Audiovox 1999 Annual Report Download - page 22

AUDIOVOX
20
Consolidated
STATEMENTS OF STOCKHOLDERS’ EQUITY
Years Ended November 30, 1997, 1998 and 1999
Audiovox Corporation and Subsidiaries
Accumulated
Other Unreal- Gain on
Compre- ized Hedge of Total
Unearned hensive Gain on Available- Stock-
Preferred Common Paid-In Compen- Retained Income Equity for-Sale Treasury holders’
(In thousands, except share data) Stock Stock Capital sation Earnings (Loss) Collar Securities Stock Equity
Balances at November 30, 1996........................... 2,500 163 107,958 (125) 11,902 9,101 — — — 131,499
Comprehensive income:
Net income........................................................ — — — — 21,022 — — — — 21,022
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustment...... — — — — — (2,252) — — — (2,252)
Unrealized gain on marketable securities,
net of tax effect of $1,174........................ — — — — — 1,917 — — — 1,917
Other comprehensive income (loss).............. (335)
Comprehensive income......................................... 20,687
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)
Unrealized gain on equity collar,
net of tax effect of $473................................... — — — — — — 773 — — 773
Balances at November 30, 1997........................... 2,500 195 145,240 (85) 32,924 8,766 773 — (2,421) 187,892
Comprehensive income:
Net income........................................................ — — — — 2,972 — — — — 2,972
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustment...... — — — — — (2,276) — — — (2,276)
Unrealized loss on marketable securities,
net of tax effect of $4,928........................ — — — — — (8,040) — — — (8,040)
Other comprehensive income (loss).............. (10,316)
Comprehensive income (loss) ............................... (7,344)
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)
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 (1,550) — 929 (3,589) 177,720
Comprehensive income:
Net income
....................................................... — — — — 27,246 — — — — 27,246
Other comprehensive income, net of tax:
Foreign currency translation adjustment
... — — — — — 940 — — — 940
Unrealized gain on marketable secu-
rities, net of tax effect of $3,540 ............. — — — — — 5,775 — — — 5,775
Other comprehensive income .................... 6,715
Comprehensive income ...................................... 33,961
Compensation expense (income) ...................... — — 158 — — — — — — 158
Exercise of stock options into 364,550 shares
of common stock and issuance of 39,305
shares under the Restricted Stock Plan
....... — 4 2,775 — — — — — — 2,779
Tax benefit of stock options exercised ............ — 1,101 — — — — — — 1,101
Conversion of debentures into 70,565 shares ... — 1 1,248 — — — — — — 1,249
Issuance of warrants .......................................... — 1 662 — — — — — — 663
Purchase of warrants ......................................... — — (5) — — — — — — (5)
Acquisition of 122,982 common shares ............ — — — — — — — — (882) (882)
Balances at November 30, 1999 ......................... 2,500 201 149,278 — 63,142 5,165 — 929 (4,471) 216,744
See accompanying notes to consolidated financial statements.