Audiovox 2004 Annual Report Download - page 132

Download and view the complete annual report

Please find page 132 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 Specialized Applications, LLC and Subsidiary
Consolidated Statements of Income
Years Ended November 30, 2004, 2003 and 2002
2004 2003 2002
−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−
Net sales $ 56,988,388 $ 47,818,026 $ 47,307,819
Cost of goods sold 42,448,470 36,632,732 38,648,272
−−−−−−−−−−−− −−−−−−−−−−−− −−−−−−−−−−−−
8,659,547
Gross profit 14,539,918 11,185,294
Selling, general and
administrative expenses 7,283,290 5,431,752 5,303,729
−−−−−−−−−−−− −−−−−−−−−−−− −−−−−−−−−−−−
Operating income 7,256,628 5,753,542 3,355,818
−−−−−−−−−−−− −−−−−−−−−−−− −−−−−−−−−−−−
Non operating income (expense):
Investment income 48,612 142,588 130,370
Interest expense (1,275) (752) (288)
−−−−−−−−−−−− −−−−−−−−−−−− −−−−−−−−−−−−
47,337 141,836 130,082
−−−−−−−−−−−− −−−−−−−−−−−− −−−−−−−−−−−−
Net income $ 7,303,965 $ 5,895,378 $ 3,485,900
============ ============ ============
See Notes to Financial Statements.
Exhibit 99.1
3