Audiovox 1999 Annual Report Download - page 3

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Selected
FINANCIAL DATA
Quarterly
FINANCIAL DATA
1
AUDIOVOX
Years Ended November 30, 1995, 1996, 1997, 1998 and 1999
(Dollars in thousands)
1995 1996 1997 1998 1999
Net sales.................................................................................................................... $500,740 $597,915 $639,082 $161,695 $1,159,537
Net income (loss)....................................................................................................... (11,883) (26,469) 21,022 2,972 27,246
Net income (loss) per common share, basic............................................................. (1.31) (2.82) 1.11 0.16 1.43
Net income (loss) per common share, diluted.......................................................... (1.31) (2.82) 1.09 0.16 1.39
Total assets................................................................................................................ 308,428 265,545 289,827 279,679 475,083
Long-term obligations, less current installments ..................................................... 142,802 70,413 38,996 33,724 122,798
Stockholders’ equity.................................................................................................. 114,595 131,499 187,892 177,720 216,744
This selected financial data includes:
for 1995:
•
A pre-tax charge of $2.9 million associated with the issuance of warrants;
•
A pre-tax charge of $11.8 million of inventory write-downs and the downsizing of the Company’s retail operations;
•
A pre-tax gain on the sale of an equity investment of $8.4 million; and
•
A $31.7 million increase in stockholders’ equity, net of tax, as a result of an unrealized gain on marketable securities which is not reflected in net income compared to what stockholders’ equity
would have been without the unrealized gain.
for 1996:
•
A pre-tax charge of $26.3 million related to the exchange of $41.3 million of subordinated convertible debentures into 6,806,580 shares of common stock and a related tax expense of $2.9 million;
•
A $10.3 million increase in stockholders’ equity, net of tax, as a result of an unrealized gain on marketable securities which is not reflected in net income compared to what stockholders’ equity
would have been without the unrealized gain; and
•
A $64.7 million increase in stockholders’ equity as a result of the exchange of $41.3 million of subordinated convertible debentures which is not reflected in net income.
for 1997:
•
A pre-tax charge of $12.7 million related to the exchange of $21.5 million of subordinated convertible debentures into 2,860,925 shares of common stock and a related tax expense of $158,000;
•
A pre-tax gain of $37.5 million on sale of shares of CellStar Corporation held by the Company and a related tax expense of $14.2 million;
•
A $12.2 million increase in stockholders’ equity, net of tax, as a result of an unrealized gain on marketable securities which is not reflected in net income compared to what stockholders’ equity
would have been without the unrealized gain;
•
A $773,000 increase in stockholders’ equity, net of tax, as a result of an unrealized gain on equity collar which is not reflected in net income; and
•
A $33.6 million increase in stockholders’ equity as a result of the exchange of $21.5 million of subordinated convertible debentures which is not reflected in net income.
for 1998:
•
A pre-tax charge of $6.6 million for inventory write-downs;
•
A $4.2 million increase in stockholders’ equity, net of tax, as a result of an unrealized gain on marketable securities which is not reflected in net income compared to what stockholders’ equity
would have been without the unrealized gain; and
•
A $929,000 increase in stockholders’ equity, net of tax, as a result of an unrealized gain on a hedge of available-for-sale securities.
for 1999:
•
A pre-tax charge of $2.0 million due to the other-than-temporary decline in the market value of its Shintom common stock;
•
A pre-tax gain of $3.8 million on the issuance of subsidiary shares to Toshiba Corporation; and
•
A $9.9 million increase in stockholders’ equity, net of tax, as a result of an unrealized gain on marketable securities which is not reflected in net income compared to what stockholders’ equity
would have been without the unrealized gain.
Quarter Ended
(In thousands, except share and per share amounts)
Feb. 28 May 31 Aug. 31 Nov. 30
1998
Net sales .............................................................................................................. $120,974 $132,411 $154,501 $208,809
Gross profit .......................................................................................................... 22,259 14,044 24,878 27,360
Operating expenses.............................................................................................. 19,724 22,001 20,950 20,995
Income (loss) before provision for (recovery of) income taxes .......................... 2,236 (8,720) 4,201 6,084
Provision for (recovery of) income taxes.............................................................. 597 (4,025) 1,620 2,637
Net income (loss).................................................................................................. 1,639 (4,695) 2,581 3,447
Net income (loss) per common share (basic) ...................................................... 0.09 (0.24) 0.14 0.18
Net income (loss) per share (diluted) .................................................................. 0.09 (0.24) 0.14 0.18
1999
Net sales ............................................................................................................ $210,266 $242,069 $296,732 $410,470
Gross profit ........................................................................................................ 26,220 28,721 35,279 44,408
Operating expenses ........................................................................................ 21,018 23,501 23,764 28,108
Income before provision for income taxes ................................................ 5,087 10,680 10,415 16,541
Provision for income taxes ............................................................................ 2,105 4,226 3,986 5,160
Net income ........................................................................................................ 2,982 6,454 6,429 11,381
Net income per common share (basic) ...................................................... 0.16 0.34 0.34 0.59
Net income per share (diluted) .................................................................... 0.16 0.34 0.32 0.56
(Unaudited)