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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT PURSUANT TO
SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
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DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): APRIL 3, 2000
TWEETER HOME ENTERTAINMENT GROUP, INC.
(Exact name of registrant as specified in its charter)
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Delaware 0-24091 04-3417513
(State or other jurisdiction (Commission File Number) (I.R.S. Employer
of incorporation) Identification No.)
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10 PEQUOT WAY
CANTON, MASSACHUSETTS 02021
(ADDRESS, INCLUDING ZIP CODE OF REGISTRANT'S PRINCIPAL EXECUTIVE OFFICES)
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Item 5. Other Events
On April 3, 2000, the registrant announced that it had completed the
acquisition of the retail operations of United Audio Centers, Inc., a
seven-store specialty consumer electronics retailer located in the greater
Chicago, Illinois area. A copy of the press release issued by the registrant
regarding the foregoing is filed herewith as Exhibit 99.1 and is incorporated
herein by reference.
Item 7. Financial Statements and Exhibits
(a) Exhibits
Exhibit Number
99.1 Press Release dated April 3, 2000
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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
under-signed hereunto duly authorized.
TWEETER HOME ENTERTAINMENT GROUP, INC.
Registrant
DATED: April 3, 2000
By: /s/ Joseph G. McGuire
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Joseph G. McGuire
Chief Financial Officer
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EXHIBIT 99.1
TWEETER HOME ENTERTAINMENT GROUP ANNOUNCES THAT IT HAS COMPLETED THE ACQUISITION
OF UNITED AUDIO CENTERS, INC.
CANTON, MA., April 3, 2000 -- Tweeter Home Entertainment Group, Inc., (Nasdaq:
TWTR) announced today that the company has completed the acquisition of the
retail operations of United Audio Centers, Inc. United Audio Centers has seven
stores in greater Chicago area, and reported retail revenue of approximately $49
million for the year ended January 30, 2000. This was an all-stock transaction,
accounted for as a purchase. Tweeter issued 200,000 shares from its shelf
registration filed on April 13, 1999 with the Securities and Exchange
Commission.
Tweeter President and CEO Jeffrey Stone said "United is one of the jewels of
specialty consumer electronic retailing and we are proud to have them as part of
our company. This is another stepping stone in our continued national expansion
and gives us a tremendous opportunity to grow our business in yet another part
of the country."
According to Joe McGuire, Tweeter's CFO, "We expect this acquisition to be
earnings neutral for the balance of fiscal 2000, and accretive to earnings for
fiscal 2001. We will look to grow this contribution as we further develop the
greater Chicago market, and expand the United Audio Centers brand into
surrounding Mid-West markets in the near future."
Tweeter Home Entertainment Group, Inc. is a specialty retailer of mid to
high-end audio and video consumer electronics products. The Company operates 83
stores under the Tweeter, etc. name in the New England market, the Bryn Mawr
Stereo & Video name in the Mid-Atlantic market, the HiFi Buys name in the
Southeast market, the Home Entertainment name in the Texas market, the DOW
Stereo/Video name in the San Diego, California market, and United Audio Centers
in the Chicago, Illinois market. The Company's stores feature an extensive
selection of home and car audio systems and components, portable audio
equipment, and home video products, including large screen and digital
televisions, DVD players, digital satellite systems, and camcorders.
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To arrange an interview with a senior executive at Tweeter, contact Anne-Marie
Boucher at (781) 830-3478. Further information on Tweeter Home Entertainment
Group can also be found on the company's web site at www.twtr.com.
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Certain statements contained in this press release, including, without
limitation, statements containing the words "expects," "anticipates,"
"believes," and words of similar import, constitute "forward looking statements"
within the meaning of the Private Securities Litigation Reform Act of 1995.
These forward looking statements are subject to various risks and uncertainties,
including those related to Company growth and acquisitions, dependence on key
personnel, the need for additional financing, competition and seasonal
fluctuations, and those referred to in the Company's Registration Statement on
Form S-3 filed in January 2000, that could cause actual future results and
events to differ materially from those currently anticipated. Readers are
cautioned not to place undue reliance on these forward looking statements.
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