A M P H E N O L C O R P O R A T I O N 2 0 0 4 A N N U A L R E P O R T  Consolidated Balance Sheets  (dollars in thousands, except per share data)  December 31 ,  2004 2003 Assets Current Assets:  Cash and short-term cash investments  $ 30,172  $ 23,533  Accounts receivable, less allowance for doubtful accounts of $8,666 and $9,244, respectively  214,158  172,488  Inventories:  Raw materials and supplies  55,697  48,917  Work in process  128,879 116,023 Finished goods  62,727  56,445  247,303 221,385 Prepaid expenses and other assets  37,382  33,943  Total current assets  529,015  451,349  Land and depreciable assets:   Land  14,120 13,948  Buildings  109,525 104,614 Machinery and equipment  423,363  387,173  547,008 505,735 Less accumulated depreciation  (349,255)  (327,469)  197,753 178,266 Deferred debt issuance costs  6,451  7,014  Goodwill  545,411 516,335 Deferred taxes and other assets  28,081  28,420  $1,306,711  $1,181,384  Liabilities & Shareholders' Equity Current Liabilities:   Accounts  payable  $ 134,856  $ 116,835   Accrued  interest  2,183 2,939 Accrued salaries, wages and employee benefits  38,535  31,091  Accrued income taxes  48,025  24,314  Other accrued expenses  37,064  31,784  Current portion of long-term debt  16,909  10,679  Total current liabilities  277,572  217,642  Long-term debt  432,144 532,280 Accrued pension and post employment benefit obligations  102,050  100,326  Other liabilities  13,341 7,730 Commitments and contingent liabilities (Notes 2, 6 and 9)  Shareholders' Equity:  Class A Common Stock, $.001 par value; 100,000,000 shares authorized; 87,891,533 and 87,685,526 shares outstanding at December 31, 2004 and 2003, respectively  88  87  Additional paid-in capital (deficit)  (207,504)  (238,167)   Accumulated  earnings  789,741  626,430  Accumulated other comprehensive loss  (55,078)  (64,944)  Treasury stock, at cost; 1,455,500 shares at December 31, 2004 (45,643)  -  Total shareholders' equity  481,604  323,406  $1,306,711  $1,181,384  37 See accompanying notes to consolidated financial statements.  ______________________________________________________________________________________________________ 