Last $8.95 USD
Change Today 0.00 / 0.00%
Volume 650.0
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As of 8:10 PM 04/23/14 All times are local (Market data is delayed by at least 15 minutes).

rockford corporation (ROFO) Key Developments

Rockford Corporation Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2012; Announces Board Changes

Rockford Corporation announced unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2012. The company reported that the net income for the three months ended September 30, 2012, was $1.4 million compared to $1.2 million for the same period in 2011. Net sales for the three months ended September 30, 2012, increased 7.4% to $15.3 million compared to net sales of $14.2 million for the same period in 2011. The increase in net sales for the three month period was primarily due to increases in Rockford's core aftermarket and international sales channels. Operating income was $1,043,000 against $1,193,000 a year ago. Income before income taxes was $1,390,000 against $1,158,000 a year ago. Diluted net income per common share was $0.17 against $0.13 a year ago. The company's net income for the nine months ended September 30, 2012, was $6.5 million compared to $4.2 million for the same period in 2011. Net sales for the nine months ended September 30, 2012, increased 14.8% to $54.9 million compared to net sales of $47.8 million for the same period in 2011. The increase in net sales for the nine month period was primarily due to increases in Rockford's core aftermarket and international sales channels. OEM royalty revenue for the nine months ended September 30, 2012, was $1.0 million compared to $2.0 million for the same period in 2011. Rockford's cash provided by operations was $3.6 million for the nine months ended September 30, 2012 as compared to $1.5 million during the comparable period in 2011. Net income of $6.5 million was the primary source of cash from operations and a decrease in accounts payable of $1.7 million and an increase in accounts receivable of $1.5 million were the primary use of cash from operations. Operating income was $6,171,000 against $4,289,000 a year ago. Income before income taxes was $6,504,000 against $4,212,000 a year ago. Diluted net income per common share was $0.77 against $0.45 a year ago. The company also announced that at the completion of the recent Dutch Auction, the company’s three largest shareholders agreed to restructure its Board of Directors. As a result of these changes the company’s Board of Directors has been reduced to 5 directors including continuing directors Mr. Kamin, Mr. Tim Bartol, Mr. Godfrey, and Mr. Jackson and its new director Mr. Mark A. Riser. Mr. Nick Bartol, Mr. Goldress, and Mr. Lloyd have retired from the company’s Board of Directors. Mr. Kamin has been appointed Chairman of the Board of Directors, replacing Mr. Goldress. The Board of Directors appointed Mr. Riser as one of Rockford's directors as a nominee of Mr. Kamin, who is now Rockford's largest shareholder. Mr. Riser joined Morningside Private Investors in 2010 and has been a private investor since 1999.

Rockford Corp. Reports Unaudited Consolidated Financial Results for the Second Quarter and Six Months Ended June 30, 2012; Announces Board Resignations

Rockford Corp. reported unaudited consolidated financial results for the second quarter and six months ended June 30, 2012. For the quarter, the company reported net income of $2,144,000 or $0.25 diluted earnings per share on net sales of $19,048,000 against net income of $1,754,000 or $0.19 diluted earnings per share on net sales of $17,000,000 a year ago. Operating income was $2,154,000 and income before income taxes was $2,144,000 against operating income of $1,788,000 and income before income taxes of $1,754,000 a year ago. The increase in Net Sales were primarily due to increases in Rockford's core aftermarket and international sales channels. For six months, the company reported net income of $5,114,000 or $0.60 diluted earnings per share on net sales of $39,584,000 against net income of $3,054,000 or $0.32 diluted earnings per share on net sales of $33,570,000 a year ago. Operating income was $5,128,000 and income before income taxes was $5,114,000 against operating income of $3,096,000 and income before income taxes of $3,054,000 a year ago. At the completion of the purchase transactions, the Kamin Shareholders, Bartol Shareholders and Mr. Godfrey have agreed to restructure Board of Directors. After the restructuring Mr. Kamin will nominate two of directors, the Bartol Shareholders will nominate one director, and Mr. Godfrey will nominate one director. The company's CEO, Mr. Jackson, will also continue to serve as a director. As a result, the Board of Directors will be reduced to five directors including Mr. Kamin, Mr. Kamin's second nominee, Mr. Tim Bartol, Mr. Godfrey, and Mr. Jackson. Also as a result of this agreement, Mr. Nick Bartol, Mr. Goldress, and Mr. Lloyd have agreed to retire from Board of Directors.

Blaupunkt GmbH and Rockford Corporation Announces Distribution Agreement

Blaupunkt GmbH announced that it has signed an agreement granting the Rockford Corporation headquartered in Tempe, Arizona (USA) exclusive distribution rights for the company's car multimedia and headphones range for the North American market. In addition, Blaupunkt and Rockford are extending their cooperation to service the global OEM market. By leveraging each party’s respective regional strengths, product portfolios, and support structures, the companies plan to offer global solutions on product areas like Radio, Navigation, Amplifier, Loudspeaker, Rear Seat Entertainment and Connectivity for automotive and commercial vehicle platforms.

Rockford Corp. Signs Distribution Agreement with Progressive Concepts, Inc

Teletouch Communications, Inc. announced that Rockford Corp. signed a new distribution agreement appointing Teletouch Communications, Inc.'s wholly-owned subsidiary, Progressive Concepts, Inc. as the exclusive central region distributor for their Lightning Audio line of products for the states of Texas, Oklahoma, Arkansas & Louisiana. Progressive Concepts, Inc. now carries a full line of Lightning Audio products, including amplifiers, speakers, subwoofers, wire and component kits, enclosures and accessories for sale to approved dealers in the Territory.

 

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