Audiovox 1998 Annual Report Download - page 2

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COMPANY PROFILE
Audiovox Corporation is an international leader in the marketing of wireless products, auto sound, vehicle security, mobile video systems, FRS Radios
(Family Radio Service) and home and portable leisure products.
Marketing of the Company’s products in the US is separated into two groups: Communications and Electronics. In addition, Audiovox maintains a
majority ownership of Audiovox Venezuela and Audiovox Malaysia for the distribution of electronics products. Results of these operations are consoli-
dated into the company’s revenues.
Audiovox Communications Corp. (ACC), a majority-owned subsidiary of the Company, markets wireless products including cellular telephones in a vari-
ety of different technologies. ACC specializes in distribution of its products to the carrier market with 80% of its 1998 sales going to that outlet.
The Electronic Division divides its sales into Mobile Electronics and Consumer Electronics. The mobile electronics group focuses on the 12-Volt
specialist and car dealer while the consumer group targets the mass merchandisers and national chains. The Electronics division also supports a
considerable OE and private label effort for vehicle manufacturers.
The Company has several equity investments including; a 30.8% ownership in TALK Corporation which manufacturers some of its cellular telephone
and auto sound products; and a 20% ownership interest in Bliss-tel Company, Limited, which distributes cellular telephones and accessories in
Thailand. In addition the Company has a 50%, non-controlling ownership interest in five other companies.
HIGHLIGHTS OF THE YEAR
ACC introduces first CDMA phone. Unit sales of digital phones
reach 32% of total in fourth quarter, 18% for the year
ACC signs $100 million contract with PrimeCo for supply of CDMA /PCS phones
Electronics Division achieves QS/ISO 9001 Registration
Electronics Division signs contract with Nissan for supply of
Mobile Video in 1999 Quest minivans
Audiovox Corporation completes installation of multi-million dollar
management information system (MIS), which gives the Company
global MIS control, fulfillment capability and resolves Y2K issues.
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