Audiovox 2008 Annual Report Download - page 51

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Audiovox Corporation and Subsidiaries
Consolidated Balance Sheets
February 29, 2008 and February 28, 2007
(In thousands, except share data)
2008 2007
Assets
Current assets:
Cash and cash equivalents $ 39,341 $ 15,473
Short-term investments - 140,872
Accounts receivable, net 112,688 86,003
Inventory 155,748 104,972
Receivables from vendors 29,358 13,935
Prepaid expenses and other current assets 13,780 11,427
Income taxes receivable - 3,518
Deferred income taxes 7,135 2,492
Total current assets 358,050 378,692
Investment securities 15,033 13,179
Equity investments 13,222 11,353
Property, plant and equipment, net 21,550 18,019
Goodwill 23,427 17,514
Intangible assets 101,008 57,874
Deferred income taxes - 1,858
Other assets 746 631
Total assets $ 533,036 $ 499,120
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable $ 24,433 $ 34,344
Accrued expenses and other current liabilities 38,575 26,564
Income taxes payable 5,335 -
Accrued sales incentives 10,768 7,410
Bank obligations 3,070 2,890
Current portion of long-term debt 82 1,524
Total current liabilities 82,263 72,732
Long-term debt 1,621 5,430
Capital lease obligation 5,607 5,676
Deferred compensation 4,406 7,573
Other tax liabilities 4,566 3,347
Deferred tax liabilities 6,057 -
Other long term liabilities (Note 3) 5,003 -
Total liabilities 109,523 94,758
Commitments and contingencies
Stockholders' equity:
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, 22,414,217 and 22,005,346 shares
issued, 20,593,660 and 20,312,299 shares outstanding at February 29, 2008 and February 28
2007, respectively 224 220
Class B convertible, $.01 par value; 10,000,000 shares authorized, 2,260,954 shares issued and
outstanding 22 22
Paid-in capital 274,282 271,056
Retained earnings 162,542 151,363
Accumulated other comprehensive income (loss) 4,847 (1,320)
Treasury stock, at cost, 1,820,552 and 1,693,047 shares of Class A common stock at February 29,
2008 and February 28, 2007, respectively (18,404) (16,979)
Total stockholders' equity 423,513 404,362
Source: AUDIOVOX CORP, 10-K, May 14, 2008