Reuters: Global Markets: Voxx shares fall on weak results, outlook

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Voxx shares fall on weak results, outlook Jul 11th 2012, 14:11 Wed Jul 11, 2012 10:11am EDT (Reuters) - Shares of the audio equipment maker Voxx International Corp (VOXX.O) fell as much as 18 percent on Wednesday after the company reported a loss for the first quarter and forecast full-year revenue that fell short of estimates. Voxx posted a quarterly net loss on Tuesday, hurt by a patent litigation settlement charge and costs related to its acquisition of German car-audio maker Hirschmann. The company also lowered its forecast for earnings before interest, taxes (EBITDA) to between $54 million and $57 million from its previous view of $62 million to $65 million. The forecast includes a $2.7 million charge related to a foreign exchange hedge tied to the Hirschmann acquisition and an $8.4 million litigation settlement with MPEG-LA, a Denver-based firm that licenses patent pools, Caris & Co analyst Scott Tilghman said. The company affirmed its full-year revenue outlook of $900 million. Analysts were expecting $910 million in revenue, according to Thomson Reuters I/B/E/S. Voxx shares, which have lost a quarter of their value in the last three months, were down 17 percent at $8.11 after touching a low of $8.03 on the Nasdaq in early trading.

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