Avid 1997 Annual Report Download - page 31

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24
AVID TECHNOLOGY, INC.
Consolidated Balance Sheets
(In thousands, except share data) December 31,
1997 1996
Assets
Current assets:
Cash and cash equivalents $108,308 $75,795
Marketable securities 78,654 17,248
Accounts receivable, net of allowances of $7,529 and $7,519
in 1997 and 1996, respectively 79,773 86,187
Inventories 9,842 28,359
Deferred tax assets 17,160 15,852
Prepaid expenses 4,645 6,310
Other current assets 2,700 1,947
Total current assets 301,082 231,698
Marketable securities 997
Property and equipment, net 38,917 49,246
Long-term deferred tax assets 14,820 15,538
Other assets 1,986 3,500
Total assets $356,805 $300,979
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable $22,166 $25,332
Current portion of long-term debt 783 1,726
Accrued compensation and benefits 23,737 9,085
Accrued expenses 30,249 21,844
Income taxes payable 11,210 3,258
Deferred revenues 26,463 25,133
Total current liabilities 114,608 86,378
Long-term debt, less current portion 403 1,186
Commitments and contingencies (Note K)
Stockholders' equity:
Preferred stock, $.01 par value, 1,000,000 shares authorized;
no shares issued or outstanding
Common stock, $.01 par value, 50,000,000 shares authorized;
24,156,938 and 21,338,369 shares issued and 23,199,636 and
21,338,369 shares outstanding at December 31, 1997 and 1996,
respectively 242 213
Additional paid-in capital 252,307 212,474
Retained earnings 27,286 1,451
Treasury stock, at cost, 957,302 and 0 shares at December 31, 1997
and 1996, respectively (27,548)
Deferred compensation (8,034)
Cumulative translation adjustment (2,472) (724)
Net unrealized gains on marketable securities 13 1
Total stockholders' equity 241,794 213,415
Total liabilities and stockholders' equity $356,805 $300,979
The accompanying notes are an integral part of the consolidated financial statements.