Comfort Inn 2005 Annual Report Download - page 30

CHOICE HOTELS INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
December 31,
2005
December 31,
2004
(In thousands, except
share amounts)
ASSETS
Current assets
Cash and cash equivalents ........................................... $ 16,921 $ 28,518
Receivables (net of allowance for doubtful accounts of $5,111 and $5,956,
respectively) .................................................... 37,155 34,611
Deferred income taxes .............................................. 2,616 2,252
Other current assets ................................................ 6,308 4,212
Total current assets ........................................... 63,000 69,593
Property and equipment, at cost, net ....................................... 46,281 47,492
Goodwill ............................................................ 65,828 60,620
Franchise rights and other identifiable intangibles, net ......................... 38,267 34,795
Receivable—marketing and reservation fees ................................ 13,225 21,683
Investments, employee benefit plans, at fair value ............................ 23,337 17,247
Deferred income taxes .................................................. 3,289 —
Other assets .......................................................... 11,873 11,922
Total assets .................................................. $ 265,100 $ 263,352
LIABILITIES AND SHAREHOLDERS’ DEFICIT
Current liabilities
Current portion of long-term debt ..................................... $ 146 $ 10,146
Accounts payable .................................................. 34,413 30,718
Accrued expenses and other .......................................... 50,956 36,893
Deferred revenue .................................................. 32,131 23,309
Incometaxespayable............................................... 2,499 989
Total current liabilities ........................................ 120,145 102,055
Long-term debt .................................................... 273,972 318,557
Deferred compensation and retirement plan obligations .................... 28,987 21,387
Deferred income taxes .............................................. —6,974
Other liabilities .................................................... 9,172 17,432
Total liabilities ............................................... 432,276 466,405
Commitments and Contingencies
SHAREHOLDERS’ DEFICIT
Common stock, $0.01 par value; 160,000,000 shares authorized; 95,345,362 and
62,755,708 shares issued at December 31, 2005 and 2004, respectively;
65,219,641 and 32,312,433 shares outstanding at December 31, 2005 and 2004,
respectively ........................................................ 652 323
Additional paid-in-capital ............................................... 86,870 83,303
Accumulated other comprehensive income .................................. 859 1,400
Deferred compensation ................................................. (12,428) (8,034)
Treasury stock (30,125,721 and 30,443,275 shares at December 31, 2005 and 2004,
respectively), at cost .................................................. (650,551) (631,312)
Retained earnings ...................................................... 407,422 351,267
Total shareholders’ deficit ..................................... (167,176) (203,053)
Total liabilities and shareholders’ deficit ......................... $ 265,100 $ 263,352
The accompanying notes are an integral part of these consolidated financial statements.
28