HAUPPAUGE, N.Y.-Audiovox Corp. has filed its Form 10-K for fiscal year 2002, reflecting the restatement of its 2000, 2001 and 2002 results, following a Securities and Exchange Commission comment letter and completion of an audit.
The audit showed the company had overstated its profit for the period by $65,000. In filing its 10-K, the company also reversed $1.7 million in expenses and said after recovery for income taxes, the net charge to the income statement was $1.1 million. The net effect of the adjustments had no impact on the company’s cash balances for any of those periods.
“We are pleased to get this difficult period behind us, and are anxious to get on with the company’s business for 2003,” said John Shalam, Audiovox chairman. “Our investors, customers and suppliers can be confident that now that we have these financial reporting issues behind us, management remains focused on increasing revenues and profits in 2003.”
