Audiovox 1998 Annual Report Download - page 3

SELECTED FINANCIAL DATA
Years Ended November 30, 1998, 1997, 1996, 1995 and 1994
(Dollars in thousands, except per share data) 1998 1997 1996 1995 1994
Net sales ...................................................... $616,695 $639,082 $597,915 $500,740 $486,448
Net income (loss) ........................................ 2,972 (a) 21,022 (b) (26,469) (c) (11,883) (d) 26,028 (f)
Net income (loss) per
common share, basic.............................. 0.16 (a) 1.11 (b) (2.82) (c) (1.31) (d) 2.88 (f)
Net income (loss) per
common share, diluted........................... 0.16 (a) 1.09 (b) (2.82) (c) (1.31) (d) 2.22 (f)
Total assets .................................................. 279,679 289,827 265,545 308,428 239,098
Long-term obligations, less
current installments................................. 33,724 38,996 70,413 142,802 110,698
Stockholders’ equity ................................... 177,720 (e) 187,892 (e) 131,499 (e) 114,595 (e) 92,034
(a) Includes a pre-tax charge of $6.6 million for inventory write-downs.
(b) Includes a pre-tax charge of $12.7 million for costs associated with the exchange of $21.5 million of subordinated debentures into 2,860,925 shares of common
stock in addition to tax expense on the exchange of $158,000. Additionally, includes a net gain of $23.2 million on sale of CellStar shares.
(c) Includes a pre-tax charge of $26.3 million for costs associated with the exchange of $41.3 million of subordinated debentures into 6,806,580 shares of common
stock in addition to tax expense on the exchange of $2.9 million.
(d) Includes a pre-tax charge of $2.9 million associated with the issuance of warrants, a pre-tax charge of $11.8 million for inventory write-downs and the down-sizing
of the retail operations and a pre-tax gain on the sale of an equity investment of $8.4 million.
(e) Includes a $4.2 million unrealized gain on marketable securities, net, and a $929,000 gain on hedge of available-for-sale securities in 1998 and a $12.2 million
unrealized gain on marketable securities, net, a $773,000 unrealized gain on equity collar, net, and a $20.8 million increase as a result of the exchange of $21.5
million of subordinated debentures in 1997 and a $10.3 million unrealized gain on marketable securities, net, and a $34.4 million increase as a result of the
exchange of $41.3 million of subordinated debentures in 1996 and a $31.7 million unrealized gain on marketable securities, net, for 1995.
(f) Includes a cumulative effect change of ($178,000) or ($0.02) per share, basic, and ($0.01) per share, diluted. Also includes a pre-tax gain on sale of an equity
investment of $27.8 million and a gain on public offering of equity investment of $10.6 million.
QUARTERLY FINANCIAL DATA
(Unaudited)
1
Quarter Ended
(In thousands, except share and per share amounts) Feb. 28 May 31 Aug. 31 Nov. 30
1998
Net sales .......................................................................................... $120,974 $132,411 $154,501 $208,809
Gross profit ...................................................................................... 22,259 14,044 (a) 24,878 27,360
Operating expenses ...................................................................... 19,724 22,001 20,950 20,995
Income (loss) before provision for (recovery of)
income taxes .............................................................................. 2,236 (8,720) (a) 4,201 6,084
Provision for (recovery of) income taxes .................................. 597 (4,025) 1,620 2,637
Net income (loss) ............................................................................ 1,639 (4,695) (a) 2,581 3,447
Net income (loss) per common share (basic) ............................ 0.09 (0.24) 0.14 0.18
Net income (loss) per share (diluted).......................................... 0.09 (0.24) 0.14 0.18
1997
Net sales............................................................................................ $ 166,614 $ 148,195 $ 153,124 $ 171,149
Gross profit........................................................................................ 28,002 25,055 25,634 28,071
Operating expenses ........................................................................ 23,486 21,243 20,606 21,732
Income before provision for income taxes .................................... 15,328 (b) 14,032 (d) 5,565 (f) 8,517 (h)
Provision for income taxes .............................................................. 11,125 (c) 5,678 (e) 2,467 (g) 3,150 (i)
Net income........................................................................................ 4,203 8,354 3,098 5,367
Net income per common share (basic) .......................................... 0.24 0.43 0.16 0.28
Net income per share (diluted) ...................................................... 0.23 0.43 0.16 0.27
(a) Includes a pre-tax charge of $6.6 million for inventory write-downs.
(b) Includes a pre-tax charge of $12.7 million for costs associated with the exchange of $21.5 million of subordinated debentures into 2,860,925 shares of Class A
Common Stock and a pre-tax gain of $23.8 million on the sale of CellStar shares.
(c) Includes $158,000 for income taxes associated with the exchange of $21.5 million of subordinated debentures into 2,860,925 shares of Class A Common Stock
and income taxes of $9.0 million for the gain on sale of CellStar shares.
(d) Includes $10.2 million of pre-tax gain on the sale of CellStar shares.
(e) Includes $3.9 million of income taxes on the gain on sale of CellStar shares.
(f) Includes $303,000 of pre-tax gain on the sale of CellStar shares.
(g) Includes $115,000 of income taxes on the gain on the sale of CellStar shares.
(h) Includes $3.2 million of pre-tax gain on the sale of CellStar shares.
(i) Includes $1.2 million of income taxes on the gain on sale of CellStar shares.