VOXX Earnings 2020-05-31

Balance Sheet	Income Statement	Cash Flow
Assets, Equity	Rev, G Profit, Net Income	Ops, Inv, Fin

10-Q 1 voxx-10q_20200531.htm 10-Q voxx-10q_20200531.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended May 31, 2020

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number: 0-28839

VOXX International Corporation

(Exact name of registrant as specified in its charter)

Delaware (State or other jurisdiction of incorporation or organization)		13-1964841 (IRS Employer Identification No.)
2351 J Lawson Blvd., Orlando, Florida (Address of principal executive offices)		32824 (Zip Code)

(800) 645-7750 (Registrant's telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:

Title of each class:	Trading Symbol:	Name of Each Exchange on which Registered
Class A Common Stock $.01 par value	VOXX	The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definition of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.:

Large accelerated filer	☐	Accelerated filer	☒
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Number of shares of each class of the issuer's common stock outstanding as of the latest practicable date.

Class		As of July 8, 2020
Class A Common Stock		21,656,976 Shares
Class B Common Stock		2,260,954 Shares

VOXX International Corporation and Subsidiaries

Table of Contents

		Page
PART I	FINANCIAL INFORMATION

Item 1	FINANCIAL STATEMENTS
	Consolidated Balance Sheets at May 31, 2020 (unaudited) and February 29, 2020	3
	Unaudited Consolidated Statements of Operations and Comprehensive (Loss) Income for the Three Months Ended May 31, 2020 and 2019	4
	Unaudited Consolidated Statements of Stockholders’ Equity for the Three Months Ended May 31, 2020 and 2019	5
	Unaudited Consolidated Statements of Cash Flows for the Three Months Ended May 31, 2020 and 2019	6
	Notes to Unaudited Consolidated Financial Statements	7
Item 2	MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	31
Item 3	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	42
Item 4	CONTROLS AND PROCEDURES	42

PART II	OTHER INFORMATION

Item 1	LEGAL PROCEEDINGS	43
Item 1A	RISK FACTORS	43
Item 2	UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS	43
Item 6	EXHIBITS	44
SIGNATURES		45

PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

VOXX International Corporation and Subsidiaries

Consolidated Balance Sheets

(In thousands, except share and per share data)

	May 31, 2020			February 29, 2020
	(unaudited)
Assets
Current assets:
Cash and cash equivalents	$	69,039		$	37,425
Accounts receivable, net		55,069			69,714
Inventory		105,409			99,110
Receivables from vendors		236			230
Prepaid expenses and other current assets		11,186			10,885
Income tax receivable		442			456
Total current assets		241,381			217,820
Investment securities		1,741			2,282
Equity investment		21,284			21,924
Property, plant and equipment, net		50,705			51,424
Operating lease, right of use asset		3,175			3,143
Goodwill		55,000			55,000
Intangible assets, net		87,193			88,288
Deferred income tax assets		52			52
Other assets		1,541			1,638
Total assets	$	462,072		$	441,571
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable	$	32,146		$	22,096
Accrued expenses and other current liabilities		34,552			34,046
Income taxes payable		2,190			1,523
Accrued sales incentives		9,826			12,250
Current portion of long-term debt		1,116			1,107
Total current liabilities		79,830			71,022
Long-term debt, net of debt issuance costs		26,180			6,099
Finance lease liabilities, less current portion		594			720
Operating lease liabilities, less current portion		2,340			2,391
Deferred compensation		1,741			2,282
Deferred income tax liabilities		4,477			3,828
Other tax liabilities		1,213			1,225
Other long-term liabilities		3,427			3,294
Total liabilities		119,802			90,861
Commitments and contingencies (see Note 25)
Redeemable equity (see Note 8)		2,682			2,481
Stockholders' equity:
Preferred stock:
No shares issued or outstanding (see Note 21)		—			—
Common stock:
Class A, $.01 par value, 60,000,000 shares authorized, 24,406,194 and 24,306,194 shares issued and 21,656,976 and 21,556,976 shares outstanding at May 31, 2020 and February 29, 2020, respectively		245			244
Class B Convertible, $.01 par value, 10,000,000 shares authorized, 2,260,954 shares issued and outstanding at both May 31, 2020 and February 29, 2020		22			22
Paid-in capital		299,579			299,228
Retained earnings		113,867			122,139
Accumulated other comprehensive loss		(18,742	)		(19,055	)
Less: Treasury stock, at cost, 2,749,218 shares of Class A Common Stock at both May 31 2020 and February 29, 2020		(23,918	)		(23,918	)
Less: Redeemable equity		(2,682	)		(2,481	)
Total VOXX International Corporation stockholders' equity		368,371			376,179
Non-controlling interest		(28,783	)		(27,950	)
Total stockholders' equity		339,588			348,229
Total liabilities, redeemable equity, and stockholders' equity	$	462,072		$	441,571

See accompanying notes to unaudited consolidated financial statements.

