WeightWatchers 2002 Annual Report Download - page 83

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WEIGHT WATCHERS INTERNATIONAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
20. Guarantor Subsidiaries (Continued)
WW Food Corp.; Waist Watchers, Inc.; Weight Watchers Camps, Inc.; W.W. Camps and Spas, Inc.;
Weight Watchers Direct, Inc.; W/W Twentyfirst Corporation; W.W. Weight Reduction Services, Inc.;
W.W.I. European Services Ltd.; W.W. Inventory Service Corp.; Weight Watchers North America, Inc.;
Weight Watchers U.K. Holdings Ltd.; Weight Watchers International Holdings Ltd.; Weight Watchers
(U.K.) Limited; Weight Watchers (Exercise) Ltd.; Weight Watchers (Accessories & Publications) Ltd.;
Weight Watchers (Food Products) Limited; Weight Watchers New Zealand Limited; BLTC Pty Ltd.;
LLTC Pty Ltd.; Weight Watchers Asia Pacific Finance Limited Partnership (APF); Weight Watchers
International Pty Limited; Fortuity Pty Ltd; and Gutbusters Pty Ltd. (collectively, the ‘‘Guarantor
Subsidiaries’’). The obligations of each Guarantor Subsidiary under its guarantee of the Notes are
subordinated to such subsidiary’s obligations under its guarantee of the new senior credit facility.
Presented below is condensed consolidating financial information for Weight Watchers
International, Inc. (‘‘Parent Company’’), the Guarantor Subsidiaries and the Non-Guarantor
Subsidiaries (primarily companies incorporated in European countries other than the United Kingdom).
In the Company’s opinion, separate financial statements and other disclosures concerning each of the
Guarantor Subsidiaries would not provide additional information that is material to investors.
Therefore, the Guarantor Subsidiaries are combined in the presentation below.
Investments in subsidiaries are accounted for by the Parent Company on the equity method of
accounting. Earnings of subsidiaries are, therefore, reflected in the Parent Company’s investments in
subsidiaries’ accounts. The elimination entries eliminate investments in subsidiaries and intercompany
balances and transactions.
F-34