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. 31, 2011
Jan. 01, 2011
Current assets:    
Cash and cash equivalents $ 4,401 $ 3,065
Accounts receivable, net of allowance of $18 and $44, respectively 7,445 5,030
Inventories, net of reserves of $85 and $286, respectively 18,456 16,593
Other current assets 1,420 519
Deferred income taxes 173  
Total current assets 31,895 25,207
Property and equipment, net 12,535 11,747
Restricted cash   701
Goodwill 1,120 1,120
Other assets 1,232 1,060
Deferred income taxes 27 29
Total assets 46,809 [1] 39,864 [1]
Current liabilities:    
Accounts payable 4,323 4,468
Checks issued in excess of bank balance   42
Accrued expenses 4,453 4,771
Line of credit 10,685 10,139
Current maturities of long-term obligations 989 4,396
Income taxes payable   60
Total current liabilities 20,450 23,876
Long-term obligations, less current maturities 7,251 2,501
Deferred gain, net of current portion 853 1,340
Deferred income tax liabilities 875  
Total liabilities 29,429 [1] 27,717 [1]
Commitments and contingencies      
Shareholders' equity:    
Common Stock, no par value; 10,000 shares authorized; issued and outstanding: 5,527 shares and 5,493 shares, respectively 20,338 19,740
Accumulated deficit (4,797) (9,258)
Accumulated other comprehensive loss (361) (274)
Total shareholders' equity 15,180 10,208
Noncontrolling interest 2,200 1,939
Total equity 17,380 12,147
Total liabilities and shareholders' equity $ 46,809 $ 39,864
[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 $11,771 and $10,207 as of December 31, 2011 and January 1, 2011, respectively. Liabilities of AAP for which creditors do not have recourse to the general credit of Appliance Recycling Centers of America, Inc. were $2,186 and $3,774 as of December 31, 2011 and January 1, 2011, respectively.