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Previous: PROFESSIONAL TRANSPORTATION GROUP LTD INC, 8-K/A, EX-99.1, 2000-07-28 |
Next: PROVIDIAN FINANCIAL CORP, S-8 POS, 2000-07-28 |
<PAGE> 1
EXHIBIT 99.2
PROFESSIONAL TRANSPORTATION GROUP LTD., INC.
PRO FORMA COMBINED CONDENSED BALANCE SHEETS (UNAUDITED)
DECEMBER 31, 1999
<TABLE>
<CAPTION>
Professional Dedicated PTG
Transportation Transportation Pro forma Dedicated
Group Ltd., Inc. (A-1) Services, Inc. (B-1) Adjustments (C) Pro forma
---------------------- -------------------- --------------- ------------
<S> <C> <C> <C> <C>
ASSETS
CURRENT ASSETS
Cash $ 199,803 $ 1,492,428 $ 4,650,000(G) $ 1,692,231
(4,650,000)(E)
Certificate of deposit 268,734 -- -- 268,734
Accounts receivable, net of allowance
for doubtful accounts 5,398,210 6,016,131 (517,516)(I) 10,896,825
Due from related parties 831,868 -- -- 831,868
Prepaid expenses 401,169 -- -- 401,169
Prepaid and deferred income tax -- 89,477 446,388(J) 535,865
Other current assets 534,275 228,251 -- 762,526
------------ ----------- ------------ ------------
Total current assets 7,634,059 7,826,287 (71,128) 15,389,218
------------ ----------- ------------ ------------
PROPERTY AND EQUIPMENT, NET 6,308,225 161,820 -- 6,470,045
GOODWILL -- -- 7,203,940(D) 7,203,940
Accumulated amortization -- -- (360,197)(H) (360,197)
NONCURRENT NOTE AND OTHER RECEIVABLES 3,313,831 -- 4,650,000(E) 7,963,831
Other assets 229,801 150,556 231,105(K) 611,462
$ 17,485,916 $ 8,138,663 $ 11,653,720 $ 37,278,299
============ =========== ============ ============
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Cash overdraft $ 544,610 $ -- $ -- $ 544,610
Line of credit 6,465,742 -- 6,465,742
Current maturities of long-term debt
and capital lease obligations 1,444,167 8,099 -- 1,452,266
Accounts payable 2,674,258 4,790,597 (517,516)(I) 6,947,339
Accrued liabilities 2,697,036 1,465,516 -- 4,162,552
------------ ----------- ------------ ------------
Total current liabilities 13,825,813 6,264,212 (517,516) 19,572,509
------------ ----------- ------------ ------------
LONG-TERM DEBT AND CAPITAL LEASE OBLIGATIONS,
NET OF CURRENT MATURITIES AND DEBT
DISCOUNTS 3,840,833 9,725 3,952,500(F) 7,803,058
DEFERRED INCOME TAXES 237,209 14,336 -- 251,545
------------ ----------- ------------ ------------
Total liabilities 17,903,855 6,288,273 3,434,984 27,627,112
------------ ----------- ------------ ------------
SHAREHOLDERS' EQUITY (DEFICIT)
Series A convertible preferred stock,
no par value 325,000 -- -- 325,000
Common stock -- 2,000 5,101,830(D) 5,103,830
Warrants 353,867 -- -- 353,867
Additional paid-in capital 7,004,655 -- 4,650,000(E)(G) 11,654,655
(Accumulated deficit) retained
earnings (8,101,461) 1,848,390 (1,533,094) (7,786,165)
------------ ----------- ------------ ------------
Total shareholders' equity
(deficit) (417,939) 1,850,390 8,218,736 9,651,187
------------ ----------- ------------ ------------
$ 17,485,916 $ 8,138,663 $ 11,653,720 $ 37,278,299
============ =========== ============ ============
</TABLE>
<PAGE> 2
PROFESSIONAL TRANSPORTATION GROUP LTD., INC.
