ARTG » Topics » Leases

These excerpts taken from the ARTG 10-K filed Mar 2, 2009.
Leases
 
ATG has offices, primarily for sales and support personnel, in seven domestic locations as well as four foreign countries. At December 31, 2008, ATG’s bank had issued $2.1 million of letters of credit in favor of various landlords to secure obligations under its leases, which expire through 2011. In addition, the Company has operating leases related to equipment, some of which include purchase options at the end of the lease term.
 
The future minimum payments under operating leases as of December 31, 2008, were as follows (in thousands):
 
         
2009
  $ 3,894  
2010
    3,224  
2011
    2,835  
2012
    971  
2013
    975  
Thereafter
    3,561  
         
Total future minimum lease payments
  $ 15,460  
         
 
The Company recorded rent expense of $4.4 million, $3.4 million and $2.7 million for the years ended December 31, 2008, 2007 and 2006, respectively.


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Leases


 



ATG has offices, primarily for sales and support personnel, in
seven domestic locations as well as four foreign countries. At
December 31, 2008, ATG’s bank had issued
$2.1 million of letters of credit in favor of various
landlords to secure obligations under its leases, which expire
through 2011. In addition, the Company has operating leases
related to equipment, some of which include purchase options at
the end of the lease term.


 



The future minimum payments under operating leases as of
December 31, 2008, were as follows (in thousands):


 











































































         


2009


 

$

3,894

 


2010


 

 

3,224

 


2011


 

 

2,835

 


2012


 

 

971

 


2013


 

 

975

 


Thereafter


 

 

3,561

 

 

 

 

 

 


Total future minimum lease payments


 

$

15,460

 

 

 

 

 

 






 



The Company recorded rent expense of $4.4 million,
$3.4 million and $2.7 million for the years ended
December 31, 2008, 2007 and 2006, respectively.





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These excerpts taken from the ARTG 10-K filed Mar 17, 2008.
Leases
 
ATG has offices, primarily for sales and support personnel, in five domestic locations as well as five foreign countries. At December 31, 2007, ATG’s bank had issued $2.6 million of LCs under ATG’s line of credit in favor of various landlords and equipment leasing companies to secure obligations under its leases, which expire through


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2017. In addition, the Company has operating leases related to equipment, some of which include purchase options at the end of the lease term.
 
The future minimum payments under operating leases as of December 31, 2007, were as follows (in thousands):
 
         
2008
  $ 4,668  
2009
    2,717  
2010
    2,094  
2011
    1,914  
2012
    205  
Thereafter
    829  
         
Total future minimum lease payments
  $ 12,427  
         
 
Of the $12.4 million in future minimum lease payments, $2.4 million is included in accrued restructuring charges. The $2.4 million is reduced to $1.1 million after taking into consideration contracted sublease income and estimated operating costs of the various subleased properties (see Note 10).
 
The Company recorded rent expense of $3.4 million, $2.7 million and $3.6 million for the years ended December 31, 2007, 2006 and 2005, respectively.
 
Leases


 



ATG has offices, primarily for sales and support personnel, in
five domestic locations as well as five foreign countries. At
December 31, 2007, ATG’s bank had issued
$2.6 million of LCs under ATG’s line of credit in
favor of various landlords and equipment leasing companies to
secure obligations under its leases, which expire through





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2017. In addition, the Company has operating leases related to
equipment, some of which include purchase options at the end of
the lease term.


 



The future minimum payments under operating leases as of
December 31, 2007, were as follows (in thousands):


 











































































         


2008


 

$

4,668

 


2009


 

 

2,717

 


2010


 

 

2,094

 


2011


 

 

1,914

 


2012


 

 

205

 


Thereafter


 

 

829

 

 

 

 

 

 


Total future minimum lease payments


 

$

12,427

 

 

 

 

 

 






 



Of the $12.4 million in future minimum lease payments,
$2.4 million is included in accrued restructuring charges.
The $2.4 million is reduced to $1.1 million after
taking into consideration contracted sublease income and
estimated operating costs of the various subleased properties
(see Note 10).


 



The Company recorded rent expense of $3.4 million,
$2.7 million and $3.6 million for the years ended
December 31, 2007, 2006 and 2005, respectively.


 




This excerpt taken from the ARTG 10-K filed Mar 16, 2007.
Leases
 
ATG has offices, primarily for sales and support personnel, in six domestic locations as well as four foreign countries. At December 31, 2006, ATG’s bank had issued $5.3 million of LCs under ATG’s line of credit in favor of various landlords and equipment leasing companies to secure obligations under our leases, which expire from 2006 through 2011.
 
The Company has both operating and capital lease obligations related to equipment leases. Some of our equipment leases include purchase options at the end of the lease term.
 
The future minimum payments of our facility leases and operating and capital lease obligations as of December 31, 2006, were as follows (in thousands):
 
                 
    Capital Leases     Operating Leases  
 
Years Ending December 31,
               
2007
  $ 59     $ 4,823  
2008
            4,326  
2009
            2,493  
2010
            1,877  
2011
            1,697  
                 
Total future minimum lease payments
    59     $ 15,216  
                 
Less amount representing interest
    3          
                 
Present value of minimum lease payments
  $ 56          
                 
 
Of the $15.2 million in future minimum lease payments, $4.7 million is included in the accrued restructuring charges. The $4.7 million was reduced to $2.2 million of restructuring accruals after taking into consideration estimated sublease income, contracted sublease income, vacancy periods and operating costs of the various subleased properties (see Note 11).
 
Rent expense included in the accompanying statements of operations was approximately $2.7 million, $3.6 million and $4.4 million for the years ended December 31, 2006, 2005 and 2004, respectively.


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ART TECHNOLOGY GROUP, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
 

 
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