<PAGE>
OMEGA ENVIRONMENTAL, INC. EXHIBIT 99.1
DEBTOR IN POSESSION CASE #97-06084
COMPARATIVE BALANCE SHEET INFORMATION
<TABLE>
<CAPTION>
(UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED)
APRIL 30, 2000 MARCH 31, 2000 APRIL 30, 2000 MARCH 31, 2000
ESD ESD CHANGE CORPORATE CORPORATE CHANGE
---------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
CURRENT ASSETS
Cash - 13,357 (13,357) 258,164 157,746 100,418
Restricted cash held in escrow - - - -
Accounts receivable
A/R--trade 9,287,286 9,463,759 (176,473) - - -
A/R--remediation systems 157,263 218,920 (61,657) - - -
A/R--employees 23,004 18,508 4,496 - - -
A/R--supplemental - - - - - -
A/R--miscellaneous 16,250 1,050 15,200 1,224,094 1,224,094 -
Allowance for doubtful accounts (271,926) (288,713) 16,787 (1,076,094) (1,076,094) -
------------------------------------------- -------------------------------------------
Accounts receivable, net 9,211,877 9,413,524 (201,647) 148,000 148,000 -
------------------------------------------- -------------------------------------------
Costs and earnings in excess of billings 4,507,020 4,604,097 (97,077) -
Costs and earnings in excess of billings
for Remediation Systems 562,153 664,713 (102,560) -
Prepaid expenses 345,138 238,791 106,347 47,409 62,350 (14,941)
------------------------------------------- -------------------------------------------
TOTAL CURRENT ASSETS 14,626,188 14,934,482 (308,294) 453,573 368,096 85,477
------------------------------------------- -------------------------------------------
PROPERTY AND EQUIPMENT
Field equipment 2,127,801 2,168,479 (40,678) - - -
Automotive equipment 905,345 932,781 (27,436) - - -
Office furniture and equipment 1,024,761 1,020,976 3,785 16,403 27,206 (10,803)
Land, Building, and leasehold
improvements 112,128 107,729 4,399 - - -
------------------------------------------- -------------------------------------------
TOTAL PROPERTY & EQUIP., AT COST 4,170,035 4,229,965 (59,930) 16,403 27,206 (10,803)
Accum. Depreciation (3,348,726) (3,382,137) 33,411 (16,403) (27,206) 10,803
------------------------------------------- -------------------------------------------
TOTAL PROPERTY & EQUIP., NET 821,309 847,828 (26,519) - - -
------------------------------------------- --------------------------------------------
Other Assets 87,809 88,049 (240) 41,622 41,622 -
Investment & Intercompany in
Subsidiaires - 74,375,431 74,375,431 -
------------------------------------------- --------------------------------------------
TOTAL ASSETS 15,535,306 15,870,359 (335,053) 74,870,626 74,785,149 85,477
=========================================== ===========================================
POST PETITION CURRENT LIABILITIES
Accounts payable 882,190 945,948 (63,758) 3,159 28,145 (24,986)
Accounts payable - remediation systems 719,416 883,634 (164,218) - - -
Line of Credit with GMAC - 26,323,895 25,751,101 572,794
Transfer of Pre-petition preference
collections from vendors - (991,252) (963,284) (27,968)
------------------------------------------- -------------------------------------------
Line of Credit with GMAC, net of
pre-petition preferences - - - 25,332,643 24,787,817 544,826
Accrued expenses, excluding bankruptcy
costs 544,296 530,308 13,988 28,088 7,573 20,515
Estimated claims against cash held in
escrow - - - - - -
------------------------------------------- -------------------------------------------
TOTAL POST PETITION CURRENT LIABILITIES 8,752,764 8,790,566 (37,802) 10,324,080 9,742,391 581,689
Intercompany Notes Payable 7,435,857 7,435,857 - -
Pre Petition Preference collections from
vendors - - - 991,252 963,284 27,968
Pre Petition Liabilities - - - 3,606,863 3,606,863 -
Pre Petition Estimated Construction Claims - - - -
------------------------------------------- -------------------------------------------
TOTAL LIABILITIES 16,188,621 16,226,423 (37,802) 14,922,195 14,312,538 609,657
