WeightWatchers 2007 Annual Report Download - page 65

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WEIGHT WATCHERS INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS AT
(IN THOUSANDS)
December 29,
2007
December 30,
2006
ASSETS
CURRENT ASSETS
Cash and cash equivalents ........................................... $ 39,823 $ 37,504
Receivables (net of allowances: December 29, 2007—$2,591 and December
30, 2006—$1,673) ............................................... 42,368 40,324
Inventories, net ................................................... 44,607 38,548
Derivative receivable ............................................... — 1,993
Deferred income taxes .............................................. 20,104 9,835
Prepaid expenses and other current assets .............................. 39,434 40,316
TOTAL CURRENT ASSETS .................................... 186,336 168,520
Property and equipment, net ............................................. 37,649 31,033
Franchise rights acquired ............................................... 724,188 691,903
Goodwill ............................................................ 51,364 51,329
Trademarks and other intangible assets .................................... 27,542 21,027
Deferred income taxes .................................................. 9,917 28,476
Deferred financing costs, net ............................................. 5,996 5,296
Other noncurrent assets ................................................. 3,229 3,127
TOTAL ASSETS ............................................. $1,046,221 $1,000,711
LIABILITIES AND SHAREHOLDERS’ DEFICIT
CURRENT LIABILITIES
Portion of long-term debt due within one year ........................... $ 45,625 $ 18,922
Accounts payable ................................................. 42,678 31,891
Dividend payable .................................................. 14,233 17,062
Salaries and wages ................................................ 43,497 35,909
Accrued interest ................................................... 24,324 8,189
Derivative payable ................................................. 23,546 —
Other accrued liabilities ............................................ 85,843 65,600
Income taxes payable .............................................. 19,296 11,839
Deferred revenue .................................................. 59,389 43,439
TOTAL CURRENT LIABILITIES ............................... 358,431 232,851
Long-term debt ....................................................... 1,602,500 830,237
Deferred income taxes .................................................. 1,786 —
Other ............................................................... 9,834 5,990
TOTAL LIABILITIES ......................................... 1,972,551 1,069,078
Commitments and contingencies (Note 13)
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 .... — —
Treasury stock, at cost, 32,578 shares at December 29, 2007 and 14,486 shares
at December 30, 2006 ............................................ (1,570,054) (540,318)
Retained earnings ................................................. 950,213 770,539
Accumulated other comprehensive (loss)/income ........................ (1,654) 6,247
TOTAL SHAREHOLDERS’ DEFICIT ............................ (926,330) (68,367)
TOTAL LIABILITIES AND SHAREHOLDERS’ DEFICIT ........... $1,046,221 $1,000,711
The accompanying notes are an integral part of the consolidated financial statements.
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