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Audiovox Announces $35.8 Million Net Equity Increase; Bond Exchange Offer Completed at 63%

HAUPPAUGE, N.Y., Nov. 26 /PRNewswire/ -- 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.

SOURCE Audiovox Corporation
 -0- 11/26/96

/CONTACT: Michael Stoehr of Audiovox Corporation, 516-231-7750; or Joe Kist of Edelman Financial, 212-704-8239/


CO: AudioVox Corporation ST: New York IN: TLS SU:

GW-MS -- NYTU061 -- 6079 11/26/96 12:33 EST
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Publication:PR Newswire
Date:Nov 26, 1996
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