Audiovox 2003 Annual Report Download - page 110

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AUDIOVOX CORPORATION AND SUBSIDIARIES
Notes to Consolidated Financial Statements, Continued
November 30, 2001, 2002 and 2003
(Dollars in thousands, except share and per share data)
(8) Investment Securities
As of November 30, 2002, the Company's investment securities consist of
$1,456 of available−for− sales marketable securities, which relates to
306,000 shares (after a 5 for 1 reverse stock split) of CellStar Common
Stock, 1,904,000 shares of Shintom Common Stock and trading securities of
$3,949 which consist of mutual funds that are held in connection with the
deferred compensation plan.
As of November 30, 2003, the Company's investment securities consist of
$4,232 of available−for− sales marketable securities, which relates to
306,000 shares of CellStar Common Stock and trading securities of $5,280
which consist of mutual funds that are held in connection with the deferred
compensation plan.
During fiscal 2002 and 2003, the Company recorded a $1,158 and $21
other−than−temporary impairment of its Shintom common stock, respectively,
due to a decline in the value of Shintom stock.
The cost, gross unrealized gains and losses and aggregate fair value of the
investment securities available−for−sale as of November 30, 2002 and 2003
were as follows:
2002 2003
−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−− −−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−
Gross Other−than− Gross Other−than−
Unrealized Temporary Aggregate Unrealized Temporary Aggregate
Holding Impairment Fair Holding Impairment Fair
Cost Gain (Loss) Charge Value Cost Gain (Loss) Charge Value
−−−−−−− −−−−−−−−−−− −−−−−−−−−−− −−−−−−−−− −−−−−−− −−−−−−−−−−− −−−−−−−−−−− −−−−−−−−−
CellStar
Common
Stock $ 2,401 $ (966) −− $ 1,435 $ 2,401 $ 1,831 −− $ 4,232
Shintom
Common
Stock 1,179 −− $(1,158) 21 21 −− $ (21) −−
−−−−−−− −−−−−−− −−−−−−− −−−−−−− −−−−−−− −−−−−−− −−−−−−−− −−−−−−−
$ 3,580 $ (966) $(1,158) $ 1,456 $ 2,422 $ 1,831 $ (21) $ 4,232
======= ======= ======= ======= ======= ======= ======= =======
Related deferred tax assets/(liabilities) of $367 and $(696) were recorded
at November 30, 2002 and 2003, respectively, as a reduction to the
unrealized holding gain (loss) included in accumulated other comprehensive
income (loss).
(Continued)
109