Audiovox 2003 Annual Report Download - page 133

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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)
Net sales and long−lived assets by location for the years ended
November 30, 2001, 2002 and 2003 were as follows.
Net Sales Long−Lived Assets
−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−− −−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−
2001 2002 2003 2001 2002 2003
−−−−−−−−−− −−−−−−−−−− −−−−−−−−−− −−−−−−−−−− −−−−−−−−−− −−−−−−−−−−
Note (2)
United States $1,061,853 $ 867,154 $1,074,547 $ 34,820 $ 40,506 $ 55,256
Canada 85,796 143,368 135,952 −− −− −−
Argentina 2,684 985 64 −− −− −−
Peru 4,148 313 441 −− −− −−
Japan −− −− 456 6,545 −− −−
Malaysia 12,570 11,637 7,720 1,220 1,038 1,010
Venezuela 22,422 16,744 2,908 8,339 852 511
Mexico, Central
America and
Caribbean 77,134 28,655 60,093 −− −− −−
Chile 1,077 21,711 9,776 −− −− −−
Europe −− −− 27,708 −− −− 2,407
Other foreign −− −−
countries 8,907 9,815 4,237 −−
−−−−−−−−−− −−−−−−−−−− −−−−−−−−−− −−−−−−−−−− −−−−−−−−−− −−−−−−−−−−
Total $1,276,591 $1,100,382 $1,323,902 $ 50,924 $ 42,396 $ 59,184
========== ========== ========== ========== ========== ==========
(20) Related Party Transactions
A note due from an officer/director of the Company, which bore
interest at the LIBOR rate, to be adjusted quarterly, plus 1.25% per
annum, was paid in full during fiscal 2002. In addition, at November
30, 2002, the Company had outstanding notes due from various officers
of the Company aggregating $235, which have been included in prepaid
expenses and other current assets on the accompanying consolidated
balance sheet. The notes bore interest at the LIBOR rate plus 0.5% per
annum. Principal and interest were payable in equal annual
installments beginning July 1, 1999 through July 1, 2003. The notes
have been paid in full. In addition, no new notes with officers or
directors of the Company have been entered into.
The Company also leases certain facilities and equipment from its
principal stockholder (Note 17).
During the years ended November 30, 2001, 2002 and 2003, 34%, 38% and
10% of the Company's purchases, respectively, were from Toshiba (Note
3). At November 30, 2002, the Company recorded receivables from
Toshiba aggregating approximately $12,219 for price protection and
software upgrades. At November 30, 2003, the Company recorded
(Continued)
132