VOXX International will use free cash flow to repay debt, ends Q1 with $10.9 million cash

By Lisa Kerner

Charlotte, N.C., July 11 – VOXX International Corp.’s balance sheet “continues to improve,” and the company expects to generate free cash flow in excess of $40 million to pay down debt, said chief financial officer Charles Stoehr.

Stoehr made his remarks during a conference call on Friday to discuss the company’s results for the fiscal 2015 first quarter ended May 31.

Total debt at quarter-end, inclusive of all mortgages and capital leases, was $96.7 million compared to $115.3 million as of Feb. 28.

Bank debt worldwide was $73.9 million compared to $91.7 million at the end of the prior quarter.

Stoehr said bank debt includes $6.96 of borrowings on the revolver, versus $88 million at Feb. 28.

“As of today, our bank debt is $69.7 million with availability of $130.3 million,” said Stoehr.

Our cash position as of May 31, 2014 was $10.9 million versus $10.6 million as of February 28, 2014, a slight improvement.”

VOXX reported first-quarter net sales of $186.9 million, down 3.1% from the prior-year period.

Gross margin rose 20 basis points year over year to 28.4%, according to the earnings news release.

EBITDA was $6.1 million compared to $9.2 million for the fiscal 2014 first quarter.

VOXX is a consumer electronics manufacturer and distributor based in Hauppauge, N.Y.

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