Audiovox 1997 Annual Report Download - page 18

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Unrealized
Gain
Cumulative (Loss)
Foreign Unrealized On Total
Unearned Currency Gain on Marketable Stock-
Preferred Common Paid-In Compen- Retained Translation Treasury Equity Secur- holders
Stock Stock Capital sation Earnings Adjustment Stock Collar ities Equity
Balances at November 30, 1994 2,500 90 40,338 (623) 50,254 (525) – – – 92,034
Net loss – – – – (11,883) – – – – (11,883)
Equity adjustment from foreign
currency translation – – – – – (438) – – – (438)
Unearned compensation relating
to grant of options and non-
performance restricted stock – – 62 (62) – – – – – –
Compensation expense – – 46 194 – – – – – 240
Options and non-performance
restricted stock forfeitures due to
employee terminations – – (81) 81 – – – – – –
Issuance of warrants – – 2,921 – – – – – – 2,921
Implementation of change in
accounting for debt and equity
securities, net of tax effect of $24,517 – – – – – – – – 40,004 40,004
Net unrealized loss on marketable
securities, net of tax effect of $(5,076) – – – – – – – – (8,283) (8,283)
Balances at November 30, 1995 2,500 90 43,286 (410) 38,371 (963) – – 31,721 114,595
Net loss – – – – (26,469) – – – – (26,469)
Equity adjustment from foreign
currency translation – – – – – (213) – – – (213)
Compensation expense – – 39 258 – – – – – 297
Options and non-performance
restricted stock forfeitures due to
employee terminations – – (27) 27 – – – – – –
Issuance of 250,000 shares of
common stock – 3 – – – – – – – 3
Conversion of debentures into
7,012,626 shares of common stock – 70 64,660 – – – – – – 64,730
Net unrealized loss on marketable
securities, net of tax effect of ($13,143) – – – – – – – – (21,444) (21,444)
Balance at November 30, 1996 2,500 163 107,958 (125) 11,902 (1,176) – – 10,277 131,499
Net income – – – – 21,022 – – – – 21,022
Equity adjustment from foreign
currency translation – – – – – (2,252) – – – (2,252)
Compensation expense – – 118 17 – – – – – 135
Options and non-performance
restricted stock forfeitures due to
employee terminations – – (23) 23 – – – – – –
Issuance of 352,194 shares of
common stock – 3 3,489 – – – – – – 3,492
Conversion of debentures into
2,860,925 shares – 29 33,592 – – – – – – 33,621
Issuance of warrants – – 106 – – – – – – 106
Acquisition of
290,000 common shares – – – – – – (2,421) – – (2,421)
Net unrealized gain on marketable
securities, net of tax effect of $1,174 – – – – – – – – 1,917 1,917
Unrealized gain on equity collar,
net of tax effect of $473 – – – – – – – 773 – 773
Balances at November 30, 1997 2,500 195 145,240 (85) 32,924 (3,428) (2,421) 773 12,194 187,892
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 S t o c k h o l d e r s ’ E q u i t y
Years Ended November 30, 1997, 1996 and 1995
(In thousands)
17