Audiovox 2008 Annual Report Download - page 22

Item 6-Selected Consolidated Financial Data
The following selected consolidated financial data for the last five years should be read in conjunction with the consolidated financial
statements and related notes and "Management's Discussion and Analysis of Financial Condition and Results of Operations" of this
Form 10-K.
Three
Year Year Months
Ended Ended Ended
February 29, February 28, February 28, Years ended November 30,
2008 (5) 2007 2006 2005 (4) 2004 2003 (2)
Consolidated Statement of
Operations Data
Net sales (1) $ 591,355 $ 456,690 $ 103,050 $ 539,716 $ 563,653 $ 510,899
Operating income (loss) (1) 4,422 (5,077) (3,159) (27,690) (1,356) 14,008
Net income (loss) from
continuing operations (1) 6,746 3,692 367 (6,687) 64 8,027
Net income (loss) from
discontinued operations (3) 1,719 (756) (184) (2,904) 77,136 3,212
Net income (loss) $ 8,465 $ 2,936 $ 183 $ (9,591) $ 77,200 $ 11,239
Net income (loss) per common
share from continuing
operations:
Basic $ 0.29 $ 0.16 $ 0.02 $ (0.30) $ 0.00 $ 0.36
Diluted $ 0.29 $ 0.16 $ 0.02 $ (0.30) $ 0.00 $ 0.36
Net income (loss) per common
share:
Basic $ 0.37 $ 0.13 $ 0.01 $ (0.43) $ 3.52 $ 0.51
Diluted $ 0.37 $ 0.13 $ 0.01 $ (0.43) $ 3.45 $ 0.51
As of
February 29, As of February 28, As of November 30,
2008 2007 2006 2005 2004 2003
Consolidated Balance Sheet
Data
(as
adjusted)
Total assets $ 533,036 $ 499,120 $ 466,012 $ 485,864 $ 543,338 $ 583,360
Working capital 275,787 305,960 340,564 340,488 362,018 304,354
Long-term obligations 27,260 22,026 18,385 18,425 18,598 29,639
Stockholders' equity 423,513 404,362 400,732 401,157 404,187 325,728
(1) Amounts exclude the financial results of discontinued operations (see Note 2 of the Notes to Consolidated Financial Statements).
(2) 2003 amounts reflect the acquisition of Recoton.
(3) 2004 amount reflects the results of the divestiture of the Cellular business and 2005 amount reflects the divestiture of Malaysia
(see Note 2 of the Notes to Consolidated Financial Statements).
(4) 2005 amounts reflect the acquisition of Terk (see Note 3 of the Notes to Consolidated Financial Statements).
(5) 2007 amounts reflect the acquisition of Thomson Accessory business (see Note 3 of the Notes to Consolidated Financial
Statements).
(6) 2008 amounts reflect the acquisition of Oehlbach, Incaar, Technuity and Thomson A/V (see Note 3 of the Notes to Consolidated
Financial Statements).
Item 7-Management's Discussion and Analysis of Financial Condition and Results of Operations ("MD&A")
This section should be read in conjunction with the “Cautionary Statements” and “Risk Factors” in Item 1A of Part I, and Item 8 of
Part II, “Consolidated Financial Statements and Supplementary Data.”
We begin Management’s Discussion and Analysis of Financial Condition and Results of Operations with an overview of the business,
including our strategy to give the reader a summary of the goals of our business and the direction in which our business is
moving. This is followed by a discussion of the Critical Accounting Policies and Estimates that we believe are important to
understanding the assumptions and judgments incorporated in our reported financial results. In the next section, we discuss our Results
of Operations for the year ended February 29, 2008 compared to the years ended February 28, 2007 and 2006. We then provide an
analysis of changes in our balance sheet and cash flows, and discuss our financial commitments in the sections entitled “Liquidity and
Capital Resources, including Contractual and Commercial Commitments”. We conclude this MD&A with a discussion of “Related
Party Transactions” and “Recent Accounting Pronouncements”.
Source: AUDIOVOX CORP, 10-K, May 14, 2008