<PAGE>
EXHIBIT 99.1
OMEGA ENVIRONMENTAL, INC.
DEBTOR IN POSSESSION CASE #97-06084
COMPARATIVE BALANCE SHEET INFORMATION
<TABLE>
<CAPTION>
(unaudited) (unaudited) (unaudited) (unaudited)
June 30, 2000 May 31, 2000 June 30, 2000 May 31, 2000
Continuing Continuing Discontinued Discontinued
Operations Operations Change Operations Operations Change
------------------------------------------- -------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
CURRENT ASSETS
Cash 372,469 451,470 (79,001) -- -- --
Restricted cash held in escrow -- -- -- 2,738,643 2,736,685 1,958
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 75,327 89,126 (13,799) -- -- --
------------------------------------------- -------------------------------------------
TOTAL CURRENT ASSETS 447,796 540,596 (92,800) 2,738,643 2,736,685 1,958
------------------------------------------- -------------------------------------------
Investment & Intercompany in
Subsidiaries 74,375,431 74,375,431 -- -- -- --
------------------------------------------- -------------------------------------------
TOTAL ASSETS 74,823,227 74,916,027 (92,800) 2,738,643 2,736,685 1,958
=========================================== ===========================================
POST PETITION CURRENT LIABILITIES
Accounts payable 2,098 3,506 (1,408) -- -- --
Line of Credit with GMAC 10,350,085 10,225,231 124,854 -- -- --
Transfer of Pre-petition
preference collections from
vendors (997,252) (997,252) -- -- -- --
------------------------------------------- -------------------------------------------
Line of Credit with GMAC, net of
pre-petition preferences 9,352,833 9,227,979 124,854 -- -- --
Accrued expenses, excluding
bankruptcy costs 28,088 30,187 (2,099) 69,976 69,976 --
Accrued bankruptcy costs 1,195,861 1,195,861 -- -- -- --
Estimated claims against cash
held in escrow -- -- -- 2,738,589 2,736,631 1,958
Intercompany - GMAC (142,163) (70,944) (71,219) 142,163 9,256,566 (9,114,403)
------------------------------------------- -------------------------------------------
TOTAL POST PETITION CURRENT
LIABILITIES 10,436,717 10,386,589 50,128 2,950,728 12,063,173 (9,112,445)
Intercompany Notes Payable -- 12,246,983 4,811,126 7,435,857
Pre Petition Preference collections
from vendors 997,252 997,252 -- --
Pre Petition Liabilities 3,606,863 3,606,863 -- 11,809,400 11,809,400 --
Pre Petition Estimated Construction
Claims -- -- -- 1,800,000 1,800,000 --
------------------------------------------- -------------------------------------------
TOTAL LIABILITIES 15,040,832 14,990,704 50,128 28,807,111 30,483,699 (1,676,588)
------------------------------------------- -------------------------------------------
SHAREHOLDERS' EQUITY
Common stock at par 121,289 121,289 -- 5,454,120 5,454,120 --
Additional paid in capital 127,234,871 127,234,871 -- 53,904,684 39,347,007 14,557,677
Treasury Stock A-P-I-C (562,506) (562,506) -- -- -- --
Retained earnings - prior (49,321,103) (49,321,103) -- (62,684,343) (53,656,003) (9,028,340)
Y-T-D net income pre petition (2,399,934) (2,399,934) -- (950,442) (941,910) (8,532)
Y-T-D net income post petition (15,290,222) (15,147,294) (142,928) (21,792,487) (17,950,228) (3,842,259)
------------------------------------------- -------------------------------------------
TOTAL SHAREHOLDERS' EQUITY 59,782,395 59,925,323 (142,928) (26,068,468) (27,747,014) 1,678,546
------------------------------------------- -------------------------------------------
TOTAL LIABILITIES & SHAREHOLDERS'
EQUITY 74,823,227 74,916,027 (92,800) 2,738,643 2,736,685 1,958
=========================================== ===========================================
</TABLE>
See accompanying notes to financial statement information
<PAGE>
OMEGA ENVIRONMENTAL, INC.