PRO FORMA COMBINED CONDENSED BALANCE SHEETS (UNAUDITED)
MARCH 31, 2000
<TABLE>
<CAPTION>
Professional Dedicated PTG
Transportation Transportation Pro forma Dedicated
Group Ltd., Inc. (A-2) Services, Inc. (B-2) Adjustments (C) Pro forma
---------------------- -------------------- --------------- ------------
<S> <C> <C> <C> <C>
ASSETS
CURRENT ASSETS
Cash $ 199,803 $ 75,984 $ 4,650,000(G) $ 275,787
(4,650,000)(E)
Certificate of deposit 268,734 -- -- 268,734
Accounts receivable, net of allowance
for doubtful accounts 10,260,888 6,462,887 (496,833)(I) 16,226,942
Due from affiliate 429,365 -- -- 429,365
Due from related parties 2,298,262 -- -- 2,298,262
Prepaid expenses 765,848 184,543 -- 950,391
Prepaid income tax -- -- 527,432(J) 547,432
Other current assets 578,779 11,000 -- 589,779
Total current assets 14,801,679 6,734,414 30,599 21,566,692
Property and equipment, net 6,075,384 175,395 -- 6,250,779
Goodwill 617,188 -- 7,203,940(D) 7,821,128
Accumulated amortization -- -- (450,246)(H) (450,246)
Noncurrent note and other receivables 3,313,831 -- 4,650,000(E) 7,963,831
Other assets 301,114 302,064 297,135(K) 900,313
$ 25,109,l96 $ 7,211,873 $ 11,731,428 $ 44,052,497
============ ============ ============ ============
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Cash overdraft $ 1,027,732 $ -- $ -- $ 1,027,732
Line of credit 6,906,242 -- 6,906,242
Current maturities of long-term debt
and capital lease obligations 1,434,723 -- -- 1,434,723
Accounts payable 4,773,429 4,132,976 (496,833)(I) 8,409,572
Accrued liabilities 2,364,570 883,644 -- 3,248,214
Income tax payable -- 166,410 -- 166,410
Total current liabilities 16,506,696 5,183,030 (496,833) 21,192,893
Long-term debt and capital lease obligations,
net of current maturities and debt
discounts 4,614,310 19,631 3,952,500(F) 8,586,441
Deferred income taxes 337,209 15,171 -- 352,380
Total liabilities 21,458,215 5,217,832 3,455,667 30,131,714
SHAREHOLDERS' EQUITY (DEFICIT)
Series A convertible preferred stock,
no par value 217,000 -- -- 217,000
Common stock -- 2,000 5,101,830(D) 5,103,830
Warrants 353,867 -- -- 353,867
Additional paid-in capital 10,579,880 -- 4,650,000(G) 15,229.880
(Accumulated deficit) retained
earnings (7,499,766) 1,992,041 (1,476,069) (6,983,794)
------------ ------------ ------------ ------------
Total shareholders' equity
(deficit) 3,650,981 1,994,041 8,275,761 13,920,783
------------ ------------ ------------ ------------
$ 25,109,196 $ 7,211,873 $ 11,731,428 $ 44,052,497
============ ============ ============ ============
</TABLE>
<PAGE> 3
PROFESSIONAL TRANSPORTATION GROUP LTD., INC.
PRO FORMA COMBINED CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED)
FOR THE YEAR ENDED DECEMBER 31, 1999
<TABLE>
<CAPTION>
Professional Dedicated PTG
Transportation Transportation Pro forma Dedicated
Group Ltd., Inc. (A-1) Services, Inc. (B-1) Adjustments (C) Pro forma
---------------------- -------------------- --------------- ------------
<S> <C> <C> <C> <C>
OPERATING REVENUES $ 41,356,478 $ 43,958,730 $ (2,358,716)(I) $ 82,956,492
Operating expenses 43,491,845 42,608,029 (1,998,519)(I) 84,101,355
------------ ------------ ------------ ------------
OPERATING (LOSS) INCOME (2,135,367) 1,350,701 (360,197)(H) (1,144,863)
------------ ------------ ------------ ------------
OTHER INCOME (EXPENSES)
Interest expense (1,066,708) -- -- (1,066,708)
Other income (expense), net 307,438 45,994 231,105(K) 584,537
------------ ------------ ------------ ------------
(759,270) 45,994 231,105 (482,171)
------------ ------------ ------------ ------------
Net (loss) income before taxes (2,894,637) 1,396,695 (129,092) (1,627,034)
(Provision) benefit for income taxes -- (565,012) 446,388(J) (118,624)
------------ ------------ ------------ ------------
Net (loss) income $ (2,894,637) $ 831,683 $ 317,296 $ (1,745,658)
============ ============ ============ ============
NET (LOSS) INCOME PER COMMON SHARE:
Basic and diluted $ (.67) $ 415.84 $ -- $ (.28)
============ ============ ============ ============
Weighted average common shares outstanding:
Basic and diluted 4,301,551 2,000 -- 6,161,551
============ ============ ============ ============
</TABLE>
<PAGE> 4
PROFESSIONAL TRANSPORTATION GROUP LTD., INC.
