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Successful Acquisition Strategy Positioned for Financial Growth Shift to High Margin Products
NASDAQ:VOXX
A/V Connectivity
Rear Seat Entertainment Satellite Radio Products (#1 aftermarket supplier) Automotive Security and Remote Start Systems Mobile Multimedia Auto Sound OE Radios Car Link Smart phone telematics application Collision Avoidance Systems
We were primarily a mobile electronics after market company with several commoditized CE-product lines
Growth Plan: Move into the higher margin Accessory category Increase OEM penetration with expanded programs Enter the high-end Audio and Custom Installation market Expand International presence Attain $1 billion in higher-margin sales
Added exclusive high-end antenna product line and well recognized Accessories brand
Added exclusive licensing rights to Energizer in N.A. and select international markets
Today we are a dominant supplier in CE Accessories FY12 sales projected to be approximately $240 million
Acquired U.K.-based OEM supplier, specializing in rear-seat electronics systems. Added a new, international OEM component with BMW and Toyota as initial customers. Gained new accounts with Porsche for Panamera and Cayenne models, and with VW and Bentley. Enhanced product development and engineering capabilities to service European car market.
Acquired established manufacturer of rear-seat entertainment systems to OEMs, ports and car dealers.
New OEM programs with Ford Motor Company for the Expedition/Navigator and Explorer models, and BMW.
Added U.S. manufacturing facility to complement existing product development initiatives out of Detroit. Transaction doubled OEM sales in FY11 with upside in future years
Combined with our existing premium European brands, Klipsch makes us the #1 high-end loudspeaker company in the world
& Asia
Sound Technology
Small Form Factor Alternative Applications
Value Proposition
Financial Review
Positioned for Growth and Profitability
$603.1
$550.7
$561.7
We retooled our product mix focusing on margin enhancements, cost reductions and long-term brand positioning
25%
20%
15.9% 17.4% 11.3% 18.8% 16.6% 19.4%
25.0% 22.1%
15% 10% 5% 0% 2004 2004 2006 2007 2008 2009 2010 2011 2012(E)
7.8%
Mobile
FY10
Consumer
FY11 $561.7 22.1% $114.9 $9.0 $0.33 $17.0 FY12(E) $730.0 25.0% (+) $156.0 $31.0 $0.73 $42.0
Consolidated net sales Gross profit margins Operating expenses Operating income Normalized EPS EBITDA
Net Sales Gross Profit Gross Profit Margin (%) Operating Expenses
20.8%
$28.6
26.4%
$39.7
$(1.5) $2.0
$0.5 $(0.6) $1.1
$4.0 $0.1
$4.1 $1.6 $2.5
Net Income Per Share $0.05 $0.11 --------------------------------------------------------EBITDA $3.1 $8.1 Adjusted EBITDA $3.5 $9.7
Top line meets projections; bottom-line exceeds forecast Company reiterates FY12 guidance