Comfort Inn 2007 Annual Report Download - page 52

CHOICE HOTELS INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
December 31,
2007
December 31,
2006
(In thousands, except
share amounts)
ASSETS
Current assets
Cash and cash equivalents............................................................................................................. $ 46,377 $ 35,841
Receivables (net of allowance for doubtful accounts of $4,213 and $3,937, respectively)........... 40,855
41,694
Deferred income taxes................................................................................................................... 2,387
1,790
Investments, employee benefit plans, at fair value........................................................................ 1,002
—
Income taxes receivable ................................................................................................................ 1,698
—
Other current assets ....................................................................................................................... 13,632
7,757
Total current assets............................................................................................................ 105,951 87,082
Property and equipment, at cost, net....................................................................................................... 43,887
42,802
Goodwill ................................................................................................................................................. 65,813
65,813
Franchise rights and other identifiable intangibles, net........................................................................... 31,979
35,509
Receivable—marketing fees ................................................................................................................... 6,782
6,662
Investments, employee benefit plans, at fair value ................................................................................. 33,488
31,529
Deferred income taxes ............................................................................................................................ 29,205
22,451
Other assets............................................................................................................................................. 11,279
11,461
Total assets ......................................................................................................................... $ 328,384 $ 303,309
LIABILITIES AND SHAREHOLDERS’ DEFICIT
Current liabilities
Current portion of long-term debt .................................................................................................. $ — $ 146
Accounts payable ........................................................................................................................... 55,288 41,816
Accrued expenses and other ........................................................................................................... 40,907 45,306
Deferred revenue............................................................................................................................ 48,660 47,167
Income taxes payable ..................................................................................................................... 1,659 5,356
Deferred compensation and retirement plan obligations ................................................................ 1,002 —
Total current liabilities....................................................................................................... 147,516 139,791
Long-term debt............................................................................................................................... 272,378 172,390
Deferred compensation and retirement plan obligations ................................................................ 43,132 40,101
Other liabilities............................................................................................................................... 22,419 13,407
Total liabilities..................................................................................................................... 485,445 365,689
Commitments and Contingencies
Common stock, $0.01 par value; 160,000,000 shares authorized; 95,345,362 shares issued at
December 31, 2007 and 2006 and 62,091,679 and 66,355,553 shares outstanding at December 31,
2007 and 2006, respectively............................................................................................................... 621
664
Additional paid-in-capital ....................................................................................................................... 86,243
81,689
Accumulated other comprehensive (loss) income .................................................................................. 346
(772)
Treasury stock (33,253,683 and 28,989,809 shares at December 31, 2007 and 2006, respectively), at
cost ..................................................................................................................................................... (798,110) (627,311)
Retained earnings.................................................................................................................................... 553,839 483,350
Total shareholders’ deficit ................................................................................................ (157,061) (62,380)
Total liabilities and shareholders’ deficit......................................................................... $ 328,384 $ 303,309
The accompanying notes are an integral part of these consolidated financial statements.
50