Audiovox 2001 Annual Report Download - page 29

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Consolidated Statements of Operations
Years Ended November 30, 1999, 2000 and 2001
27 Audiovox Corporation and Subsidiaries
(In thousands, except per share data) 1999 2000 2001
Net sales $1,161,533 $1,704,459 $1,267,746
Cost of sales 1,026,905 1,552,091 1,167,208
Gross profit 134,628 152,368 100,538
Operating expenses:
Selling 36,606 45,942 41,151
General and administrative 44,748 47,020 46,405
Warehousing, assembly and repair 15,037 20,882 23,519
Total operating expenses 96,391 113,844 111,075
Operating income (loss) 38,237 38,524 (10,537)
Other income (expense):
Interest and bank charges (4,712) (6,310) (5,922)
Equity in income of equity investees 4,257 2,572 3,586
Gain on sale of investments 3,501 2,387 —
Gain on hedge of available-for-sale securities — 1,499 —
Gain on issuance of subsidiary shares 3,800 — —
Other, net (2,360) 1,293 727
Total other income (expense), net 4,486 1,441 (1,609)
Income (loss) before provision for (recovery of) income taxes and extraordinary item 42,723 39,965 (12,146)
Provision for (recovery of) income taxes 15,477 14,925 (3,937)
Income (loss) before extraordinary item 27,246 25,040 (8,209)
Extraordinary item—gain on extinguishment of debt — 2,189 —
Net income (loss) $ 27,246 $ 27,229 $ (8,209)
Net income (loss) per common share before extraordinary item:
Basic $ 1.43 $ 1.17 $ (0.38)
Diluted $ 1.39 $ 1.11 $ (0.38)
Net income (loss) per common share:
Basic $ 1.43 $ 1.27 $ (0.38)
Diluted $ 1.39 $ 1.21 $ (0.38)
See accompanying notes to consolidated financial statements.