-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, TaxYEsvJnDBJ/OV1qflhpknp+WP08zUJXAJcLeGX+WLZc4SvXaIU6pc1QPM20Ns5 EZuH00XPaR5BpnvR5r41Aw== 0000807707-02-000006.txt : 20020415 0000807707-02-000006.hdr.sgml : 20020415 ACCESSION NUMBER: 0000807707-02-000006 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20020319 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20020319 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AUDIOVOX CORP CENTRAL INDEX KEY: 0000807707 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-ELECTRONIC PARTS & EQUIPMENT, NEC [5065] IRS NUMBER: 131964841 STATE OF INCORPORATION: DE FISCAL YEAR END: 1130 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-09532 FILM NUMBER: 02578535 BUSINESS ADDRESS: STREET 1: 150 MARCUS BLVD STREET 2: PO BOX 18000 CITY: HAUPPAUGE STATE: NY ZIP: 11788 BUSINESS PHONE: 6312317750 MAIL ADDRESS: STREET 1: 150 MARCUS BLVD CITY: HAUPPAUGE STATE: NY ZIP: 11788 8-K 1 k8031902.txt 8-K YEAR END PRESS RELASE SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (date of earliest event reported): March 15, 2002 AUDIOVOX CORPORATION - ------------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) DELAWARE 0-28839 13-1964841 - ---------------------------- ------------ -------------------------- (State or other jurisdiction (Commission (I.R.S. Employer of Incorporation or File Number) Identification Number) organization) 150 Marcus Boulevard, Hauppauge, New York 11788 - ------------------------------------------------------------------------------ (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (631) 231-7750 ---------------- Page 1 of (6) Pages Exhibit Index on Page (2) Item 5. Other Events. ------------ On March 15, 2002 Audiovox Corporation (the "Company") announced that it has revised its previously released results for fiscal 2001. A copy of the Press Release is filed as Exhibit 1 hereto. Item 7. Exhibits. --------- Exhibit 1. Press release dated March 15, 2002. Page 2 of (6) Pages Exhibit Index on Page (2) SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. AUDIOVOX CORPORATION Dated: March 19, 2002 BY: s/C. Michael Stoehr --------------------------- C. Michael Stoehr Senior Vice President and Chief Financial Officer Page 3 of (6) Pages Exhibit Index on Page (2) FOR IMMEDIATE RELEASE AUDIOVOX CORPORATION REVISES PREVIOUSLY RELEASED 2001 LOSS AS A RESULT OF MARKET CONDITIONS HAUPPAUGE, NY, MARCH 15, 2002 ... AUDIOVOX CORPORATION (NASDAQ: VOXX) today announced that it has revised its' previously released results for fiscal 2001. As a result of current market conditions, the Company has recorded an additional net charge of $1.2 million relating to its wireless inventory. Net loss and loss per share for the fourth quarter were $3.5 million or $0.16 basic and diluted compared to net income and income per share of $5.1 million and $0.23 basic and diluted in the fourth quarter of 2000. For the fiscal year ended November 30, 2001, net loss and loss per share were $8.2 million or $0.38 basic and diluted compared to net income and income per share of $27.2 million and $1.27 basic and $1.21 diluted for 2000. Additional details can be found in the Company's 10-K for the fiscal year ended November 30, 2001. Audiovox Corporation is an international leader in the marketing of cellular telephones, vehicle security and entertainment systems, and consumer electronics products. The Company conducts its business through two subsidiaries and markets its products both domestically and internationally under its own brands. It also functions as an OEM (Original Equipment Manufacturer) supplier to several customers. For additional information, please visit Audiovox on the Web at http://www.audiovox.com. Except for historical information contained herein, statements made in this release that would constitute forward-looking statements may involve certain risks such as our ability to keep pace with technological advances, significant competition in the wireless, mobile and consumer electronics businesses, quality and consumer acceptance of newly introduced products, our relationships with key suppliers and customers, market volatility, non- availability of product, excess inventory, price and product competition, new product introductions, the uncertain economic and political climate in the United States and throughout the rest of the world and the potential that such climate may deteriorate further and other risks detailed in the Company's Form 10K for the fiscal year ended November 30, Exhibit 1 2001. These factors, among others may cause actual results to differ materially from the results suggested in the forward-looking statements. COMPANY CONTACTS: FOR INVESTOR RELATIONS - ----------------- ---------------------- INQUIRIES: ---------- C. Michael Stoehr Chris Fullam / Glenn Wiener Audiovox Corporation PR 21 for Audiovox (631) 231-7750 (212) 299-3956 / (212) 299-8980 Exhibit 1 AUDIOVOX CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS (IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA) THREE MONTHS ENDED NOVEMBER 30, TWELVE MONTHS ENDED NOVEMBER 30, (UNAUDITED) (audited) (unaudited) 2000 2001 2000 2001 ----------- ----------- ----------- ----------- Net sales 510,876 345,802 1,704,459 1,267,746 Cost of sales 473,255 317,160 1,552,091 1,167,208 ----------- ----------- ----------- ----------- Gross profit 37,621 28,642 152,368 100,538 Operating expenses Selling 14,268 13,627 45,942 41,151 General and administrative 12,670 12,433 47,020 46,405 Warehousing, assembly and repair 5,309 6,322 20,882 23,519 ----------- ----------- ----------- ----------- Total operating expenses 32,247 32,382 113,844 111,075 ----------- ----------- ----------- ----------- Operating income (loss) 5,374 (3,740) 38,524 (10,537) Other income (expense) (679) (1,142) 1,441 (1,609) ----------- ----------- ----------- ----------- Income (loss) before provision for (recovery of) income taxes and extraordinary item 4,695 (4,882) 39,965 (12,146) Provision for (recovery of) income taxes 1,822 (1,364) 14,925 (3,937) ----------- ----------- ----------- ----------- Income (loss) before extraordinary item 2,873 (3,518) 25,040 (8,209) Extraordinary item 2,189 -- 2,189 -- ----------- ----------- ----------- ----------- Net income (loss) 5,062 (3,518) 27,229 (8,209) =========== =========== =========== =========== Net income (loss) per common share before extraordinary item: basic $ 0.13 $ (0.16) $ 1.17 $ (0.38) =========== =========== =========== =========== diluted $ 0.13 $ (0.16) $ 1.11 $ (0.38) =========== =========== =========== =========== Net income (loss) per common share: basic $ 0.23 $ (0.16) $ 1.27 $ (0.38) =========== =========== =========== =========== diluted $ 0.23 $ (0.16) $ 1.21 $ (0.38) =========== =========== =========== =========== Weight average number of common shares outstanding: Basic 21,902,327 21,966,461 21,393,566 21,877,100 =========== =========== =========== =========== Diluted 22,421,685 21,966,461 22,565,806 21,877,100 =========== =========== =========== ===========
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