Exhibit 99.3
 Vector Tobacco Inc. and Subsidiaries
Consolidated Financial Statements
As of December 31, 2008 and 2007
and for each of the three years
ended December 31, 2008, 2007 and 2006




---



##### 



Vector Tobacco Inc. and Subsidiaries
Index
December 31, 2008 and 2007
 Page(s)Report of Independent Registered Public Accounting Firm
    
    
    1Consolidated Financial StatementsConsolidated Balance Sheets
    
    
    23Consolidated Statements of Operations
    
    
    4Consolidated Statements of Stockholders Equity (Deficit)
    
    
    5Consolidated Statements of Cash Flows
    
    
    67Notes to Consolidated Financial Statements
    
    
    827Consolidated Financial Statement ScheduleSchedule II  Valuation and Qualifying Accounts
    
    
    28




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##### 



Report of Independent Registered Public Accounting Firm
 
   /s/
PricewaterhouseCoopers LLP
 
 1




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##### 



Vector Tobacco Inc. and Subsidiaries
Consolidated Balance Sheets
December 31, 2008 and 2007
 (in thousands of dollars)
    
    2008
    
    
    2007AssetsCurrent assetsCash and cash equivalents
    
    $
    178
    
    
    $
    2,654Accounts receivable  trade, less allowances of $15 and $13,
respectively
    
    
    436
    
    
    
    387Inventories, net
    
    
    4,810
    
    
    
    4,830Other current assets
    
    
    209
    
    
    
    137Total current assets
    
    
    5,633
    
    
    
    8,008Property, plant and equipment, net
    
    
    72
    
    
    
    100Intangible asset
    
    
    107,511
    
    
    
    107,511Other assets
    
    
    817
    
    
    
    604Total assets
    
    $
    114,033
    
    
    $
    116,223
  2




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##### 



Vector Tobacco Inc. and Subsidiaries
Consolidated Balance Sheets
December 31, 2008 and 2007
 (in thousands of dollars, except share amounts)
    
    2008
    
    
    2007Liabilities and Stockholders EquityCurrent liabilitiesAccounts payable  trade
    
    $
    8
    
    
    $
    6Due to related parties
    
    
    5,652
    
    
    
    6,320Accrued promotional expenses
    
    
    590
    
    
    
    649Estimated allowance for sales returns
    
    
    1,000
    
    
    
    1,100Settlement accruals
    
    
    2,091
    
    
    
    260Other
    
    
    942
    
    
    
    1,706Total current liabilities
    
    
    10,283
    
    
    
    10,041Non-current employee benefits
    
    
    870
    
    
    
    614Due to related parties
    
    
    454
    
    
    
    Deferred income taxes
    
    
    19,122
    
    
    
    16,266Other long-term liabilities
    
    
    1,878
    
    
    
    1,771Total liabilities
    
    
    32,607
    
    
    
    28,692Commitments
and contingencies (Note 13)Stockholders equityCommon stock ($1 par value per share; 1,000 shares
authorized; 100 shares issued and outstanding)
    
    
    
    
    
    
    Additional paid-in capital
    
    
    393,667
    
    
    
    415,067Accumulated other comprehensive income
    
    
    321
    
    
    
    312Accumulated deficit
    
    
    (312,562
    )
    
    
    (327,848
    )Total stockholders equity
    
    
    81,426
    
    
    
    87,531Total liabilities and stockholders equity
    
    $
    114,033
    
    
    $
    116,223
  3




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##### 



Vector Tobacco Inc. and Subsidiaries
Consolidated Statements of Operations
Years Ended December 31, 2008, 2007, and 2006
 (in thousands of dollars)
    
    2008
    
    
    2007
    
    
    2006Revenues *
    
    $
    70,652
    
    
    $
    72,296
    
    
    $
    72,017ExpensesCost of goods sold
    
    
    43,455
    
    
    
    44,757
    
    
    
    48,486Operating, selling, administrative and
general expenses
    
    
    6,499
    
    
    
    6,884
    
    
    
    6,297Management fees paid to Vector Group Ltd.
    
