Audiovox 1999 Annual Report Download - page 20

AUDIOVOX
18
(In thousands, except share data) 1998 1999
Assets
Current assets:
Cash................................................................................................................................................................................................ $ 9,398 $ 5,527
Accounts receivable, net................................................................................................................................................................ 131,120 237,272
Inventory, net.................................................................................................................................................................................. 72,432 136,554
Receivable from vendor ................................................................................................................................................................. 956 9,327
Prepaid expenses and other current assets .................................................................................................................................. 6,502 7,940
Deferred income taxes, net ........................................................................................................................................................... 6,088 7,675
Total current assets.................................................................................................................................................................... 226,496 404,295
Investment securities......................................................................................................................................................................... 17,089 30,401
Equity investments............................................................................................................................................................................. 10,387 13,517
Property, plant and equipment, net ................................................................................................................................................... 17,828 19,629
Excess cost over fair value of assets acquired and other intangible assets, net ............................................................................ 6,052 5,661
Other assets....................................................................................................................................................................................... 1,827 1,580
Total assets ............................................................................................................................................................................ $279,679 $475,083
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable........................................................................................................................................................................... $ 34,063 $ 76,382
Accrued expenses and other current liabilities............................................................................................................................. 15,376 29,068
Income taxes payable .................................................................................................................................................................... 5,210 8,777
Bank obligations............................................................................................................................................................................. 7,327 15,993
Documentary acceptances............................................................................................................................................................. 3,911 1,994
Total current liabilities ............................................................................................................................................................... 65,887 132,214
Bank obligations................................................................................................................................................................................. 17,500 102,007
Deferred income taxes, net ............................................................................................................................................................... 3,595 8,580
Long-term debt................................................................................................................................................................................... 6,331 5,932
Capital lease obligation..................................................................................................................................................................... 6,298 6,279
Total liabilities........................................................................................................................................................................ 99,611 255,012
Minority interest ................................................................................................................................................................................ 2,348 3,327
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 17,827,946 issued 1998 and 1999, respectively;
16,760,518 and 17,206,909 outstanding 1998 and 1999, respectively ................................................................................ 173 179
Class B convertible; 10,000,000 authorized; 2,260,954 issued and outstanding..................................................................... 22 22
Paid-in capital ................................................................................................................................................................................ 143,339 149,278
Retained earnings.......................................................................................................................................................................... 35,896 63,142
Accumulated other comprehensive income (loss)......................................................................................................................... (1,550) 5,165
Gain on hedge of available-for-sale securities, net...................................................................................................................... 929 929
Treasury stock, at cost, 498,055 and 621,037 Class A common stock 1998 and 1999, respectively .......................................... (3,589) (4,471)
Total stockholders’ equity ...................................................................................................................................................... 177,720 216,744
Commitments and contingencies
Total liabilities and stockholders’ equity............................................................................................................................... $279,679 $475,083
See accompanying notes to consolidated financial statements.
Consolidated
BALANCE SHEETS
November 30, 1998 and 1999
Audiovox Corporation and Subsidiaries