Description
Exhibit 1 -- Pro-Forma Balance Sheet under Seasonal Production, 1994 (thousands of dollars) Cash Accounts Receivable Inventory Current Assets Net Plant & Equipment Actual Dec. 31, 1993 Jan $ 200 $ 878 Feb $ 1,526 Mar $ 1,253 Apr $ 1,054 May $ 915 June $ 696 July $ 527 Aug $ 200 Sept $ 200 Oct $ 200 Nov $ 200 2,905 1,060 260 300 300 280 280 300 1,780 3,460 3,980 4,425 586 586 586 586 586 586 586 586 586 586 586 586 --------- --------- --------- --------- --------- --------- --------- --------- --------- --------- --------- --------$ 3,691 $ 2,524 $ 2,372 $ 2,139 $ 1,940 $ 1,781 $ 1,562 $ 1,413 $ 2,566 $ 4,246 $ 4,766 $ 5,211 Total Assets 1,176 1,176 1,176 1,176 1,176 1,176 1,176 1,176 1,176 1,176 1,176 1,176 --------- --------- --------- --------- --------- --------- --------- --------- --------- --------- --------- --------$ 4,867 $ 3,700 $ 3,548 $ 3,315 $ 3,116 $ 2,957 $ 2,738 $ 2,589 $ 3,742 $ 5,422 $ 5,942 $ 6,387 Accounts Payable $ Notes Payable, Bank Accrued Taxes Long-Term Debt, Current portion Current Liabilities Long-Term Debt Shareholders' Equity Total Liabilities & Equity 282 752 88 $ 36 0 31 $ 42 0 (23) $ 48 0 (162) $ 42 0 (251) $ 42 0 (305) $ 42 0 (394) $ 48 0 (448) $ 486 433 (352) $ 552 1,741 (271) $ 642 1,745 (126) $ 686 1,677 33 50 50 50 50 50 50 50 50 50 50 50 50 --------- --------- --------- --------- --------- --------- --------- --------- --------- --------- --------- --------$ 1,172 $ 117 $ 69 $ (64) $ (159) $ (213) $ (302) $ (350) $ 617 $ 2,072 $ 2,311 $ 2,446 400 3,295 --------$ 4,867 400 3,183 --------$ 3,700 400 3,079 --------$ 3,548 400 2,979 --------$ 3,315 400 2,875 --------$ 3,116 400 2,770 --------$ 2,957 375 2,665 --------$ 2,738 375 2,564 --------$ 2,589 375 2,750 --------$ 3,742 375 2,975 --------$ 5,422 375 3,256 --------$ 5,942 375 3,566 --------$ 6,387 186 1.362 .362 $ 334 942 40 50 --------$ 1.366 350 3.646 --------$ 5.400 586 --------$ 4.176 --------$ 5.102112 Dec $ 200 3. 140 Nov $ 2.285 Dec $ 1.620 Sept $ 1.134 -------$ 486 1.600 -------$ 685 780 -------$ 335 200 7 2 -------- 200 4 4 -------- 200 4 5 -------- 200 4 4 -------- 200 4 3 -------- 200 4 3 -------- 200 3 2 -------- 200 5 1 -------- 200 12 1 -------- 200 17 1 -------- 200 17 1 -------- 200 14 1 -------- Operating Expense Interest Expense Interest Income Profit Before Taxes $ (169) $ (158) $ (151) $ (158) $ (159) $ (159) $ (153) $ Income Taxes $ Net Profit 282 $ 341 $ (57) $ (54) $ (51) $ (54) $ (54) $ (54) $ (52) $ 96 --------------------------------------------------------$ (112) $ (104) $ (100) $ (104) $ (105) $ (105) $ (101) $ 186 $ 426 $ 116 -------$ 225 $ 469 $ 145 -------$ 281 $ 159 -------$ 310 $ 122 42 -------$ 80 . 1994 (thousands of dollars) Sales Cost of Goods Sold Gross Profit $ Jan 120 $ Feb 140 $ Mar 160 $ Apr 140 $ May 140 June $ 140 $ July 160 Aug $ 1.498 -------$ 642 1.115 84 -------$ 36 98 -------$ 42 112 -------$ 48 98 -------$ 42 98 -------$ 42 98 -------$ 42 112 -------$ 48 1.Exhibit 2 -.288 -------$ 552 1.840 Oct $ 2.Pro Forma Income Statement under Seasonal Production. 000 -------$ 3.000 7.102412 Total $ 10.400 95 28 -------$ $ 533 182 -------$ 351 .000 2. 