Callaway 1998 Annual Report Download - page 21

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CALLAWAY GOLF COMPANY
19
CONSOLIDATED BALANCE SHEET
(in thousands, except share and per share data) December 31,
1998 1997
ASSETS
Current assets:
Cash and cash equivalents $ 45,618 $ 26,204
Accounts receivable, net 73,466 124,470
Inventories, net 149,192 97,094
Deferred taxes 51,029 23,810
Other current assets 4,301 10,208
Total current assets 323,606 281,786
Property, plant and equipment, net 172,794 142,503
Intangible assets, net 127,779 112,141
Other assets 31,648 25,284
$655,827 $561,714
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued expenses $ 35,928 $ 30,063
Accrued employee compensation and benefits 11,083 14,262
Accrued warranty expense 35,815 28,059
Line of credit 70,919
Note payable 12,971
Accrued restructuring costs 7,389
Income taxes payable 9,903
Total current liabilities 184,008 72,384
Long-term liabilities:
Deferred compensation 7,606 7,905
Accrued restructuring costs 11,117
Commitments and contingencies (Note 10)
Shareholders’ equity:
Preferred Stock, $.01 par value, 3,000,000 shares authorized, none issued
and outstanding at December 31, 1998 and 1997
Common Stock, $.01 par value, 240,000,000 shares authorized, 75,095,087
and 74,251,664 issued and outstanding at December 31, 1998 and 1997 751 743
Paid-in capital 258,015 337,403
Unearned compensation (5,653) (3,575)
Retained earnings 252,528 298,728
Accumulated other comprehensive income 1,780 (559)
Less: Grantor Stock Trust (5,300,000 shares at December 31, 1998
and 1997) at market (Note 5) (54,325) (151,315)
Total shareholders’ equity 453,096 481,425
$655,827 $561,714
See accompanying notes to consolidated financial statements.