Cobra 2004 Annual Report Download - page 15
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AtDecember31,
Inthousands,exceptsharedata 2004 2003
Assets
Currentassets:
Cash $ 2,600 $ 4,736
Receivables,lessallowancesforclaimsanddoubtfulaccountsof$270in2004and$577in2003 27,181 22,437
Inventories,primarilyfinishedgoods 19,551 20,668
Deferredincometaxes 5,209 5,265
Loanreceivable 2,465 —
Othercurrentassets 3,487 3,285
Totalcurrentassets 60,493 56,391
Property,plantandequipment,atcost:
Buildingsandimprovements 4,939 4,464
Toolingandequipment 16,318 21,379
21,257 25,843
Accumulateddepreciation (14,792) (19,466)
Land 330 330
Netproperty,plantandequipment 6,795 6,707
Otherassets:
Cashsurrendervalueofofficers’lifeinsurancepolicies 7,024 6,564
Intangibleassets 8,182 4,846
Loanreceivable — 1,725
Totalotherassets 15,206 13,135
Totalassets $82,494 $76,233
LiabilitiesandShareholders’Equity:
Currentliabilities:
Accountspayable $ 4,785 $ 3,073
Accruedsalariesandcommissions 1,074 1,189
Accruedadvertisingandsalespromotioncosts 2,470 2,766
Accruedproductwarrantycosts 1,277 1,524
Accruedincometaxes 1,896 157
Otheraccruedliabilities 1,696 1,296
Totalcurrentliabilities 13,198 10,005
Non-currentliabilities:
Deferredcompensation 5,564 4,556
Deferredincometaxes 3,206 3,836
Otherlongtermliabilities 399 135
Totalnon-currentliabilities 9,169 8,527
Totalliabilities 22,367 18,532
Shareholders’equity:
Preferredstock,$1parvalue,sharesauthorized-1,000,000;noneissued — —
Commonstock,$.331/3parvalue,12,000,000sharesauthorized,
7,039,100issuedfor2004and2003 2,345 2,345
Paid-incapital 19,650 19,772
Retainedearnings 42,271 39,890
Accumulatedcomprehensive(loss)income (17) 16
64,249 62,023
Treasurystock,atcost(594,285sharesfor2004and619,323sharesfor2003) (3,722) (3,922)
Officer’snotereceivable (400) (400)
Totalshareholders’equity 60,127 57,701
Totalliabilitiesandshareholders’equity $82,494 $76,233
C O N S O L I D AT E D B A L A N C E S H E E T S