Best Buy Second-Quarter Earnings Per Share From Continuing Operations Increase 10% To 46 Cents, After Charges of 7 Cents; Robust Revenue Growth Drove Results.
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Second-Quarter Performance Summary - Continuing Operations
(U.S. dollars in millions, except per share amounts)
Aug. 28, 2004 Aug. 30, 2003
----------------------------------------------------------------------
Revenue $6,080 $5,396
----------------------------------------------------------------------
Comparable store sales % gain(1) 4.3% 6.7%(2)
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Gross profit rate 25.5% 25.4%
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SG&A rate 21.6% 21.2%
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Operating income rate 4.0% 4.2%
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Diluted EPS - continuing operations $0.46 $0.42
----------------------------------------------------------------------
Note: All periods presented exclude Musicland's financial results,
which are reported as discontinued operations.
(1) Comprised of revenue at stores and Web sites operating for at
least 14 full months, as well as remodeled and expanded locations.
Relocated stores are excluded from the comparable store sales
calculation until at least 14 full months after reopening. The
calculation of the comparable store sales percentage gain excludes
the impact of fluctuations in foreign currency exchange rates.
(2) We refined our methodology for calculating our comparable store
sales percentage change in the third quarter of fiscal 2004 to
reflect the impact of non-point-of-sale revenue transactions. The
comparable store sales percentage gain for the second quarter of
fiscal 2004 has been computed using the refined methodology. The
change did not impact previously reported revenue, earnings or
cash flow.
Best Buy Co., Inc. (NYSE NYSE See: New York Stock Exchange :BBY BBY Best Buy (stock symbol) BBY Before Battle of Yavin (Star Wars) BBY BeBeyond (Chinese online community) ), North America's leading retailer of consumer electronics, today reported earnings from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the of 46 cents per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, or $150 million, for the quarter ended Aug. 28, 2004, an increase of 10 percent compared with 42 cents per diluted share, or $140 million, for the quarter ended Aug. 30, 2003. The fiscal 2005 second-quarter results include charges of 7 cents per diluted share for asset impairments, transition costs associated with outsourcing (1) Contracting with outside consultants, software houses or service bureaus to perform systems analysis, programming and datacenter operations. Contrast with insourcing. See netsourcing, ASP, SSP and facilities management. the company's information technology operations Information technology operations, or IT operations, are the superset of all processes and services that are both provisioned by an IT staff to their internal or external and used by themselves, to run themselves as a business. , and the preliminary settlement of pending litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. , as previously reported. "We have positioned ourselves as the authority on digital products, and our success with customers who enjoy a digital lifestyle really made the quarter," said Brad Anderson Anderson, river, Canada Anderson, river, c.465 mi (750 km) long, rising in several lakes in N central Northwest Territories, Canada. It meanders north and west before receiving the Carnwath River and flowing north to Liverpool Bay, an arm of the Arctic , vice chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Best Buy. "Our strong growth for the quarter is a testament to our employees' expertise and dedication, and I thank them. Our ability to deliver double-digit dou·ble-dig·it adj. Being between 10 and 99 percent: double-digit inflation. EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. growth in a more modest comparable store sales environment, while absorbing the charges in the quarter, emphasizes the improvements we have made to our operating model Operating Model is a term that is used in many contexts. In essence an operating model describes how an organization operates across both business and technology domains. The Operating Model describes what is important for the organization. ." As reported on Sept. 2, second-quarter revenue increased 13 percent to $6.1 billion, compared with revenue of $5.4 billion for the second quarter of fiscal 2004. The revenue increase reflected the addition of 75 new stores in the past 12 months and a comparable store sales gain of 4.3 percent. The gross profit rate was 25.5 percent of revenue for the second quarter, a modest improvement compared with the gross profit rate for the second quarter of the prior year. The increase was driven by a more profitable revenue mix and a less promotional environment in the international segment, compared with the second quarter of fiscal 2004. Reward Zone, Best Buy's customer loyalty program launched in July July: see month. 