Cobra 2007 Annual Report Download - page 11
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2007 ANNUAL REPORT 9
At December 31,
In thousands, except share data 2007 2006
ASSETS
Current assets:
Cash and cash equivalents $ 1,860 $ 1,878
Receivables, net of allowance for claims and doubtful accounts of $205 in 2007 and $282 in 2006 26,804 28,320
Deferred income taxes 8,715 7,196
Prepaid assets 1,568 1,964
Other current assets 3,338 4,846
Total current assets 75,339 73,243
Property, plant and equipment, at cost:
Buildings and improvements 5,442 5,433
Tooling and equipment 21,554 20,079
26,996 25,512
Accumulated depreciation (20,423 ) (18,117 )
Land 230 230
Net property, plant and equipment, net 6,803 7,625
Other assets:
Goodwill 11,997 11,997
Intangible assets 15,559 19,503
Other assets 340 422
Total other assets 32,176 35,890
Total assets $ 114,318 $ 116,758
Current liabilities:
Current maturities of long-term debt $ 1,240 $ 1,060
Accounts payable 7,273 6,097
Accrued salaries and commissions 847 760
Accrued advertising and sales promotion costs 2,093 2,292
Accrued product warranty costs 3,440 1,963
Accrued income taxes 266 1,650
Other accrued liabilities 4,505 5,279
Total current liabilities 19,664 19,101
Non-current liabilities:
Long-term bank debt, net of current maturities 18,745 15,614
Deferred compensation 6,320 5,858
Deferred income taxes 3,772 5,337
Other long-term liabilities 679 1,075
Total non-current liabilities 29,516 27,884
Total liabilities 49,180 46,985
Minority interest 23 4
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 2007 and 2006 2,345 2,345
Paid-in capital 20,101 19,824
Retained earnings 46,179 51,584
Accumulated comprehensive income 327 11
68,952 73,764
Treasury stock, at cost (567,820 shares for 2007 and 605,662 shares for 2006) (3,837 ) (3,995 )
CONSOLIDATED BALANCE SHEETS