VOXX 国际公司 (VOXX) 首席执行官 Patrick Lavelle 在 2020年 第一季度业绩 - 收益电话会议记录

[机器翻译] 电话会议 · 2019年07月12日 · 23 次阅读

VOXX International Corporation (NASDAQ:VOXX) Q1 2020 Earnings Conference Call July 11, 2019 10:00 AM ET

VOXX国际公司(纳斯达克股票代码:[VOXX])2020年第一季度收益电话会议2019年7月11日美国东部时间上午10:00

公司参与者

Glenn Wiener - IR
Patrick M. Lavelle - President and CEO
C. Michael Stoehr - SVP and CFO
John Shalam - Chairman

  • 格伦维纳 - 红外线
  • Patrick M. Lavelle - 总裁兼首席执行官
  • C. Michael Stoehr - 高级副总裁兼首席财务官
  • 约翰沙拉姆 - 主席

电话会议参与者

Eric Landry - BML Capital Management
Thomas Kahn - Kahn Brothers
Brad Leonard - BML Capital Management

  • Eric Landry - BML资本管理
  • 托马斯卡恩 - 卡恩兄弟
  • 布拉德伦纳德 - BML资本管理

会议主持员

Good day ladies and gentlemen and welcome to the VOXX International's First Quarter Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session and instructions will be given at that time. [Operator Instructions]. As a reminder today's conference is being recorded. I would now like to turn the call over to, Glenn Wiener, Investor Relations. Sir, you may begin.

美好的一天女士们,先生们,欢迎参加VOXX国际第一季电话会议。 此时,所有参与者都处于只听模式。 之后,我们将进行问答环节,届时将给出指示。 [操作员说明]。 作为提醒,今天的会议正在录制中。 我现在想把这个电话转给Glenn Wiener,投资者关系部。 先生,你可以开始吧。

格伦维纳

Thank you, Victor and good morning. Welcome to VOXX International's fiscal 2020 first quarter results conference call. Our call today is being webcast live on our website, www.voxxintl.com, and a replay is available for those who are unable to make today's call.
Speaking from management will be Pat Lavelle, President and Chief Executive Officer; and Michael Stoehr, Senior Vice President and Chief Financial Officer. Following their remarks, we'll have the Q&A session for those investors wishing to ask any questions. Additionally John Shalam, Chairman of the Board is also with us today and will be available during the Q&A.
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 risk factors associated with our business are detailed in our Form 10-K for the period ended February 28, 2019.
I would like to thank you all for your interest in VOXX and at this time I would like to turn the call over to Pat Lavelle.

谢谢你,维克多,早上好。欢迎参加VOXX International 2020财年第一季度业绩电话会议。我们今天的电话会议正在我们的网站www.voxxintl.com上进行网络直播,并且可以为那些无法拨打今天电话的人提供重播服务。

管理层发言人是总裁兼首席执行官Pat Lavelle;和Michael Stoehr,高级副总裁兼首席财务官。在发言之后,我们将为那些希望提出任何问题的投资者提供问答环节。此外,董事会主席John Shalam今天也与我们在一起,并将在问答期间提供。

我想提醒大家的是,除了此处包含的历史信息之外,今天的电话会议和网络广播中的陈述将构成前瞻性陈述,这些陈述是基于当前可用的信息。公司不承担更新任何此类前瞻性陈述的责任。与我们业务相关的风险因素详见我们的表格10-K,截止日期为2019年2月28日。

我想感谢大家对VOXX的兴趣,此时我想把这个电话转给Pat Lavelle。

Patrick M. Lavelle

Good morning and thank you Glenn. It has been roughly two months since we reported our year-end results and outlined our plan to return VOXX to profitability. As we have seen from our last two divestitures there is significant value in our assets. Frankly more value in our cash and real estate assets than what our current share price yields which is what is driving the aggressive actions underway to increase shareholder value. Improving cash flow and adjusted EBITDA are our key priorities as we move to recapture the value in our business assets so this too becomes reflected in our share price.
As I said on our year-end call it will take a few quarters to align our cost structure and exit non-core products and product categories as well as to generate some of the synergies resulting from our restructuring. I am confident that as we move further into the fiscal year we will be in a stronger position operationally unfortunately with one caveat and that is the automotive market. Economic indicators point to a lower car sales this year which will affect our OEM business given the lower volume of vehicle launches compared to our original fiscal 2020 expectations.
In the first half of the year major automakers saw U.S. new product sales drop six straight months of weaker sales compared with the same period in 2018 and the trend is expected to continue throughout 2019. It is not a catastrophic drop but with rising car prices, the pace of sales, and current inventory it could continue to lead to not just lower volume but a delay in certain vehicle launches. Our Q1 results reflect this as OEM sales were down 8.1 million year-over-year, two vehicle launches were delayed by customers, the lower sales at one of our major OEM customers left them with higher inventory and reduced their purchases from us. And finally another OE dropped entry products from their line though this last piece was accounted for in our budgeting process.
After market sales were also affected by lower vehicle sales and were down 1.9 million or just over 11%. Although satellite radio which continues to move to the OE side accounted for more than half of that decline. For VOXX the decline in the auto market will certainly impact this fiscal year but long-term this is not a major concern as our position with our OEM customers remain strong. We are adding new vehicles for our EVO rear-seat entertainment systems and are in discussions with new OEM partners which if they materialize would positively impact our business in the years ahead. Our refab [ph] technology is also making a steady progress and should positively impact next year's segment sales. Additionally the good news from what we are seeing overall is that U.S. buyers are gravitating towards SUV and pickup trucks this year which is more heavily weighted to our current business model.
On consumer electronics segment which consists of our former premium audio segment and the consumer accessories segment less EyeLock they performed well in the first quarter. Net sales were up 2.7 million year-over-year in Q1 with premium audio product sales up 4.3 million or over 13%. We saw a significant increase in the sale of premium home separate speakers, mobility products, and our premium commercial speakers. The commercial business should be a source of growth this year as we have expanded distribution and see higher volume for our Margaritaville resort projects.

早上好,谢谢格伦。自我们报告年终业绩以来已经过去约两个月,并概述了我们将VOXX恢复盈利的计划。正如我们从过去的两次剥离中看到的那样,我们的资产具有重大价值。坦率地说,我们的现金和房地产资产的价值高于我们目前的股价收益率,这正是推动正在进行的增加股东价值的积极行动。改善现金流量和调整后的EBITDA是我们的主要优先事项,因为我们正在重新夺回业务资产的价值,因此这也反映在我们的股价中。

正如我在年终电话会议上所说,将需要几个季度来调整我们的成本结构,退出非核心产品和产品类别,以及产生我们重组带来的一些协同效应。我相信,随着我们进一步进入财政年度,我们将在运营方面处于更有利的地位,但有一点需要注意,那就是汽车市场。经济指标显示今年汽车销量下降将影响我们的OEM业务,因为与原先的2020财年预期相比,汽车发布量较低。

今年上半年,主要汽车制造商看到美国新产品销量连续六个月下降,与2018年同期相比销售疲软,预计这一趋势将持续到整个2019年。这不是灾难性的下降,而是随着汽车价格的上涨,销售的速度和当前的库存可能继续导致不仅仅是降低销量,而是导致某些车辆推出延迟。我们的第一季度业绩反映了这一点,因为OEM销售额同比下降810万,两个车辆推出被客户推迟,我们的一个主要OEM客户的销售额下降使他们的库存增加并减少了我们的采购量。最后,另一个OE从他们的产品线中删除了入门产品,尽管最后一件产品在我们的预算流程中得到了解决。

市场销售也受到汽车销量下降的影响,下降了190万或略高于11%。虽然继续向OE方面移动的卫星广播占该下降的一半以上。对于VOXX而言,汽车市场的下滑肯定会对本财年产生影响,但长期来看这并不是一个主要问题,因为我们对OEM客户的地位依然强劲。我们正在为我们的EVO后座娱乐系统添加新车,并正在与新的OEM合作伙伴进行讨论,如果这些合作伙伴实现,将在未来几年对我们的业务产生积极影响。我们的refab [ph]技术也在稳步发展,并将对明年的细分市场销售产生积极影响。此外,我们所看到的总体好消息是,今年美国买家倾向于使用SUV和皮卡,这对我们目前的商业模式来说更为重要。

