Mobile electronics designer Audiovox
Gross revenue dropped 23% from the comparable period in 2005 to land at $111 million. Audiovox likes to report earnings in the form of net income from continuing operations, and that figure dropped by 69% from last year, to $0.08 per diluted share.
The decrease in sales is due to a combination of factors: shipments of a receiver for XM Satellite Radio
Talk is cheap, though. Yes, Audiovox's gross margins improved from 15.8% last year to 18% this period, but net margins dropped by 65% and operating margins turned negative. That hardly counts as improvement.
In all fairness, Audiovox competes in a tough industry. It's hardly the only provider of XM and Sirius
Fool contributor Anders Bylund owns no stock in the companies discussed. He's a big fan of gadgets, but doesn't own all that many of those, either. Foolish disclosure delivers on all its promises, every time.