PFSweb, Inc. and Subsidiaries
Unaudited Condensed Consolidating Balance Sheets as of December 31, 2011 (In Thousands)
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PFSweb |
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Business &
Retail Connect |
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Eliminations |
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Consolidated |
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| ASSETS |
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| CURRENT ASSETS: |
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| Cash and cash equivalents |
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$ |
12,818 |
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$ |
4,877 |
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$ |
— |
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$ |
17,695 |
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| Restricted cash |
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138 |
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689 |
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— |
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827 |
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| Accounts receivable, net |
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35,881 |
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17,133 |
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(335 |
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52,679 |
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| Inventories, net |
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— |
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30,487 |
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— |
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30,487 |
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| Other receivables |
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— |
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11,915 |
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— |
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11,915 |
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| Prepaid expenses and other current assets |
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3,273 |
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1,424 |
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— |
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4,697 |
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| Total current assets |
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52,110 |
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66,525 |
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(335 |
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118,300 |
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| PROPERTY AND EQUIPMENT, net |
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14,884 |
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61 |
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— |
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14,945 |
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| RECEIVABLE/INVESTMENT IN AFFILIATES |
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13,130 |
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— |
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(13,130 |
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— |
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| OTHER ASSETS |
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2,973 |
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154 |
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— |
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3,127 |
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| Total assets |
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83,097 |
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66,740 |
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(13,465 |
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136,372 |
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| LIABILITIES AND SHAREHOLDERS EQUITY |
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| CURRENT LIABILITIES: |
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| Current portion of long-term debt and capital lease obligations |
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$ |
13,918 |
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$ |
10,021 |
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$ |
— |
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$ |
23,939 |
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| Trade accounts payable |
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12,089 |
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36,790 |
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(335 |
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48,544 |
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| Accrued expenses |
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18,747 |
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6,676 |
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— |
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25,423 |
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| Total current liabilities |
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44,754 |
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53,487 |
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(335 |
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97,906 |
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| LONG-TERM DEBT AND CAPITAL LEASE OBLIGATIONS, less current portion |
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3,513 |
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70 |
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— |
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3,583 |
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| PAYABLE TO AFFILIATES |
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— |
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22,495 |
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(22,495 |
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— |
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| OTHER LIABILITIES |
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6,809 |
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— |
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— |
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6,809 |
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| Total liabilities |
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55,076 |
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76,052 |
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(22,830 |
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108,298 |
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| COMMITMENTS AND CONTINGENCIES |
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| SHAREHOLDERS’ EQUITY: |
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| Common stock |
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13 |
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19 |
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(19 |
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13 |
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| Capital contributions |
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— |
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1,000 |
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(1,000 |
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— |
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| Additional paid-in capital |
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104,645 |
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28,059 |
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(28,059 |
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104,645 |
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| Retained earnings (accumulated deficit) |
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(77,950 |
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(40,446 |
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40,498 |
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(77,898 |
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| Accumulated other comprehensive income |
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1,398 |
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2,056 |
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(2,055 |
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1,399 |
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| Treasury stock |
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(85 |
) |
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— |
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— |
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(85 |
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| Total shareholders’ equity |
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28,021 |
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(9,312 |
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9,365 |
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28,074 |
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| Total liabilities and shareholders’ equity |
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$ |
83,097 |
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$ |
66,740 |
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$ |
(13,465 |
) |
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$ |
136,372 |
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