Audiovox 2010 Annual Report Download - page 51

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Audiovox Corporation and Subsidiaries
Consolidated Statements of Operations
Years Ended February 28, 2010 February 28, 2009 and February 29, 2008
(In thousands, except share and per share data)
Year Year Year
Ended Ended Ended
February 28, February 28, February 29,
2010 2009 2008
Net sales $ 550,695 $ 603,099 $ 591,355
Cost of sales 443,944 502,831 480,027
Gross profit 106,751 100,268 111,328
Operating expenses:
Selling 30,147 33,505 35,703
General and administrative 63,063 70,870 61,220
Goodwill and intangible asset impairment - 38,814 -
Engineering and technical support 9,781 10,522 9,983
Total operating expenses 102,991 153,711 106,906
Operating income (loss) 3,760 (53,443) 4,422
Other income (expense):
Interest and bank charges (1,556) (1,817) (2,127)
Equity in income of equity investee 1,657 975 3,590
Gain on bargain purchase 5,418 - -
Other, net 1,876 (1,669) 4,709
Total other income (expenses), net 7,395 (2,511) 6,172
Income (loss) from continuing operations before income taxes 11,155 (55,954) 10,594
Income tax benefit (expense) 11,328 (15,075) (3,848)
Net income (loss) from continuing operations 22,483 (71,029) 6,746
Net income from discontinued operations, net of tax - - 1,719
Net income (loss) $ 22,483 $ (71,029) $ 8,465
Net income (loss) per common share (basic):
From continuing operations $ 0.98 $ (3.11) $ 0.29
From discontinued operations - - 0.08
Net income (loss) per common share (basic) $ 0.98 $ (3.11) $ 0.37
Net income (loss) per common share (diluted):
From continuing operations $ 0.98 $ (3.11) $ 0.29
From discontinued operations - - 0.08
Net income (loss) per common share (diluted) $ 0.98 $ (3.11) $ 0.37
Weighted-average common shares outstanding (basic) 22,875,651 22,860,402 22,853,482
Weighted-average common shares outstanding (diluted) 22,919,665 22,860,402 22,876,112
See accompanying notes to consolidated financial statements.
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Source: AUDIOVOX CORP, 10-K, May 14, 2010 Powered by Morningstar® Document Research℠