HAUPPAUGE, N.Y.-Audiovox Corp. released financial results for its third quarter ended Aug. 30, showing a 58.5 percent increase in net sales to $470.3 million, compared with $296.7 million posted during the same quarter 1999.
The company posted an increase in net income for the quarter to $9.9 million, or 44 cents per diluted share, this year from $6.4 million, or 32 cents per diluted share, in 1999.
Audiovox attributed the increased revenue to the continued demand for its CDMA handsets, with total unit sales growing 61 percent for the quarter, compared with the third quarter of 1999, to 2.5 million units. The company also noted that digital technologies represented 84 percent of its total units sold for the quarter, compared with 56 percent last year.
While Audiovox said it continues to develop its GSM product line, due to global and industrywide supply shortages, it did not expect GSM to be a contributing factor in the company’s fiscal year 2000 sales.
