Audiovox 1998 Annual Report Download - page 23

(In thousands, except share data) 1998 1997
Assets
Current assets:
Cash.......................................................................................................................................... $ 9,398 $ 9,445
Accounts receivable, net........................................................................................................ 131,120 104,698
Inventory, net........................................................................................................................... 72,432 105,242
Receivable from vendor ......................................................................................................... 734 5,000
Prepaid expenses and other current assets ......................................................................... 6,724 9,230
Deferred income taxes........................................................................................................... 6,088 4,673
Equity collar............................................................................................................................. —1,246
Total current assets ............................................................................................................. 226,496 239,534
Investment securities .................................................................................................................. 17,089 22,382
Equity investments...................................................................................................................... 10,387 10,693
Property, plant and equipment, net.......................................................................................... 17,828 8,553
Excess cost over fair value of assets acquired and other intangible assets, net.................. 6,052 5,557
Other assets................................................................................................................................. 1,827 3,108
$279,679 $289,827
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable.................................................................................................................... $ 34,063 $ 24,237
Accrued expenses and other current liabilities.................................................................... 15,359 16,538
Income taxes payable............................................................................................................. 5,210 9,435
Bank obligations ..................................................................................................................... 7,327 6,132
Documentary acceptances..................................................................................................... 3,911 3,914
Capital lease obligation ......................................................................................................... 17 —
Total current liabilities..................................................................................................... 65,887 60,256
Bank obligations ......................................................................................................................... 17,500 24,300
Deferred income taxes............................................................................................................... 3,595 8,505
Long-term debt........................................................................................................................... 6,331 6,191
Capital lease obligation ............................................................................................................. 6,298 —
Total liabilities.................................................................................................................. 99,611 99,252
Minority interest.......................................................................................................................... 2,348 2,683
Stockholders’ equity:
Preferred stock, liquidation preference of $2,500................................................................ 2,500 2,500
Common stock:
Class A; 30,000,000 authorized; 17,258,573 and 17,253,533
issued 1998 and 1997, respectively; 16,760,518 and
16,963,533 outstanding 1998 and 1997, respectively .................................................. 173 173
Class B convertible; 10,000,000 authorized; 2,260,954
issued and outstanding.................................................................................................. 22 22
Paid-in capital.......................................................................................................................... 143,339 145,155
Retained earnings................................................................................................................... 35,896 32,924
Cumulative foreign currency translation and adjustment................................................... (5,704) (3,428)
Unrealized gain on marketable securities, net..................................................................... 4,154 12,194
Unrealized gain on equity collar, net .................................................................................... —773
Gain on hedge of available-for-sale securities, net ............................................................. 929 —
Treasury stock, at cost, 498,055 and 290,000 Class A
common stock 1998 and 1997, respectively..................................................................... (3,589) (2,421)
Total stockholders’ equity .............................................................................................. 177,720 187,892
Commitments and contingencies
Total liabilities and stockholders’ equity....................................................................... $279,679 $289,827
See accompanying notes to consolidated financial statements.
21
CONSOLIDATED BALANCE SHEETS
November 30, 1998 and 1997
AUDIOVOX CORPORATION AND SUBSIDIARIES