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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): October 1, 2009
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.)
|
|
180 Marcus Blvd., Hauppauge, New
York
|
11788
|
|
|
(Address
of principal executive officers)
|
(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))
|
Item
8.01
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Other
Events.
|
On October 1,
2009, the Company issued a press release announcing that its wholly owned
subsidiary, Audiovox German Holdings GmbH, has completed the acquisition of
SCHWAIGER, a German market leader in consumer electronic
accessories.
The
information furnished under Item 8.01, including Exhibits 99.1, shall not be
deemed to be filed for the purposes of Section 18 of the Securities Exchange Act
of 1934, as amended, and will not be incorporated by reference into any
registration statement filed under the Securities Act of 1933, as amended,
unless specifically identified therein as being incorporated therein by
reference.
|
Item
9.01(d).
|
Exhibits
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EXHIBIT
INDEX
|
Exhibit
No.
|
Description
|
|
99.1
|
Press
Release dated October 1, 2009, relating to Audiovox Corporation’s wholly
owned subsidiary, Audiovox German Holdings GmbH’s, acquisition of
Schwaiger (furnished herewith).
|
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:
October 2,
2009 BY:___________________________________
Charles M. Stoehr
Senior Vice President and
Chief Financial
Officer
Audiovox
Acquires German Accessories Leader SCHWAIGER
NEW YORK,
Oct. 1 /PRNewswire/ -- Audiovox Corporation (Nasdaq: VOXX) announced today that
its wholly owned subsidiary, Audiovox German Holdings GmbH, has completed the
acquisition of SCHWAIGER, a German market leader in consumer electronics
accessories as well as SAT and receiver technologies. The Company enjoys strong
sales through the specialized do-it-yourself market and is based in Langenzenn,
Germany. Audiovox plans to keep the operation headquartered there.
Patrick
Lavelle, President and CEO of Audiovox Corporation stated, "It has always been
our intention to grow our European operations by adding significant markets and
product categories and capitalizing on synergies where they exist. This
acquisition does just that, as it adds to our Oehlbach accessory business and
further increases our 'accessories' presence by adding both new customers and
product lines to our growing European, accessory business."
As a
result of this acquisition, Audiovox will add a significant number of products
in the following categories: terrestrial antennas, amplifiers and accessories,
antenna outlets and accessories, switches, cables, installation materials,
measuring gear and power supplies, audio/video accessories, satellite-receiving
components and more. At the same time, SCHWAIGER will have the opportunity to
tap into the extensive product portfolio of accessory products from the
US-based, Audiovox Accessories Corporation and add to their mix products under
the RCA, Jensen, Acoustic Research and Terk brands.
The total
purchase price is at the current rate, approximately $4.3 million (3 million
Euros) and the acquisition is expected to be accretive this fiscal year adding
roughly $32 million (21.9 million Euros) in annualized sales.
Lavelle
concluded, "We plan to continue to expand our international footprint by adding
high-quality brands and lines as we see significant short and long-term
opportunities and to further leverage those brand portfolios and distribution
throughout Europe."
About
Audiovox
Audiovox
(NASDAQ:VOXX) is a recognized leader in the marketing of automotive
entertainment, vehicle security and remote start systems, consumer electronics
products and consumer electronics accessories. The company is number one in
mobile video and places in the top ten of almost every category that it sells.
Among the lines marketed by Audiovox are its mobile electronics products
including mobile video systems, auto sound systems including satellite radio,
vehicle security and remote start systems; consumer electronics products such as
MP3 players, digital camcorders, DVRs, Internet radios, clock radios, portable
DVD players, multimedia products like digital picture frames and home and
portable stereos; consumer electronics accessories such as indoor/outdoor
antennas, connectivity products, headphones, speakers, wireless solutions,
remote controls, power & surge protectors and media cleaning & storage
devices; Energizer®-branded products for rechargeable batteries and battery
packs for camcorders, cordless phones, digital cameras and DVD players, as well
as for power supply systems, automatic voltage regulators and surge protectors.
The company markets its products through an extensive distribution network that
includes power retailers, 12-volt specialists, mass merchandisers and an OE
sales group. The company markets products under the Audiovox, RCA, Jensen,
Acoustic Research, Energizer, Advent, Code Alarm, TERK, Prestige and SURFACE
brands. For additional information, visit our Web site at www.audiovox.com.
Safe
Harbor Statement
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 as well as the wireless business; 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 February 28,
2009.
Company
Contact:
GW
Communications
Glenn
Wiener, Tel: 212-786-6011
gwiener@GWCco.com
SOURCE
Audiovox Corporation
Glenn
Wiener, GW Communications, +1-212-786-6011, gwiener@GWCco.com, for Audiovox
Corporation