Audiovox 2004 Annual Report Download - page 131

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Audiovox Specialized Applications, LLC and Subsidiary
Consolidated Balance Sheets
November 30, 2004 and 2004
2004 2003
−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−
ASSETS
Current Assets
Cash and cash equivalents $ 1,679,380 $ 2,815,599
Available−for−sale securities 5,435,000 2,013,779
Trade receivables 4,806,642 5,391,051
Note receivable −− 1,000,000
Inventories 9,947,792 11,199,956
Prepaid expenses 139,532 97,952
−−−−−−−−−−− −−−−−−−−−−−
Total current assets 22,008,346 22,518,337
Leasehold Improvements and Equipment, at depreciated cost 1,777,430 1,499,544
Intangible Assets, trademark rights 2,647,623 3,003,883
Goodwill −− 300,000
−−−−−−−−−−− −−−−−−−−−−−
$26,433,399 $27,321,764
=========== ===========
LIABILITIES AND MEMBERS' EQUITY
Current Liabilities
Accounts payable $ 1,576,263 $ 1,855,325
Accrued expenses:
Payroll and related taxes 867,273 587,976
Warranty 2,182,000 2,016,000
Other 84,452 180,869
−−−−−−−−−−− −−−−−−−−−−−
Total current liabilities 4,709,988 4,640,170
Commitments and Contingencies
Members' equity 21,723,411 22,681,594
−−−−−−−−−−− −−−−−−−−−−−
$26,433,399 $27,321,764
=========== ===========
See Notes to Financial Statements.
Exhibit 99.1
2