WeightWatchers 2005 Annual Report Download - page 80

Download and view the complete annual report

Please find page 80 of the 2005 WeightWatchers annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 128

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128

WEIGHT WATCHERS INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS AT
(IN THOUSANDS)
December 31, January 1,
2005 2005
ASSETS
CURRENT ASSETS
Cash and cash equivalents ....................................... $ 31,476 $ 35,156
Receivables (net of allowances: December 31, 2005—$1,882 and January 1, 2005—
$2,008) .................................................. 28,040 21,778
Inventories, net .............................................. 31,678 32,929
Prepaid expenses ............................................. 25,638 31,636
Deferred income taxes ......................................... 10,878 4,317
TOTAL CURRENT ASSETS ................................... 127,710 125,816
Property and equipment, net ....................................... 20,775 17,480
Franchise rights acquired ......................................... 555,604 557,121
Goodwill .................................................... 51,305 25,125
Trademarks and other intangible assets ................................ 8,837 5,721
Deferred income taxes ........................................... 61,917 77,964
Deferred financing costs, net ....................................... 6,145 3,240
Other noncurrent assets .......................................... 3,198 3,719
TOTAL ASSETS ............................................ $835,491 $ 816,186
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Portion of long-term debt due within one year ......................... $ 4,700 $ 3,000
Accounts payable ............................................. 19,714 20,760
Salaries and wages ............................................ 30,688 27,173
Other accrued liabilities ......................................... 51,337 35,079
Income taxes payable .......................................... 13,710 34,684
Deferred income taxes ......................................... 7,250 4,844
Deferred revenue ............................................. 38,489 27,082
TOTAL CURRENT LIABILITIES ............................... 165,888 152,622
Long-term debt ................................................ 741,425 466,125
Deferred income taxes ........................................... 26 715
Other ...................................................... 8,803 285
TOTAL LIABILITIES ........................................ 916,142 619,747
Commitments and contingencies (Note 14)
SHAREHOLDERS’ EQUITY (DEFICIT)
Dividend to Artal Luxembourg S.A. ................................ (304,835) —
Common stock, $0 par 1,000,000 shares authorized; 111,988 shares issued and
outstanding ................................................ — —
Treasury stock, at cost, 11,410 shares at December 31, 2005 and 9,575 shares at
January 1, 2005 .............................................. (390,864) (222,547)
Deferred compensation .......................................... (8,417) (233)
Retained earnings .............................................. 617,470 413,425
Accumulated other comprehensive income ............................. 5,995 5,794
TOTAL SHAREHOLDERS’ EQUITY (DEFICIT) .................... (80,651) 196,439
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY (DEFICIT) ...... $835,491 $ 816,186
The accompanying notes are an integral part of the consolidated financial statements.
F-4