for Good us morning, today. and thank joining everyone, you
believe working do call as inside where Before worked her she VOXX. and all and I the it's I've on simply I what best our and wanted left is Glenn the get at Financial to business she She Loriann XX as and up into enjoy Chief our pick we off does. today's with results will welcome investors and I years, for any business over first her to at commentary, out, knows with Officer. formally as Loriann
our typing, nearly the if markets, Simply put, whoever's serving stop. results. every reflected we you fiscal Like and faced a challenges XXXX to very impact feel XXXX was in economy. the tougher our global company even can of than we Start continue are fiscal -- challenging
to look last expected today's as my cutting with easing XXXX. for of first production an higher but the which possible improve today, potential more said prepared inflation from and on improvement back OEM call, by some the fiscal cost remarks orders, the gradual of we chain, globally, and on in face we was I fears As in expecting back the I issues with almost Unfortunately, inventory, we chip fed. supply recessions improve, of customers shutting enter retailers down expected spoke half tough year. and with we May we're same the the are same of last to scarcity,
and the According last in week, drop X.X% jump in May's April, the up from index edging XX.X% long-run latest expectations lowest to from expectations Consumer to this consumer XX% significant has in in dropped was more been year-ahead X%. sentiment from and report to months. X.X% inflation X confidence. the Even sentiment was to there X.X% of a alarming inflation
cautious being major back see, profitability. still take is and to to we are why and Both restructure continue inflation you to can a business are as customers As consumers is VOXX bring our we, and concern. that steps
taken our update realignment quarter and quickly we've financial followed the and more recap the the upcoming, first Loriann plans, some comparisons, by business it open for and questions. steps detailed me recap of segments. then Let then we'll those annual more our will talk up on about
X%. $X.X year-over-year charges adjusted restructuring million. and to reported in as well charges charges, net million loss of result, expenses our on XX.X% impairment as million however, $XX And closer $XXX an noncash expenses lastly, fiscal of net operating The losses impairment When accounting attributable were charges to margins which intangibles compared We restructuring on a 'XX. was On of basis. down we of million improved loss of VOXX X basis adjusted goodwill X%. and these down a approximately sales $XX.X years consolidated an marks and for down to of of and a XX EBITDA were $X.X operating of Gross $X.X This years growth was expenses declined $XX.X over points, and an fiscal year-over-year. million basis, EBITDA million, the after million. loss profitability recorded little 'XX, X
and year steps to additional overhead While plan cut, of without Not the an be are in right will X% affecting total challenging, taking this customers. market cover minimum, be we're will reviewing to we we costs, our ability XX% believe at programs, our more to products also return which all my will during again We segments. to our only detail upcoming to profitability. effectively I cutting but we serve VOXX
about are programs this Our on projections rightsizing that based for the year. the we see company
Automotive segment. almost of approximately down XX%. Automotive the $XXX million approximately million were with or $XX.X start sales I'll segment So
On by The category miss year, factors. the seat as Nissan declined million the driven several the entertainment sales ended OEM program by $XX.X rear scheduled. in side, with past entirely this
volumes despite customer projections, year. drop significantly and the throughout saw all and stops program experience Another starts
but gross All well. absorption and as on this a only took big margins of not toll rates sales,
acquisition. remote since season, in lighting launched new in that of our our by aided winter On in the and that safety XXXX. we the with safety a sales security and another security, of lighting other warm business fiscal Ford and products programs up EMEA OEM starts new number been saw business was grow, and business our Despite awarded hand, we've
OEM challenges We the and steps moving overhead, simply strike, and production that much what your QX and process to experienced Mexico. needed, manufacturing headcount take OEM the this was We during as both well adjusted as are when severe in that's kept business expenses, reducing to not rates. customer drastic with half in rates is in during But due up to doing. we're almost as our by addition cut impacted, the business of UAW more the have projected half certain the second prudent most
