Audiovox 2004 Annual Report Download - page 106

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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)
Quarter Ended
−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−
Feb. 28 May 31 Aug. 31 Nov. 30
−−−−−−−−− −−−−−−−−− −−−−−−−−− −−−−−−−−−
Income (loss) per common share (basic):
From continuing operations $ (0.04) $ 0.05 $ 0.11 $ 0.26
From discontinued operations 0.10 0.05 (0.08) 0.07
−−−−−−−−−−− −−−−−−−−−−−− −−−−−−−−−−−− −−−−−−−−−−−
Net income per common share (basic) $ 0.06 $ 0.10 $ 0.03 $ 0.33
============ ============ ============ ===========
Income (loss) per common share (diluted):
From continuing operations $ (0.04) $ 0.04 $ 0.10 $ 0.26
From discontinued operations 0.09 0.05 (0.07) 0.07
−−−−−−−−−−− −−−−−−−−−−−− −−−−−−−−−−−− −−−−−−−−−−−
Net income per common share (diluted) $ 0.05 $ 0.09 $ 0.03 $ 0.33
============ ============ ============ ===========
2004 (a)
Net sales $ 136,549 $ 148,019 $ 132,965 $ 149,544
Gross profit 21,325 21,584 23,218 23,964
Income (loss) from continuing operations 696 1,581 37 (2,305)
Income (loss) from discontinued operations 1,174 2,096 5,307 68,614
−−−−−−−−− −−−−−−−−− −−−−−−−−− −−−−−−−−−
Net income $ 1,870 $ 3,677 $ 5,344 $ 66,309
========= ========= ========= =========
Income (loss) per common share (basic):
From continuing operations $ 0.04 $ 0.07 $ 0.00 $ (0.10)
From discontinued operations 0.05 0.10 0.24 3.12
−−−−−−−−−−− −−−−−−−−−−−− −−−−−−−−−−−− −−−−−−−−−−−
Net income per common share (basic) $ 0.09 $ 0.17 $ 0.24 $ 3.02
============ ============ ============ ===========
Income (loss) per common share (diluted):
From continuing operations $ 0.03 $ 0.07 $ 0.00 $ (0.10)
From discontinued operations 0.05 0.09 0.24 3.12
−−−−−−−−−−− −−−−−−−−−−−− −−−−−−−−−−−− −−−−−−−−−−−
Net income per common share (diluted) $ 0.08 $ 0.16 $ 0.24 $ 3.02
============ ============ ============ ===========
(a) Amounts differ from previously filed quarterly reports. During the
quarter ended August 31, 2004, the Company began to reflect the
operations of its Cellular business in discontinued operations. See
additional detail in Note 2.
(19) Subsequent Events
On December 13, 2004, one of the Company's equity investment's, Bliss−tel
Public Company Limited ("Bliss−tel"), issued 230,000,000 shares on the SET
(Security Exchange of Thailand) for an offering price of 6.20 baht per
share. Prior to the issuance of these shares, the Company was a 20%
shareholder in Bliss−tel and subsequent to the offering the Company owns
30,000,000 shares (or approximately 13%) of Bliss−tel's outstanding stock.
As such, beginning in the quarter ended February 28, 2005, the Company will
account for the Bliss−tel investment in accordance with SFAS No. 115
"Accounting for Certain Investments in Debt and Equity Securities".
On January 4, 2005, the Company's wholly−owned subsidiary, Audiovox
Electronics Corporation, signed an asset purchase agreement to purchase
certain assets of Terk Technologies Corp. for a
103