Comfort Inn 2002 Annual Report Download - page 24

Download and view the complete annual report

Please find page 24 of the 2002 Comfort Inn annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 52

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52

CHOICE HOTELS INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
December 31, December 31,
2002 2001
(In thousands, except
share amounts)
ASSETS:
Current assets
Cash and cash equivalents ........................................... $ 12,227 $ 16,871
Receivables (net of allowance for doubtful accounts of $6,035 and $5,392,
respectively) .................................................... 32,451 25,223
Other current assets ................................................ 3,349 889
Total current assets ........................................... 48,027 42,983
Property and equipment, at cost, net ....................................... 64,650 70,458
Goodwill ............................................................ 60,620 60,620
Franchise rights, net .................................................... 36,336 36,257
Receivable—marketing and reservation fees ................................ 44,916 49,358
Note receivable from Sunburst ........................................... 41,318 39,059
Other assets .......................................................... 18,515 22,443
Total assets .................................................. $ 314,382 $ 321,178
LIABILITIES AND SHAREHOLDERS’ DEFICIT:
Current liabilities
Current portion of long-term debt ..................................... $ 23,796 $ 13,563
Accounts payable .................................................. 23,142 24,724
Accrued expenses and other .......................................... 29,686 30,054
Income taxes payable ............................................... 8,879 2,836
Total current liabilities ........................................ 85,503 71,177
Long-term debt .................................................... 283,995 267,733
Deferred income taxes and other liabilities .............................. 58,683 46,807
Total liabilities ............................................... 428,181 385,717
Commitments and Contingencies
SHAREHOLDERS’ DEFICIT:
Common stock, $ .01 par value; 160,000,000 shares authorized; 62,755,708 shares
issued; 37,163,216 and 41,997,637 shares outstanding at December 31, 2002 and
2001, respectively ................................................... 371 420
Additional paid-in-capital ............................................... 73,100 70,130
Accumulated other comprehensive income (loss) ............................. 42 (354)
Deferred compensation ................................................. (3,492) (2,857)
Treasury stock (25,592,492 and 20,758,071 shares at December 31, 2002 and 2001,
respectively) ........................................................ (423,839) (311,053)
Retained earnings ...................................................... 240,019 179,175
Total shareholders’ deficit ..................................... (113,799) (64,539)
Total liabilities and shareholders’ deficit ......................... $ 314,382 $ 321,178
The accompanying notes are an integral part of these consolidated financial statements.
F-16