Circuit City 2004 Annual Report Download - page 39

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(As restated - see Note 2)
ASSETS:
CURRENT ASSETS:
Cash and cash equivalents $36,257 $38,702
Accounts receivable, net of allowances of $11,318 (2004) and $10,000 (2003) 137,706 136,391
Inventories, net 192,774 147,707
Prepaid expenses and other current assets 22,096 26,849
Deferred income tax assets, net 9,594 10,915
------- -------
Total current assets 398,427 360,564
PROPERTY, PLANT AND EQUIPMENT, net 65,563 68,647
DEFERRED INCOME TAX ASSETS, net 18,645 15,673
OTHER ASSETS 561 376
------- -------
TOTAL $483,196 $445,260
======== ========
LIABILITIES AND SHAREHOLDERS' EQUITY:
CURRENT LIABILITIES:
Short-term borrowings, including current portions of long-term debt $25,020 $20,814
Accounts payable 165,761 144,662
Accrued expenses and other current liabilities 59,639 51,037
------- -------
Total current liabilities 250,420 216,513
------- -------
LONG-TERM DEBT 8,639 18,353
OTHER LIABILITIES 1,505 1,768
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 34,432,799 (2004) and 34,288,068 (2003)
shares 382 382
Additional paid-in capital 180,640 175,343
Accumulated other comprehensive income, net of tax 3,920 1,933
Retained earnings 87,486 77,298
Common stock in treasury at cost - 3,799,191 (2004) and 3,943,922 (2003)
shares (44,630) (46,330)
Unearned restricted stock compensation (5,166) -
------- -------
Total shareholders' equity 222,632 208,626
------- -------
TOTAL $483,196 $445,260
======== ========
See notes to consolidated financial statements.
42
SYSTEMAX INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE YEARS ENDED DECEMBER 31, 2004, 2003 AND 2002
(IN THOUSANDS, except per common share amounts)
2004 2003 2002
---- ---- ----
(As restated, see Note 2)
Net sales $1,928,147 $1,655,736 $1,551,936
Cost of sales 1,641,681 1,390,840 1,285,592
-------------- -------------- --------------
Gross profit 286,466 264,896 266,344
Selling, general and administrative expenses 260,111 251,460 256,075
Restructuring and other charges 7,356 1,726 17,294
Goodwill impairment 2,560
-------------- -------------- --------------
Income (loss) from operations 18,999 9,150 (7,025)