在消费电子领域,包括我们以前的优质音响领域和消费配件领域,而不是EyeLock,他们在第一季度表现良好。第一季度净销售额同比增长270万,高端音响产品销售额增长430万或超过13%。我们看到优质家用独立扬声器,移动产品和高级商用扬声器的销售大幅增加。今年商业业务应成为增长的源泉,因为我们已扩大分销,并看到我们的Margaritaville度假村项目的销量增加。

Additionally a few weeks ago we announced a distribution partnership with SnapAV becoming their exclusive national custom installation distribution partner for speakers in the United States. Klipsch will join SnapAV's own brand of episode speakers in their portfolio and will be available for purchase in August which will start contributing to our performance in the end of Q2 and over the first year, 12 months should generate an additional 10 million in new revenue with growth projected thereafter. We ran a successful pilot with the DISH and last month just launched on their OnTech Smart Home Services, a new direct to consumer smart home solutions brand where OnTech will provide consumers with professional installation, set up, and education for the latest smart home devices and entertainment systems. This new business places Klipsch as one of two audio brands on all DISH OnTech trucks providing sound bars and multi-room audio along with a good, better, best passive speaker offering. Our Klipsch 1 GBA will be going into all trucks beginning in November and will begin contributing to our Q4 results.
Another positive development announced last week is Klipsch will begin selling a limited assortment of its headphones, tabletop speakers, and sound bars online and to select retailers in China. We will offer these products on tmall.com, the world's second largest e-commerce site affective immediately with plans to expand online distribution and to select retailers websites in the fall. We will be selling online initially, managing inventory accordingly, and building marketing campaigns to expand Klipsch's premium brand equity in one of the world's fastest growing economies.
Staying within the consumer electronics segment other CE product sales were down -- but keep in mind we had a lot of discontinued products and deemphasized several product categories. Many of the categories we are focusing on grew in Q1 year-over-year helping to offset lower sales as a result of reduced SKUs. Additionally total Germany sales were down 1.6 million for the comparable Q1 periods so our domestic business was essentially flat which is a positive given the declines in recent years.
Just a few things to highlight, the total audio sales increased by close to 5 million as we added cost of Canada as a distribution partner for our acoustic research outdoor speakers. We also saw an increase in sales of karaoke products under same station brand due to expanded offerings and higher sales via Amazon. Sales of a hookup, reception, and remotes were down approximately 300,000 where much of the SKU rationalization took place in the hookup category. Reception which is an area we remain focused on giving our strong technology, our brands, and our customer base grew close to 15% year-over-year as some of our new products exceeded expectations particularly at Wal-Mart. General accessories which consist of just about everything else less our wearable category was where we had to decline domestically and that is in line with our strategy. And that strategy is to focus on higher margin, longer lifecycle, and more sustainable product categories.

此外,几周前,我们宣布与SnapAV建立分销合作伙伴关系,成为他们在美国发言人的独家全国定制安装分销合作伙伴。 Klipsch将在其投资组合中加入SnapAV自有品牌的剧集演讲者,并将于8月份开始购买,这将在第二季度开始为我们的业绩做出贡献,在第一年,12个月将产生额外的1000万新收入此后预计增长。我们与DISH一起成功试飞,上个月刚推出OnTech智能家居服务,这是一个新的直接面向消费者的智能家居解决方案品牌,OnTech将为消费者提供最新智能家居设备的专业安装,设置和培训。娱乐系统。这项新业务将Klipsch作为所有DISH OnTech卡车上的两个音响品牌之一,提供条形音箱和多房间音频以及优质,更好,最佳的无源扬声器产品。我们的Klipsch 1 GBA将从11月开始进入所有卡车,并将开始为我们的Q4结果做出贡献。

上周宣布的另一项积极发展是Klipsch将开始在线销售有限的耳机,桌面扬声器和条形音箱以及在中国选择零售商。我们将立即在世界第二大电子商务网站tmall.com上提供这些产品,并计划在秋季扩大在线分销和选择零售商网站。我们将在线销售,相应地管理库存,并建立营销活动,以扩大Klipsch在全球增长最快的经济体之一的优质品牌资产。

留在消费电子领域的其他CE产品销售下降 - 但请记住,我们有很多已停产的产品,并且强调了几个产品类别。我们关注的许多类别在第一季度同比增长,有助于抵消由于SKU减少导致的销售额下降。此外,在可比较的第一季度,德国的总销售额下降了160万,因此我们的国内业务基本持平,这是近年来的下降。

仅举几个要点,我们增加了加拿大作为我们的声学研究室外扬声器的分销合作伙伴的成本,总音频销售额增加了近500万。由于扩大产品和亚马逊销售额增加,我们也看到同一车站品牌的卡拉OK产品销量增加。连接,接收和遥控器的销售量下降了大约300,000,其中大部分SKU合理化发生在连接类别中。接待处是我们一直专注于提供强大技术,我们的品牌和客户群的区域,同比增长接近15%,因为我们的一些新产品超出了预期,特别是在沃尔玛。除了我们的可穿戴类别之外的所有其他东西都包括的通用配件是我们不得不在国内下降的地方,这符合我们的策略。该战略的重点是更高的利润率,更长的生命周期和更可持续的产品类别。

And lastly healthcare and the wearable category. VOXX serves as the distribution partner in support of the United Healthcare's motion program handling the distribution and logistical support for wearable devices for Apple, Fitbit, Samsung, Garmin and Stride. During Q1 we saw a 1.2 million sales increase year-over-year as more members were added to the motion program and we added Apple products which was not part of the prior year's results. This program and our position overall in the verbal categories is expected to drive nice growth for VOXX in the coming fiscal year and the years that follow.
Within the biometric segment, essentially we had no revenue for the quarter as we had orders for both EXTC and NXT products but did not have the inventory to ship in Q1. NXTs were being modified and upgraded and the EXTs were just about to be launched. Both situations have since been remedied and we began shipping both solutions to customers in the healthcare, financial services, and education verticals in June. As we noted on our last call we also had orders for the ViaTouch AI vending machine but ViaTouch manufacturing delays had stunted shipments that too has been rectified and we shipped our first 250,000 units for this year in June with more to follow throughout the year based on projected pilots, launches, and marketing activities of ViaTouch.
We're also making progress on the healthcare side though we're still not in a position to provide specific details as we are currently in contractual negotiations. We believe that by next quarter we will be in a position to begin talking about the program and anticipated contributions. On the physical security side our focus over the next two to three quarters will be in healthcare, financial services, and education as this is where the greatest volume of near-term opportunities exist. On the embedded side our focus will be in healthcare and with various security applications. There is also a new development on the automotive side that we are working on and this is a new application incorporating EyeLock's embedded solution in vehicle. But this is in the early stage of development similar to other pilot and prototype projects we are engaged on but this one we should be demonstrating samples and things at this year's coming CES show.
EyeLock should start generating more revenue in the coming quarters and losses are anticipated to decline throughout the year as we are now truly moving from R&D to commercialization. And just a few more comments before I turn the call over to Mike, in our earnings release yesterday we announced new employment agreements for Michael Stoehr, Loriann Shelton, our COO and for myself. We had an independent compensation benefits advisory firm working with us to determine best practices and to further align key executives with shareholders. In all agreements you'll see that bonuses will now be paid on adjusted EBITDA whereas our past bonuses were based on pretax net income. This was done to align further compensation with more of a true operating figure and there are different calculations for each of us based on meeting minimum adjusted EBITDA thresholds.

