PART II
ITEM 8: CONSOLIDATED FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
CONSOLIDATED
BALANCE SHEETS
 |
| |
APRIL 1, 2001 |
MARCH 26, 2000 |
|
| ASSETS |
|
|
|
|
| CURRENT
ASSETS: |
|
|
|
|
| Cash
and cash equivalents |
$ |
- |
$ |
818,100 |
Trade
accounts receivable, net of allowance for doubtful
accounts of $1,480,100 and $739,300,
respectively |
|
25,557,800 |
|
28,177,400 |
| Product
inventory |
|
32,566,400 |
|
31,723,800 |
| Deferred
tax asset |
|
1,531,600 |
|
1,199,700 |
| Prepaid
expenses and other current assets |
|
2,689,600 |
|
1,843,100 |
|
| Total
current assets |
|
62,345,400 |
|
63,762,100 |
|
| PROPERTY
AND EQUIPMENT, NET |
|
21,640,400 |
|
17,160,900 |
|
| GOODWILL,
NET |
|
3,002,400 |
|
3,291,200 |
|
| OTHER
LONG-TERM ASSETS |
|
425,300 |
|
228,900 |
|
| Total
assets |
$ |
87,413,500 |
$ |
84,443,100 |
|
| LIABILITIES
AND SHAREHOLDERS' EQUITY |
|
|
|
|
| CURRENT
LIABILITIES: |
|
|
|
|
| Trade
accounts payable |
$ |
16,744,600 |
$ |
25,353,800 |
| Accrued
expenses and other current liabilities |
|
4,409,200 |
|
3,981,300 |
| Revolving
credit facility |
|
10,011,000 |
|
5,862,000 |
| Current
portion of long-term debt |
|
354,500 |
|
332,900 |
|
| Total
current liabilities |
|
31,519,300 |
|
35,530,000 |
|
| DEFERRED
TAX LIABILITY |
|
2,274,900 |
|
806,200 |
|
| LONG-TERM
DEBT, net of current portion |
|
6,441,200 |
|
6,795,800 |
|
| OTHER
LONG-TERM LIABILITIES |
|
438,900 |
|
228,900 |
|
| Total
liabilities |
|
40,674,300 |
|
43,360,900 |
|
| COMMITMENTS
AND CONTINGENCIES |
|
|
|
|
| SHAREHOLDERS' EQUITY |
|
|
|
|
Preferred
stock, $0.01 par value, 500,000 shares authorized and
no shares issued and outstanding |
|
_ |
|
_ |
Common
stock, $0.01 par value, 15,000,000 shares authorized;
4,802,687 shares issued and 4,495,277 shares outstanding
as
of April 1, 2001, and 4,769,020 shares issued and 4,464,085
shares outstanding as of March 26, 2000 |
|
48,000 |
|
47,700 |
| Additional
paid-in capital |
|
21,748,300 |
|
21,283,600 |
| Treasury
stock, at cost, 307,410 shares and 304,935 shares, respectively |
|
(3,792,600) |
|
(3,710,600) |
| Retained
earnings |
|
28,735,500 |
|
23,461,500 |
|
| Total
shareholders' equity |
|
46,739,200 |
|
41,082,200 |
|
| Total
liabilities and shareholders' equity |
$ |
87,413,500 |
$ |
84,443,100 |
|
The accompanying Notes to the Consolidated Financial
Statements are an integral part of these consolidated balance sheets.
|
