View:
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 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): May 16, 1997
AUDIOVOX CORPORATION
(Exact name of registrant as specified in its charter)
DELAWARE 1-9532 13-1964841
(State or other jurisdiction (Commission (IRS Employer
of Incorporation or File Number) Identification
organization) Number)
150 Marcus Boulevard, Hauppauge, New York 11788
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code:(516) 231-7750
NONE
(Former name, former address and former fiscal year, if changed
since last report)
Item 5. Other Events
On May 16, 1997, Audiovox Corporation (the "Company") announced that
its Board of Directors had authorized the repurchase of up to one million
(1,000,000) shares of the Company's Class A Common Stock (the "Shares").
The Shares will be purchased from time to time on the open market, subject
to market conditions.
Item 7. Exhibits.
1. Press release dated May 16, 1997.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Company has duly caused this report to be signed on it behalf by
the undersigned hereunto duly authorized.
AUDIOVOX CORPORATION
Dated: June 3, 1997 By: s/Charles M. Stoehr
Charles M. Stoehr
Senior Vice President and
Chief Financial Officer
FOR IMMEDIATE RELEASE Michael Stoehr
Audiovox Corporation
(516) 231-7750
Joe Kist
Edelman Financial
(203) 704-8239
AUDIOVOX CORPORATION ANNOUNCES SHARE REPURCHASE PROGRAM
Hauppauge, NY, May 16, 1997 -- Audiovox Corporation (AMEX:VOX)
today announced that its Board of Directors has authorized the
repurchase of up to 1 million shares of Audiovox Class A Common
Stock. The shares will be purchased from time to time on the
open market, subject to market conditions.
John J. Shalam, Chairman, President and CEO of Audiovox
Corporation, commented, "The implementation of our Company's
first ever share repurchase reflects the Board's confidence in
our long-term growth prospects. The directors believe that our
stock represents a good investment relative to our intermediate
and long-term growth potential."
Audiovox Corporation, one of the largest distributors of cellular
products in the U.S., markets cellular telephones and accessories,
automotive aftermarket sound and security equipment, as well as
other aftermarket automotive accessories. The Company distributes
its cellular telephones under its own brand name, as well as
private label product to cellular carriers, direct distributors,
its own retail outlets and to other retailers.
Except for historical information contained herein, the
statements made in this release constitute forward looking
statements that involve certain risks and uncertainties. Certain
factors may cause actual results to differ materially from those
contained in the forward looking statements, including those
risks detailed from time to time in the Company's reports on file
at the Securities and Exchange Commission, including the
Company's Form 10-Q for the fiscal first quarter ended
February 28, 1997.
###