Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS (USD $)
In Thousands, unless otherwise specified
Mar. 29, 2014
Dec. 28, 2013
Current assets:    
Cash and cash equivalents $ 2,898 $ 1,948
Accounts receivable, net of allowance of $27, for both periods 11,211 12,278
Inventories, net of reserves of $227 and $175, respectively 16,207 16,654
Income taxes receivable 79 82
Prepaid Expense and Other Assets, Current 1,069 622
Other current assets 523 523
Total current assets 31,987 32,107
Property and equipment, net 11,258 11,424
Restricted cash 500 500
Other assets 881 927
Deferred income taxes 20 21
Total assets 44,646 [1] 44,979 [1]
Current liabilities:    
Accounts payable 5,843 5,880
Accrued expenses 4,304 4,806
Line of credit 8,336 9,661
Current maturities of long-term obligations 1,122 1,131
Accrued Income Taxes, Current 587 0
Total current liabilities 20,192 21,478
Long-term debt obligations, net of current maturities 5,302 5,447
Deferred income tax liabilities 1,092 1,092
Total liabilities 26,586 [1] 28,017 [1]
Commitments and contingencies      
Shareholders' equity:    
Common Stock, no par value; 10,000 shares authorized; issued and outstanding: 5,581 shares and 5,571 shares, respectively 20,917 20,846
Accumulated deficit (4,360) (5,331)
Accumulated other comprehensive loss (545) (464)
Total shareholders' equity 16,012 15,051
Noncontrolling interest 2,048 1,911
Total equity 18,060 16,962
Total liabilities and shareholders' equity $ 44,646 $ 44,979
[1] Assets of ARCA Advanced Processing, LLC (AAP), our consolidated variable interest entity (VIE), that can only be used to settle obligations of AAP were $9,844 and $9,949 as of March 29, 2014, and December 28, 2013, respectively. Liabilities of AAP for which creditors do not have recourse to the general credit of Appliance Recycling Centers of America, Inc. were $1,644 and $1,874 as of March 29, 2014, and December 28, 2013, respectively.