2003, continued to contribute to the company's revenue growth for the quarter. Additionally, Reward Zone reduced the gross profit rate by 0.8 percent of revenue for the second quarter, compared with 0.4 percent of revenue for the prior year's quarter. The company's selling, general and administrative expense rate was 21.6 percent of revenue for the second quarter, compared with 21.2 percent of revenue for the prior year's second quarter. The increase in the expense rate was driven by provisions for asset impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. charges, costs associated with outsourcing the company's information technology function, and the preliminary settlement of pending litigation, as previously reported, which in the aggregate increased the expense rate by 0.7 percent of revenue. The company's investment in its customer centricity Customer centricity refers to the orientation of a company to the needs and behaviours of its customers, rather than internal drivers (such as the quest for short term profit). initiative for the quarter was in line with its expectations. These costs were partially offset by expense leverage associated with the 13-percent revenue gain and ongoing cost-saving initiatives. Operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. declined to 4.0 percent of revenue for the second quarter, compared with a rate of 4.2 percent of revenue for the second quarter of the prior year. The decline in the operating income rate was principally related to the asset impairment and litigation charges previously described. The company reported net interest income of approximately $1 million for the second quarter of fiscal 2005. The cash position increased to $2.0 billion at the end of the second quarter of fiscal 2005, versus $1.7 billion at the end of the same quarter of fiscal 2004. The company's effective income tax rate for the second quarter declined to 38.1 percent, compared with 38.3 percent for the same period one year ago, primarily due to permanent benefits associated with international operations Internal Operations (I.O., IO or I/O) is a fictional American Intelligence Agency in Wildstorm comics. It was originally called International Operations. I.O. first appeared in WildC.A.T.S. volume 1 #1 (August, 1992) and was created by Brandon Choi and Jim Lee. and higher levels of tax-exempt interest Tax-Exempt Interest Interest income that is exempt from federal income tax. Although it is not directly taxed, this income may still be required to determine other tax calculations such as social security benefits. .
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First-Half Performance Summary - Continuing Operations
(U.S. dollars in millions, except per share amounts)
Aug. 28, 2004 Aug. 30, 2003
----------------------------------------------------------------------
Revenue $11,555 $10,064
----------------------------------------------------------------------
Comparable store sales % gain(1) 6.2% 4.1%(2)
----------------------------------------------------------------------
Gross profit rate 25.4% 25.4%
----------------------------------------------------------------------
SG&A rate 21.8% 22.0%
----------------------------------------------------------------------
Operating income rate 3.7% 3.4%
----------------------------------------------------------------------
Diluted EPS - continuing operations $0.80 $0.64
----------------------------------------------------------------------
Note: All periods presented exclude Musicland's financial results,
which are reported as discontinued operations.
(1) Comprised of revenue at stores and Web sites operating for at
least 14 full months, as well as remodeled and expanded locations.
Relocated stores are excluded from the comparable store sales
calculation until at least 14 full months after reopening. The
calculation of the comparable store sales percentage gain excludes
the impact of fluctuations in foreign currency exchange rates.
(2) We refined our methodology for calculating our comparable store
sales percentage change in the third quarter of fiscal 2004 to
reflect the impact of non-point-of-sale revenue transactions. The
comparable store sales percentage gain for the six months ended
Aug. 30, 2003, has been computed using the refined methodology.
The change did not impact previously reported revenue, earnings or
cash flow.
