Wednesday, October 11, 2006

Audiovox Slips on Bad Quarter

October 11, 2006

Audiovox shares slipped today as the electronics company posted sales below expectations. In an article about the subject New Business cited poor satellite radio sales as a contributing factor. In the article New York businees listed both sirius and XM, however, Audiovox has not been a Sirius partner for some time. the last of the Sirius products Audiovox sold wewre cleared out in Q3 last year, and early in Q4. Audiovox does manufacture the XM Express, which was hampered by FM modulator issues during the quarter in question.

Article Excerpt:

"Shares of Audiovox Corp. tumbled on Wednesday, a day after the consumer electronics firm reported a worse-than-expected quarterly loss, largely due to a sharp sales decline in mobile radios. The Hauppauge, L.I.-based firm's loss from continuing operations narrowed to $1.6 million, or 7 cents a share, in the second-quarter ended Aug. 31, compared with a loss of $3.6 million, or 16 cents a share, in the year earlier period. Sales fell 21% to $97.4 million....."

Interested SSG readers can catch the entire article HERE