Audiovox 2000 Annual Report Download - page 22

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(In thousands, except share data) 1999 2000
ASSETS
Current assets:
Cash $ 5,527 $ 6,431
Accounts receivable, net 237,272 279,402
Inventory, net 136,554 140,065
Receivable from vendor 9,327 5,566
Prepaid expenses and other current assets 7,940 6,830
Deferred income taxes, net 7,675 12,244
Total current assets 404,295 450,538
Investment securities 30,401 5,484
Equity investments 13,517 11,418
Property, plant and equipment, net 19,629 27,996
Excess cost over fair value of assets acquired and other intangible assets, net 5,661 5,098
Other assets 1,580 2,325
$475,083 $502,859
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable $ 76,382 $ 61,060
Accrued expenses and other current liabilities 29,068 62,569
Income taxes payable 8,777 6,274
Bank obligations 15,993 8,104
Notes payable —5,868
Current installment of long-term debt —486
Documentary acceptances 1,994 —
Total current liabilities 132,214 144,361
Bank obligations 102,007 15,000
Deferred income taxes, net 8,580 972
Long-term debt 5,932 —
Capital lease obligation 6,279 6,260
Deferred compensation —2,208
Total liabilities 255,012 168,801
Minority interest 3,327 3,555
Stockholders’ equity:
Preferred stock, liquidation preference of $2,500 2,500 2,500
Common stock:
Class A; 30,000,000 and 60,000,000 authorized 1999 and 2000, respectively; 17,827,946 and 20,291,046
issued 1999 and 2000, respectively; 17,206,909 and 19,478,554 outstanding 1999 and 2000, respectively 179 204
Class B convertible; 10,000,000 authorized; 2,260,954 issued and outstanding 22 22
Paid-in capital 149,278 248,468
Retained earnings 63,142 90,371
Accumulated other comprehensive income (loss) 5,165 (5,058)
Gain on hedge of available-for-sale securities, net 929 —
Treasury stock, at cost, 621,037 and 762,492 Class A common stock 1999 and 2000, respectively (4,471) (6,004)
Total stockholders’ equity 216,744 330,503
Commitments and contingencies
Total liabilities and stockholders’ equity $475,083 $502,859
See accompanying notes to consolidated financial statements.
20
CONSOLIDATED BALANCE SHEETS
November 30, 1999 and 2000