Company Lab Stores Continue to Outperform Outperform An analyst recommendation meaning a stock is expected to do slightly better than the market return. Notes: Exact definitions vary by brokerage, but in general this rating is better than neutral and worse than buy or strong buy. ; Pilot Stores Prepare to Roll The company said that its 30-plus customer centricity lab stores collectively continued to outperform other U.S. Best Buy stores in terms of the comparable store sales gain and the gross profit rate. The lab stores collectively had a comparable store sales gain modestly more than double that of other U.S. Best Buy stores, which in turn outperformed competitors. The lab stores' gross profit rate collectively was approximately 0.5 percent of revenue higher than the rate of other U.S. Best Buy stores. "We view customer centricity as a core competency A core competency is something that a firm can do well and that meets the following three conditions specified by Hamel and Prahalad (1990):
During the second quarter, Best Buy launched a three-month process of training and preparing for approximately 70 pilot stores to be converted to focus on the unmet un·met adj. Not satisfied or fulfilled: unmet demands. needs of specific customer segments, beginning in October October: see month. . The experience of converting this large group of stores was designed to assist the company in determining the rollout plans and pace for future conversions, which are not expected to be determined until the end of the fiscal year. "We believe that the pilot stores and the application of our customer centricity model to other parts of our organization will support our top-line growth and bolster This article is about the pillow called a bolster. For other meanings of the word "bolster", see bolster (disambiguation). A bolster (etymology: Middle English, derived from Old English, and before that the Germanic word bulgstraz our gross profit rate," Anderson added. "In addition, these stores will have a modestly higher expense structure." Best Buy Repurchases $68 Million in Stock Best Buy during the second quarter repurchased 1,406,433 shares of its common stock at an average price of $48.38 per share. At the end of the second quarter of fiscal 2005, the company had approximately $432 million remaining under the $500 million authorization The right or permission to use a system resource; the process of granting access. See access control. for share repurchases Share Repurchase A program by which a company buys back its own shares from the marketplace, reducing the number of outstanding shares. This is usually an indication that the company's management thinks the shares are undervalued. approved by the board of directors in June June: see month. 2004. During the quarter, the company paid a quarterly dividend of 10 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. , as previously reported, and announced a 10-percent increase in the dividend that would be effective with the next quarterly dividend which, if authorized au·thor·ize tr.v. au·thor·ized, au·thor·iz·ing, au·thor·iz·es 1. To grant authority or power to. 2. To give permission for; sanction: for payment, would be distributed in October. In addition, it redeemed re·deem tr.v. re·deemed, re·deem·ing, re·deems 1. To recover ownership of by paying a specified sum. 2. To pay off (a promissory note, for example). 3. all of its convertible debentures Convertible Debenture Any type of debenture that can be converted into some other security. Notes: For example, a convertible bond can be converted into stock. due in 2021 for $355 million. Company Expects Q3 Diluted EPS of 41 to 47 Cents, and $2.80-$2.93 for Fiscal Year For the third quarter of fiscal 2005, which ends on Nov. 27, 2004, Best Buy anticipates earnings from continuing operations in the range of 41 to 47 cents per diluted share, an increase of approximately 19 percent from the comparable prior year period, driven by a comparable store sales gain of 3 percent to 5 percent. For the third quarter of fiscal 2004, the company had earnings from continuing operations of 37 cents per diluted share. Currently, the mean analyst earnings estimate for the fiscal third quarter is 44 cents per diluted share. Best Buy also reiterated its earnings guidance for fiscal 2005. The company said it continues to expect revenue of approximately $27.5 billion and earnings from continuing operations increasing 15 to 20 percent for fiscal 2005, to a range of $2.80 to $2.93 per diluted share, including the charge. This fiscal 2005 guidance assumes the opening of approximately 70 new stores, a gain in comparable store sales of 4 percent to 6 percent, and an improvement in the operating income rate for the fiscal year of approximately 0.2 percent of revenue, driven primarily by a lower SG&A rate. The mean of analyst earnings estimates for the fiscal year is $2.90 per diluted share. In addition, the company said it now anticipates capital expenditures of $550 million to $600 million for fiscal 2005, less than originally planned. "Month to date, comparable store sales are on track with our