最后是医疗保健和可穿戴类别。 VOXX作为分销合作伙伴,支持United Healthcare的运动计划,为Apple,Fitbit,Samsung,Garmin和Stride提供可穿戴设备的分销和后勤支持。在第一季度,随着越来越多的成员被添加到运动计划中,我们看到销售额同比增加了120万,并且我们添加了苹果产品,这些产品不属于去年的业绩。这个计划以及我们在口头类别中的总体地位预计将在下一财年和随后几年推动VOXX的良好增长。

在生物识别领域,基本上我们本季度没有收入,因为我们订购了EXTC和NXT产品,但没有库存在第一季度发货。 NXT正在进行修改和升级,EXT即将推出。这两种情况都得到了补救,我们在6月开始向医疗保健,金融服务和教育垂直市场的客户提供这两种解决方案。正如我们在上次电话会议上所说,我们也收到了ViaTouch AI自动售货机的订单,但是ViaTouch的制造延迟已经使得已经纠正的货物发生故障,我们今年6月份首次发货了25万台,全年都有更多的货预计ViaTouch的试点,发布和营销活动。

我们也在医疗保健方面取得了进展,尽管我们仍无法提供具体细节,因为我们目前正在进行合同谈判。我们相信,到下个季度,我们将能够开始讨论该计划和预期的贡献。在物理安全方面,我们对未来两到三个季度的关注将集中在医疗保健,金融服务和教育领域,因为这是近期机会最多的地方。在嵌入式方面,我们的重点将放在医疗保健和各种安全应用上。我们正在研究汽车方面的新发展,这是一个将EyeLock的嵌入式解决方案整合到车辆中的新应用。但是,这还处于开发的早期阶段,类似于我们正在进行的其他试点和原型项目,但我们应该在今年即将到来的CES展会上展示样品和事物。

EyeLock应该会在未来几个季度开始产生更多的收入,并且预计全年的亏损将会下降,因为我们现在正在从研发转向商业化。在我将电话交给迈克之前,还有一些评论,在我们昨天发布的财报中,我们宣布了Michael Stoehr,Loriann Shelton,我们的首席运营官和我自己的新就业协议。我们有一家独立的薪酬福利咨询公司与我们合作,以确定最佳实践,并进一步使主要高管与股东保持一致。在所有协议中,您将看到奖金现在将通过调整后的EBITDA支付,而我们过去的奖金则基于税前净收入。这样做是为了使进一步的补偿与更多的真实操作数字保持一致,并且基于满足最小调整后的EBITDA阈值,我们每个人都有不同的计算方法。

Additionally my stock compensation will increase as part of the new agreement with terms and conditions set forth in the agreement and based on our stock price exceeding $5 per share during the five year employment term. The goal is to further align my interests with shareholders which this new agreement accomplishes. And as a reminder John Shalam has agreed to forego his annual bonus and remains the largest shareholder at VOXX.
As a follow up to the share repurchase program I just wanted to point out that we were precluded from purchasing stock after the program was announced and intend to execute on this program once the window opens as we believe our stock at present value represents a strong investment for the company. Subject to the completion of a financing contingency we remain on track to close our previously announced sale of our German accessories business on and around August 31st which will further strengthen our cash position and balance sheet. The transaction is expected to generate approximately 19 million in gross proceeds with the final purchase price subject to further net cash and working capital requirements. At the same time we expect to remove approximately 30 million in revenue and a little over 3 million in adjusted EBITDA on an annual basis once the transaction is complete.
Additionally the potential to generate 2.4 million euro exists if there is an option agreement granting [indiscernible] company the right to purchase the real estate property [indiscernible] which we expect that this will close just pending the resolution of an environmental study and this is going to be a subsequent event to the transaction.
In May we signed a non-binding LOI to sell our real estate in Pulheim, Germany with anticipated gross proceeds of 12 million. This past Monday the parties entered into a formal purchase and transfer agreement for the sale of the Pulheim property which is expected to close in the fall. We are continuing to look at acquisitions, our current focus is on strengthening our consumer and automotive electronics segments and there are a number of companies that we have identified and we have been in discussions with. Nothing is imminent but our strategy while divesting is to replace sales EBITDA and cash flow and find the companies that may enable us to leverage our infrastructure and generate even more synergies and profitability.
And lastly the Board is continuing to evaluate the benefits and timing of a exploring dividend. We believe the share repurchase program and dividend represent good uses of capital and we would like to get through the next few quarters and see how our business performs and what other corporate events may come about but I want you to know this is part of our strategy. I'm going to turn the call over to Mike now to review some of the quarterly numbers in our balance sheet and then we'll come back for the questions.

此外,我的股票报酬将作为新协议的一部分而增加,协议中规定的条款和条件以及我们在五年就业期间的股票价格超过每股5美元。我们的目标是进一步使我的利益与这份新协议所达成的股东保持一致。作为提醒,John Shalam同意放弃他的年度奖金,并仍然是VOXX的最大股东。

作为股票回购计划的后续行动,我只想指出,在该计划宣布后我们无法购买股票,并且一旦窗口打开就打算执行该计划,因为我们认为我们的股票价值代表了强大的投资对于公司。在完成融资或有事项后,我们将继续按计划在8月31日及之前完成我们之前宣布的德国配件业务的销售,这将进一步巩固我们的现金状况和资产负债表。该交易预计将产生约1900万美元的总收益,最终购买价格需要进一步的净现金和营运资本要求。与此同时,一旦交易完成,我们预计每年可以减少约3,000万美元的收入和300多万美元的调整后EBITDA。

此外,如果有一项期权协议授予[音频不清晰]公司购买房地产财产[音频不清晰]的权利,则可能产生240万欧元,我们预计这将在环境研究的解决之前关闭。成为交易的后续事件。

5月份,我们签署了一份无约束力的意向书,以出售我们在德国普尔海姆的房地产,预计总收益为1200万。上周一,双方签订了正式购买和转让协议,出售Pulheim房产,预计将在秋季关闭。我们将继续关注收购,目前我们的重点是加强我们的消费者和汽车电子领域,我们已经确定了许多公司,我们一直在与之进行讨论。没有什么是迫在眉睫的,但我们剥离的策略是取代销售EBITDA和现金流,找到可以使我们利用我们的基础设施并产生更多协同效应和盈利能力的公司。

最后,董事会正在继续评估探索股息的好处和时机。我们认为股票回购计划和股息代表了资本的良好用途,我们希望在接下来的几个季度中了解我们的业务表现如何以及可能发生的其他公司事件,但我希望您知道这是我们战略的一部分。我现在要打电话给迈克审查资产负债表中的一些季度数字,然后我们会回来提问。

C。 迈克尔斯托尔

Thanks Pat. Just a little clarity, the shipments in June for the ViaTouch is 250 units not 250. Good morning everyone. As a reminder we changed our segment reporting structure effective March 1st, the first day of our fiscal year and our results of operations take into account the segments of automotive electronics, consumer electronics, and biometrics. All P&L comparisons are based on the first quarter ended May 31, 2019 and May 31, 2018.
We reported net sales of 93.5 million compared to 100.9 million a decline of 7.4 million. Automotive electronics segment sales were 29.6 million a decline of 10 million and biometric segment sales were down approximately $200,000. This is partially offset by a 2.7 million increase in our consumer electronics segment. Pat provided the key drivers for the year-over-year variances, consolidated gross margins at 27.8% were up 40 basis points. On a segment bases automotive electronic gross margins were 22.4% down 280 basis points due primarily to declines in OEM security and remote stock product sales as well as aftermarket head ref products as these products typically generate higher gross margins.
Sales of certain aftermarket security products contributed favorably to the segment margins for the quarter as did lower volumes of satellite radio product sales. Consumer electronics segment gross margins of 30% increased by a 130 basis points driven by higher sales of premium separate speakers, mobility products, and commercial speakers as well as higher margins of karaoke products. Offsetting factors within this segment included lower European margins caused by changes in product mix, discounts offered on certain products in fiscal 2020 first quarter which were not offered in the prior year period.
Biometric segment gross margins were up but again sales were immaterial and the increase was a result of the release of inventory reserves in the fiscal 2021 quarter. This remains a high gross margin offering and as we begin to ramp up sales this year we expect positive contributions. Total operating expenses of 33.1 million increased 400,000 year-over-year. However in last year's fiscal first quarter we had approximately 2.1 million in reimbursement of the legal fees. Excluding this the year-over-year operating expenses were down 1.7 million.
Selling expenses of 9.9 million declined 800,000 due to a decline in commissions based on lower sales, a decline in salesman salaries resulting from the restructuring, and other declines throughout our business due to lower headcount. We also have lower advertising costs and display amortization expense as many displays and fixtures are fully amortized. This was partially offset by new hires and approximately 200,000 from employees that shifted from G&A to selling related to structuring initiatives.
General and administrative expenses of 17.4 million increased by 1.3 million though note 2.1 million reimbursement I just spoke of is included within our fiscal 2019 G&A and excluding this G&A was down approximately $800,000. We also had a decrease in salary expense due to lower headcounts and the transfer of certain employees to selling as noted above.

