Audiovox 1Q Profit Rises
10.07.2007 21:01
Computers
- Source: Forbes
Consumer electronics company Audiovox Corp. said Tuesday its first-quarter profit rose 47 percent due to a big pretax gain that boosted income from discontinued operations. For the quarter ended May 31, net income rose to $2.2 million, or 10 cents per share, from $1.5 million, or 7 cents per share in the prior-year quarter. Income from continuing operations fell to $121,000, or 1 cent per share, from $1.8 million, or 8 cents per share a year earlier. The company said its continuing operations profit fell because of costs associated with acquisitions in the quarter. The settlement of a derivative action resulted in pretax income of $3.3 million income from discontinued operations, and pushed net income higher. Revenue climbed 15 percent to $128.3 million from $111.3 million a year earlier. Accessory sales rose to $33.3 million from $3.9 million in the previous year. The company said the rise was mainly due to sales generated from the recently acquired Thomson and Oehlbach businesses. Audiovox (nasdaq: VOXX - news - people ) completed its acquisition of Thomson's Americas consumer electronics accessory business in January and purchased the European-based Oehlbach Kabel GmbH in March. Electronic sales fell nearly 12 percent as fewer consumers bought LCD TVs and portable DVDs, the company said. Audiovox shares rose 35 cents, or 2.8 percent, to $12.85 in after-hours trading. During regular trading hours, the shares fell 32 cents, or 2.5 percent, to close at $12.50. ______ Questions or comments about this story should be directed to the Financial News desk of The Associated Press at 212-621-7190. Copyright 2007 Associated Press. All rights reserved. This material may not be published broadcast, rewritten, or redistributed
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