Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS (USD $)
In Thousands
Oct. 01, 2011
Jan. 01, 2011
Current assets:    
Cash and cash equivalents $ 4,700 $ 3,065
Accounts receivable, net of allowance of $28 and $44, respectively 8,243 5,030
Inventories, net of reserves of $66 and $286, respectively 19,033 16,593
Other current assets 1,258 519
Deferred tax assets 641  
Total current assets 33,875 25,207
Property and equipment, net 12,612 11,747
Restricted cash   701
Goodwill 1,120 1,120
Other assets 1,288 1,060
Deferred income taxes 304 29
Total assets 49,199 [1] 39,864 [1]
Current liabilities:    
Accounts payable 6,788 4,468
Checks issued in excess of bank balance   42
Accrued expenses 5,709 4,771
Line of credit 8,835 10,139
Current maturities of long-term obligations 1,082 4,396
Income taxes payable 1,505 60
Total current liabilities 23,919 23,876
Long-term obligations, less current maturities 7,411 2,501
Deferred gain, net of current portion 974 1,340
Total liabilities 32,304 [1] 27,717 [1]
Commitments and contingencies    
Shareholders' equity:    
Common Stock, no par value; 10,000 shares authorized; issued and outstanding: 5,493 shares at both periods 20,109 19,740
Accumulated deficit (4,800) (9,258)
Accumulated other comprehensive loss (414) (274)
Total shareholders' equity 14,895 10,208
Noncontrolling interest 2,000 1,939
Total equity 16,895 12,147
Total liabilities and shareholders' equity $ 49,199 $ 39,864
[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 $11,537 and $10,207 as of October 1, 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 $2,201 and $3,774 as of October 1, 2011 and January 1, 2011, respectively.