Audiovox 2003 Annual Report Download - page 74
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AUDIOVOX CORPORATION AND SUBSIDIARIES
Consolidated Balance Sheets
November 30, 2002 and 2003
(In thousands, except share and per share data)
2002 2003
−−−−−−−−− −−−−−−−−−
Assets
Current assets:
Cash $ 2,758 $ 4,702
Accounts receivable 186,564 266,421
Inventory 290,064 219,664
Receivables from vendors 14,174 7,830
Prepaid expenses and other current assets 7,626 12,371
Deferred income taxes 7,653 9,531
−−−−−−−−− −−−−−−−−−
Total current assets 508,839 520,519
Investment securities 5,405 9,512
Equity investments 11,097 13,142
Property, plant and equipment 18,381 20,242
Excess cost over fair value of assets acquired 6,826 7,532
Intangible assets −− 8,043
Other assets 687 713
−−−−−−−−− −−−−−−−−−
$ 551,235 $ 579,703
========= =========
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable $ 121,127 $ 94,864
Accrued expenses and other current liabilities 34,983 42,816
Accrued sales incentives 12,151 21,894
Income taxes payable 7,643 13,218
Bank obligations 40,248 39,940
Current portion of long−term debt −− 3,433
−−−−−−−−− −−−−−−−−−
Total current liabilities 216,152 216,165
Long−term debt 8,140 18,289
Capital lease obligation 6,141 6,070
Deferred income taxes 2,704 3,178
Deferred compensation 3,969 5,280
−−−−−−−−− −−−−−−−−−
Total liabilities 237,106 248,982
−−−−−−−−− −−−−−−−−−
Minority interest 4,616 4,993
−−−−−−−−− −−−−−−−−−
Commitments and contingencies
Stockholders' equity:
Preferred stock, $50 par value; 50,000 shares authorized and outstanding, liquidation preference
of $2,500 2,500 2,500
Series preferred stock $.01 par value, 1,500,000 shares authorized; no shares issued or
outstanding −− −−
Common stock:
Class A $.01 par value; 60,000,000 shares authorized; 20,632,182 and
20,728,382 shares issued in 2002 and 2003, respectively; and 19,559,445
and 19,655,645 shares outstanding
in 2002 and 2003, respectively 207 207
Class B $.01 par value convertible; 10,000,000 shares authorized; 2,260,954 shares issued
and outstanding 22 22
Paid−in capital 250,917 252,104
Retained earnings 69,396 80,635
Accumulated other comprehensive income (loss) (5,018) (1,229)
Treasury stock, at cost, 1,072,737 shares of Class A common stock (8,511) (8,511)
−−−−−−−−− −−−−−−−−−
Total stockholders' equity 309,513 325,728
−−−−−−−−− −−−−−−−−−
Total liabilities and stockholders' equity $ 551,235 $ 579,703
========= =========
See accompanying notes to consolidated financial statements.
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