Pier 1 2007 Annual Report Download - page 39
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Pier 1 Imports, Inc.
CONSOLIDATED BALANCE SHEETS
(In thousands except share amounts)
2007 2006
ASSETS
Current assets:
Cash and cash equivalents, including temporary investments of $160,721 and
$238,463, respectively........................................... $167,178 $ 246,115
Beneficial interest in securitized receivables ............................ — 50,000
Other accounts receivable, net of allowance for doubtful accounts of $566 and
$1,119, respectively ............................................ 21,437 13,916
Inventories . . . .................................................. 360,063 368,978
Income tax receivable............................................. 34,966 18,011
Assets of discontinued operations .................................... — 32,359
Prepaid expenses and other current assets .............................. 50,324 45,544
Total current assets ............................................. 633,968 774,923
Properties, net . . .................................................. 239,548 298,922
Other noncurrent assets ............................................. 42,954 96,016
$ 916,470 $1,169,861
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable ................................................ $ 95,609 $ 105,916
Gift cards and other deferred revenue ................................. 66,130 63,835
Accrued income taxes payable ...................................... 3,305 4,763
Liabilities related to discontinued operations ............................ — 16,841
Other accrued liabilities ........................................... 119,541 97,493
Total current liabilities .......................................... 284,585 288,848
Long-term debt . .................................................. 184,000 184,000
Other noncurrent liabilities ........................................... 86,768 107,031
Shareholders’ equity:
Common stock, $1.00 par, 500,000,000 shares authorized, 100,779,000 issued . . . 100,779 100,779
Paid-in capital .................................................. 130,416 132,075
Retained earnings ................................................ 337,178 582,221
Cumulative other comprehensive income (loss) .......................... 2,408 (583)
Less — 12,981,000 and 13,761,000 common shares in treasury, at cost,
respectively .................................................. (209,664) (222,254)
Less — unearned compensation ..................................... — (2,256)
361,117 589,982
Commitments and contingencies (See Note 13) ............................ — —
$ 916,470 $1,169,861
The accompanying notes are an integral part of these financial statements.
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