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Consolidated Statements of Operations and Comprehensive (Loss) Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Nov. 30, 2024
Nov. 30, 2023
Nov. 30, 2024
Nov. 30, 2023
Income Statement [Abstract]        
Net sales $ 105,175 $ 135,260 $ 289,324 $ 360,828
Cost of sales 82,830 98,918 218,878 268,281
Gross profit 22,345 36,342 70,446 92,547
Operating expenses:        
Selling 7,638 10,967 25,076 32,154
General and administrative 16,294 15,944 48,528 52,621
Engineering and technical support 8,316 7,063 20,660 23,257
Goodwill impairment charges (see note 12) 28,171 0 28,171 0
Intangible asset impairment charges (see Note 12) 16,093 0 16,093 0
Restructuring expenses 49 101 2,378 2,168
Total operating expenses 76,561 34,075 140,906 110,200
Operating (loss) income (54,216) 2,267 (70,460) (17,653)
Other income (expense) :        
Interest and bank charges (1,355) (1,892) (5,466) (5,011)
Equity in income of equity investees 382 [1] 1,101 933 [1] 3,958
Gain on sale of business 0 0 8,300 0
Gain on sale of assets 7,299 0 9,453 0
Final arbitration award 0 (752) 0 (3,350)
Other, net (2,084) 156 (113) (1,497)
Total other income (expense), net 4,242 (1,387) 13,107 (5,900)
(Loss) Income before income taxes (49,974) [1],[2],[3] 880 (57,353) [1],[2],[3],[4] (23,553)
Income tax (benefit) expense (513) 97 493 (54)
Net (loss) income (49,461) 783 (57,846) (23,499)
Less: net loss attributable to non-controlling interest (5,495) (1,129) (7,023) (3,609)
Net (loss) income attributable to VOXX International Corporation and Subsidiaries (43,966) 1,912 (50,823) (19,890)
Other comprehensive (loss) income:        
Foreign currency translation adjustments (1,037) 279 (779) 1,337
Derivatives designated for hedging 477 (29) 374 (55)
Pension plan adjustments 19 (1) 11 (7)
Other comprehensive (loss) income, net of tax (541) 249 (394) 1,275
Comprehensive (loss) income attributable to VOXX International Corporation and Subsidiaries $ (44,507) $ 2,161 $ (51,217) $ (18,615)
(Loss) Income per share - basic: Attributable to VOXX International Corporation and Subsidiaries $ (1.9) $ 0.08 $ (2.2) $ (0.85)
(Loss) Income per share - diluted: Attributable to VOXX International Corporation and Subsidiaries $ (1.9) $ 0.08 $ (2.2) $ (0.85)
Weighted-average common shares outstanding (basic) 23,160,541 23,270,834 23,141,960 23,510,578
Weighted-average common shares outstanding (diluted) 23,160,541 23,467,022 23,141,960 23,510,578
[1]

(b) On March 1, 2024, the Company's majority owned subsidiary, EyeLock LLC, contributed assets, including inventory and intangible assets, to a newly formed joint venture, BioCenturion LLC, which will operate a Biometrics business. For the three and nine months ended November 30, 2024, the Company accounted for its investment in BioCenturion LLC as an equity method investment (see Note 13).

[2]

(a) Included in Loss before income taxes within the Automotive Electronics and Consumer Electronics segments for the three and nine months ended November 30, 2024 are impairment charges of $1,452 and $26,719, respectively, related to goodwill, and $7,436 and $7,381, respectively, related to definite-lived intangible assets. Also included in Loss before income taxes within the Consumer Electronics segment for the three and nine months ended November 30, 2024 is an impairment charge of $1,276 related to indefinite-lived intangible assets.

[3]

(c) Included in Loss before income taxes within Corporate/Eliminations for the three and nine months ended November 30, 2024 is a gain on the sale of assets in the amount of $7,299 representing the sale of the Company's manufacturing facility in Lake Nona, FL (see Note 20).

[4]

(d) Included in Loss before income taxes within the Consumer Electronics segment for the nine months ended November 30, 2024 is a gain on the sale of a business in the amount of $8,300 and a gain on the sale of assets in the amount of $2,154 (see Note 2).