|
|
|
|
|
|
|
|
|
|
|
|
|
|
Previous: OMEGA ENVIRONMENTAL INC, 8-K, 2000-09-28 |
Next: RENAISSANCE CAPITAL PARTNERS II LTD /TX/, PRES14A, 2000-09-28 |
<PAGE>
EXHIBIT 99.1
OMEGA ENVIRONMENTAL, INC.
DEBTOR IN POSESSION CASE #97-06084
COMPARATIVE BALANCE SHEET INFORMATION
<TABLE>
<CAPTION>
(UNAUDITED) (UNAUDITED)
JULY 31, 2000 JUNE 30, 2000
CONTINUING CONTINUING
OPERATIONS OPERATIONS CHANGE
---------------------------------------------------------------
<S> <C> <C> <C>
CURRENT ASSETS
Cash 337,389 372,469 (35,080)
Restricted cash held in escrow - - -
Accounts receivable
A/R--Florida supplemental - - -
Allowance for doubtful accounts - - -
-----------------------------------------------------------
Accounts receivable, net - - -
-----------------------------------------------------------
Prepaid expenses 65,222 75,327 (10,105)
-----------------------------------------------------------
TOTAL CURRENT ASSETS 402,611 447,796 (45,185)
-----------------------------------------------------------
Investment & Intercompany in Subsidiaires 74,375,431 74,375,431 -
-----------------------------------------------------------
TOTAL ASSETS 74,778,042 74,823,227 (45,185)
===========================================================
POST PETITION CURRENT LIABILITIES
Accounts payable 2,098 2,098 -
Line of Credit with GMAC 10,453,434 10,350,085 103,349
Transfer of Pre-petition preference collections from vendors (1,006,152) (997,252) (8,900)
-----------------------------------------------------------
Line of Credit with GMAC, net of pre-petition preferences 9,447,282 9,352,833 94,449
Accrued expenses, excluding bankruptcy costs 28,088 28,088 -
Accrued bankruptcy costs 1,195,861 1,195,861 -
Estimated claims against cash held in escrow - - -
Intercompany - GMAC (142,163) (142,163) -
-----------------------------------------------------------
TOTAL POST PETITION CURRENT LIABILITIES 10,531,166 10,436,717 94,449
Intercompany Notes Payable -
Pre Petition Preference collections from vendors 1,006,152 997,252 8,900
Pre Petition Liabilities 3,606,863 3,606,863 -
Pre Petition Estimated Construction Claims - - -
-----------------------------------------------------------
TOTAL LIABILITIES 15,144,181 15,040,832 103,349
-----------------------------------------------------------
SHAREHOLDERS' EQUITY
Common stock at par 121,289 121,289 -
Additional paid in capital 127,234,871 127,234,871 -
Treasury Stock A-P-I-C (562,506) (562,506) -
Retained earnings - prior (49,321,103) (49,321,103) -
Y-T-D net income pre petition (2,399,934) (2,399,934) -
Y-T-D net income post petition (15,438,756) (15,290,222) (148,534)
-----------------------------------------------------------
TOTAL SHAREHOLDERS' EQUITY 59,633,861 59,782,395 (148,534)
-----------------------------------------------------------
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY 74,778,042 74,823,227 (45,185)
===========================================================
</TABLE>
<TABLE>
<CAPTION>
(UNAUDITED) (UNAUDITED)
JULY 31, 2000 JUNE 30, 2000
DISCONTINUED DISCONTINUED
OPERATIONS OPERATIONS CHANGE
---------------------------------------------------------
<S> <C> <C> <C>
CURRENT ASSETS
Cash - - -
Restricted cash held in escrow 2,740,668 2,738,643 2,025
Accounts receivable
A/R--Florida supplemental 1,229,656 1,229,656 -
Allowance for doubtful accounts (1,229,656) (1,229,656) -
------------------------------------------------------------
Accounts receivable, net - - -
------------------------------------------------------------
Prepaid expenses - - -
------------------------------------------------------------
TOTAL CURRENT ASSETS 2,740,668 2,736,685 2,025
------------------------------------------------------------
Investment & Intercompany in Subsidiaires - - -
------------------------------------------------------------
TOTAL ASSETS 2,740,668 2,736,685 2,025
============================================================
POST PETITION CURRENT LIABILITIES
Accounts payable - - -
Line of Credit with GMAC -
Transfer of Pre-petition preference collections from vendors -
------------------------------------------------------------
Line of Credit with GMAC, net of pre-petition preferences - - -
Accrued expenses, excluding bankruptcy costs 69,976 69,976 -
Accrued bankruptcy costs - - -
Estimated claims against cash held in escrow 2,740,614 2,738,589 2,025
Intercompany - GMAC 142,163 142,163 -
------------------------------------------------------------
TOTAL POST PETITION CURRENT LIABILITIES 2,952,753 2,948,770 2,025
Intercompany Notes Payable 12,246,983 12,246,983 -
Pre Petition Preference collections from vendors -
Pre Petition Liabilities 11,809,400 11,809,400 -
Pre Petition Estimated Construction Claims 1,800,000 1,800,000 -
------------------------------------------------------------
TOTAL LIABILITIES 28,809,136 28,805,153 3,983
------------------------------------------------------------
SHAREHOLDERS' EQUITY
Common stock at par 5,454,120 5,454,120 -
Additional paid in capital 53,904,684 53,904,684 -
Treasury Stock A-P-I-C - - -
Retained earnings - prior (62,684,343) (62,684,343) -
Y-T-D net income pre petition (950,442) (950,442) -
Y-T-D net income post petition (21,792,487) (21,792,487) -
------------------------------------------------------------
TOTAL SHAREHOLDERS' EQUITY (26,068,468) (26,068,468) -
------------------------------------------------------------
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY 2,740,668 2,736,685 3,983
============================================================
</TABLE>
See accompanying notes to financial statement information
<PAGE>
EXHIBIT 99.1
OMEGA ENVIRONMENTAL, INC.