------------------------------------------- -------------------------------------------
SHAREHOLDERS' EQUITY
Common stock at par 121,289 121,289 -
Additional paid in capital 14,557,677 14,557,677 - 127,234,871 127,234,871 -
Treasury Stock A-P-I-C (562,506) (562,506) -
Retained earnings - prior (9,028,340) (9,028,340) - (49,321,103) (49,321,103) -
Y-T-D net income pre petition (8,532) (8,532) - (2,399,934) (2,399,934) -
Y-T-D net income post petition (6,174,120) (5,876,869) (297,251) (15,124,186) (14,600,006) (524,180)
------------------------------------------- -------------------------------------------
TOTAL SHAREHOLDERS' EQUITY (653,315) (356,064) (297,251) 59,948,431 60,472,611 (524,180)
------------------------------------------- --------------------------------------------
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY 15,535,306 15,870,359 (335,053) 74,870,626 74,785,149 85,477
=========================================== ===========================================
</TABLE>
See accompanying notes to financial statement information
<PAGE>
OMEGA ENVIRONMENTAL, INC.
DEBTOR IN POSESSION CASE #97-06084
COMPARATIVE BALANCE SHEET INFORMATION
<TABLE>
<CAPTION>
(UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED)
APRIL 30, 2000 MARCH 31, 2000 APRIL 30, 2000 MARCH 31, 2000
CONTINUING CONTINUING DISCONTINUED DISCONTINUED
OPERATIONS OPERATIONS CHANGE OPERATIONS OPERATIONS CHANGE
------------------------------------------ -----------------------------------------
<S> <C> <C> <C> <C> <C> <C>
CURRENT ASSETS
Cash 258,164 171,103 87,061 - - -
Restricted cash held in escrow - - - 2,734,665 2,732,711 1,954
Accounts receivable
A/R--trade 9,287,286 9,463,759 (176,473) 3,240,282 3,240,282 -
A/R--remediation systems 157,263 218,920 (61,657) - - -
A/R--employees 23,004 18,508 4,496 - - -
A/R--supplemental - - - 1,242,986 1,242,986 -
A/R--miscellaneous 1,240,344 1,225,144 15,200 10,078 10,078 -
Allowance for doubtful accounts (1,348,020) (1,364,807) 16,787 (3,411,768) (3,411,768) -
------------------------------------------ ----------------------------------------
Accounts receivable, net 9,359,877 9,561,524 (201,647) 1,081,578 1,081,578 -
------------------------------------------ ----------------------------------------
Costs and earnings in excess of billings 4,507,020 4,604,097 (97,077) -
Costs and earnings in excess of billings
for Remediation Systems 562,153 664,713 (102,560) -
Prepaid expenses 392,547 301,141 91,406 - - -
------------------------------------------ ----------------------------------------
TOTAL CURRENT ASSETS 15,079,761 15,302,578 (222,817) 3,816,243 3,814,289 1,954
------------------------------------------ ----------------------------------------
PROPERTY AND EQUIPMENT
Field equipment 2,127,801 2,168,479 (40,678) - 1,000 (1,000)
Automotive equipment 905,345 932,781 (27,436) - - -
Office furniture and equipment 1,041,164 1,048,182 (7,018) - - -
Land, Building, and leasehold improvements 112,128 107,729 4,399 - - -
------------------------------------------ ----------------------------------------
TOTAL PROPERTY & EQUIP., AT COST 4,186,438 4,257,171 (70,733) - 1,000 (1,000)
Accum. Depreciation (3,365,129) (3,409,343) 44,214 - - -
------------------------------------------ ----------------------------------------
TOTAL PROPERTY & EQUIP., NET 821,309 847,828 (26,519) - 1,000 (1,000)
------------------------------------------ ----------------------------------------
Other Assets 129,431 129,671 (240) - - -
Investment & Intercompany in
Subsidiaires 74,375,431 74,375,431 - -
------------------------------------------ ----------------------------------------
TOTAL ASSETS 90,405,932 90,655,508 (249,576) 3,816,243 3,815,289 954
========================================== ========================================
POST PETITION CURRENT LIABILITIES
Accounts payable 885,349 974,093 (88,744) - - -
Accounts payable - remediation systems 719,416 883,634 (164,218) - - -
