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Previous: PRESTOLITE ELECTRIC HOLDING INC, 8-K, EX-7.1, 2000-08-22 |
Next: THATLOOK COM INC/NV, SC 13D, 2000-08-22 |
<PAGE>
Exhibit 7.2
The following represents the unaudited pro forma balance sheet as of July 1,
2000.
<TABLE>
<CAPTION>
as of July 1, 2000
(in millions of dollars)
Adjustments
for Adjusted
Historical Pro forma Pro forma
---------- ----------- ---------
<S> <C> <C> <C>
Assets
Current assets
Cash $ 0.8 $ 0.8
Accounts receivable, net 33.6 33.6
Inventory, net 38.4 38.4
Deferred tax asset 7.6 $ (9.7)(e) (2.1)
Prepaid and other 2.6 6.0 (b) 8.6
------- ------- -------
Total current assets 83.0 (3.7) 79.3
Property, plant and equipment,net 38.2 38.2
Property, plant and equipment held for disposal, net 3.6 3.6
Other assets
Intangible assets 9.9 9.9
Other long-term assets 7.9 7.9
Net assets of discontinued operations 25.3 (25.3)(d) -
------- ------- -------
Total assets $ 167.9 $ (29.0) $ 138.9
======= ======= =======
Liabilities and stockholders' equity
Current liabilities
Revolving credit $ 21.3 $ (21.3)(a) $ -
Current portion of long-term debt 0.6 (0.6)(a) -
Accounts payable 16.7 16.7
Accrued liabilities 17.0 9.0 (c) 26.0
------- ------- -------
Total current liabilities 55.6 (12.9) 42.7
Long-term debt 130.5 (31.8)(a) 98.7
Other long-term liabilites 4.8 4.8
Stockholders' equity
Common stock and paid in capital 16.6 16.6
Retained earnings (accum deficit) (11.2) 15.2 (f) 4.0
Notes receivable (0.4) (0.4)
Foreign currency translation adjustment (3.4) 0.5 (g) (2.9)
Treasury stock (24.6) (24.6)
------- ------- -------
Total equity (23.0) 15.7 (7.3)
Total liabilities and equity $ 167.9 $ (29.0) $ 138.9
======= ======= =======
</TABLE>
Page 1
<PAGE>
(a) Records the collection of $59.7 million of cash (including collection of
$2.7 million of receivables related to the businesses sold, but retained by
Prestolite) less $6.0 million to be subsequently received out of escrow.
(b) Records the expected amounts to be paid from escrow.
(c) Records the transaction costs, costs of providing transition services at no
charge and certain anticipated subsequent adjustments to the purchase
price. This also includes $0.5 million of previously-recorded cumulative
translation adjustments related to the assets being sold.
(d) Records the elimination of the net assets of the business units sold.
(e) Records the income tax expense associated with the gain on the sale of the
businesses.
(f) Records the gain on the sale of the businesses.
(g) Records the reduction of the previously-recorded cumulative translation
adjustment related to the asset being sold.
Page 2
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