WeightWatchers 2008 Annual Report Download - page 68

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WEIGHT WATCHERS INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS AT
(IN THOUSANDS)
January 3,
2009
December 29,
2007
ASSETS
CURRENT ASSETS
Cash and cash equivalents .......................................... $ 47,322 $ 39,823
Receivables (net of allowances: January 3, 2009—$3,513 and December 29,
2007—$2,591 .................................................. 37,850 42,368
Inventories, net ................................................... 40,121 44,607
Prepaid income taxes .............................................. 29,782 7,473
Deferred income taxes ............................................. 32,331 20,104
Prepaid expenses and other current assets .............................. 37,635 31,961
TOTAL CURRENT ASSETS ................................... 225,041 186,336
Property and equipment, net ............................................. 37,508 36,156
Franchise rights acquired ............................................... 743,572 724,188
Goodwill ............................................................ 51,296 51,364
Trademarks and other intangible assets .................................... 33,531 29,035
Deferred income taxes ................................................. 8,105 9,917
Deferred financing costs, net ............................................ 4,579 5,996
Other noncurrent assets ................................................ 3,120 3,229
TOTAL ASSETS ............................................. $1,106,752 $ 1,046,221
LIABILITIES AND SHAREHOLDERS’ DEFICIT
CURRENT LIABILITIES
Portion of long-term debt due within one year ........................... $ 162,500 $ 45,625
Accounts payable ................................................. 33,151 42,678
Dividend payable ................................................. 13,876 14,233
Salaries and wages payable ......................................... 39,071 43,497
Accrued interest .................................................. 17,601 24,324
U.K. VAT liability ................................................ 42,905 23,428
Derivative payable ................................................ 61,532 23,546
Other accrued liabilities ............................................ 50,359 62,415
Income taxes payable .............................................. 14,083 19,296
Deferred revenue ................................................. 60,046 59,389
TOTAL CURRENT LIABILITIES ............................... 495,124 358,431
Long-term debt ....................................................... 1,485,000 1,602,500
Deferred income taxes ................................................. 2,685 1,786
Other ............................................................... 11,459 9,834
TOTAL LIABILITIES ......................................... 1,994,268 1,972,551
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 .... — —
Treasury stock, at cost, 35,067 shares at January 3, 2009 and 32,578 shares at
December 29, 2007 .............................................. (1,684,828) (1,570,054)
Retained earnings ................................................. 1,131,080 950,213
Accumulated other comprehensive loss ................................ (28,933) (1,654)
TOTAL SHAREHOLDERS’ DEFICIT ............................ (887,516) (926,330)
TOTAL LIABILITIES AND SHAREHOLDERS’ DEFICIT ........... $1,106,752 $ 1,046,221
The accompanying notes are an integral part of the consolidated financial statements.
F-3