Circuit City 2002 Annual Report Download - page 28

Download and view the complete annual report

Please find page 28 of the 2002 Circuit City 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 49

  • 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

significant estimates made by management, as well as evaluating the overall financial statement presentation. We
believe that our audits provide a reasonable basis for our opinion.
In our opinion, such consolidated financial statements present fairly, in all material respects, the consolidated financial
position of the Company at December 31, 2002 and 2001, and the consolidated results of their operations and their cash
flows for each of the three years in the period ended December 31, 2002 in conformity with accounting principles
generally accepted in the United States of America.
As discussed in Note 1 to the consolidated financial statements, the Company changed its method for accounting for
goodwill and other intangible assets in 2002 to conform to Financial Accounting Standards Board Statement No. 142
("Goodwill and Other Intangibles").
/s/ Deloitte & Touche LLP
DELOITTE & TOUCHE LLP
New York, New York
February 21, 2003
SYSTEMAX INC.
CONSOLIDATED BALANCE SHEETS
DECEMBER 31, 2002 AND 2001
(IN THOUSANDS, except for share data)
2002 2001
---- ----
ASSETS
------
CURRENT ASSETS:
Cash and cash equivalents$62,995 $36,464
Accounts receivable, net of allowances of $11,275 (2002) and $11,120 (2001)148,554 136,358
Inventories98,401 92,170
Prepaid expenses and other current assets31,343 18,884
Income taxes receivable 7,755
Deferred income tax benefits9,073 9,650
------- ---------
Total current assets350,366 301,281
PROPERTY, PLANT AND EQUIPMENT, net71,133 82,623
GOODWILL, net 67,967
DEFERRED INCOME TAX BENEFITS15,100
OTHER ASSETS1,305 2,576
------- ---------
TOTAL$437,904 $454,447
======== =========
LIABILITIES AND SHAREHOLDERS' EQUITY:
CURRENT LIABILITIES:
Amounts due to banks$21,211 $2,829
Accounts payable131,510 139,472
Accrued expenses and other current liabilities64,349 55,641
-------- ---------
Total current liabilities217,070 197,942
-------- ---------
LONG-TERM DEBT17,519
DEFERRED TAX LIABILITIES 1,557
OTHER LIABILITIES1,398
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 shares; outstanding 34,104,290 shares382 382
Additional paid-in capital176,743 176,743
Accumulated other comprehensive loss(2,130) (8,038)
Retained earnings75,411 134,350
-------- ---------
250,406 303,437
-------- ---------
Less: common stock in treasury at cost - 4,127,700 shares48,489 48,489
-------- ---------
Total shareholders' equity201,917 254,948