Audiovox 2006 Annual Report Download - page 48

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Audiovox Corporation and Subsidiaries
Consolidated Statements of Cash Flows
Year ended February 28, 2007, Three Months Ended February 28, 2006
And Years Ended November 30, 2005 and 2004
(Dollars in thousands)
Year Ended
February 28,
2007
Three Months
Ended
February 28,
2006
Years ended November 30,
2005 2004
(revised) (revised)
Cash flows from operating activities:
Net income (loss) ............................. $ 2,936 $ 183 ($ 9,591) $ 77,200
Net loss (income) from discontinued operations. . . 756 184 2,904 (77,136)
Net income (loss) from continuing operations .... 3,692 367 (6,687) 64
Adjustments to reconcile net income (loss) to net
cash provided by (used in) continuing operating
activities:
Depreciation and amortization................ 3,994 951 3,635 2,638
Bad debt expense (recovery) ................. (23) (595) 1,105 237
Equity in income of equity investees .......... (2,937) (474) (2,342) (3,980)
Other-than-temporary decline in market value
of investment ............................. — — 1,758 —
Minority interest ............................ — — — 755
Deferred income tax expense (benefit), net..... 606 2,959 (3,104) 1,669
(Gain) Loss on disposal of property, plant and
equipment ............................... 7 (155) 3 —
Tax benefit on stock options exercised ......... (896) — 1,357 227
Non-cash compensation adjustment ........... 353 (115) 408 371
Unrealized gain on trading security............ — — (4,971) —
Stock based compensation expense ............ 432 — — —
Realized loss on sale of investment............ 178 — — —
Changes in operating assets and liabilities, net of
assets and liabilities acquired:
Accounts receivable ......................... 4,066 40,560 (2,378) 21,934
Inventory .................................. 23,589 33,091 17,805 11,464
Receivables from vendors .................... (4,079) (1,752) (1,064) (2,565)
Prepaid expenses and other .................. (1,147) 945 (2,359) 4,476
Investment securities-trading ................. (1,026) (395) (1,279) 393
Accounts payable, accrued expenses, accrued
sales incentives and other current liabilities. . . 7,466 (18,314) (19,954) (12,040)
Income taxes payable........................ 9,145 (1,775) (41,245) 29,676
Change in assets and liabilities of discontinued
operations................................ — — 17,227 31,825
Net cash provided by (used in) operating
activities ............................... 43,420 55,298 (42,085) 87,144
Cash flows from investing activities:
Purchases of property, plant and equipment ...... (2,711) (479) (2,450) (4,782)
Proceeds from sale of property, plant and
equipment ................................. 50 677 18 212
Proceeds from distribution from an equity
investee.................................... 3,419 713 1,147 4,131
Repurchase of subsidiary shares ................ — — (6,893)
F-8