DEBTOR IN POSSESSION CASE #97-06084
COMPARATIVE BALANCE SHEET INFORMATION
<TABLE>
<CAPTION>
(unaudited) (unaudited)
June 30, 2000 May 31, 2000
Combined Combined
Final Final Change
-------------------------------------------
<S> <C> <C> <C>
CURRENT ASSETS
Cash 372,469 451,470 (79,001)
Restricted cash held in escrow 2,738,643 2,736,685 1,958
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 75,327 89,126 (13,799)
-------------------------------------------
TOTAL CURRENT ASSETS 3,186,439 3,277,281 (90,842)
-------------------------------------------
Investment & Intercompany in
Subsidiaries -- -- --
-------------------------------------------
TOTAL ASSETS 3,186,439 3,277,281 (90,842)
===========================================
POST PETITION CURRENT LIABILITIES
Accounts payable 2,098 3,506 (1,408)
Line of Credit with GMAC 10,350,085 10,225,231 124,854
Transfer of Pre-petition
preference collections from
vendors (997,252) (997,252) --
-------------------------------------------
Line of Credit with GMAC, net of
pre-petition preferences 9,352,833 9,227,979 124,854
Accrued expenses, excluding
bankruptcy costs 98,064 100,163 (2,099)
Accrued bankruptcy costs 1,195,861 1,195,861 --
Estimated claims against cash
held in escrow 2,738,589 2,736,631 1,958
Intercompany - GMAC -- -- --
-------------------------------------------
TOTAL POST PETITION CURRENT
LIABILITIES 13,387,445 13,264,140 123,305
Intercompany Notes Payable -- -- --
Pre Petition Preference collections
from vendors 997,252 997,252 --
Pre Petition Liabilities 15,416,263 15,416,263 --
Pre Petition Estimated Construction
Claims 1,800,000 1,800,000 --
-------------------------------------------
TOTAL LIABILITIES 31,600,960 31,477,655 123,305
-------------------------------------------
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 (37,082,709) (36,868,562) (214,147)
-------------------------------------------
TOTAL SHAREHOLDERS' EQUITY (28,414,521) (28,200,374) (214,147)
-------------------------------------------
TOTAL LIABILITIES & SHAREHOLDERS'
EQUITY 3,186,439 3,277,281 (90,842)
===========================================
</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
JUNE 30, 2000 MAY 31, 2000 JUNE 30, 2000 MAY 31, 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 33,065 64,658 (31,593) -- -- --
----------------------------------------------- -------------------------------------------
Loss From Operations (33,065) (64,658) 31,593 -- -- --
Other Income(Expense):
I/C Interest Income (Expense) -- 29,513 (29,513) -- -- --
Interest Expense (98,973) (220,937) 121,964 -- (1,929) (1,929)
Gain (loss) on Asset Disposition -- 100,714 (100,714) -- 2,425,778 2,425,778
Other Income (Expense) -- 232,327 (232,327) (71,219) (491,997) 420,778
----------------------------------------------- -------------------------------------------
Total Other Income (Expense) (98,973) 141,617 (240,590) (71,219) 1,931,852 2,844,627
Net Loss Before Bankruptcy
Administrative Expenses (132,038) 76,959 (208,997) (71,219) 1,931,852 2,844,627
Bankruptcy Administrative Expenses (10,890) (100,067) 89,177 -- -- --
----------------------------------------------- -------------------------------------------
Net Loss (142,928) (23,108) (119,820) (71,219) 1,931,852 2,844,627
=============================================== ===========================================
</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
JUNE 30, 2000 MAY 31, 2000
COMBINED COMBINED
FINAL FINAL CHANGE
------------------------------------------------
<S> <C> <C> <C>
Sales -- 809,241 (809,241)
Cost of Sales -- 547,413 (547,413)
------------------------------------------------
Gross Profit -- 261,828 (261,828)
Selling, General, and Administrative 33,065 317,742 (284,677)
------------------------------------------------
Loss From Operations (33,065) (55,914) 22,849
Other Income(Expense):
I/C Interest Income (Expense) -- -- --
Interest Expense (98,973) (222,866) 123,893
Gain (loss) on Asset Disposition -- 2,526,492 (2,526,492)
Other Income (Expense) (71,219) (259,670) 188,451
------------------------------------------------
Total Other Income (Expense) (170,192) 2,043,956 (2,214,148)
Net Loss Before Bankruptcy
Administrative Expenses (203,257) 1,988,042 (2,191,299)
Bankruptcy Administrative Expenses (10,890) (100,067) 89,177
------------------------------------------------
Net Loss (214,147) 1,887,975 (2,102,122)
================================================
</TABLE>
See accompanying notes to financial statement information
<PAGE>
OMEGA ENVIRONMENTAL, INC.
