Audiovox shares were down about 1% in early-afternoon Nasdaq trad...
Audiovox shares were down about 1% in early-afternoon Nasdaq trading Tues., day after shares fell to $6 in after-hours trading from its Nasdaq close of $7.27 on announcement that company would miss its previously disclosed forecast for 4th quarter.…
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Audiovox said it expected “modest” improvements sequentially in 2nd half of fiscal 2002. But in preliminary guidance for first quarter, company said it expected net profit decline to $1-1.5 million (4- 7? per share) vs. year-earlier income of $2.6 million (12?) on flat revenue growth to $320-$330 million. Chmn. John Shalam said fiscal 2001 was marked by “challenging business climate” from economic slowdown and effects of Sept. 11. He said company recently had observed start of “some positive signs of stabilization” in market, but price erosion in wireless phones was “stronger than ever.”