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<PAGE> 1
EXHIBIT 99.1
RITTENHOUSE, L.L.C.
-------------------
UNAUDITED CONDENSED BALANCE SHEET
---------------------------------
(In thousands)
<TABLE>
<CAPTION>
MARCH 31, 2000
--------------
<S> <C>
ASSETS
------
Cash and cash equivalents $ 1,684
Accounts receivable 14,425
Inventories:
Materials and supplies 7,513
Work in process 266
Finished goods 7,873
--------
15,652
Other current assets 1,382
--------
Total current assets 33,143
--------
Plant and equipment 21,197
Accumulated depreciation (14,923)
--------
6,274
Other assets 472
--------
Total assets $ 39,889
========
LIABILITIES AND MEMBERS' EQUITY
-------------------------------
Current maturities of long-term debt $ 14,316
Accounts payable 9,411
Accrued expenses 2,167
Income taxes payable 297
--------
Total current liabilities 26,191
--------
Long-term liabilities 1,539
Members' equity 12,159
--------
Total liabilities and members' equity $ 39,889
========
</TABLE>
The accompanying notes are an integral part of the condensed financial
statements.
-1-
<PAGE> 2
RITTENHOUSE, L.L.C.
-------------------
UNAUDITED CONDENSED STATEMENTS OF OPERATIONS AND MEMBERS' EQUITY
----------------------------------------------------------------
(In thousands)
<TABLE>
<CAPTION>
THREE MONTHS ENDED
----------------------------
March 31, March 31,
2000 1999
--------- ---------
<S> <C> <C>
Net sales $ 30,695 $ 31,323
Cost of products sold 23,056 23,766
-------- --------
Gross margin 7,639 7,557
-------- --------
Selling, distribution and administrative expenses 7,000 7,335
Interest expense 285 277
Interest income (2) (1)
Other income (29) (4)
-------- --------
Income (loss) before income tax provision 385 (50)
Income tax provision 17 2
-------- --------
Net income (loss) 368 (52)
Members' equity, beginning of period 13,058 12,746
Distributions (1,267) (450)
-------- --------
Members' equity, end of period $ 12,159 $ 12,244
======== ========
</TABLE>
The accompanying notes are an integral part of the condensed financial
statements.
-2-
<PAGE> 3
RITTENHOUSE, L.L.C.
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UNAUDITED CONDENSED STATEMENTS OF CASH FLOWS
--------------------------------------------
(In thousands)
<TABLE>
<CAPTION>
THREE MONTHS ENDED
---------------------------
March 31, March 31,
2000 1999
--------- ---------
<S> <C> <C>
Cash flows from operating activities:
Net income (loss) $ 368 $ (52)
Adjustments to reconcile net income (loss) to cash provided
by (used in) operating activities:
Depreciation and amortization 413 422
Net change in working capital and other assets (1,539) (794)
------- -------
Cash provided by (used in) operating activities (758) (424)
------- -------
Cash flows from investing activities:
Investment in plant and equipment, net (26) (119)
Gain on sale/disposal of fixed assets 28 1
------- -------
Cash provided by (used in) investing activities 2 (118)
------- -------
Cash flows from financing activities:
Proceeds from borrowings 4,200 3,200
Repayment of borrowings (1,200) (2,624)
Distributions (1,267) (450)
------- -------
Cash provided by financing activities 1,733 126
------- -------
Increase in cash and cash equivalents 977 (416)
Cash and cash equivalents at beginning of period 707 1,550
------- -------
Cash and cash equivalents at end of period $ 1,684 $ 1,134
======= =======
Interest paid $ 141 $ 197
======= =======
Income taxes paid $ 17 $ 2
======= =======
</TABLE>
The accompanying notes are an integral part of the condensed financial
statements.
-3-
<PAGE> 4
RITTENHOUSE, L.L.C.
-------------------
NOTES TO UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS
---------------------------------------------------------
BASIS OF PRESENTATION
The accompanying unaudited condensed financial statements of Rittenhouse L.L.C.
("Rittenhouse") have been prepared in accordance with the instructions to Form
8-K. In the opinion of management, the accompanying financial statements contain
all adjustments consisting of normal recurring accruals necessary to present
fairly the financial position as of March 31, 2000, the results of operations
for the three month periods ending March 31, 2000 and 1999, and cash flows for
the three months ended March 31, 2000 and 1999. The results of operations for
the three months ended March 31, 2000 are not necessarily indicative of the
results to be expected for any subsequent quarter or for the entire year ending
December 31, 2000. Certain information and footnote disclosures normally
included in financial statements prepared in accordance with generally accepted
accounting principles have been condensed or omitted pursuant to the Securities
and Exchange Commission's rules and regulations.
These unaudited condensed financial statements and notes included herein should
be read in conjunction with the Rittenhouse audited financial statements for the
years ended December 31, 1999, 1998 and 1997, and notes thereto that have been
included as Exhibit 99.2 to this Form 8-K/A.
SUBSEQUENT EVENTS
On April 17, 2000, the stockholders of Rittenhouse Paper Company completed the
sale of all outstanding shares of stock of Rittenhouse Paper Company to Nashua
Corporation (the "Company"), an unrelated publicly traded corporation, for
approximately $57 million in cash, plus a contingent payment of up to $6 million
if certain financial targets are achieved for the year ending December 31, 2000.
Prior to the closing, Rittenhouse acquired real estate and equipment having
appraised values of $5,525,000 and $1,840,040, respectively, from related
partnerships.
-4-
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