1%. Consumer Electronics segment net sales in the Fiscal 2022 second quarter were $97.0 million as compared to $95.0 million in the comparable year-ago period, an increase of $2.0 million or 2.1%. For the same comparable periods, Premium Audio product sales were $76.1 million as compared to $69.3 million, an increase of $6.9 million or 9.9%. Driving the year-over-year improvements were higher sales from the Company’s 11 Trading Company LLC subsidiary, higher sales of premium wireless speakers and wireless computer speakers, and an increase in sales within Europe. Biometrics segment net sales in the Fiscal 2022 and Fiscal 2021 second quarters were approximately $0.3 million, relatively flat for the comparable periods.

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