PDF - Somero Enterprises

Section 4Financial Statements: Somero Enterprises, Inc. and SubsidiariesConsolidated Balance SheetsAs of 31 December 2005 and 20062005 2006US$ 000 US$ 000AssetsCurrent assets:Cash and cash equivalents 2,391 1,895Accounts receivable – net 2,644 4,101Inventories – net 4,504 4,912Prepaid expenses and other assets 577 584Income tax receivable – 211Deferred tax asset 47 152Total current assets 10,163 11,855Property, plant and equipment – net 4,834 4,712Intangible assets – net 23,987 21,616Goodwill 16,400 16,400Deferred financing costs 1,826 1,349Other assets 45 113Total assets 57,255 56,045Liabilities and stockholder’s equityCurrent liabilities:Notes payable – current portion 1,500 2,400Accounts payable 2,384 2,842Accrued expenses 2,373 3,125Due to related party 710 –Income taxes payable 374 –Obligations under capital leases current portion – 657Total current liabilities 7,341 9,024Notes payable, net of current portion 30,500 18,600Obligations under capital leases net of current portion 657 –Deferred income taxes 15 146Total liabilities 38,513 27,770Commitments and contingencies – –Stockholder’s equityPreferred stock, US$.001 par value, 50m shares authorised,no shares issued and outstanding – –Common stock – Series A, US$.001 par value, 1,000 shares authorised,1,000 issued and outstanding at 31 December 2005, cancelled in 2006 – –Common stock – Series B, US$.001 par value, 99,000 shares authorised,94,000 issued and outstanding at 31 December 2005, cancelled in 2006 – –Common stock, US$.001 par value, 80m shares authorised,34,281,968 shares issued and outstanding at 31 December 2006 – 4Additional paid in capital 17,783 21,926Retained earnings 962 6,343Other comprehensive income (loss) (3) 2Total stockholder’s equity 18,742 28,275Total liabilities and stockholder’s equity 57,255 56,045See notes to consolidated financial statements.30Somero Enterprises, Inc.Annual Report and Accounts 2006