|
CHOICE HOTELS INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
| |
|
December 31, |
|
December 31, |
| |
|
2003 |
2002 |
 |
|
|
|
| |
|
(In thousands, except |
| |
|
share amounts) |
| ASSETS: |
| Current assets |
| Cash and cash equivalents |
|
$ |
20,031 |
|
$ |
12,227 |
|
| Receivables (net of allowance for doubtful accounts of $6,743 and $6,740, |
| respectively) |
|
|
33,623 |
|
|
32,629 |
|
| Deferred income taxes |
|
|
1,957 |
|
|
2,232 |
|
| Other current assets |
|
|
2,966 |
|
|
3,349 |
|
|
|
|
|
| Total current assets |
|
|
58,577 |
|
|
50,437 |
|
| Property and equipment, at cost, net |
|
|
54,253 |
|
|
64,650 |
|
| Goodwill |
|
|
60,620 |
|
|
60,620 |
|
| Franchise rights, net |
|
|
35,383 |
|
|
36,336 |
|
| Receivable—marketing and reservation fees |
|
|
32,368 |
|
|
44,916 |
|
| Note receivable from Sunburst |
|
|
— |
|
|
41,318 |
|
| Other assets |
|
|
26,071 |
|
|
18,496 |
|
|
|
|
|
| Total assets |
|
$ |
267,272 |
|
$ |
316,773 |
|
|
|
|
|
|
|
|
|
|
| |
| LIABILITIES AND SHAREHOLDERS’ DEFICIT: |
| Current liabilities |
| Current portion of long-term debt |
|
$ |
23,829 |
|
$ |
23,796 |
|
| Accounts payable |
|
|
29,740 |
|
|
23,301 |
|
| Accrued expenses and other |
|
|
44,704 |
|
|
30,189 |
|
| Income taxes payable |
|
|
2,577 |
|
|
7,022 |
|
|
|
|
|
| Total current liabilities |
|
|
100,850 |
|
|
84,308 |
|
| Long-term debt |
|
|
222,823 |
|
|
283,995 |
|
| Deferred income taxes |
|
|
21,562 |
|
|
29,807 |
|
| Other liabilities |
|
|
40,224 |
|
|
32,462 |
|
|
|
|
|
| Total liabilities |
|
|
385,459 |
|
|
430,572 |
|
|
|
|
|
| Commitments and Contingencies |
SHAREHOLDERS’ DEFICIT: |
| Common stock, $ .01 par value; 160,000,000 shares authorized; 62,755,708 shares |
| issued; 34,745,853 and 37,163,216 shares outstanding at December 31, 2003 and |
| 2002, respectively |
|
|
347 |
|
|
371 |
|
| Additional paid-in-capital |
|
|
74,496 |
|
|
73,100 |
|
| Accumulated other comprehensive income |
|
|
1,138 |
|
|
42 |
|
| Deferred compensation |
|
|
(2,641 |
) |
|
(3,492 |
) |
| Treasury stock (28,009,855 and 25,592,492 shares at December 31, 2003 and 2002, |
| respectively) |
|
|
(496,510 |
) |
|
(423,839 |
) |
| Retained earnings |
|
|
304,983 |
|
|
240,019 |
|
|
|
|
|
| Total shareholders’ deficit |
|
|
(118,187 |
) |
|
(113,799 |
) |
|
|
|
|
| Total liabilities and shareholders’ deficit |
$ |
267,272 |
|
$ |
316,773 |
|
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these consolidated financial statements.
|
