There are “several new programs” within each of Voxx’s product...
There are “several new programs” within each of Voxx’s product categories that should yield a “positive impact in the coming quarters” on financial results despite market challenges in 2012, CEO Pat Lavelle said on an earnings call Wednesday. Shares in…
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the company fell $1.73, or 17.7 percent, to close at $8.04 Wednesday after it reported a loss for Q1 ended May 31 and projected weaker results for fiscal 2013 than previously estimated. Q1 results were hurt by an $8.4 million patent litigation settlement charge and costs related to Voxx’s March purchase of German car audio company Hirschmann. Voxx will start a new program with Sprint in Q2 and it expects to meet mobile projections, Lavelle said. The company sees “potential for upside” based on new products that will ship, he said. Voxx is “in the process of developing” mobile DTV products and is meeting with the Mobile Content Venture on “a regular basis,” Lavelle said. “We expect to see sales of mobile DTV” products in the U.S. “sometime next year,” he said. Lavelle said he couldn’t be more specific on the timing.