40 41
H O N  I N D U S T R I E S  I n c .  a n d  S U B S I D I A R I E S
(Amounts in thousands of dollars and shares except par value) As of Year-End 2003                                 2002                                 2001
A S S E T S
C U R R E N T  A S S E T S
 Cash and cash equivalents $ 138,982 $ 139,165 $ 78,838
 Short-term investments  65,208  16,378  –
 Receivables  181,459  181,096  161,390
 Inventories  49,830  46,823  50,140
 Deferred income taxes  14,329  10,101  14,940
 Prepaid expenses and other current assets  12,314  11,491  14,349
  Total Current Assets  462,122  405,054  319,657  
Property, Plant, and Equipment  312,368  353,270  404,971
Goodwill   192,086  192,395  214,337
Other Assets  55,250  69,833  22,926
  Total Assets $ 1,021,826 $ 1,020,552 $ 961,891
L I A B I L I T I E S  A N D  S H A R E H O L D E R S ’  E Q U I T Y
C U R R E N T  L I A B I L I T I E S
 Accounts payable and accrued expenses $ 211,236 $ 252,145 $ 216,184
 Income taxes  5,958  3,740  6,112
 Note payable and current maturities of long-term debt  26,658  41,298  6,715
 Current maturities of other long-term obligations  1,964  1,497  1,432
  Total Current Liabilities  245,816  298,680  230,443
Long-Term Debt  2,690  8,553  79,570
Capital Lease Obligations  1,436  1,284  1,260
Other Long-Term Liabilities  24,262  28,028  18,306
Deferred Income Taxes  37,733  37,114  39,632
Commitments and Contingencies
S H A R E H O L D E R S ’  E Q U I T Y
Preferred stock – $1 par value
 Authorized: 2,000
 Issued: None 
Common stock – $1 par value  58,239  58,374  58,673
 Authorized: 200,000
 Issued and outstanding 2003 – 58,239; 2002 – 58,374; 2001 – 58,673 
Additional paid-in capital  10,324  549  891
Retained earnings  641,732  587,731  532,555
Accumulated other comprehensive income  (406)  239  561
 Total Shareholders’ Equity  709,889  646,893  592,680
 Total Liabilities and Shareholders’ Equity $ 1,021,826 $ 1,020,552 $ 961,891
The accompanying notes are an integral part of the consolidated financial statements.
C O N S O L I D A T E D  B A L A N C E  S H E E T S