Audiovox 2001 Annual Report Download - page 48

Notes to Consolidated Financial Statements (Continued) 46 Audiovox Corporation and Subsidiaries
allocated to the segments. They primarily include costs associated
with accounting and certain executive officer salaries and bonuses
and certain items including investment securities, equity investments,
deferred income taxes, certain portions of excess cost over fair value
of assets acquired, jointly-used fixed assets and debt. The jointly-used
fixed assets are the Company’s management information systems,
which is jointly used by the Wireless and Electronics segments and
Corporate. A portion of the management information systems costs,
including depreciation and amortization expense, are allocated to the
segments based upon estimates made by management. Segment
identifiable assets are those which are directly used in or identified to
segment operations.
During the year ended November 30, 1999, three customers of
the Wireless segment accounted for approximately 19.6%, 14.9%
and 12.7% of the Company’s 1999 sales. During the year ended
November 30, 2000, one customer of the Wireless segment accounted
for approximately 50.5% of the Company’s 2000 sales. During the year
ended November 30, 2001, one customer of the Wireless segment
accounted for approximately 35% of the Company’s 2001 sales. No
customers in the Electronics segment exceeded 10% of consolidated
sales in fiscal 1999, 2000 or 2001.
Effective December 1, 1999, a non-Quintex retail operation, previ-
ously reported in the Wireless segment, has been included in the
Electronics segment.
Consolidated
Wireless Electronics Corporate Totals
1999
Net sales $ 918,678 $242,855 $ — $1,161,533
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 $1,426,195 $278,264 $ — $1,704,459
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 66,165 501,887
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
2001
Net sales $ 966,701 $301,045 $ — $1,267,746
Interest income 138 91 441 670
Interest expense 7,711 2,039 (4,575) 5,175
Depreciation and amortization 878 1,408 2,190 4,476
Income (loss) before provision for (recovery of) income tax
and extraordinary item (17,732) 12,556 (6,970) (12,146)
Total assets 342,290 132,720 58,358 533,368
Non-cash items:
Provision for bad debt expense 629 1,091 216 1,936
Deferred income tax benefit — — 3,364 3,364
Minority interest — — 1,851 1,851
Capital expenditures 941 840 827 2,608