Audiovox 1998 Annual Report Download - page 42

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The Board of Directors and Stockholders
Audiovox Corporation:
We have audited the accompanying consolidated bal-
ance sheets of Audiovox Corporation and subsidiaries as of
November 30, 1998 and 1997, and the related consolidated
statements of income (loss), stockholders’ equity and cash
flows for each of the years in the three-year period ended
November 30, 1998. These consolidated financial state-
ments are the responsibility of the Company’s management.
Our responsibility is to express an opinion on these consoli-
dated financial statements based on our audits.
We conducted our audits in accordance with generally
accepted auditing standards. Those standards require that
we plan and perform the audit to obtain reasonable assur-
ance about whether the financial statements are free of
material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing
the accounting principles used and significant estimates
made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, the consolidated financial statements
referred to above present fairly, in all material respects, the
financial position of Audiovox Corporation and subsidiaries
as of November 30, 1998 and 1997, and the results of their
operations and their cash flows for each of the years in the
three-year period ended November 30, 1998, in conformity
with generally accepted accounting principles.
Melville, New York
January 25, 1999
40
INDEPENDENT AUDITORS’ REPORT
Summary of Stock Prices and Dividend Data
Class A Common Shares of Audiovox are traded on the American Stock Exchange under the symbol VOX. No dividends
have been paid on the Company’s common stock. The Company is restricted by agreements with its financial institutions from
the payment of common stock dividends while certain loans are outstanding (see Liquidity and Capital Resources of
Management’s Discussion and Analysis). There are approximately 4,800 beneficial holders of Class A Common Stock and 4
holders of Class B Common Stock.
CLASS A COMMON STOCK
Average Daily
Fiscal Period High Low Trading Volume
1998
First Quarter .................................................................................................................... $ 9 $ 53⁄4103,038
Second Quarter ............................................................................................................... 77⁄16 43⁄477,516
Third Quarter................................................................................................................... 77⁄16 35⁄882,948
Fourth Quarter ................................................................................................................ 63⁄4311⁄16 42,024
1997
First Quarter....................................................................................................................... $ 81⁄2$ 45⁄8368,639
Second Quarter ................................................................................................................. 77⁄8415⁄16 171,733
Third Quarter ..................................................................................................................... 813⁄16 65⁄16 201,653
Fourth Quarter................................................................................................................... 103⁄475⁄16 131,779
1996
First Quarter....................................................................................................................... $ 63⁄8$ 43⁄415,924
Second Quarter ................................................................................................................. 77⁄16 41⁄16 52,039
Third Quarter ..................................................................................................................... 65⁄16 416,309
Fourth Quarter................................................................................................................... 63⁄445⁄895,817
MARKET FOR THE REGISTRANT’S COMMON EQUITY
AND RELATED STOCKHOLDER MATTERS
AUDIOVOX CORPORATION AND SUBSIDIARIES