VOXX International Corp (NASDAQ:VOXX) reported a Q2 loss of $0.24 per share, versus a year-ago loss of $0.85 per share. Its net sales slipped to $90.2 million from $108.9 million.
The gross margin in the Company's Fiscal 2020 second quarter was 26.3%, representing a 220-basis point decline, as compared to the Fiscal 2019 second quarter.
Total operating expenses in the Fiscal 2020 second quarter were $31.5 million, as compared to $42.5 million in the comparable year-ago period, a decline of $11.0 million or 25.9%.
CEO Pat Lavelle stated, "We are continuing to realign our operations to put VOXX in a position where more sustainable profitability will be achieved. While we do have some near-term headwinds with respect to the Automotive market, especially given the timing of new vehicle launches, we are very optimistic about our position as we've been awarded new OEM, rear-seat entertainment programs which will create incremental business beginning in late Fiscal 2021 and significant volume in the years that follow.
"Premium audio products continue to be well-received and we have expanded distribution."
The Company reported an operating loss of $7.7 million in the Fiscal 2020 second quarter, as compared to an operating loss of $11.5 million in the comparable year-ago period.
During the Fiscal 2020 second quarter, the Company recorded a $0.8 million investment gain related to the prior year sale of its investment of RxNetworks in Fiscal 2018.
Shares opened Friday down six cents, or 1.3%, to $4.41
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