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Previous: LTC HEALTHCARE INC, 8-K, EX-99.1, 2000-09-21 |
Next: PATH 1 NETWORK TECHNOLOGIES INC, S-8, 2000-09-21 |
<PAGE>
EXHIBIT 99.2
LTC HEALTHCARE, INC.
PRO-FORMA CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share amounts)
(Unaudited)
<TABLE>
<CAPTION>
JUNE 30, 2000
JUNE 30, 2000 ACTIVITY PRO FORMA
------------- -------- ---------
<S> <C> <C> <C>
ASSETS
Current Assets:
Cash and cash equivalents $ 98 $ (62) $ 36
Accounts receivable, net of allowance for doubtful accounts:
2000 - $1,162; 1999 - $313 15,779 - 15,779
Prepaid expenses and other current assets 3,114 - 3,114
-------- -------- --------
Total current assets 18,991 (62) 18,929
Property and Equipment:
Buildings, improvements and equipment 50,603 (10,701) 39,902
Land 2,246 (578) 1,668
Accumulated depreciation (6,403) 2,560 (3,843)
-------- -------- --------
Property and equipment, net 46,446 (8,719) 37,727
Other Assets:
Equity securities 1,156 - 1,156
Debt securities 11,616 - 11,616
Other assets 809 - 809
-------- -------- --------
Total other assets 13,581 - 13,581
-------- -------- --------
Total assets $ 79,018 $ (8,781) $ 70,237
======== ======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
Current Liabilities:
Accounts payable $ 2,545 $ - $ 2,545
Accrued salaries and benefits 3,371 - 3,371
Current portion of mortgage loans payable 656 - 656
Other accrued liabilities 7,343 (4,597) 2,746
-------- -------- --------
Total current liabilities 13,915 (4,597) 9,318
Mortgage Loans Payable 46,563 (13,696) 32,867
Line of Credit from LTC Properties 19,495 (968) 18,527
-------- -------- --------
Total liabilities 79,973 (19,261) 60,712
Minority Interest 3,518 - 3,518
Commitments and Contingencies - - -
Stockholders' Equity (Deficit):
Preferred stock $0.01 par value; 10,000,000 shares authorized - - -
Common stock $0.01 par value; 40,000,000 shares authorized;
shares issued: 2000 - 3,335,882; 1999 - 3,335,882 33 - 33
Capital in excess of par value 10,224 - 10,224
Treasury stock: shares 2000 - 1,235,956; 1999 - 881,556 (2,474) - (2,474)
Accumulated deficit (9,814) 10,480 666
Accumulated comprehensive loss (2,442) - (2,442)
-------- -------- --------
Total stockholders' equity (deficit) (4,473) 10,480 6,007
-------- -------- --------
Total liabilities and stockholders' equity (deficit) $ 79,018 $ (8,781) $ 70,237
======== ======== ========
</TABLE>
<PAGE>
LTC HEALTHCARE, INC.
Condensed Consolidated Statement of Operations and
Pro Forma Condensed Consolidated Statement of Operations
(Unaudited)
(In thousands, except share and per share amounts)
<TABLE>
<CAPTION>
PRO FORMA
SIX MONTHS ENDED SIX MONTHS ENDED
JUNE 30, 2000 ACTIVITY JUNE 30, 2000
--------------- -------- -------------
<S> <C> <C> <C>
Revenues:
Net patient revenues $ 43,521 $ - $ 43,521
Rental income 2,567 (809) 1,758
Interest and other income 1,093 - 1,093
---------- -------- -----------
Total revenues 47,181 (809) 46,372
Costs and Expenses:
Salaries and benefits 29,612 - 29,612
Supplies 5,980 - 5,980
Rent - LTC Properties, Inc. 4,087 - 4,087
Interest expense 2,075 (637) 1,438
Interest expense on line of credit from LTC Properties, Inc. 768 - 768
Depreciation 836 (191) 645
Minority interest 172 - 172
Other operating and administrative 9,614 (4) 9,610
---------- -------- -----------
Total expenses 53,144 (832) 52,312
Loss before provision for income taxes (5,963) (23) (5,940)
Provision for income taxes - - -
---------- -------- -----------
Net loss $ (5,963) $ (23) $ (5,940)
========== ======== ===========
Weighted average shares outstanding 2,099,926 2,099,926
Net Loss Per Common Share:
Basic and diluted net loss per share $ (2.84) $ (2.84)
========== ===========
Comprehensive loss:
Net loss $ (5,963) $ (5,940)
Unrealized income (loss) on available-for-sale equity securities (547) (547)
---------- -----------
Total comprehensive loss $ (6,510) $ (6,487)
========== ===========
</TABLE>
<PAGE>
LTC HEALTHCARE, INC.
Consolidated Statement of Operation and
Pro Forma Consolidated Statement of Operation
(In thousand, except share and per share amounts)
<TABLE>
<CAPTION>
UNAUDITED
PRO FORMA
YEAR ENDED UNAUDITED YEAR ENDED
DECEMBER 31, 1999 ACTIVITY DECEMBER 31, 1999
----------------- -------- -----------------
<S> <C> <C> <C>
Revenues:
Net patient revenues $ 11,713 $ - $ 11,713
Rental income 6,692 (1,583) 5,109
Interest and other income 2,344 - 2,344
---------- ---------- -----------
Total revenues 20,749 (1,583) 19,166
Costs and Expenses:
Salaries and benefits 8,295 - 8,295
Supplies 1,217 - 1,217
Rent - LTC Properties, Inc. 779 - 779
Interest expense 4,014 (1,290) 2,724
Interest expense on line of credit from LTC Properties, Inc. 1,514 - 1,514
Depreciation 1,885 (382) 1,503
Minority interest 343 - 343
Other operating and administrative 6,434 (5) 6,429
---------- ---------- -----------
Total expenses 24,481 (1,677) 22,804
Loss before provision for income taxes (3,732) (94) (3,638)
Provision for income taxes - - -
---------- ---------- -----------
Net loss $ (3,732) $ (94) $ (3,638)
========== ========== ===========
Weighted average shares outstanding 2,696,691 2,696,691
Net Loss Per Common Share:
Basic and diluted net loss per share $ (1.38) $ (1.35)
========== ===========
</TABLE>
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