Audiovox 2010 Annual Report Download - page 49

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Audiovox Corporation and Subsidiaries
Consolidated Balance Sheets
February 28, 2010 and 2009
(In thousands, except share data)
February 28, February 28,
2010 2009
Assets
Current assets:
Cash and cash equivalents $ 69,511 $ 69,504
Accounts receivable, net 131,266 104,896
Inventory 102,717 125,301
Receivables from vendors 11,170 12,195
Prepaid expenses and other current assets 16,311 17,973
Income tax receivable 1,304 -
Deferred income taxes 47 354
Total current assets 332,326 330,223
Investment securities 15,892 7,744
Equity investments 11,272 13,118
Property, plant and equipment, net 22,145 19,903
Goodwill 7,389 -
Intangible assets 97,226 88,524
Deferred income taxes 515 221
Other assets 2,213 1,563
Total assets $ 488,978 $ 461,296
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable $ 36,126 $ 41,796
Accrued expenses and other current liabilities 35,790 32,575
Income taxes payable - 2,665
Accrued sales incentives 10,606 7,917
Deferred income taxes 1,931 1,459
Bank obligations 1,703 1,467
Current portion of long-term debt 6,383 1,264
Total current liabilities 92,539 89,143
Long-term debt 6,613 5,896
Capital lease obligation 5,490 5,531
Deferred compensation 3,158 2,559
Other tax liabilities 1,219 2,572
Deferred tax liabilities 8,502 4,657
Other long term liabilities (see Note 2) 7,194 10,436
Total liabilities 124,715 120,794
Commitments and contingencies
Stockholders' equity:
Series preferred stock, $.01 par value; 1,500,000 shares authorized, no shares issued or
outstanding - -
Common stock:
Class A, $.01 par value; 60,000,000 shares authorized, 22,441,712 and 22,424,212
shares issued, 20,622,905 and 20,604,460 shares outstanding at February 28, 2010
and February 28 2009, respectively 225 224
Class B convertible, $.01 par value; 10,000,000 shares authorized, 2,260,954 shares
issued and outstanding 22 22
Paid-in capital 275,684 274,464
Retained earnings 113,996 91,513
Accumulated other comprehensive (loss) income (7,278) (7,325)
(18,386) (18,396)
Source: AUDIOVOX CORP, 10-K, May 14, 2010 Powered by Morningstar® Document Research℠