Callaway 1999 Annual Report Download - page 30

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28 CALLAWAY GOLF COMPANY
CONSOLIDATED BALANCE SHEET
(in thousands, except share and per share data) December 31,
1999 1998
ASSETS
Current assets:
Cash and cash equivalents $ 112,602 $ 45,618
Accounts receivable, net 54,252 73,466
Inventories, net 97,938 149,192
Deferred taxes 32,558 51,029
Other current assets 13,122 4,301
Total current assets 310,472 323,606
Property, plant and equipment, net 142,214 172,794
Intangible assets, net 120,143 127,779
Other assets 43,954 31,648
$ 616,783 $ 655,827
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued expenses $ 46,664 $ 35,928
Accrued employee compensation and benefits 21,126 11,083
Accrued warranty expense 36,105 35,815
Line of credit 70,919
Note payable 12,971
Accrued restructuring costs 1,379 7,389
Income taxes payable 9,903
Total current liabilities 105,274 184,008
Long-term liabilities:
Deferred compensation 11,575 7,606
Accrued restructuring costs 11,117
Commitments and contingencies (Note 11)
Shareholders’ equity:
Preferred Stock, $.01 par value, 3,000,000 shares authorized, none issued
and outstanding at December 31, 1999 and 1998
Common Stock, $.01 par value, 240,000,000 shares authorized,
76,302,196 and 75,095,087 issued and outstanding at
December 31, 1999 and 1998 763 751
Paid-in capital 307,329 258,015
Unearned compensation (2,784) (5,653)
Retained earnings 288,090 252,528
Accumulated other comprehensive income 280 1,780
Less: Grantor Stock Trust (5,300,000 shares at December 31, 1999
and 1998) at market (Note 6)(93,744) (54,325)
Total shareholders’ equity 499,934 453,096
$ 616,783 $ 655,827
See accompanying notes to consolidated financial statements.