Memorex 2013 Annual Report Download - page 93

Download and view the complete annual report

Please find page 93 of the 2013 Memorex 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 122

  • 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
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
Other Assets and Liabilities
The carrying value of accounts receivable and accounts payable approximate their fair values due to the short-term
duration of these items. Additionally, our borrowings of $20.0 million of outstanding debt under the Amended Credit
Agreement at December 31, 2013, as further described in Note 11 — Debt, approximates fair value due to the short nature of
this debt.
Note 13 — Shareholders’ Equity
Shareholder Rights Plan
Effective February 11, 2013, our Board of Directors amended the Rights Agreement dated as of June 21, 2006 to
change the final expiration date from July 1, 2016 to February 11, 2013, effectively terminating the Rights Agreement. This
amendment had no accounting implications to the Company.
Treasury Stock
On May, 2, 2012 our Board of Directors authorized a share repurchase program that allowed for the repurchase of
5.0 million shares of common stock. Since the inception of this authorization we have repurchased 1.8 million shares of
common stock for $9.0 million and, as of December 31, 2013, we had authorization to repurchase up to 3.2 million additional
shares. The treasury stock held as of December 31, 2013 was acquired at an average price of $24.03 per share. Following is
a summary of treasury share activity:
Treasury
Shares
Balance as of December 31, 2010 ................................................. 4,212,285
Purchases ................................................................. 1,099,219
Exercise of stock options ...................................................... (45,429)
Restricted stock grants and other ................................................ (365,712)
401(k) matching contribution ................................................... (236,440)
Balance as of December 31, 2011 ................................................. 4,663,923
Purchases ................................................................. 1,236,161
Exercise of stock options ...................................................... —
Restricted stock grants and other ................................................ (499,851)
401(k) matching contribution ................................................... (517,588)
Shares issued for acquisition ................................................... (3,319,324)
Balance as of December 31, 2012 ................................................. 1,563,321
Purchases ................................................................. 616,581
Exercise of stock options ...................................................... —
Restricted stock grants and other ................................................ (622,241)
401(k) matching contribution ................................................... (435,735)
Balance as of December 31, 2013 ................................................. 1,121,926
90