VOXX - VOXX International: Former Supplier Awarded $40 Million In Previously Undisclosed Arbitration Proceedings

• Outlining expectations for the company's upcoming fourth-quarter results.
• Former supplier awarded approximately $40 million in previously undisclosed arbitration proceedings.
• Partial final award was issued in early March with damages being affirmed by the arbitrator. Former Supplier might be awarded additional damages for patent infringement.
• While management's negligent handling of the case is disappointing, liquidity should be more than sufficient to absorb the arbitration award.
• Despite shares trading near 52-week lows, I am hesitant to keep my "buy" rating as the company has not yet disclosed the final arbitration award to shareholders and the potential for the former supplier also prevailing in its patent infringement claims.

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