Garmin 2001 Annual Report Download - page 35

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Garmin Ltd. and Subsidiaries
Consolidated Balance Sheets
(In Thousands, Except Share Information)
December 29, December 30,
2001 2000
Assets
Current assets:
Cash and cash equivalents $192,842 $251,731
Marketable securities (Note 3) 40,835 –
Accounts receivable, less allowance for doubtful accounts of
$2,627 in 2001 and $1,866 in 2000 47,998 32,719
Inventories 61,132 89,855
Deferred income taxes (Note 8) 7,007 12,293
Prepaid expenses and other current assets 2,921 1,423
Total current assets 352,735 388,021
Property and equipment (Note 5):
Land and improvements 20,414 21,135
Building and improvements 32,864 29,493
Office furniture and equipment 11,365 9,151
Manufacturing equipment 17,282 16,543
Engineering equipment 11,671 8,237
Vehicles 1,671 245
95,267 84,804
Accumulated depreciation 25,181 20,100
70,086 64,704
Restricted cash (Note 5) 1,600 5,848
Marketable securities (Note 3) 90,749 –
Intangible assets 16,985 4,774
Total assets $532,155 $463,347
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable $18,837 $22,496
Salaries and benefits payable 3,308 3,441
Accrued warranty costs 4,777 5,228
Accrued sales program costs 2,518 3,403
Other accrued expenses (Note 9) 2,967 1,091
Income taxes payable 12,444 13,725
Current portion of long-term debt (Note 5) 4,177 587
Total current liabilities 49,028 49,971
Long-term debt (Note 5) 28,011 46,359
Deferred income taxes (Note 8) 1,147 1,686
Other liabilities –92
Stockholders’ equity:
Preferred stock, $1.00 par value, 1,000,000 shares authorized,
none issued ––
Common stock, $0.01 par value 500,000,000 shares authorized
(Notes 12 and 13):
Shares issued and outstanding – 107,774,918 in 2001 and
108,242,111 in 2000 1,078 1,082
Additional paid-in capital 127,131 133,925
Retained earnings (Notes 5 and 6) 365,087 253,140
Accumulated other comprehensive loss (39,327) (22,908)
Total stockholders’ equity 453,969 365,239
Total liabilities and stockholders’ equity $532,155 $463,347
See accompanying notes.
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