Audiovox 2003 Annual Report Download - page 118

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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)
(14) Income Taxes
The components of income (loss) before the provision for (recovery of)
income taxes, minority interest and cumulative effect of a change in
accounting for negative goodwill are as follows:
November 30,
−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−
2001 2002 2003
−−−−−−−−− −−−−−−−−− −−−−−−−−−
Note (2)
Domestic Operations $(11,535) $ (7,584) $ 17,391
Foreign Operations 53 1,181 3,645
−−−−−−−−− −−−−−−−−− −−−−−−−−−
$ (11,482) $ (6,403) $ 21,036
========= ========= =========
Total income tax expense (benefit) was allocated as follows:
November 30,
−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−
2001 2002 2003
−−−−−−−− −−−−−−−− −−−−−−−−
Note (2)
Statement of operations $ (3,627) $ 12,932 $ 9,407
Stockholders' equity:
Unrealized holding gain (loss) on
investment securities recognized
for financial reporting purposes (509) 260 1,063
Tax benefit of stock options exercised −− (17) (216)
−−−−−−−− −−−−−−−− −−−−−−−−
Total income tax expense
(benefit) $ (4,136) $ 13,175 $ 10,254
======== ======== ========
(Continued)
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