Audiovox 2001 Annual Report Download - page 18

Results of Operations
The following table sets forth for the periods indicated certain state-
ments of operations data for the Company expressed as a percentage
of net sales:
Percentage of Net Sales
Years Ended November 30,
1999 2000 2001
Net sales:
Wireless
Wireless products 76.2% 81.7% 73.9%
Activation commissions 2.1 1.7 2.1
Residual fees 0.3 0.1 0.2
Other 0.5 0.2 0.1
Total Wireless 79.1 83.7 76.3
Electronics
Mobile electronics 10.1 7.9 12.6
Sound 7.1 4.6 4.6
Consumer electronics 3.3 3.6 6.4
Other 0.3 0.2 0.1
Total Electronics 20.9 16.3 23.7
Total net sales 100.0 100.0 100.0
Cost of sales (88.4) (91.0) 92.1
Percentage of Net Sales
Years Ended November 30,
1999 2000 2001
Cost of sales (88.4)% (91.0)% 92.1%
Gross profit 11.6 9.0 7.9
Selling (3.2) (2.7) (3.2)
General and administrative (3.8) (2.9) (3.7)
Warehousing, assembly and repair (1.3) (1.1) (1.9)
Total operating expenses (8.3) (6.7) (8.8)
Operating income (loss) 3.3 2.3 0.9
Interest and bank charges (0.4) (0.4) (0.5)
Equity in income in equity investments 0.3 0.2 0.3
Gain on sale of investments 0.3 0.1 —
Gain on hedge of available-for-sale securities — 0.1 —
Gain on issuance of subsidiary shares 0.3 — —
Other, net (0.2) 0.1 0.1
Income (loss) before provision for (recovery of)
income taxes 3.6 2.4 (1.0)
(Provision for) recovery of income taxes (1.3) (0.9) (0.4)
Extraordinary item — 0.1 —
Net income (loss) 2.3% 1.6% (0.6)%
Management’s Discussion and Analysis of Financial
Condition and Results of Operations (Continued)
16 Audiovox Corporation and Subsidiaries
The net sales and percentage of net sales by product line and marketing group for the fiscal years ended November 30, 1999, 2000 and 2001 are
reflected in the following table. Certain reclassifications and recaptionings have been made to the data for periods prior to fiscal 2001 in order to con-
form to fiscal 2001 presentation. Fiscal Year Ended November 30,
1999 2000 2001
Net sales:
Wireless
Products $ 885,130 76.2% $1,391,741 81.7% $ 936,734 73.9%
Activation commissions 24,412 2.1 28,983 1.7 26,879 2.1
Residual fees 2,939 0.3 1,852 0.1 2,396 0.2
Other 6,197 0.5 3,619 0.2 692 0.1
Total Wireless 918,678 79.1 1,426,195 83.7 966,701 76.3
Electronics
Mobile electronics 117,946 10.1 135,557 7.9 159,619 12.6
Sound 82,800 7.1 77,790 4.6 58,104 4.6
Consumer electronics 38,150 3.3 60,968 3.6 81,161 6.4
Other 3,959 0.3 3,949 0.2 2,161 0.1
Total Electronics 242,855 20.9 278,264 16.3 301,045 23.7
Total $1,161,533 100.0% $1,704,459 100.0% $1,267,746 100.0%