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# 1951 RCA

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Hauppauge, NY—Mar 2, 2011

Audiovox Completes its Acquisition of Audio Leader Klipsch

Audiovox Corporation (NASDAQ:VOXX) announced today that it has completed the acquisition of the global leader in high performance audio solutions, Klipsch Group, Inc. and its worldwide subsidiaries (“Klipsch”) for a total purchase price of $166 million, plus related transaction fees and expenses.

The acquisition of Klipsch is expected to be immediately accretive to cash flow and earnings per diluted share (“EPS”).   Audiovox anticipates this acquisition will generate approximately $170 million in net sales and $25 million in EBITDA in fiscal 2012 (March 1, 2011 – February 28, 2012).  The Company also anticipates that revenue for the combined companies in Fiscal 2012 (March 1, 2011 – February 28, 2012) will be approximately $730 million, with potential upside for growth based on market conditions and continued execution of strategic growth initiatives.

Patrick Lavelle, President and CEO of Audiovox Corporation stated, “We are very excited to close this acquisition because it not only adds world-class brands with strong distribution, both domestically and abroad, but it also gives us entre into the high-end installation market at both the residential and commercial level.  In addition to #1 market positions in the U.S., Klipsch brands are recognized throughout EMEA, the Americas, and the Asia-Pacific region, and we plan to continue expansion into other key international markets.”  Lavelle continued, “Klipsch R&D capabilities and its quality reputation are second to none, and we intend for that to continue as we welcome the Klipsch team to Audiovox.”

Fred Klipsch, Klipsch Group Chairman and CEO, stated, “I too am excited about this acquisition and have no doubt that together we will successfully execute on our growth plans, expand our market positions in both our core areas and new markets, while never losing sight of the brand, the quality and our customers.  Klipsch will always be dedicated to providing consumers with the best speaker solutions the industry has to offer, while supporting our worldwide customers at the very highest level.  Our team is excited to become part of Audiovox and looks forward to the opportunities ahead.”

For over 65 years, Klipsch has led the market through innovation, and today, Klipsch is recognized as the #1 speaker company with leading market positions across all of its primary categories.  As a result of this transaction, Klipsch has become a wholly owned subsidiary of Audiovox Corporation and will operate as a stand-alone entity, headquartered in Indianapolis and run by its current management team. 

This transaction was financed through a combination of existing Audiovox cash and a new $175 million asset-based revolving credit facility led by Wells Fargo Capital Finance. The combined assets of Audiovox and Klipsch will secure the borrowings under the facility, which will also be used for general corporate purposes. 

Wells Fargo Securities, LLC acted as exclusive financial advisor to the Company and Wells Fargo Capital Finance provided the committed debt financing. Houlihan Lokey Howard & Zukin acted as financial advisor to Klipsch and Vantage Point Venture Partners. Barnes & Thornburg LLP served as legal counsel for Klipsch. Duane Morris LLP assisted as legal counsel for Audiovox Corp

About Klipsch: Through the use of highly efficient speaker designs, handcrafted cabinetry and a thirst for real engineering breakthroughs. Klipsch the great American loudspeaker company, offers a diverse range of quality audio products including speakers and headphones for almost any consumer and professional application – including cinema, whole-house, wireless, home theater and portable offerings.  Klipsch continues to be the legendary high-performance brand of choice for audiophiles and aficionados around the world. Klipsch Group, Inc. is VOXX International Company (NASDAQ: VOXX). Klipsch Directory page

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