Audiovox 2004 Annual Report Download - page 58
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AUDIOVOX CORPORATION AND SUBSIDIARIES
Consolidated Balance Sheets, Continued
November 30, 2003 and 2004
(In thousands, except share data)
2003 2004
−−−−−−−−− −−−−−−−−−
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable $ 35,125 $ 26,176
Accrued expenses and other current liabilities 27,445 33,403
Accrued sales incentives 14,605 7,584
Income taxes payable 11,368 42,773
Bank obligations 39,940 7,694
Current portion of long−term debt 3,433 2,497
Current liabilities of discontinued operations 84,249 −−
−−−−−−−−− −−−−−−−−−
Total current liabilities 216,165 120,127
Long−term debt 10,139 7,709
Capital lease obligation 6,070 6,001
Deferred compensation 5,280 4,888
Non−current liabilities of discontinued operations 14,985 −−
−−−−−−−−− −−−−−−−−−
Total liabilities 252,639 138,725
−−−−−−−−− −−−−−−−−−
Minority interest 4,993 426
−−−−−−−−− −−−−−−−−−
Commitments and contingencies
Stockholders' equity:
Preferred stock, $50 par value; 50,000 shares authorized and outstanding, liquidation
preference of $2,500 2,500 2,500
Series preferred stock $.01 par value, 1,500,000 shares authorized; no shares issued or
outstanding −− −−
Common stock:
Class A $.01 par value; 60,000,000 shares authorized; 20,728,382 and 20,859,846
shares issued at November 30, 2003 and 2004, respectively 207 209
Class B $.01 par value; convertible 10,000,000 shares authorized; 2,260,954 shares
issued and outstanding 22 22
Paid−in capital 252,104 253,959
Retained earnings 80,635 157,835
Accumulated other comprehensive loss (1,229) (1,841)
Treasury stock, at cost, 1,072,737 and 1,070,957 shares of Class A common stock at
November 30, 2003 and 2004, respectively (8,511) (8,497)
−−−−−−−−− −−−−−−−−−
Total stockholders' equity 325,728 404,187
−−−−−−−−− −−−−−−−−−
Total liabilities and stockholders' equity $ 583,360 $ 543,338
========= =========
See accompanying notes to consolidated financial statements.
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