Cobra 2012 Annual Report Download - page 11
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92012 Annual Report
At December 31
(In thousands, except per share amounts) 2012 2011
ASSETS
Current assets:
Cash $ 1,785 $ 1,033
Receivables, net of allowance for doubtful accounts of $679 in 2012 and $665 in 2011 20,943 23,400
Inventories, primarily finished goods, net 38,068 34,093
Other current assets 3,071 2,726
Total current assets 63,867 61,252
Property, plant and equipment, at cost:
Buildings and improvements 6,865 6,625
Tooling and equipment 13,796 19,191
20,661 25,816
Accumulated depreciation (15,568 ) (20,679 )
Land 230 230
Property, plant and equipment, net 5,323 5,367
Other assets:
Cash surrender value of life insurance policies 5,907 5,056
Deferred income taxes, non-current 544 297
Intangible assets 7,634 8,431
Other assets 215 192
Total other assets 14,300 13,976
Total assets $ 83,490 $ 80,595
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Current maturities of long-term bank debt $ 20,284 $ 18,655
Accounts payable 5,598 7,368
Accrued salaries and commissions 2,053 2,359
Accrued advertising and sales promotion costs 1,012 1,668
Accrued product warranty costs 1,040 1,191
Accrued income taxes 425 826
Deferred income taxes, current 33 12
Other accrued liabilities 3,368 2,854
Total current liabilities 33,813 34,933
Non-current liabilities:
Deferred compensation 7,780 7,392
Deferred income taxes 886 1,159
Other long-term liabilities 751 588
Total non-current liabilities 9,417 9,139
Total liabilities 43,230 44,072
Commitments and contingencies — —
Shareholders’ equity:
Preferred stock, $1 par value — —
Authorized: 1,000,000 shares
Issued: none
Common stock, $.33 1/3 par value 2,392 2,368
Authorized: 12,000,000 shares
Issued: 7,178,400 shares for 2012 and 7,107,400 shares for 2011
Outstanding: 6,610,580 shares for 2012 and 6,539,580 shares for 2011
Additional paid-in capital 21,269 20,965
Retained earnings 22,459 19,289
Accumulated other comprehensive loss (2,023 ) (2,262 )
44,097 40,360
Treasury stock, at cost (567,820 shares) (3,837 ) (3,837 )
Total shareholders’ equity 40,260 36,523
Total liabilities and shareholders’ equity $ 83,490 $ 80,595
CONSOLIDATED BALANCE SHEETS