guidance, even though we had weather-related store closings in Florida Florida, state, United States Florida (flôr`ĭdə, flŏr`–), state in the extreme SE United States. A long, low peninsula between the Atlantic Ocean (E) and the Gulf of Mexico (W), Florida is bordered by Georgia and ," stated Darren Jackson Darren Jackson (born 25 July 1966 in Edinburgh) is a former Scottish professional footballer. Career Jackson played for Meadowbank Thistle, Newcastle United, Dundee United, Hibernian, Celtic, Coventry City, Hearts, Livingston, St. Johnstone and Clydebank. , executive vice president and CFO See Chief Financial Officer. . "Of course, our highest volumes are expected to be in November November: see month. , which will drive the quarter's results. We continue to expect a comparable store sales gain of 3 percent to 5 percent for the third and fourth quarters. Our revenue guidance reflects the continued strength we see in digital televisions, MP3 players A digital music player that supports the MP3 format, which was the audio format that started a revolution in online music downloads and distribution. All portable music players, the iPod being the most popular, support MP3 along with one or more other audio formats. , notebook computers A laptop computer that weighs in a range from five to seven pounds. The term originated when laptops were routinely more than 10 pounds, and those that became lighter were placed in a special "notebook" category. In practice, notebook computer and laptop computer are synonymous. , home theater An audio/video entertainment center that has a large-screen TV and hi-fi system with three speakers in the front (left, right and center) and left and right speakers in the rear. Starting in the early 1990s, video inputs were added to stereo receivers and preamplifiers. and digital imaging, as well as improvement we expect to see in DVD DVD: see digital versatile disc. DVD in full digital video disc or digital versatile disc Type of optical disc. The DVD represents the second generation of compact-disc (CD) technology. movies and the appliances category. We also anticipate that converting approximately 70 pilot stores and using our customer centricity capability in other parts of our operations will support our top-line growth." Jackson Jackson. 1 City (1990 pop. 37,446), seat of Jackson co., S Mich., on the Grand River; inc. 1857. It is an industrial and commercial center in a farm region. added, "We believe that we are well positioned for the upcoming holiday season, given our expanded assortments in key product categories (home theater, digital imaging and computing computing - computer ), our well-trained employees and our well-known well-known adj. 1. Widely known; familiar or famous: a well-known performer. 2. Fully known: well-known facts. brands." Turning to profit drivers, he said, "We plan to maintain our market share and drive bottom-line bot·tom-line adj. 1. Concerned exclusively with costs and profits: bottom-line issues. 2. Ruthlessly realistic; pragmatic: a bottom-line political strategy. profits in the second half. In addition, we are a leaner organization than we were last year, and we continue to look for operating income expansion opportunities, such as private-labeled goods, supply chain efficiencies and other expense reduction." Best Buy is scheduled to conduct an earnings conference call at 10 a.m. EDT EDT abbr. Eastern Daylight Time EDT Eastern Daylight Time EDT n abbr (US) (= Eastern Daylight Time) → hora de verano de Nueva York EDT on Sept. 15, 2004. The call is expected to be available on its Web site both live and after the call, at www.BestBuy.com. The public may access the call by clicking on "For Our Investors." Forward-Looking for·ward-look·ing adj. Concerned with or making provision for the future: forward-looking educators; a forward-looking corporate plan. Adj. 1. and Cautionary Statements: This news release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that reflect management's current views and estimates regarding future market conditions, company performance and financial results, business prospects, new strategies, the competitive environment and other events. You can identify these statements by the fact that they use words such as "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," and other words and terms of similar meaning. These statements involve a number of risks and uncertainties and are made pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Among the factors that could cause actual results and outcomes to differ materially from those contained in such forward-looking statements are the following: general economic conditions, acquisitions and development of new businesses, product availability, sales volumes, profit margins, weather, foreign currency fluctuation Fluctuation A price or interest rate change. , availability of suitable real estate locations, our ability to react to a disaster recovery situation, and the impact of labor markets labor market A place where labor is exchanged for wages; an LM is defined by geography, education and technical expertise, occupation, licensure