Audiovox 2000 Annual Report Download - page 42

Effective December 1, 1999, a non-Quintex retail operation, previously
reported in the Wireless segment, has been included in the Electronics
segment.
Consolidated
Wireless Electronics Corporate Totals
1998
Net sales $ 431,740 $184,955 $ — $ 616,695
Intersegment sales
(purchases), net (1,125) 1,125 — —
Interest income 215 165 517 897
Interest expense 5,466 4,138 (5,173) 4,431
Depreciation and amortization 615 832 1,024 2,471
Income (loss) before provision
for income tax (1,851) 6,002 (350) 3,801
Total assets 138,136 79,597 61,946 279,679
Non-cash items:
Provision for bad debt
expense 288 561 (268) 581
Deferred income tax benefit — — 902 902
Minority interest — — (320) (320)
Capital expenditures 1,003 475 3,454 4,932
1999
Net sales $ 917,085 $242,452 $ — $1,159,537
Intersegment sales
(purchases), net (1,149) 1,149 — —
Interest income 64 80 794 938
Interest expense 6,034 3,332 (5,307) 4,059
Depreciation and amortization 712 1,023 1,553 3,288
Income (loss) before provision
for income tax 31,255 11,358 110 42,723
Total assets 267,435 125,117 82,794 475,346
Non-cash items:
Provision for bad debt
expense 1,892 727 636 3,255
Deferred income tax benefit — — 565 565
Minority interest — — 3,327 3,327
Capital expenditures 1,747 1,211 1,864 4,822
2000
Net sales $1,424,480 $277,816 $ — $1,702,296
Intersegment sales
(purchases), net 302 (302) — —
Interest income 198 104 1,314 1,616
Interest expense 7,752 2,551 (4,729) 5,574
Depreciation and
amortization 789 1,285 2,054 4,128
Income (loss) before
provision for income tax
and extraordinary item 30,997 14,769 (5,801) 39,965
Extraordinary item — — 2,189 2,189
Total assets 301,671 134,051 67,137 502,859
Non-cash items:
Provision for bad debt
expense 1,946 758 (185) 2,519
Deferred income tax
benefit — — 6,034 6,034
Minority interest — — 3,555 3,555
Capital expenditures 1,241 1,091 9,715 12,047
Net sales and long-lived assets by location for the years ended Novem-
ber 30, 1998, 1999 and 2000 were as follows.
Net Sales Long-Lived Assets
1998 1999 2000 1998 1999 2000
United States $531,307 $1,059,536 $1,456,082 $50,469 $68,126 $50,828
Canada 15,789 23,146 68,004 ———
Argentina 27,354 22,831 17,888 ———
Peru 10,514 9,913 ————
Portugal 2,024 — 7,679 ———
Malaysia 7,592 7,780 15,294 1,348 1,275 849
Venezuela 14,358 22,853 15,264 1,366 1,387 644
Mexico, Central
America and
Caribbean 7,289 10,568 100,599 ———
Chile — — 15,794 ———
Other foreign
countries 468 2,910 5,692 ———
Total $616,695 $1,159,537 $1,702,296 $53,183 $70,788 $52,321
(23) Related Party Transactions
During 1998, the Company entered into a 30-year lease for a building with
its principle stockholder and chief executive officer (Note 20). Also during
1998, the Company entered into a sale/leaseback transaction for certain
equipment with its principle stockholder and chief executive office (Note 20).
During 2000, the Company advanced $620 to an officer/director of the
Company which has been included in prepaid expenses and other current
assets on the accompanying consolidated balance sheet. On December 1,
2000, the Company obtained a note in the amount of $620 for the
advance. The note, which bears interest at the LIBOR rate, to be adjusted
quarterly, plus 1.25% per annum, is due, principle and interest, on
November 30, 2001.
The Company also leases certain facilities and equipment from its princi-
ple stockholder and several officers (Note 20).
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(continued)