Audiovox 2010 Annual Report Download - page 87

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Audiovox Corporation and Subsidiaries
Notes to Consolidated Financial Statements, continued
February 28, 2010
(Dollars in thousands, except share and per share data)
The following represents summary information of transactions between the Company and ASA:
Year Year Year
Ended Ended Ended
February 28, February 28, February 29,
2010 2009 2008
(unaudited)
Net Sales $ 804 $ 1,026 $ 1,517
Purchases - 76 139
Royalty expense 278 500 899
February 28, February 28,
2010 2009
Accounts receivable $ 181 $ 317
Royalty payable 131 -
6) Accrued Expenses and Other Current Liabilities
Accrued expenses and other current liabilities consist of the following:
February 28, February 28,
2010 2009
Commissions $ 615 $ 571
Employee compensation 8,652 2,788
Professional fees and accrued settlements 2,719 3,187
Future warranty 7,853 7,779
Freight and duty 2,213 1,712
Royalties, advertising and other 13,738 16,538
Total accrued expenses and other current liabilities $ 35,790 $ 32,575
7) Financing Arrangements
The Company has the following financing arrangements:
February 28, February 28,
2010 2009
Bank Obligations
Domestic bank obligations (a) $ - $ -
Euro asset-based lending obligation (b) 1,703 1,467
Total bank obligations $ 1,703 $ 1,467
Debt
Euro term loan agreement (c) $ 4,823 $ 5,735
Suntrust loan (d) 5,022 -
Oehlbach (e) 120 145
Other (f) 3,031 1,280
Total debt 12,996 7,160
Less: current portion of long-term debt 6,383 1,264
$ 6,613 $ 5,896
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Source: AUDIOVOX CORP, 10-K, May 14, 2010 Powered by Morningstar® Document Research℠