Consolidated Balance Sheets (Dollar amounts in thousands) The accompanying notes are an integral part of these consolidated financial statements. Northwest Pipe Company | 14 December 31, 2000 1999 Assets Current assets: Cash and cash equivalents $ 353 $ 969 Trade receivables, less allowance for doubtful accounts of $650 and $1,896 53,073 47,934 Costs and estimated earnings in excess of billings on uncompleted contracts 47,250 22,389 Inventories 60,028 44,362 Refundable income taxes 2,129 2,244 Deferred income taxes 1,489 1,502 Prepaid expenses and other 2,183 2,222 Total current assets 166,505 121,622 Property and equipment, net 90,996 101,240 Goodwill, net 22,044 22,637 Restricted assets 2,300 2,300 Other assets 1,312 472 Total assets $ 283,157 $ 248,271 Liabilities and Stockholders’ Equity Current liabilities: Note payable to financial institution $ 48,200 $ 40,000 Current portion of long-term debt 7,124 2,124 Current portion of capital lease obligations 820 484 Accounts payable 28,055 17,558 Accrued liabilities 6,546 4,978 Total current liabilities 90,745 65,144 Long-term debt, less current portion 67,964 75,088 Capital lease obligations, less current portion 2,878 1,896 Minimum pension liability 217 – Deferred income taxes  13,504 8,974 Total liabilities 175,308 151,102 Commitments and contingencies (Notes 9 and 13) Stockholders’ equity: Preferred stock, $.01 par value, 10,000,000 shares authorized,  none issued or outstanding – – Common stock, $.01 par value, 15,000,000 shares authorized, 6,498,081 and 6,459,930 shares issued and outstanding  65 64 Additional paid-in-capital 39,167 38,962 Retained earnings 68,834 58,143 Accumulated other comprehensive loss: Minimum pension liability (217) – Total stockholders’ equity 107,849 97,169 Total liabilities and stockholders’ equity $ 283,157 $ 248,271