Audiovox 2003 Annual Report Download - page 137

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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)
(22) Unaudited Quarterly Financial Data
Selected unaudited, quarterly financial data of the Company for the years
ended November 30, 2002 and 2003 appears below:
QUARTER ENDED
(Dollars in thousands, except per share data) Feb. 28 May 31 Aug. 31 Nov. 30
−−−−−−−− −−−−−− −−−−−−− −−−−−−−
Note (2) Note (2) Note (2)
2002
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) 7,737 4,985 (11,571)
Provision for (recovery of) income taxes (1,500) 4,320 2,416 7,696
Minority interest income 557 256 49 4,193
Income (loss) before cumulative effect of
accounting change for negative goodwill (5,497) 3,673 2,618 (15,074)
Cumulative effect of accounting change for
negative goodwill 240 − − −
Net income (loss) (5,257) 3,673 2,618 (15,074)
Net income (loss) per common share before
cumulative effect of accounting change for
negative goodwill:
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)
(Continued)
136