谢谢Pat。稍微清晰一点,6月份ViaTouch的出货量是250个单位而不是250个。大家早上好。作为提醒,我们更改了我们的分部报告结构,从3月1日开始,即我们会计年度的第一天,我们的运营结果考虑了汽车电子,消费电子和生物识别领域。所有损益比较均基于截至2019年5月31日和2018年5月31日的第一季度。

我们报告的净销售量为9350万,而去年同期为7,090万,下降了740万。汽车电子部门的销售额为2960万,下降了1000万,生物识别部门的销售额下降了约20万美元。部分被我们的消费电子产品部门增加270万股所抵消。帕特提供了同比差异的关键驱动因素,综合毛利率为27.8%,上升了40个基点。在一个细分市场基础上,汽车电子毛利率下降了22.4%,下降了280个基点,这主要是由于OEM安全和远程库存产品销售以及售后市场头部产品的下降,因为这些产品通常会产生更高的毛利率。

某些售后安全产品的销售对本季度的部门利润贡献良好,卫星广播产品销售量也较低。由于优质单独扬声器,移动产品和商用扬声器的销售额增加以及卡拉OK产品的利润率提高,消费类电子产品部门的毛利率增长了30%,增长了30%。该分部的抵消因素包括产品组合变化引起的欧洲利润率下降,以及2020财年第一季度某些产品的折扣,而去年同期未提供。

生物识别部门的毛利率有所上升,但销售额再次无关紧要,而且这一增长是由于2021财年季度库存储备的释放所致。这仍然是一个高毛利率的产品,随着我们今年开始提高销售额,我们预计会有积极的贡献。总运营支出3310万美元,同比增加40万。然而,在去年第一财季,我们有大约210万美元的法律费用报销。除此之外,同比运营支出减少170万。

销售费用990万美元下降80万,原因是销售额下降导致佣金下降,重组导致销售员工资下降,以及由于员工人数减少导致整个业务下滑。我们还有较低的广告费用和显示摊销费用,因为许多显示器和固定装置完全摊销。这部分被新员工和大约200,000名员工所抵消,这些员工从G&A转向与结构化计划相关的销售。

一般管理费用为1740万,增加了130万,但我刚刚谈到的210万笔报销费用已包含在2019财年的G&A中,不包括此G&A的费用减少约80万美元。如上所述,由于员工人数减少以及某些员工转为销售,我们的薪资费用也有所下降。

Engineering and technical support expenses of 5.8 million were roughly in line with prior year down approximately 100,000. We had higher engineering labor costs in our automotive segment offset by low engineering labor costs in our consumer electronics segment. Within the CE segment R&D increased to support new product launches and within our biometric segment R&D declined as a majority of the products are now nearly completed. On an operating basis we were at 7.1 million versus 5 million in fiscal 2019 first quarter. Excluding the 2.1 million reimbursement of legal fees in fiscal 2019 first quarter operating losses would have been roughly in line for the comparable periods.
With respect to total in other income net we had 2.1 million in total other income in the fiscal 2020 first quarter compared to 1.4 million in the comparable year ago period. Interest and bank charges declined by approximately 100 0 due to amendment in our Wells Fargo lending agreement in which the fees changes charged for unused portion of line of credit were lowered. And as we stated we currently have no borrowings outstanding on our domestic credit facility. Equity and income of equity investees declined by approximately 400,000 due partially to lower sales, the impact of tariffs, and certain product recall expenses incurred in this fiscal year that were not present in the first quarter of last fiscal year. This resulted in a pretax loss of 5 million in fiscal 2020 first quarter versus a pretax loss of 3.7 million in the comparable year ago period.
We recorded an income tax benefit of 2.6 million in the fiscal 2020 first quarter compared to 1.1 million in the fiscal 2019 first quarter. The effective tax rate for the three months ended May 31, 2019 was an income tax benefit of 52.7% compared to 30.4% in the comparable period last year. The effective tax rate differs from the statutory rate of 21% primarily due to the immediate U.S. taxation of foreign earnings not controlling interest related to EyeLock LLC, state and local income taxes, nondeductible permanent differences, and income tax in foreign jurisdictions at varying tax rates.
In addition the valuation allowance primarily increased for U.S. tax credits for which no income tax benefit can be recognized. The estimated annual effective tax rate for fiscal 2020 is 54.2% and is based on our annual pretax income forecast which includes profitable jurisdictions anticipating an income tax provision and loss jurisdictions for which a limited tax benefit can be recognized. If the annual pretax income forecast is achieved for the remainder of the fiscal year the company anticipates recognizing an income tax provision in subsequent quarters of fiscal 2020. Net loss attributed to VOXX was 1.1 million in this fiscal year's first quarter compared to a net loss attributable to VOXX of approximately 900,000 in the comparable period last year or a loss for basic and diluted shares of $0.05 versus a loss of $0.04.
Lastly we reported an adjusted EBITDA loss of 800,000 from fiscal 2020 first quarter versus adjusted EBITDA of 1.5 million or 2.2 million decline. This was due to lower sales and higher expenses which included the onetime settlement reimbursement and offset by higher gross margins and other income net.

工程和技术支持费用为580万,与去年大致相当,约为100,000。我们的汽车部门的工程人工成本较高,而我们的消费电子部门的工程人工成本较低。在CE细分市场中,R&D增加以支持新产品发布,并且在我们的生物识别领域内,由于大部分产品现已接近完成,R&D下降。在运营的基础上,我们的第一季度为710万,而2019财年为500万。不包括2019财年的210万法律费用报销,第一季度的运营亏损与可比期间大致相符。

就其他收入净额而言,我们在2020财年第一季度的其他收入总计为210万,而去年同期为140万。由于我们的富国银行贷款协议修订,利息和银行费用下降约100 0,其中未使用部分信用额度的费用变动被降低。正如我们所说,我们目前没有未偿还的国内信贷额度借款。股权投资对象的权益和收入减少了约400,000,部分原因是销售额下降,关税的影响以及本财年发生的某些产品召回费用在上一财年第一季度没有出现。这导致2020财年第一季度的税前亏损为500万,而去年同期的税前亏损为370万。

我们在2020财年第一季度的所得税收益为260万,而2019财年第一季度为110万。截至2019年5月31日止三个月的实际税率为52.7%,而去年同期为30.4%。有效税率与21%的法定税率不同,主要是由于美国对外国收入的直接征税不控制与EyeLock LLC相关的利息,州和地方所得税,不可扣除的永久性差异以及不同税率的外国司法管辖区的所得税。

此外,美国税收抵免的估值准备金主要增加,因此无法确认所得税利益。 2020财年的估计年度有效税率为54.2%,基于我们的年度税前收入预测,其中包括预期所得税准备的盈利管辖区和可确认有限税收优惠的损失管辖区。如果在本财政年度的剩余时间内实现年度税前收入预测,公司预计将在2020财政年度的后续季度确认所得税准备金。本财年第一季度归因于VOXX的净亏损为110万,而归因于净亏损。去年可比期间的VOXX约为900,000,基本和摊薄股票的亏损为0.05美元,而亏损为0.04美元。

最后,我们报告从2020财年第一季度调整后的EBITDA损失为80万,而调整后的EBITDA为150万或220万。这是由于销售额下降和费用增加,其中包括一次性结算报销,并被毛利率和其他收入净额所抵消。

As for the balance sheet, cash and cash equivalents as of May 31, 2019 were 60 million up 1.8 million since fiscal year-end at February 28th. On a year-over-year basis compared to May 31, 2018 our cash and cash equivalents increased by 10.2 million. With the two transactions we announced and upon the closing of each we expect cash to increase by approximately 30 million based on working capital adjustments and related fees and net of closing costs and margins. Also note the international excess resale includes the option to purchase real estate that could generate an additional 2.2 million based on the current Euro to U.S. dollar conversion net of fees.
Total debt as of May 31, 2019 was 16 million as compared to 17.6 million as of February 28, 2019, an improvement of 1.6 million. The company's total debt consist of mortgages related to our domestic and international properties and a Euro asset based lending obligation to support our German operations. Total long-term debt as of May 31, 2019 was 7.5 million as compared to 7.6 million as of February 28, 2019, an improvement of 100,000. We expect our debt to decline further upon the completion of the sale of our Pulheim facility. Our balance sheet remains a company strength and affords us the leverage to execute a number of initiatives to improve our business.
Operator we are now ready to open up the call for questions.

