Audiovox 2008 Annual Report Download - page 53

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Audiovox Corporation and Subsidiaries
Consolidated Statements of Operations
Years Ended February 29, 2008, February 28, 2007,
the Three Months Ended February 28, 2006 and the Year Ended November 30, 2005
(In thousands, except share and per share data)
Three
Year Year Months Year
Ended Ended Ended Ended
February 29, February 28, February 28, November 30,
2008 2007 2006 2005
Net sales $ 591,355 $ 456,690 $ 103,050 $ 539,716
Cost of sales 480,027 377,371 87,400 478,877
Gross profit 111,328 79,319 15,650 60,839
Operating expenses:
Selling 35,703 28,220 6,824 31,799
General and administrative 61,220 48,920 10,517 50,540
Engineering and technical support 9,983 7,256 1,468 6,190
Total operating expenses 106,906 84,396 18,809 88,529
Operating income (loss) 4,422 (5,077) (3,159) (27,690)
Other income (expense):
Interest and bank charges (2,127) (1,955) (560) (2,478)
Equity in income of equity investees 3,590 2,937 474 2,342
Other, net (Note 1(q)) 4,709 6,253 1,769 9,730
Total other income, net 6,172 7,235 1,683 9,594
Income (loss) from continuing operations before income
taxes 10,594 2,158 (1,476) (18,096)
Income tax (expense) benefit (3.848) 1,534 1,843 11,409
Net income (loss) from continuing operations 6,746 3,692 367 (6,687)
Net income (loss) from discontinued operations, net of
tax (Note 2) 1,719 (756) (184) (2,904)
Net income (loss) $ 8,465 $ 2,936 $ 183 $ (9,591)
Net income (loss) per common share (basic):
From continuing operations $ 0.29 $ 0.16 $ 0.02 $ (0.30)
From discontinued operations 0.08 (0.03) (0.01) (0.13)
Net income (loss) per common share (basic) $ 0.37 $ 0.13 $ 0.01 $ (0.43)
Net income (loss) per common share (diluted):
From continuing operations $ 0.29 $ 0.16 $ 0.02 $ (0.30)
From discontinued operations 0.08 (0.03) (0.01) (0.13)
Net income (loss) per common share (diluted) $ 0.37 $ 0.13 $ 0.01 $ (0.43)
Weighted-average common shares outstanding (basic) 22,853,482 22,366,413 22,526,497 22,278,542
Weighted-average common shares outstanding (diluted) 22,876,112 22,557,272 22,766,593 22,278,542
See accompanying notes to consolidated financial statements.
F-4
Source: AUDIOVOX CORP, 10-K, May 14, 2008