VOXX International Corporation and Subsidiaries

Unaudited Consolidated Statements of Operations and Comprehensive (Loss) Income

(In thousands, except share and per share data)

	Three months ended May 31,
	2020			2019
Net sales	$	71,987		$	93,454
Cost of sales		52,012			67,445
Gross profit		19,975			26,009
Operating expenses:
Selling		8,362			9,881
General and administrative		14,995			17,425
Engineering and technical support		4,485			5,807
Total operating expenses		27,842			33,113
Operating loss		(7,867	)		(7,104	)
Other (expense) income:
Interest and bank charges		(853	)		(997	)
Equity in income of equity investee		862			1,440
Other, net		534			1,644
Total other income, net		543			2,087
Loss before income taxes		(7,324	)		(5,017	)
Income tax expense (benefit)		1,781			(2,645	)
Net loss		(9,105	)		(2,372	)
Less: net loss attributable to non-controlling interest		(833	)		(1,224	)
Net loss attributable to VOXX International Corporation	$	(8,272	)	$	(1,148	)
Other comprehensive income (loss):
Foreign currency translation adjustments		504			(811	)
Derivatives designated for hedging		(177	)		(107	)
Pension plan adjustments		(14	)		14
Other comprehensive income (loss), net of tax		313			(904	)
Comprehensive loss attributable to VOXX International Corporation	$	(7,959	)	$	(2,052	)
Loss per share - basic: Attributable to VOXX International Corporation	$	(0.34	)	$	(0.05	)
Loss per share - diluted: Attributable to VOXX International Corporation	$	(0.34	)	$	(0.05	)
Weighted-average common shares outstanding (basic)		24,224,478			24,355,791
Weighted-average common shares outstanding (diluted)		24,224,478			24,355,791

See accompanying notes to unaudited consolidated financial statements.

VOXX International Corporation and Subsidiaries

Unaudited Consolidated Statements of Stockholders' Equity

For the three months ended May 31, 2020 and 2019

(In thousands, except share and per share data)

	Class A and Class B Common Stock		Paid-in Capital		Retained Earnings			Accumulated Other Comprehensive Loss			Non- controlling Interests			Treasury Stock			Redeemable Equity			Total Stock- holders' Equity
Balances at February 29, 2020	$	266	$	299,228	$	122,139		$	(19,055	)	$	(27,950	)	$	(23,918	)	$	(2,481	)	$	348,229
Net loss		—		—		(8,272	)		—			(833	)		—			—			(9,105	)
Other comprehensive income, net of tax		—		—		—			313			—			—			—			313
Stock-based compensation expense		1		351		—			—			—			—			(201	)		151
Balances at May 31, 2020	$	267	$	299,579	$	113,867		$	(18,742	)	$	(28,783	)	$	(23,918	)	$	(2,682	)	$	339,588

Balances at February 28, 2019	$	264	$	296,946	$	148,582		$	(16,944	)	$	(12,571	)	$	(21,176	)	$	-		$	395,101
Net loss		—		—		(1,148	)		—			(1,224	)		—			—			(2,372	)
Other comprehensive loss, net of tax		—		—		—			(904	)		—			—			—			(904	)
Stock-based compensation expense		—		159		—			—			—			—			—			159
Balances at May 31, 2019	$	264	$	297,105	$	147,434		$	(17,848	)	$	(13,795	)	$	(21,176	)	$	-		$	391,984

See accompanying notes to unaudited consolidated financial statements.

