Audiovox 2003 Annual Report Download - page 75

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AUDIOVOX CORPORATION AND SUBSIDIARIES
Consolidated Statements of Operations
Years Ended November 30, 2001, 2002 and 2003
(In thousands, except share and per share data)
2001 2002 2003
−−−−−−−−−−−− −−−−−−−−−−−− −−−−−−−−−−−−
Note 2
Net sales $ 1,276,591 $ 1,100,382 $ 1,323,902
Cost of sales 1,205,201 1,025,783 1,199,696
−−−−−−−−−−−− −−−−−−−−−−−− −−−−−−−−−−−−
Gross profit 71,390 74,599 124,206
−−−−−−−−−−−− −−−−−−−−−−−− −−−−−−−−−−−−
Operating expenses:
Selling 30,039 29,509 36,514
General and administrative 46,505 55,292 60,106
Warehousing and technical support 4,082 3,874 5,783
−−−−−−−−−−−− −−−−−−−−−−−− −−−−−−−−−−−−
Total operating expenses 80,626 88,675 102,403
−−−−−−−−−−−− −−−−−−−−−−−− −−−−−−−−−−−−
Operating income (loss) (9,236) (14,076) 21,803
−−−−−−−−−−−− −−−−−−−−−−−− −−−−−−−−−−−−
Other income (expense):
Interest and bank charges (5,922) (4,219) (4,602)
Equity in income of equity investees 3,586 1,779 3,279
Gain on issuance of subsidiary shares −− 14,269 −−
Other, net 90 (4,156) 556
−−−−−−−−−−−− −−−−−−−−−−−− −−−−−−−−−−−−
Total other income (expense), net (2,246) 7,673 (767)
−−−−−−−−−−−− −−−−−−−−−−−− −−−−−−−−−−−−
Income (loss) before provision for (recovery of) income taxes, minority
interest and cumulative effect of a change in accounting for negative
goodwill (11,482) (6,403) 21,036
Provision for (recovery of) income taxes (3,627) 12,932 9,407
Minority interest income (expense) 657 5,055 (390)
−−−−−−−−−−−− −−−−−−−−−−−− −−−−−−−−−−−−
Income (loss) before cumulative effect of a change in accounting for
negative goodwill (7,198) (14,280) 11,239
Cumulative effect of a change in accounting for negative goodwill −− 240 −−
−−−−−−−−−−−− −−−−−−−−−−−− −−−−−−−−−−−−
Net income (loss) $ (7,198) $ (14,040) $ 11,239
============ ============ ============
Net income (loss) per common share (basic) before cumulative effect of a change
in accounting for negative goodwill
$ (0.33) $ (0.65) $ 0.51
Cumulative effect of a change in accounting for negative goodwill −− 0.01 −−
−−−−−−−−−−−− −−−−−−−−−−−− −−−−−−−−−−−−
Net income (loss) per common share (basic) $ (0.33) $ (0.64) $ 0.51
============ ============ ============
Net income (loss) per common share (diluted) before cumulative effect of a
change in accounting for negative goodwill
$ (0.33) $ (0.65) $ 0.51
Cumulative effect of a change in accounting for negative goodwill −− 0.01 −−
−−−−−−−−−−−− −−−−−−−−−−−− −−−−−−−−−−−−
Net income (loss) per common share (diluted) $ (0.33) $ (0.64) $ 0.51
============ ============ ============
Weighted average number of common shares outstanding (basic) 21,877,100 21,850,035 21,854,610
============ ============ ============
Weighted average number of common shares outstanding (diluted) 21,877,100 21,850,035 22,054,320
============ ============ ============
See accompanying notes to consolidated financial statements.
74