Circuit City 1998 Annual Report Download - page 23

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GLOBAL DIRECTMAIL CORP
CONSOLIDATED BALANCE SHEETS
DECEMBER 31, 1998 AND 1997
(IN THOUSANDS)
1998 1997
---- ----
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 42,029 $ 43,432
Short-term investments 5,050 9,017
Accounts receivable, net 154,516 132,741
Inventories 129,966 102,599
Prepaid expenses and other current assets 21,517 21,482
Deferred income tax benefit 6,865 4,059
--------- ----------
Total current assets 359,943 313,330
PROPERTY, PLANT AND EQUIPMENT, net 33,988 29,401
GOODWILL, net 56,612 53,258
DEFERRED INCOME TAX BENEFIT 3,084 3,122
OTHER ASSETS 812 634
--------- ----------
TOTAL $ 454,439 $ 399,745
========= ==========
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable $ 114,783 $ 75,170
Accrued expenses and other current liabilities 47,853 50,392
Current portion of long-term debt 2,681 12
--------- ----------
Total current liabilities 165,317 125,574
--------- ----------
LONG-TERM DEBT 2,493 1,972
--------- ----------
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS' EQUITY:
Preferred stock, par value $.01 per share, authorized
25 million shares, issued none
Common stock, par value $.01 per share, authorized
150 million shares, issued 38,231,990;
outstanding 36,128,090 (1998) and 38,231,990 (1997) 382 382
Additional paid-in capital 176,743 176,743
Common stock in treasury at cost - 2,103,900 shares in 1998 (28,604)
Accumulated other comprehensive income (348) (2,130)
Retained earnings 138,456 97,204
--------- ----------
Total shareholders' equity 286,629 272,199
--------- ----------
TOTAL $ 454,439 $ 399,745
========= ==========
See notes to consolidated financial statements.