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. 28, 2013
Dec. 29, 2012
Current assets:    
Cash and cash equivalents $ 1,948 $ 3,174
Accounts receivable, net of allowance of $27 and $8, respectively 12,278 6,256
Inventories, net of reserves of $175 and $682, respectively 16,654 17,274
Income taxes receivable 82 522
Other current assets 622 1,332
Deferred income tax assets 523 0
Total current assets 32,107 28,558
Property and equipment, net 11,424 12,248
Restricted cash 500 0
Other assets 927 973
Deferred income tax assets 21 25
Total assets 44,979 [1] 41,804 [1]
Current liabilities:    
Accounts payable 5,880 4,957
Accrued expenses 4,806 4,310
Line of credit 9,661 10,559
Current maturities of long-term obligations 1,131 955
Deferred Income tax liabilities 0 146
Total current liabilities 21,478 20,927
Long-term obligations, less current maturities 5,447 6,357
Deferred gain, net of current portion 0 365
Deferred tax income liabilities 1,092 921
Total liabilities 28,017 28,570
Commitments and contingencies 0 0
Shareholders' equity:    
Common Stock, no par value; 10,000 shares authorized; issued and outstanding: 5,571 shares and 5,556 shares, respectively 20,846 20,577
Accumulated deficit (5,331) (8,649)
Accumulated other comprehensive loss (464) (290)
Total shareholders' equity 15,051 11,638
Noncontrolling interest 1,911 1,596
Total equity 16,962 13,234
Total liabilities and shareholders' equity $ 44,979 $ 41,804
[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 $9,949 and $10,045 as of December 28, 2013, and December 29, 2012, respectively. Liabilities of AAP for which creditors do not have recourse to the general credit of Appliance Recycling Centers of America, Inc. were $1,874 and $1,948 as of December 28, 2013, and December 29, 2012, respectively.