Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS (USD $)
In Thousands, unless otherwise specified
Dec. 29, 2012
Dec. 31, 2011
Current assets:    
Cash and cash equivalents $ 3,174 $ 4,401
Accounts receivable, net of allowance of $8 and $18, respectively 6,256 7,445
Inventories, net of reserves of $682 and $85, respectively 17,274 18,456
Income taxes receivable 522 392
Other current assets 1,332 1,028
Deferred income tax assets 0 173
Total current assets 28,558 31,895
Property and equipment, net 12,248 12,535
Goodwill 38 1,120
Other assets 935 1,232
Deferred income taxes 25 27
Total assets 41,804 [1] 46,809 [1]
Current liabilities:    
Accounts payable 4,957 4,323
Accrued expenses 4,310 4,453
Line of credit 10,559 10,685
Current maturities of long-term obligations 955 989
Deferred Income tax liabilities 146 0
Total current liabilities 20,927 20,450
Long-term obligations, less current maturities 6,357 7,251
Deferred gain, net of current portion 365 853
Deferred Tax Liabilities, Net, Noncurrent 921 875
Total liabilities 28,570 29,429
Commitments and contingencies 0 0
Shareholders' equity:    
Common Stock, no par value; 10,000 shares authorized; issued and outstanding: 5,556 shares and 5,527 shares, respectively 20,577 20,338
Accumulated deficit (8,649) (4,797)
Accumulated other comprehensive loss (290) (361)
Total shareholders' equity 11,638 15,180
Noncontrolling interest 1,596 2,200
Total equity 13,234 17,380
Total liabilities and shareholders' equity $ 41,804 $ 46,809
[1] Assets of ARCA Advanced Processing, LLC (AAP), the consolidated variable interest entity (VIE), that can only be used to settle obligations of AAP were $10,045 and $11,771 as of December 29, 2012, and December 31, 2011, respectively. Liabilities of AAP for which creditors do not have recourse to the general credit of Appliance Recycling Centers of America, Inc. were $1,948 and $2,186 as of December 29, 2012, and December 31, 2011, respectively.