Audiovox 2003 Annual Report Download - page 111

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AUDIOVOX CORPORATION AND SUBSIDIARIES
Notes to Consolidated Financial Statements, Continued
November 30, 2001, 2002 and 2003
(Dollars in thousands, except share and per share data)
During fiscal 2002 and 2003, the net unrealized holding (loss)/gain on
trading securities that has been included in earnings is $(558) and
$656, respectively.
(9) Property, Plant and Equipment
A summary of property, plant and equipment, net, is as follows:
November 30,
−−−−−−−−−−−−−−−−−−−−−
2002 2003
−−−−−−−− −−−−−−−−
Land $ 363 $ 648
Buildings 1,605 4,244
Property under capital lease 7,142 7,142
Furniture, fixtures and displays 2,404 2,228
Machinery and equipment 8,204 8,061
Construction in progress −− 196
Computer hardware and software 14,467 12,702
Automobiles 769 924
Leasehold improvements 4,305 4,614
−−−−−−−− −−−−−−−−
39,259 40,759
Less accumulated depreciation and amortization (20,878) (20,517)
−−−−−−−− −−−−−−−−
$ 18,381 $ 20,242
======== ========
The amortization of the property under capital lease is included in
depreciation and amortization expense.
Computer software includes approximately $1,450 and $794 of unamortized
costs as of November 30, 2002 and 2003, respectively, related to the
acquisition and installation of management information systems for internal
use.
Depreciation and amortization of property, plant and equipment amounted to
$4,174, $4,768 and $4,581 for the years ended November 30, 2001, 2002 and
2003, respectively. Included in accumulated depreciation and amortization
is amortization of computer software costs of $776, $850 and $500 for the
years ended November 30, 2001, 2002 and 2003, respectively. Included in
accumulated depreciation and amortization is amortization expense of
property under capital lease of $240 for each of the years ended November
30, 2001, 2002 and 2003, respectively.
(Continued)
110