Circuit City 2003 Annual Report Download - page 46

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2003 2002
---- ----
ASSETS:
CURRENT ASSETS:
Cash and cash equivalents $38,702 $62,995
Accounts receivable, net of allowances of $10,000 (2003) and $11,275 (2002) 152,435 148,554
Inventories 133,905 98,401
Prepaid expenses and other current assets 26,849 31,343
Deferred income tax assets 10,132 9,073
------- -------
Total current assets 362,023 350,366
PROPERTY, PLANT AND EQUIPMENT, net 68,647 71,133
DEFERRED INCOME TAX ASSETS 14,606 15,100
OTHER ASSETS 376 1,305
------- -------
TOTAL $445,652 $437,904
======== ========
LIABILITIES AND SHAREHOLDERS' EQUITY:
CURRENT LIABILITIES:
Short-term borrowings, including current portions of long-term debt $20,814 $21,211
Accounts payable 141,106 131,510
Accrued expenses and other current liabilities 51,037 64,349
------- -------
Total current liabilities 212,957 217,070
------- -------
LONG-TERM DEBT 18,353 17,519
OTHER LIABILITIES 1,768 1,398
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 34,288,068 (2003) and 34,104,290 (2002)
shares 382 382
Additional paid-in capital 175,343 176,743
Accumulated other comprehensive income (loss), net of tax 2,157 (2,130)
Retained earnings 81,022 75,411
------- -------
258,904 250,406
Less: common stock in treasury at cost - 3,943,922 (2003) and 4,127,700
(2002) shares 46,330 48,489
------- -------
Total shareholders' equity 212,574 201,917
------- -------
TOTAL $445,652 $437,904
======== ========
See notes to consolidated financial statements.
SYSTEMAX INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE YEARS ENDED DECEMBER 31, 2003, 2002 AND 2001
(IN THOUSANDS, EXCEPT PER COMMON SHARE AMOUNTS)
2003 2002 2001
---- ---- ----
Net sales $1,657,778 $1,551,517 $1,546,975
Cost of sales 1,389,509 1,285,929 1,270,051
--------------- --------------- ---------------
Gross profit 268,269 265,588 276,924
Selling, general and administrative expenses 251,460 256,075 271,636
Restructuring and other charges 1,726 17,294 2,758
Goodwill impairment 2,560
--------------- --------------- ---------------
Income (loss) from operations 12,523 (7,781) 2,530
Interest and other income, net (755) (427) (276)
Interest expense 2,344 1,653 1,764
--------------- --------------- ----------------
Income (loss) before income taxes 10,934 (9,007) 1,042
Provision (benefit) for income taxes 5,323 (1,039) 389
--------------- --------------- ----------------
Income (loss) before cumulative effect of change in accounting 5,611 (7,968) 653
principle, net of tax
Cumulative effect of change in accounting principle, net of tax (50,971)