Audiovox 2004 Annual Report Download - page 92

Download and view the complete annual report

Please find page 92 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 CORPORATION AND SUBSIDIARIES
Notes to Consolidated Financial Statements, Continued
November 30, 2002, 2003 and 2004
(Dollars in thousands, except share and per share data)
(f) Other Debt
This amount consists primarily of a call put option owed to certain
employees of Audiovox Germany in the amount of $388 and $829 at
November 30, 2003 and 2004, respectively. For more information, see
Note 5 of Notes to Consolidated Financial Statements.
The Company guaranteed the debt of G.L.M. (a former equity investment)
beginning in December 1996, and this guarantee was not subsequently
modified. During the year ended November 30, 2004, the Company
received a request for payment in connection with this guarantee. As a
result of the payment request, the Company paid $291 on behalf of
G.L.M. during the year ended November 30, 2004 and such guarantee is
no longer in effect.
The following is a maturity table for debt and bank obligations
outstanding at November 30, 2004:
Total
Amounts
Committed 2005 2006 2007 2008 2009
−−−−−−−−−− −−−−−−− −−−−−−− −−−−−−− −−−−−−− −−−−−−
Bank obligations $ 7,694 $ 7,694 −− −− −− −−
Debt 10,206 2,497 $ 2,502 $ 2,502 $ 2,705 −−
−−−−−−− −−−−−−− −−−−−−− −−−−−−− −−−−−−− −−−−−
Total $17,900 $10,191 $ 2,502 $ 2,502 $ 2,705 −
======= ======= ======= ======= ======= =====
(10) Income Taxes
The components of income (loss) from continuing operations before the provision
for income taxes are as follows:
November 30,
−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−
2002 2003 2004
−−−−−−−− −−−−−−−− −−−−−−−−
Domestic Operations $ 4,921 $ 15,476 $ (1,270)
Foreign Operations (1,467) (857) 2,405
−−−−−−−− −−−−−−−− −−−−−−−−
$ 3,454 $ 14,619 $ 1,135
======== ======== ========
89