Audiovox 2009 Annual Report Download - page 55

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Audiovox Corporation and Subsidiaries
Consolidated Statements of Operations
Years Ended February 28, 2009, February 29, 2008 and February 28, 2007
(In thousands, except share and per share data)
Year Year Year
Ended Ended Ended
February 28, February 29, February 28,
2009 2008 2007
Net sales $ 603,099 $ 591,355 $ 456,690
Cost of sales 502,831 480,027 377,371
Gross profit 100,268 111,328 79,319
Operating expenses:
Selling 33,505 35,703 28,220
General and administrative 70,870 61,220 48,920
Goodwill and intangible asset impairment 38,814 - -
Engineering and technical support 10,522 9,983 7,256
Total operating expenses 153,711 106,906 84,396
Operating (loss) income (53,443) 4,422 (5,077)
Other income (expense):
Interest and bank charges (1,817) (2,127) (1,955)
Equity in income of equity investee 975 3,590 2,937
Other, net (1,669) 4,709 6,253
Total other income (expenses), net (2,511) 6,172 7,235
(Loss) income from continuing operations before income taxes (55,954) 10,594 2,158
Income tax benefit (expense) (15,075) (3,848) 1,534
Net (loss) income from continuing operations (71,029) 6,746 3,692
Net (loss) income from discontinued operations, net of tax (see Note 2) - 1,719 (756)
Net (loss) income $ (71,029) $ 8,465 $ 2,936
Net income (loss) per common share (basic):
From continuing operations $ (3.11) $ 0.29 $ 0.16
From discontinued operations - 0.08 (0.03)
Net income (loss) per common share (basic) $ (3.11) $ 0.37 $ 0.13
Net income (loss) per common share (diluted):
From continuing operations $ (3.11) $ 0.29 $ 0.16
From discontinued operations - 0.08 (0.03)
Net income (loss) per common share (diluted) $ (3.11) $ 0.37 $ 0.13
Weighted-average common shares outstanding (basic) 22,860,402 22,853,482 22,366,413
Weighted-average common shares outstanding (diluted) 22,860,402 22,876,162 22,557,272
See accompanying notes to consolidated financial statements.
41
Source: AUDIOVOX CORP, 10-K, May 14, 2009 Powered by Morningstar® Document Research℠