Audiovox 2003 Annual Report Download - page 132

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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)
Consolidated
Wireless Electronics Corporate Totals
2002
Net sales 727,658 372,724 −− 1,100,382
Interest income 81 169 259 509
Equity in income of equity investees −− 37 1,742 1,779
Interest expense 3,984 1,605 (2,409) 3,180
Depreciation and amortization 1,114 1,571 2,095 4,780
Income (loss) before provision for (recovery of)
income taxes, minority interest, and cumulative
effect (24,906) 17,415 1,088 (6,403)
Total assets 304,337 209,231 37,667 551,235
Goodwill, net −− 2,224 4,602 6,826
Non−cash items:
Provision for bad debt expense 3,482 1,402 −− 4,884
Deferred income tax expense −− −− 9,904 9,904
Minority interest −− −− 4,616 4,616
Capital expenditures 1,093 1,321 745 3,159
2003
Net sales 806,210 517,692 −− 1,323,902
Interest income 45 254 217 516
Equity in income of equity investees −− 35 3,244 3,279
Interest expense 1,798 3,917 (2,194) 3,521
Depreciation and amortization 1,056 1,884 1,641 4,581
Income (loss) before provision for (recovery of)
income taxes and minority interest 5,617 29,540 (14,121) 21,036
Total assets 199,304 339,541 40,858 579,703
Goodwill, net −− 2,930 4,602 7,532
Non−cash items:
Provision for bad debt expense (10) 576 −− 566
Deferred income tax expense −− −− (2,468) (2,468)
Minority interest −− −− 4,993 4,993
Capital expenditures 274 1,099 4,081 5,454
In accordance with SFAS No. 142, Corporate wrote−off its unamortized
negative goodwill of $240 as of the date of adoption, which has been
reflected in the consolidated statements of operations as a cumulative
effect of a change in accounting principle for the year ended November
30, 2002. The implementation of SFAS No. 142 was immaterial to the
segments.
Goodwill was acquired in connection with the purchase of certain
assets of Code−Alarm, Inc. by Code Systems, Inc., a wholly−owned
subsidiary of Audiovox Electronics Corp. (Note 6).
(Continued)
131