Cobra 2003 Annual Report Download - page 15

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C O B R A ฀ A N N U A L ฀ R E P O R T ฀ 2 0 0 3 ฀
P A G E 1 3
C O N S O L I D AT E D B A L A N C E S H E E T S
At December 31,
In฀thousands,฀except฀share฀data 2003 2002
ASSETS
Current฀assets:
฀ Cash฀ $฀ 4,736฀฀ $฀ 2,829
฀ Receivables,฀less฀allowances฀for฀claims฀and฀doubtful฀accounts฀of฀$577
฀ ฀ in฀2003฀and฀$1,179฀in฀2002฀ ฀ 22,437฀฀ ฀ 24,784
฀ Inventories,฀primarily฀finished฀goods฀ ฀ 20,668฀฀ ฀ 20,956
฀ Deferred฀income฀taxes฀ ฀ 5,265฀฀ ฀ 6,552
฀ Other฀current฀assets฀ ฀ 3,285฀฀ ฀ 3,468
฀ Total฀current฀assets฀ ฀ 56,391฀฀ ฀ 58,589
Property,฀plant฀and฀equipment,฀at฀cost:
฀ Land฀ ฀ 330฀฀ ฀ 330
฀ Buildings฀and฀improvements฀ ฀ 4,464฀฀ ฀ 4,542
฀ Tooling฀and฀equipment฀ ฀ 21,379฀฀ ฀ 19,865
฀ ฀ ฀ ฀ 26,173฀฀ ฀ 24,737
฀ Accumulated฀depreciation฀ ฀(19,466฀)฀ ฀(17,317฀)
฀ Net฀property,฀plant฀and฀equipment฀ ฀ 6,707฀฀ ฀ 7,420
Other฀assets:
฀ Cash฀surrender฀value฀of฀officers’฀life฀insurance฀policies฀ ฀ 6,564฀฀ ฀ 5,966
฀ Other฀฀ ฀ 6,571฀฀ ฀ 2,807
฀ Total฀other฀assets฀ ฀ 13,135฀฀ ฀ 8,773
Total฀assets฀ $฀76,233฀฀ $฀74,782
LIABILITIES฀AND฀SHAREHOLDERS’฀EQUITY:
Current฀liabilities:
฀ Accounts฀payable฀ $฀ 3,073฀฀ $฀ 4,292
฀ Accrued฀salaries฀and฀commissions฀ ฀ 1,189฀฀ ฀ 881
฀ Accrued฀advertising฀and฀sales฀promotion฀costs฀ ฀ 2,766฀฀ ฀ 2,002
฀ Accrued฀product฀warranty฀costs฀ ฀ 1,524฀฀ ฀ 2,137
฀ Other฀accrued฀liabilities฀ ฀ 1,453฀฀ ฀ 2,133
฀ Total฀current฀liabilities฀ ฀ 10,005฀฀ ฀ 11,445
Non-current฀liabilities:
฀ Deferred฀compensation฀ ฀ 4,556฀฀ ฀ 3,785
฀ Deferred฀income฀taxes฀ ฀ 3,836฀฀ ฀ 3,673
฀ Other฀long฀term฀liabilities฀ ฀ 135฀฀ ฀ –฀
฀ Total฀non-current฀liabilities฀ ฀ 8,527฀฀ ฀ 7,458
Total฀liabilities฀ ฀ 18,532฀฀ ฀ 18,903
Commitments฀and฀contingencies
Shareholders’฀equity:
฀ Preferred฀stock,฀$1฀par฀value,฀shares฀authorized–1,000,000;฀none฀issued฀ ฀ –฀฀ ฀ –฀฀
฀ Common฀stock,฀$.33฀1⁄3฀par฀value,฀12,000,000฀shares฀authorized,
฀ ฀ 7,039,100฀issued฀for฀2003฀and฀2002฀ ฀ 2,345฀฀ ฀ 2,345
฀ Paid-in฀capital฀ ฀ 19,772฀฀ ฀ 19,772
฀ Retained฀earnings฀ ฀ 39,890฀฀ ฀ 38,049
฀ Accumulated฀comprehensive฀income฀ ฀ 16฀฀ ฀ 35
฀ ฀ ฀ ฀ ฀ 62,023฀฀ ฀ 60,201
฀ Treasury฀stock,฀at฀cost฀(619,323฀shares฀for฀2003฀and฀2002)฀ ฀ (3,922฀)฀ ฀ (3,922฀)
฀ Officer’s฀note฀receivable฀ ฀ (400฀)฀ ฀ (400฀)
฀ Total฀shareholders’฀equity฀ ฀ 57,701฀฀ ฀ 55,879฀
Total฀liabilities฀and฀shareholders’฀equity฀ $฀76,233฀฀ $฀74,782