Days after announcing new Onkyo and Integra products Vox International the owners of the Premium Audio Company, have announced a major 20.8% fall in sales for the last quarter losses increased to A$60 million also down was margins.

Sales of Premium Audio Company products were down in Australia with overall consumer electronics sales falling 13.2% globally while the Companies automotive sales fell 34%.

Consumer audio revenues for the last quarter were US $75.2 million as compared to $86.7 million in the comparable year-ago period, a decrease of $11.4 million or 13.2%.

Premium audio product sales fell to $57.2 million in the quarter compared to $61.9 million previously.

The Company said that sales of premium audio products increased domestically but declined internationally in markets such as Australia and across Asia Pacific and Europe.

CEO Pat Lavelle, Chief Executive Officer said “We have experienced losses and as such, are taking steps to realign, both to improve margins and lower expenses. Fiscal 2024 was a tough year and we expect market conditions to remain challenged given inflation and global concerns”.

He added “We have a number of new products both in and coming to market that will help combat market softness. We have implemented new plans to improve margins and lower expenses to ensure VOXX’s profitability”.

For the year ending March 2024 Premium Audio product sales were US$237.9 million compared to US $274.5 million, overall CE product sales were $88.7 million.

According to management the net decline in sales of the Company’s Onkyo and Pioneer products negatively affected margins in Fiscal 2024, as did more aggressive market competition from other brands in particular Masimo who also delivered poor sales results recently.

The Company reported an operating loss of $26.4 million in the Fiscal 2024 fourth quarter as compared to an operating loss of $12.9 million in the Fiscal 2023 fourth quarter.

Also under pressure is the Companies automotive business with sales falling to Us$32.6 million compared to $49.5 million in the comparable year-ago period, a decrease of $16.9 million or 34.1% this was attributed to a lack of demand for rear seat entertainment systems.

Peter Shamoon front right seen with dealers when he was spruiking the Company.

In Australia the Premium Audio Products business has suffered with the business appointing Westan as their distributor.

Questions are also being asked as to what has happened to Peter Shamoon, the former executive who at one stage was telling retailers that he was set to lead the Companies Asia Pacific sales operation and that PAP was the next big thing in Audio for Australian retailers.

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