WeightWatchers 2006 Annual Report Download - page 67

Download and view the complete annual report

Please find page 67 of the 2006 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 112

  • 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

WEIGHT WATCHERS INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS AT
(IN THOUSANDS)
December 30,
2006
December 31,
2005
ASSETS
CURRENT ASSETS
Cash and cash equivalents ............................................... $ 37,504 $ 31,476
Receivables (net of allowances: December 30, 2006—$1,673 and December 31,
2005—$1,882) .................................................. 40,324 28,040
Inventories, net .................................................... 38,548 31,678
Prepaid expenses .................................................. 34,927 25,638
Deferred income taxes .............................................. 3,443 10,878
TOTAL CURRENT ASSETS .................................... 154,746 127,710
Property and equipment, net ............................................. 31,033 20,775
Franchise rights acquired ................................................ 691,903 555,604
Goodwill ............................................................ 51,329 51,305
Trademarks and other intangible assets ..................................... 21,027 8,837
Deferred income taxes .................................................. 43,931 61,917
Deferred financing costs, net ............................................. 5,296 6,145
Other noncurrent assets ................................................. 3,127 3,198
TOTAL ASSETS .............................................. $1,002,392 $ 835,491
LIABILITIES AND SHAREHOLDERS’ DEFICIT
CURRENT LIABILITIES
Portion of long-term debt due within one year ........................... $ 18,922 $ 4,700
Accounts payable .................................................. 31,891 19,714
Dividend payable .................................................. 17,062 —
Salaries and wages ................................................. 35,909 30,688
Other accrued liabilities ............................................. 73,789 51,337
Income taxes payable ............................................... 6,457 13,710
Deferred income taxes .............................................. 9,063 7,250
Deferred revenue .................................................. 43,439 38,489
TOTAL CURRENT LIABILITIES ................................ 236,532 165,888
Long-term debt ........................................................ 830,237 741,425
Deferred income taxes .................................................. — 26
Other ............................................................... 3,990 8,803
TOTAL LIABILITIES .......................................... 1,070,759 916,142
Commitments and contingencies (Note 14)
SHAREHOLDERS’ DEFICIT
Dividend to Artal Luxembourg S.A. ................................... (304,835) (304,835)
Common stock, $0 par 1,000,000 shares authorized; 111,988 shares issued and
outstanding ..................................................... — —
Treasury stock, at cost, 14,486 shares at December 30, 2006 and 11,410 shares
at December 31, 2005 ............................................ (540,318) (390,864)
Retained earnings .................................................. 770,539 609,053
Accumulated other comprehensive income .............................. 6,247 5,995
TOTAL SHAREHOLDERS’ DEFICIT ............................ (68,367) (80,651)
TOTAL LIABILITIES AND SHAREHOLDERS’ DEFICIT ............ $1,002,392 $ 835,491
The accompanying notes are an integral part of the consolidated financial statements.
F-4