Rayovac 2004 Annual Report Download - page 67

RAYOVAC CORPORATION AND SUBSIDIARIES
Consolidated Balance Sheets
September 30, 2004 and 2003
(In thousands, except per share amounts)
2004 2003
Assets
Current assets:
Cash and cash equivalents ............................................ $ 15,789 $ 107,774
Receivables:
Trade accounts receivable, net of allowances of $23,071 and $22,911,
respectively ................................................. 269,977 255,205
Other ........................................................ 19,655 15,376
Inventories ........................................................ 264,726 219,254
Deferred income taxes ............................................... 19,233 18,501
Prepaid expenses and other ........................................... 61,132 50,705
Total current assets ......................................... 650,512 666,815
Property, plant and equipment, net ......................................... 182,396 150,609
Deferred charges and other ............................................... 35,079 40,160
Goodwill ............................................................. 320,577 398,380
Intangible assets, net .................................................... 422,106 252,870
Deferred income taxes ................................................... — 8,342
Debt issuance costs ..................................................... 25,299 28,111
Total assets ............................................... $1,635,969 $1,545,287
Liabilities and Shareholders’ Equity
Current liabilities:
Current maturities of long-term debt .................................... $ 23,895 $ 72,852
Accounts payable .................................................. 228,052 172,632
Accrued liabilities:
Wages and benefits ............................................. 40,138 36,580
Income taxes payable ........................................... 21,672 20,569
Restructuring and related charges .................................. 8,505 5,750
Accrued interest ................................................ 16,302 4,894
Other ........................................................ 60,094 83,737
Total current liabilities ...................................... 398,658 397,014
Long-term debt, net of current maturities .................................... 806,002 870,540
Employee benefit obligations, net of current portion ........................... 69,246 63,044
Deferred income taxes ................................................... 7,272 —
Other ................................................................ 37,368 12,687
Total liabilities ............................................ 1,318,546 1,343,285
Minority interest in equity of consolidated subsidiary .......................... 1,379 —
Shareholders’ equity:
Common stock, $.01 par value, authorized 150,000 shares; issued 64,219 and
61,999 shares, respectively; outstanding 34,683 and 32,463 shares,
respectively ..................................................... 642 620
Additional paid-in capital ............................................ 224,962 185,561
Retained earnings .................................................. 220,483 164,703
Accumulated other comprehensive income (loss) ......................... 10,621 (12,457)
Notes receivable from officers/shareholders .............................. (3,605) (3,605)
453,103 334,822
Less treasury stock, at cost, 29,536 shares ................................... (130,070) (130,070)
Less unearned restricted stock compensation ................................. (6,989) (2,750)
Total shareholders’ equity .................................... 316,044 202,002
Total liabilities and shareholders’ equity ........................ $1,635,969 $1,545,287
See accompanying notes to consolidated financial statements.
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