Audiovox 2003 Annual Report Download - page 117

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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)
the Company pays 0.4% of its gross sales as a fee for this arrangement. The
amount outstanding under this agreement was $5,510 at November 30, 2003,
and has been included in bank obligations in the accompanying consolidated
balance sheet.
(13) Long−Term Debt to Toshiba
As discussed in Note 3, on May 29, 2002, Toshiba purchased an additional
20% of ACC. In connection with the transaction, an $8,107 convertible
subordinated note (the Note) was issued to Toshiba. The Note bears interest
at a per annum rate equal to 1 3/4% and interest is payable annually on May
31st of each year, commencing May 31, 2003. The unpaid principal amount
shall be due and payable, together with all unpaid interest, on May 31,
2007 and automatically renews for an additional five years. In accordance
with the provisions of the Note, Toshiba may convert the balance of the
Note into additional shares of ACC in order to maintain a maximum 25%
interest in ACC. The total amount outstanding under the Note at November
30, 2003 was $8,107 and has been included as long−term debt in the
accompanying consolidated balance sheet.
The following is a maturity table for debt and bank obligations outstanding
at November 30, 2003:
Total
Amounts
Committed 2004 2005 2006 2007 2008
−−−−−−− −−−−−−− −−−−−−− −−−−−−− −−−−−−− −−−−−−−
Lines of credit $39,940 $39,940 $ −− $ −− $ −− $ −−
Debt 21,722 3,433 2,662 2,596 10,697 2,334
−−−−−−− −−−−−−− −−−−−−− −−−−−−− −−−−−−− −−−−−−−
Total $61,662 $43,373 $ 2,662 $ 2,596 $10,697 $ 2,334
======= ======= ======= ======= ======= =======
(Continued)
116