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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (date of earliest event reported): March 15, 2002
AUDIOVOX CORPORATION
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(Exact name of registrant as specified in its charter)
DELAWARE 0-28839 13-1964841
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(State or other jurisdiction (Commission (I.R.S. Employer
of Incorporation or File Number) Identification Number)
organization)
150 Marcus Boulevard, 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
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Page 1 of (6) Pages
Exhibit Index on Page (2)
Item 5. Other Events.
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On March 15, 2002 Audiovox Corporation (the "Company") announced that it
has revised its previously released results for fiscal 2001. A copy of the Press
Release is filed as Exhibit 1 hereto.
Item 7. Exhibits.
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Exhibit 1. Press release dated March 15, 2002.
Page 2 of (6) Pages
Exhibit Index on Page (2)
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: March 19, 2002 BY: s/C. Michael Stoehr
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C. Michael Stoehr
Senior Vice President and
Chief Financial Officer
Page 3 of (6) Pages
Exhibit Index on Page (2)
FOR IMMEDIATE RELEASE
AUDIOVOX CORPORATION REVISES PREVIOUSLY RELEASED
2001 LOSS AS A RESULT OF MARKET CONDITIONS
HAUPPAUGE, NY, MARCH 15, 2002 ... AUDIOVOX CORPORATION (NASDAQ: VOXX) today
announced that it has revised its' previously released results for fiscal 2001.
As a result of current market conditions, the Company has recorded an additional
net charge of $1.2 million relating to its wireless inventory.
Net loss and loss per share for the fourth quarter were $3.5 million or $0.16
basic and diluted compared to net income and income per share of $5.1 million
and $0.23 basic and diluted in the fourth quarter of 2000. For the fiscal year
ended November 30, 2001, net loss and loss per share were $8.2 million or $0.38
basic and diluted compared to net income and income per share of $27.2 million
and $1.27 basic and $1.21 diluted for 2000.
Additional details can be found in the Company's 10-K for the fiscal year ended
November 30, 2001.
Audiovox Corporation is an international leader in the marketing of cellular
telephones, vehicle security and entertainment systems, and consumer electronics
products. The Company conducts its business through two subsidiaries and markets
its products both domestically and internationally under its own brands. It also
functions as an OEM (Original Equipment Manufacturer) supplier to several
customers. For additional information, please visit Audiovox on the Web at
http://www.audiovox.com.
Except for historical information contained herein, statements made in this
release that would constitute forward-looking statements may involve certain
risks such as our ability to keep pace with technological advances, significant
competition in the wireless, mobile and consumer electronics businesses, quality
and consumer acceptance of newly introduced products, our relationships with key
suppliers and customers, market volatility, non- availability of product, excess
inventory, price and product competition, new product introductions, the
uncertain economic and political climate in the United States and throughout the
rest of the world and the potential that such climate may deteriorate further
and other risks detailed in the Company's Form 10K for the fiscal year ended
November 30,
Exhibit 1
2001. These factors, among others may cause actual results to differ materially
from the results suggested in the forward-looking statements.
COMPANY CONTACTS: FOR INVESTOR RELATIONS
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INQUIRIES:
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C. Michael Stoehr Chris Fullam / Glenn Wiener
Audiovox Corporation PR 21 for Audiovox
(631) 231-7750 (212) 299-3956 / (212) 299-8980
Exhibit 1
AUDIOVOX CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA)
THREE MONTHS ENDED
NOVEMBER 30, TWELVE MONTHS ENDED
NOVEMBER 30,
(UNAUDITED) (audited) (unaudited)
2000 2001 2000 2001
----------- ----------- ----------- -----------
Net sales 510,876 345,802 1,704,459 1,267,746
Cost of sales 473,255 317,160 1,552,091 1,167,208
----------- ----------- ----------- -----------
Gross profit 37,621 28,642 152,368 100,538
Operating expenses
Selling 14,268 13,627 45,942 41,151
General and administrative 12,670 12,433 47,020 46,405
Warehousing, assembly and repair 5,309 6,322 20,882 23,519
----------- ----------- ----------- -----------
Total operating expenses 32,247 32,382 113,844 111,075
----------- ----------- ----------- -----------
Operating income (loss) 5,374 (3,740) 38,524 (10,537)
Other income (expense) (679) (1,142) 1,441 (1,609)
----------- ----------- ----------- -----------
Income (loss) before provision for (recovery of)
income taxes and extraordinary item 4,695 (4,882) 39,965 (12,146)
Provision for (recovery of) income taxes 1,822 (1,364) 14,925 (3,937)
----------- ----------- ----------- -----------
Income (loss) before extraordinary item 2,873 (3,518) 25,040 (8,209)
Extraordinary item 2,189 -- 2,189 --
----------- ----------- ----------- -----------
Net income (loss) 5,062 (3,518) 27,229 (8,209)
=========== =========== =========== ===========
Net income (loss) per common share before
extraordinary item:
basic $ 0.13 $ (0.16) $ 1.17 $ (0.38)
=========== =========== =========== ===========
diluted $ 0.13 $ (0.16) $ 1.11 $ (0.38)
=========== =========== =========== ===========
Net income (loss) per common share:
basic $ 0.23 $ (0.16) $ 1.27 $ (0.38)
=========== =========== =========== ===========
diluted $ 0.23 $ (0.16) $ 1.21 $ (0.38)
=========== =========== =========== ===========
Weight average number of common shares
outstanding:
Basic 21,902,327 21,966,461 21,393,566 21,877,100
=========== =========== =========== ===========
Diluted 22,421,685 21,966,461 22,565,806 21,877,100
=========== =========== =========== ===========
# # #
Exhibit 1