GNC 2008 Annual Report Download - page 116

Table of Contents
GENERAL NUTRITION CENTERS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Supplemental Condensed Consolidating Balance Sheets
Combined Combined
Predecessor Parent/ Guarantor Non-Guarantor
December 31, 2006 Issuer Subsidiaries Subsidiaries Eliminations Consolidated
(in thousands)
Current assets
Cash and cash equivalents $ — $ 20,469 $ 3,611 $ — $ 24,080
Receivables, net 3,636 71,053 138 — 74,827
Intercompany receivables — 71,585 — (71,585) —
Inventories, net — 304,340 15,042 — 319,382
Other current assets 213 42,231 4,192 — 46,636
Total current assets 3,849 509,678 22,983 (71,585) 464,925
Goodwill — 80,592 430 — 81,022
Brands — 209,000 3,000 — 212,000
Property, plant and equipment, net — 148,948 19,760 — 168,708
Investment in subsidiaries 784,757 7,525 — (792,282) —
Other assets 12,475 38,435 — (8,780) 42,130
Total assets $ 801,081 $ 994,178 $ 46,173 $ (872,647) $ 968,785
Current liabilities
Current liabilities $ 4,421 $ 198,044 $ 12,885 $ — $ 215,350
Intercompany payables 64,609 — 6,976 (71,585) —
Total current liabilities 69,030 198,044 19,861 (71,585) 215,350
Long-term debt 419,720 — 18,650 (8,780) 429,590
Other long-term liabilities — 11,377 137 — 11,514
Total liabilities 488,750 209,421 38,648 (80,365) 656,454
Total stockholder's equity (deficit) 312,331 784,757 7,525 (792,282) 312,331
Total liabilities and stockholder's equity (deficit) $ 801,081 $ 994,178 $ 46,173 $ (872,647) $ 968,785
Supplemental Condensed Consolidating Statements of Operations
Combined Combined
Successor Parent/ Guarantor Non-Guarantor
Period from March 16, 2007 to December 31, 2007 Issuer Subsidiaries Subsidiaries Eliminations Consolidated
(in thousands)
Revenue $ — $ 1,158,143 $ 75,180 $ (10,336) $ 1,222,987
Cost of sales, including costs of warehousing, distribution and occupancy — 770,261 54,313 (10,336) 814,238
Gross profit — 387,882 20,867 — 408,749
Compensation and related benefits — 183,901 11,891 — 195,792
Advertising and promotion — 34,560 502 — 35,062
Other selling, general and administrative 1,356 67,315 2,542 — 71,213
Subsidiary (income) expense (24,467) (2,612) — 27,079 —
Other (income) expense — (77) (347) — (424)
Operating income (loss) 23,111 104,795 6,279 (27,079) 107,106
Interest expense, net 7,080 67,611 831 — 75,522
Income (loss) before income taxes 16,031 37,184 5,448 (27,079) 31,584
Income tax (benefit) expense (2,953) 12,717 2,836 — 12,600
Net income (loss) $ 18,984 $ 24,467 $ 2,612 $ (27,079) $ 18,984
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