Cobra 2010 Annual Report Download - page 11

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2010 ANNUAL REPORT9
Consolidated Balance Sheets
(In thousands, except per share amounts)
At December 31
2010 2009
Assets
Current assets:
Cash $ 1,133 $ 1,405
Receivables, net of allowance for claims and doubtful accounts of $186 in 2010 and $103 in 2009 22,021 22,095
Inventories, primarily finished goods, net 27,614 26,198
Other current assets 3,289 3,961
Total current assets 54,057 53,659
Property, plant and equipment, at cost:
Buildings and improvements 6,305 5,707
Tooling and equipment 18,393 17,746
24,698 23,453
Accumulated depreciation (19,436 ) (18,318 )
Land 230 230
Property, plant and equipment, net 5,492 5,365
Other assets:
Cash surrender value of officers’ life insurance policies 4,891 4,051
Deferred income taxes, non-current 427 1,717
Intangible assets 9,315 10,769
Other assets 172 142
Total other assets 14,805 16,679
Total assets $ 74,354 $ 75,703
Liabilities And Shareholders’ Equity
Current liabilities:
Current maturities of long-term debt $ 18,042 $ 16,549
Accounts payable 5,797 7,427
Accrued salaries and commissions 1,510 902
Accrued advertising and sales promotion costs 1,196 1,392
Accrued product warranty costs 923 857
Accrued income taxes 197 73
Deferred income taxes, current 439 1,728
Other accrued liabilities 2,388 2,524
Total current liabilities 30,492 31,452
Non-current liabilities:
Long-term bank debt, net of current maturities — 1,320
Deferred compensation 7,145 6,772
Deferred income taxes 1,538 1,935
Other long-term liabilities 565 961
Total non-current liabilities 9,248 10,988
Total liabilities 39,740 42,440
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 20,785 20,583
Retained earnings 17,610 16,033
Accumulated comprehensive loss (2,317 ) (1,889 )
38,423 37,072
Treasury stock, at cost (567,820 shares) (3,837 ) (3,837 )
Total shareholders‘ equity – Cobra 34,586 33,235
Non-controlling interest 28 28
Total shareholders’ equity 34,614 33,263
Total liabilities and shareholders’ equity $ 74,354 $ 75,703