Cobra 2006 Annual Report Download - page 15

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13
At December 31,
In thousands, except share data 2006 2005
ASSETS
Current assets:
Cash and cash equivalents $ 1,878 $ 6,704
Receivables, less allowance for claims and doubtful accounts of $282 in 2006 and $275 in 2005 28,320 28,710
Inventories, primarily finished goods 29,039 21,837
Deferred income taxes 7,196 5,237
Loan receivable – 3,374
Other current assets 6,810 5,614
Total current assets 73,243 71,476
Property, plant and equipment, at cost:
Buildings and improvements 5,433 5,398
Tooling and equipment 20,079 17,612
25,512 23,010
Accumulated depreciation (18,117 ) (16,342 )
Land 230 230
Net property, plant and equipment 7,625 6,898
Other assets:
Cash surrender value of officers’ life insurance policies 3,968 3,672
Goodwill 11,997 –
Intangible assets 19,503 10,084
Other assets 422 792
Total other assets 35,890 14,548
Total assets $ 116,758 $ 92,922
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable $ 6,097 $ 5,292
Accrued salaries and commissions 760 1,315
Accrued advertising and sales promotion costs 2,292 2,935
Accrued product warranty costs 1,963 1,618
Accrued income taxes 1,650 646
Current maturities of long-term debt 1,060 –
Other accrued liabilities 5,279 1,725
Total current liabilities 19,101 13,531
Non-current liabilities:
Long-term bank debt 15,614 –
Deferred compensation 5,858 5,062
Deferred income taxes 5,337 1,691
Other long-term liabilities 1,075 386
Total non-current liabilities 27,884 7,139
Total liabilities 46,985 20,670
Minority interest 4 –
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 2006 and 2005 2,345 2,345
Paid-in capital 19,824 19,761
Retained earnings 51,584 54,255
Accumulated comprehensive income (loss) 11 (251 )
73,764 76,110
Treasury stock, at cost (605,662 shares for 2006 and 549,853 shares for 2005) (3,995 ) (3,458 )
Officer’s note receivable – (400 )
Total shareholders’ equity 69,769 72,252
Total liabilities and shareholders’ equity $116,758 $ 92,922
CONSOLIDATED BALANCE SHEETS