Audiovox 2004 Annual Report Download - page 100

Download and view the complete annual report

Please find page 100 of the 2004 Audiovox annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 144

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144

AUDIOVOX CORPORATION AND SUBSIDIARIES
Notes to Consolidated Financial Statements, Continued
November 30, 2002, 2003 and 2004
(Dollars in thousands, except share and per share data)
for monthly payments of $46 through October 31, 2009.
During 1998, the discontinued Cellular operations entered into a
sale/leaseback transaction with the Company's principal stockholder and
chief executive officer for $2,100 of equipment, which was classified as an
operating lease. The lease required monthly payments of $34 and was
terminated on November 1, 2004.
At November 30, 2004, the Company was obligated under non−cancelable
capital and operating leases for equipment and warehouse facilities for
minimum annual rental payments as follows:
Capital Operating
Lease Leases
2005 $ 552 $ 2,997
2006 560 2,575
2007 577 2,356
2008 580 1,086
2009 577 47
Thereafter 10,253 −−
−−−−−−− −−−−−−−
Total minimum lease payments 13,099 $ 9,061
=======
Less: minimum sublease income 2,714
−−−−−−−
Net 10,385
Less: amount representing interest 4,315
−−−−−−−
Present value of net minimum lease payments 6,070
Less: current installments included in accrued
expenses and other current liabilities 69
−−−−−−−
Long−term obligation $ 6,001
=======
Rental expense for the above−mentioned operating lease agreements and other
leases on a month−to− month basis approximated $1,919, $2,440 and $2,475
for the years ended November 30, 2002, 2003 and 2004, respectively.
The Company leases certain facilities and equipment from its principal
stockholder and several officers. At November 30, 2004, minimum annual
rental payments on these related party leases, in addition to the capital
lease payments, which are included in the above table, are as follows:
2005 $ 562
2006 579
2007 596
2008 614
Thereafter −
−−−−−−−−
$2,351
======
97