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AUDIOVOX CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
YEARS ENDED NOVEMBER 30, 2003, 2004 AND 2005
(IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA)
2003 2004 2005
−−−−−−−−−−−−−−− −−−−−−−−−−−−−−−− −−−−−−−−−−−−−−−
Cash flows from operating activities:
Net income (loss) $ 11,239 $ 77,200 $(9,591)
Net (income) loss from discontinued operations (3,212) (77,136) 2,904
−−−− −−−−−−− −−−− −−−−−−−− −−−−− −−−−−
Net income (loss) from continuing operations 8,027 64 (6,687)
Adjustments to reconcile net income (loss) to net cash provided by (used in)
continuing operating activities:
Depreciation and amortization 3,432 2,638 3,635
Provision for bad debt expense 558 237 1,105
Equity in income of equity investees (3,269) (3,980) (2,342)
Other−than−temporary decline in market value of
investment 21 − 1,758
Minority interest (657) 755 −
Deferred income tax expense (benefit), net (1,859) 1,669 (3,104)
Loss on disposal of property, plant and equipment 255 − 3
Tax benefit on stock options exercised 216 227 1,357
Non−cash stock compensation 685 371 408
Unrealized gain on trading security − − (4,971)
Changes in operating assets and liabilities, net of assets and liabilities
acquired:
Accounts receivable (48,518) 21,934 (2,378)
Inventory (23,517) 11,464 17,805
Receivables from vendors (3,859) (2,565) (1,064)
Prepaid expenses and other (1,293) 4,476 (2,359)
Investment securities−trading (1,312) 393 (1,279)
Accounts payable, accrued expenses and other current
liabilities and accrued sales incentives 28,341 (12,040) (19,954)
Income taxes payable 6,666 29,676 (41,245)
Change in assets and liabilities of discontinued operations 64,223 30,875 17,167
−−−−− −−−−−−− −−−−−−− −−−−−−− −−−−− −−−−−−
Net cash provided by (used in) operating activities 28,140 86,194 (42,145)
−−−−− −−−−−−− −−−−−−− −−−−−− −− −−−−−−−
Cash flows from investing activities:
Purchases of property, plant and equipment (5,194) (4,782) (2,450)
Proceeds from sale of property, plant and equipment 265 212 18
Proceeds from distribution from an equity investee 1,316 4,131 1,147
Repurchase of subsidiary shares − (6,893) −
Proceeds from sale of assets to equity investee 3,600 − −
Net proceeds from sale of Cellular business − 127,317 16,736
Escrow payment for minority interest − − (1,702)
Purchase of short−term investments − (124,237) (143,075)
Sale of short−term investments − − 158,450
Purchase of patent − − (150)
(Purchase) proceeds of acquired business (40,046) 513 (15,345)
−−− −−−−−−−− −−−−−−−−−−−−−−− −− −−−−−−−−
Net cash provided by (used in) investing activities (40,059) (3,739) 13,629
−−− −−−−−−−− −−−−−− −−−−−−− −−−−− −−−−−−
Cash flows from financing activities:
Borrowings from bank obligations 277,983 1,229,068 1,100
F−7