True Value 2007 Annual Report Download - page 34

Download and view the complete annual report

Please find page 34 of the 2007 True Value 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 53

  • 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

2007 FINANCIAL REPORT | 13
C O N S O L I D A T E D B A L A N C E S H E E T
($ in thousands, except per share information)
December 29, December 30,
2007 2006
ASSETS
Current assets:
Cash and cash equivalents $ 5,176 $ 6,061
Accounts and notes receivable, net of allowance for doubtful accounts
of $1,094 and $1,099 222,618 207,229
Inventories, net of valuation reserves of $14,618 and $14,942 313,934 297,846
Prepaid expenses 10,301 11,011
Total current assets 552,029 522,147
Properties, net 70,313 64,863
Goodwill 91,474 91,474
Other assets 6,344 7,286
Total assets $ 720,160 $ 685,770
LIABILITIES AND MEMBERS’ EQUITY
Current liabilities:
Accounts payable $ 239,023 $ 215,926
Drafts payable 46,211 48,090
Accrued expenses 72,993 73,240
Current maturities of long-term debt, notes and capital lease obligations 28,564 45,185
Patronage dividend payable in cash 17,392 15,713
Total current liabilities 404,183 398,154
Long-term liabilities and deferred credits:
Long-term debt including notes and capital lease obligations, less current maturities 98,876 99,292
Deferred gain on sale leaseback 38,895 41,681
Other long-term liabilities 26,929 24,385
Redeemable nonqualified Class B nonvoting common stock, $100 par value;
186,156 and 195,374 shares issued and fully paid 18,616 19,537
Total long-term liabilities and deferred credits 183,316 184,895
Total liabilities and deferred credits 587,499 583,049
Members’ equity:
Redeemable Class A voting common stock, $100 par value; 750,000 shares authorized;
292,260 and 285,720 shares issued and fully paid; 840 and 20,580 shares issued
(net of subscriptions receivable of $8 and $310) 29,302 30,320
Redeemable qualified Class B nonvoting common stock and paid-in capital,
$100 par value; 4,000,000 shares authorized; 1,648,661 and 1,429,312 shares
issued and fully paid 166,165 144,230
Loss allocation (4,778) (7,142)
Deferred patronage (22,055) (22,802)
Accumulated deficit (24,334) (32,575)
Accumulated other comprehensive loss (11,639) (9,310)
Total members’ equity 132,661 102,721
Total liabilities and members’ equity $ 720,160 $ 685,770
The accompanying notes are an integral part of the Consolidated Financial Statements.