WeightWatchers 2002 Annual Report Download - page 51

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WEIGHT WATCHERS INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
AT DECEMBER 28, 2002 AND DECEMBER 29, 2001
(IN THOUSANDS)
December 28, December 29,
2002 2001
ASSETS
CURRENT ASSETS
Cash and cash equivalents ....................................... $57,530 $23,338
Receivables (net of allowances: December 28, 2002—$707 and
December 29, 2001—$726) ..................................... 19,106 13,619
Inventories, net .............................................. 38,583 26,205
Prepaid expenses ............................................. 25,700 15,944
Deferred income taxes ......................................... 4,519 4,773
TOTAL CURRENT ASSETS ................................... 145,438 83,879
Property and equipment, net ....................................... 12,490 10,725
Notes and other receivables, noncurrent ............................... 243 325
Goodwill .................................................... 308,199 238,409
Trademarks and other intangible assets ................................ 2,353 2,756
Deferred income taxes ........................................... 131,487 136,281
Deferred financing costs, net ....................................... 7,851 9,164
Other noncurrent assets .......................................... 1,842 1,309
TOTAL ASSETS ............................................ $609,903 $482,848
LIABILITIES, REDEEMABLE PREFERRED STOCK AND
SHAREHOLDERS’ EQUITY (DEFICIT)
CURRENT LIABILITIES
Portion of long-term debt due within one year ......................... $18,361 $15,699
Accounts payable ............................................. 20,247 17,698
Salaries and wages ............................................ 16,618 15,133
Accrued interest .............................................. 8,598 7,810
Foreign currency contract payable .................................. 723 2,811
Other accrued liabilities ......................................... 29,133 26,700
Income taxes ................................................ 13,972 9,139
Deferred income taxes ......................................... 297 —
Deferred revenue ............................................. 15,432 13,020
TOTAL CURRENT LIABILITIES ............................... 123,381 108,010
Long-term debt ................................................ 436,319 458,320
Deferred income taxes ........................................... 3,256 3,169
Other ...................................................... 399 870
TOTAL LONG-TERM DEBT AND OTHER LIABILITIES .............. 439,974 462,359
Commitments and contingencies (Note 15)
Redeemable preferred stock ....................................... —25,996
SHAREHOLDERS’ EQUITY (DEFICIT)
Common stock, $0 par 1,000,000 shares authorized; 111,988 shares issued;
outstanding 106,277 shares at December 28, 2002 and 105,500 shares at
December 29, 2001 .......................................... ——
Treasury stock, at cost, 5,711 shares at December 28, 2002 and 6,488 shares at
December 29, 2001 .......................................... (23,061) (26,196)
Accumulated equity (deficit) ..................................... 73,482 (73,998)
Accumulated other comprehensive loss .............................. (3,873) (13,323)
TOTAL SHAREHOLDERS’ EQUITY (DEFICIT) .................... 46,548 (113,517)
TOTAL LIABILITIES, REDEEMABLE PREFERRED STOCK AND
SHAREHOLDERS’ EQUITY (DEFICIT) ........................ $609,903 $482,848
The accompanying notes are an integral part of the consolidated financial statements.
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