PFSweb, Inc. and Subsidiaries
Unaudited Condensed Consolidating Balance Sheets as of December 31, 2010 (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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$ |
13,471 |
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$ |
3,110 |
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$ |
1,849 |
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$ |
— |
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$ |
18,430 |
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| Restricted cash |
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777 |
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884 |
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192 |
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— |
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1,853 |
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| Accounts receivable, net |
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21,234 |
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19,524 |
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987 |
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(307 |
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41,438 |
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| Inventories, net |
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— |
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35,161 |
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— |
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— |
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35,161 |
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| Assets of discontinued operations |
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— |
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— |
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2,776 |
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— |
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2,776 |
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| Other receivables |
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— |
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13,822 |
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717 |
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— |
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14,539 |
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| Prepaid expenses and other current assets |
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2,006 |
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1,469 |
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105 |
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— |
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3,580 |
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| Total current assets |
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37,488 |
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73,970 |
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6,626 |
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(307 |
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117,777 |
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| PROPERTY AND EQUIPMENT, net |
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8,861 |
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22 |
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241 |
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— |
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9,124 |
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| RECEIVABLE/INVESTMENT IN AFFILIATES |
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14,255 |
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— |
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— |
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(14,255 |
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— |
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| ASSETS OF DISCONTINUED OPERATIONS |
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— |
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— |
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1,126 |
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— |
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1,126 |
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| OTHER ASSETS |
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2,013 |
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— |
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190 |
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— |
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2,203 |
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| Total assets |
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62,617 |
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73,992 |
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8,183 |
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(14,562 |
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130,230 |
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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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$ |
8,332 |
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$ |
9,953 |
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$ |
35 |
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$ |
— |
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$ |
18,320 |
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| Trade accounts payable |
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6,356 |
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44,896 |
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4,747 |
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(307 |
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55,692 |
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| Accrued expenses |
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12,994 |
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6,260 |
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1,870 |
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— |
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21,124 |
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| Total current liabilities |
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27,682 |
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61,109 |
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6,652 |
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(307 |
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95,136 |
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| LONG-TERM DEBT AND CAPITAL LEASE OBLIGATIONS, less current portion |
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2,031 |
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— |
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105 |
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— |
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2,136 |
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| PAYABLE TO AFFILIATES |
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— |
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4,255 |
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18,490 |
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(22,745 |
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— |
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| OTHER LIABILITIES |
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3,608 |
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— |
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— |
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— |
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3,608 |
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| Total liabilities |
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33,321 |
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65,364 |
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25,247 |
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(23,052 |
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100,880 |
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| COMMITMENTS AND CONTINGENCIES |
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| SHAREHOLDERS’ EQUITY: |
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| Common stock |
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12 |
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— |
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19 |
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(19 |
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12 |
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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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101,229 |
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— |
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28,059 |
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(28,059 |
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101,229 |
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| Retained earnings (accumulated deficit) |
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(73,387 |
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5,410 |
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(45,148 |
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39,793 |
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(73,332 |
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| Accumulated other comprehensive income |
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1,527 |
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2,218 |
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6 |
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(2,225 |
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1,526 |
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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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29,296 |
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8,628 |
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(17,064 |
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8,490 |
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29,350 |
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| Total liabilities and shareholders’ equity |
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$ |
62,617 |
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$ |
73,992 |
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$ |
8,183 |
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$ |
(14,562 |
) |
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$ |
130,230 |
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# # #
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