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): March 5, 2007
AUDIOVOX CORPORATION
(Exact name of registrant as specified in its charter)
DELAWARE
(State or Other Jurisdiction of Incorporation)
0-28839 13-1964841
(Commission File Number) (IRS Employer Identification No.)
180 Marcus Blvd., Hauppauge, New York 11788
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(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))
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ITEM 8.01 OTHER EVENTS
On March 5, 2007, Audiovox Corporation (the "Company") issued a press release
announcing that its wholly owned subsidiary, Audiovox German Holdings GmbH, has
completed the acquisition of OEHLBACH Kabel GmbH, a European market leader in
the accessories field, for a total purchase price of 5 million euros ($6.6
million US), in addition to certain earn-out payments. Please see the copy of
the release that is furnished herewith as Exhibit 99.1.
The information furnished under Item 8.01 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.
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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: March 6, 2007 By: /s/ Charles M. Stoehr
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Charles M. Stoehr
Senior Vice President and
Chief Financial Officer
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EXHIBIT INDEX
Exhibit No. Description
99.1 Press Release, dated March 5, 2007, relating to the
acquisition of OEHLBACH Kabel GmbH (furnished herewith).
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FOR IMMEDIATE RELEASE
AUDIOVOX ANNOUNCES ACQUISITION
OF OEHLBACH KABEL GMBH
WELL KNOWN ACCESSORY COMPANY TO COMPLIMENT EUROPEAN
CONSUMER ELECTRONICS OPERATION
HAUPPAUGE, NY, MARCH 5, 2007 - Audiovox Corporation (NASDAQ: VOXX), announced
today that its wholly owned subsidiary, Audiovox German Holdings GmbH, has
completed the acquisition of OEHLBACH Kabel GmbH, a European market leader in
the accessories field, for a total purchase price of 5 million euros ($6.6
million US), in addition to certain earn-out payments.
Patrick Lavelle, President and CEO of Audiovox stated, "This acquisition is in
keeping with our stated goal to acquire synergistic businesses and product lines
at higher margins than our core lines. The same philosophy exists in our
European operation, which with this acquisition will add high quality accessory
products to their portfolio and will do so at higher margins. Oehlback is a
recognized leader throughout Europe and has an impressive distribution network,
covering 30 countries."
Lavelle concluded "Coupled with our acquisitions of Terk Technologies and most
recently Thomson, which includes the RCA, Acoustic Research, Jensen and Advent
brands, we will now have an accessory division that should post sales upwards of
approximately $200 million over the coming year as well as give us a respectable
share in the accessory marketplace. We remain active in the M&A marketplace and
continue to look towards additional acquisitions that will help us grow both our
top and bottom lines and enhance shareholder value."
About Audiovox
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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.
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About Oehlbach
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OEHLBACH Kabel GmbH is a European market leader high-quality accessories,
particularly cables. OEHLBACH products are known for their high quality and
functionality, as well as outstanding design. Their high ranking in innumerable
international tests corroborates the quality of Oehlbach accessories. They pride
themselves on their ability to respond quickly to the needs of their
distribution partners and can in fact, manufacture and deliver current models to
their customer base within 72 hours. For additional information, please visit
Oehlbach on the web at www.oehlbach.de and www.cableconfigurator.com .
Safe Harbor Language
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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
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Glenn Wiener
GW Communications for Audiovox
Tel: 212-786-6011 or Email: gwiener@GWCco.com
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