WeightWatchers 2003 Annual Report Download - page 56
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WEIGHT WATCHERS INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS AT
(IN THOUSANDS)
January 3, December 28,
2004 2002
ASSETS
CURRENT ASSETS
Cash and cash equivalents ..................................... $23,442 $ 57,530
Receivables (net of allowances: January 3, 2004–$1,026 and
December 28, 2002–$707) .................................... 18,545 19,106
Inventories, net ............................................. 39,110 38,583
Prepaid expenses ............................................ 29,724 25,700
Deferred income taxes ........................................ 3,804 4,222
TOTAL CURRENT ASSETS ................................. 114,625 145,141
Property and equipment, net ..................................... 15,747 12,490
Notes and other receivables ..................................... 222 243
Franchise rights acquired ....................................... 496,261 284,815
Goodwill ................................................... 23,779 23,384
Trademarks and other intangible assets ............................. 2,454 2,353
Deferred income taxes ......................................... 109,799 128,231
Deferred financing costs, net ..................................... 4,583 7,851
Other noncurrent assets ........................................ 2,218 1,842
TOTAL ASSETS .......................................... $769,688 $606,350
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Portion of long-term debt due within one year ...................... $15,554 $ 18,361
Accounts payable ........................................... 22,287 20,247
Salaries and wages .......................................... 20,799 16,618
Accrued interest ............................................ 2,358 8,598
Other accrued liabilities ....................................... 32,021 29,856
Income taxes payable ........................................ 24,624 13,972
Deferred revenue ........................................... 16,527 15,432
TOTAL CURRENT LIABILITIES ............................. 134,170 123,084
Long-term debt .............................................. 454,320 436,319
Other ..................................................... 10 399
TOTAL LIABILITIES ...................................... 588,500 559,802
Commitments and contingencies (Note 15)
SHAREHOLDERS’ EQUITY
Common stock, $0 par 1,000,000 shares authorized; 111,988 shares issued
and outstanding ........................................... — —
Treasury stock, at cost, 5,639 shares at January 3, 2004 and 5,711 shares at
December 28, 2002 ........................................ (48,421) (23,061)
Deferred compensation ....................................... (214) —
Retained earnings ........................................... 223,557 73,482
Accumulated other comprehensive income (loss) ..................... 6,266 (3,873)
TOTAL SHAREHOLDERS’ EQUITY .......................... 181,188 46,548
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY .......... $769,688 $606,350
The accompanying notes are an integral part of the consolidated financial statements.
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