Garmin 2002 Annual Report Download - page 40

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Garmin Ltd. and Subsidiaries
Consolidated Balance Sheets
(In Thousands, Except Share and Per Share Information)
December 28, December 29,
2002 2001
Assets
Current assets:
Cash and cash equivalents $216,768 $192,842
Marketable securities (Note 3) 113,336 40,835
Accounts receivable, less allowance for doubtful accounts of
$3,153 in 2002 and $2,627 in 2001 58,278 47,998
Inventories 57,507 61,132
Deferred income taxes (Note 8) 14,847 13,836
Prepaid expenses and other current assets 4,490 2,921
Total current assets 465,226 359,564
Property and equipment (Note 5):
Land and improvements 20,517 20,414
Building and improvements 33,952 32,864
Office furniture and equipment 15,086 11,365
Manufacturing equipment 18,920 17,282
Engineering equipment 15,730 11,671
Vehicles 2,286 1,671
106,491 95,267
Accumulated depreciation 32,051 25,181
74,440 70,086
Restricted cash (Notes 5 and 6) 1,598 1,600
Marketable securities (Note 3) 132,372 90,749
License agreements, net 19,370 11,408
Other intangible assets 5,109 5,577
Total assets $698,115 $538,984
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable $32,446 $18,837
Salaries and benefits payable 4,178 3,308
Accrued warranty costs 5,949 4,777
Accrued sales program costs 4,752 2,518
Other accrued expenses (Note 9) 8,000 2,967
Income taxes payable 18,080 19,273
Current portion of long-term debt (Note 5) – 4,177
Total current liabilities 73,405 55,857
Long-term debt, less current portion (Note 5) 20,000 28,011
Deferred income taxes (Note 8) 2,211 1,147
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 – 107,919,766 in 2002 and 107,774,918 in 2001 1,080 1,078
Additional paid-in capital 129,431 127,131
Retained earnings (Note 6) 507,884 365,087
Accumulated other comprehensive loss (35,896) (39,327)
Total stockholders’ equity 602,499 453,969
Total liabilities and stockholders’ equity $698,115 $538,984
See accompanying notes.
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