Audiovox 1997 Annual Report Download - page 17

1997 1996 1995
Net sales $ 639,082 $597,915 $500,740
Cost of sales (including an inventory write-down to market in 1995 of $9,300) 532,320 501,527 429,998
Gross profit 106,762 96,388 70,742
Operating expenses:
Selling 38,044 40,033 34,489
General and administrative 37,000 32,452 36,160
Warehousing, assembly and repair 12,023 10,828 9,827
Total operating expenses 87,067 83,313 80,476
Operating income (loss) 19,695 13,075 (9,734)
Other income (expense):
Debt conversion expense (12,686) (26,318) –
Interest and bank charges (2,542) (8,480) (9,694)
Equity in income of equity investments 1,359 631 154
Management fees and related income 109 186 200
Gain on sale of equity investment 37,471 985 8,435
Expense related to issuance of warrants – – (2,921)
Other, net 36 (714) (1,126)
Total other income (expense) 23,747 (33,710) (4,952)
Income (loss) before provision for (recovery of) income taxes 43,442 (20,635) (14,686)
Provision for (recovery of) income taxes 22,420 5,834 (2,803)
Net income (loss) $ 21,022 $(26,469) $ (11,883)
Net income (loss) per common share (primary) $ 1.09 $ (2.82) $ (1.31)
Net income per common share (fully diluted) $ 1.05 – –
See accompanying notes to consolidated financial statements.
AUDIOVOX CORPORATION AND SUBSIDIARIES
C o n s o l i d a t e d S t a t e m e n t s o f I n c o m e ( L o s s )
Years Ended November 30, 1997, 1996 and 1995
(In thousands, except per share data)
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