    
    500
    
    
    
    500
    
    
    
    426Restructuring and impairment charges,
changes in estimate
    
    
    (18
    )
    
    
    (83
    )
    
    
    1,760Research and development
    
    
    2,960
    
    
    
    4,240
    
    
    
    6,739Operating income
    
    
    17,256
    
    
    
    15,998
    
    
    
    8,309Other income (expense)Interest income
    
    
    105
    
    
    
    72
    
    
    
    Interest expense
    
    
    (39
    )
    
    
    (5,704
    )
    
    
    (12,375
    )Income (loss) before income taxes
    
    
    17,322
    
    
    
    10,366
    
    
    
    (4,066
    )Income tax provision
    
    
    (1,983
    )
    
    
    (2,855
    )
    
    
    (2,855
    )Net income (loss)
    
    $
    15,339
    
    
    $
    7,511
    
    
    $
    (6,921
    )
 
 *
    
    Revenues and cost of goods sold include excise taxes of $22,212, $23,681, and $25,621 for the years
ended December 31, 2008, 2007, and 2006, respectively.  4




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##### 



Vector Tobacco Inc. and Subsidiaries
Consolidated Statements of Stockholders Equity (Deficit)
Years Ended December 31, 2008, 2007, and 2006
 AccumulatedAdditional
    
    
    Other
    
    
    
    
    
    
    TotalCommon Stock
    
    
    Paid-In
    
    
    Comprehensive
    
    
    Accumulated
    
    
    Stockholders(in thousands of dollars, except share data)
    
    Shares
    
    
    Amount
    
    
    Capital
    
    
    Income
    
    
    Deficit
    
    
    Equity (Deficit)Balance at January 1, 2006
    
    
    100
    
    
    $
    
    
    
    $
    280,539
    
    
    $
    118
    
    
    $
    (328,438
    )
    
    $
    (47,781
    )Amortization of deferred compensation
    
    
    
    
    
    
    
    
    
    
    132
    
    
    
    
    
    
    
    
    
    
    
    132Accumulated other comprehensive income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    185
    
    
    
    
    
    
    
    185Net loss
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (6,921
    )
    
    
    (6,921
    )Balance as of December 31, 2006
    
    
    100
    
    
    
    
    
    
    
    280,671
    
    
    
    303
    
    
    
    (335,359
    )
    
    
    (54,385
    )Capital contributions
    
    
    
    
    
    
    
    
    
    
    144,396
    
    
    
    
    
    
    
    
    
    
    
    144,396Accumulated other comprehensive income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    9
    
    
    
    
    
    
    
    9Distributions
    
    
    
    
    
    
    
    
    
    
    (10,000
    )
    
    
    
    
    
    
    
    
    
    
    (10,000
    )Net income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    7,511
    
    
    
    7,511Balance as of December 31, 2007
    
    
    100
    *
    
    
    
    
    
    
    415,067
    
    
    
    312
    
    
    
    (327,848
    )
    
    
    87,531Net income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    15,339
    
    
    
    15,339SFAS No. 158 Pension Adjustments,
measurement date
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (53
    )
    
    
    (53
    )Accumulated other comprehensive income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    9
    
    
    
    
    
    
    
    9(44
    )Total comprehensive income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    15,295Distributions
    
    
    
    
    
    
    
    
    
    
    (21,400
    )
    
    
    
    
    
    
    
    
    
    
    (21,400
    )Balance as of December 31, 2008
    
    
    100
    *
    
    $
    
    
    
    $
    393,667
    
    
    $
    321
    
    
    $
    312,562
    
    
    $
    81,426
 
 *
    
    Stock pledged as collateral for Vector Tobaccos
guarantee of the Parent Companys debt. See Note 1  5




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##### 



Vector Tobacco Inc. and Subsidiaries
Consolidated Statements of Cash Flows
Years Ended December 31, 2008, 2007, and 2006
 (in thousands of dollars)
    
    2008
    
    
    2007
    
    
    2006Cash flows from operating activitiesNet income (loss)
    
    $
    15,339
    
    
    $
    7,511
    
    
    $
    (6,921
    )Adjustments to reconcile net income (loss) to net cash
provided by operating activitiesDepreciation and amortization
    
    
    39
    
    
    
    55
    
    
    
    254Deferred taxes
    
    
    2,856
    
    
    
    2,855
    
    
    
    2,855Non-cash stock-based compensation
    
    
    
    
    
    
    
    
    
    
    132Net gain on disposal of equipment
    
    
    (50
    )
    
    
    
