Audiovox 2004 Annual Report Download - page 94
Download and view the complete annual report
Please find page 94 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.-
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)
Other is a combination of various factors, including changes in the taxable
income or loss between various tax entities with differing effective tax
rates, changes in the allocation and apportionment factors between taxable
jurisdictions with differing tax rates of each tax entity, changes in tax
rates and other legislation in the various jurisdictions, and other items.
The significant components of deferred income tax expense (recovery) for
the years ended November 30, 2003 and 2004 are as follows:
November 30,
−−−−−−−−−−−−−−−−−−−−−−−
2003 2004
−−−−−−− −−−−−−−
Deferred tax expense (recovery) (exclusive of the effect of
other components listed below) $(1,859) $ 1,663
Increase (decrease) in the balance of the valuation
allowance for deferred tax assets −− 6
−−−−−−− −−−−−−−
$(1,859) $ 1,669
======= =======
The tax effects of temporary differences that give rise to significant
portions of the deferred tax assets and deferred liabilities are presented
below:
November 30,
−−−−−−−−−−−−−−−−−−−−−−−−−
2003 2004
−−−−−−−− −−−−−−−−
Deferred tax assets:
Accounts receivable, principally due to allowance for
doubtful accounts $ 853 $ 1,398
Inventory, principally due to additional costs capitalized
for tax purposes pursuant to the Tax Reform Act of
1986 1,301 464
Inventory, principally due to valuation reserve 4,134 3,431
Accrual for future warranty costs 2,083 2,174
Property, plant, equipment and certain intangibles,
principally due to depreciation and amortization 2,220 1,992
Net operating loss carryforwards, federal, state and
foreign 662 914
Accrued liabilities not currently deductible and other 36 210
Investment securities (355) 825
Deferred compensation plans 1,183 1,903
−−−−−−−− −−−−−−−−
Total gross deferred tax assets 12,117 13,311
Less: valuation allowance (212) (218)
−−−−−−−− −−−−−−−−
Net deferred tax assets $ 11,905 $ 13,093
======== ========
The ultimate realization of deferred tax assets is dependent upon the
generation of future taxable income during the periods in which those
temporary differences become deductible.
A valuation allowance is provided when it is more likely than not that some
portion, or all, of the deferred tax assets will not be realized. Based on
the Company's ability to carry back future reversals
91