<PAGE>
EXHIBIT 99.1
OMEGA ENVIRONMENTAL, INC.
DEBTOR IN POSESSION CASE #97-06084
COMPARATIVE BALANCE SHEET INFORMATION
<TABLE>
<CAPTION>
(UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED)
AUGUST 31, 2000 JULY 31, 2000 AUGUST 31, 2000 JULY 31, 2000
CONTINUING CONTINUING DISCONTINUED DISCONTINUED
OPERATIONS OPERATIONS CHANGE OPERATIONS OPERATIONS CHANGE
--------------- ------------- ---------- --------------- ------------- ----------
<S> <C> <C> <C> <C> <C> <C>
CURRENT ASSETS
Cash 315,032 337,389 (22,357) -- -- --
Restricted cash held in escrow -- -- -- 2,742,695 2,740,668 2,027
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 57,232 65,222 (7,990) -- -- --
--------------- ------------- ---------- --------------- ------------- ----------
TOTAL CURRENT ASSETS 372,264 402,611 (30,347) 2,742,695 2,740,668 2,027
--------------- ------------- ---------- --------------- ------------- -----------
Investment & Intercompany in
Subsidiaires 74,375,431 74,375,431 -- -- -- --
--------------- ------------- ---------- --------------- ------------- -----------
TOTAL ASSETS 74,747,695 74,778,042 (30,347) 2,742,695 2,740,668 2,027
=============== ============= ========== =============== ============= ===========
POST PETITION CURRENT LIABILITIES
Accounts payable 6,861 2,098 4,763 -- -- --
Line of Credit with GMAC 10,659,233 10,453,434 205,799 --
Transfer of Pre-petition
preference collections
from vendors (1,012,847) (1,006,152) (6,695) --
--------------- ------------- ---------- --------------- ------------- -----------
Line of Credit with GMAC,
net of pre-petition
preferences 9,646,386 9,447,282 199,104 -- -- --
Accrued expenses, excluding
bankruptcy costs 28,088 28,088 -- 69,976 69,976 --
Accrued bankruptcy costs 1,195,861 1,195,861 -- -- -- --
Estimated claims against
cash held in escrow -- -- -- 2,742,641 2,740,614 2,027
Intercompany - GMAC (142,163) (142,163) -- 142,163 142,163 --
--------------- ------------- ---------- --------------- ------------- -----------
TOTAL POST PETITION CURRENT
LIABILITIES 10,735,033 10,531,166 203,867 2,954,780 2,952,753 2,027
Intercompany Notes Payable -- 12,246,983 12,246,983 --
Pre Petition Preference
collections from vendors 1,012,847 1,006,152 6,695 --
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 15,354,743 15,144,181 210,562 28,811,163 28,809,136 2,027
--------------- ------------- ---------- --------------- ------------- -----------
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 53,904,684 --
Treasury Stock A-P-I-C (562,506) (562,506) -- -- -- --
Retained earnings - prior (49,321,103) (49,321,103) -- (62,684,343) (62,684,343) --
Y-T-D net income pre petition (2,399,934) (2,399,934) -- (950,442) (950,442) --
Y-T-D net income post petition (15,679,665) (15,438,756) (240,909) (21,792,487) (21,792,487) --
--------------- ------------- ---------- --------------- ------------- -----------
TOTAL SHAREHOLDERS' EQUITY 59,392,952 59,633,861 (240,909) (26,068,468) (26,068,468) --
--------------- ------------- ---------- --------------- ------------- -----------
TOTAL LIABILITIES &
SHAREHOLDERS' EQUITY 74,747,695 74,778,042 (30,347) 2,742,695 2,740,668 2,027
=============== ============= ========== =============== ============= ===========
</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)
AUGUST 31, 2000 JULY 31, 2000
COMBINED COMBINED
FINAL FINAL CHANGE
---------------- -------------- ----------
<S> <C> <C> <C>
CURRENT ASSETS
Cash 315,032 337,389 (22,357)
Restricted cash held in escrow 2,742,695 2,740,668 2,027
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 57,232 65,222 (7,990)
---------------- -------------- ----------
TOTAL CURRENT ASSETS 3,114,959 3,143,279 (28,320)
---------------- -------------- ----------
