Audiovox 2000 Annual Report Download - page 23

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(In thousands, except per share data) 1998 1999 2000
Net sales $616,695 $1,159,537 $1,702,296
Cost of sales (including inventory write-downs to market in 1998 of $6,600 and an analog
inventory cost reduction of $8,152 in 2000) 528,154 1,024,909 1,549,928
Gross profit 88,541 134,628 152,368
Operating expenses:
Selling 35,196 36,606 45,942
General and administrative 35,890 44,748 49,800
Warehousing, assembly and repair 12,584 15,037 18,102
Total operating expenses 83,670 96,391 113,844
Operating income 4,871 38,237 38,524
Other income (expense):
Interest and bank charges (4,769) (4,712) (6,310)
Equity in income of equity investments, net 1,107 4,257 2,572
Gain on sale of investments 787 3,501 2,387
Gain on hedge of available-for-sale securities — — 1,499
Gain on issuance of subsidiary shares — 3,800 —
Other, net 1,805 (2,360) 1,293
Total other income (expense), net (1,070) 4,486 1,441
Income before provision for income taxes and extraordinary item 3,801 42,723 39,965
Provision for income taxes 829 15,477 14,925
Income before extraordinary item 2,972 27,246 25,040
Extraordinary item-gain on extinguishment of debt — — 2,189
Net income $ 2,972 $ 27,246 $ 27,229
Net income per common share before extraordinary item:
Basic $ 0.16 $ 1.43 $ 1.17
Diluted $ 0.16 $ 1.39 $ 1.11
Net income per common share:
Basic $ 0.16 $ 1.43 $ 1.27
Diluted $ 0.16 $ 1.39 $ 1.21
See accompanying notes to consolidated financial statements.
AUDIOVOX CORPORATION AND SUBSIDIARIES
AUDIOVOX 21
CONSOLIDATED STATEMENTS OF INCOME
Years Ended November 30, 1998, 1999 and 2000