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Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Nov. 30, 2023
Nov. 30, 2022
Nov. 30, 2023
Nov. 30, 2022
Income Statement [Abstract]        
Net sales $ 135,260 $ 143,055 $ 360,828 $ 397,492
Cost of sales 98,918 105,918 268,281 297,859
Gross profit 36,342 37,137 92,547 99,633
Operating expenses:        
Selling 10,967 11,413 32,154 35,563
General and administrative 15,944 15,920 52,621 53,903
Engineering and technical support 7,063 7,171 23,257 23,844
Acquisition costs 0 0 0 136
Restructuring expenses 101 303 2,168 532
Total operating expenses 34,075 34,807 110,200 113,978
Operating income (loss) 2,267 2,330 (17,653) (14,345)
Other (expense) income:        
Interest and bank charges (1,892) (1,460) (5,011) (3,101)
Equity in income of equity investee 1,101 2,022 3,958 5,373
Final arbitration award (see Note 24) (752) (986) (3,350) (2,958)
Other, net 156 460 (1,497) (3,169)
Total other (expense) income, net (1,387) 36 (5,900) (3,855)
Income (loss) before income taxes 880 [1],[2] 2,366 [1],[2] (23,553) [1],[2] (18,200)
Income tax expense (benefit) 97 (3,988) (54) (5,788)
Net income (loss) 783 6,354 (23,499) (12,412)
Less: net loss attributable to non-controlling interest (1,129) (1,067) (3,609) (3,090)
Net income (loss) attributable to VOXX International Corporation and Subsidiaries 1,912 7,421 (19,890) (9,322)
Other comprehensive income (loss):        
Foreign currency translation adjustments 279 957 1,337 (2,665)
Derivatives designated for hedging (29) 78 (55) 264
Pension plan adjustments (1) (19) (7) 53
Other comprehensive income (loss), net of tax 249 1,016 1,275 (2,348)
Comprehensive income (loss) attributable to VOXX International Corporation and Subsidiaries $ 2,161 $ 8,437 $ (18,615) $ (11,670)
Income (loss) per share - basic: Attributable to VOXX International Corporation and Subsidiaries $ 0.08 $ 0.3 $ (0.85) $ (0.38)
Income (loss) per share - diluted: Attributable to VOXX International Corporation and Subsidiaries $ 0.08 $ 0.3 $ (0.85) $ (0.38)
Weighted-average common shares outstanding (basic) 23,270,834 24,389,375 23,510,578 24,408,541
Weighted-average common shares outstanding (diluted) 23,467,022 24,621,359 23,510,578 24,408,541
[1] Included within Income (loss) before income taxes on Corporate/Eliminations are charges related to the Company's unfavorable arbitration award of $752 and $3,350 for the three and nine months ended November 30, 2023, respectively, and $986 and $2,958 for the three and nine months ended November 30, 2022, respectively (see Note 24).
[2] Included within Income (loss) before income taxes on Corporate/Eliminations for the three and nine months ended November 30, 2023 and 2022 are foreign currency losses of $174 and $1,521, respectively, compared to $154 and $3,596, respectively, attributable to the Company's Onkyo subsidiary related to intercompany transactions and financial statement translation adjustments.