Exhibit 99.2
The following summarized, restated unaudited pro forma information for the
three months ended June 30, 1999 assumes that the acquisition of the assets of
Ranor had occurred on April 1, 1999:
STANDARD AUTOMOTIVE CORPORATION
UNAUDITED PRO FORMA CONSOLIDATED CONDENSED STATEMENT OF INCOME
For the Three Months Ended June 30, 1999
(in thousands, except per share amounts)
<TABLE>
<CAPTION>
Standard Ranor
Automotive -------------------------
Corporation Results Adjustments Pro Forma
----------- --------- ----------- ---------
<S> <C> <C> <C> <C>
Revenues, net $ 35,044 $ 3,930 $ -- $ 38,974
Operating income 3,370 733 (780)(A) 3,323
Net income $ 1,540 $ 417 $ (445)(B) $ 1,512
========= ========= ========= =========
Preferred dividend 293 293
Basic net income per share $ 0.35 $ 0.33
========= ========= ========= =========
Diluted net income per share $ 0.35 $ 0.33
========= ========= ========= =========
Basic weighted average number
of shares outstanding 3,530 150 3,680
Diluted weighted average number
of shares outstanding 3,572 150 3,722
</TABLE>
The Unaudited Pro Forma Consolidated Condensed Statement of Income has
been prepared to reflect the acquisition as if it occurred on April 1, 1999 and
may not be indicative of the results had the acquisition actually occurred on
April 1, 1999. The final allocation of purchase price may be subject to change.
Outlined below are the denoted pro forma adjustments for the period presented.
(A)
<TABLE>
<S> <C>
Additional interest expense associated with the acquisition of Ranor $590,000
Depreciation expense on the write-up of Ranor fixed assets to market value 155,000
Amortization of incremental goodwill resulting from the purchase of Ranor 35,000
--------
$780,000
========
</TABLE>
(B)
Represents the estimated after tax effect of the adjustment per (A) above.
