Last $7.52 USD
Change Today -0.23 / -2.97%
Volume 101.0
ROFO On Other Exchanges
Symbol
Exchange
OTC US
As of 8:10 PM 08/21/14 All times are local (Market data is delayed by at least 15 minutes).

rockford corporation (ROFO) Key Developments

Rockford Corporation Appoints Vince Hormovitis as Managing Director of Business Development for Powersports

Rockford Corporation has appointed Vince Hormovitis as managing director of business development for powersports business. In this newly created role, Hormovitis will focus on driving Rockford's business in the marine, motorcycle, RV, and ATV markets. Hormovitis was most recently with Sony, where he held a variety of positions in the mobile electronics group.

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.

 

Stock Quotes

Market data is delayed at least 15 minutes.

Company Lookup
Recently Viewed
ROFO:US $7.52 USD -0.23

ROFO Competitors

Market data is delayed at least 15 minutes.

Company Last Change
Alpine Electronics Inc ¥1,633 JPY -22.00
Harman International Industries Inc $115.61 USD -0.48
JVC Kenwood Corp ¥245.00 JPY -3.00
Pioneer Corp ¥319.00 JPY 0.00
Sony Corp ¥1,950 JPY -2.00
View Industry Companies
 

Industry Analysis

ROFO

Industry Average

Valuation ROFO Industry Range
Price/Earnings 8.8x
Price/Sales 0.8x
Price/Book 8.1x
Price/Cash Flow 6.2x
TEV/Sales -- Not Meaningful
 | 

Sponsored Financial Commentaries

Sponsored Links

Report Data Issue

To contact ROCKFORD CORPORATION, please visit . Company data is provided by Capital IQ. Please use this form to report any data issues.

Please enter your information in the following field(s):
Update Needed*

All data changes require verification from public sources. Please include the correct value or values and a source where we can verify.

Your requested update has been submitted

Our data partners will research the update request and update the information on this page if necessary. Research and follow-up could take several weeks. If you have questions, you can contact them at bwwebmaster@businessweek.com.