VOXX International Corporation and Subsidiaries

Unaudited Consolidated Statements of Cash Flows

	Three months ended May 31,
	2020			2019
Cash flows from operating activities:
Net loss	$	(9,105	)	$	(2,372	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization		2,543			3,067
Amortization of debt discount		206			206
Bad debt (recovery) expense		(7	)		52
Reduction in the carrying amount of the right of use asset		243			225
Gain on forward contracts		(67	)		(107	)
Equity in income of equity investees		(862	)		(1,440	)
Distribution of income from equity investees		1,502			1,472
Deferred income tax expense (benefit)		644			(1,154	)
Non-cash compensation adjustment		(541	)		326
Stock based compensation expense		351			159
(Gain) loss on sale of property, plant and equipment		—			1
Changes in operating assets and liabilities:
Accounts receivable		14,842			11,401
Inventory		(6,059	)		(1,278	)
Receivables from vendors		(4	)		462
Prepaid expenses and other		(255	)		1,099
Investment securities-trading		541			(136	)
Accounts payable, accrued expenses, accrued sales incentives and other liabilities		7,638			(6,502	)
Income taxes payable		675			(1,213	)
Net cash provided by operating activities		12,285			4,268
Cash flows used in investing activities:
Purchases of property, plant and equipment		(586	)		(703	)
Net cash used in investing activities		(586	)		(703	)
Cash flows provided by (used in) financing activities:
Principal payments on finance lease obligation		(169	)		(108	)
Repayment of bank obligations		(125	)		(1,428	)
Borrowings on bank obligations		20,000			—
Net cash provided by (used in) financing activities		19,706			(1,536	)
Effect of exchange rate changes on cash		209			(261	)
Net increase in cash and cash equivalents		31,614			1,768
Cash and cash equivalents at beginning of period		37,425			58,236
Cash and cash equivalents at end of period	$	69,039		$	60,004

See accompanying notes to unaudited consolidated financial statements.

VOXX International Corporation and Subsidiaries

Notes to Unaudited Consolidated Financial Statements

(Amounts in thousands, except share and per share data)

(1)	Basis of Presentation

The accompanying unaudited interim consolidated financial statements of VOXX International Corporation and Subsidiaries ("Voxx" or the "Company") have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission as defined in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 270 for interim financial information, and in accordance with accounting principles generally accepted in the United States of America (“GAAP”), and include all adjustments (consisting of normal recurring adjustments), which, in the opinion of management, are necessary to present fairly the consolidated financial position, results of operations, changes in stockholders’ equity, and cash flows for all periods presented. The results of operations are not necessarily indicative of the results to be expected for the full fiscal year or any interim period. These unaudited consolidated financial statements do not include all disclosures associated with consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America. Accordingly, these statements should be read in conjunction with the Company's audited consolidated financial statements and notes thereto contained in the Company's Form 10-K for the fiscal year ended February 29, 2020.

We operate in three reportable segments: Automotive Electronics, Consumer Electronics, and Biometrics. See Note 23 for the Company's segment reporting disclosures.

(2)	Acquisitions

On January 31, 2020, the Company acquired certain assets and liabilities of Vehicle Safety Holdings Corp. (“VSHC”) via an asset purchase agreement for a preliminary purchase price of $16,610, which included $16,500 in cash and contingent consideration with a fair value of $110. Contingent consideration of up to a maximum of $750 is payable based upon the achievement of specified operating results, or the occurrence of certain events over the twelve-month period following the completion of the acquisition. Net sales from VSHC included in our consolidated results for the three months ended May 31, 2020 represented approximately 7% of our consolidated net sales. VSHC’s results of operations are included in the consolidated financial statements of Voxx in our Automotive Electronics segment. The purpose of this acquisition was to expand the Company’s product offerings and market share, as VSHC is a leading developer, manufacturer, and distributor of safety electronics.

The following summarizes the allocation of the purchase price based upon the fair value of the assets acquired and liabilities assumed at the date of acquisition:

	January 31, 2020
Assets acquired:
Inventory	$	6,982
Accounts receivable		3,415
Right of use assets		483
Other current assets		145
Property and equipment		714
Customer relationships		5,460
Trademarks		560
Patented technology		280
Goodwill		215
Other non-current assets		3
Total assets acquired	$	18,257

Liabilities assumed:
Accounts payable		757
Accrued expenses		483
Lease liabilities		219
Warranty accrual		188
Total	$	1,647
Total purchase price	$	16,610

The purchase allocation presented above is preliminary. We are in the process of refining the valuation of acquired assets and liabilities, including goodwill, and expect to finalize the purchase price allocation in the third quarter of Fiscal 2021. Goodwill was determined as the excess of the purchase price over the fair value of the assets acquired (including the identifiable intangible assets).

(3)	Net (Loss) Income Per Common Share

Basic net (loss) income per common share, net of non-controlling interest, is based upon the weighted-average common shares outstanding during the period. Diluted net (loss) income per common share, net of non-controlling interest, reflects the potential dilution that would occur if common stock equivalent securities or other contracts to issue common stock were exercised or converted into common stock.