至于资产负债表,截至2月28日的财政年度末,截至2019年5月31日的现金和现金等价物为6000万,增加180万。与2018年5月31日相比,我们的现金和现金等价物同比增加了1,020万。通过我们宣布的两笔交易,在每笔交易结束时,我们预计现金将根据营运资本调整和相关费用以及收盘成本和利润净额增加约3,000万美元。另请注意,国际超额转售包括购买房地产的选项,根据当前的欧元兑美元转换净额,可以产生额外的220万美元。

截至2019年5月31日的债务总额为1600万美元,而截至2019年2月28日为1760万美元,增加了160万美元。该公司的总债务包括与我们的国内和国际财产相关的抵押贷款以及支持我们德国业务的欧元资产借贷义务。截至2019年5月31日的长期债务总额为750万美元,而截至2019年2月28日为760万美元,增幅为100,000。我们预计,在我们的Pulheim工厂出售完成后,我们的债务将进一步下降。我们的资产负债表仍然是公司的优势,并为我们提供了执行一系列措施以改善业务的杠杆。

接下来,我们准备打开电话询问。

格伦维纳

Thank you Mike.

谢谢你迈克。

问答环节

[Operator Instructions]. And our first question will come from the line of Eric Landry from BML capital. You may begin.

[操作员说明]。 我们的第一个问题将来自BML首都的Eric Landry。 你可以开始吧。

Eric Landry

Good morning, thanks.

早上好,谢谢。

Patrick M. Lavelle

Good morning.

早上好。

Eric Landry

So, the EyeLock deal that you're currently in negotiations but can't see anything well this is did I do that correctly this is one deal?

所以,EyeLock处理你目前正在谈判但是看不到任何好的东西我是否正确地做到了这是一笔交易?

Patrick M. Lavelle

Yeah, this is one deal that is essentially a multi-year deal.

是的,这是一笔基本上是多年合约的交易。

Eric Landry

In the healthcare space?

在医疗保健领域?

Patrick M. Lavelle

Yes.

是。

Eric Landry

Okay, so the number of facilities is I mean, you know, shot in the dark is tens or the hundreds or the thousands as far as facilities go?

好的,所以设施的数量是我的意思,你知道,在设施去的时候,在黑暗中拍摄的是几十个,几百个还是几千个?

Patrick M. Lavelle

It could be very substantial. Because we're still in negotiations with the company on the final numbers and everything else I'd like to pass on that and hopefully come back in the third quarter. We have a non-disclosure at this time. We are working on the non-disclosure at this point but it is significant to our numbers.

这可能非常重要。 因为我们仍在与公司就最终数字和其他我希望传递的内容进行谈判,并希望在第三季度回归。 我们目前没有披露。 我们目前正致力于不披露,但这对我们的数字很重要。

Eric Landry

Got you, great. Okay, thought I would give it a shot. So, the inventory issue with the NXT and the EXT is it safe to assume that the sales would have sort of been at the normal run rate in the quarter had that not happened in the couple 100,000 range or…?

有你,太棒了。 好吧,以为我会试一试。 因此,NXT和EXT的库存问题可以安全地假设,如果没有发生在100,000的范围内,那么销售将在本季度达到正常运行率,或者......?

C。 迈克尔斯托尔

A little bit higher because of the fact that we had EXTs were all new. Okay, the NXTs were being upgraded to modify to the latest software and the EXT which is the outdoor unit were all new. Those would have been our first shipments so we are anticipating a higher run rate than last year on the hardware sales.

由于我们有EXT的事实都是新的,所以稍微高一些。 好的,NXT正在升级以修改为最新的软件,EXT是室外单元都是新的。 这些将是我们的第一批货物,因此我们预计硬件销售的运行率将高于去年。

Eric Landry

And on the vending machine you mentioned that it was a manufacturing issue. I just want to make clear that there hasn't been any sort of adjustment on the number -- the initial forecast is still intact as far as the eventual number of those things in the market?

在自动售货机上你提到这是一个制造问题。 我只想说清楚这个数字没有任何调整 - 最初的预测仍然完好无损,只要市场上最终的数量是这样的?

Patrick M. Lavelle

This was a launch for them, they wanted to make sure that -- it is a very expensive machine and they wanted to make sure that everything was right so the launch was scheduled for the first quarter. They didn't make it in but they are now shipping product and not only are they quite bullish about the number of units that they're going to be able to build. They think their biggest hold back right now was ramping up to the numbers that they have.

这是他们的推出,他们想确保 - 这是一台非常昂贵的机器,他们想确保一切正常,所以发布计划在第一季度。 他们没有进入,但他们现在正在运送产品,他们不仅非常看好他们将能够建造的单位数量。 他们认为他们现在最大的阻力是他们拥有的数字。

Eric Landry

I got you. Okay, shifting gears here a little bit, was there any T5 [ph] to wireless revenue in the May quarter?

我接到你了。 好的,这里转移一点点,5月季度的无线收入是否有T5 [ph]?

Patrick M. Lavelle

No.

没有。

Eric Landry

Okay, I'm assuming that that is starting to ship this quarter if it hasn't already?

好吧,我假设这个季度已经开始发货,如果还没有?

Patrick M. Lavelle

Yes, it started this month, yes and we're getting rave reviews on the true wireless. Believe me I've read them.

是的,它从本月开始,是的,我们正在对真正的无线技术进行好评如潮。 相信我,我已经读过它们了。

Eric Landry

Great, is that a product that we can assume is at the segment margin?

很棒,我们可以假设的产品是在细分市场边缘吗?

Patrick M. Lavelle

Yes, you can assume that, yes.

是的,你可以认为,是的。

Eric Landry

Great, and is that going to be on Tmall?

太好了,那会是天猫吗?

Patrick M. Lavelle

Yes, those are some of the things that are planned for them.

是的,这些是为他们计划的一些事情。

Eric Landry

Okay, great. To me it looks like a fantastic product, I'm really excited to see how you do it. Now this is sort of kind of a dumb question here but is there any sort of IP protection on that case?

好,太棒了。 对我而言,它看起来像一个梦幻般的产品,我很高兴看到你如何做到这一点。 现在这在某种程度上是一个愚蠢的问题,但在这种情况下是否存在任何形式的知识产权保护?

Patrick M. Lavelle

No, no, there isn't. The only IP protection on the unit is the shape of the earplugs.

不,不,没有。 设备上唯一的IP保护是耳塞的形状。

Eric Landry

Yeah, right and you're not nervous that there is going to be an issue in China with that?

是的,对,你并不担心中国会出现问题吗?

Patrick M. Lavelle

Well, you know we fought to [indiscernible] product over the years, it's a constant battle with the Klipsch brand. But it's going to exist, we're going to monitor the situation and we will do our best to protect our position.
[Multiple Speakers]
Just by the way the 2.1 million pickup that we had on the expenses last year was the award of legal fees on a counterfeit claim that Klipsch had against the counterfeiters. So, we are very active and very protective of the position of the Klipsch products.

嗯,你知道我们多年来为[音频不清晰]产品而战,这是与Klipsch品牌的持续战斗。 但它会存在,我们将监控情况,我们将尽最大努力保护我们的立场。

[多个发言者]

就在去年,我们对费用的210万次提款是对Klipsch针对造假者的假冒索赔的法律费用的授予。 因此,我们非常积极并且非常保护Klipsch产品的地位。

Eric Landry

Okay, real quick here, any comments on the initial selling for that T5 [ph] wireless?