Line of Credit with GMAC 26,323,895 25,751,101 572,794 -
Transfer of Pre-petition preference
collections from vendors (991,252) (963,284) (27,968) -
------------------------------------------ ----------------------------------------
Line of Credit with GMAC, net of
pre-petition preferences 25,332,643 24,787,817 544,826 - - -
Accrued expenses, excluding bankruptcy
costs 572,384 537,881 34,503 69,976 69,976 -
Estimated claims against cash held in
escrow - - - 2,536,420 2,534,466 1,954
------------------------------------------ ----------------------------------------
TOTAL POST PETITION CURRENT LIABILITIES 19,076,844 18,532,957 543,887 12,650,734 12,648,780 1,954
Intercompany Notes Payable 7,435,857 7,435,857 - 4,811,126 4,811,126 -
Pre Petition Preference collections from
vendors 991,252 963,284 27,968 -
Pre Petition Liabilities 3,606,863 3,606,863 - 11,809,400 11,809,110 290
Pre Petition Estimated Construction Claims - - - 1,800,000 1,800,000 -
----------------------------------------- ----------------------------------------
TOTAL LIABILITIES 31,110,816 30,538,961 571,855 31,071,260 31,069,016 2,244
------------------------------------------ ----------------------------------------
SHAREHOLDERS' EQUITY
Common stock at par 121,289 121,289 - 5,454,120 5,454,120 -
Additional paid in capital 141,792,548 141,792,548 - 39,347,007 39,347,007 -
Treasury Stock A-P-I-C (562,506) (562,506) - - - -
Retained earnings - prior (58,349,443) (58,349,443) - (53,656,003) (53,656,003) -
Y-T-D net income pre petition (2,408,466) (2,408,466) - 499,770 499,770 -
Y-T-D net income post petition (21,298,306) (20,476,875) (821,431) (18,899,911) (18,898,621) (1,290)
----------------------------------------- ----------------------------------------
TOTAL SHAREHOLDERS' EQUITY 59,295,116 60,116,547 (821,431) (27,255,017) (27,253,727) (1,290)
----------------------------------------- ----------------------------------------
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY 90,405,932 90,655,508 (249,576) 3,816,243 3,815,289 954
========================================== ========================================
</TABLE>
See accompanying notes to financial statement information
<PAGE>
OMEGA ENVIRONMENTAL, INC.
DEBTOR IN POSESSION CASE #97-06084
COMPARATIVE BALANCE SHEET INFORMATION
<TABLE>
<CAPTION>
(UNAUDITED) (UNAUDITED)
APRIL 30, 2000 MARCH 31, 2000
COMBINED COMBINED
FINAL FINAL CHANGE
-----------------------------------------------------
<S> <C> <C> <C>
CURRENT ASSETS
Cash 258,164 171,103 87,061
Restricted cash held in escrow 2,734,665 2,732,711 1,954
Accounts receivable
A/R--trade 12,527,568 12,704,041 (176,473)
A/R--remediation systems 157,263 218,920 (61,657)
A/R--employees 23,004 18,508 4,496
A/R--supplemental 1,242,986 1,242,986 -
A/R--miscellaneous 1,250,422 1,235,222 15,200
Allowance for doubtful accounts (4,759,788) (4,776,575) 16,787
-----------------------------------------------------
Accounts receivable, net 10,441,455 10,643,102 (201,647)
-----------------------------------------------------
Costs and earnings in excess of billings 4,507,020 4,604,097 (97,077)
Costs and earnings in excess of billings
for Remediation Systems 562,153 664,713 (102,560)
Prepaid expenses 392,547 301,141 91,406
-----------------------------------------------------
TOTAL CURRENT ASSETS 18,896,004 19,116,867 (220,863)
-----------------------------------------------------
PROPERTY AND EQUIPMENT
Field equipment 2,127,801 2,169,479 (41,678)
Automotive equipment 905,345 932,781 (27,436)
Office furniture and equipment 1,041,164 1,048,182 (7,018)
Land, Building, and leasehold
improvements 112,128 107,729 4,399
-----------------------------------------------------
TOTAL PROPERTY & EQUIP., AT COST 4,186,438 4,258,171 (71,733)
Accum. Depreciation (3,365,129) (3,409,343) 44,214
-----------------------------------------------------
TOTAL PROPERTY & EQUIP., NET 821,309 848,828 (27,519)
