Our stockholders' equity was $162.9 million or approximately $7.51 per share based on 21.7 million shares of common stock outstanding as of December 31, 2010.
Free Cash Flows
Combined net cash (used in) provided by operating activities was $(6.3) million during 2010, compared to combined net cash provided by (used in) operating activities of $3.3 million during 2009. The increase in cash used is largely due to $5.1 million of transaction costs, the increase in inventory sold of $5.0 million due to the step up in fair value in purchase accounting, $1.0 million in transition costs, $1.3 million in lease indemnity payments and $1.0 million in merger and integration charges related to the Acquisitions. Excluding these items, the net cash provided (used in) by operating activities would have been $7.1 million for 2010.
Combined capital expenditures were $2.9 million during 2010, compared to $3.3 million during 2009. The decrease in capital expenditures of $0.4 million is due to certain renovation and tooling costs incurred during 2009, which were not incurred during 2010. Free cash flows used, defined as net cash (used in) provided by operating activities less capital expenditures was $(9.2) million during 2010, compared to $(0.0) million during 2009. Excluding $5.1 million of transaction costs related to the acquisitions, $5.0 million in step up value of inventory sold, $1.0 million in transition costs, $1.3 million in lease indemnity payments, and $1.0 million in merger and integration charges related to the Acquisitions, free cash flows provided would have been $4.2 million during 2010.Forward-Looking Guidance The Company expects its fourth quarter momentum to continue into the first and second quarters based on its order books, its well received innovative new product line and heightened activity at retail. For the three-months ending March 31, 2011, the Company anticipates sales to be in the range of $37 - $38.5 million.