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Previous: MANAGEMENT NETWORK GROUP INC, 8-K/A, EX-99.1, 2000-11-13 |
Next: VOICE MOBILITY INTERNATIONAL INC, 4, 2000-11-13 |
<PAGE> 1
EXHIBIT 99.2
THE WEATHERSBY GROUP, INC.
CONDENSED BALANCE SHEET
AS OF JUNE 30, 2000
(in thousands)
(unaudited)
<TABLE>
<S> <C>
Current Assets:
Cash and cash equivalents $ 792
Receivables:
Accounts receivable 1,845
Accounts receivable - unbilled 1,289
-------
3,134
Loss: Allowance for doubtful accounts (61)
-------
3,073
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Total current assets 3,865
Property and Equipment, net 88
Other assets 57
-------
Total Assets $ 4,010
=======
Current Liabilities:
Trade accounts payable $ 1,788
Accrued payroll, bonuses and related expenses 150
Other accrued liabilities 67
-------
Total current liabilities 2,005
Stockholder's Equity
Common stock 1
Retained earnings 2,004
-------
Total stockholder's equity 2,005
-------
Total Liabilities and Stockholder's Equity $ 4,010
=======
</TABLE>
Page 4
<PAGE> 2
THE WEATHERSBY GROUP, INC.
CONDENSED STATEMENT OF OPERATIONS
SIX MONTHS ENDED JUNE 30, 2000
(in thousands)
(unaudited)
<TABLE>
<S> <C>
Revenues $ 7,245
Cost of Services 5,089
-------
Gross profit 2,156
Operating Expenses - Selling general and
administrative 1,554
-------
Income from Operations 602
Other Income/(Expense):
Interest income 5
Other, net 14
-------
Total other income 19
-------
Net income $ 621
=======
</TABLE>
<PAGE> 3
THE WEATHERSBY GROUP, INC.
CONDENSED STATEMENT OF CASH FLOWS
SIX MONTHS ENDED JUNE 30, 2000
(in thousands)
(unaudited)
<TABLE>
<S> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income $ 621
Adjustments to reconcile income from continuing operations to net cash
provided by operating activities:
Depreciation and amortization 13
Changes in:
Accounts Receivable 605
Accounts Receivable - unbilled (1,289)
Deferred revenue (40)
Trade accounts payable 1,005
Accrued liabilities (432)
-------
Net cash provided from continuing operations 483
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of property, plant and equipment (34)
-------
Net cash used in investing activities (34)
CASH FLOWS FROM FINANCING ACTIVITIES:
Distributions to shareholder (16)
-------
Net cash used from financing activities (16)
-------
NET INCREASE IN CASH 433
CASH AND CASH EQUIVALENTS, Beginning of period 359
-------
CASH AND CASH EQUIVALENTS, End of period $ 792
=======
</TABLE>
NOTE TO CONDENSED FINANCIAL STATEMENTS (UNAUDITED)
Basis of Reporting
The accompanying condensed financial statements of The Weathersby Group, Inc.
(the "Company") as of June 30, 2000, and for the six months ended June 30, 2000
are unaudited and reflect all normal recurring adjustments which are, in the
opinion of management, necessary for the fair presentation of the Company's
financial position, results of operations, and cash flows as of this date and
for the period presented. The financial statements have been prepared in
accordance with accounting principles generally accepted in the United States of
America for interim financial information. Consequently, these statements do not
include all the disclosures normally required by accounting principles generally
accepted in the United States of America for annual financial statements.
Page 5
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