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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 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): May 29, 2003
AUDIOVOX CORPORATION
(Exact name of registrant as specified in its charter)
DELAWARE 1-9532 13-1964841
(State or other jurisdiction (Commission (IRS Employer Identification
of Incorporation) File Number) Number)
150 Marcus Boulevard, Hauppauge, New York 11788
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (631) 231-7750
NONE
(Former name or former address, if changed since last report)
Exhibit Index on Page 4
Page 1 of
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
(c) Exhibits.
Exhibit No. Description
99.1 Press Release, dated May 29, 2003
ITEM 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITION.
On May 29, 2003, Audiovox Corporation issued a press release reporting that
it would restate results for fiscal years 2000, 2001 and the first three
quarters of 2002. A copy of the press release is attached hereto as Exhibit
99.1, and is incorporated by reference in its entirety.
Exhibit Index on Page 4
Page 2 of
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: May 29, 2003 By:s/Charles M. Stoehr
--------------------------------
Charles M. Stoehr
Senior Vice President and
Chief Financial Officer
Exhibit Index on Page 4
Page 3 of
EXHIBIT INDEX
Exhibit No. Description
99.1 Press Release, dated May 29, 2003 announcing a restatement
of results for fiscal years 2000, 2001 and the first three
quarters of 2002.
Exhibit Index on Page 4
Page 4 of
Audiovox Corporation to Restate Results for Fiscal Years 2000, 2001
and the First Three Quarters of 2002
o Cumulative effect of changes is an increase of $1.0 million to net income
o Certain expenses reclassified from operating expenses to cost of sales for
the same periods
HAUPPAUGE, N.Y., May 29, 2003....Audiovox Corporation (Nasdaq: VOXXE) today
announced that in connection with the previously announced Securities and
Exchange Commission ("SEC") comment letter and the current audit, the Company
expects to restate results for fiscal years 2000, 2001, and the first three
quarters of fiscal 2002. The net effect of the adjustments is expected to have
no impact on the Company's cash balances for any period.
The Company expects to file its Form 10-K for 2002 reflecting restatements for
2000, and 2001 and the first three quarters of fiscal 2002 as soon as the
remaining SEC comments are resolved and the Company's audit is completed. As a
result, until the audit is complete and the statements are filed, previously
issued financial statements should no longer be relied upon until this process
is completed.
Although adjustments vary by period, the cumulative effect of all of these
changes, which include changes previously announced on March 14, 2003, is an
unaudited $1.0 million increase in income over the periods. The unaudited net
effect of all the restatement adjustments by period, including that previously
announced on March 14, 2003, is as follows: