Audiovox 2000 Annual Report Download - page 4

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CHAIRMAN’SLETTER TO SHAREHOLDERS
Over the past several years, I have watched Audiovox reach milestones that quantify the strength of our Company. I am
happy to report that 2000 continued this trend as new milestones were reached. New sales records marked the year along
with significant market share increases, further product diversification and continued brand awareness. Both of our operat-
ing subsidiaries posted sales gains and received industry accolades.
• In our wireless subsidiary, sales were up but most significant was the industry recognition by Dataquest of Audiovox as
the number one supplier of CDMA in North America for the second quarter 2000. We expanded our product offerings to
include several new web enabled cell phones that have enjoyed immediate success. During the year we began the shift
from analog to digital technology and in November announced we would be exiting the low profit analog business.
Moving forward ACC’s entire marketing emphasis will be on digital product development.
• We formed a wholly-owned subsidiary (Audiovox Electronics Corp.) for our electronics group to allow them to focus
on market penetration and diversification. Their mobile video and consumer product sales groups both posted record
years. During the year, AEC was named a supplier to FORD and signed a mobile video OE contract with that automaker.
AEC joined forces with Mannesman VDO to market a new line of in-vehicle navigation products as they continue their
diversification into new markets.
• The other elements of our business also enjoyed a good year in 2000. Audiovox Venezuela opened a satellite office
in Brazil and concluded an OE contract to supply mobile video products to General Motors in that country. Audiovox
Malaysia is in its second year of recovery and the Malaysian economy has stabilized and demand for automotive products
is increasing.
All of these developments contributed to what was one of the most profitable years in our Company’s history. We are in
the second year of a brand enhancing advertising and public relations campaign that is gaining widespread public exposure
for the Audiovox brand.
“
Our goals for 2001 are to continue
our sales and operational initiatives so that we can
increase shareholder value and see our stock price rise
to a level commensurate with our success.”