Audiovox 2004 Annual Report Download - page 59

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AUDIOVOX CORPORATION AND SUBSIDIARIES
Consolidated Statements of Operations
Years Ended November 30, 2002, 2003 and 2004
(In thousands, except share and per share data)
2002 2003 2004
−−−−−−−−−−−− −−−−−−−−−−−− −−−−−−−−−−−−
Net sales $ 372,724 $ 517,692 $ 567,077
Cost of sales 312,416 431,463 476,986
−−−−−−−−−−−− −−−−−−−−−−−− −−−−−−−−−−−−
Gross profit 60,308 86,229 90,091
−−−−−−−−−−−− −−−−−−−−−−−− −−−−−−−−−−−−
Operating expenses:
Selling 18,361 25,555 32,106
General and administrative 34,550 44,133 55,389
Warehousing and technical support 1,281 2,956 4,721
−−−−−−−−−−−− −−−−−−−−−−−− −−−−−−−−−−−−
Total operating expenses 54,192 72,644 92,216
−−−−−−−−−−−− −−−−−−−−−−−− −−−−−−−−−−−−
Operating income (loss) 6,116 13,585 (2,125)
−−−−−−−−−−−− −−−−−−−−−−−− −−−−−−−−−−−−
Other income (expense):
Interest and bank charges (317) (2,850) (3,833)
Equity in income of equity investees 1,820 3,274 4,234
Other, net (4,165) 610 2,859
−−−−−−−−−−−− −−−−−−−−−−−− −−−−−−−−−−−−
Total other income (expense), net (2,662) 1,034 3,260
−−−−−−−−−−−− −−−−−−−−−−−− −−−−−−−−−−−−
Income from continuing operations before income taxes 3,454 14,619 1,135
Income taxes 2,872 7,303 478
Minority interest income (expense) 314 676 (648)
−−−−−−−−−−−− −−−−−−−−−−−− −−−−−−−−−−−−
Net income from continuing operations 896 7,992 9
Net income (loss) from discontinued operations, net of tax (including gain
of $67,000 on sale of Cellular business in fiscal 2004) (15,176) 3,247 77,191
−−−−−−−−−−−− −−−−−−−−−−−− −−−−−−−−−−−−
Net income (loss) before cumulative effect of a change in accounting for
negative goodwill (14,280) 11,239 77,200
Cumulative effect of a change in accounting for negative goodwill 240 −− −−
−−−−−−−−−−−− −−−−−−−−−−−− −−−−−−−−−−−−
Net income (loss) $ (14,040) $ 11,239 $ 77,200
============ ============ ============
Income (loss) per common share (basic):
From continuing operations $ 0.04 $ 0.36 $ −−
From discontinued operations (0.69) 0.15 3.52
−−−−−−−−−−−− −−−−−−−−−−−− −−−−−−−−−−−−
Before cumulative effect of a change in accounting for negative
goodwill (0.65) 0.51 3.52
Cumulative effect of a change in accounting for negative goodwill 0.01 −− −−
−−−−−−−−−−−− −−−−−−−−−−−− −−−−−−−−−−−−
Net income (loss) per common share (basic) $ (0.64) $ 0.51 $ 3.52
============ ============ ============
Income (loss) per common share (diluted):
From continuing operations $ 0.04 $ 0.36 $ −−
From discontinued operations (0.69) 0.15 3.45
−−−−−−−−−−−− −−−−−−−−−−−− −−−−−−−−−−−−
Before cumulative effect of a change in accounting for negative
goodwill (0.65) 0.51 3.45
Cumulative effect of a change in accounting for negative goodwill 0.01 −− −−
−−−−−−−−−−−− −−−−−−−−−−−− −−−−−−−−−−−−
Net income (loss) per common share (diluted) $ (0.64) $ 0.51 $ 3.45
============ ============ ============
Weighted average number of common shares outstanding (basic) 21,850,035 21,854,610 21,955,292
============ ============ ============
Weighted average number of common shares outstanding (diluted) 21,892,651 22,054,320 22,373,134
============ ============ ============
See accompanying notes to consolidated financial statements.
56