There are no reconciling items which impact the numerator of basic and diluted net (loss) income per common share. A reconciliation between the denominator of basic and diluted net (loss) income per common share is as follows:

	Three months ended May 31,
	2020		2019
Weighted-average common shares outstanding (basic)		24,224,478		24,355,791
Effect of dilutive securities:
Restricted stock and stock grants		—		—
Weighted-average common shares and potential common shares outstanding (diluted)		24,224,478		24,355,791

Restricted stock and stock grants totaling 596,379 and 627,544 for the three months ended May 31, 2020 and 2019, respectively, were not included in the net (loss) income per diluted share calculation because the grant price of the restricted stock and stock grants was greater than the average market price of the Company’s common stock during these periods, or the inclusion of these components would have been anti-dilutive.

VOXX International Corporation and Subsidiaries

Notes to Unaudited Consolidated Financial Statements, continued

(Amounts in thousands, except share and per share data)

(4)	Investment Securities

As of May 31, 2020, and February 29, 2020, the Company had the following investments:

	May 31, 2020
	Fair Value
Investment Securities
Marketable Equity Securities
Mutual funds	$	1,741
Total Marketable Equity Securities		1,741
Total Investment Securities	$	1,741

	February 29, 2020
	Fair Value
Investment Securities
Marketable Equity Securities
Mutual funds	$	2,282
Total Marketable Securities		2,282
Total Investment Securities	$	2,282

Equity Securities

Mutual Funds

The Company’s mutual funds are held in connection with its deferred compensation plan. Changes in the carrying value of these securities are offset by changes in the corresponding deferred compensation liability.

(5)	Fair Value Measurements and Derivatives

The Company applies the authoritative guidance on “Fair Value Measurements," which among other things, requires enhanced disclosures about assets and liabilities that are measured and reported at fair value. This guidance establishes a hierarchal disclosure framework that prioritizes and ranks the level of market price observability used in measuring investments at fair value. Market price observability is impacted by a number of factors, including the type of investment and the characteristics specific to the investment. Investments with readily available active quoted prices, or for which fair value can be measured from actively quoted prices, generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value.

Investments measured and reported at fair value are classified and disclosed in one of the following categories:

Level 1 - Quoted market prices in active markets for identical assets or liabilities.

Level 2 - Inputs other than Level 1 inputs that are either directly or indirectly observable.

Level 3 - Unobservable inputs developed using the Company's estimates and assumptions, which reflect those that market participants would use.

At May 31, 2020 and February 29, 2020, the Company did not have any assets or liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3).

VOXX International Corporation and Subsidiaries

Notes to Unaudited Consolidated Financial Statements, continued

(Amounts in thousands, except share and per share data)

The following table presents financial assets measured at fair value on a recurring basis at May 31, 2020:

				Fair Value Measurements at Reporting Date Using
	Total			Level 1		Level 2
Cash and cash equivalents:
Cash and money market funds	$	69,039		$	69,039	$	—
Derivatives:
Designated for hedging	$	(606	)	$	—	$	(606	)
Investment securities:
Mutual funds	$	1,741		$	1,741	$	—
Total investment securities	$	1,741		$	1,741	$	—

The following table presents financial assets and liabilities measured at fair value on a recurring basis at February 29, 2020:

				Fair Value Measurements at Reporting Date Using
	Total			Level 1		Level 2
Cash and cash equivalents:
Cash and money market funds	$	37,425		$	37,425	$	—
Derivatives:
Designated for hedging	$	(476	)	$	—	$	(476	)
Investment securities:
Mutual funds	$	2,282		$	2,282	$	—
Total investment securities	$	2,282		$	2,282	$	—

At May 31, 2020, the carrying value of the Company's accounts receivable, short-term debt, accounts payable, accrued expenses, bank obligations and long-term debt approximates fair value because of either (i) the short-term nature of the financial instrument; (ii) the interest rate on the financial instrument being reset every quarter to reflect current market rates; or (iii) the stated or implicit interest rate approximates the current market rates or are not materially different from market rates.

Derivative Instruments

The Company’s derivative instruments include forward foreign currency contracts utilized to hedge a portion of its foreign currency inventory purchases. The forward foreign currency derivatives qualifying for hedge accounting are designated as cash flow hedges and valued using observable forward rates for the same or similar instruments (Level 2). The duration of open forward foreign currency contracts ranges from 1 month – 10 months and are classified in the balance sheet according to their terms. The Company also has an interest rate swap agreement as of May 31, 2020 that hedges interest rate exposure related to the outstanding balance of its Florida Mortgage, with monthly payments due through March 2026. The swap agreement locks the interest rate on the debt at 3.48% (inclusive of credit spread) through the maturity date of the loan. Interest rate swap agreements qualifying for hedge accounting are designated as cash flow hedges and valued based on a comparison of the change in fair value of the actual swap contracts designated as the hedging instruments and the change in fair value of a hypothetical swap contract (Level 2). We calculate the fair value of our interest rate swap agreement quarterly based on the quoted market price for the same or similar financial instruments. Interest rate swaps are classified in the balance sheet as either assets or liabilities based on the fair value of the instruments at the end of the period.

