Audiovox 2006 Annual Report Download - page 44

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Audiovox Corporation and Subsidiaries
Consolidated Balance Sheets, continued
February 28, 2007 and 2006
(In thousands, except share data)
2007 2006
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable.................................................. $ 34,344 $ 13,776
Accrued expenses and other current liabilities......................... 26,564 17,907
Accrued sales incentives............................................ 7,410 8,512
Bank obligations .................................................. 2,890 5,329
Current portion of long-term debt ................................... 1,524 1,371
Total current liabilities ........................................... 72,732 46,895
Long-term debt ..................................................... 5,430 5,924
Capital lease obligation .............................................. 5,676 5,892
Deferred compensation .............................................. 7,573 6,569
Total liabilities .................................................. 91,411 65,280
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $50 par value; 50,000 shares authorized, issued and
outstanding, at February 28, 2006 with liquidation preference of
$2,500. No shares issued or outstanding at February 28, 2007. ......... — 2,500
Series preferred stock $.01 par value, 1,500,000 shares authorized; no
shares issued or outstanding ...................................... — —
Common stock:
Class A $.01 par value; 60,000,000 shares authorized; 22,005,346 and
21,520,346 shares issued and 20,312,299 and 20,131,794 shares
outstanding at February 28, 2007 and 2006, respectively ............ 220 215
Class B convertible $.01 par value; 10,000,000 shares authorized;
2,260,954 shares issued and outstanding .......................... 22 22
Paid-in capital..................................................... 271,056 263,008
Retained earnings ................................................. 151,363 148,427
Accumulated other comprehensive loss............................... (1,320) (608)
Treasury stock, at cost, 1,693,047 and 1,388,552 shares of Class A
common stock at February 28, 2007 and 2006, respectively............ (16,979) (12,832)
Total stockholders’ equity .......................................... 404,362 400,732
Total liabilities and stockholders’ equity ................................ $495,773 $466,012
See accompanying notes to consolidated financial statements.
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