Audiovox shares sink without SIRIUS and XM Problems

Wednesday, October 11, 2006

Shares of Audiovox Corp. tumbled on Wednesday, a day after the consumer electronics firm reported a worse-than-expected quarterly loss, largely due to a sharp sales decline in mobile radios.

Sales mobile electronics, which represents 62% of sales, fell 14% to $67.4 million, after Audiovox stopped selling Sirius satellite radio units and voluntarily suspended sales of its XM Express radio because it failed to meet federal standards. The company was also hurt by declining SUV sales and one of its car audio suppliers went out of business.

Via New York Business

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