WD-40 Company
Consolidated Balance Sheets
August 31, 2007 and 2006
| August 31, 2007 | August 31, 2006 | ||||||
|---|---|---|---|---|---|---|---|
| Assets Current assets: Cash and cash equivalents |
$ | 61,078,000 | $ | 45,206,000 | |||
| Trade accounts receivable, less allowance for doubtful accounts of $369,000 and $762,000 |
47,204,000 | 44,491,000 | |||||
| Product held at contract packagers | 1,447,000 | 1,385,000 | |||||
| Inventories | 13,208,000 | 15,269,000 | |||||
| Current deferred tax assets, net | 4,145,000 | 4,331,000 | |||||
| Other current assets | 3,489,000 | 4,858,000 | |||||
| Total current assets | 130,571,000 | 115,540,000 | |||||
| Property, plant and equipment, net | 8,811,000 | 8,940,000 | |||||
| Goodwill | 96,409,000 | 96,118,000 | |||||
| Other intangibles, net | 42,543,000 | 42,722,000 | |||||
| Investment in related party | 1,015,000 | 972,000 | |||||
| Other assets | 3,837,000 | 4,183,000 | |||||
| $ | 283,186,000 | $ | 268,475,000 | ||||
| Liabilities and Shareholders’ Equity Current liabilities: Current portion of long-term debt |
$ | 10,714,000 | $ | 10,714,000 | |||
| Accounts payable | 21,854,000 | 11,287,000 | |||||
| Accounts payable to related party | 1,506,000 | 463,000 | |||||
| Accrued liabilities | 12,780,000 | 11,678,000 | |||||
| Accrued payroll and related expenses | 6,906,000 | 7,485,000 | |||||
| Income taxes payable | 97,000 | 2,040,000 | |||||
| Total current liabilities | 53,857,000 | 43,667,000 | |||||
| Long-term debt | 42,857,000 | 53,571,000 | |||||
| Deferred employee benefits and other long-term liabilities | 2,195,000 | 1,895,000 | |||||
| Long-term deferred tax liabilities, net | 16,005,000 | 13,611,000 | |||||
| Total liabilities | 114,914,000 | 112,744,000 | |||||
| Commitments and contingencies (Notes 6, 7, 8 and 13) Shareholders’ equity: Common stock, $.001 par value, 36,000,000 shares authorized — 17,883,299 and 17,510,668 shares issued; and 16,848,601 and 16,975,970 shares outstanding |
18,000 | 17,000 | |||||
| Paid-in capital | 74,836,000 | 62,322,000 | |||||
| Retained earnings | 118,260,000 | 103,335,000 | |||||
| Accumulated other comprehensive income | 7,504,000 | 5,083,000 | |||||
| Common stock held in treasury, at cost (1,034,698 and 534,698 shares) | (32,346,000 | ) | (15,026,000 | ) | |||
| Total shareholders’ equity | 168,272,000 | 155,731,000 | |||||
| $ | 283,186,000 | $ | 268,475,000 | ||||
The accompanying notes are an integral part of these consolidated financial statements.