Lease Obligations Level 1 (Notes)

9 Months Ended

Nov. 30, 2014

Lease Obligations [Abstract]

Leases of Lessee Disclosure [Text Block]

Lease Obligations

During 1996, the Company entered into a 30-year capital lease for a building with its principal stockholder and current chairman. This lease was restructured in December 2006 and expires on November 30, 2026.  The Company currently subleases the building to Reliance Communications LLC for monthly payments of $60 for a term of three years, terminating on October 15, 2015. In December 2014, subsequent to the end of the Company's third quarter, Myra Properties LLC, an affiliate of Reliance Communications LLC, purchased the building from Voxx's principal stockholder, causing the lease between Voxx and the stockholder to be terminated. The Company also leases another facility from its principal stockholder which expires on November 30, 2016.

Total lease payments required under all related party leases for the five-year period ending May 31, 2019 are $4,709.

At November 30, 2014, the Company was obligated under non-cancelable capital and operating leases for equipment and warehouse facilities for minimum annual rental payments as follows:

	Capital Lease		Operating Leases
2015	$	574	$	3,912
2016	574		6,631
2017	631		1,405
2018	1,104		856
2019	1,105		233
Thereafter	4,733		617
Total minimum lease payments	8,721		$	13,654
Less:  minimum sublease income	660
Net	8,061
Less:  amount representing interest	2,212
Present value of net minimum lease payments	5,849
Less: current installments included in accrued expenses and other current liabilities	237
Long-term capital obligation	$	5,612

At November 30, 2014, minimum annual rental payments on related party leases with its principal stockholder, including the capital lease payments, which are included in the above table, are as follows:

2015	$	1,396
2016	1,420
2017	631
2018	631
2019	631
Thereafter	4,733
Total	$	9,442