|
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) In Thousands, unless otherwise specified
|
Jun. 30, 2012
|
Dec. 31, 2011
|
| CURRENT ASSETS |
|
|
| Cash and cash equivalents |
$ 302 |
$ 283 |
| Accounts receivable: |
|
|
| Trade, net of allowance for doubtful accounts of $339 (unaudited) and $384 |
13,119 |
12,972 |
| Other |
478 |
442 |
| Inventories - finished goods, net of allowance for obsolescence of $620 (unaudited) and $830 |
38,809 |
24,174 |
| Current deferred tax assets |
1,143 |
972 |
| Income tax receivable |
307 |
721 |
| Prepaid expenses and other current assets |
1,634 |
1,426 |
| Total current assets |
55,792 |
40,990 |
| PROPERTY AND EQUIPMENT |
|
|
| Logistics and distribution systems |
1,901 |
1,871 |
| Machinery and equipment |
707 |
1,044 |
| Furniture and fixtures |
519 |
511 |
| Leasehold improvements |
394 |
389 |
| Vehicles |
155 |
171 |
| Total property and equipment |
3,676 |
3,986 |
| Less accumulated depreciation and amortization |
(3,097) |
(3,128) |
| Net property and equipment |
579 |
858 |
| GOODWILL |
1,387 |
1,387 |
| INTANGIBLES, net |
428 |
527 |
| OTHER ASSETS |
94 |
100 |
| NON-CURRENT DEFERRED TAX ASSET |
291 |
213 |
| Other assets excluding property, plant and equipment |
2,200 |
2,227 |
| TOTAL ASSETS |
58,571 |
44,075 |
| CURRENT LIABILITIES |
|
|
| Line of credit |
20,582 |
12,654 |
| Accounts payable |
13,162 |
6,845 |
| Accrued liabilities |
1,532 |
1,213 |
| Current portion of settlement accrual |
|
241 |
| Current portion of capital lease and note obligations |
106 |
119 |
| Current portion of deferred rent |
|
14 |
| Total current liabilities |
35,382 |
21,086 |
| LONG-TERM LIABILITIES |
|
|
| Capital lease and note obligations, less current portion |
180 |
229 |
| TOTAL LIABILITIES |
35,562 |
21,315 |
| COMMITMENTS AND CONTINGENCIES |
|
|
| SHAREHOLDERS' EQUITY |
|
|
| Common stock - $0.01 par value, 50,000,000 shares authorized, 5,020,000 shares issued and outstanding |
50 |
50 |
| Additional paid-in capital |
16,345 |
16,339 |
| Retained earnings |
6,614 |
6,419 |
| Accumulated other comprehensive loss |
|
(48) |
| Total shareholders' equity |
23,009 |
22,760 |
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY |
$ 58,571 |
$ 44,075 |