-----------------------------------------------------
Other Assets 129,431 129,671 (240)
Investment & Intercompany in
Subsidiaires 0 0 -
-----------------------------------------------------
TOTAL ASSETS 19,846,744 20,095,366 (248,622)
=====================================================
POST PETITION CURRENT LIABILITIES
Accounts payable 885,349 974,093 (88,744)
Accounts payable - remediation systems 719,416 883,634 (164,218)
Line of Credit with GMAC 26,323,895 25,751,101 572,794
Transfer of Pre-petition preference
collections from vendors (991,252) (963,284) (27,968)
-----------------------------------------------------
Line of Credit with GMAC, net of
pre-petition preferences 25,332,643 24,787,817 544,826
Accrued expenses, excluding bankruptcy
costs 642,360 607,857 34,503
Estimated claims against cash held in
escrow 2,536,420 2,534,466 1,954
-----------------------------------------------------
TOTAL POST PETITION CURRENT LIABILITIES 31,727,578 31,181,737 545,841
Intercompany Notes Payable - - -
Pre Petition Preference collections from
vendors 991,252 963,284 27,968
Pre Petition Liabilities 15,416,263 15,415,973 290
Pre Petition Estimated Construction Claims 1,800,000 1,800,000 -
-----------------------------------------------------
TOTAL LIABILITIES 49,935,093 49,360,994 574,099
-----------------------------------------------------
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 (1,908,696) (1,908,696) -
Y-T-D net income post petition (40,198,217) (39,375,496) (822,721)
-----------------------------------------------------
TOTAL SHAREHOLDERS' EQUITY (30,088,349) (29,265,628) (822,721)
-----------------------------------------------------
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY 19,846,744 20,095,366 (248,622)
=====================================================
</TABLE>
See accompanying notes to financial statement information
<PAGE>
OMEGA ENVIRONMENTAL, INC. EXHIBIT 99.1
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
APRIL 30, 2000 MARCH 31, 2000 APRIL 30, 2000 MARCH 31, 2000
ESD ESD CHANGE CORPORATE CORPORATE CHANGE
----------------------------------------- --------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Sales 791,241 998,146 (206,905) - - -
Cost of Sales 628,569 873,151 (244,582) - - -
----------------------------------------- --------------------------------------------
Gross Profit 162,672 124,995 37,677 - - -
Selling, General, and Administrative 425,610 398,397 27,213 81,955 63,010 18,945
----------------------------------------- --------------------------------------------
Income (Loss) From Operations (262,938) (273,402) 10,464 (81,955) (63,010) (18,945)
Other Income(Expense):
I/C Interest Income (Expense) (58,862) (56,526) (2,336) 58,862 56,526 2,336
Interest Expense (43) - (43) (246,290) (227,363) (18,927)
Other Expense - - - (2,425) (4,513) 2,088
----------------------------------------- --------------------------------------------
Total Other (Expense) (34,313) (56,526) 22,213 (189,853) (175,350) (14,503)
Net Income (Loss) Before Bankruptcy
Administrative Expenses (297,251) (329,928) 32,677 (271,808) (238,360) (33,448)
Bankruptcy Administrative Expenses (252,372) (122,117) (130,255)
----------------------------------------- --------------------------------------------
Net Income (Loss) (297,251) (329,928) 32,677 (524,180) (360,477) (163,703)
========================================= ============================================
</TABLE>
See accompanying notes to financial statement information
<PAGE>
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
APRIL 30, 2000 MARCH 31, 2000 APRIL 30, 2000 MARCH 31, 2000
CONTINUING CONTINUING DISCONTINUED DISCONTINUED
OPERATIONS OPERATIONS CHANGE OPERATIONS OPERATIONS CHANGE
-------------------------------------------- -----------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Sales 791,241 998,146 (206,905) - - -
