UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15 (d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 9, 2007
AUDIOVOX CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 0-28839
-------- -------
(State or other jurisdiction of incorporation) (Commission File Number)
13-1964841
----------
(I.R.S. Employer Identification No.)
150 Marcus Blvd., Hauppauge, New York 11788
- ------------------------------------- -----
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (631) 231-7750
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of file
following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act (17 CFR 240.13e-4(e))
1
ITEM 5.02 APPOINTMENT OF PRINCIPAL OFFICER.
On April 9, 2007, the Company issued a press release announcing that the Thomas
C. Malone has been appointed President of the Company's wholly-owned subsidiary,
Audiovox Electronics Corporation. Mr. Malone, who is 52 years old, was elected a
Senior Vice President of the Company in 2006 and prior thereto he served as a
Group Vice President of the Company's Mobile Electronics Group since 1999.
A copy of the release is attached hereto as Exhibit 99.1.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
AUDIOVOX CORPORATION (Registrant)
Date: April 12, 2007
/s/ Charles M. Stoehr
---------------------------------
Charles M. Stoehr
Senior Vice President and
Chief Financial Officer
EXHIBIT INDEX
Exhibit No. Description
- ---------- -----------
99.1 Press Release, dated April 9, 2007, relating to the
appointment of Thomas C. Malone.
2
FOR IMMEDIATE RELEASE
TOM MALONE APPOINTED PRESIDENT
OF AUDIOVOX ELECTRONICS CORP.
HAUPPAUGE, NY, APRIL 9, 2007 - Audiovox Corporation (NASDAQ: VOXX). Patrick M.
Lavelle, President and CEO of Audiovox Corporation announced today that
effective immediately, Thomas C. Malone has been appointed President of the
Company's wholly-owned subsidiary, Audiovox Electronics Corporation (AEC). AEC
markets consumer and mobile electronics products, which include mobile video,
mobile multi media, security, navigation and satellite radio to the retail,
expeditor and 12-Volt industries.
"It is with great pleasure that I announce Tom's appointment as President of
AEC," said Lavelle. "I have personally worked with him for over 20 years and his
contributions to our organization have enabled us to become a market leader in
both mobile and consumer electronics. Our company has grown organically, through
acquisition and by developing the right products and strategy to take advantage
of market opportunities. Tom's contributions in helping us integrate our
acquisitions, develop new product lines and grow our customer base have been key
reasons why Audiovox is a recognized leader today. I look forward to his
continuing contributions and am confident in our future with Tom at the helm of
AEC."
Mr. Malone joined Audiovox in 1986 as a vehicle security specialist, developing
products with the Company's overseas vendors and programs in the 12-Volt,
Expeditor and DYI (Do it Yourself) security markets. Over time, his
responsibilities expanded to include management of the Company's core product
lines, including mobile video, auto sound, navigation, satellite radio and
consumer electronics. Given his success in these key markets, in 2006, he was
promoted to Senior Vice President of Sales, responsible for managing the
Company's complete portfolio of brands, which include Audiovox, Jensen, RCA,
Advent, Acoustic Research, Phase Linear, Code Alarm and Terk. In addition to
sales, he is also heavily involved in product development for both the mobile
and consumer electronics portfolios.
Prior to joining Audiovox, Mr. Malone served as Vice President for Primary
Security, a New York based vehicle security manufacturer. He currently sits on
the board of the Mobile Electronics Division of the Consumer Electronics
Association (CEA) and is involved in other industry organizations.
About Audiovox
Audiovox Corporation is a leading international supplier and value added service
provider in the consumer electronics industry. The Company conducts its business
through subsidiaries and markets mobile and consumer electronics products both
domestically and internationally under a family of its owned brands that include
among others, Audiovox, RCA, Jensen, Acoustic Research and Phase Linear. The
Company's products are marketed to a wide variety of customers through several
distinct distribution channels. The Company also is an OEM (Original Equipment
Manufacturer) supplier to a number of vehicle manufactures both domestic and
international. For additional information, please visit Audiovox on the Web at
http://www.audiovox.com.
Safe Harbor Language
Except for historical information contained herein, statements made in this
release that would constitute forward-looking statements may involve certain
risks and uncertainties. All forward-looking statements made in this release are
based on currently available information and the Company assumes no
responsibility to update any such forward-looking statements. The following
factors, among others, may cause actual results to differ materially from the
results suggested in the forward-looking statements. The factors include, but
are not limited to, risks that may result from changes in the Company's business
operations; our ability to keep pace with technological advances; significant
competition in the mobile and consumer electronics businesses; our relationships
with key suppliers and customers; quality and consumer acceptance of newly
introduced products; market volatility; non-availability of product; excess
inventory; price and product competition; new product introductions; the
possibility that the review of our prior filings by the SEC may result in
changes to our financial statements; and the possibility that stockholders or
regulatory authorities may initiate proceedings against Audiovox and/or our
officers and directors as a result of any restatements. Risk factors associated
with our business, including some of the facts set forth herein, are detailed in
the Company's Form 10-K/A for the fiscal year ended November 30, 2005 and its
Form 10-Q for the fiscal third quarter ended November 30, 2006.
Company Contacts
Glenn Wiener
GW Communications for Audiovox
Tel: 212-786-6011 or Email: gwiener@GWCco.com