2011 Q1 Form 10-K Financial Statement

#000080770712000013 Filed on May 14, 2012

View on sec.gov

Income Statement

Concept 2011 Q1 2010 2009 Q1
Revenue $138.9M $550.7M $115.7M
YoY Change -7.58% -8.69% -11.88%
Cost Of Revenue $104.1M $443.9M $101.9M
YoY Change -13.47% -11.71% -4.41%
Gross Profit $34.80M $106.8M $13.70M
YoY Change 16.0% 6.43% -44.53%
Gross Profit Margin 25.05% 19.38% 11.84%
Selling, General & Admin $27.00M $93.00M $25.80M
YoY Change -1.82% -10.92% 2.38%
% of Gross Profit 77.59% 87.12% 188.32%
Research & Development $2.900M $9.800M $2.300M
YoY Change -3.33% -6.67% -23.33%
% of Gross Profit 8.33% 9.18% 16.79%
Depreciation & Amortization $2.000M $7.694M $2.000M
YoY Change -9.09% 5.54% 0.0%
% of Gross Profit 5.75% 7.21% 14.6%
Operating Expenses $29.90M $103.0M $28.10M
YoY Change -1.97% -10.36% -0.35%
Operating Profit $4.900M $3.760M -$14.40M
YoY Change -1080.0% -125.75% 311.43%
Interest Expense -$100.0K $1.310M -$300.0K
YoY Change 227.5% -150.0%
% of Operating Profit -2.04% 34.84%
Other Income/Expense, Net $300.0K $7.294M -$2.000M
YoY Change -50.0% -351.52% -253.85%
Pretax Income $5.100M $11.16M -$55.50M
YoY Change -8.93% -119.92% 3368.75%
Income Tax -$12.30M -$11.33M $14.50M
% Of Pretax Income -241.18% -101.55%
Net Earnings $17.40M $22.48M -$70.00M
YoY Change 163.64% -131.67% 3081.82%
Net Earnings / Revenue 12.53% 4.08% -60.5%
Basic Earnings Per Share $0.98
Diluted Earnings Per Share $743.6K $0.98 -$3.057M
COMMON SHARES
Basic Shares Outstanding 22.88M shares
Diluted Shares Outstanding 22.92M shares

Balance Sheet

Concept 2011 Q1 2010 2009 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $112.1M $69.50M $69.50M
YoY Change 61.34% 0.0% 76.84%
Cash & Equivalents $98.63M $69.50M $69.50M
Short-Term Investments $13.50M
Other Short-Term Assets $12.20M $16.30M $18.40M
YoY Change -25.15% -11.41% -11.96%
Inventory $113.6M $102.7M $125.3M
Prepaid Expenses
Receivables $108.0M $131.3M $104.9M
Other Receivables $8.400M $12.40M $12.20M
Total Short-Term Assets $340.8M $332.3M $330.2M
YoY Change 2.57% 0.64% -7.79%
LONG-TERM ASSETS
Property, Plant & Equipment $19.56M $22.10M $19.90M
YoY Change -11.48% 11.06% -7.87%
Goodwill $7.373M
YoY Change
Intangibles $99.19M
YoY Change
Long-Term Investments $12.76M $27.20M $20.90M
YoY Change -53.07% 30.14% -26.15%
Other Assets $1.634M $2.700M $1.800M
YoY Change -39.48% 50.0% 157.14%
Total Long-Term Assets $160.3M $156.7M $131.1M
YoY Change 2.28% 19.53% -25.04%
TOTAL ASSETS
Total Short-Term Assets $340.8M $332.3M $330.2M
Total Long-Term Assets $160.3M $156.7M $131.1M
Total Assets $501.1M $489.0M $461.3M
YoY Change 2.47% 6.0% -13.45%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $27.34M $36.10M $41.80M
YoY Change -24.26% -13.64% 71.31%
Accrued Expenses $48.50M $46.40M $40.50M
YoY Change 4.53% 14.57% -17.85%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $1.700M $1.500M
YoY Change -100.0% 13.33% -51.61%
Long-Term Debt Due $4.500M $6.400M $1.300M
YoY Change -29.69% 392.31% 1200.0%
Total Short-Term Liabilities $82.30M $92.50M $89.10M
YoY Change -11.02% 3.82% 8.26%
LONG-TERM LIABILITIES
Long-Term Debt $2.077M $12.10M $11.40M
YoY Change -82.83% 6.14% 58.33%
Other Long-Term Liabilities $8.163M $11.60M $15.60M
YoY Change -29.63% -25.64% 11.43%
Total Long-Term Liabilities $10.24M $23.70M $27.00M
YoY Change -56.79% -12.22% 27.36%
TOTAL LIABILITIES
Total Short-Term Liabilities $82.30M $92.50M $89.10M
Total Long-Term Liabilities $10.24M $23.70M $27.00M
Total Liabilities $108.2M $124.7M $120.8M
YoY Change -13.27% 3.23% 10.32%
SHAREHOLDERS EQUITY
Retained Earnings $137.0M
YoY Change
Common Stock $248.0K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $18.38M
YoY Change
Treasury Stock Shares
Shareholders Equity $392.9M $364.3M $340.5M
YoY Change
Total Liabilities & Shareholders Equity $501.1M $489.0M $461.3M
YoY Change 2.47% 6.0% -13.45%

