VOXX International Corp – ‘8-K’ for 5/29/03 – EX-99

On:  Thursday, 5/29/03, at 1:00pm ET   ·   For:  5/29/03   ·   Accession #:  807707-3-16   ·   File #:  1-09532

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Current Report   —   Form 8-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 8-K         05/29/03 Press Release                                 4      9K 
 2: EX-99       Press Release Dtd 05/29/03                             3     15K 

EX-99   —   Press Release Dtd 05/29/03

EX-99
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 Audiovox Corporation to Restate Results for Fiscal Years 2000, 2001
and the First Three Quarters of 2002

o    Cumulative effect of changes is an increase of $1.0 million to net income  

o    Certain expenses  reclassified from operating expenses to cost of sales for
the same periods                                                      

HAUPPAUGE,  N.Y., May 29,  2003....Audiovox  Corporation  (Nasdaq:  VOXXE) today
announced  that in  connection  with the  previously  announced  Securities  and
Exchange  Commission  ("SEC") comment letter and the current audit,  the Company
expects to restate  results  for fiscal  years 2000,  2001,  and the first three
quarters of fiscal 2002.  The net effect of the  adjustments is expected to have
no impact on the Company's cash balances for any period.                        

The Company expects to file its Form 10-K for 2002 reflecting  restatements  for
2000,  and 2001 and the  first  three  quarters  of  fiscal  2002 as soon as the
remaining SEC comments are resolved and the Company's  audit is completed.  As a
result,  until the audit is complete and the  statements  are filed,  previously
issued financial  statements  should no longer be relied upon until this process
is completed.                                                                   

Although  adjustments  vary by  period,  the  cumulative  effect of all of these
changes,  which include  changes  previously  announced on March 14, 2003, is an
unaudited  $1.0 million  increase in income over the periods.  The unaudited net
effect of all the restatement  adjustments by period,  including that previously
announced on March 14, 2003, is as follows:                                     

                                                        [Enlarge/Download Table]

                                               Increase (Decrease)   (Increase) Decrease    Increase (Decrease) 
                                              in Net Income for the   in Net Loss for the  in Net Income for the
                                                Fiscal Year Ended     Fiscal Year Ended      Nine Months Ended  
                                                November 30, 2000     November 30, 2001       August 31, 2002   
                                                -----------------     -----------------      ----------------   

                                                                                                                
Restatement adjustments:                                                                                        
Revenue recognition                                   $     (779)            $    779                      -    
Timing of revenue                                                                 (15)              $   (103)   
Litigation                                                                       (373)                   427    
Foreign currency translation                                   -                    -                 (1,491)   
Inventory pricing                                              -                    -                    420    
Sales incentives                                           1,884                  910                    847    
Gain on the issuance of subsidiary shares  (1)                 -                    -                    179    
Minority interest  (2)                                         -                   20                    (87)   
Operating expense reclassification to cost of                                                                   
sales (3)                                                      -                    -                      -    
                                                      -----------            ---------              ---------   
Total adjustment to pre-tax income (loss)                  1,105                1,321                    192    
(Provision for) recovery of income taxes                    (842)                (310)                  (455)   
                                                      -----------            ---------              ---------   
Total effect on net income (loss)                     $      263             $  1,011               $   (263)   
                                                      ===========            =========              =========   

(1)  This adjustment  reflects the impact of the restatement  adjustments on the
calculation of the gain on                                            

Exhibit 99.1

EX-99
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Audiovox Corporation to Restate Results                                         
Page 2 of 3                                                                     

     the  issuance  of  subsidiary  shares that was  originally  recorded by the
Company in the quarter ended May 31, 2002.                            

(2)  This  adjustment  reflects  the impact of the  restatement  adjustments  on
minority interest.                                                    

(3)  This adjustment  represents a reclassification of warehousing and technical
     support and  general and  administrative  costs  (which are a component  of
     operating  expenses) to cost of sales. This  reclassification  did not have
     any effect on previously  reported net income or (loss) for any fiscal year
or period presented herein.                                           

As a result of outstanding SEC comments, and the completion of the current audit
the  Company  has not yet filed with the SEC its annual  report on Form 10-K for
the fiscal year ended  November 30, 2002 and its  quarterly  report on Form 10-Q
for the fiscal  quarter ended  February 28, 2003. As previously  announced,  the
Company  continues  to trade on The Nasdaq  Stock Market with an "E" on the VOXX
trading symbol.                                                                 

About Audiovox Corporation                                                      

Audiovox  Corporation  is an  international  leader in the marketing of cellular
telephones,  mobile security and entertainment systems, and consumer electronics
products. The Company conducts its business through two subsidiaries and markets
its products both domestically and internationally under its own brands. It also
functions  as an OEM  (Original  Equipment  Manufacturer)  supplier  to  several
customers.  For  additional  information,  please  visit  Audiovox on the Web at
http://www.audiovox.com.                                                        

Audiovox Safe Harbor                                                            

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  statement.  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 our ability to keep pace with
technological  advances;  significant  competition  in the wireless,  mobile and
consumer  electronics  businesses;  quality  and  consumer  acceptance  of newly
introduced products; our relationships with key suppliers and customers;  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;  the
possibility  that our failure to timely file our annual  report on Form 10-K for
the fiscal year ended  November 30, 2002 and our  quarterly  report on Form 10-Q
for the quarter ended February 28, 2003 will result in a  determination  that we
are subject to delisting from the Nasdaq Stock Market;  the possibility that the
Nasdaq will decline our request for continued listing;  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  that may be
required as a result of the resolution of the SEC comment  letter.  Risk factors
associated  with our business,  including  some of the factors set forth herein,
are  detailed in the  Company's  Form 10-Q for the fiscal  third  quarter  ended
August 31, 2002 and other documents filed with the SEC.                         

Exhibit 99.1

EX-99
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Audiovox Corporation to Restate Results                                         
Page 3 of 3                                                                     

Company Contacts:                                                               
C. Michael Stoehr, SVP and CFO - (631) 231-7750                                 
Glenn Wiener, Investor and Financial Media Relations - (212) 786-6011           

Exhibit 99.1

Dates Referenced Herein   and   Documents Incorporated by Reference

				Referenced-On Page
This ‘8-K’ Filing		Date		First		Last			Other Filings
Filed on / For Period End:		5/29/03		1
		3/14/03		1					8-K
		2/28/03		2					10-Q,  NT 10-Q
		11/30/02		2					10-K,  10-K/A,  NT 10-K
		8/31/02		1		2			10-Q,  NT 10-Q
		5/31/02		2
		11/30/01		1					10-K,  NT 10-K
		11/30/00		1					10-K
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