PART II. FINANCIAL INFORMATION
ITEM 8. FINANCIAL STATEMENTS
LILLIAN VERNON CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)
February 23,
2002
February 24,
2001
ASSETS
Current assets:
Cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
24,894
$
34,180
Accounts receivable, net of allowances of $534 and $687 . . . . . . . . .
14,956
19,483
Merchandise inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
26,618
31,944
Deferred income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
293
262
Prepayments and other current assets . . . . . . . . . . . . . . . . . . . . . . . . .
8,081
5,582
Total current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
74,842
91,451
Property, plant and equipment, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
30,798
33,841
Deferred catalog costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6,445
8,797
Deferred income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,113
Other assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7,559
5,660
Total. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 120,757
$ 139,749
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Trade accounts payable and accrued expenses. . . . . . . . . . . . . . . . . .
$
19,176
$
22,844
Cash overdrafts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
489
1,301
Customer deposits. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2,897
4,583
Total current liabilities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
22,562
28,728
Deferred income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
766
Other liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6,782
3,282
Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
29,344
32,776
Commitments (Note 7)
Stockholders' equity:
Preferred stock, $.01 par value; 2,000,000 shares
authorized; no shares issued and outstanding
Common stock, $.01 par value; 100,000,000
shares authorized; issued - 10,389,674 shares in
2002 and 2001 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
104
104
Additional paid-in capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
31,332
31,332
Retained earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
87,387
99,312
Accumulated other comprehensive losses, net of taxes . . . . . . . . . . .
(1,500)
Treasury stock, at cost - 2,088,731 shares in 2002
and 1,745,668 shares in 2001 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(25,910)
(23,775)
Total stockholders' equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
91,413
106,973
Total. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 120,757
$ 139,749
See Notes to Consolidated Financial Statements.
F-2
L I L L I A N V E R N O N
