Audiovox 2006 Annual Report Download - page 45

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Audiovox Corporation and Subsidiaries
Consolidated Statements of Operations
Year Ended February 28, 2007, Three Months Ended February 28, 2006
and Years Ended November 30, 2005 and 2004
(In thousands, except share and per share data)
Year Ended
February 28,
2007
Three Months
Ended
February 28,
2006
Years ended November 30,
2005 2004
Net sales .............................. $ 456,690 $ 103,050 $ 539,716 $ 563,653
Cost of sales ........................... 377,371 87,400 478,877 473,916
Gross profit ............................ 79,319 15,650 60,839 89,737
Operating expenses:
Selling............................... 28,220 6,824 31,799 31,796
General and administrative ............ 48,920 10,517 50,540 54,576
Engineering and technical support ...... 7,256 1,468 6,190 4,721
Total operating expenses ............ 84,396 18,809 88,529 91,093
Operating loss.......................... (5,077) (3,159) (27,690) (1,356)
Other income (expense):
Interest and bank charges.............. (1,955) (560) (2,478) (3,762)
Equity in income of equity investees .... 2,937 474 2,342 3,980
Other, net (Note 1(r)) ................. 6,253 1,769 9,730 2,436
Total other income.................. 7,235 1,683 9,594 2,654
Income (loss) from continuing operations
before income taxes................... 2,158 (1,476) (18,096) 1,298
Income tax (benefit) expense............. (1,534) (1,843) (11,409) 479
Minority interest income (expense) ....... — — — (755)
Net income (loss) from continuing
operations ........................... 3,692 367 (6,687) 64
Net (loss) income from discontinued
operations, net of tax (including $2,079
loss on sale of Malaysia in fiscal 2005
and gain of $67,000 from sale of Cellular
business in fiscal 2004) ................ (756) (184) (2,904) 77,136
Net income (loss)....................... $ 2,936 $ 183 $ (9,591) $ 77,200
Income (loss) per common share (basic):
From continuing operations ............ $ 0.16 $ 0.02 $ (0.30) $ —
From discontinued operations .......... (0.03) (0.01) (0.13) 3.52
Net income (loss) per common share
(basic)............................... $ 0.13 $ 0.01 $ (0.43) $ 3.52
Income (loss) per common share (diluted):
From continuing operations ............ $ 0.16 $ 0.02 $ (0.30) $ —
From discontinued operations .......... (0.03) (0.01) (0.13) 3.45
Net income (loss) per common share
(diluted)............................. $ 0.13 $ 0.01 $ (0.43) $ 3.45
Weighted average number of common
shares outstanding (basic).............. 22,366,413 22,526,497 22,278,542 21,955,292
Weighted average number of common
shares outstanding (diluted)............ 22,557,272 22,766,593 22,278,542 22,373,134
See accompanying notes to consolidated financial statements.
F-5