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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 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): December 23, 1997
POLK AUDIO, INC.
(Exact Name of Registrant as Specified in Charter)
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<S> <C> <C>
MARYLAND 000-14729 52-0954180
(State or Other Jurisdiction of Incorporation) (Commission File Number) (IRS Employer Identification No.)
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5601 METRO DRIVE, BALTIMORE, MARYLAND 21215
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (410) 358-3600
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Item 5. Other Events
On December 23, 1997, Polk Audio, Inc. (the "Company") announced it
has entered into an agreement with Circuit City Stores, Inc. to sell a complete
assortment of Polk Audio home and car loudspeaker systems.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(a) and (b) Financial Statements and Pro Forma Information. Not applicable.
(C) Exhibits. The following exhibits are filed with this report, and the
foregoing description is modified by reference to such exhibits:
(1) Polk Audio, Inc. Press Release dated December 23, 1997.
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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 hereunto duly authorized.
Polk Audio, Inc.
By: /s/ George M. Klopfer
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George M. Klopfer
Chief Executive Officer
Date: December 29, 1997
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[POLKAUDIO LETTERHEAD]
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PRESS RELEASE
For release Tuesday December 23, 1997 at 9:00 AM EST
Contact: George Klopfer (CEO); Jim Herd (President); Gary Davis (CFO)-410
358-3600
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Baltimore, MD, December 23, 1997
Polk Audio, Inc. (AMEX: PKA), a manufacturer of high-quality loudspeaker
systems, announced today that it has entered into an agreement to sell to
Circuit City Stores, Inc. a complete assortment Polk Audio home and car
loudspeaker systems. The rollout of Polk Audio products will begin in mid-March
1998 and be completed over a 90-day period.
Circuit City plans to position Polk Audio as a premium brand and will use the
introduction of Polk as an opportunity to further emphasize their commitment to
a wide selection of fully featured brands. The Polk launch will be a visible
and important part of Circuit City's continuing efforts to stimulate consumer
demand and build the market in the high end home and car audio business.
Commenting on this development, Polk Audio's CEO George Klopfer observed:
"At 500-plus stores and growing, Circuit City is the nation's largest specialty
retailer of consumer electronics. Beyond its sheer mass, Circuit City is a
well-managed and financially sound enterprise with a clearly articulated
mission and business strategy that will continue its growth for many years to
come. It is a great opportunity for Polk Audio to have been chosen by them as a
key element in their strategy to grow their audio business. Apart from the
obvious opportunity to increase our overall revenues, there are important other
benefits that will flow from this new relationship, not only to us but also to
our existing base of business partners. We are in an era where brand
recognition is becoming more and more crucial to success with the consumer.
Beyond this, we believe that a broad revenue base will ensure our ability to
successfully deliver cutting-edge, high-value products to the market. In these
important ways, this new relationship will indirectly benefit our business
partners and associates, including dealers, licensees, employees, vendors and,
not least, shareholders."
This Press Release contains forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Those statements include
statements regarding the intent, belief or current expectations of Polk and its
management. Prospective investors are cautioned that any such forward-looking
statements are not guaranties of future performance and involve a number of
risks and uncertainties, that include, among others, the possibility that
because of competitive or other factors, sales of the Company's products to
Circuit City may be less than anticipated, that margins on sales of products to
Circuit City or other retailers will differ from those currently planned, or
that sales to Circuit City will be offset in whole or in part by reduced sales
to existing retail dealers of the Company's products. Polk assumes no
obligation to update the information contained in this Press Release, whether
as a result of new information, future events or otherwise.
