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VOXX VOXX International Corporation Reports Its Fiscal 2022 Second Quarter And Six - Month Financial Results October 12 , 2021 ORLANDO , Fla . , Oct. 12 , 2021 / PRNewswire / -- YTD Highlights SM International Corporation • Net sales of $ 280.2 million , up $ 80.2 million or 40.1 % - 1st half of Fiscal 2022 vs. 1st half of Fiscal 2021 . • Adjusted EBITDA of $ 14.6 million , up $ 3.9 million - 1st half of Fiscal 2022 vs. 1st half of Fiscal 2021 . ● Shipments of new rear - seat entertainment solutions with Amazon Fire TV to Stellantis and Nissan began , with Ford scheduled to start in Q4 of Fiscal 2022 . • New distribution agreement with GalvanEyes approved by shareholders in August 2021 . ● Acquisition of Onkyo's Home Entertainment A / V business completed in September 2021 . VOXX International Corporation ( NASDAQ : VOXX ) , a leading manufacturer and distributor of automotive and consumer technologies for the global markets , today announced its financial results for its Fiscal 2022 second quarter and six - months ended August 31 , 2021 . Commenting on the Company's Fiscal 2022 results year - to - date and continued business momentum , Pat Lavelle , President and Chief Executive Officer stated , " The VOXX team has done a good job navigating through what we believe was the worst of the supply chain shortfalls and we have the inventory on hand or in transit , to deliver for our customers . Excluding professional fees related to transactions which are now complete , our operations performed slightly better than the first half of Fiscal 2021 , with Adjusted EBITDA up $ 3.9 million . We expect growth will continue in the second half of the year and to be up approximately 15 % for the full fiscal year . We also expect good bottom - line performance , with extra investments in R & D to support new automotive OEM programs and future EyeLock business . " Lavelle continued , " While the industry still faces supply chain constraints , I believe we have taken the right steps to offset the higher costs of doing business , providing us with more flexibility . New automotive OEM awards received and with more expected , expanded distribution within our Premium Audio group and the added contributions from our acquisition of Onkyo's home entertainment A / V business , and our new distribution agreement with GalvanEyes for EyeLock's biometrics products , all provide avenues for strong growth and improved bottom - line performance in the years ahead . " Fiscal 2022 and Fiscal 2021 Second Quarter Comparisons Net sales in the Fiscal 2022 second quarter ended August 31 , 2021 , were $ 143.1 million as compared to net sales of $ 128.0 million in the Fiscal 2021 second quarter ended August 31 , 2020 , an increase of $ 15.1 million or 11.8 % . • Automotive Electronics segment net sales in the Fiscal 2022 second quarter were $ 45.8 million as compared to $ 32.6 million in the comparable year - ago period , an increase of $ 13.1 million or 40.2 % . For the same comparable periods , OEM product sales were $ 16.4 million as compared to $ 10.7 million , an increase of $ 5.7 million or 53.1 % . Aftermarket product sales for the Fiscal 2022 second quarter were $ 29.4 million as compared to $ 21.9 million , an increase of $ 7.4 million or 33.9 % . Driving the year - over - year improvements were higher sales from the Company's DEI subsidiary , which was formed pursuant to our July 2020 acquisition , higher OEM sales for rear - seat entertainment solutions with Amazon's Fire TV , and an increase in sales for automotive safety and security products , among other factors . • Consumer Electronics segment net sales in the Fiscal 2022 second quarter were $ 97.0 million as compared to $ 95.0 million in the comparable year - ago period , an increase of $ 2.0 million or 2.1 % . For the same comparable periods , Premium Audio product sales were $ 76.1 million as compared to $ 69.3 million , an increase of $ 6.9 million or 9.9 % . Driving the year - over - year improvements were higher sales from the Company's 11 Trading Company LLC subsidiary ( " 11TC " ) , higher sales of premium wireless speakers and wireless computer speakers , and an increase in sales within Europe . Other Consumer Electronics ( " CE " ) product sales of $ 20.8 million and $ 25.7 million , declined by $ 4.9 million or 19.0 % when comparing the Fiscal 2022 and Fiscal 2021 second quarter periods . The CE product sales declines were driven primarily by higher sales in Fiscal 2021 brought about by the COVID - 19 environment as more people were working from home , as well as industrywide supply chain constraints . • Biometrics segment net sales in the Fiscal 2022 and Fiscal 2021 second quarters were approximately $ 0.3 million , relatively flat for the comparable periods . The gross margin in the Fiscal 2022 second quarter was 26.0 % as compared to 29.7 % in the Fiscal 2021 second quarter , a decline of 370 basis points , or a $ 0.9 million decline in gross profit . The year - over - year decline in gross margin was primarily driven by global , industry - wide supply chain constraints . • Automotive Electronics segment gross margin of 23.9 % as compared to 20.6 % , up 330 basis points . The year - over - year improvement was primarily related to sales of aftermarket products from the Company's DEI subsidiary and higher sales of OEM security and remote start products . Offsetting factors include the higher costs of materials and shipping , as well as start - up production costs related to new OEM rear - seat entertainment programs . • Consumer Electronics segment gross margin of 26.9 % as compared to 32.9 % , down 600 basis points . The primary driver for the year - over - year declines were significant increases in container costs and surcharges , and sales of certain products through new distribution channels , the latter of which , positively impacted revenue and gross profit dollars , but led to lower gross margin . Sales of premium headphones and products sold through 11TC positively contributed to gross margin , and in Europe , gross margins improved primarily due to product mix . • Biometrics segment gross margins of 30.4 % as compared to 0.4 % . The year - over - year improvement was primarily driven by price