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2009 Annual Report 9
Consolidated Balance Sheets
(In thousands, except per share amounts)
At December 31,
2009 2008
ASSETS
Current assets:
Cash $ 1,405 $ 1,985
Receivables, net of allowance for claims and doubtful accounts of $103 in 2009 and $107 in 2008 22,095 18,017
Inventories, primarily finished goods, net 26,198 27,464
Deferred income taxes, current – 6,130
Prepaid assets 2,438 1,705
Other current assets 1,523 1,497
Total current assets 53,659 56,798
Property, plant and equipment, at cost:
Buildings and improvements 5,707 5,996
Tooling and equipment 17,746 21,512
23,453 27,508
Accumulated depreciation (18,318 ) (21,962 )
Land 230 230
Property, plant and equipment, net 5,365 5,776
Other assets:
Cash surrender value of life insurance policies 4,051 3,034
Deferred income taxes, non-current 1,717 2,004
Intangible assets 10,769 11,218
Other assets 142 168
Total other assets 16,679 16,424
Total assets $ 75,703 $ 78,998
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Current maturities of long-term bank debt $ 16,549 $ 1,370
Accounts payable 7,427 2,923
Accrued salaries and commissions 902 1,124
Accrued advertising and sales promotion costs 1,392 1,174
Accrued product warranty costs 857 897
Accrued income taxes 73 495
Deferred income taxes, current 1,728 –
Other accrued liabilities 2,524 2,584
Total current liabilities 31,452 10,567
Non-current liabilities:
Long-term bank debt, net of current maturities 1,320 16,301
Deferred compensation 6,772 6,516
Deferred income taxes 1,935 1,983
Other long-term liabilities 961 1,077
Total non-current liabilities 10,988 25,877
Total liabilities 42,440 36,444
Shareholders’ equity:
Preferred stock, $1 par value, 1,000,000 shares authorized, none issued – –
Common stock, $.33 1/3 par value, 12,000,000 shares authorized, 7,039,100 issued,
6,471,280 shares outstanding 2,345 2,345
Paid-in capital 20,583 20,354
Retained earnings 16,033 26,305
Accumulated comprehensive loss (1,889 ) (2,637 )
37,072 46,367
Treasury stock, at cost (567,820 shares) (3,837 ) (3,837 )
Total shareholders’ equity – Cobra 33,235 42,530
Non-controlling interest 28 24
Total shareholders’ equity 33,263 42,554
Total liabiliti
es and shareholders’ equity $ 75,703 $ 78,998