SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): AUGUST 9, 1995
SOUND ADVICE, INC.
(Exact name of registrant as specified in its charter)
FLORIDA 0-15194 59-1520531
(State or other (Commission File Number) (I.R.S. Employer
jurisdiction of Identification No.)
incorporation)
1901 TIGERTAIL BOULEVARD, DANIA, FLORIDA 33004
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (305) 922-4434
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ITEM 5. OTHER EVENTS.
Sound Advice, Inc. (the "Registrant") has voluntarily
agreed with the Securities and Exchange Commission ("SEC") to the
entry of a cease and desist order by the SEC on August 9, 1995,
concerning the Registrant's Annual Report on Form 10-K for the
fiscal year ended June 30, 1991, and Quarterly Reports on Form
10-Q for the quarters ended September 30 and December 31, 1991.
On August 9, 1995, the Registrant issued a press release
describing such SEC order and related matters and developments.
A copy of such press release is annexed hereto as Exhibit "99.1"
and incorporated herein by reference in its entirety.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
The following Exhibits are filed with this report:
99.1. Registrant's press release dated August 9, 1995.
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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 undersigned, thereunto duly authorized.
Sound Advice, Inc.
Execution Date: August 9, 1995 By:/s/ Michael Blumberg
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Michael Blumberg, Senior
Vice President
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EXHIBIT "99.1"
NEWS RELEASE
FOR: Sound Advice, Inc.
APPROVED: Peter Beshouri
Chairman and CEO
(305) 922-4434
FOR IMMEDIATE RELEASE
CONTACT: Edward Nebb
Morgen-Walke Associates
(212) 850-5600
SOUND ADVICE ANNOUNCES VOLUNTARY AGREEMENT
TO S.E.C. ORDER
DANIA, Florida, August 9, 1995 -- Sound Advice, Inc. (Nasdaq/NNM:SUND)
announced today that it had voluntarily agreed with the Securities and
Exchange Commission to the entry of a cease and desist order by the S.E.C.
concerning its Form 10-K for fiscal year 1991 and Forms 10-Q for the
quarters ended September 30 and December 31, 1991. The order prohibits the
Company from violating certain provisions of the securities laws that
require public companies to maintain appropriate internal accounting
controls and to file accurate annual and quarterly reports. The Company
neither admitted nor denied any wrongdoing and no censure, fine or penalty
was involved.
The order related to allegations that annual and quarterly reports
filed by the Company with the S.E.C. with respect to the June, September
and December 1991 periods contained misstated financial statements. The
Company subsequently restated those financial statements, and has since
retained a new independent public accounting firm.
- more-
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In a related development, the Company announced that Mr. Peter
Beshouri, its President, Chief Executive Officer and Chairman of the Board,
and Mr. Roy Casey, its former Chief Financial Officer, also had voluntarily
consented, without admitting or denying any wrongdoing, to the entry of
similar orders by the S.E.C. with respect to their supervisory
responsibilities.
Mr. Beshouri stated, "The Company is pleased to put this matter to
rest so that management can focus on our core business. The S.E.C.'s
investigation was exhaustive and professional, and the Company cooperated
fully."
Sound Advice, Inc. is a specialty retailer of a broad range of high
quality, upscale entertainment and consumer electronics products. It
currently operates 21 stores in the South Florida, Orlando, Tampa/St.
Petersburg, Ft. Myers and Jacksonville markets.
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