Nutrisystem 2005 Annual Report Download - page 25

Download and view the complete annual report

Please find page 25 of the 2005 Nutrisystem 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 72

  • 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

December 31,
2005 2004 2003 2002 2001
Balance Sheet Data:
Cash, cash equivalents and marketable securities .......... $ 45,968 $ 4,201 $ 2,684 $3,005 $1,118
Working capital .................................... 65,470 5,100 5,664 4,445 2,310
Total assets ........................................ 107,246 17,825 13,688 8,277 6,387
Non-current liabilities ............................... 254 272 2 255 123
Stockholders’ equity ................................. 78,966 12,175 9,291 5,249 3,488
(a) In the second quarter of 2003, management determined that recognition of the benefits related to deferred
tax assets was more likely than not based on an analysis of the cumulative level of pretax profits over the
prior three years, projected levels of profits, schedule of reversal of deferred taxes, and tax strategies. As a
result, the valuation allowance was eliminated, a deferred tax asset and liability were recorded on the
consolidated balance sheet and an income tax benefit was recorded in the statement of operations.
(b) In 2001, the Company recorded an operating profit of $813 from a discontinued operation (Sweet Success).
In 2002, the Company recorded a gain of $200 upon the sale of the intellectual property associated with
Sweet Success.
The Company has not paid any dividends since its inception and currently has no plans to begin paying
dividends.
21