Control 4 Performes Better Than Expected After Shafting Local Distributor
Home automation Company Control4 who earlier this year dumped Advanced Audio as their Australia distributor and then poached a former senior executive from the Company to become their Asia Pacific sales director has reported better than expected financial results.
The Company that sells products in Australia at significantly higher prices than they do to resellers in the USA, is facing new competition from the likes of Google and Apple and several IOT manufacturers.
Since September 2015 the US Company has seen their share value decline 12.62% and is still down trending. It has underperformed the S&P500 by 19.42% during the past 12 months.
Their results reported over the weekend reveal that the Company posted better-than-expected financial results for Q1 2015.
Revenue was $43 million, up 34% from $32.1 million in the same quarter last year. Analysts were expecting revenue of $39.7 million.
Earlier this year Adam Merlino a former senior executive at Advanced Audio and the man responsible for the Control 4 business at the Company, suddenly quit claiming that he was setting up his own business called Hi Fi Technology.
This business appears to have only lasted three months, weeks later Merlino orchestrated the dumping of Advanced Audio. Management at Control4 who have a track recording of dumping distributors in Australia then appointed Merlino to the top job as he bought years of experience selling Control4 products in Australia, he also had firsthand knowledge of how Advanced Audio ran their Control4 business in Australia.