Audiovox 2009 Annual Report Download - page 134

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Audiovox Specialized Applications, LLC And Subsidiary
(A Limited Liability Company)
Notes To Financial Statements
Note 2. Available-For-Sale Securities
The following is a summary of the Company's investment securities as of November 30, 2008 and 2007:
2008
Gross Gross
Unrealized Unrealized Fair
Cost Gains Losses Value
Government bonds $ 3,995,000 $ - $ - $ 3,995,000
2007
Gross Gross
Unrealized Unrealized Fair
Cost Gains Losses Value
Government bonds $ 4,900,000 $ - $ - $ 4,900,000
The cost and fair value of debt securities by contractual maturities as of November 30, 2008 are as follows:
Fair
Cost Value
Due after three years $ 3,995,000 $ 3,995,000
The government bonds contain a put feature which allows the Company to sell the bonds to a brokerage house at par value on seven
day terms and a floating interest rate which is reset on a periodic basis.
Expected maturities may differ from contractual maturities because the issuers of certain debt securities have the right to prepay their
obligations without penalty.
A summary of proceeds from the sale of available-for-sale securities and investment earnings for the years ended November 30, 2008,
2007, and 2006 is as follows:
2008 2007 2006
Balance, beginning $ 2,457,000 $ 2,307,000 $ 2,390,000
Accruals for products sold 2,032,340 2,647,155 1,671,385
Payments made (1,842,340) (2,497,155) (1,754,385)
Balance, ending $ 2,647,000 $ 2,457,000 $ 2,307,000
Proceeds from the sale of available-for-sale securities $ 10,910,225 $ 10,870,000 $ 19,529,850
Interest earned $ 92,544 $ 103,449 $ 292,623
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Source: AUDIOVOX CORP, 10-K, May 14, 2009 Powered by Morningstar® Document Research℠