Cashflow Statement

Concept 2011 Q1 2010 2009 Q1
OPERATING ACTIVITIES
Net Income $17.40M $22.48M -$70.00M
YoY Change 163.64% -131.67% 3081.82%
Depreciation, Depletion And Amortization $2.000M $7.694M $2.000M
YoY Change -9.09% 5.54% 0.0%
Cash From Operating Activities $37.10M $28.22M $56.70M
YoY Change 17.41% -5.96% 101.06%
INVESTING ACTIVITIES
Capital Expenditures -$600.0K $5.017M -$900.0K
YoY Change -50.0% -208.83% -40.0%
Acquisitions $14.66M
YoY Change
Other Investing Activities $24.40M -$19.99M $500.0K
YoY Change -298.37% -3324.19% -109.62%
Cash From Investing Activities $23.80M -$25.01M -$400.0K
YoY Change -276.3% 526.79% -94.03%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -300.0K -$1.222M -800.0K
YoY Change -62.5% -126.22% -71.43%
NET CHANGE
Cash From Operating Activities 37.10M $28.22M 56.70M
Cash From Investing Activities 23.80M -$25.01M -400.0K
Cash From Financing Activities -300.0K -$1.222M -800.0K
Net Change In Cash 60.60M $1.991M 55.50M
YoY Change 250.29% -93.51% 196.79%
FREE CASH FLOW
Cash From Operating Activities $37.10M $28.22M $56.70M
Capital Expenditures -$600.0K $5.017M -$900.0K
Free Cash Flow $37.70M $23.21M $57.60M
YoY Change 14.94% -32.97% 93.94%

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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Contingencies</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:justify;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company is currently, and has in the past been, a party to various routine legal proceedings incident to the ordinary course of business.&#160;&#160;If management determines, based on the underlying facts and circumstances, that it is probable a loss will result from a litigation contingency and the amount of the loss can be reasonably estimated, the estimated loss is accrued for.&#160;&#160;The Company believes its outstanding litigation matters disclosed below will not have a material adverse effect on the Company's financial statements, individually or in the aggregate; however, due to the uncertain outcome of these matters, the Company disclosed these specific matters below:</font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:justify;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The products the Company sells are continually changing as a result of improved technology.&#160;&#160;As a result, although the Company and its suppliers attempt to avoid infringing known proprietary rights, the Company may be subject to legal proceedings and claims for alleged infringement by its suppliers or distributors, of third party patents, trade secrets, trademarks or copyrights.&#160;&#160;Any claims relating to the infringement of third-party proprietary rights, even if not meritorious, could result in costly litigation, divert management&#8217;s attention and resources, or require the Company to either enter into royalty or license agreements which are not advantageous to the Company or pay material amounts of damages.</font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:justify;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company has been party to a breach of license agreement lawsuit brought against it by MPEG LA, LLC ("MPEG"). During the third quarter of Fiscal 2012, the Company's claim for summary judgment was denied and the case was tried in the New York Supreme Court, Suffolk County. In December 2011, the Company received advisory judgment in the case, concluding that the Company owes MPEG penalties related to license agreement obligations arising from the manufacture and sale of its products. The final judgment is pending and the advisory judgment is currently under appeal. The Company has recorded a charge of approximately $3.6 million and, based on the advisory jury's verdict, has remitted payment of $2.6 million to MPEG in order to resolve this matter. The charge has been recorded in "Other (Expense) Income" in the Consolidated Statement of Operations. The Company continues seeking indemnification from its suppliers for royalty payments that it maintains they were responsible to make and plans to vigorously pursue its option under its indemnification agreements. At this time, we cannot determine the success of those efforts, nor quantify a range of amounts. Management will continue to evaluate the developments associated with final judgment and the negotiations with its suppliers.</font></div></div>
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1600000 USD
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CY2010 us-gaap Stock Issued During Period Shares Stock Options Exercised
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CY2012 us-gaap Stock Issued During Period Value Treasury Stock Reissued
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CY2011Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2010 us-gaap Tax Benefit From Stock Options Exercised
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CY2011 us-gaap Tax Benefit From Stock Options Exercised
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0 USD
CY2011 us-gaap Treasury Stock Shares Acquired
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975 shares
CY2012 us-gaap Treasury Stock Shares Acquired
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720 shares
CY2010 us-gaap Treasury Stock Shares Acquired
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8000 USD
CY2012 us-gaap Treasury Stock Value Acquired Cost Method
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7000 USD
CY2011 us-gaap Treasury Stock Value Acquired Cost Method
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7000 USD
CY2011 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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23112518 shares
CY2012 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
23265206 shares
CY2010 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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CY2011 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2010 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2012 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2011Q1 voxx Accrued Sales Incentives
AccruedSalesIncentives
11981000 USD
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AccruedSalesIncentives
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11934000 USD
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EngineeringAndTechnicalSupportExpense
15825000 USD
CY2010 voxx Engineering And Technical Support Expense
EngineeringAndTechnicalSupportExpense
9781000 USD
CY2011 voxx Proceeds From Stock Options And Warrants Exercised
ProceedsFromStockOptionsAndWarrantsExercised
932000 USD
CY2012 voxx Proceeds From Stock Options And Warrants Exercised
ProceedsFromStockOptionsAndWarrantsExercised
392000 USD
CY2010 voxx Proceeds From Stock Options And Warrants Exercised
ProceedsFromStockOptionsAndWarrantsExercised
84000 USD
CY2011Q1 voxx Receivables From Vendors
ReceivablesFromVendors
8382000 USD
CY2012Q1 voxx Receivables From Vendors
ReceivablesFromVendors
4011000 USD
CY2012 dei Amendment Flag
AmendmentFlag
false
CY2012 dei Current Fiscal Year End Date
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CY2012 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
FY
CY2012 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2012
CY2012 dei Document Period End Date
DocumentPeriodEndDate
2012-02-29
CY2012 dei Document Type
DocumentType
10-K
CY2012 dei Entity Central Index Key
EntityCentralIndexKey
0000807707
CY2012Q2 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
23403737 shares
CY2012 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2012 dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
CY2011Q3 dei Entity Public Float
EntityPublicFloat
122414751 USD
CY2012 dei Entity Registrant Name
EntityRegistrantName
VOXX International Corporation
CY2012 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
CY2012 dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
No
CY2012 dei Trading Symbol
TradingSymbol
VOXX