VOXX International Corporation and Subsidiaries

Notes to Unaudited Consolidated Financial Statements, continued

(Amounts in thousands, except share and per share data)

Financial Statement Classification

The following table discloses the fair value as of May 31, 2020 and February 29, 2020 of the Company’s derivative instrument:

	Derivative Assets and Liabilities
		Fair Value
	Account	May 31, 2020		February 29, 2020
Designated derivative instruments
Foreign currency contracts	Prepaid expenses and other current assets	$	—	$	—

Price	4.00	EPS	-2
Shares	24	P/E	-2
MCap	97	P/FCF	7
Net Debt	-54	EBIT	-51
TEV	43	TEV/EBIT	-1
TTM 2019-05-31, in MM, except price, ratios

10-Q	2020-05-31	Filed 2020-07-10
10-K	2020-02-29	Filed 2020-06-15
10-Q	2019-11-30	Filed 2020-01-09
10-Q	2019-08-31	Filed 2019-10-10
10-Q	2019-05-31	Filed 2019-07-10
10-K	2019-02-28	Filed 2019-05-14
10-Q	2018-11-30	Filed 2019-01-09
10-Q	2018-08-31	Filed 2018-10-10
10-Q	2018-05-31	Filed 2018-07-10
10-K	2018-02-28	Filed 2018-05-14
10-Q	2017-11-30	Filed 2018-01-09
10-Q	2017-08-31	Filed 2017-10-10
10-Q	2017-05-31	Filed 2017-07-10
10-K	2017-02-28	Filed 2017-05-15
10-Q	2016-11-30	Filed 2017-01-09
10-Q	2016-08-31	Filed 2016-10-11
10-Q	2016-05-31	Filed 2016-07-11
10-K	2016-02-29	Filed 2016-05-16
10-Q	2015-11-30	Filed 2016-01-11
10-Q	2015-08-31	Filed 2015-10-13
10-Q	2015-05-31	Filed 2015-07-09
10-K	2015-02-28	Filed 2015-05-14
10-Q	2014-11-30	Filed 2015-01-08
10-Q	2014-08-31	Filed 2014-10-09
10-Q	2014-05-31	Filed 2014-07-10
10-K	2014-02-28	Filed 2014-05-15
10-Q	2013-11-30	Filed 2014-01-08
10-Q	2013-08-31	Filed 2013-10-10
10-Q	2013-05-31	Filed 2013-07-10
10-K	2013-02-28	Filed 2013-05-15
10-Q	2012-11-30	Filed 2013-01-09
10-Q	2012-08-31	Filed 2012-10-10
10-Q	2012-05-31	Filed 2012-07-10
10-K	2012-02-29	Filed 2012-05-14
10-Q	2011-11-30	Filed 2012-01-09
10-Q	2011-08-31	Filed 2011-10-11
10-Q	2011-05-31	Filed 2011-07-11
10-K	2011-02-27	Filed 2011-05-16
10-Q	2010-11-30	Filed 2011-01-10
10-Q	2010-08-31	Filed 2010-10-12
10-Q	2010-05-31	Filed 2010-07-12
10-K	2010-02-28	Filed 2010-05-14
10-Q	2009-11-30	Filed 2010-01-11

8-K	2020-07-10	Earnings, Other Events, Exhibits
8-K	2020-07-06	Other Events, Exhibits
8-K	2020-06-11
8-K	2020-05-04
8-K	2020-04-07
8-K	2020-02-03
8-K	2020-01-09
8-K	2019-10-10
8-K	2019-09-30
8-K	2019-07-25
8-K	2019-07-08
8-K	2019-06-07
8-K	2019-05-14
8-K	2019-04-29
8-K	2019-01-23
8-K	2019-01-09
8-K	2018-10-10
8-K	2018-07-19
8-K	2018-07-10
8-K	2018-05-14
8-K	2018-04-19
8-K	2018-01-09

EX-10.1	voxx-ex101_85.htm
EX-10.2	voxx-ex102_84.htm
EX-10.3	voxx-ex103_164.htm
EX-10.4	voxx-ex104_165.htm
EX-10.5	voxx-ex105_162.htm
EX-10.6	voxx-ex106_163.htm
EX-31.1	voxx-ex311_8.htm
EX-31.2	voxx-ex312_9.htm
EX-32.1	voxx-ex321_10.htm
EX-32.2	voxx-ex322_11.htm

VOXX 10Q Quarterly Report

VOXX Earnings 2020-05-31