recent Federal ling by Franklin Covey Co. 1/2009
Tuesday, January 13th, 2009ITEM 1. FINANCIAL STATEMENTS
FRANKLIN COVEY CO.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except per share amounts)
|
|
|
November 29, 2008 |
|
|
August 31, 2008 |
|
||
|
|
|
(unaudited) |
|
|||||
|
ASSETS |
|
|
|
|
|
|
||
|
Current assets: |
|
|
|
|
|
|
||
|
Cash and cash equivalents |
|
$ |
3,490 |
|
|
$ |
15,904 |
|
|
Accounts receivable, less allowance for doubtful accounts of $1,143 and $1,066 |
|
|
26,367 |
|
|
|
27,114 |
|
|
Inventories |
|
|
8,114 |
|
|
|
8,397 |
|
|
Deferred income taxes |
|
|
2,537 |
|
|
|
2,472 |
|
|
Receivable from equity method investee |
|
|
6,967 |
|
|
|
7,672 |
|
|
Income taxes receivable |
|
|
1,381 |
|
|
|
- |
|
|
Prepaid expenses and other assets |
|
|
4,743 |
|
|
|
5,102 |
|
|
Total current assets |
|
|
53,599 |
|
|
|
66,661 |
|
|
|
|
|
|
|
|
|
|
|
|
Property and equipment, net |
|
|
26,752 |
|
|
|
26,928 |
|
|
Intangible assets, net |
|
|
71,425 |
|
|
|
72,320 |
|
|
Other assets |
|
|
11,419 |
|
|
|
11,768 |
|
|
|
|
$ |
163,195 |
|
|
$ |
177,677 |
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
Current portion of long-term debt and financing obligation |
|
$ |
667 |
|
|
$ |
670 |
|
|
Line of credit |
|
|
18,775 |
|
|
|
- |
|
|
Accounts payable |
|
|
7,770 |
|
|
|
8,713 |
|
|
Income taxes payable |
|
|
- |
|
|
|
384 |
|
|
Tender offer obligation |
|
|
- |
|
|
|
28,222 |
|
|
Accrued liabilities |
|
|
20,937 |
|
|
|
23,419 |
|
|
Total current liabilities |
|
|
48,149 |
|
|
|
61,408 |
|
|
|
|
|
|
|
|
|
|
|
|
Long-term debt and financing obligation, less current portion |
|
|
32,039 |
|
|
|
32,291 |
|
|
Other liabilities |
|
|
1,045 |
|
|
|
1,229 |
|
|
Deferred income tax liabilities |
|
|
4,073 |
|
|
|
4,572 |
|
|
Total liabilities |
|
|
85,306 |
|
|
|
99,500 |
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders’ equity: |
|
|
|
|
|
|
|
|
|
Common stock – $0.05 par value; 40,000 shares authorized, 27,056 shares issued and outstanding |
|
|
1,353 |
|
|
|
1,353 |
|
|
Additional paid-in capital |
|
|
184,284 |
|
|
|
184,313 |
|
|
Common stock warrants |
|
|
7,597 |
|
|
|
7,597 |
|
|
Retained earnings |
|
|
24,244 |
|
|
|
24,811 |
|
|
Accumulated other comprehensive income |
|
|
1,102 |
|
|
|
1,007 |
|
|
Treasury stock at cost, 7,271 and 7,296 shares |
|
|
(140,691 |
) |
|
|
(140,904 |
) |
|
Total shareholders’ equity |
|
|
77,889 |
|
|
|
78,177 |
|
|
|
|
$ |
163,195 |
|
|
$ |
177,677 |
|