Files In Submission

Name View Source Status
0000807707-12-000013-index-headers.html Edgar Link pending
0000807707-12-000013-index.html Edgar Link pending
0000807707-12-000013.txt Edgar Link pending
0000807707-12-000013-xbrl.zip Edgar Link pending
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Financial_Report.xls Edgar Link pending
performancegraph.jpg Edgar Link pending
R1.htm Edgar Link pending
R10.htm Edgar Link pending
R11.htm Edgar Link pending
R12.htm Edgar Link pending
R13.htm Edgar Link pending
R14.htm Edgar Link pending
R15.htm Edgar Link pending
R16.htm Edgar Link pending
R17.htm Edgar Link pending
R18.htm Edgar Link pending
R19.htm Edgar Link pending
R2.htm Edgar Link pending
R20.htm Edgar Link pending
R21.htm Edgar Link pending
R22.htm Edgar Link pending
R3.htm Edgar Link pending
R4.htm Edgar Link pending
R5.htm Edgar Link pending
R6.htm Edgar Link pending
R7.htm Edgar Link pending
R8.htm Edgar Link pending
R9.htm Edgar Link pending
report.css Edgar Link pending
Show.js Edgar Link pending
voxx-20120229.xml Edgar Link completed
voxx-20120229.xsd Edgar Link pending
voxx-20120229_cal.xml Edgar Link unprocessable
voxx-20120229_def.xml Edgar Link unprocessable
voxx-20120229_lab.xml Edgar Link unprocessable
voxx-20120229_pre.xml Edgar Link unprocessable
voxx-2292012ex102securitya.htm Edgar Link pending
voxx-2292012ex21.htm Edgar Link pending
voxx-2292012ex21spa.htm Edgar Link pending
voxx-2292012ex23.htm Edgar Link pending
voxx-2292012ex311.htm Edgar Link pending
voxx-2292012ex312.htm Edgar Link pending
voxx-2292012ex321.htm Edgar Link pending
voxx-2292012ex322.htm Edgar Link pending
voxx-2292012ex991.htm Edgar Link pending
voxx-2292012ex992.htm Edgar Link pending
voxx-229x2012ex103pledgeag.htm Edgar Link pending
voxx229201210k.htm Edgar Link pending
voxx2292012ex101creditagre.htm Edgar Link pending