Cost of Sales 628,569 873,151 (244,582) - - -
-------------------------------------------- -----------------------------------------
Gross Profit 162,672 124,995 37,677 - - -
Selling, General, and Administrative 507,565 461,407 46,158 - - -
--------------------------------------------- -----------------------------------------
Income (Loss) From Operations (344,893) (336,412) (8,481) - - -
Other Income(Expense):
I/C Interest Income (Expense) - - - - - -
Interest Expense (246,333) (227,363) (18,970) - - -
Other Expense (2,425) (4,513) 2,088 (1,290) 31,100 (32,390)
-------------------------------------------- -----------------------------------------
Total Other (Expense) (224,166) (231,876) 7,710 (1,290) 31,100 (32,390)
Net Income (Loss) Before Bankruptcy
Administrative Expenses (569,059) (568,288) (771) (1,290) 31,100 (32,390)
Bankruptcy Administrative Expenses (252,372) (122,117) (130,255) - - -
-------------------------------------------- -----------------------------------------
Net Income (Loss) (821,431) (690,405) (131,026) (1,290) 31,100 (32,390)
============================================ =========================================
</TABLE>
See accompanying notes to financial statement information
<PAGE>
OMEGA ENVIRONMENTAL, INC.
DEBTOR IN POSSESSION CASE #97-06084
COMPARATIVE STATEMENT OF
OPERATIONS INFORMATION
<TABLE>
<CAPTION>
(UNAUDITED) (UNAUDITED)
MONTH ENDED MONTH ENDED
APRIL 30, 2000 MARCH 31, 2000
COMBINED COMBINED
FINAL FINAL CHANGE
------------------------------------------------
<S> <C> <C> <C>
Sales 791,241 998,146 (206,905)
Cost of Sales 628,569 873,151 (244,582)
------------------------------------------------
Gross Profit 162,672 124,995 37,677
Selling, General, and Administrative 507,565 461,407 46,158
------------------------------------------------
Income (Loss) From Operations (344,893) (336,412) (8,481)
Other Income(Expense):
I/C Interest Income (Expense) - - -
Interest Expense (246,333) (227,363) (18,970)
Other Expense (3,715) 26,587 (30,302)
------------------------------------------------
Total Other (Expense) (225,456) (200,776) (24,680)
Net Income (Loss) Before Bankruptcy
Administrative Expenses (570,349) (537,188) (33,161)
Bankruptcy Administrative Expenses (252,372) (122,117) (130,255)
------------------------------------------------
Net Income (Loss) (822,721) (659,305) (163,416)
================================================
</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
APRIL 30, 2000 MARCH 31, 2000 CHANGE
---------------------- ------------------ -------------
<S> <C> <C> <C>
Cash flows from operating activities:
Net loss ($822,721) ($481,339) ($341,382)
Adjustments to reconcile net loss to net cash
(used in) provided by operating activities:
Depreciation 29,896 30,481 (585)
Write off of accounts receivable 112,610 0 112,610
(Gain) / Loss on sale of property and equipment (24,592) 0 (24,592)
Change in certain assets & liabilities:
(Increase) decrease in:
Receivables, net 27,380 226,855 (199,475)
Receivables - remediation systems, net 61,657 (218,920.00) 280,577
Costs in excess of billings 97,077 145,083 (48,006)
Costs in excess of billings - remediation systems 102,560 11,336
Prepaids & other assets (91,406) 37,956 (129,362)
Increase (decrease) in:
Accounts payable - remediation systems (164,218) 207,585 (371,803)
Accrued expenses 229,613 (18,096) 247,709
Other net changes in assets and liabilities 240 892 (652)
-------------------- ---------------- ------------
Total adjustments 292,073 430,358 (229,509)
-------------------- ---------------- ------------
Net cash provided by (used in) operating activities (530,648) (50,981) (570,891)
Cash flows from investing activities:
Proceeds from sale of equipment 53,100 400 52,700
Additions to property and equipment (8,185) (3,974) (4,211)
-------------------- ---------------- ------------
Net cash provided by (used in) investing activities 44,915 (3,574) 48,489
