HAUPPAUGE, N.Y.-Audiovox Corp. said it will restate financial results for fiscal years 2000, 2001 and the first three quarters of fiscal 2002 following a Securities and Exchange Commission comment letter and subsequent audit. The company does not expect the adjustments to impact its cash balances.
After resolving the comments and completing the audit, the company plans to re-file its Form 10-K 2002, reflecting restatements for 2000, 2001 and the first three quarters of fiscal 2002, and said until then previously issued financial statements should not be relied upon.
The cumulative effect of the changes is an unaudited $1 million increase in income over the periods, according to Audiovox.
