The Q wasn't bad, but also wasn't really good. Pre-tax operating income margin was down to slightly above break even - $ 2 million on $ 180 million of sales, or just above 1% margin, compared to 3.5% in Q2 last year. It was presumably nonrecurring items, like a recovery from Circuit City (how long has it been since CC went under?), that made the bottom line look good. But hopefully, it was also nonrecurring items that made the operating income line so weak.
But it's only a quarter, and traditionally a slow quarter, so everything looks OK. They say they are still exiting some product lines, and from what I read, Venezuela has become a real basket case under the new leader's regime. So no surprises, and hopefully they are building the continuing business.
I don't know if VOXX gives guidance or not (we'll see this AM on the call), but Q3 is the key. It's always the strongest, and I'd like to hear management say something positive about operating margins going forward.
On the call, they indicated that the drop in operating margin was mostly 1-time expenses like consolidating warehouses and some severance, among other items. I don't know if that set off the buying, or if it was just the market's strength, but the price certainly ended nicely.