Audiovox 1999 Annual Report Download - page 21

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AUDIOVOX
(In thousands, except share data) 1997 1998 1999
Net sales............................................................................................................................................................. $639,082 $616,695 $1,159,537
Cost of sales (including an inventory write-down
to market in 1998 of $6,600).......................................................................................................................... 532,320 528,154 1,024,909
Gross profit......................................................................................................................................................... 106,762 88,541 134,628
Operating expenses:
Selling............................................................................................................................................................. 38,044 35,196 36,606
General and administrative............................................................................................................................ 37,000 35,890 44,748
Warehousing, assembly and repair ............................................................................................................... 12,023 12,584 15,037
Total operating expenses ........................................................................................................................... 87,067 83,670 96,391
Operating income ............................................................................................................................................... 19,695 4,871 38,237
Other income (expense):
Debt conversion expense ............................................................................................................................... (12,686) — —
Interest and bank charges.............................................................................................................................. (2,542) (4,769) (4,712)
Equity in income of equity investments,
management fees and related income, net............................................................................................... 1,468 1,107 4,257
Gain on sale of investments........................................................................................................................... 37,471 787 3,501
Gain on issuance of subsidiary shares .......................................................................................................... — — 3,800
Other, net ........................................................................................................................................................ 36 1,805 (2,360)
Total other income (expense) ..................................................................................................................... 23,747 (1,070) 4,486
Income before provision for income taxes......................................................................................................... 43,442 3,801 42,723
Provision for income taxes................................................................................................................................. 22,420 829 15,477
Net income ......................................................................................................................................................... $ 21,022 $ 2,972 $ 27,246
Net income per common share (basic) .............................................................................................................. $ 1.11 $ 0.16 $ 1.43
Net income per common share (diluted)............................................................................................................ $ 1.09 $ 0.16 $ 1.39
See accompanying notes to consolidated financial statements.
Consolidated
STATEMENTS OF INCOME
Years Ended November 30, 1997, 1998 and 1999
Audiovox Corporation and Subsidiaries