Cobra 2002 Annual Report Download - page 15

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12฀ C O B R A ฀ E L E C T R O N I C S ฀ C O R P O R AT I O N
2 0 0 2 ฀ A N N U A L ฀ R E P O R T ฀ ฀ ฀ ฀ 13
฀ At฀December฀31,
In฀thousands,฀except฀share฀data฀ 2002฀ 2001
Assets
Current฀assets:
฀ Cash฀ $฀ 2,829฀฀ $฀ 675
฀ Receivables,฀less฀allowances฀for฀claims฀and฀doubtful฀accounts฀of฀$1,179฀in฀2002฀
฀ ฀ and฀$2,518฀in฀2001฀ ฀ 24,784฀฀ ฀ 41,798
฀ Inventories,฀primarily฀nished฀goods฀ ฀ 20,956฀฀ ฀ 22,190
฀ Deferred฀income฀taxes฀ ฀ 6,552฀฀ ฀ 7,661
฀ Other฀current฀assets฀ ฀ 3,868฀฀ ฀ 2,488
฀ Total฀current฀assets฀ ฀ 58,989฀฀ ฀ 74,812
Property,฀plant฀and฀equipment,฀at฀cost:
฀ Land฀ ฀ 330฀฀ ฀ 330
฀ Buildings฀and฀improvements฀ ฀ 4,542฀฀ ฀ 4,008
฀ Tooling฀and฀equipment฀ ฀ 19,865฀฀ ฀ 17,966
฀ ฀ ฀ 24,737฀฀ ฀ 22,304
฀ Accumulated฀depreciation฀ ฀ (17,317฀)฀ ฀ (14,843฀)
฀ Net฀property,฀plant฀and฀equipment฀ ฀ 7,420฀฀ ฀ 7,461
Other฀assets:
฀ Cash฀surrender฀value฀of฀ofcers’฀life฀insurance฀policies฀ ฀ 5,966฀฀ ฀ 5,753
฀ Other฀฀ ฀ 2,807฀฀ ฀ 1,566
฀ Total฀other฀assets฀ ฀ 8,773฀฀ ฀ 7,319
Total฀assets฀ $฀ 75,182฀฀ $฀ 89,592
Liabilities฀and฀Shareholders’฀Equity:
Current฀liabilities:
฀ Accounts฀payable฀ $฀ 4,292฀฀ $฀ 2,935
฀ Accrued฀salaries฀and฀commissions฀ ฀ 881฀฀ ฀ 1,445
฀ Accrued฀advertising฀and฀sales฀promotion฀costs฀ ฀ 2,002฀฀ ฀ 4,182
฀ Accrued฀product฀warranty฀costs฀ ฀ 2,137฀฀ ฀ 2,721
฀ Other฀accrued฀liabilities฀ ฀ 2,133฀฀ ฀ 1,246
฀ Total฀current฀liabilities฀ ฀ 11,445฀฀ ฀ 12,529
Non-current฀liabilities:
฀ Deferred฀compensation฀ ฀ 3,785฀฀ ฀ 3,328
฀ Deferred฀income฀taxes฀ ฀ 3,673฀฀ ฀ 4,385
฀ Long-term฀debt฀ ฀ –฀ ฀฀ ฀ 15,378
฀ Total฀non-current฀liabilities฀ ฀ 7,458฀฀ ฀ 23,091
Total฀liabilities฀ ฀ 18,903฀ ฀฀฀฀฀฀฀฀฀฀฀฀฀ 35,620
Commitments฀and฀contingencies
Shareholders’฀equity:
฀฀฀฀฀฀฀ Preferred฀stock,฀$1฀par฀value,฀shares฀authorized–1,000,000;฀none฀issued฀ ฀ –฀ ฀ ฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ –฀
฀฀฀฀฀฀฀ Common฀stock,฀$.33฀1⁄3฀par฀value,฀12,000,000฀shares฀authorized,
฀฀฀฀฀฀฀ ฀ 7,039,100฀issued฀for฀2002฀and฀2001฀ ฀ 2,345฀ ฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ 2,345
฀฀฀฀฀฀฀ Paid-in฀capital฀ ฀ 19,772฀ ฀฀฀฀฀฀฀฀฀฀฀฀฀ 19,899
฀฀฀฀฀฀฀ Retained฀earnings฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ ฀฀฀฀฀38,049฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ 36,329
฀฀฀฀฀฀฀ Accumulated฀other฀comprehensive฀income ฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ ฀฀฀฀฀฀฀฀฀฀฀฀ 35฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ –฀
฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ ฀฀฀฀฀60,201฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ 58,573
฀฀฀฀฀฀฀ Treasury฀stock,฀at฀cost฀(619,323฀shares฀for฀2002฀and฀736,048฀shares฀for฀2001) ฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ ฀฀฀฀฀ (3,922) ฀฀฀฀฀฀฀฀฀฀฀฀฀฀(4,601)
฀฀฀฀฀฀฀ Total฀shareholders’฀equity ฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ ฀฀฀฀฀56,279฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ 53,972
Total฀liabilities฀and฀shareholders’฀equity฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ $฀฀฀75,182฀฀฀฀฀฀฀฀฀฀$ ฀฀ 89,592
Consolidated฀Balance฀Sheets