Strategy in TECH...
VOXX International Corporation (Voxx) (Nasdaq: VOXX) reported its financial results for the first quarter of fiscal year 2024 and the numbers were not pretty. The first quarter is the period ending on May 31, 2023, and overall net sales n the quarter dropped by -13.1%, with a net loss increase of 65%. The hardest hit segment was the company’s Premium Audio Company division – home of brands like Onkyo, Pioneer, Integra, Elite, and more – which saw sales collapse by -32%.
Well-known and respected industry executive Peter Wellikoff has been appointed to the newly created position of Managing Director at Atlantic Technology. Wellikoff’s appointment was effective as of July 1st.
In a Teams interview with new Parasound owner and CEO David Sheriff, with VP of Sales and Marketing Larry Bennett joining in occasionally, I learned more about the company’s seemingly dramatic new direction. This new direction is defined not so much by a changed product strategy, but rather by revisions the company plans to make in policies, programs, and dealer structure that looks to redefine its approach to the market.
Masimo Consumer, part of Masimo Corp (Nasdaq: MASI), announced today that it has formed a partnership with Oasys Residential Technology Group, a buying group of residential technology integrators that is part of the Nationwide Marketing Group. Formerly known as HTSN, the rebranded and rechartered Oasys Residential Technology Group recently held its inaugural launch event in May in Nashville with Strata-gee in attendance.
Redwood Marketing, Inc. continues an ambitious growth strategy by acquiring another Northern California manufacturers sales representative group, the Jan Tulloch Company. Both groups are based in Northern California, and the deal is expected to close by July 1, 2023.
Can your very best products get even better? Bowers & Wilkins (B&W), part of Masimo Consumer Audio (formerly Sound United), have shown consistently over the years that by applying technological refinements and special custom finishes, their models carrying the “Signature” designation deliver both performance upgrades and dramatically unique visual design. Signature models exist in a few B&W series, but it is especially noteworthy when the designation is applied to their vaunted 800 Series – as the company just announced today.
Masimo Corp. [NASDAQ: MASI] shareholders voted to elect two new independent board candidates nominated by activist investor Politan Capital Management, including Politan’s Chief Investment Officer Quentin Koffey, as reported by Reuters. The election took place on Monday, June 26th at the annual stockholder’s meeting, and it was announced late in the day that the Politan candidates prevailed.
The news is a shocking repudiation of the existing Masimo Board and CEO Joe Kiani – and it puts Sound United’s future with the company in serious doubt.
Nationwide Marketing Group announced on Wednesday the launch of a new buying group targeted at the commercial integration channel called Ellipsys. Part of its strategy to build its overall membership organization to 1,000 members, Ellipsys actually made its debut, sort of a soft launch, last week at InfoComm in Orlando.
Masimo Corp. [Nasdaq: MASI] announced on Wednesday the launch of two new earbuds under the Denon brand called PerL™ and PerL Pro™. The company says these new True Wireless earbuds feature a proprietary technology called Masimo Adaptive Acoustic Technology™ (AAT™) that optimizes the sound for each individual’s ear.
The Minnesota District Court for the Fourth Judicial District in the County of Hennepin held a hearing on Tuesday to determine the final disposition of the insolvent Audio Research Corporation which is operating under Assignment for the Benefit of Creditors (ABC) – a form of receivership. The assignee in this case, Patrick Finn of Lighthouse Management Group had executed an Asset Purchase Agreement (APA) with Acora Acoustics and was seeking an order from the judge to approve the APA and the transfer of the assets free and clear of any and all liens to Acora Acoustics.
