Circuit City 2005 Annual Report Download - page 45

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in the United States of America. Also, in our opinion, such financial statement schedule for each of the two years in
the period ended December 31, 2004, when considered in relation to the basic consolidated financial statements taken
as a whole, presents fairly, in all material respects, the information set forth therein.
As discussed in Note 2 to the consolidated financial statements, the accompanying consolidated financial statements
had been restated.
DELOITTE & TOUCHE LLP
New York, New York
April 13, 2005 (November 17, 2005 as to the effects of the restatement discussed in Note 2)
SYSTEMAX INC.
CONSOLIDATED BALANCE SHEETS
DECEMBER 31, 2005 AND 2004
(IN THOUSANDS, except for share data)
2005 2004
As
previously
restated -
see
Note 2
ASSETS:
CURRENT ASSETS:
Cash and cash equivalents
$
$
36,257
Accounts receivable, net of allowances of $12,508 (2005) and $11,318 (2004)
143,001
137,706
Inventories, net
189,502
192,774
Prepaid expenses and other current assets
22,096
Deferred income tax assets, net
9,227
9,594
Total current assets
431,132
398,427
PROPERTY, PLANT AND EQUIPMENT, net
65,563
DEFERRED INCOME TAX ASSETS, net
18,645
OTHER ASSETS
2,053
561
TOTAL
$
504,544
$
483,196
LIABILITIES AND SHAREHOLDERS' EQUITY:
CURRENT LIABILITIES:
Short
-
term borrowings, including current portions of long
-
term debt
$
$
25,020
Accounts payable
171,667
165,761
Accrued expenses and other current liabilities
59,639
Total current liabilities
261,328
250,420
LONG
-
TERM DEBT
8,028
8,639
OTHER LIABILITIES
2,346
1,505
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 34,761,174 (2005) and 34,432,799 (2004) shares
382
382