    
    
    
    Non-cash interest expense
    
    
    
    
    
    
    1,627
    
    
    
    10,096Restructuring and impairment charges, changes in
estimates
    
    
    (18
    )
    
    
    (83
    )
    
    
    2,650Cash payments on restructuring liabilities
    
    
    (66
    )
    
    
    (694
    )
    
    
    Changes in assets and liabilitiesAccounts receivable
    
    
    (49
    )
    
    
    352
    
    
    
    317Inventories
    
    
    20
    
    
    
    4,271
    
    
    
    (3,863
    )Other assets
    
    
    (84
    )
    
    
    (22
    )
    
    
    125Accounts payable
    
    
    2
    
    
    
    (9
    )
    
    
    (177
    )Due to/from related parties
    
    
    (214
    )
    
    
    1,080
    
    
    
    1,858Accrued expenses
    
    
    992
    
    
    
    (6,103
    )
    
    
    3,044Change in book overdraft
    
    
    
    
    
    
    (5
    )
    
    
    (29
    )Employee benefits
    
    
    212
    
    
    
    182
    
    
    
    172Other long-term liabilities
    
    
    107
    
    
    
    1,311
    
    
    
    37Net cash provided by operating activities
    
    
    19,086
    
    
    
    12,328
    
    
    
    10,550Cash flows from investing activitiesCapital expenditures
    
    
    (4
    )
    
    
    (58
    )
    
    
    (31
    )Proceeds from sales of equipment
    
    
    50
    
    
    
    
    
    
    
    Increase in restricted assets
    
    
    
    
    
    
    
    
    
    
    (8
    )Increase in cash surrender value of life insurance
policies
    
    
    (208
    )
    
    
    (195
    )
    
    
    (122
    )Net cash used in investing activities
    
    
    (162
    )
    
    
    (253
    )
    
    
    (161
    )Cash flows from financing activitiesRepayments of notes payable
    
    
    
    
    
    
    (4,000
    )
    
    
    (5,825
    )Distributions
    
    
    (21,400
    )
    
    
    (10,000
    )
    
    
    Net cash used in financing activities
    
    
    (21,400
    )
    
    
    (14,000
    )
    
    
    (5,825
    )Net (decrease) increase in cash and cash equivalents
    
    
    (2,476
    )
    
    
    (1,925
    )
    
    
    4,564Cash and cash equivalentsBeginning of period
    
    
    2,654
    
    
    
    4,579
    
    
    
    15End of period
    
    $
    178
    
    
    $
    2,654
    
    
    $
    4,579
  6




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##### 



Vector Tobacco Inc. and Subsidiaries
Consolidated Statements of Cash Flows
Years Ended December 31, 2008, 2007, and 2006
 (in thousands of dollars)
 Supplemental schedule of non-cash investing and financing activities
 
    
    Vector Tobacco recorded $9 and $9, in other accumulated comprehensive income during 2008
and 2007, respectively, in relation to certain pension plans.
    
    Vector Tobacco recorded non-cash capital contributions from VGR Holdings in the amount
of $109,396 during the year ended December 31, 2007 to retire the revolving credit facility
balance.
    
    Vector Tobacco recorded a non-cash capital contribution from VGR Holdings in the amount
of $35,000 during the year ended December 31, 2007 for the payment of the Medallion note on
behalf of Vector Tobacco.
  7




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##### 



Vector Tobacco Inc. and Subsidiaries
Notes to Consolidated Financial Statements
December 31, 2008, 2007 and 2006
 (in thousands of dollars)
 1. Basis of Presentation
      11% Senior Secured Notes due 2015
   8




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##### 



Vector Tobacco Inc. and Subsidiaries
Notes to Consolidated Financial Statements
December 31, 2008, 2007 and 2006
 (in thousands of dollars)
  Additional Parent Company Notes
  General Corporate Expenses
   Background
   Recent Developments
  9




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##### 



Vector Tobacco Inc. and Subsidiaries
Notes to Consolidated Financial Statements
December 31, 2008, 2007 and 2006
 (in thousands of dollars)
 2. Summary of Significant Accounting Policies
 Principles of Consolidation
  Estimates and Assumptions
  Cash and Cash Equivalents
  Accounts Receivable
  Inventories
  10




