Audiovox 2003 Annual Report Download - page 120
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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)
the years ended November 30, 2002 and 2003 are as follows:
November 30,
−−−−−−−−−−−−−−−−−−−−−−−−
2002 2003
−−−−−−−− −−−−−−−−
Deferred tax expense (recovery) (exclusive of the
effect of other components listed below) $ (3,186) $ (1,827)
Increase (decrease) in the balance of the valuation
allowance for deferred tax assets 13,090 (641)
−−−−−−−− −−−−−−−−
$ 9,904 $ (2,468)
======== ========
The tax effects of temporary differences that give rise to significant
portions of the deferred tax assets and deferred liabilities are presented
below:
November 30,
−−−−−−−−−−−−−−−−−−−−−
2002 2003
−−−−−−−− −−−−−−−−
Deferred tax assets:
Accounts receivable, principally due to allowance
for doubtful accounts and cellular deactivations $ 1,723 $ 2,094
Inventory, principally due to additional costs
capitalized for tax purposes pursuant to the Tax
Reform Act of 1986 1,617 1,561
Inventory, principally due to valuation reserve 7,521 7,480
Accrual for future warranty costs 3,249 3,460
Plant, equipment and certain intangibles, principally
due to depreciation and amortization 1,863 2,112
Net operating loss carryforwards, federal, state and
foreign 4,926 4,203
Foreign tax credits 1,347 2,895
Accrued liabilities not currently deductible and other 520 298
Investment securities 719 (355)
Deferred compensation plans 1,537 2,037
−−−−−−−− −−−−−−−−
Total gross deferred tax assets 25,022 25,785
Less: valuation allowance (13,206) (12,565)
−−−−−−−− −−−−−−−−
Net deferred tax assets 11,816 13,220
−−−−−−−− −−−−−−−−
Deferred tax liabilities:
Issuance of subsidiary shares (6,867) (6,867)
−−−−−−−− −−−−−−−−
Total gross deferred tax liabilities (6,867) (6,867)
−−−−−−−− −−−−−−−−
Net deferred tax asset $ 4,949 $ 6,353
======== ========
The net change in the total valuation allowance for the year ended November
(Continued)
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