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
Jun. 30, 2012
Dec. 31, 2011
Current assets:    
Cash and cash equivalents $ 3,734 $ 4,401
Accounts receivable, net of allowance of $33 and $18, respectively 6,181 7,445
Inventories, net of reserves of $83 and $85, respectively 21,112 18,456
Other current assets 2,481 1,420
Deferred tax assets 173 173
Total current assets 33,681 31,895
Property and equipment, net 12,614 12,535
Goodwill 1,120 1,120
Other assets 1,127 1,232
Deferred income taxes 27 27
Total assets 48,569 [1] 46,809 [1]
Current liabilities:    
Accounts payable 5,566 4,323
Accrued expenses 4,936 4,453
Line of credit 11,903 10,685
Current maturities of long-term obligations 955 989
Total current liabilities 23,360 20,450
Long-term obligations, less current maturities 6,830 7,251
Deferred gain, net of current portion 609 853
Deferred income tax liabilities 875 875
Total liabilities 31,674 [1] 29,429 [1]
Commitments and contingencies      
Shareholders' equity:    
Common Stock, no par value; 10,000 shares authorized; issued and outstanding: 5,556 shares and 5,527 shares, respectively 20,492 20,338
Accumulated deficit (5,504) (4,797)
Accumulated other comprehensive loss (372) (361)
Total shareholders' equity 14,616 15,180
Noncontrolling interest 2,279 2,200
Total equity 16,895 17,380
Total liabilities and shareholders' equity $ 48,569 $ 46,809
[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 $11,383 and $11,771 as of June 30, 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 $1,928 and $2,186 as of June 30, 2012 and December 31, 2011, respectively.