DEBTOR IN POSESSION CASE #97-06084
COMPARATIVE BALANCE SHEET INFORMATION
<TABLE>
<CAPTION>
(UNAUDITED) (UNAUDITED)
JULY 31, 2000 JUNE 30, 2000
COMBINED COMBINED
FINAL FINAL CHANGE
----------------------------------------------------------
<S> <C> <C> <C>
CURRENT ASSETS
Cash 337,389 372,469 (35,080)
Restricted cash held in escrow 2,740,668 2,736,685 3,983
Accounts receivable
A/R--Florida supplemental 1,229,656 1,229,656 -
Allowance for doubtful accounts (1,229,656) (1,229,656) -
----------------------------------------------------------
Accounts receivable, net - - -
----------------------------------------------------------
Prepaid expenses 65,222 75,327 (10,105)
----------------------------------------------------------
TOTAL CURRENT ASSETS 3,143,279 3,184,481 (41,202)
----------------------------------------------------------
Investment & Intercompany in Subsidiaires - - -
----------------------------------------------------------
TOTAL ASSETS 3,143,279 3,184,481 (41,202)
==========================================================
POST PETITION CURRENT LIABILITIES
Accounts payable 2,098 2,098 -
Line of Credit with GMAC 10,453,434 10,350,085 103,349
Transfer of Pre-petition preference collections from vendors (1,006,152) (997,252) (8,900)
----------------------------------------------------------
Line of Credit with GMAC, net of pre-petition preferences 9,447,282 9,352,833 94,449
Accrued expenses, excluding bankruptcy costs 98,064 98,064 -
Accrued bankruptcy costs 1,195,861 1,195,861 -
Estimated claims against cash held in escrow 2,740,614 2,736,631 3,983
Intercompany - GMAC - - -
----------------------------------------------------------
TOTAL POST PETITION CURRENT LIABILITIES 13,483,919 13,385,487 98,432
Intercompany Notes Payable - - -
Pre Petition Preference collections from vendors 1,006,152 997,252 8,900
Pre Petition Liabilities 15,416,263 15,416,263 -
Pre Petition Estimated Construction Claims 1,800,000 1,800,000 -
----------------------------------------------------------
TOTAL LIABILITIES 31,706,334 31,599,002 107,332
----------------------------------------------------------
SHAREHOLDERS' EQUITY
Common stock at par 121,289 121,289 -
Additional paid in capital 124,465,227 124,465,227 -
Treasury Stock A-P-I-C (562,506) (562,506) -
Retained earnings - prior (112,005,446) (112,005,446) -
Y-T-D net income pre petition (3,350,376) (3,350,376) -
Y-T-D net income post petition (37,231,243) (37,082,709) (148,534)
----------------------------------------------------------
TOTAL SHAREHOLDERS' EQUITY (28,563,055) (28,414,521) (148,534)
----------------------------------------------------------
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY 3,143,279 3,184,481 (41,202)
==========================================================
</TABLE>
See accompanying notes to financial statement information
<PAGE>
EXHIBIT 99.1
OMEGA ENVIRONMENTAL, INC.
DEBTOR IN POSSESSION CASE #97-06084
COMPARATIVE STATEMENT OF
OPERATIONS INFORMATION
<TABLE>
<CAPTION>
(UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED)
MONTH ENDED MONTH ENDED MONTH ENDED MONTH ENDED
JULY 31, 2000 JUNE 30, 2000 JULY 31, 2000 JUNE 30, 2000
CONTINUING CONTINUING DISCONTINUED DISCONTINUED
OPERATIONS OPERATIONS CHANGE OPERATIONS OPERATIONS CHANGE
----------------------------------------------- ---------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Sales - - - - - -
Cost of Sales - - - - - -
----------------------------------------------- ---------------------------------------------
Gross Profit - - - - - -
Selling, General, and Administrative 43,992 33,065 10,927 - - -
----------------------------------------------- ---------------------------------------------
Loss From Operations (43,992) (33,065) (10,927) - - -
Other Income(Expense):
Interest Expense (98,073) (98,973) 900 - -
Other Expense - - - - (71,219) 71,219
----------------------------------------------- ---------------------------------------------
Total Other Expense (98,073) (98,973) 900 - (71,219) 71,219
Net Loss Before Bankruptcy
Administrative Expenses (142,065) (132,038) (10,027) - (71,219) 71,219
Bankruptcy Administrative Expenses (6,469) (10,890) 4,421 - - -
----------------------------------------------- ---------------------------------------------
Net Loss (148,534) (142,928) (5,606) - (71,219) 71,219
=============================================== =============================================
</TABLE>
See accompanying notes to financial statement information
<PAGE>
EXHIBIT 99.1
OMEGA ENVIRONMENTAL, INC.
