Audiovox 2000 Annual Report Download - page 44

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42
The Board of Directors and Stockholders
Audiovox Corporation:
We have audited the accompanying consolidated balance sheets of
Audiovox Corporation and subsidiaries as of November 30, 1999 and
2000, and the related consolidated statements of income, stockholders’
equity and cash flows for each of the years in the three-year period ended
November 30, 2000. These consolidated financial statements are the
responsibility of the Company’s management. Our responsibility is to
express an opinion on these consolidated financial statements based on
our audits.
We conducted our audits in accordance with auditing standards generally
accepted in the United States of America. Those standards require that
we plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements. An audit also
includes assessing the accounting principles used and significant esti-
mates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable
basis for our opinion.
In our opinion, the consolidated financial statements referred to above
present fairly, in all material respects, the financial position of Audiovox
Corporation and subsidiaries as of November 30, 1999 and 2000, and the
results of their operations and their cash flows for each of the years in the
three-year period ended November 30, 2000, in conformity with account-
ing principles generally accepted in the United States of America.
Melville, New York
January 16, 2001
INDEPENDENT AUDITORS’ REPORT
Summary of Stock Prices and Dividend Data
The Class A Common Stock of Audiovox are traded on The Nasdaq Stock Market姞under the symbol VOXX. No dividends have been paid on the Company's
common stock. The Company is restricted by agreements with its financial institutions from the payment of common stock dividends while certain loans are
outstanding (see Liquidity and Capital Resources of Management's Discussion and Analysis). There are approximately 424 holders of record of our Class A
Common Stock and 4 holders of Class B Convertible Common Stock.
Class A Common Stock
Average Daily
Fiscal Period High Low Trading Volume
1999
First Quarter 7.38 5.50 43,260
Second Quarter 8.94 5.94 48,416
Third Quarter 16.00 8.44 151,232
Fourth Quarter 30.00 14.50 222,102
2000
First Quarter 65.50 25.00 443,904
Second Quarter 72.50 16.63 713,149
Third Quarter 30.94 13.69 740,123
Fourth Quarter 18.88 9.00 355,056
AUDIOVOX CORPORATION AND SUBSIDIARIES
MARKET FOR THE REGISTRANT’SCOMMON
EQUITY AND RELATED STOCKHOLDER MATTERS