PDF - Somero Enterprises

Section 4
Financial statements Somero Enterprises, Inc. and Subsidiaries
Consolidated Balance Sheets
As of 31 December 2006 and 2007
2006 2007
US$ 000 US$ 000
Assets
Current assets:
Cash and cash equivalents 1,895 3,842
Accounts receivable – net 4,101 4,279
Inventories – net 4,912 6,948
Prepaid expenses and other assets 584 860
Income tax receivable 211 –
Deferred tax asset 152 594
Assets held for sale – 618
Total current assets 11,855 17,141
Property, plant and equipment – net 4,712 4,103
Intangible assets – net 21,616 19,236
Goodwill 16,400 16,400
Deferred financing costs 1,349 94
Other assets 113 135
Total assets 56,045 57,109
Liabilities and stockholders’ equity
Current liabilities:
Notes Payable – current portion 2,400 1,429
Accounts payable 2,842 4,051
Accrued expenses 3,125 2,453
Income taxes payable – 374
Obligations under capital leases – current portion 657 –
Other liabilities 0 152
Total current liabilities 9,024 8,459
Notes payable, net of current portion 18,600 13,500
Deferred income taxes 146 467
Other liabilities, net of current portion – 455
Total liabilities 27,770 22,881
Commitments and contingencies – –
Stockholders’ equity
Preferred stock, US$.001 par value,
50,000,000 shares authorised,
no shares issued and outstanding – –
Common stock, US$.001 par value, 80,000,000
shares authorised, 34,281,968 shares issued
and outstanding at 31 December 2007 4 4
Additional paid in capital 21,926 22,344
Retained earnings 6,343 12,128
Other comprehensive income (loss) 2 (248)
Total stockholders’ equity 28,275 34,228
Total liabilities and stockholders’ equity 56,045 57,109
See notes to consolidated financial statements.
28
Somero Enterprises, Inc.
Annual Report and Accounts 2007