VOXX International Corp (NASDAQ:VOXX) Q4 2019 Earnings Conference Call Transcript

May 15, 2019 • 10:00 am ET


VOXX International Corp (NASDAQ:VOXX) Q4 2019 Earnings Conference Call Transcript


Loading Event

Loading Transcript


Good day, ladies and gentlemen, and welcome to VOXX International Fiscal 2019 Year-End Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answers session and instructions will be given at that time. (Operator Instructions) As a reminder, this conference is being recorded.

I'd now like to turn the conference over to Glenn Wiener, Investor Relations. You may begin.

Glenn Wiener

Thank you, Tiffany. Good morning, and welcome to VOXX International's fiscal 2019 fourth quarter and year-End results conference call. Our call today is being webcast live on our website www.voxxintl.com, and a replay is available for those who are unable to make today's call. Speaking for management this morning will be Pat Lavelle, President and Chief Executive Officer; and Michael Stoehr, Senior Vice President and our Chief Financial Officer. Following their remarks, we will have a Q&A session for those investors wishing to ask any questions. John Shalam, Chairman of the Board, is also with us today and will be available during the Q&A portion of our call as well.

I would like to remind everyone that except for historical information contained herein, statements made on today's call and webcast that would constitute forward-looking statements are based on currently available information. The company assumes no responsibility to update any such forward-looking statements. And risk factors associated with our business are detailed in our Form 10-K for the period ended February 28, 2019. Additionally, I'd like to reference today that we launched an enhanced website with more functionality and several new lifestyle inventory photos. I'd encourage all of you to take a look at that when you have time, and as always we appreciate feedback.

At this time, I'd like to turn the call over to our President and CEO, Pat Lavelle. Pat?

Patrick Lavelle

Good morning, and thank you Glenn. As you saw from our preannouncement on April 2019 and our results issued yesterday, we've got a lot going on. For the past six months, we have made substantial changes, combining our business groups, streamlining operations, rationalizing our product portfolio and restructuring to ensure we're better positioned to meet market demand and reach optimum operating efficiencies, resulting in significant future savings. Our year-end result announcements highlights the actions we have taken, and what I'd like to do today is provide you with more color around how we intend to operate moving forward with a focus on improving profitability and shareholder returns.

Our performance over the past several years has been inconsistent. Positively marked by the improvement in our Premium Audio business, success of new products and the entrance into new technologies. But also negatively impacted by changes at retail, disruptive technologies and delays in the launch of new projects by some of our OEM partners. We remain focused on adjusting the business to respond quickly to consumer preferences and market fluctuations, which is critical to our future. We've had a lot of new developments that have yet to positively impact our P&L, but we believe will come