Comfort Inn 2004 Annual Report Download - page 26

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CHOICE HOTELS INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
December 31,
2004
December 31,
2003
(In thousands, except
share amounts)
ASSETS
Current assets
Cash and cash equivalents ........................................... $ 27,554 $ 20,031
Receivables (net of allowance for doubtful accounts of $5,956 and $6,743,
respectively) .................................................... 34,611 33,631
Deferred income taxes .............................................. 2,252 1,957
Other current assets ................................................ 4,212 3,613
Total current assets ........................................... 68,629 59,232
Property and equipment, at cost, net ....................................... 47,492 54,253
Goodwill ............................................................ 60,620 60,620
Franchise rights, net .................................................... 32,102 35,383
Receivable—marketing and reservation fees ................................ 21,683 32,368
Other assets .......................................................... 31,862 25,416
Total assets .................................................. $ 262,388 $ 267,272
LIABILITIES AND SHAREHOLDERS’ DEFICIT
Current liabilities
Current portion of long-term debt ..................................... $ 10,146 $ 23,829
Accounts payable .................................................. 30,718 29,740
Accrued expenses and other .......................................... 59,238 46,065
Income taxes payable ............................................... 989 2,577
Total current liabilities ........................................ 101,091 102,211
Long-term debt .................................................... 318,557 222,823
Deferred income taxes .............................................. 6,974 21,562
Other liabilities .................................................... 38,819 38,863
Total liabilities ............................................... 465,441 385,459
Commitments and Contingencies
SHAREHOLDERS’ DEFICIT
Common stock, $0.01 par value; 160,000,000 shares authorized; 62,755,708 shares
issued; 32,312,433 and 34,745,853 shares outstanding at December 31, 2004 and
2003, respectively ................................................... 323 347
Additional paid-in-capital ............................................... 83,303 74,496
Accumulated other comprehensive income .................................. 1,400 1,138
Deferred compensation ................................................. (8,034) (2,641)
Treasury stock (30,443,275 and 28,009,855 shares at December 31, 2004 and 2003,
respectively), at cost .................................................. (631,312) (496,510)
Retained earnings ...................................................... 351,267 304,983
Total shareholders’ deficit ..................................... (203,053) (118,187)
Total liabilities and shareholders’ deficit ......................... $ 262,388 $ 267,272
The accompanying notes are an integral part of these consolidated financial statements.
F-18