Audiovox 2004 Annual Report Download - page 97

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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)
(b) Stock Warrants
During fiscal 2003, the Company issued non−transferable warrants for
the purchase of 120,000 shares to outside legal counsel. The warrants
vested immediately upon issuance, and the exercise price of the
warrants was equal to the market price on the date of issuance. In
accordance with APB No. 25 and SFAS 123, the Company recorded an
expense equal to the fair value of the warrants, as these warrants
were issued to non−employees for services performed. Accordingly, the
Company recorded $297 of expense during fiscal 2003 for the
aforementioned warrants which is reflected in general and
administrative expenses in the accompanying consolidated statements of
operations for the fiscal year ended November 30, 2003.
No stock options or warrants were granted in fiscal 2002 or fiscal
2004.
Information regarding the Company's stock options and warrants is
summarized below:
Weighted
Average
Number Exercise
of Shares Price
−−−−−−−−−−−−−− −−−−−−−−−−
Outstanding at November 30, 2001 2,739,900 $11.62
Granted − −
Exercised (16,336) 7.69
Canceled/Lapsed (12,500) 13.75
−−−−−−−−−−−
Outstanding at November 30, 2002 2,711,064 11.64
Granted 120,000 11.02
Exercised (96,200) 6.90
Canceled/Lapsed (15,000) 15.00
−−−−−−−−−−−
Outstanding at November 30, 2003 2,719,864 11.76
Granted − −
Exercised (131,464) 11.60
Canceled/Lapsed (40,700) 13.49
−−−−−−−−−−− −−−−−−−
Outstanding at November 30, 2004 2,547,700 $11.74
========== ======
Options and warrants exercisable at
November 30, 2004 2,547,700 $11.74
========== ======
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