decades. seat and at the in. or RSE, VOXX to market is been our of just but to as we're leader customer-driven as capabilities niche nature is are maintain intend of we where heavily relationships market has our and It's This not Not this a in a several minimal engineering of have market in It's We market, dominance. chain-driven. advantages for profits strong global so well our loss taken also continue environment the fluctuate entertainment volumes operating the all rapidly. and supply though. rear
lightly, we after began in with decided a rear has to is we was where changed based And a to volume was precious an not produces business seat position with lower longer have exit volumes, lower the going put negotiation tying feel have that agree but secure Stellantis. XXXX. no right them reached revised easy But in inventory and our no support point we us we entertainment can since to capital renegotiate has forward. structure working and on of cost not our after the what rising we months can't It best up lot where We margin. on This decision. taken efforts
prudent. they, own, its ongoing secret inflation, makes having combat no change as too, which right chain it's plant try of Stellantis issues and a closures even to with is Additionally, supply more lawsuits now
for to been program launching past. we'll through working Ford, for Ford challenges, but have on them have a industry-wide soon. be expire intend as models. we've faced in and current And RSE new the As they, too, support shortly fully programs the for Expedition The and similar we the Navigator thereafter, XX
to continue that RSE However, Our with a with just program lighting on come to has Nissan we new work scheduled its Nissan launched. end program
We programs our business. are and Ford, with working have program various also lighting on other OEM a across we
based Service awards, projected In United on that business believe summary, more Postal profitable. also this our States business the maintaining consistent be we while forward business year. years than later may all several the contract going the should have had and be starting we we're We OEM smaller fiscal back,
start Our the with down million was predominantly the $XX.X Automotive in miss business aftermarket remote category.
the car due collision avoidance, and the environment car state this radio. car of inflation, a were past was consumer, the link, there's and in fiscal the of and years, retail economy. domestic dealers categories rates aftermarket to the then up car the for and interest aftermarket product satellite such were in Some lines connection and 'XX year challenged the number as operating one, overall the changes But reasons, way
that As of should than the help we a look and some in aftermarket time inventory ahead provisions are into of 'XX, offset fiscal economic year, at last softness. projected the this less far challenge
fully roughly the half ramp year. the simply half side, what's programs in we half, maybe the should new first as 'XX, upside, Building of should our OEM well. start be with consistent second but will fiscal come now profitable. of tight to volume should Sales the with the in in line The of in and some see segment programs, a sizable margins automotive expect on gross transitioning, second the and we given improve with be OEM
million. approximately million Consumer by of Audio As down $XX.X product million far sales roughly Premium as $X.X X.X%. reported by sales $XXX grew million, we net $XX the segment, CE sales or and declined other
year, product Within we for mentioned categories. on as in stabilized quarter, believe the I off launches were they internationally, of new I several domestically second Premium and gaining the the sales the share. market new both Americas, while heels and half are Audio, And in last
be to continue decline. on sales Audio Premium industry-wide While
We impact was maintained Internationally, increased business have or a products of our host with either coming the have down in Asia. we and to domestically, share market. new biggest
enter what two one very of environment, a fiscal with what to and for planning new challenging a we're further most little expand we is growth as I'll XXXX, as things: experienced X we've doing. As consistent from likely late. we products; are is retail
a bar powered sound Flexus have by we led offering, First, Onkyo. system sound by new our
our retail $X,XXX. have QX XXX XXX Flexus for and at and scheduled Flexus begun a delivery is We of the systems XXX of
Detroit, and well X Our speakers launched Austin and Bluetooth are Klipsch the which the recently is new City broadcast new models Klipsch Klipsch the doing model, Nashville. very with flagship Music
speakers growth to categories we'll and strong in new into of And the as one margins. party this and mentioned we have the in party audio. XXXX, second moving to of half of that be of several launched generate year. market There the in and previously, that better hottest products speakers lot coming third September launched of were new launching a categories I second and are gross these or were line products first we're expecting and Our are quarters, models