好的,真的很快,有关T5 [ph]无线最初销售的任何评论?

Patrick M. Lavelle

We are out of stock.

我们没货了。

Eric Landry

Okay. Lastly the product recall in ASA, was that a one timer or is that sort of an ongoing thing?

好的。 最后,ASA的产品召回是一个计时器还是那种持续的东西?

Patrick M. Lavelle

They will be handling that over the course of this next fiscal year.

他们将在下一个财政年度处理这个问题。

Eric Landry

So we can look forward to…

所以我们可以期待......

Patrick M. Lavelle

Yeah, right. It is not a one time effect for the quarter.

是的,对。 这不是本季度的一次性影响。

Eric Landry

Okay, so we are going to look forward to lower earnings for a year now in that thing?

好的,所以我们期待在那件事情上一年的收益会降低吗?

Patrick M. Lavelle

That would offset some of the increases but ASA has got some very positive things happening in other segments of their market that can offset it.

这将抵消部分涨幅,但ASA在其市场的其他部分发生了一些非常积极的事情,可以抵消它。

Eric Landry

Alright, thank you.

好的,谢谢。

会议主持员

Thank you. [Operator Instructions]. Alright, and we have Thomas Kahn from Kahn Brothers. You may begin.

谢谢。 [操作员说明]。 好吧,我们有来自Kahn Brothers的Thomas Kahn。 你可以开始吧。

Thomas Kahn

Thomas Kahn, K-A-H-N speaking.

托马斯卡恩,K-A-H-N说。

Patrick M. Lavelle

Good morning Kahn.

早上好卡恩。

Thomas Kahn

Good morning Pat. John this was a very I would say disappointing release. You know I have listened to long time John and our clients own maybe 17% of the company's stock and if you listen to the release, that calls for the past lets says three years is always some optimistic statements in the call. And for some reason the optimism John never comes through. The way we look at it is there is probably $7 a share of liquid assets and then some more in the way of net assets. So the compensation package regardless of what a paid consultant says to you kind of doesn't make sense. When you have to hit $5 and there is $7 of cash and ASA liquid assets it's a little wrong from my perspective. I mean the way these things should be done John if they were in shareholder interest would be like stretch options, very large options with a $10, $15, $20 right price to align the shareholder interest with the management. Now I remember that you said in a public meeting that our company stock was worth four or five times the $7 price it was selling for. Now maybe you had a bad mushroom for breakfast in your omelet so maybe that number is wrong, maybe it's not worth 28-35 maybe it's worth less but we all know that it's grossly undervalued. So the compensation plan irrespective of what was said by -- doesn't make any sense. I'd like to see by the way a copy of the compensation plan if you would please make a filing so all the shareholders could look at it because it's way off base as far as I'm concerned?

早安帕特。约翰这是一个非常令我失望的发布。你知道我已经听了很长时间John和我们的客户拥有该公司股票的17%,如果你听了这个版本,那就要求过去让我们说三年总是在电话中有一些乐观的陈述。由于某种原因,约翰的乐观态度从未出现过。我们看待它的方式是,每股流动资产可能只有7美元,而净资产则更多。因此,无论付费顾问对您说什么,补偿方案都没有意义。当你必须达到5美元并且有7美元的现金和ASA流动资产时,从我的角度来看,这有点不对劲。我的意思是这些事情应该如何完成约翰,如果他们在股东利益,就像拉伸期权,非常大的期权,10美元,15美元,20美元的合适价格,以使股东利益与管理层保持一致。现在我记得你在公开会议上说过,我们公司的股票价值是它卖出的7美元价格的四到五倍。现在也许你的煎蛋卷里有一个糟糕的早餐蘑菇,所以也许这个数字是错的,也许它不值28-35也许值得少,但我们都知道它被严重低估了。所以补偿计划无论说什么都没有 - 没有任何意义。顺便提一下,如果你愿意提交一份文件,那么我想看一下补偿计划的副本,以便所有股东都可以看一下,因为就我而言,它远离基地?

John Shalam

Tom, let me address that and we will be putting out a -- it is in the 10-Q with the compensation…

汤姆,让我解决这个问题,我们将推出一个 - 它在10-Q赔率......

Thomas Kahn

Full plan with the name of the consultant because I want to be sure not to use those guys again. And I have to tell you that I can't recommend to our clients that they vote for this Management Board because of what I just said. I can't recommend, I mean our stock is…

完整的计划与顾问的名字,因为我想确保不再使用这些家伙。 我必须告诉你,由于我刚才的说法,我不能向客户推荐他们投票给这个管理委员会。 我不能推荐,我的意思是我们的库存是......

John Shalam

I think when you read the agreement you realize that there are stretch goals. The amount of awards depend on us at least me for example getting to a $15 share price. So when you read the agreement I think you'll have a different look at it and we can hold that and you and I can discuss it when you hear it for the shareholders meeting.

我想当你阅读协议时,你意识到有伸展的目标。 奖励金额至少取决于我们,例如获得15美元的股价。 因此,当您阅读协议时,我认为您将对此有不同的看法,我们可以坚持这一点,您和我可以在您听取股东大会时进行讨论。

Thomas Kahn

That's perfectly alright John but I will say that anything with a $5 price when I look at ASA and cash being worth $7 right now today doing no work, doing nothing John seems to me to be a giveaway. And I like Pat, he is a nice guy. I don't mind you giving away thanks to him but we're talking about shareholder value and shareholder assets and I don't believe it's conscionable. Regardless you can always get a consultant to say anything you want but I just think it's unconscionable if there's $7 worth of ASA and cash in here and Pat has a contingency of $5. What am I missing here. So I hope John will be at the meeting which I am sure he will be, I am sure he will be able to talk about this with us. I'd still -- our stock is so cheap I still -- I am always very concerned about manager is not buying shares when the window is open for their own account because there's nothing better than [indiscernible] or somebody. John Shalam or somebody else stepping up to the plate and putting 50 or 100 grand money into it or any of our other Directors. You know, there's something wrong here and I can't tell you what.

这是完全没问题的约翰,但是当我看到ASA并且今天现金价值7美元现在没有工作时,我会说任何价格为5美元的东西,无所事事约翰在我看来是一个赠品。我喜欢Pat,他是一个好人。我不介意你感谢他,但我们谈论的是股东价值和股东资产,我不相信这是有道理的。无论你总是得到一个顾问说出你想要的任何东西,但我认为这是不合情理的,如果这里有价值7美元的ASA和现金,Pat有5美元的应急费用。我在这里想念的是什么因此,我希望约翰能参加我相信他将参加的会议,我相信他能够与我们讨论这个问题。我仍然 - 我的股票价格如此便宜我仍然 - 我总是非常担心经理在窗口为自己的账户开放时不买股票,因为没有什么比[音频不清晰]或某人更好。约翰·沙拉姆(John Shalam)或其他人踩到了盘子里并将50或100美元的资金投入其中或我们的任何其他董事。你知道,这里有些不对劲我无法告诉你什么。

John Shalam

Tom, let me read the contracts and then we'll have a discussion because you're missing a big portion of it.

汤姆,让我阅读合同,然后我们将进行讨论,因为你错过了很大一部分。

Thomas Kahn

I will read them, absent anybody telling us anything to the contrary we are not going to vote with management because we're not happy. You can see the price of the stock for the past five years during one of the biggest bull markets in American history and you can listen to the tapes every quarter John to see what Pat says and that pretty much optimistic sayings of one kind or another. And there is something wrong but we'll discuss it at the meeting.

我会读他们的,如果没有人告诉我们任何相反的事情,我们不会与管理层投票,因为我们不高兴。 您可以在美国历史上最大的牛市之一看到过去五年的股票价格,您可以每个季度听约翰的录音带,看看Pat说的话以及那种或那种非常乐观的说法。 并且有一些问题,但我们将在会议上讨论它。

John Shalam

Sounds good. Let's move on.

