Cobra 2005 Annual Report Download - page 15

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13
At December 31,
In thousands, except share data 2005 2004
ASSETS
Current assets:
Cash $ 6,704 $ 2,600
Receivables, less allowances for claims and doubtful accounts of
$275 in 2005 and $270 in 2004 28,710 27,181
Inventories, primarily finished goods 21,837 19,551
Deferred income taxes 5,237 5,209
Loan receivable 3,374 2,465
Other current assets 5,614 3,487
Total current assets 71,476 60,493
Property, plant and equipment, at cost:
Buildings and improvements 5,398 4,939
Tooling and equipment 17,612 16,318
23,010 21,257
Accumulated depreciation (16,342 ) (14,792 )
Land 230 330
Net property, plant and equipment 6,898 6,795
Other assets:
Cash surrender value of officers’ life insurance policies 3,672 7,024
Intangible assets 10,084 8,182
Other assets 792 –
Total other assets 14,548 15,206
Total assets $ 92,922 $ 82,494
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable $ 5,292 $ 4,785
Accrued salaries and commissions 1,315 1,074
Accrued advertising and sales promotion costs 2,935 2,470
Accrued product warranty costs 1,618 1,277
Accrued income taxes 646 1,896
Other accrued liabilities 1,725 1,696
Total current liabilities 13,531 13,198
Non-current liabilities:
Deferred compensation 5,062 5,564
Deferred income taxes 1,691 3,206
Other long term liabilities 386 399
Total non-current liabilities 7,139 9,169
Total liabilities 20,670 22,367
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 2005 and 2004 2,345 2,345
Paid-in capital 19,761 19,650
Retained earnings 54,255 42,271
Accumulated comprehensive loss (251 ) (17 )
76,110 64,249
Treasury stock, at cost (549,853 shares for 2005 and 594,285 shares for 2004) (3,458 ) (3,722 )
Officer’s note receivable (400 ) (400 )
Total shareholders’ equity 72,252 60,127
Total liabilities and shareholders’ equity $ 92,922 $ 82,494
CONSOLIDATED BALANCE SHEETS