Audiovox 2002 Annual Report Download - page 3

Selected Financial Data Years Ended November 30,
1998 1999 2000 2001 2002
(Dollars in thousands, except per share data) (As Restated*) (As Restated*)
Consolidated Statement of Operations Data
Net sales(1)(2) $606,108 $1,149,537 $1,670,291 $1,276,591 $1,100,382
Net income (loss) before extraordinary item and cumulative effect of a change in
accounting for negative goodwill 2,972 27,246 25,303 (7,198) (14,280)
Extraordinary item — — 2,189 — —
Cumulative effect of a change in accounting for negative goodwill — — — — 240
Net income (loss) 2,972 27,246 27,492 (7,198) (14,040)
Net income (loss) per common share before extraordinary item and cumulative effect:
Basic 0.16 1.43 1.19 (0.33) (0.65)
Diluted 0.16 1.39 1.12 (0.33) (0.65)
Net income (loss) per common share:
Basic 0.16 1.43 1.29 (0.33) (0.64)
Diluted 0.16 1.39 1.22 (0.33) (0.64)
Consolidated Balance Sheet Data
Total assets $287,816 $ 486,220 $ 517,586 $ 544,497 $ 551,235
Working capital 160,609 272,081 305,369 284,166 292,687
Long-term obligations, less current installments 33,724 122,798 23,468 10,040 18,250
Stockholders’ equity 177,720 216,744 330,766 323,220 309,513
(1) Effective March 1, 2002, the Company adopted Emerging Issues Task Force (EITF) Issue No. 01-9, “Accounting for Consideration Given by a Vendor to a Customer.” Upon adoption of this
Issue, the Company reclassified its sales incentives offered to its customers from selling expenses to net sales. For purposes of comparability, these reclassifications have been reflected
retroactively for all periods presented.
(2) In fiscal 2001, the Company adopted the provisions of EITF Issue No. 00-10, “Accounting for Shipping and Handling Fees and Costs,” which requires the Company to report all amounts
billed to a customer related to shipping and handling as revenue. The Company has reclassified such billed amounts, which were previously netted in cost of sales, to net sales. Gross
profit has remained unchanged by this adoption. For purposes of comparability, these reclassifications have been reflected retroactively for all periods presented.
Unaudited Quarterly Financial Data—As Restated
Selected unaudited, quarterly financial data of the Company for the years ended November 30, 2001 and 2002 appears below:
Quarter Ended
2001 Feb. 28 May 31 Aug. 31 Nov. 30
(Dollars in thousands, except per share data) (As Restated*) (As Restated*) (As Restated*) (As Restated*)
Net sales $ 348,047 $ 276,581 $ 310,811 $ 341,152
Gross profit 23,861 5,393 24,001 18,135
Operating expenses 18,913 18,997 21,470 21,246
Income (loss) before provision for (recovery of) income taxes and minority interest 5,552 (13,891) 1,248 (4,393)
Provision for (recovery of) income taxes 2,029 (5,024) 540 (1,169)
Minority interest income (expense) (170) 562 121 147
Net income (loss) 3,353 (8,305) 829 (3,077)
Net income (loss) per common share:
Basic 0.15 (0.38) 0.04 (0.14)
Diluted 0.15 (0.38) 0.04 (0.14)
Quarter Ended
2002 Feb. 28 May 31 Aug. 31 Nov. 30
(Dollars in thousands, except per share data) (As Restated*) (As Restated*) (As Restated*)
Net sales $ 184,269 $ 297,267 $ 301,992 $ 316,853
Gross profit 13,723 18,653 27,468 14,755
Operating expenses 18,946 24,089 21,283 24,356
Income (loss) before provision for (recovery of) income taxes,
minority interest, and cumulative effect (7,554) 7,993 4,985 11,571
Provision for (recovery of) income taxes (1,500) 4,320 2,416 7,696
Minority interest income 557 257 49 4,193
Income (loss) before cumulative effect (5,497) 3,673 2,618 (15,074)
Cumulative effect 240 — — —
Net income (loss) (5,257) 3,673 2,618 (15,074)
Net income (loss) per common share before cumulative effect:
Basic (0.25) 0.17 0.12 (0.69)
Diluted (0.25) 0.17 0.12 (0.69)
Net income (loss):
Basic (0.24) 0.17 0.12 (0.69)
Diluted (0.24) 0.17 0.12 (0.69)
*See footnotes 2 and 26 of Notes to Consolidated Financial Statements in the Form 10-K for the fiscal year ended November 30, 2002.
AUDIOVOX FINANCIAL HIGHLIGHTS
Audiovox Corporation 2002 Annual Report
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