Comfort Inn 2003 Annual Report Download - page 22
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CHOICE HOTELS INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
December 31,
2003
December 31,
2002
(In thousands, except
share amounts)
ASSETS:
Current assets
Cash and cash equivalents ........................................... $ 20,031 $ 12,227
Receivables (net of allowance for doubtful accounts of $6,743 and $6,740,
respectively) .................................................... 33,623 32,629
Deferred income taxes .............................................. 1,957 2,232
Other current assets ................................................ 2,966 3,349
Total current assets ........................................... 58,577 50,437
Property and equipment, at cost, net ....................................... 54,253 64,650
Goodwill ............................................................ 60,620 60,620
Franchise rights, net .................................................... 35,383 36,336
Receivable—marketing and reservation fees ................................ 32,368 44,916
Note receivable from Sunburst ........................................... —41,318
Other assets .......................................................... 26,071 18,496
Total assets .................................................. $ 267,272 $ 316,773
LIABILITIES AND SHAREHOLDERS’ DEFICIT:
Current liabilities
Current portion of long-term debt ..................................... $ 23,829 $ 23,796
Accounts payable .................................................. 29,740 23,301
Accrued expenses and other .......................................... 44,704 30,189
Income taxes payable ............................................... 2,577 7,022
Total current liabilities ........................................ 100,850 84,308
Long-term debt .................................................... 222,823 283,995
Deferred income taxes .............................................. 21,562 29,807
Other liabilities .................................................... 40,224 32,462
Total liabilities ............................................... 385,459 430,572
Commitments and Contingencies
SHAREHOLDERS’ DEFICIT:
Common stock, $ .01 par value; 160,000,000 shares authorized; 62,755,708 shares
issued; 34,745,853 and 37,163,216 shares outstanding at December 31, 2003 and
2002, respectively ................................................... 347 371
Additional paid-in-capital ............................................... 74,496 73,100
Accumulated other comprehensive income .................................. 1,138 42
Deferred compensation ................................................. (2,641) (3,492)
Treasury stock (28,009,855 and 25,592,492 shares at December 31, 2003 and 2002,
respectively) ........................................................ (496,510) (423,839)
Retained earnings ...................................................... 304,983 240,019
Total shareholders’ deficit ..................................... (118,187) (113,799)
Total liabilities and shareholders’ deficit ......................... $ 267,272 $ 316,773
The accompanying notes are an integral part of these consolidated financial statements.
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