PFSweb, Inc. and Subsidiaries
Unaudited Condensed Consolidating Balance Sheets
as of December 31, 2006
(In Thousands)
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Supplies |
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PFSweb |
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Distributors |
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eCOST |
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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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$ |
11,691 |
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$ |
2,021 |
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$ |
1,354 |
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$ |
— |
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$ |
15,066 |
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Restricted cash |
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196 |
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2,249 |
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208 |
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— |
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2,653 |
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Accounts receivable, net |
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18,667 |
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27,306 |
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3,492 |
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(279 |
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49,186 |
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Inventories, net |
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— |
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41,552 |
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6,118 |
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— |
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47,670 |
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Other receivables |
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147 |
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10,627 |
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— |
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— |
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10,774 |
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Prepaid expenses and other current assets |
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1,995 |
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1,454 |
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82 |
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— |
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3,531 |
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Total current assets |
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32,696 |
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85,209 |
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11,254 |
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(279 |
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128,880 |
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PROPERTY AND EQUIPMENT, net |
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12,617 |
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40 |
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227 |
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— |
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12,884 |
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NOTES RECEIVABLE FROM AFFILIATES |
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17,145 |
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— |
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— |
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(17,145 |
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— |
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INVESTMENT IN AFFILIATES |
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37,049 |
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— |
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— |
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(37,049 |
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— |
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IDENTIFIABLE INTANGIBLES |
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— |
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— |
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6,631 |
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— |
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6,631 |
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GOODWILL |
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— |
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— |
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15,362 |
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— |
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15,362 |
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OTHER ASSETS |
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722 |
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— |
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142 |
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— |
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864 |
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Total assets |
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100,229 |
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85,249 |
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33,616 |
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(54,473 |
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164,621 |
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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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$ |
10,252 |
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$ |
13,550 |
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$ |
— |
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$ |
— |
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$ |
23,802 |
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Trade accounts payable |
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6,531 |
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48,770 |
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7,419 |
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(279 |
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62,441 |
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Accrued expenses |
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10,902 |
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7,398 |
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3,185 |
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— |
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21,485 |
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Total current liabilities |
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27,685 |
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69,718 |
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10,604 |
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(279 |
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107,728 |
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LONG-TERM DEBT AND CAPITAL LEASE OBLIGATIONS, less current portion |
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6,076 |
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— |
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— |
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— |
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6,076 |
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NOTES PAYABLE TO AFFILIATES |
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— |
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6,505 |
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10,640 |
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(17,145 |
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— |
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OTHER LIABILITIES |
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1,528 |
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— |
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449 |
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— |
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1,977 |
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Total liabilities |
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35,289 |
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76,223 |
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21,693 |
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(17,424 |
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115,781 |
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COMMITMENTS AND CONTINGENCIES |
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SHAREHOLDERS’ EQUITY: |
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Common stock |
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47 |
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— |
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19 |
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(19 |
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47 |
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Capital contributions |
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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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91,302 |
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— |
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28,059 |
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(28,059 |
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91,302 |
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Retained earnings (accumulated deficit) |
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(28,254 |
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5,865 |
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(16,155 |
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(5,810 |
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(44,354 |
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Accumulated other comprehensive income |
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1,930 |
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2,161 |
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— |
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(2,161 |
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1,930 |
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Treasury stock |
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(85 |
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— |
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— |
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— |
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(85 |
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Total shareholders’ equity |
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64,940 |
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9,026 |
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11,923 |
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(37,049 |
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48,840 |
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Total liabilities and shareholders’ equity |
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$ |
100,229 |
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$ |
85,249 |
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$ |
33,616 |
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$ |
(54,473 |
) |
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$ |
164,621 |
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