or certification requirements, and job experience and new product introductions on our overall profitability. A further list and description of these risks, uncertainties and other matters can be found in the Company's Current Report on Form 8-K Form 8-K The form required by the SEC when a publicly held company incurs any event that might affect its financial situation or the share value of its stock. Form 8-K See 8-K. filed with the Securities and Exchange Commission on March 18, 2004, and in our other periodic reports filed from time to time with the Commission. Best Buy cautions that the foregoing list of important factors is not complete and assumes no obligation to update any forward-looking statements that it may make. About Best Buy Co., Inc. Best Buy Co., Inc. (NYSE:BBY) is an innovative Fortune 100(R) growth company that continually con·tin·u·al adj. 1. Recurring regularly or frequently: the continual need to pay the mortgage. 2. strives to create superior customer experiences. Through more than 780 retail stores across the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and in Canada Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of , our employees connect customers with technology and entertainment products and services that make life easier and more fun. We sell consumer electronics, home-office products, entertainment software, appliances and related services. A Minneapolis-based company, our operations include: Best Buy (BestBuy.com), Future Shop (FutureShop.ca), Geek Squad The Geek Squad is a subsidiary of the Best Buy Company and is based in Richfield, Minnesota [1]. Originally founded in 1994 by Robert Stephens, it offers various computer-related services and accessories for residential and commercial clients. (GeekSquad.com) and Magnolia Audio Video Magnolia Audio Video is a specialty consumer electronics retailer in the United States. It currently operates 13 standalone stores throughout Washington, Oregon, and California. (Magnoliaav.com). We support our communities through employee volunteerism vol·un·teer·ism n. Use of or reliance on volunteers, especially to perform social or educational work in communities. volunteerism and grants from The Best Buy Children's Foundation.
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Domestic Second-Quarter Performance Summary(1)
(U.S. dollars in millions)
Aug. 28, 2004 Aug. 30, 2003
----------------------------------------------------------------------
Revenue $5,506 $4,910
----------------------------------------------------------------------
Comparable store sales % gain(2) 4.4% 6.9%(3)
----------------------------------------------------------------------
Gross profit rate 25.6% 25.6%
----------------------------------------------------------------------
SG&A rate 21.2% 20.9%
----------------------------------------------------------------------
Operating income $239 $230
----------------------------------------------------------------------
Operating income rate 4.3% 4.7%
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(1) The domestic segment is comprised of U.S. Best Buy and Magnolia
Audio Video operations.
(2) Comprised of revenue at stores and Web sites operating for at
least 14 full months, as well as remodeled and expanded locations.
Relocated stores are excluded from the comparable store sales
calculation until at least 14 full months after reopening.
(3) We refined our methodology for calculating our comparable store
sales percentage change in the third quarter of fiscal 2004 to
reflect the impact of non-point-of-sale revenue transactions. The
comparable store sales percentage gain for the second quarter of
fiscal 2004 has been computed using the refined methodology. The
change did not impact previously reported revenue, earnings or
cash flow.
----------------------------------------------------------------------
International Second-Quarter Performance Summary(1)
(U.S. dollars in millions)
Aug. 28, 2004 Aug. 30, 2003
----------------------------------------------------------------------
Revenue $574 $486
----------------------------------------------------------------------
Comparable store sales % gain(2) 3.0% 4.6%(3)
----------------------------------------------------------------------
Gross profit rate 25.1% 24.1%
----------------------------------------------------------------------
SG&A rate 24.6% 24.4%
----------------------------------------------------------------------
Operating income (loss) $3 ($1)
----------------------------------------------------------------------
Operating income (loss) rate 0.5% (0.3%)
----------------------------------------------------------------------
(1) The international segment is comprised of Future Shop and Best Buy
operations in Canada.
(2) Comprised of revenue at stores and Web sites operating for at
least 14 full months, as well as remodeled and expanded locations.
Relocated stores are excluded from the comparable store sales
calculation until at least 14 full months after reopening. The
calculation of the comparable store sales percentage gain excludes
the impact of fluctuations in foreign currency exchange rates.
