Audiovox 1997 Annual Report Download - page 16

1997 1996
Assets
Current assets:
Cash and cash equivalents $ 9,445 $ 12,350
Accounts receivable, net 104,698 118,408
Inventory, net 105,242 72,785
Receivable from vendor 5,000 4,565
Prepaid expenses and other current assets 9,230 7,324
Deferred income taxes 4,673 5,241
Equity collar 1,246 –
Total current assets 239,534 220,673
Investment securities 22,382 27,758
Equity investments 10,693 5,836
Property, plant and equipment, net 8,553 6,756
Debt issuance costs, net – 269
Excess cost over fair value of assets acquired and other intangible assets, net 5,557 804
Other assets 3,108 3,449
$ 289,827 $ 265,545
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable $ 24,237 $ 28,192
Accrued expenses and other current liabilities 16,538 18,961
Income taxes payable 9,435 7,818
Bank obligations 6,132 4,024
Documentary acceptances 3,914 3,501
Total current liabilities 60,256 62,496
Bank obligations 24,300 31,700
Deferred income taxes 8,505 10,548
Long-term debt 6,191 28,165
Total liabilities 99,252 132,909
Minority interest 2,683 1,137
Stockholders’ equity:
Preferred stock 2,500 2,500
Common stock:
Class A; 30,000,000 authorized; 17,253,533 issued 173 141
Class B; 10,000,000 authorized; 2,260,954 issued 22 22
Paid-in capital 145,155 107,833
Retained earnings 32,924 11,902
Cumulative foreign currency translation and adjustment (3,428) (1,176)
Unrealized gain on marketable securities, net 12,194 10,277
Unrealized gain on equity collar, net 773 –
Treasury stock, 290,000 Class A common stock, at cost (2,421) –
Total stockholders’ equity 187,892 131,499
Commitments and contingencies
Total liabilities and stockholders’ equity $ 289,827 $ 265,545
See accompanying notes to consolidated financial statements..
AUDIOVOX CORPORATION AND SUBSIDIARIES
C o n s o l i d a t e d B a l a n c e S h e e t s
November 30, 1997 and 1996
(In thousands, except share data)
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