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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): May 7,
2008
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))
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Item
8.01 Other
Events.
On May 7, 2008, Audiovox Corporation
(the “Company”) issued a press release announcing that its wholly owned
subsidiary, Audiovox Accessories Corporation (“AAC”) had entered into an
agreement with Universal Electronics Inc. (Nasdaq: UEIC) that will cover the
supply of microcontrollers and software for existing AAC brands, development of
new products, and a license for distribution rights for products sold in North
America as well as selected Latin America and Asian retail markets under the ONE
FOR ALL® brand. A press release relating to the UEI agreement is furnished as
Exhibit 99.1 attached hereto.
The information contained in exhibit
99.1 will be deemed furnished, and not filed, for the purposes of Section 18 of
the Securities Exchange Act of 1934, as amended, and will not be incorporated by
reference in 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.
Exhibit
No. DESCRIPTION
99.1Press Release dated May 7, 2008 by
Audiovox Corporation
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 CORPORATON
(Registrant)
Date: May
9,
2008 ___________________________________
Charles M. Stoehr
Senior Vice President and
Chief Financial Officer
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Audiovox
Corporation and Universal Electronics Inc. Enter Into Strategic Relationship for
Select Accessory Products
HAUPPAUGE,
N.Y., May 7 /PRNewswire-FirstCall/ -- Audiovox Corporation (Nasdaq: VOXX) today
announced that its wholly-owned subsidiary, Audiovox Accessories Corp. (AAC) has
reached a comprehensive agreement with Universal Electronics Inc. (Nasdaq: UEIC)
that will cover the supply of microcontrollers and software for existing AAC
brands, development of new products, and a license for distribution rights for
products sold in North America as well as selected Latin America and Asian
retail markets as the ONE FOR ALL(R) brand.
Under the
terms of the agreement, UEI will become the exclusive supplier of embedded
microcontrollers and infrared (IR) database software for Audiovox's complete
line of RCA universal remote controls sold in North America. Additionally, UEI
will develop future remote controls for existing brands in the AAC line-up.
Today, Audiovox, through its RCA and Acoustic Research brands, is the #1
provider (unit market share) of universal remotes, which are sold in major
retail outlets across the country.
UEI has
also granted Audiovox an exclusive license to sell and distribute ONE FOR ALL(R)
brand remote controls in North America and other selected Latin American and
Asian markets. The ONE FOR ALL(R) brand will continue to be sold and distributed
internationally in regions not covered by this agreement through Universal
Electronics, BV, a wholly-owned subsidiary of UEI.
Commenting
on today's announcement, Patrick Lavelle, President and CEO of Audiovox stated,
"We are pleased to have expanded our relationship with UEI and believe the
customer will ultimately be the beneficiary as they will receive the most
innovative solutions. This agreement will further enhance our R&D
capabilities and help us penetrate new customer segments. It will also allow us
to grow our market leading position in the remote control
category."
David
Geise, president of Audiovox Accessories Corporation stated, "Remote controls
are playing an increasingly important role in the entertainment ecosystem and
serve as the primary touch point for consumers accessing media. Our new
partnership with UEI affords us a great opportunity to take on a well-known
brand such as ONE FOR ALL(R) with strong potential for growth in the North
American market. This agreement positions Audiovox to take advantage of the
continuing growth in the home entertainment industry, allowing us access to a
trusted partner in remote control innovation and technology. This will help us
to aggressively expand our existing lineup through the Acoustic Research and RCA
families."
"We're
thrilled that both parties were able to complete an agreement of this magnitude
as it should immediately benefit both companies enormously," says Paul Arling,
chairman and chief executive officer of Universal Electronics. "We fully expect
Audiovox to propel the ONE FOR ALL(R) brand through their market leadership in
sales and distribution of retail remote controls and accessories. Audiovox is
the premier global leader in electronics accessories and is an ideal choice for
managing and distributing of the ONE FOR ALL(R) brand in North America. We look
forward to an exciting future with the prestigious Acoustic Research lineup and
the iconic RCA products, along with the new opportunities this opens up for us
in the retail channel."
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About
Audiovox
Audiovox
is a recognized leader in the marketing of automotive entertainment, vehicle
security and remote start systems, consumer electronics products and
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 portable DVD players, Portable GPS,
flat-panel TVs, extended range two-way radios; multimedia products like digital
picture frames and home and Audiovox and Universal Electronics portable stereos;
as well as consumer accessories such as indoor/outdoor antennas, connectivity
products, headphones, speakers, wireless solutions, remote controls, power &
surge protectors and media cleaning & storage devices. 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, Jensen, Acoustic Research, Advent,
Code Alarm, Terk, and Prestige brands, as well as the recently-acquired rights
from Thomson's Americas consumer electronics accessory business to the RCA brand
for Consumer Electronics accessories. The acquisition also includes the Recoton,
Spikemaster, Ambico and Discwasher brands for use on any products and the
Jensen, Advent, Acoustic Research and Road Gear brands for accessory products.
Audiovox already owns Jensen, Advent, Acoustic Research and Road Gear brands for
electronics products as part of prior acquisitions. For additional information,
visit our web site at www.audiovox.com.
Safe
Harbor Language
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 and accessories 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 for the fiscal year ended February 28, 2007 and Form 10-Q
for the third fiscal quarter ended November 30, 2007.
Company
Contacts
Glenn
Wiener
GW
Communications for Audiovox
Tel:
212-786-6011 or Email: gwiener@GWCco.com
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