Cash flows from financing and other activities:
Net proceeds (repayments) from revolver credit loan 572,794 46,787 526,007
Proceeds from pre-petition preference payment receipts 27,968 38,263 (10,295)
(Reduction) Increase of pre-petition liabilities (27,968) (38,263) 10,295
-------------------- ---------------- ------------
Net cash provided by (used in) financing activities 572,794 46,787 526,007
-------------------- ---------------- ------------
Net increase (decrease) in cash 87,061 (7,768) 3,605
CASH AT BEGINNING OF PERIOD 171,103 178,871 (7,768)
-------------------- ---------------- ------------
CASH AT END OF PERIOD $258,164 $171,103 ($4,163)
==================== ================ ============
</TABLE>
See accompanying notes to financial statement information
<PAGE>
EXHIBIT 99.1
Omega Environmental, Inc.
Debtor in Possession Case # 97-06084
April 30, 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 April 30, 2000, the Company's borrowings from GMAC Credit Corporation
("GMACCC") were $26,323,895.
Costs and Earnings in Excess of Billing
The asset, "Costs and earnings in excess of billings" recorded on the
Environmental Services Division's balance sheet, represents estimated revenues
recognized in excess of amounts billed using the percentage of completion method
of contract accounting. In the past, as projects were completed and billed,
significant write-offs of this asset were recorded in excess of reserves
provided. Management believes that as a result of improvements in project
management and time charging practices no material write-offs in excess of the
normal allocated reserves will be required in the future.
Accounts Receivable
Accounts receivable recorded on the Environmental Services Division's balance
sheet are primarily due from various State reimbursement programs for clean up
of leaking underground storage tanks. The collection period for these
receivables frequently exceeds 180 days. Due to the significant amount of time
required to collect these receivables, management is continually analyzing the
collectability of these accounts and estimated bad debts may be significantly in
excess of established reserves. The results of this analysis are not complete at
this time due to the lengthy collection time frame, and any adjustment may have
a material adverse effect on the financial statements.
<PAGE>
Accounts receivable recorded on the Discontinued Operation's balance sheet
primarily represent amounts recorded as due from customers of the company's
discontinued construction business. The amounts ultimately collected by the
company will be significantly less than net recorded amounts in part because of
set-offs, liens, bonding issues and customer disputes which may result in
refusal to pay receivable amounts or require payment or set-off of pre-petition
liabilities and claims. The amount ultimately collectible is not determinable at
this time.
Accounts receivable recorded on the corporate balance sheet of $148,000
represents funds held in escrow at Debtor's Bankruptcy Counsel as a result of
the Petroleum Services Division (PSD) Houston branch asset sale in December
1998. These funds are held in escrow pending the final determination of the
amount of liens asserted by Texas tax authorities.
Florida Supplemental
In January 2000, the ESD Florida Supplemental balances were transferred to
Discontinued Operations. The amounts of the transaction transferred were:
Restricted Cash Held in Escrow of $2.7 million, net receivables of $300,000 and
Estimated claims against cash held in escrow of $2.5 million.
Pre-Petition Preference Receipts
Beginning in June 1999, Omega began collecting pre-petition preferences. These
are accounted for in the pre-petition liabilities section of the corporate
balance sheet. Collections for the month of April 2000 and total collections
since June 1999 were $27,968 and $991,252, respectively.