听起来不错。 让我们继续。

会议主持员

Thank you and our next question comes from line Brad Leonard from BML Capital Management. You may begin.

谢谢你,我们的下一个问题来自BML Capital Management的Brad Leonard。 你可以开始吧。

布拉德伦纳德

Hi guys and I have one question on the comp plan, those have not been filed yet right, the actual plan, the contracts. I just saw the detail in the Q but I didn't see anything else, there was no other detail on that was there?

嗨,大家好,我有一个关于comp计划的问题,那些尚未正确提交,实际计划,合同。 我刚看到Q中的细节,但我没有看到任何其他内容,那里没有其他细节?

Patrick M. Lavelle

No, but it will be filed.

不,但会提交。

布拉德伦纳德

Okay, okay, we will look for that. And so here's my -- I think you guys have done a lot of -- taken lot of steps to try to clean up the reporting structure, realize some asset value and try to get the value recognized in this stock. I mean this is very easy. When I look at this I mean you're going to have 3 bucks in net cash, you've got a bunch of real estate that you own, you show that covers a stock price today so let's say that's worth 5 and ASA is worth 250 or 300. I mean this is really easy to get to the higher stock price and so the Klipsch business is worth maybe not what you paid for it but it's got to be worth I don't know $4 to $5 a share probably?

好的,好的,我们会寻找。 所以这是我的 - 我认为你们已经做了很多 - 采取了很多措施来尝试清理报告结构,实现一些资产价值并尝试获得该股票中的价值。 我的意思是这很容易。 当我看到这个,我的意思是你将有3块钱的净现金,你有一堆你拥有的房地产,你显示今天的股票价格,所以让我们说这是值5和ASA是值得的 250或300.我的意思是这很容易达到更高的股票价格,因此Klipsch的业务价值可能不是你付出的,但它值得我不知道每股4到5美元?

Patrick M. Lavelle

I would think -- I would disagree. In the Klipsch acquisition would probably sell for more than what we paid for it at this point.

我想 - 我不同意。 在Klipsch的收购中,可能卖出的价格可能高于我们此时支付的价格。

布拉德伦纳德

Okay, well that's great and I'll take your word, you probably know better than me. I'm trying to be conservative here but that would be even better if it's worth that. The rest of CE is worth maybe nothing, I don't doubt that's being conservative again, might be worth something. Auto is worth $1 to $2 a share and EyeLock is worth an unknown. That's kind of how I add us back of the envelope and I say I'm not sure what dialogue is worth. Could be worth a lot, could be worth nothing. So my back of the envelope math with the Klipsch being worth less than you think it is it is like $12.50 or $15 a share. I'm thinking this is really exciting. I mean I should be stepping on this thing and so here's my biggest concern, I mean you've taken a lot of steps to realize some value and try to clean this up if my math is in your ballpark correct why are we not just dismantling the company and selling off the parts and returning cash to shareholders and everybody goes on their happy way versus and here's the risk right for me is the unknown risk that you're going to take this pile of cash and your asset value, you are going to buy some acquisition or do something that doesn't work out and all of a sudden we're just burning stuff and it ends up being like 365 or potentially how EyeLock. And EyeLock is unknown, hopefully it's going to ramp and we are going to all see great results from that, but that's my risk. And I know that John owns a ton of stock so he's got a lot of skin in the game here. But it may help me to have comfort that we're not going to do something stupid that we're really going to do the best thing and try to realize a value of this company, whether that's dismantling it and everybody goes home and we sell off the divisions or we're going to do something smart with your asset value or get the earnings up to a point where it looks like there's enough value there to create a stock price of $10 or $12 or $14 a share? I know it was a long question but I would like to hear your thoughts.

好吧,那很好,我会接受你的话,你可能比我更清楚。我想在这里保守一点,但如果值得,那就更好了。 CE的其余部分值得一无所获,我不怀疑它再次保守,可能是值得的。汽车每股价值1到2美元,而EyeLock的价值不为人知。这就是我如何添加我们的信封,我说我不确定对话是否值得。可能值得很多,可能一文不值。因此,我对Klipsch的信封算法的价值低于您认为的价格,就像每股12.50美元或15美元一样。我觉得这真的很令人兴奋。我的意思是我应该踩到这个东西,所以这是我最关心的问题,我的意思是你已经采取了很多措施来实现一些价值,并且如果我的数学在你的球场中,我会尝试清理这个问题,为什么我们不仅要拆解它们公司并出售零件并将现金返还给股东,每个人都开心相处,对我而言,风险对你来说是未知的风险,你要拿走这堆现金和资产价值,你要去购买一些收购或做一些无法解决的事情,突然之间我们只是燃烧东西而最终变得像365或EyeLock。并且EyeLock是未知的,希望它会上升,我们将会看到很好的结果,但这是我的风险。我知道约翰拥有大量的股票,所以他在这里的游戏中有很多皮肤。但它可以帮助我安慰我们不会做一些愚蠢的事情,我们真的会做最好的事情,并试图实现这家公司的价值,无论是拆除它还是每个人都回家我们卖关闭这些部门,或者我们会对您的资产价值做一些聪明的事情,或者让收益达到某种程度,看起来有足够的价值创造10美元或12美元或每股14美元的股票价格?我知道这是一个很长的问题,但我想听听你的想法。

John Shalam

Brad, you are absolutely correct in your appraisal. This is John Shalam and you are absolutely correct in your appraisal and we are well aware of all the points you have mentioned. But before dismantling the company we really believe the potential of VOXX is very substantial and is not reflected in the share value right now compared to the stock. And if you were to try and sell the company right now based on these stock valuations I don't think the shareholders would come up with anything of real value. We do believe very strongly in the potential, the restructure that has been taken place that plans now for the different divisions, possible acquisition to round out our existing businesses should all make a substantial contribution to the future revenue and earnings of this corporation which will then be adequately reflected in the price of the stock. And I'm not sure that it's to the advantage of the shareholders to dismantle as you call it but rather to sell off bits and pieces at this time. I think if we can materialize our plans now and with the cash that we have in the bank and we are debt free we have a potential to show a much better performance and much better improvement. So that's our plan.

布拉德,你的评价绝对正确。这是John Shalam,你的评价绝对正确,我们非常了解你提到的所有要点。但在拆除公司之前,我们确实相信VOXX的潜力非常大,而且与股票相比,现在的股票价值并没有反映出来。如果你现在根据这些股票估值尝试出售公司,我认为股东不会想出任何真正有价值的东西。我们确实非常强烈地相信潜在的,已经发生的重组,现在计划用于不同的部门,可能的收购以完善我们现有的业务,这些都应该对该公司未来的收入和收益作出重大贡献。充分反映在股票的价格。而且我不确定股东的优势是如你所说的那样拆除,而是在此时卖掉零碎的东西。我认为,如果我们现在可以实现我们的计划,并且凭借我们在银行的现金而且我们没有债务,我们有可能表现出更好的业绩和更好的改善。这就是我们的计划。

布拉德伦纳德

Okay, that's all I had, appreciate it.

好的,这就是我所拥有的,欣赏它。

格伦维纳

Okay, thanks Brad.

好的,谢谢布拉德。

会议主持员

Thank you. And our next question comes from the line of Thomas Kahn from Kahn Brothers.

谢谢。 我们的下一个问题来自Kahn Brothers的Thomas Kahn。

Thomas Kahn

As a follow up I don't believe that anything's going to be sold because I can't prove it unless John would tell us that John's stock has a very low basis and probably would result in a taxable event. So I think the best way to kind of realize these large values we're talking about is share repurchase. That's the best way because if John's stock has a low basis why would he sell it now, doesn't make sense. If the state can sell it with a stepped up or higher basis I think. So I think the best thing and I'm really distressed John to see that some of your Directors are not buying shares. I mean they take vacations, they buy cars, summer houses, winter houses, whatever but if they want to sit on this Board they should step up to the plate and put their money where their mouth is.

