VOXX International Corp (NASDAQ:VOXX) Q3 2015 Earnings Conference Call - Final Transcript

Jan 09, 2015 • 10:00 am ET

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VOXX International Corp (NASDAQ:VOXX) Q3 2015 Earnings Conference Call - Final Transcript

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Operator
operator

Good day ladies and gentlemen. Welcome to the VOXX International conference call. At this time, all participants are in a listen-only mode. Later, we will conduct a question and answer session, and instructions will be given at that time. If anyone should require operator assistance, please press star then zero on your touchtone telephone. As a reminder, this conference call is being recorded. I would now like to introduce your host for today's conference, Mr. Glenn Wiener. Please go ahead, sir.

Executive
Unidentified Speaker

Thank you, Ashley, and good morning everyone. I'd like to start by wishing you all a happy new year. Welcome to Voxx International's fiscal 2015 third quarter and nine months results conference call. Today's call is being webcast from our website, www.voxxintl.com. It can be accessed on the Investor Relations section of this site. We also have a replay available for those who are unable to join us this morning, which should be up within the next hour.

We filed our Form 10-Q and issued our press release yesterday after the market closed, and both documents can be found on our website, again in the Investor Relations section under SEC filings and News Releases, respectively. This morning, we also issued a press announcement regarding our presentation at the Needham conference next week, and we have several events scheduled throughout the course of the year. Before turning the call over to Pat, (forward-looking statements). At this time, I'd like to turn the call over to our President and CEO, Pat Lavelle. Pat?

Executive
Patrick Lavelle

Okay, thank you, Glenn. Good morning everyone. As you may know, today is the last day of the consumer electronics show in Las Vegas and we had very positive response to the products we debuted this year and the ones that we will be introducing shortly. These products, as well as programs under development, have us optimistic with our potential over the coming year. Yesterday, we reported our fiscal third quarter results. While sales came in lower than expected, our gross margins increased as anticipated and we continued to manage our costs, resulting in operating profit that was slightly ahead of last year's third quarter.

As many of you have probably seen from holiday reports, industry sales were better this year, and I think better than some retailers had planned, and this bodes well in our outlook for next year as the economy and the consumer spending appear to be moving in the right direction. However, in years past we've seen a very tepid retail environment, and as a result took a cautious approach in our buying programs, which will curtail some fourth quarter sales.

I'll begin today with a brief recap of our results and then discuss our outlook for the remainder of the year, as well as some of the new products and programs we have on tap. As I indicated on our second quarter call, sales will be down from last year due to weakness that we had seen in pre-holiday consumer spending, delays in product