Audiovox 2001 Annual Report Download - page 50

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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, 2000 and
2001, and the related consolidated statements of operations, stock-
holders’ equity and comprehensive income (loss), and cash flows for
each of the years in the three-year period ended November 30, 2001.
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 assur-
ance about whether the financial statements are free of material mis-
statement. 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 estimates 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, 2000 and 2001, and
the results of their operations and their cash flows for each of the
years in the three-year period ended November 30, 2001, in conform-
ity with accounting principles generally accepted in the United States
of America.
Melville, New York
March 15, 2002
Independent Auditors’ Report
Market for the Registrant’s Common Equity
and Related Stockholder Matters
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 522 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
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
2001
First Quarter $14.13 $ 7.38 373,083
Second Quarter 12.13 7.28 162,019
Third Quarter 12.10 8.37 82,509
Fourth Quarter 9.39 5.90 105,022
48 Audiovox Corporation and Subsidiaries