Audiovox 2004 Annual Report Download - page 103

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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)
(15) Financial and Product Information About Foreign and Domestic Operations
Net sales and long−lived assets by location for the years ended November
30, 2002, 2003 and 2004 were as follows.
Net Sales Long−Lived Assets
−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−− −−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−
2002 2003 2004 2002 2003 2004
−−−−−−−− −−−−−−−− −−−−−−−− −−−−−−−− −−−−−−−− −−−−−−−−
United States $338,687 $468,880 $486,780 $ 40,506 $ 55,256 $ 57,503
Malaysia 11,637 7,720 3,424 1,038 1,010 925
Venezuela 9,047 2,887 4,535 852 511 358
Europe −− 26,676 54,832 −− 2,407 2,407
Other foreign countries 13,353 11,529 17,506 −− −− −−
−−−−−−−− −−−−−−−− −−−−−−−− −−−−−−−− −−−−−−−− −−−−−−−−
Total $372,724 $517,692 $567,077 $ 42,396 $ 59,184 $ 61,193
======== ======== ======== ======== ======== ========
The Company operates in the Electronics market and has one reportable
segment ("Electronics") which is broken down into two major product
categories: Mobile and Consumer Electronics . Net sales for the product
categories for each of the three years in the period ended November 30,
2004 were as follows:
2002 2003 2004
−−−−−−−− −−−−−−−− −−−−−−−−−
Mobile Electronics $285,608 $355,207 $405,645
Consumer Electronics 86,472 161,965 161,432
Other 644 520 −−
−−−−−−−− −−−−−−−− −−−−−−−−
Total net sales $372,724 $517,692 $567,077
======== ======== ========
(16) Related Party Transactions
The Company leases facilities and equipment from its principal stockholder
(Note 13 ). In addition, the Company entered into various transactions with
Toshiba Corporation (Note 3).
(17) Contingencies
The Company is currently, and has in the past been, a party to various
routine legal proceedings incident to the ordinary course of business. The
Company believes that the outcome of all such pending legal proceedings in
the aggregate is unlikely to have a material adverse effect on the business
or consolidated financial condition of the Company.
During the fourth quarter of 2004, several purported derivative and class
actions were filed in the Court of Chancery of the State of Delaware, New
Castle County. On January 10, 2005, Vice Chancellor Steven Lamb of the
Court of Chancery of the State of Delaware, New Castle County, granted an
order permitting the filing of a Consolidated Complaint by several
shareholders of Audiovox Corporation derivatively on behalf of Audiovox
Corporation against Audiovox Corporation, ACC and the directors of Audiovox
Corporation captioned "In Re Audiovox
100