作为后续行动,我不相信会出售任何东西,因为除非约翰告诉我们约翰的股票基础非常低并且可能导致应税事件,否则我无法证明这一点。 因此,我认为实现这些我们所谈论的大价值的最佳方式是股票回购。 这是最好的方式,因为如果约翰的股票基础较低,为什么他现在卖掉它,没有意义。 如果国家能够以更高或更高的价格出售它,我想。 因此,我认为最好的事情是让约翰看到您的部分董事没有购买股票。 我的意思是他们休假,他们买汽车,避暑别墅,冬天的房子等等,但如果他们想坐在这个板上,他们应该站起来,把钱放在嘴边。

John Shalam

We are well aware of that Tom and you have made this point very clearly and amply in the past. And I think now you will see some changes taking place as we go along. And in terms of my materializing value for my stock it is not a tax problem Tom, it's a problem of the low price of the stock right now. I think it's worth a lot more as you do. And I am in no hurry to dispose off my shares. I am not sure I ever want to sell my shares all together. It is something that I can decide as we go along but right now it's not a tax problem, it is more of a valuation problem and getting Wall Street to recognize the value that is in the stock option and our assets are cash and our holdings and that's what we are working on.

我们非常清楚汤姆和你在过去已经非常明确地阐述了这一点。 而且我认为现在你会看到我们继续发生一些变化。 就我的物资价值而言,这不是税收问题汤姆,这是现在股票价格低的问题。 我认为你的价值更高。 而且我并不急于处理我的股票。 我不确定我是否想要一起出售我的股票。 这是我可以决定的事情,但现在它不是税收问题,更多的是估值问题,让华尔街认识到股票期权的价值,我们的资产是现金和我们的持股和 这就是我们正在努力的方向。

Thomas Kahn

Well that's a good answer and I think that one of the things that would help our share price would be people who are on the inside, not you but Directors and so forth when they are permitted step up to the plate and buy shares. They don't do it, they're reluctant, there's something wrong. I don't understand it. If the stock is worth 10 or 15 or 20 why aren’t these Directors stepping up to the plate?

嗯,这是一个很好的答案,我认为有助于我们的股价的事情之一将是内部的人,而不是你,但董事等等,当他们被允许进入板块并购买股票。 他们不这样做,他们不情愿,有些不对劲。 我不明白。 如果股票价值10或15或20,为什么这些董事不会踩到板块?

John Shalam

They have in the past Tom and I think you'll see that they will continue in the future and as I indicated on my comments earlier all of these management's plans are based on having more stock. Their bonus is based on stock not cash which will put more stock into the hands of management and align them more with the shareholders. That was the intent of what we went out to do with the advisors and that's exactly what happened. So I think after you read the agreement you will see that that was what was accomplished.

他们过去曾经有过汤姆,我认为你会看到他们将来会继续这样做,正如我早些时候在评论中指出的那样,所有这些管理层的计划都是基于拥有更多的股票。 他们的奖金是基于股票而非现金,这将使更多的股票投入管理层,并使他们更多地与股东保持一致。 这就是我们与顾问一起做的事情的意图,而这正是发生的事情。 所以我认为在你阅读协议之后,你会发现这就是完成的。

Thomas Kahn

We will talk at that meeting John. I think you've been getting bad advice. I haven't read this report yet but the way I see the bad advice John is if I look over the past 16 quarter and I listen to the calls, the shareholder calls I think you've been somehow getting bad advice. But we can talk further at the meeting.

我们将在约翰会议上发言。 我觉得你的建议很糟糕。 我还没有读过这份报告,但是我看到约翰的错误建议,如果我看过去16季度,我听取了电话,股东打电话我认为你已经得到了不好的建议。 但我们可以在会议上进一步讨论。

John Shalam

Well a lot of our recommendations to be honest have come from you Tom.

我们很多诚实的建议都来自你汤姆。

Thomas Kahn

Well then you have been getting bad advice from me but I will tell you, I will tell you that if you look back over the past three or four years there have been problems and we can talk further.

那么你一直得到我的不好意见,但我会告诉你,我会告诉你,如果回顾过去三四年,我们会有问题,我们可以进一步讨论。

John Shalam

Yes, there have been and we will talk again and we will see where it goes.

是的,已经有了,我们将再次讨论,我们将看到它的发展方向。

C。 迈克尔斯托尔

When we get together we'll talk because again your suggestions over the past to use tops like first class investor banks, advisors, comp advisors we have used some of the best in the industry. So from that standpoint I'm not concerned with your comments because the plans were thoroughly vetted and thoroughly laid out.

当我们聚在一起时,我们会再次讨论,因为您过去的建议是使用顶级投资银行,顾问,投资顾问,我们已经使用了业内最好的一些。 所以从这个角度来看,我并不关心你的意见,因为这些计划经过了彻底的审查和彻底的规划。

Thomas Kahn

And no one is accusing you of doing anything improper or illegal. I'm not accusing you of that, don't even go there. I'm accusing management and the Board of making poor judgments, business judgments.

没有人指责你做任何不正当或非法的事情。 我不是在指责你,甚至不去那里。 我指责管理层和董事会做出糟糕的判断和商业判断。

Patrick M. Lavelle

I guess that when you have accused the Board and Management of making poor acquisitions like in the case of Hirschmann where we turned around and made $45 million and in the case of Klipsch where Klipsch is -- we will -- I can certainly sell Klipsch for more money than we paid for it okay and they are doing well. So some of the comments I understand you're upset with the stock price, that's fine. But some of the other comments are not terribly correct. None of those…

我想当你指责董事会和管理层进行糟糕的收购时,例如在Hirschmann的情况下,我们转向并获得了4500万美元,而在Klipsch的情况下Klipsch是 - 我们将 - 我当然可以出售Klipsch 比我们支付更多的钱还可以,而且他们做得很好。 所以我理解你的一些评论让你对股价感到不安,那很好。 但其他一些评论并不十分正确。 没有那些......

Thomas Kahn

And I have not said so much for the stock price with the judgments and decisions of my fiduciaries, my directors. That's what I'm upset with, that they mostly don't have skin in the game and they've been making some good but some bad decisions and they don't seem to be motivated about what I'm motivated by which is we own, clients own what, 17% of the stock. So I have to talk to him every day about the decisions you guys are making.

而且我对我的受托人,我的董事的判断和决定的股价并没有说太多。 这就是我心烦意乱,他们大多数都没有皮肤在游戏中,他们已经做了一些好事但是做出了一些糟糕的决定而且他们似乎没有动机因为我的动机是哪个是我们 自己,客户拥有什么,17%的股票。 所以我每天都要和他谈谈你们做出的决定。

Patrick M. Lavelle

Yeah, I get it and hopefully the plans that we've laid out and the new changes that we've made and the divestitures and the reutilization of capital that we have here now in the company we have no debt. We are estimated to be sitting on north of $80 million in cash you have to reclose the German acquisitions will allow us to do the things that we've talked about as far as buy back stock to help the share price, potentially do a dividend but also help build some of our EBITDA and leverage our existing overhead here in the States to generate better returns on any acquisitions that we do. That's the basic game plan and that's what you'll see us do over the next few quarters.

是的,我得到了它,并希望我们已经制定的计划和我们已经做出的新变化,以及我们现在在公司里面的资本的剥离和资本的重新利用,我们没有债务。 我们估计将坐拥8,000万美元的现金,你必须重新关注德国的收购将使我们能够做到我们谈到的事情,就回购股票来帮助股价,可能会分红但是 还有助于建立我们的部分EBITDA,并利用我们在美国的现有管理费用,为我们所做的任何收购产生更好的回报。 这是基本的游戏计划,这就是你将在接下来的几个季度里看到的。

会议主持员

Alright ladies and gentlemen, thank you for participating in today's conference. This concludes the program and you may all disconnect. Everyone have a great day.

女士们,先生们,谢谢你们参加今天的会议。 程序结束,您可能都会断开连接。 每个人都有美好的一天。

John Shalam

Thank you for your interest in VOXX. I'm looking forward to implementing the plans outline and hope to report improving numbers in the months ahead. Have a good day and enjoy the rest of the summer. Thank you.

感谢您对VOXX的关注。 我期待着实施计划大纲,并希望在未来几个月内报告改进的数字。 祝您度过愉快的一天,享受夏天的余下时光。 谢谢。

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