VOXX International Corp (NASDAQ:VOXX) Q2 2020 Earnings Conference Call - Final Transcript

Oct 11, 2019 • 10:00 am ET

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VOXX International Corp (NASDAQ:VOXX) Q2 2020 Earnings Conference Call - Final Transcript

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Q & A
Operator
Operator

[Operator Instructions] And our first question comes from Thomas Kahn with Kahn Brothers. Your line is now open.

Analyst
Thomas Graham Kahn

Yeah, good morning. I think you are making progress, and this is good. How many shares did you buyback in the last quarter?

Executive
C. Michael Stoehr

202,000, Tom.

Analyst
Thomas Graham Kahn

Okay. And you're going to continue to buy back?

Executive
Patrick M. Lavelle

Yes, yes. That's the game plan.

Analyst
Thomas Graham Kahn

Okay. I would recommend that you, gentlemen, listen to the quarterly call, John and Pat and you folks that you've had for the past three or four years because they all have this optimistic spend to them. I think what we have to do now is sort of tamper in some way the quarterly calls on the optimistic spend and just try to stick to reality and to the facts. So I'm saying, John, listen to the last four or five years and Pat and Mike and tell me if I'm wrong. Do I hear something that you folks don't hear and you cry wolf so many times people don't believe you. So what we need is, listen to the calls, making a recommendation, I've only been in the investment business for 40 years so, I'm a new player here, don't have optimistic spin and positive projections. I think it's better off if you back off with that approach. Thank you.

Executive
Patrick M. Lavelle

Thank you, Tom. The one thing that -- I hear what you're saying, but I think it's imperative that we advise the shareholders that, as I just did that during the second quarter, we were awarded a major program. This is a production program for one of the big three car manufacturers that will start in 2021 on 2022 vehicles. We believe that this particular contract not only will lead to others because of the new technology that we're bringing to market that will showcase at CES this year, but this is a production program. So this is based on the number of vehicles that they sell and we expect that business is going to be in the range of $275 million. The other thing --

Analyst
Thomas Graham Kahn

Pat, this is all excellent and it's all very good, but I stand by what I said with respect to the last four or five years and the quarterly calls and what have been said, I think it would be informative and I stand by what I said to try to back off -- let the good news come as surprises, if you will, that's -- I guess, that's the way I would put. I think we're better off in that way, I also commend you on share repurchases, that's the smartest way to build shareholder value with our stock where it is, and John, I would encourage you to do more of it, don't be different. Thank you.

Executive
Patrick M. Lavelle

Thank you, Tom.

Executive
C. Michael Stoehr

Thank you, Tom.

Operator
Operator

Thank you. And our next question comes from Sheldon Grodsky with Grodsky Associates. Your line is now open.

Analyst
Sheldon Grodsky

Thank you. How many shares were granted to the Chief Executive?

Executive
C. Michael Stoehr

There were