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

Oct 11, 2019 • 10:00 am ET

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

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Presentation
Operator
Operator

Ladies and gentlemen, thank you for standing by and welcome to the VOXX International 2020 Second Quarter Results Conference Call. [Operator Instructions] I would now like to hand the conference to your speaker today, Glenn Wiener, Investor Relations. Please go ahead, sir.

Executive
Glenn Wiener

Good morning, and welcome to VOXX International's Fiscal 2020 Second Quarter Results Conference Call. I trust everyone had a chance to review our press release, which was issued yesterday after market close, along with our Form 10-Q, which was filed with the SEC. Both documents, as well as our updated investor presentation can be found in the Investor Relations section of our website. Today's call is being webcast live on our website and can be found in the Events and Presentations section. A replay will be available approximately one hour after the completion of today's call for those who are unable to join.

Speaking from management today will be Pat Lavelle, President and Chief Executive Officer; and Michael Stoehr, Senior Vice President and Chief Financial Officer; John Shalam Chairman and Founder of VOXX, is also with us, and all executives will be available for commentary during the Q&A portion of our call following management's remarks.

VOXX has undergone a significant realignment of its business over the past several quarters, which will continue in fiscal 2020; progress has been made and as Pat will note, the Company is on track of profitability in the second half of the year. As we move closer to our third quarter results announcement and in calendar year 2020, we intend to get more active in telling our story to prospective investors and analysts as we believe there are compelling opportunities to further unlock shareholder value, especially with some of the long-term developments Pat will address.

I'd 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 I would like to point you to the risk factors associated with our business, which are detailed in our Form 10-K for the period ended February 28, 2019.

I'd like to thank you all for your continued interest in VOXX, and at this time, I'd like to turn the call over to Pat Lavelle.

Executive
Patrick M. Lavelle

Good morning, everyone, and thank you, Glenn. As we addressed on our fiscal '19 year-end call, we are proactively taking steps to improve our infrastructure, stabilize our business, lower fixed costs and return VOXX to profitability. We've made a lot of progress to-date and there is more that will be done throughout fiscal 2020 to ensure we are positioned to achieve our goals in the years to come and in turn enhance value for our shareholders.

Near term, there are two factors that are leading to lower volumes for both our OEM and aftermarket products; one, lower car sales that we've seen this year with global car sales down approximately 3% through July