Red Lobster 2004 Annual Report Download - page 35

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35
Financial Review 2004
(In฀thousands)฀May฀00,2004฀May฀30,฀2004฀ May฀25,฀2003
ASSETS฀฀
Current฀assets:฀ ฀
฀ Cash฀and฀cash฀equivalents฀ ฀ $฀฀฀฀฀36,694฀ $฀฀฀฀฀48,630฀
฀ Receivables฀ ฀ 30,258฀฀ 29,023฀
฀ Inventories฀ ฀ 198,781฀ 173,644฀
฀ Prepaid฀expenses฀and฀other฀current฀assets฀ ฀ 25,316฀฀ 25,126฀
฀ Deferred฀income฀taxes฀ ฀ 55,258฀ 49,206฀
฀ ฀ Total฀current฀assets฀ ฀ $฀฀฀346,307฀฀ $฀฀฀325,629฀
Land,฀buildings,฀and฀equipment฀ ฀ 2,250,616฀ 2,157,132฀
Other฀assets฀ ฀ 183,425฀฀ 181,872฀
฀ ฀ Total฀assets฀ ฀ $2,780,348฀ $2,664,633฀
LIABILITIES฀AND฀STOCKHOLDERS’฀EQUITY฀ ฀
Current฀liabilities:฀ ฀
฀ Accounts฀payable฀ ฀ $฀฀฀174,624฀฀ $฀฀฀175,991฀
฀ Short-term฀debt฀ ฀ 14,500฀ –
฀ Accrued฀payroll฀ ฀ 103,327฀ 85,975฀
฀ Accrued฀income฀taxes฀ ฀ 48,753฀฀ 67,975฀
฀ Other฀accrued฀taxes฀ ฀ 38,440฀฀ 35,069฀
฀ Unearned฀revenues฀ ฀ 75,513฀ 72,698
฀ Other฀current฀liabilities฀ ฀ 228,324฀฀ 202,201฀
฀ ฀ Total฀current฀liabilities฀ ฀ $฀฀฀683,481฀฀ $฀฀฀639,909฀
Long-term฀debt฀ ฀ 653,349฀฀ 658,086฀
Deferred฀income฀taxes฀ ฀ 176,216฀฀ 150,537฀
Other฀liabilities฀ ฀ 21,532฀฀ 19,910฀
฀ ฀ Total฀liabilities฀ ฀ $1,534,578฀ $1,468,442
Stockholders’฀equity:฀ ฀
฀ Common฀stock฀and฀surplus,฀no฀par฀value.฀฀Authorized
฀ ฀ 500,000฀shares;฀issued฀264,907฀and฀261,463฀shares,฀
฀ ฀ respectively;฀outstanding฀158,431฀and฀164,950฀shares,฀respectively฀ ฀ $1,584,115฀฀ $1,525,957฀
฀ Preferred฀stock,฀no฀par฀value.฀฀Authorized฀25,000฀shares;
฀ ฀ none฀issued฀and฀outstanding฀ ฀ –฀฀ –฀
฀ Retained฀earnings฀฀ ฀ 1,197,921฀฀ 979,443฀
฀ Treasury฀stock,฀106,476฀and฀96,513฀shares,฀at฀cost,฀respectively฀ ฀ (1,483,768)฀฀ (1,254,293)฀
฀ Accumulated฀other฀comprehensive฀income฀(loss)฀ ฀ (9,959)฀ (10,489)
฀ Unearned฀compensation฀ ฀ (41,401)฀ (42,848)
฀ Officer฀notes฀receivable฀ ฀ (1,138)฀ (1,579)
฀ ฀ Total฀stockholders’฀equity฀ ฀ $1,245,770฀ $1,196,191
฀ ฀ Total฀liabilities฀and฀stockholders’฀equity฀ ฀ $2,780,348฀ $2,664,633
See฀accompanying฀notes฀to฀consolidated฀financial฀statements.
Consolidated฀Balance Sheets