DEBTOR IN POSSESSION CASE # 97 - 06084
COMPARATIVE COMBINED STATEMENT OF CASH FLOWS INFORMATION
<TABLE>
<CAPTION>
(UNAUDITED) (UNAUDITED)
MONTH ENDED MONTH ENDED
MAY 31, 2000 MAY 31, 2000 CHANGE
--------------- --------------- ---------------
<S> <C> <C> <C>
Cash flows from operating activities:
Net (loss) income $ (214,147) $ 1,887,975 $ (2,102,122)
Adjustments to reconcile net loss to net cash
(used in) provided by operating activities:
Depreciation -- 29,015 (29,015)
(Gain) / Loss on sale of property and equipment -- 792,294 (792,294)
Change in certain assets & liabilities:
(Increase) decrease in:
Receivables, net -- 10,284,192 (10,284,192)
Receivables - remediation systems, net -- 157,263 (157,263)
Costs in excess of billings -- 4,507,020 (4,507,020)
Costs in excess of billings - remediation systems -- 562,153 (562,153)
Prepaids & other assets 13,799 303,421 (289,622)
Increase (decrease) in:
Accounts payable (1,408) (881,843) 880,435
Accounts payable - remediation systems -- (719,416) 719,416
Accrued expenses (22,906) (936,919) 914,013
Other net changes in assets and liabilities 20,807 306,815 (286,008)
--------------- --------------- ---------------
Total adjustments 10,292 14,403,995 (14,393,703)
--------------- --------------- ---------------
Net cash provided by (used in) operating activities (203,855) 16,291,970 (16,495,825)
Cash flows from investing activities:
Proceeds from sale of equipment -- -- --
Additions to property and equipment -- -- --
--------------- --------------- ---------------
Net cash provided by (used in) investing activities -- -- --
Cash flows from financing and other activities:
Net proceeds (repayments) from revolver credit loan 124,854 (16,098,664) 16,223,518
Proceeds from pre-petition preference payment receipts -- 6,000 (6,000)
(Reduction) Increase of pre-petition liabilities -- (6,000) 6,000
--------------- --------------- ---------------
Net cash provided by (used in) financing activities 124,854 (16,098,664) 16,223,518
--------------- --------------- ---------------
Net increase (decrease) in cash (79,001) 193,306 (272,307)
CASH AT BEGINNING OF PERIOD 451,470 258,164 193,306
--------------- --------------- ---------------
CASH AT END OF PERIOD $ 372,469 $ 451,470 $ (79,001)
=============== =============== ===============
</TABLE>
See accompanying notes to financial statement information
<PAGE>
Omega Environmental, Inc.
Debtor in Possession Case # 97-06084
June 30, 2000 Financial Reporting Information
Notes to Financial Statement Information
Basis of Presentation
The financial statement information presented is unaudited 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 June 30, 2000, the Company's borrowings from GMAC Credit Corporation
("GMACCC") were $10,350,085.
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 June 2000 and total collections since June
1999 were $0, and $997,252, respectively.
Sale of Environmental Services Division (ESD)
On May 22, 2000, Omega sold the ESD division to certain members of management
and GMACCC for $17,000,000. All of the discontinued entities receivables, except
the Florida Supplemental balances, were purchased by ESD. This was the last of
the Omega divisions to be sold.
Restatement of Continuing and Discontinued Operations
In June 2000, the results of Environmental Services Division (ESD) were included
in the Discontinued Operations balances rather than Continuing Operations as a
result of a sale of all operating assets of the division completed on May 22,
2000. The June 30, 2000 financial statements have been restated to conform with
the May 31, 2000 presentation.
