Guitar Center, Inc. and subsidiaries
Consolidated Balance Sheets
(in thousands)
| | March 31, 2002 | December 31, 2001 | ||||||
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 4,892 | $ | 17,480 | ||||
| Accounts receivable, net | 21,509 | 19,243 | ||||||
| Merchandise inventories | 261,074 | 249,685 | ||||||
| Prepaid expenses and deposits | 12,815 | 6,404 | ||||||
| Deferred income taxes | 4,744 | 4,744 | ||||||
| Total current assets | 305,034 | 297,556 | ||||||
Property and equipment, net | 79,596 | 81,056 | ||||||
| Goodwill, net | 23,094 | 21,032 | ||||||
| Deposits and other assets, net | 5,225 | 5,040 | ||||||
| $ | 412,949 | $ | 404,684 | |||||
| Liabilities and stockholders' equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 72,583 | $ | 78,287 | ||||
| Accrued expenses and other current liabilities | 28,793 | 38,834 | ||||||
| Merchandise advances | 11,840 | 12,780 | ||||||
| Revolving line of credit | 97,762 | 76,904 | ||||||
| Current portion of long-term debt | 551 | 638 | ||||||
| Total current liabilities | 211,529 | 207,443 | ||||||
Other long-term liabilities | 3,677 | 3,716 | ||||||
| Deferred income taxes | 2,733 | 2,733 | ||||||
| Long-term debt | 66,954 | 66,924 | ||||||
| Total liabilities | 284,893 | 280,816 | ||||||
Stockholders' equity | ||||||||
| Preferred Stock; authorized 5,000 shares at March 31, 2002 and December 31, 2001, none issued and outstanding | — | — | ||||||
| Common Stock, $0.01 par value, authorized 55,000 shares, issued and outstanding 22,346 at March 31, 2002 and 22,315 at December 31, 2001, respectively | 224 | 223 | ||||||
| Additional paid in capital | 248,812 | 248,063 | ||||||
| Accumulated deficit | (120,980 | ) | (124,418 | ) | ||||
| Total stockholders' equity | 128,056 | 123,868 | ||||||
| $ | 412,949 | $ | 404,684 | |||||
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Guitar Center, Inc. and subsidiaries
Consolidated Statements of Income
(In thousands, except per share data)
| | Three months ended March 31, | ||||||
|---|---|---|---|---|---|---|---|
| | 2002 | 2001 | |||||
| Net sales | $ | 251,536 | $ | 213,152 | |||
| Cost of goods sold, buying and occupancy | 187,375 | 158,321 | |||||
| Gross profit | 64,161 | 54,831 | |||||
Selling, general and administrative expense | 55,447 | 43,756 | |||||
| Operating income | 8,714 | 11,075 | |||||
Interest expense, net | 3,165 | 3,067 | |||||
| Income before income taxes | 5,549 | 8,008 | |||||
Income taxes | 2,111 | 3,043 | |||||
| Net income | $ | 3,438 | $ | 4,965 | |||
| Net income per share | |||||||
| Basic | $ | 0.15 | $ | 0.22 | |||
| Diluted | $ | 0.15 | $ | 0.22 | |||
| Weighted average shares outstanding | |||||||
| Basic | 22,333 | 22,095 | |||||
| Diluted | 22,836 | 22,573 | |||||
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