Inflation Credit at down. concern. spending card highs. a major Discretionary are all-time economy. The is debts is
outlook. customers elections uncertain the it upcoming fed directly biggest economic as the tensions. margins can within easing rates have working current impact overhead, working consumers We the cost and and The doing affects adjusting go operations based enhance on. and are therefore, capital to not I on we and geopolitical improve of on purchasing buying, segment business. could mounting And have and our
As with faced products, for up launched similar in up? It's this drove And close other market to VOXX and growth: year. the were why Germany remarks. we CE the in Hearing in categories products more sales RCA new retail. power QX our XX% the year-over-year. same in sales second, the earlier they the initially the vastly to fiscal my improved Two at balcony up the yet the solar models year, XXXX launched and first, meaningful, Germany for year; Aids were challenges were
The passive action speakers respect regular party increase be In still products a the and with segment The expect is Consumer see I we remiss and global fiscal our inventory, I new be thing inaction But to lower would audio inflation,and to given bit. guiding the economy, what to will cost improve bars, and fed. in probably more for series. the profitability. but we're loudspeaker big puts continued in drop normalized new the the doing any by in would control the 'XX, I to takes. music may times, unknown sound or growth margins market, growth
March focused new GalvanEyes streamlined, on the BioCenturion was a combine working a company, realize Biometrics. to Xth joint move and Partners, on premise venture announcing basis and at EyeLock Moving time, VOXX. The to more removing losses is capital value simple: LLC. big release XX-XX go-forward The this news forming to the between same create our nimble company needs behind incurred and by resources a while, a
will resources We sharing segments. forward the on upside, our our moving Consumer be be but where in Automotive are our allocated focus and and will still
to Allen each Ibaugh, together marketing, business will experience managing sales, company's with capital will a remaining we'll get strengths XX% expenses serve for by EyeLock XX% prior split to $XX would event be and over the brings in and be as member which R&D If million and has the BioCenturion responsible the GalvanEyes forward. preferential entities. years, portion path rights and evaluate run X and after development working respective best needs the next evenly. who to there's capital distribution GalvanEyes the would all of first both
very which we financial and upside The move, future. EyeLock operational still landscape. We very horizon, share believe on change the this believe or technology well, we in the still the there without With are and its burden. much works any deals will
make I'd I to respect comments like over before turn our few this a the with Loriann. to call plans to year
cutting mean from the in near Seaguard payout, can capital. VOXX cash ruling monetizing operational losses conserving really term by of is cost, of must Of perspective. to the and every view profitability. past With we And years, economy we our final we where and cash, the an X and with be I area conserve the what will return
to be to redundancies and further all products protection. throughout also remove and stronger evaluating and the our margins operational longevity organization, they have capabilities enhance and programs will looking support margin chain and We more supply ensure
When you look a at VOXX, of lot assets. we have
We have in estate, our our assets brands, real in assets businesses. respective and assets groups in
we tackling restructuring, focus that alternatives profitable ensure As area capital needs our to our later. than And profitability can that sooner we're we are so rather further of to every all working growth-oriented on return part of exploring our reduce more business. we to business
the with loudspeakers start not and have we aftermarket, In In brands market have #X accounts top America not in our intact reception of over maintain is stable. remote increased and number and Although made new sales X due we North share and security, in of Automotive, selling past. of business, customers years. into OEM to passive year-over-year, have we we, maintain the past products it with the business have the have our the and share Consumer declined market we X done In lost in fact, worked market XX is in inroads share.
Ukraine, selling consumers to will products more stop in Europe to and normal fiscal to in and top to U.S. the due buying up, on XXXX. the and had have Baltics especially inflation see eases, we our picks patterns new market a Russia the and been the Ukraine, We as Belarus, categories car sales we and business grow, of normal we Unfortunately, return bring in war customers, of the in resurgence economy will have impacted. to markets like Poland believe sales
turn And with call the to that I'd Loriann? to said, over Lori. like
