PFSweb, Inc. and Subsidiaries
Unaudited Condensed Consolidating Balance Sheets
as of March 31, 2008
(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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$ |
11,085 |
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$ |
2,580 |
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$ |
56 |
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$ |
— |
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$ |
13,721 |
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Restricted cash |
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1,575 |
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1,643 |
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948 |
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— |
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4,166 |
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Accounts receivable, net |
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19,235 |
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22,289 |
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2,407 |
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(265 |
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43,666 |
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Inventories, net |
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— |
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43,010 |
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7,529 |
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— |
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50,539 |
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Other receivables |
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14 |
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14,887 |
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— |
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— |
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14,901 |
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Prepaid expenses and other current assets |
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1,626 |
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1,514 |
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216 |
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— |
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3,356 |
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Total current assets |
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33,535 |
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85,923 |
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11,156 |
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(265 |
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130,349 |
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PROPERTY AND EQUIPMENT, net |
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11,024 |
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25 |
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363 |
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— |
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11,412 |
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NOTES RECEIVABLE FROM AFFILIATES |
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18,645 |
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— |
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— |
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(18,645 |
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— |
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INVESTMENT IN AFFILIATES |
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39,746 |
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— |
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— |
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(39,746 |
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— |
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IDENTIFIABLE INTANGIBLES |
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— |
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— |
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5,623 |
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— |
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5,623 |
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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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710 |
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— |
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135 |
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— |
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845 |
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Total assets |
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103,660 |
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85,948 |
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32,639 |
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(58,656 |
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163,591 |
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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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$ |
5,034 |
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$ |
8,649 |
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$ |
— |
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$ |
— |
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$ |
13,683 |
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Trade accounts payable |
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12,092 |
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52,157 |
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8,576 |
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(265 |
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72,560 |
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Accrued expenses |
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10,134 |
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7,745 |
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2,848 |
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— |
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20,727 |
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Total current liabilities |
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27,260 |
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68,551 |
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11,424 |
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(265 |
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106,970 |
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LONG-TERM DEBT AND CAPITAL LEASE OBLIGATIONS, less current portion |
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5,313 |
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— |
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— |
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— |
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5,313 |
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NOTES PAYABLE TO AFFILIATES |
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— |
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5,505 |
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13,140 |
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(18,645 |
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— |
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OTHER LIABILITIES |
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898 |
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— |
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269 |
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— |
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1,167 |
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Total liabilities |
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33,471 |
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74,056 |
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24,833 |
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(18,910 |
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113,450 |
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COMMITMENTS AND CONTINGENCIES
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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— |
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1,000 |
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— |
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(1,000 |
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— |
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Additional paid-in capital |
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92,292 |
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— |
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28,059 |
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(28,059 |
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92,292 |
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Retained earnings (accumulated deficit) |
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(25,102 |
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7,429 |
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(20,272 |
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(7,379 |
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(45,324 |
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Accumulated other comprehensive income |
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3,037 |
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3,463 |
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— |
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(3,289 |
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3,211 |
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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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70,189 |
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11,892 |
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7,806 |
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(39,746 |
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50,141 |
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Total liabilities and shareholders’ equity |
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$ |
103,660 |
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$ |
85,948 |
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$ |
32,639 |
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$ |
(58,656 |
) |
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$ |
163,591 |
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