WeightWatchers 2011 Annual Report Download - page 87

Download and view the complete annual report

Please find page 87 of the 2011 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 130

  • 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
  • 129
  • 130

WEIGHT WATCHERS INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS AT
(IN THOUSANDS)
December 31,
2011
January 1,
2011
ASSETS
CURRENT ASSETS
Cash and cash equivalents .......................................... $ 47,469 $ 40,534
Receivables (net of allowances: December 31, 2011—$5,315 and January 1,
2011—$5,191) ................................................. 47,175 43,722
Inventories, net ................................................... 53,437 40,571
Prepaid income taxes .............................................. 3,071 11,619
Deferred income taxes ............................................. 24,612 19,800
Prepaid expenses and other current assets .............................. 38,762 34,196
TOTAL CURRENT ASSETS ................................... 214,526 190,442
Property and equipment, net ............................................. 41,072 30,930
Franchise rights acquired ............................................... 764,026 765,864
Goodwill ............................................................ 50,012 51,425
Trademarks and other intangible assets, net ................................. 37,461 29,962
Deferred financing costs, net ............................................ 8,720 13,391
Other noncurrent assets ................................................ 5,811 9,973
TOTAL ASSETS ............................................. $1,121,628 $ 1,091,987
LIABILITIES AND TOTAL DEFICIT
CURRENT LIABILITIES
Portion of long-term debt due within one year ........................... $ 124,933 $ 197,524
Accounts payable ................................................. 60,810 39,589
Dividend payable ................................................. 13,145 13,158
Salaries and wages payable ......................................... 62,705 48,443
UK Self-employment liability ....................................... 43,671 40,782
Derivative payable ................................................ 24,613 39,753
Other accrued liabilities ............................................ 80,572 86,198
Deferred revenue ................................................. 83,758 73,688
TOTAL CURRENT LIABILITIES ............................... 494,207 539,135
Long-term debt ....................................................... 926,868 1,167,561
Deferred income taxes ................................................. 100,723 62,807
Other ............................................................... 9,596 13,208
TOTAL LIABILITIES ......................................... 1,531,394 1,782,711
Commitments and contingencies (Note 13)
TOTAL DEFICIT
Common stock, $0 par value; 1,000,000 shares authorized; 111,988 shares
issued ........................................................ 0 0
Treasury stock, at cost, 38,389 shares at December 31, 2011 and 38,618 shares
at January 1, 2011 ............................................... (1,793,983) (1,794,066)
Retained earnings ................................................. 1,378,616 1,103,817
Accumulated other comprehensive income (loss) ........................ 5,601 (4,517)
TOTAL WEIGHT WATCHERS INTERNATIONAL, INC. DEFICIT . . . (409,766) (694,766)
Noncontrolling interest ............................................. 0 4,042
TOTAL DEFICIT ............................................. (409,766) (690,724)
TOTAL LIABILITIES AND TOTAL DEFICIT ..................... $1,121,628 $ 1,091,987
The accompanying notes are an integral part of the consolidated financial statements.
F-3