Audiovox 1998 Annual Report Download - page 25

Cumulative Unrealized Unreal- Gain On
Foreign Gain ized Hedge of Total
Unearned Currency (Loss) On Gain on Available Stock-
Preferred Common Paid-In Compen- Retained Translation Marketable Equity for-Sale- Treasury holders’
(In thousands, except share data) Stock Stock Capital sation Earnings Adjustment Securities Collar Securities Stock Equity
Balance at
November 30, 1995 ................................. 2,500 90 43,286 (410) 38,371 (963) 31,721 — — — 114,595
Net loss......................................................... — — — — (26,469) — — — — — (26,469)
Equity adjustment from
foreign currency translation.................... — — — — — (213) — — — — (213)
Compensation expense.............................. — — 39 258 — — — — — — 297
Options and non-performance
restricted stock forfeitures due
to employee terminations ...................... — — (27) 27 — — — — — — —
Issuance of 250,000 shares of
common stock ......................................... — 3 — — — — — — — — 3
Conversion of debentures into
7,012,626 shares of
common stock ......................................... — 70 64,660 — — — — — — — 64,730
Net unrealized loss on marketable
securities, net of tax effect
of ($13,143)............................................... — — — — — — (21,444) — — — (21,444)
Balance at
November 30, 1996 ................................. 2,500 163 107,958 (125) 11,902 (1,176) 10,277 — — — 131,499
Net income .................................................. — — — — 21,022 — — — — — 21,022
Equity adjustment from foreign
currency translation ................................. — — — — — (2,252) — — — — (2,252)
Compensation expense.............................. — — 118 17 — — — — — — 135
Options and non-performance
restricted stock forfeitures due
to employee terminations ...................... — — (23) 23 — — — — — — —
Issuance of 352,194 shares
of common stock..................................... — 3 3,489 — — — — — — — 3,492
Conversion of debentures
into 2,860,925 shares............................... — 29 33,592 — — — — — — — 33,621
Issuance of warrants.................................... — — 106 — — — — — — — 106
Acquisition of 290,000
common shares........................................ — — — — — — — — — (2,421) (2,421)
Net unrealized gain on
marketable securities, net of
tax effect of $1,174.................................. — — — — — — 1,917 — — — 1,917
Unrealized gain on equity collar,
net of tax effect of $473......................... — — — — — — — 773 — — 773
Balance at
November 30, 1997 ................................. 2,500 195 145,240 (85) 32,924 (3,428) 12,194 773 — (2,421) 187,892
Net income.................................................. — — — — 2,972 — — — — — 2,972
Equity adjustment from foreign
currency translation .............................. — — — — — (2,276) — — — — (2,276)
Compensation expense (income)............ — — (23) 76 — — — — — — 53
Options and non-performance
restricted stock forfeitures due
to employee terminations ................... — — (9) 9 — — — — — — —
Purchase of warrants................................. — — (1,869) — — — — — — — (1,869)
Acquisition of 208,055
common shares...................................... — — — — — — — — — (1,168) (1,168)
Net unrealized loss on
marketable securities, net of
tax effect of $4,928.............................. — — — — — — (8,040) — — — (8,040)
Sale of equity collar, net of
tax effect of $1,043.............................. — — — — — — — (773) 929 — 156
Balances at
November 30, 1998.............................. 2,500 195 143,339 — 35,896 (5,704) 4,154 — 929 (3,589) 177,720
See accompanying notes to consolidated financial statements.
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CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
Years Ended November 30, 1998, 1997 and 1996
AUDIOVOX CORPORATION AND SUBSIDIARIES