-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, SR+KxbIX3+tByXQpLDOr7JNg3A0mUUs5GKjjGyxoIXcKXilXkB8FIoDhd4a9EMZJ TVFArOL2ADS/drVVQ6c3Rg== 0001157523-04-002324.txt : 20040315 0001157523-04-002324.hdr.sgml : 20040315 20040315062204 ACCESSION NUMBER: 0001157523-04-002324 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040312 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20040315 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BOSTON ACOUSTICS INC CENTRAL INDEX KEY: 0000805268 STANDARD INDUSTRIAL CLASSIFICATION: HOUSEHOLD AUDIO & VIDEO EQUIPMENT [3651] IRS NUMBER: 042662473 STATE OF INCORPORATION: MA FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-15193 FILM NUMBER: 04667613 BUSINESS ADDRESS: STREET 1: 300 JUBILEE DRIVE STREET 2: P O BOX 6015 CITY: PEABODY STATE: MA ZIP: 01961-6015 BUSINESS PHONE: 5085385000 MAIL ADDRESS: STREET 1: 300 JUBILEE DRIVE STREET 2: P O BOX 6015 CITY: PEABODY STATE: MA ZIP: 01961-6015 8-K 1 a4593399.txt BOSTON ACOUSTICS 8-K 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): March 12, 2004 Boston Acoustics, Inc. (Exact Name of Registrant as Specified in Charter) Massachusetts 33-9875 04-2662473 (State or Other Jurisdiction (Commission (IRS Employer of Incorporation) File Number) Identification No.) 300 Jubilee Drive, Peabody, Massachusetts 01960 (Address of Principal Executive Office) (Zip Code) Registrant's telephone number, including area code: (978) 538-5000 Item 5. Other Events: On March 12, 2004, the Registrant issued a press release announcing that one of the Registrant's customers has notified the Company that beginning in May 2004 it will reduce its annual purchases. A copy of the press release is attached as an exhibit to this report. Item 7. Financial Statements, Pro Forma Financial Information and Exhibits (c) Exhibits. Exhibit No. 99.1 - Press Release Dated March 12, 2004 entitled "Announcement from Boston Acoustics, Inc." 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. Boston Acoustics, Inc. Date: March 12, 2004 By: /s/ Debra A. Ricker-Rosato --------------------------------- Debra A. Ricker-Rosato Vice President - Finance EXHIBIT INDEX Exhibit No. Description of Exhibits 99.1 Press Release Dated March 12, 2004 entitled "Announcement from Boston Acoustics, Inc." -2- EX-99.1 3 a4593399ex99.txt EXHIBIT 991. PRESS RELEASE Exhibit 99.1 Announcement from Boston Acoustics, Inc. PEABODY, Mass.--(BUSINESS WIRE)--March 12, 2004--Boston Acoustics, Inc. (NASDAQ: BOSA) today announced that a customer, which accounted for approximately 32% of the Company's consolidated net sales during the first three quarters of the current fiscal year, has notified the Company that beginning in May 2004 it will reduce its annual purchases by approximately 50%. The Company expects that the loss of business from this customer will be offset in significant part by expected increases in sales to other customers. In addition, management will continue its efforts to diversify its customer base for all products in order to reduce dependence on any single customer. Management expects that, as a result of the decrease in business with this customer, the Company will incur a net operating loss for the June quarter of its 2005 fiscal year. However, it believes that, as a result of anticipated increases in other business, the Company will achieve profitability for the 2005 fiscal year. President & CEO Moses Gabbay stated, "Although we are disappointed in this development, we remain focused and will continue to invest in engineering, sales, and marketing, to ensure that our product and brand continues to be cutting edge." The Company has lines of credit with two U.S. banking institutions totaling $26,500,000, with no outstanding borrowings under either of these credit facilities. Management believes that the Company has ample liquidity to meet all of its requirements for the foreseeable future. About Boston Acoustics Boston Acoustics, Inc. (NASDAQ: BOSA) is a manufacturer of high-performance audio solutions for home entertainment, automobiles, and personal computers. Founded in 1979, Boston Acoustics is located in Peabody, Massachusetts. For more information on Boston Acoustics, visit the company's Web site at www.bostonacoustics.com. Certain statements in this press release contain certain forward-looking statements concerning Boston Acoustics' operations, economic performance and financial condition. Such forward-looking statements are based on a number of assumptions and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Boston Acoustics to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Factors that could cause such differences include, but are not limited to, those discussed in the Company's Annual Report on Form 10-K for the fiscal year ended March 29, 2003. The words "believe," "expect," "anticipate," "intend," and "plan" and similar expressions identify forward-looking statements, which speak only as of the date the statement was made. CONTACT: Boston Acoustics, Inc. Moses A. Gabbay, 978-538-5000 moses@bostona.com -----END PRIVACY-ENHANCED MESSAGE-----