940 --------2.786 2.295 --------$ 4.060 260 586 1.665 --------$ 4.867 400 3.470 $ 50 --------3.610 $ 300 2.843 --------3.921 $ 1.910 $ 50 --------2.611 (218) 2.867 $ 3.745 $ 300 1.176 --------6.564 --------$ 5.733 --------4.176 ------------------------$ 4.502 ------------------------$ 3.176 --------5.323 $ 280 3.377 Accounts Payable $ Current Assets Net Plant & Equipment Notes Payable.891 $ 280 2.750 --------$ 6.176 --------4.652 $ 2. 1993 $ 200 Jan $ 541 Feb $ 983 Mar $ 370 $ Apr 200 May $ 200 June $ 200 July $ 200 Aug $ 200 2.409 2.176 1.905 1.050 1.828 $ 3.409 $ 1.220 --------5.183 --------$ 3.Pro-Forma Balance Sheet under Level Production.Exhibit 1 -.499 $ 1.950 375 2.921 467 $ $ 467 0 (109) 421 (145) 994 (181) 50 --------407 $ 50 --------792 $ 400 400 2.176 --------4. Current portion Current Liabilities Long-Term Debt Shareholders' Equity Total Liabilities & Equity 282 $ 752 88 233 $ 0 (39) 467 $ 0 (75) 50 50 50 ------------------------$ 1.201 Total Assets 1.780 3.828 3.079 --------$ 3.067 $ 1.176 --------4.329 $ 50 --------1. Bank Accrued Taxes Long-Term Debt.172 $ 245 $ 442 $ 400 400 3.774 $ 300 3.691 $ 2.770 --------$ 467 4.786 $ 1. 1994 (thousands of dollars) Cash Accounts Receivable Inventory Actual Dec.950 $ 1.944 (209) 50 --------1.377 .499 2.233 $ 1.294 --------3. 31.391 --------2.176 1.067 $ $ 467 $ 467 1.979 --------$ 467 3.176 --------3.252 400 375 375 2.875 --------$ 4.241 (288) 2. Inventory Equation: Last period inventory + Level Production Amt .(Sales* COGS %) . 017 96 50 --------4.051 $ 50 --------3.565 --------6.894 $ 7.070 $ 6.225 $ 100% $ 1.439 $ 50 --------2.425 769 --------5.558 130% .975 --------$ 3.401 3.562 350 3.955 (32) 2.646 --------- 100% 5.176 1.176 1.102112 Sept $ 200 Oct $ 200 Nov $ 200 Dec $ 396 Average Difference % 50% 3.460 2.382 100% 364% $ 3.558 $ $ 467 $ 467 $ 4.256 --------$ 7.684 (149) 2.401 $ 7.400 586 --------4.980 1.176 --------------------------------7.176 1.070 $ 6.571 $ 5.630 $ 375 375 375 2.571 $ 130% 467 179% 942 103 272% 56% 50 --------1.714 --------5.395 $ 467 $ 3.566 --------- 142% 100% 285% 100% 3. 620 104 -------$ 56 210 3 1 -------- $ June $ 140 91 -------$ 49 210 1 -------- $ $ 78 -------42 210 3 -------- $ $ $ 1. 1994 (thousands of dollars) Sales Cost of Goods Sold $ Gross Profit $ $ Operating Expense $ Interest Expense $ Interest Income $ Jan 120 $ Feb 140 $ $ Mar 160 Apr 140 May 140 $ $ $ July 160 $ $ Oct 2.198 -------642 $ 91 -------$ 49 210 17 1 -------- $ Sept 1.5833333 $ $ .055 -------565 $ 91 -------$ 49 210 7 1 -------- $ Aug 1.Pro Forma Income Statement under Level Production.393 -------747 Profit Before Taxes $ (166) $ (157) $ (153) $ (163) $ (168) $ (172) $ (170) $ 334 $ 406 $ 516 Income Taxes $ 138 -------268 $ $ 114 -------221 $ Net Profit (56) $ (54) $ (52) $ (55) $ (57) $ (59) $ (58) $ -------------------------------------------------(109) $ (104) $ (101) $ (108) $ (111) $ (114) $ (112) $ 175 -------340 COGS %: Level Prod /Month Add'l OpEx /Month 65.840 91 -------$ 49 210 12 1 -------- 1.140 104 -------$ 56 $ 210 2 -------- $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 210 22 1 -------- $ $ $ 210 28 1 -------- $ $ $ 210 22 1 -------- $ 1.50 9.Exhibit 2 -.1% $ 542. 000 726 -------389 $ 6.625% .488 -------797 $ $ $ Dec 1.102412 $ $ $ Nov 2.115 Total $ 10.63 9.285 1.515 134 13 -------- $ 573 $ 174 $ 854 $ 195 -------378 $ 42 -------132 $ $ $ 273 -------$ 581 9.490 $ $ $ 210 15 1 -------- $ $ $ 210 7 1 -------- $ $ $ 2.510 -------$ 3.
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