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): JULY 27, 1999
RECOTON CORPORATION
(EXACT NAME OF REGISTRANT AS SPECIFIED IN CHARTER)
NEW YORK 0-5860 11-1771737
(STATE OR OTHER JURISDIC- (COMMISSION (IRS EMPLOYER
TION OF INCORPORATION) FILE NUMBER) IDENTIFICATION NO.)
2950 LAKE EMMA ROAD, LAKE MARY, FLORIDA 32746
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES, INCLUDING ZIP CODE)
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: 407-333-8900
N.A.
(FORMER NAME OR FORMER ADDRESS, IF CHANGED SINCE LAST REPORT)
<PAGE>
ITEM 5. OTHER EVENTS
On July 27, 1999 the Company announced that it has entered into
agreements to resolve all matters in the pending customs investigatins by the
U.S. Customs Service and the Office of the U.S. Attorney for the Middle District
of Florida. A copy of such release is attached as an exhibit to this Form 8-K.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
a. FINANCIAL STATEMENTS OF BUSINESS ACQUIRED: not applicable
b. PRO FORMA FINANCIAL INFORMATION: not applicable
c. EXHIBITS:
1. Press release, issued July 27, 1999
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.
RECOTON CORPORATION
By: /s/ Stuart Mont
--------------------------
Name: Stuart Mont
Title: COO, Exec. Vice Pres.-Operations
Dated: July 27, 1999
<PAGE>
EXHIBIT INDEX
1 Press release, issued July 27, 1999
EXHIBIT 1
NEWS FROM RECOTON
CORPORATE OFFICE: 145 East 57th Street, New York, New York 10022
CONTACTS: ROBERT L. BORCHARDT, PRESIDENT, CEO
PETER M. ILDAU VICE PRESIDENT, CORPORATE COMMUNICATIONS
TEL: 212-644-0220 800-742-3438 FAX: 212-644-8205
E-MAIL: [email protected]
DEVIN SULLIVAN, VICE PRESIDENT THE EQUITY GROUP, INC.
RCOT: INVESTOR RELATIONS COUNSEL: (212) 836-9608
E-MAIL: [email protected]
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RECOTON ENTERS INTO AGREEMENTS TO SETTLE PENDING CUSTOMS MATTERS
LAKE MARY, FL - July 27, 1999 - Recoton Corporation (RCOT: Nasdaq National
Market) announced today that it has entered into agreements to resolve all
matters in the pending customs investigation by the U.S. Customs Service and the
Office of the U.S. Attorney for the Middle District of Florida.
The agreement with the U.S. Attorney's office is subject to court
approval. Recoton will plead guilty to a number of counts involving country of
origin mismarking and undervaluation of imports and pay a fine to be determined
by the court. A hearing date has not been set. Recoton will pay the U. S.
Customs Service the difference between $14 million and the fine determined by
the court.
The agreements are consistent with the tentative settlement, which
Recoton announced in March 1999. The settlement amount is not expected to have
any current or ongoing financial impact since a pre-tax charge of $15 million
for the expected settlement and certain related costs was taken in the Fourth
Quarter of 1998.
Recoton Corporation is a global leader in the development,
manufacturing and marketing of consumer electronic accessories, loudspeakers and
car audio products. Recoton's more that 4,000 products feature highly functional
accessories for audio, video, car audio, camcorder, multi-media/computer, home
office, cellular and standard telephone, music and video game products and
900MHz wireless technology headphones and speakers. They are sold under the
AAMP(R), Ambico(R), Ampersand(TM), AR(R)/Acoustic Research(R), Discwasher(R),
InterAct(TM), Parsec(R), Peripheral(TM), Performance(TM), Recoton(R),
Rembrandt(R), Ross(TM), SoleControl(R), SoundQuest(R), and Stinger (R) brand
names. The Company also produces and markets audio components, high fidelity
loudspeakers, home theater speakers, and car audio speakers and components which
are sold under the Advent(R), AR(R)/Acoustic Research(R), HECO(TM), Jensen(R),
MacAudio(TM), Magnat(R), NHT(R) (Now Hear This), Phase Linear(R) and Recoton(R)
brand names.
This press release may contain forward-looking information within the
meaning of the Private Securities Litigation Reform Act of 1995. Such statements
are subject to certain risks and uncertainties that could cause actual results
to differ materially from historical earnings and those presently anticipated or
projected. Such statements speak only as of the date made. Please refer to the
Company's current Form 10-K and other SEC filings.
