Cobra 2011 Annual Report Download - page 11
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9
Consolidated Balance Sheets
(In thousands, except per share amounts)
At December 31
2011 2010
Assets
Current assets:
Cash $ 1,033 $ 1,133
Receivables, net of allowance for doubtful accounts of $665 in 2011 and $186 in 2010 23,400 22,021
Inventories, primarily nished goods, net 34,093 27,614
Other current assets 2,726 3,289
Total current assets 61,252 54,057
Property, plant and equipment, at cost:
Buildings and improvements 6,625 6,305
Tooling and equipment 19,191 18,393
25,816 24,698
Accumulated depreciation (20,679 ) (19,436 )
Land 230 230
Property, plant and equipment, net 5,367 5,492
Other assets:
Cash surrender value of ocers’ life insurance policies 5,056 4,891
Deferred income taxes, non-current 297 427
Intangible assets 8,431 9,315
Other assets 192 172
Total other assets 13,976 14,805
Total assets $ 80,595 $ 74,354
Liabilities And Shareholders’ Equity
Current liabilities:
Current maturities of long-term debt $ 18,655 $ 18,042
Accounts payable 7,368 7,205
Accrued salaries and commissions 2,359 1,510
Accrued advertising and sales promotion costs 1,668 1,196
Accrued product warranty costs 1,191 923
Accrued income taxes 826 197
Deferred income taxes, current 12 439
Other accrued liabilities 2,854 2,388
Total current liabilities 34,933 31,900
Non-current liabilities:
Deferred compensation 7,392 7,145
Deferred income taxes 1,159 1,538
Other long-term liabilities 588 565
Total non-current liabilities 9,139 9,248
Total liabilities 44,072 41,148
Shareholders’ equity:
Preferred stock, $1 par value — —
Authorized: 1,000,000 shares, issued: none
Common stock, $.33 1/3 par value 2,368 2,345
Authorized: 12,000,000 shares, issued: 7,107,400 shares for 2011 and 7,039,100 shares for 2010
Outstanding: 6,539,580 shares for 2011 and 6,471,280 shares for 2010
Paid-in capital 20,965 20,785
Retained earnings 19,289 16,202
Accumulated comprehensive loss (2,262 ) (2,317 )
40,360 37,015
Treasury stock, at cost (567,820 shares) (3,837 ) (3,837 )
Total shareholders equity – Cobra 36,523 33,178
Non-controlling interest — 28
Total shareholders’ equity 36,523 33,206
Total liabilities and shareholders’ equity $ 80,595 $ 74,354