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): September 27, 2005
AUDIOVOX CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 0-28839 13-1964841
(State or other (I.R.S. Employer
jurisdiction of incorporation) (Commission File Number) Identification No.)
180 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))
Page 1 of 4
Item 8.01Other Events
On September 27, 2005, the Company issued a press release revising its
revenue guidance for the fiscal third quarter ended August 31, 2005 and the
fiscal year ending November 30, 2005. A copy of the press release is filed as
Exhibit 99.1 to this report and incorporated herein by reference.
Page 2 of 4
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
Date: September 28, 2005 /s/Charles M. Stoehr
- ----- ------------------ ------------------------
Charles M. Stoehr
Senior Vice President and
Chief Financial Officer
Page 3 of 4
EXHIBIT INDEX
Exhibit No. Description
99.1 Press Release, dated September 27, 2005 relating to
Audiovox Corporation's revised earnings guidance for the
third quarter ended August 31, 2005 and the fiscal year
ending November 30, 2005 (filed herewith).
Page 4 of 4
Audiovox Corporation Provides Update on Fiscal Third and Fourth
Quarter Financial Results
HAUPPAUGE, NY, September 27, 2005 - Audiovox Corporation (Nasdaq: VOXX) today
provided updated guidance on its 2005 fiscal third and fourth quarter financial
results.
The Company disclosed today that it would not meet its previously reported
minimum revenue guidance of $135 million for the fiscal 2005 third quarter,
primarily due to unexpected drastically reduced pricing by one of the Company's
primary competitors that has resulted in an almost 50% reduction in market
pricing for satellite radio plug and play units, adversely impacting both
anticipated sales and profits for the Company. As a result, the Company intends
to take an inventory mark down due principally to this satellite radio
situation, of approximately $3.7 million, and anticipates it will report a loss
per share of between $0.16 and $0.18 on revenue of approximately $123 million in
the fiscal 2005 third quarter. These are preliminary estimates, as the Company
has not completed its quarterly review.
Patrick Lavelle, President and CEO of Audiovox stated, "We believe the negative
impact of this satellite radio situation will be short-lived and we are in the
process of changing our business model to prevent a recurrence. Despite this
unforeseen setback, we anticipate satellite radio products will be one of our
revenue drivers in the future. In the near term however, pricing on the plug and
play units had to be adjusted to reflect current market conditions."
Due to declining sales and profits in satellite radio, the Company anticipates
revenues for its fiscal 2005 fourth quarter will also be negatively affected by
the retail price of Satellite radio plug and play units.
Lavelle concluded, "On the positive side, other product lines are performing on
or close to plan and our financial position remains strong. Sales of our Jensen
branded auto sound products are outpacing internal projections and mobile video
margins are improving as anticipated. Sales of our flat panel TV's continue to
exceed projections as we expand distribution in this important and growing
market segment. We continue to take the necessary steps, which we have already
communicated to our shareholders, customers, partners and employees to ensure
Audiovox returns to historical growth patterns in the future."
Audiovox will be reporting its fiscal third quarter results after-market close
on Tuesday, October 11th, 2005. The Company will host its quarterly conference
call the following morning at 10:00 a.m. EDT on Wednesday, October 12th.
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 several of its own brands. It also
functions as an OEM (Original Equipment Manufacturer) supplier to a wide variety
of customers, through several distinct distribution channels. For additional
information, please visit Audiovox on the Web at http://www.audiovox.com.
- more -
EXHIBIT 99.1
Audiovox Corporation Provides Update...
Page 2 of 2
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 statement. 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 for the fiscal year ended November 30, 2004 and Form
10-Q for the fiscal second quarter ended May 31, 2005.
Company Contacts
Glenn Wiener
GW Communications for Audiovox
Tel: 212-786-6011 or Email: gwiener@GWCco.com
EXHIBIT 99.1