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2007 2006 $ 4,061 5,272 $ 2,382 8,004 Assels Current Assets Cosh Murkolablo securitics (Note A) Accounts receivable, less allowance for doubtful counts of $448 612 2007 and 5417 In 2006 Inventories (Nota A) Prepnld expenses "Total current Asset Property, Plint, and Piquipment (Notos A.C.aod B) Land Buildings and leasehold impruwements Equipment 8.900 47,041 SIZ 65,846 8,350 36,769 759 56,264 811 18.273 21,323 40,607 1.1.528 29.079 373 395,298 811 11,928 23.268 26,507 7.530 18,977 608 $75,909 Less accumulated depreciation and amortization Net properly, plant, and equipment Other Assets (Not A) Total Assets Lalabilines and Stockholders' Equity Current Liabilities Accounts payable Notes payable-banks (Note B) Current maturlios of long-term debt (Note C) Accrued liabilities Total current liabilities Deferred Federal Income Taxe (Noles A and D) Long-Term Debt (Nata ) Commitments (Note E) Total liabilities Stockholders' Equity Common stock, por value $1, authorized, 10,000,000 shares Issued, 4,803,000 shares in 2007 and 4,594,000 shares in 2006 (Note F) Additional paid-in capital Retnia Burning Total stockholders' equity Total Liabilities and Stockholders' Equity $14,294 5,614 1,884 15.660 27,467 843 21.059 $ 7,591 6,012 7,516 5.313 20,432 635 16,075 49.363 38,042 4,803 957 40.175 45933 $05,298 4,594 910 32,363 37 867 $25,909
Nolo 1Summary of Signtficant Accomtting Policies R.E.C. Inc. is a rotiller of recreational equipment and clothing Consolidatoru"Tho consolidated financial statements include the accounts and transactions of the company und ita wholly owned subsidinties. The company accounts for its investment in its subsidluries using the equity mothod of accounting. All significant intercompany transactions have been eliminated in consolidation, Marketable Securius: Marketable securities consist of short-term, Interest-bearing securitles. Inventaries: Inventaries are stared at the lower of cost--last In, First out (LIFO) -- or market. If the first-In, first-out (PIFO) inethod of inventory Accounting had been used Inventories would have heen approx)- maicly $2,681,0%) and $2,096,000 higher than reported at 1acember 31, 2007 and 2006. Depreciation and Amortization: Property, plant, and equipment is stated at cost. Dupruciation expenses enlculated principally by thy straight-line method based on estimated useful lives of 3 to 10 years for equipment, 3 to 30 years for leuschold Improvements, and 40 years for buildings. Estimated uterul lives of leasehold improvements represent the remaining term of the lause In ctfect all the time the improvements are made. Expenses of New Storex: Expenses audited with the opening of new stores are charged to expense as incurred. Other Assats: Other assets are investments in properties not used in business operations,
MTV Eup por snare Amount) 2007 $215,600 129,364 86,236 45,722 14,258 3,998 3,015 19,243 Net sales Cost of youds sold (Note A) Gross profit Selling and administrative expenses (Notos A and B) Advertising Deprecation and smortlantion (Note A) Repules and maintenance Operating profit Other brome (expense) Interest Income Internet expense Earnings before income taxes Income taxes (Notes A and D) Not orrnings Basic earnings per common wharo (Norco) Diluted earnings per common shurg (Note ) 2005 $153,000 91,879 61121 33.493 10,792 2,984 2,046 11,805 2005 $140,700 81.606 59,094 32,765 9,541 2,50 3,031 11,256 422 (2.585) 17,080 7.686 R38 (2.277 10,367 4457 $5.900 $1.29 $ 1.26 738 (1,274) 10,740 4,824 3.896 2-30 $ 1.31 $9394 $ 1.40 2.93 The companying less an Integral part of these statement
2007 2006 2005 $ 9,394 $ 5,910 $ 5,896 3,998 208 2,984 136 2,501 118 (610) (10,272) 247 6,703 356 $ 10,024 (3.339) (7.006) 295 (1,051) (1,696) ($ 3.767) (448) (2,331) (82) 902 (927) $ 3,629 Cash Flows from Operating Activities-- Indirect Method Net Incomo Adjustments to reconcile net income to cash provided (used) by operating activities Depreciation and amortization Deforred income taxes Cosh provided (used) by current assets and abilities Accounts recolvable Inventorios Prepaid expenses Accounts payablo Accrued lablitios Net cast provided (usoil) by operating activities Cash Flows from Suvesting Activities Addition to property, plant, and equipment Olhor investing activities Net casli providel (used) by investing activities Card) Blows from Financing Activities Sales of common stock Increase (decrease) in short-term borrowings (Includes current maturities of long-torn debt) Additions to long-term borrowings Reductions of long-term borrowing Dlvidonck paid Net cash provided (used) by financing activities Increase (dcerone) in cash and marketable securities Cast and marketehle scourities, beginning of your Cunh and marketablo sccurities, and of year Supplemental cash flow information: Cash puid for intorast Cush paid for taxes Dhe accompanying notou ure un integral part of tharo atatements, (14.100) 205 ($ 13,805) (4,773) 0 (5 4773) (3,982) 0 ($ 3,982) 256 183 124 (30) 5,600 (1,516) (1582) $ 2,728 ($ 1,033) 10.386 9333 1,854 7.882 (1.593) (1.862) $ 6,464 ($ 2,076) 12,462 10.386 1.326 629 (127) (1.841) $ 111 $ 1,758 10,704. 12,462 $ 2,585 7.478 $ 2,277 4.321 $ 1,274 4,705