WeightWatchers 2003 Annual Report Download - page 87

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WEIGHT WATCHERS INTERNATIONAL, INC. AND SUBSIDIARIES
SUPPLEMENTAL CONSOLIDATING BALANCE SHEET
AS OF JANUARY 3, 2004
(IN THOUSANDS)
Non-
Parent Guarantor Guarantor
Company Subsidiaries Subsidiaries Eliminations Consolidated
ASSETS
CURRENT ASSETS
Cash and cash equivalents ......... $ 2,170 $ 10,633 $10,639 $ — $ 23,442
Receivables, net ................. 4,474 12,219 1,852 — 18,545
Inventories, net ................. — 27,482 11,628 — 39,110
Prepaid expenses ................ 3,338 18,473 7,913 — 29,724
Deferred income taxes ............ (1,966) 5,770 — — 3,804
Intercompany (payables) receivables . . (177,601) 164,838 12,763 — —
TOTAL CURRENT ASSETS ..... (169,585) 239,415 44,795 — 114,625
Investment in consolidated subsidiaries . . 701,897 — — (701,897) —
Property and equipment, net ......... 1,317 12,324 2,106 — 15,747
Notes and other receivables .......... 222 — — — 222
Franchise rights acquired ............ 3,384 491,948 929 496,261
Goodwill ........................ 23,385 394 — — 23,779
Trademarks and other intangible assets . . 1,364 1,090 — — 2,454
Deferred income taxes .............. 38,495 72,136 (832) — 109,799
Deferred financing costs, net ......... 4,583 — — — 4,583
Other noncurrent assets ............. 463 1,240 515 — 2,218
TOTAL ASSETS .............. $605,525 $818,547 $47,513 $(701,897) $769,688
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Portion of long-term debt due within
one year ..................... $15,062 $ 492 $ — $ — $ 15,554
Accounts payable ................ 1,168 12,876 8,243 — 22,287
Salaries and wages ............... 6,967 7,874 5,958 — 20,799
Accrued interest ................. 2,152 206 — — 2,358
Other accrued liabilities ........... 8,084 21,359 2,578 — 32,021
Income taxes (receivable) payable .... (15,004) 39,546 82 — 24,624
Deferred revenue ................ — 14,662 1,865 — 16,527
TOTAL CURRENT LIABILITIES . 18,429 97,015 18,726 — 134,170
Long-term debt ................. 405,908 48,412 — — 454,320
Other ........................ — (18) 28 — 10
TOTAL LIABILITIES .......... 424,337 145,409 18,754 — 588,500
Shareholders’ equity .............. 181,188 673,138 28,759 (701,897) 181,188
TOTAL LIABILITIES AND
SHAREHOLDERS’ EQUITY . . . $605,525 $818,547 $47,513 $(701,897) $769,688
F-33