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##### 



Vector Tobacco Inc. and Subsidiaries
Notes to Consolidated Financial Statements
December 31, 2008, 2007 and 2006
 (in thousands of dollars)
  Property, Plant and Equipment
    Intangible Asset
   Other Assets
   Revenue Recognition
  11




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##### 



Vector Tobacco Inc. and Subsidiaries
Notes to Consolidated Financial Statements
December 31, 2008, 2007 and 2006
 (in thousands of dollars)
  Shipping and Handling Fees and Costs
  Advertising Costs
  Research and Development Costs
  Stock-Based Compensation
  Employee Benefits
   Income Taxes
  12




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##### 



Vector
Tobacco Inc. and Subsidiaries
Notes to Consolidated Financial Statements
December 31, 2008, 2007 and 2006
 (in thousands of dollars)
    Legal Costs
   Distributions and Dividends on Common Stock
  Comprehensive Income
  13




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##### 



Vector Tobacco Inc. and Subsidiaries
Notes to Consolidated Financial Statements
December 31, 2008, 2007 and 2006
  (in thousands of dollars)
    
    2008
    
    
    2007Pension related amounts
    
    $
    321
    
    
    $
    312
 Fair Value of Financial Instruments
  December 31, 2008
    
    
    December 31, 2007Carrying
    
    
    Fair
    
    
    Carrying
    
    
    FairAmount
    
    
    Value
    
    
    Amount
    
    
    ValueFinancial assets:Cash and cash equivalents
    
    $
    178
    
    
    $
    178
    
    
    $
    2,654
    
    
    $
    2,654
 New Accounting Pronouncements
     14




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##### 



Vector Tobacco Inc. and Subsidiaries
Notes to Consolidated Financial Statements
December 31, 2008, 2007 and 2006
 (in thousands of dollars)
  3. Medallion
   4. Inventories
  2008
    
    
    2007Leaf tobacco
    
    $
    628
    
    
    $
    122Work-in-process
    
    
    3
    
    
    
    61Finished goods
    
    
    4,179
    
    
    
    4,647Total inventories, net
    
    $
    4,810
    
    
    $
    4,830
  
 15




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##### 



Vector Tobacco Inc. and Subsidiaries
Notes to Consolidated Financial Statements
December 31, 2008, 2007 and 2006
 (in thousands of dollars)
  5. Property, Plant and Equipment
  2008
    
    
    2007Buildings and improvements
    
    $
    47
    
    
    $
    47Machinery and equipment
    
    
    1,712
    
    
    
    2,017Property, plant and equipment
    
    
    1,759
    
    
    
    2,064Less accumulated depreciation
    
    
    (1,687
    )
    
    
    (1,964
    )Property, plant and equipment, net
    
    $
    72
    
    
    $
    100
  6. Intangible Assets
  2008
    
    
    2007Indefinite useful live intangible asset
    
    $
    107,511
    
    
    $
    107,511
   16




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##### 



Vector Tobacco Inc. and Subsidiaries
Notes to Consolidated Financial Statements
December 31, 2008, 2007 and 2006
 (in thousands of dollars)
 7. Revolving Demand Promissory Note  Parent
    8. Long-Term Debt
 Notes Payable for Medallion Acquisition
  9. Employee Benefit Plans
  Defined Benefit Retirement Plans
 10. Income Taxes
   17




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##### 



Vector Tobacco Inc. and Subsidiaries
Notes to Consolidated Financial Statements
December 31, 2008, 2007 and 2006
 (in thousands of dollars)
    2008
    
    
    2007Deferred Tax
    
    
    Deferred TaxAsset
    
    
    Liability
    
    
    Asset
    
    
    LiabilitySales and product allowances
    
    
    330
    
    
    $
    
    
    
    $
    441
    
    
    $
    Inventories
    
    
    21
    
    
    
    
    
    
    
    21
    
    
    
    Property, plant and equipment
    
    
    
    
    
    
    11
    
    
    
    
    
    
    
    4Compensation, benefits and related items
    
    
    561
    
    
    
    
    
    
    
    460
    
    
    
    Amortization of intangibles
    
    
    
    
    
    
    19,122
    
    
    
    
    
    
    
    16,266Restructuring
    
    
    6
    
    
    
    
    
    
    
    25
    
    
    
    Settlement payments
    
    
    
    
    
