WeightWatchers 2009 Annual Report Download - page 75

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WEIGHT WATCHERS INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS AT
(IN THOUSANDS)
January 2,
2010
January 3,
2009
ASSETS
CURRENT ASSETS
Cash and cash equivalents ............................................... $ 46,137 $ 47,322
Receivables (net of allowances: January 2, 2010—$3,762 and January 3,
2009—$3,513) ...................................................... 39,622 37,850
Inventories, net ........................................................ 32,488 40,121
Prepaid income taxes ................................................... 28,375 29,782
Deferred income taxes .................................................. 18,242 32,331
Prepaid expenses and other current assets ................................... 35,087 37,635
TOTAL CURRENT ASSETS ........................................ 199,951 225,041
Property and equipment, net ................................................. 36,038 37,508
Franchise rights acquired .................................................... 758,617 743,572
Goodwill ................................................................ 51,373 51,296
Trademarks and other intangible assets, net ..................................... 31,633 33,531
Deferred income taxes ...................................................... — 8,105
Deferred financing costs, net ................................................. 6,563 4,579
Other noncurrent assets ..................................................... 3,334 3,120
TOTAL ASSETS .................................................. $1,087,509 $ 1,106,752
LIABILITIES AND SHAREHOLDERS’ DEFICIT
CURRENT LIABILITIES
Portion of long-term debt due within one year ............................... $ 215,000 $ 162,500
Accounts payable ...................................................... 28,371 33,151
Dividend payable ...................................................... 13,786 13,876
Salaries and wages payable .............................................. 42,734 39,071
Accrued interest ....................................................... 220 17,601
U.K. VAT liability ..................................................... 33,568 42,905
U.K. Self-employment liability ........................................... 36,660 —
Derivative payable ..................................................... 40,947 61,532
Other accrued liabilities ................................................. 56,124 50,359
Income taxes payable ................................................... 176 14,083
Deferred revenue ...................................................... 68,469 60,046
TOTAL CURRENT LIABILITIES .................................... 536,055 495,124
Long-term debt ........................................................... 1,238,000 1,485,000
Deferred income taxes ...................................................... 34,624 2,685
Other ................................................................... 12,100 10,932
TOTAL LIABILITIES ............................................. 1,820,779 1,993,741
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, 34,947 shares at January 2, 2010 and 35,067 shares at
January 3, 2009 ..................................................... (1,684,343) (1,684,828)
Retained earnings ...................................................... 1,260,349 1,131,080
Accumulated other comprehensive loss .................................... (7,683) (28,933)
TOTAL WEIGHT WATCHERS INTERNATIONAL, INC. DEFICIT ........ (736,512) (887,516)
Noncontrolling interest ................................................. 3,242 527
TOTAL DEFICIT ................................................. (733,270) (886,989)
TOTAL LIABILITIES AND TOTAL DEFICIT ......................... $1,087,509 $ 1,106,752
The accompanying notes are an integral part of the consolidated financial statements.
F-3