PRO FORMA COMBINED CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED)
FOR THE THREE MONTHS ENDED MARCH 31, 2000
<TABLE>
<CAPTION>
Professional Dedicated PTG
Transportation Transportation Pro forma Dedicated
Group Ltd., Inc. (A-2) Services, Inc. (B-2) Adjustments (C) Pro forma
---------------------- -------------------- --------------- ------------
<S> <C> <C> <C> <C>
OPERATING REVENUES $ 14,117,982 $ 11,988,575 $ (729,059)(I) $ 25,377,498
Operating expenses 13,215,861 11,702,394 (639,010)(I) 24,279,245
------------ ------------ ------------ ------------
OPERATING (LOSS) INCOME 902,121 286,181 (90,049)(H) 1,098,253
------------ ------------ ------------ ------------
OTHER INCOME (EXPENSES)
Interest expense (306,338) (795) -- (307,133)
Other income (expense), net 5,912 (34,735) 66,030(K) 37,207
------------ ------------ ------------ ------------
(300,426) (35,530) 66,030 (269,926)
------------ ------------ ------------ ------------
NET INCOME BEFORE TAXES 601,695 250,651 (24,019) 828,327
(Provision) benefit for income taxes -- (107,000) 81,044(J) (25,956)
------------ ------------ ------------ ------------
NET INCOME $ 601,695 $ 143,651 $ 57,025 $ 802,371
============ ============ ============ ============
NET INCOME PER COMMON SHARE:
Basic and diluted $ .10 $ 71.82 $ -- $ .10
============ ============ ============ ============
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
Basic and diluted 6,275,526 2,000 -- 8,135,526
============ ============ ============ ============
</TABLE>
<PAGE> 5
PROFESSIONAL TRANSPORTATION GROUP LTD., INC.
NOTES TO PRO FORMA COMBINED CONDENSED BALANCE SHEETS AND
STATEMENTS OF OPERATIONS
(A-1) Reflects the historical financial position of Professional
Transportation Group Ltd., Inc. at December 31, 1999.
(A-2) Reflects the historical financial position of Professional
Transportation Group Ltd., Inc. at March 31, 2000.
(B-1) Reflects the historical financial position of Dedicated Transportation
Services, Inc. at January 31, 2000.
(B-2) Reflects the historical financial position of Dedicated Transportation
Services, Inc. at April 30, 2000.
(C) Pro forma adjustments to record the acquisition as of December 31,
1999.
(D) To reflect the acquisition based on the issuance of 1,860,000 shares of
the Company's common stock at $2.875 per share, the common stock price
on the date of the transaction.
(E) To reflect a loan to the sellers amounting to $4,650,000 in conjunction
with the acquisition.
(F) To reflect amounts due to the sellers based on the common stock price
of $2.875 per share as of the date of the transaction. This amount
represents $2.125 per share, the difference between the $5.00 guarantee
and the price per share as of the closing date.
(G) Represents cash infusion used to advance the sellers $4,650,000 as per
item (E).
(H) Represents amortization of goodwill.
(I) Represents elimination of intercompany transactions.
(J) To reflect utilization of net operating loss carryovers of the
consolidated group.
(K) To reflect interest on $4,650,000 note receivable.
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