SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (date of earliest event reported): November 26, 1996
AUDIOVOX CORPORATION
(Exact name of registrant as specified in its charter)
DELAWARE 1-9532 13-1964841
(State or other jurisdiction (Commission (I.R.S. Employer
of Incorporation or File Number) Identification
organization) Number)
150 Marcus Boulevard, Hauppauge, New York 11788 (Address
of principal executive offices) (Zip Code)
Registrant's telephone number, including area code:(516) 231-7750
NONE
(Former name, former address and former fiscal year, if changed
since last report)
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Item 5. Other Events
On November 26, 1996, Audiovox Corporation (the "Company")
announced that it completed the exchange offer for its 6 1/4%
Convertible Subordinated Debentures due 2001 ("Debentures") for Class
A Common Stock. Approximately $41.2 million of the Debentures were
exchanged for approximately 6.8 million shares of the Company's Class
A Common Stock.
Item 7. Exhibits.
1. Press release dated November 26, 1996.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the Company has duly caused this report to be signed on it behalf
by the undersigned hereunto duly authorized.
AUDIOVOX CORPORATION
Dated: December 2, 1996 By:s/Charles M. Stoehr
Charles M. Stoehr
Senior Vice President and
Chief Financial Officer
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FOR IMMEDIATE RELEASE Michael Stoehr
Audiovox Corporation
(516) 231-7750
Joe Kist
Edelman Financial
(212) 704-8239
AUDIOVOX ANNOUNCE $35.8 MILLION NET EQUITY INCREASE
Bond Exchange Offer completed at 63%
HAUPPAUGE, New York, November 26, 1996-- Audiovox Corporation (AMEX:
VOX) today announced a net increase in stockholders' equity of
approximately $35.8 million as a result of the successful completion
of the Company's Exchange Offer. Approximately $41.2 million of the
Company's $65 million 6 1/4% Convertible Subordinated Debentures due
2001 exchanged for approximately 6.8 million shares of the Company's
Class A Common Stock. As a result of this transaction, the total
number of Class A and Class B Common shares outstanding will be
16,291,303.
As previously reported, the accounting of this exchange results in a
non-cash charge of approximately $24.8 million and a current tax
liability of approximately $2.9 million. The Company indicated that
this non-cash charge is offset by an increase in paid in capital.
John J. Shalam, Chairman, President and CEO, stated, "We are pleased
that nearly 63% of our Bondholders responded to the Company's
Exchange Offer. We appreciate the Bondholders' confidence in
Audiovox and their willingness to become stockholders in our Company.
This increase in the Company's equity will further strengthen our
balance sheet and should give us a solid foundation to continue
participation in the growth of the wireless and automotive
industries."
Audiovox Corporation markets cellular telephones and accessories,
automotive aftermarket sound and security equipment, as well as other
aftermarket automotive accessories.
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