Red Lobster 2005 Annual Report Download - page 31

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Consolidated Balance Sheets
Financial Review 2005
(In thousands) May 29, 2005 May 30, 2004
ASSETS
Current assets:
Cash and cash equivalents $ 42,801 $ 36,694
Receivables 36,510 30,258
Inventories 235,444 198,781
Prepaid expenses and other current assets 28,927 25,316
Deferred income taxes 63,584 55,258
Total current assets $ 407,266 $ 346,307
Land, buildings and equipment, net 2,351,454 2,250,616
Other assets 179,051 183,425
Total assets $2,937,771 $2,780,348
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable $ 191,197 $ 174,624
Short-term debt – 14,500
Accrued payroll 114,602 103,327
Accrued income taxes 52,404 48,753
Other accrued taxes 43,825 38,440
Unearned revenues 88,472 75,513
Current portion of long-term debt 299,929 –
Other current liabilities 254,178 228,324
Total current liabilities $1,044,607 $ 683,481
Long-term debt, less current portion 350,318 653,349
Deferred income taxes 114,846 132,690
Deferred rent 130,872 122,879
Other liabilities 24,109 12,661
Total liabilities $1,664,752 $1,605,060
Stockholders’ equity:
Common stock and surplus, no par value. Authorized 500,000 shares; issued 271,102 and
264,907 shares, respectively; outstanding 154,391 and 158,431 shares, respectively $1,703,336 $1,584,115
Preferred stock, no par value. Authorized 25,000 shares; none issued and outstanding – –
Retained earnings 1,405,754 1,127,653
Treasury stock, 116,711 and 106,476 shares, at cost, respectively (1,784,835) (1,483,768)
Accumulated other comprehensive income (loss) (8,876) (10,173)
Unearned compensation (41,685) (41,401)
Officer notes receivable (675) (1,138)
Total stockholders’ equity $1,273,019 $1,175,288
Total liabilities and stockholders’ equity $2,937,771 $2,780,348
See accompanying notes to consolidated financial statements.
Darden Restaurants 39