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AUDIOVOX CORPORATION AND SUBSIDIARIES
AUDIOVOX 23
(In thousands) 1998 1999 2000
Cash flows from operating activities:
Net income $ 2,972 $ 27,246 $ 27,229
Adjustment to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization 2,471 3,288 4,128
Provision for bad debt expense 581 3,255 2,519
Equity in income of equity investments, net (1,107) (4,257) (2,572)
Minority interest (320) (220) 1,087
Gain on sale of investments (787) (3,501) (427)
Gain from the sale of shares of equity investment — — (2,387)
Gain on hedge of available-for-sale securities — — (1,499)
Gain on issuance of subsidiary shares — (3,800) —
Other-than-temporary decline in market value of investment security — 1,953 —
Deferred income tax benefit, net (902) (565) (6,034)
Provision for unearned compensation 53 — —
Extraordinary item ——(2,189)
(Gain) loss on disposal of property, plant and equipment, net (151) 36 (1)
Income tax benefit on exercise of stock options — (1,163) (1,270)
Changes in:
Accounts receivable (27,940) (109,889) (45,531)
Receivable from vendor 4,266 (8,371) 3,761
Inventory 31,705 (64,533) (3,945)
Accounts payable, accrued expenses and other current liabilities 9,385 56,615 18,974
Income taxes payable (4,034) 5,185 (659)
Investment securities-trading — — (2,211)
Prepaid expenses and other, net 1,186 3,105 4,399
Net cash provided by (used in) operating activities 17,378 (95,616) (6,628)
Cash flows from investing activities:
Purchases of investment securities (12,719) (14,151) —
Purchases of property, plant and equipment, net (4,932) (4,822) (12,047)
Net proceeds from sale of investment securities 5,830 11,201 13,227
Proceeds from sale of equity collar 1,499 — —
Proceeds from distribution from equity investment 1,125 1,648 1,286
Proceeds from issuance of subsidiary shares — 5,000 —
Proceeds from the sale of shares of equity investment — — 922
Net cash provided by (used in) investing activities (9,197) (1,124) 3,388
Cash flows from financing activities:
Net borrowings (repayments) of bank obligations (5,047) 93,428 (94,674)
Issuance of notes payable ——5,868
Payment of dividend to minority shareholder of subsidiary — — (859)
Net repayments under documentary acceptances (3) (1,910) (1,994)
Debt issuance costs — (1,175) —
Principal payments on capital lease obligation (26) (19) (19)
Proceeds from exercise of stock options and warrants — 3,442 837
Repurchase of Class A common stock (1,168) (882) (1,534)
Purchase of warrants (1,869) — —
Net proceeds from sale of common stock — — 96,573
Net cash provided by (used in) financing activities (8,113) 92,884 4,198
Effect of exchange rate changes on cash (115) (15) (54)
Net increase (decrease) in cash (47) (3,871) 904
Cash at beginning of period 9,445 9,398 5,527
Cash at end of period $ 9,398 $ 5,527 $ 6,431
See accompanying notes to consolidated financial statements.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Years Ended November 30, 1998, 1999 and 2000