Audiovox 2008 Annual Report Download - page 87

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Audiovox Corporation and Subsidiaries
Notes to Consolidated Financial Statements, continued
February 29, 2008
(Dollars in thousands, except share and per share data)
Three
Year Year Months Year
Ended Ended Ended Ended
February 29, February 28, February 28, November 30,
2008 2007 2006 2005
(unaudited)
Net sales $ 71,726 $ 60,414 $ 11,421 $ 49,795
Gross profit 20,869 17,764 3,709 11,877
Operating income 6,158 4,980 778 4,512
Net income 7,178 5,875 948 4,716
The Company's share of income from ASA for the years ended February 29, 2008, February 28, 2007, the three months
ended February 28, 2006 and the year ended November 30, 2005 was $3,590, $2,937, $474 and $2,342, respectively. In
addition, the Company received cash distributions from ASA totaling $1,720, $3,419, $713 and $1,147 during the years
ended February 29, 2008, February 28, 2007, the three months ended February 28, 2006 and the year ended November 30,
2005, respectively.
6) Accrued Expenses and Other Current Liabilities
Accrued expenses and other current liabilities consist of the following:
February 29, February 28,
2008 2007
Commissions $ 1,032 $ 457
Employee compensation 4,697 3,104
Professional fees and accrued settlements 1,888 1,951
Future warranty 13,272 5,856
Freight and duty 1,231 1,872
Other taxes payable - 909
Royalties, advertising and other 16,455 12,415
Total accrued assets and other current liabilities $ 38,575 $ 26,564
F-30
Source: AUDIOVOX CORP, 10-K, May 14, 2008