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CAUTIONARY STATEMENT RELATING TO THE SAFE HARBOR PROVISIONS OF THE PRIVATE
SECURITIES LITIGATION REFORM ACT OF 1995
This Annual Report on Form 10−K and the information incorporated by reference
includes "forward−looking statements" within the meaning of section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.
We intend those forward looking−statements to be covered by the safe harbor
provisions for forward−looking statements. All statements regarding our expected
financial position and operating results, our business strategy, our financing
plans and the outcome of any contingencies are forward−looking statements. Any
such forward−looking statements are based on current expectations, estimates,
and projections about our industry and our business. Words such as
"anticipates," "expects," "intends," "plans," "believes," "seeks," "estimates,"
or variations of those words and similar expressions are intended to identify
such forward−looking statements. Forward−looking statements are subject to risks
and uncertainties that could cause actual results to differ materially from
those stated in or implied by any forward−looking statements. Factors that could
cause actual results to differ materially from forward−looking statements
include, but are not limited to, matters listed in Item 1a under "Risk Factors".
NOTE REGARDING DOLLAR AMOUNTS
In this annual report, all dollar amounts are expressed in thousands, except for
share prices and per−share amounts.
PART I
ITEM 1−BUSINESS
Audiovox Corporation ("Audiovox", "We", "Our", "Us" or "Company") is a
leading international distributor and value added service provider in the mobile
and consumer electronics industries. We conduct our business through four
wholly−owned subsidiaries: Audiovox Electronics Corporation ("AEC"), American
Radio Corp., Code Systems, Inc. ("Code") and Audiovox German Holdings GmbH
("Audiovox Germany") and one majority−owned subsidiary: Audiovox Venezuela, C.A.
We market our products under the Audiovox(R) brand name and other brand names,
such as Jensen(R), Pursuit(R), Code−Alarm(R), Car Link(R), Movies 2 Go(R),
Magnate(R), Mac Audio(R), Heco(R), Acoustic Research(R), Advent(R) and Phase
Linear(R), as well as private labels through a large domestic and international
distribution network. We also function as an OEM ("Original Equipment
Manufacturer") supplier to several customers and presently have one reportable
segment ("Electronics"), which is organized by product category.
Audiovox was incorporated in Delaware on April 10, 1987, as successor to a
business founded in 1960 by John J. Shalam, our Chairman and controlling
stockholder. Our extensive distribution network and long−standing industry
relationships have allowed us to benefit from growing market opportunities and
emerging niches in the electronics business.
We make available financial information, news releases and other
information on our web site at www.audiovox.com. There is a direct link from the
web site to a third party Securities and Exchange Commissions (SEC) filings web
site, where our annual report on Form 10−K, quarterly reports on Form 10−Q,
current reports on Form 8−K and any amendments to these reports filed or
furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of
1934 are available free of charge as soon as reasonably practicable after we
file such reports and amendments with, or furnish them to the SEC. In addition,
we have adopted a code of business conduct and ethics which is available free of
charge upon request. Any such request should be directed to the attention of:
Chris Lis Johnson, Company Secretary, 150 Marcus Boulevard, Hauppauge, New York
11788, (631) 231−7750.
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