    
    1,535
    
    
    
    
    
    
    
    1,848Net operating losses
    
    
    135,477
    
    
    
    
    
    
    
    139,787
    
    
    
    Valuation allowance
    
    
    (134,849
    )
    
    
    
    
    
    
    (138,882
    )
    
    
    Reclassifications
    
    
    (1,546
    )
    
    
    (1,546
    )
    
    
    (1,852
    )
    
    
    (1,852
    )Total deferred taxes
    
    $
    
    
    
    $
    19,122
    
    
    $
    
    
    
    $
    16,266
 18




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##### 



Vector Tobacco Inc. and Subsidiaries
Notes to Consolidated Financial Statements
December 31, 2008, 2007 and 2006  (in thousands of dollars)
  2008
    
    
    2007
    
    
    2006Income (loss) before income tax provision
    
    $
    17,322
    
    
    $
    10,366
    
    
    $
    (4,066
    )Federal income tax expense (benefit) at statutory rate
    
    $
    6,063
    
    
    $
    3,628
    
    
    $
    (1,423
    )Decreases resulting from:State income tax provision (benefit) at statutory rate,
net of federal income tax expense (benefit)
    
    
    338
    
    
    
    488
    
    
    
    (192
    )Other changes due to changes in deferred
state income tax assets
    
    
    (385
    )
    
    
    (330
    )
    
    
    (1,978
    )Other, net
    
    
    
    
    
    
    
    
    
    
    55Change in valuation allowance, net
    
    
    (4,033
    )
    
    
    (931
    )
    
    
    6,393Total income tax provision
    
    $
    1,983
    
    
    $
    2,855
    
    
    $
    2,855
   11. Operating Leases
  LeaseYear Ending December 31:
    
    Commitments2009
    
    $
    222Total
    
    $
    222
   12. Concentrations of Credit Risk
   19




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##### 



Vector Tobacco Inc. and Subsidiaries
Notes to Consolidated Financial Statements
December 31, 2008, 2007 and 2006
 (in thousands of dollars)
   13. Contingencies
 Smoking-Related Litigation
 Overview
  Master Settlement Agreement
   
    
    all claims of the settling states and their respective political subdivisions and
other recipients of state health care funds, relating to past conduct arising out of the
use, sale, distribution, manufacture, development, advertising, marketing or health
effects of, the exposure to, or research, statements or warnings about, tobacco products;
and
    
    all monetary claims of the settling states and their respective subdivisions and other
recipients of state health care funds, relating to future conduct arising out of the use
or exposure to, tobacco products that have been manufactured in the ordinary course of
business.
  20




---



##### 



Vector Tobacco Inc. and Subsidiaries
Notes to Consolidated Financial Statements
December 31, 2008, 2007 and 2006
 (in thousands of dollars)
        21




---



##### 



Vector Tobacco Inc. and Subsidiaries
Notes to Consolidated Financial Statements
December 31, 2008, 2007 and 2006
 (in thousands of dollars)
    Gross v. Net Calculations.
  
    
    use of net unit amounts is not required by the MSA (as reflected by, among
other things, the use of gross unit amounts through 2005);
    
    such a change is not authorized without the consent of affected parties to
the MSA;
    
    the MSA provides for four-year time limitation periods for revisiting
calculations and determinations, which precludes recalculating Liggetts 1997
Market Share (and thus, Liggetts market share exemption); and
 22




---



##### 



Vector Tobacco Inc. and Subsidiaries
Notes to Consolidated Financial Statements
December 31, 2008, 2007 and 2006
 (in thousands of dollars)
 
    
    Vector Tobacco and others have relied upon the calculations based on gross
unit amounts since 1998.
  QUEST 3
 Other Matters
   14. Legislation and Regulation
   15. Related Party Transactions
  23




---



##### 



Vector Tobacco Inc. and Subsidiaries
Notes to Consolidated Financial Statements
December 31, 2008, 2007 and 2006
 (in thousands of dollars)
        24




---



##### 



Vector Tobacco Inc. and Subsidiaries
Notes to Consolidated Financial Statements
December 31, 2008, 2007 and 2006
 (in thousands of dollars)
  2008
    
    
    2007Liggett
    
    $
    4,362
    
    
    $
    2,998Vector
    
    
    (873
    )
    
