Brief: Voxx International Says Due To Restructuring Activities Co Expects To Report A Net Loss In Fiscal 2019

VOXX International

29/04/2019 21:42

April 29 (Reuters) - VOXX International Corp  VOXX.O :
    * VOXX INTERNATIONAL CORPORATION PROVIDES UPDATES ON ITS
BUSINESS
REALIGNMENT AND TRANSFORMATION INITIATIVES TO ENHANCE
SHAREHOLDER VALUE
    * VOXX INTERNATIONAL CORP - AUTHORIZES INCREASE IN STOCK
REPURCHASE PROGRAM TO THREE MILLION SHARES
    * VOXX INTERNATIONAL - CONTINUES TO REALIGN ITS BUSINESS,
WHICH IS
EXPECTED TO RESULT IN PREDOMINANTLY NON-CASH IMPAIRMENT AND
RESTRUCTURING CHARGES IN Q4
    * VOXX INTERNATIONAL CORP - CONTINUES TO INTEGRATE ITS
MAGNAT GMBH
OPERATIONS INTO KLIPSCH EUROPE, EXPECTED TO BE COMPLETED IN JUNE
    * VOXX INTERNATIONAL CORP - INCURRED SEVERANCE AND
RESTRUCTURING
CASH CHARGES IN ITS FISCAL 2019 Q4 OF APPROXIMATELY $4.6 MILLION
    * VOXX INTERNATIONAL-EXPECTS TO TAKE A NON-CASH IMPAIRMENT
CHARGE
IN FISCAL 2019 Q4 OF APPROXIMATELY $16.5 MILLION RELATING TO
NOTES RECEIVABLE FROM 360FLY
    * VOXX INTERNATIONAL CORP - DUE TO ALL RESTRUCTURING
ACTIVITIES
COMPLETED AND UNDERWAY, COMPANY EXPECTS TO REPORT A NET LOSS IN
FISCAL YEAR 2019
    * VOXX INTERNATIONAL CORP - 2019 ADJUSTED EBITDA, WHICH
EXCLUDES
ONE-TIME, NON-RECURRING CHARGES, IS EXPECTED TO BE POSITIVE
    * VOXX INTERNATIONAL - HAS SUFFICIENT CAPITAL TO MEET ALL
ANTICIPATED FUNDING REQUIREMENTS AND TO PURSUE ITS STRATEGY OF
IDENTIFYING POTENTIAL ACQUISITIONS

Source text for Eikon:  ID:nPn5t2St1a 
Further company coverage:  VOXX.O 

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