Exhibit 99.1
 
 
 
ZAGG INC AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except par value)
(Unaudited)
 
   
December 31,
   
December 31,
 
   
2011
   
2010
 
             
ASSETS
           
             
Current assets
           
Cash and cash equivalents
  $ 26,433     $ 2,373  
Accounts receivable, net of allowances of $2,070 in 2011 and $904 in 2010
    45,450       17,669  
Inventories
    29,622       17,947  
Prepaid expenses and other current assets
    1,593       2,620  
Related party other asset
    -       3,900  
Deferred income tax assets
    5,018       2,196  
                 
Total current assets
    108,116       46,705  
                 
Investment in HzO
    4,879       -  
                 
Property and equipment, net of accumulated depreciation at $1,801 in 2011 and $852 in 2010
    4,162       1,497  
                 
Goodwill
    6,925       -  
                 
Intangible assets, net of accumulated amortization at $3,989 in 2011 and $28 in 2010
    73,691       9,167  
                 
Note receivable
    1,349       -  
                 
Other assets
    3,010       63  
                 
Total assets
  $ 202,132     $ 57,432  
                 
LIABILITIES AND EQUITY
               
                 
Current liabilities
               
Accounts payable
  $ 16,013     $ 12,122  
Income taxes payable
    3,998       8,031  
Accrued liabilities
    3,886       240  
Accrued wages and wage related expenses
    1,468       303  
Deferred revenue
    320       295  
Current portion of note payable
    2,372       31  
Sales returns liability
    5,387       2,068  
                 
Total current liabilities
    33,444       23,090  
                 
Deferred income tax liability
    100       1,561  
                 
Revolving line of credit
    23,332       -  
                 
Noncurrent portion of note payable
    42,628       -  
                 
Total liabilities
    99,504       24,651  
                 
Redeemable noncontrolling interest
    -       -  
                 
Stockholders' equity
               
Common stock, $0.001 par value; 100,000 shares authorized;
               
29,782  and 23,925 shares issued and outstanding, respectively
    30       24  
Additional paid-in capital
    70,248       15,495  
Cumulative translation adjustment
    (33 )     (60 )
Note receivable collateralized by stock
    (566 )     -  
Retained earnings
    32,949       14,701  
                 
Total stockholders' equity
    102,628       30,160  
                 
Noncontrolling interest
    -       2,621  
                 
Total equity
    102,628       32,781  
                 
Total liabilities and equity
  $ 202,132     $ 57,432  
 
 
 
 
1

The following information was filed by Zagg Inc (ZAGG) on Thursday, March 1, 2012 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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