    
    Liggett Vector Brands
    
    
    2,617
    
    
    
    3,322$
    6,106
    
    
    $
    6,320
 16. Restructuring
 Asset ImpairmentEmployee
    
    
    ContractSeverance
    
    
    Termination,and Benefits
    
    
    and Exit Cost
    
    
    TotalsBalance as of December 31, 2005
    
    
    72
    
    
    
    140
    
    
    
    212Restructuring charges
    
    
    484
    
    
    
    2,180
    
    
    
    2,664Change in estimate
    
    
    (11
    )
    
    
    (3
    )
    
    
    (14
    )Utilized in 2006
    
    
    (61
    )
    
    
    (1,894
    )
    
    
    (1,955
    )Balance as of December 31, 2006
    
    
    484
    
    
    
    423
    
    
    
    907Change in estimate
    
    
    (71
    )
    
    
    (12
    )
    
    
    (83
    )Utilized in 2007
    
    
    (343
    )
    
    
    (351
    )
    
    
    (694
    )Balance as of December 31, 2007
    
    
    70
    
    
    
    60
    
    
    
    130Change in estimate
    
    
    (14
    )
    
    
    (4
    )
    
    
    (18
    )Utilized in 2008
    
    
    (56
    )
    
    
    (10
    )
    
    
    (66
    )Balance as of December 31, 2008
    
    $
    
    
    
    $
    46
    
    
    $
    46
   25




---



##### 



Vector Tobacco Inc. and Subsidiaries
Notes to Consolidated Financial Statements
December 31, 2008, 2007 and 2006
 (in thousands of dollars)
  17. Stock Compensation
    2006Risk-free interest rate
    
    
    4.9%-5.0%Expected volatility
    
    
    38.17% - 40.52%Dividend yield
    
    
    9.96% - 10.03%Expected holding period
    
    6 - 6.75 yearsWeighted average fair value
    
    
    $2.14 - $2.50
 26




---



##### 



Vector Tobacco Inc. and Subsidiaries
Notes to Consolidated Financial Statements
December 31, 2008, 2007 and 2006
 (in thousands of dollars)
   27




---



##### 



Schedule II  Valuation and Qualifying Accounts
 AdditionsBalance at
    
    
    Charged to
    
    
    
    
    
    
    Balance atBeginning
    
    
    Costs and
    
    
    
    
    
    
    End ofof Period
    
    
    Expenses
    
    
    Deductions
    
    
    PeriodDescriptionYear ended December 31, 2008Allowance for:Doubtful accounts
    
    $
    5
    
    
    $
    
    
    
    $
    
    
    
    $
    5Cash discounts
    
    
    8
    
    
    
    1,817
    
    
    
    1,815
    
    
    
    10Deferred tax valuation allowance
    
    
    138,882
    
    
    
    
    
    
    
    4,300
    
    
    
    134,582Sales returns
    
    
    1,100
    
    
    
    277
    
    
    
    377
    
    
    
    1,000Total
    
    $
    139,995
    
    
    $
    2,094
    
    
    $
    6,492
    
    
    $
    135,597Year ended December 31, 2007Allowance for:Doubtful accounts
    
    $
    5
    
    
    $
    
    
    
    $
    
    
    
    $
    5Cash discounts
    
    
    28
    
    
    
    2,455
    
    
    
    2,475
    
    
    
    8Deferred tax valuation allowance
    
    
    139,813
    
    
    
    (931
    )
    
    
    
    
    
    
    138,882Sales returns
    
    
    1,094
    
    
    
    426
    
    
    
    420
    
    
    
    1,100Total
    
    $
    140,940
    
    
    $
    1,950
    
    
    $
    2,895
    
    
    $
    139,995Year ended December 31, 2006Allowance for:Doubtful accounts
    
    $
    5
    
    
    $
    
    
    
    $
    
    
    
    $
    5Cash discounts
    
    
    40
    
    
    
    3,193
    
    
    
    3,205
    
    
    
    28Deferred tax valuation allowance
    
    
    133,420
    
    
    
    6,393
    
    
    
    
    
    
    
    139,813Sales returns
    
    
    1,599
    
    
    
    
    
    
    
    505
    
    
    
    1,094Total
    
    $
    135,064
    
    
    $
    9,586
    
    
    $
    3,710
    
    
    $
    140,940
 28