(3) We refined our methodology for calculating our comparable store
sales percentage change in the third quarter of fiscal 2004 to
reflect the impact of non-point-of-sale revenue transactions. The
comparable store sales percentage gain for the second quarter of
fiscal 2004 has been computed using the refined methodology. The
change did not impact previously reported revenue, earnings or
cash flow.
BEST BUY CO., INC.
CONSOLIDATED STATEMENTS OF EARNINGS
($ in millions, except per share amounts)
(Unaudited)
Three Months Ended Six Months Ended
------------------- -------------------
Aug. 28, Aug. 30, Aug. 28, Aug. 30,
2004 2003 2004 2003
--------- --------- --------- ---------
Revenue $6,080 $5,396 $11,555 $10,064
Cost of goods sold 4,528 4,024 8,614 7,507
--------- --------- --------- ---------
Gross profit 1,552 1,372 2,941 2,557
Gross profit % 25.5% 25.4% 25.4% 25.4%
Selling, general and
administrative expenses 1,310 1,143 2,515 2,214
SG&A % 21.6% 21.2% 21.8% 22.0%
--------- --------- --------- ---------
Operating income 242 229 426 343
Net interest income (expense) 1 (3) 1 (5)
--------- --------- --------- ---------
Earnings from continuing
operations before income tax
expense 243 226 427 338
Income tax expense 93 86 163 129
Effective tax rate 38.1% 38.3% 38.1% 38.3%
--------- --------- --------- ---------
Earnings from continuing
operations 150 140 264 209
Loss from discontinued
operations, net of income tax
benefit of $3 and $18,
respectively -- (5) -- (29)
Gain (loss) on disposal of
discontinued operations, net
of income tax expense of $3
and $0, respectively -- 4 -- (66)
--------- --------- --------- ---------
Net earnings $150 $139 $264 $114
========= ========= ========= =========
Basic earnings (loss) per
share:
Continuing operations $0.46 $0.43 $0.81 $0.65
Discontinued operations -- (0.01) -- (0.09)
Gain (loss) on disposal of
discontinued operations -- 0.01 -- (0.20)
--------- --------- --------- ---------
Basic earnings per share $0.46 $0.43 $0.81 $0.35
========= ========= ========= =========
Diluted earnings (loss) per
share:
Continuing operations $0.46 $0.42 $0.80 $0.64
Discontinued operations -- (0.01) -- (0.09)
Gain (loss) on disposal of
discontinued operations -- 0.01 -- (0.20)
--------- --------- --------- ---------
Diluted earnings per share $0.46 $0.42 $0.80 $0.35
========= ========= ========= =========
Dividends declared per common
share $0.10 $-- $0.20 $--
Basic weighted average common
shares outstanding (in
millions) 324.8 322.9 324.7 322.4
Diluted weighted average
common shares outstanding (in
millions) 329.3 327.8 329.8 326.5
BEST BUY CO., INC.
CONSOLIDATED CONDENSED BALANCE SHEETS
($ in millions)
(Unaudited)
Subject to Reclassification
Aug. 28, Aug. 30,
2004 2003
-------- --------
ASSETS
Current assets
Cash & cash equivalents $1,962 $1,734
Short-term investments 7 --
Receivables 328 302
Merchandise inventories 2,987 2,641
Other current assets 312 209
-------- --------
Total current assets 5,596 4,886
Net property & equipment 2,251 2,229
Goodwill, net 485 459
Intangible asset 38 36
Long-term investments 41 --
Other assets 233 120
-------- --------
TOTAL ASSETS $8,644 $7,730
======== ========
LIABILITIES & SHAREHOLDERS' EQUITY
Current liabilities
Accounts payable $2,806 $2,590
Accrued liabilities 1,491 1,071
Current portion of long-term debt 11 14
-------- --------
Total current liabilities 4,308 3,675
Long-term liabilities 257 281
Long-term debt 478 840
Shareholders' equity 3,601 2,934
-------- --------
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY $8,644 $7,730
======== ========
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