DEBTOR IN POSSESSION CASE #97-06084
COMPARATIVE STATEMENT OF
OPERATIONS INFORMATION
<TABLE>
<CAPTION>
(UNAUDITED) (UNAUDITED)
MONTH ENDED MONTH ENDED
JULY 31, 2000 JUNE 30, 2000
COMBINED COMBINED
FINAL FINAL CHANGE
---------------------------------------------------------
<S> <C> <C> <C>
Sales - - -
Cost of Sales - - -
---------------------------------------------------------
Gross Profit - - -
Selling, General, and Administrative 43,992 33,065 10,927
---------------------------------------------------------
Loss From Operations (43,992) (33,065) (10,927)
Other Income(Expense):
Interest Expense (98,073) (98,973) 900
Other Expense - (71,219) 71,219
---------------------------------------------------------
Total Other Expense (98,073) (170,192) 72,119
Net Loss Before Bankruptcy
Administrative Expenses (142,065) (203,257) 61,192
Bankruptcy Administrative Expenses (6,469) (10,890) 4,421
---------------------------------------------------------
Net Loss (148,534) (214,147) 65,613
=========================================================
</TABLE>
See accompanying notes to financial statement information
<PAGE>
OMEGA ENVIRONMENTAL, INC. EXHIBIT 99.1
DEBTOR IN POSSESSION CASE # 97 - 06084
COMPARATIVE COMBINED STATEMENT OF CASH FLOWS INFORMATION
<TABLE>
<CAPTION>
(UNAUDITED) (UNAUDITED)
MONTH ENDED MONTH ENDED
JULY 31, 2000 JUNE 30, 2000 CHANGE
---------------------- --------------------- --------------------
<S> <C> <C> <C>
Cash flows from operating activities:
Net loss ($148,534) ($214,147) $65,613
Change in certain assets & liabilities:
(Increase) decrease in:
Prepaids & other assets 10,105 13,799 (3,694)
Increase (decrease) in:
Accounts payable 0 (1,408) 1,408
Accrued expenses 0 (22,906) 22,906
Other assets and liabilities, net 0 20,807 (20,807)
---------------------- --------------------- --------------------
Total adjustments 10,105 10,292 (187)
---------------------- --------------------- --------------------
Net cash provided by (used in) operating activities (138,429) (203,855) 65,426
Cash flows from investing activities :
Proceeds from sale of equipment 0 0 0
Additions to property and equipment 0 0 0
---------------------- --------------------- --------------------
Net cash provided by (used in) investing activities 0 0 0
Cash flows from financing and other activities:
Net proceeds (repayments) from revolver credit loan 103,349 124,854 (21,505)
Proceeds from pre-petition preference payment receipts 8,900 0 8,900
(Reduction) Increase of pre-petition liabilities (8,900) 0 (8,900)
---------------------- --------------------- --------------------
Net cash provided by (used in) financing activities 103,349 124,854 (21,505)
---------------------- --------------------- --------------------
Net decrease in cash (35,080) (79,001) 43,921
CASH AT BEGINNING OF PERIOD 372,469 451,470 (79,001)
---------------------- --------------------- --------------------
CASH AT END OF PERIOD $337,389 $372,469 ($35,080)
====================== ===================== ====================
</TABLE>
See accompanying notes to financial statement information
<PAGE>
EXHIBIT 99.1
Omega Environmental, Inc.
Debtor in Possession Case # 97-06084
July 31, 2000 Financial Reporting Information
Notes to Financial Statement Information
Basis of Presentation
The financial statement information presented is un-audited and does not comply
with generally accepted accounting principles. Additionally, significant
estimates were used in the preparation of this financial statement information
and actual results may vary significantly from these estimates.
GMAC Credit Corporation
As of July 31, 2000, the Company's borrowings from GMAC Credit Corporation
("GMACCC") were $10,453,434.
Accounts Receivable
Accounts receivable recorded on the Discontinued Operation's balance sheet of
$1.2 million represents Florida Supplemental balances. The amount is fully
reserved.
Pre-Petition Preference Receipts
Beginning in June 1999, Omega began collecting pre-petition preferences that are
accounted for in the pre-petition liabilities section of the corporate balance
sheet. Collections for the month of July 2000 and total collections since June
1999 were $8,900, and $1,006,152, respectively.
|
|