Investment & Intercompany in Subsidiaires -- -- --
---------------- -------------- ----------
TOTAL ASSETS 3,114,959 3,143,279 (28,320)
================ ============== ==========
POST PETITION CURRENT LIABILITIES
Accounts payable 6,861 2,098 4,763
Line of Credit with GMAC 10,659,233 10,453,434 205,799
Transfer of Pre-petition preference
collections from vendors (1,012,847) (1,006,152) (6,695)
---------------- -------------- ----------
Line of Credit with GMAC, net of
pre-petition preferences 9,646,386 9,447,282 199,104
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 2,742,641 2,740,614 2,027
Intercompany -- GMAC -- -- --
---------------- -------------- ----------
TOTAL POST PETITION CURRENT LIABILITIES 13,689,813 13,483,919 205,894
Intercompany Notes Payable -- -- --
Pre Petition Preference collections from
vendors 1,012,847 1,006,152 6,695
Pre Petition Liabilities 15,416,263 15,416,263 --
Pre Petition Estimated Construction Claims 1,800,000 1,800,000 --
---------------- -------------- ----------
TOTAL LIABILITIES 31,918,923 31,706,334 212,589
---------------- -------------- ----------
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 (37,472,152) (37,231,243) (240,909)
---------------- -------------- ----------
TOTAL SHAREHOLDERS' EQUITY (28,803,964) (28,563,055) (240,909)
---------------- -------------- ----------
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY 3,114,959 3,143,279 (28,320)
================ ============== ==========
</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
AUGUST 31, 2000 JULY 31, 2000 AUGUST 31, 2000 JULY 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 33,855 43,992 (10,137) -- -- --
--------------- ------------- ---------- --------------- ------------- ----------
Loss From Operations (33,855) (43,992) 10,137 -- -- --
Other Income(Expense):
Interest Expense (205,484) (98,073) (107,411) -- 0 --
Other Expense -- -- -- -- -- 0
--------------- ------------- ---------- --------------- ------------- ----------
Total Other Expense (205,484) (98,073) (107,411) -- 0 0
Net Loss Before Bankruptcy
Administrative Expenses (239,339) (142,065) (97,274) -- 0 0
Bankruptcy Administrative Expenses (1,570) (6,469) 4,899 -- -- --
--------------- ------------- ---------- --------------- ------------- ----------
Net Loss (240,909) (148,534) (92,375) -- 0 0
=============== ============= ========== =============== ============= ==========
</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
AUGUST 31, 2000 JULY 31, 2000
COMBINED COMBINED
FINAL FINAL CHANGE
--------------- ------------- ----------
<S> <C> <C> <C>
Sales -- -- --
Cost of Sales -- -- --
--------------- ------------- ----------
Gross Profit -- -- --
Selling, General, and Administrative 33,855 43,992 (10,137)
--------------- ------------- ----------
Loss From Operations (33,855) (43,992) 10,137
Other Income(Expense):
Interest Expense (205,484) (98,073) (107,411)
Other Expense -- 0 0
--------------- ------------- ----------
Total Other Expense (205,484) (98,073) (107,411)
Net Loss Before Bankruptcy
Administrative Expenses (239,339) (142,065) (97,274)
Bankruptcy Administrative Expense (1,570) (6,469) 4,899
--------------- ------------- ----------
Net Loss (240,909) (148,534) (92,375)
=============== ============= ==========
</TABLE>
See accompanying notes to financial statement information
<PAGE>
EXHIBIT 99.1
OMEGA ENVIRONMENTAL, INC.
DEBTOR IN POSSESSION CASE # 97 - 06084
COMPARATIVE COMBINED STATEMENT OF CASH FLOWS INFORMATION
<TABLE>
<CAPTION>
(UNAUDITED) (UNAUDITED)
MONTH ENDED MONTH ENDED
AUGUST 31, 2000 JULY 31, 2000 CHANGE
--------------- ------------- ----------
<S> <C> <C> <C>
Cash flows from operating activities:
Net loss ($240,909) ($148,534) ($92,375)
Change in certain assets
& liabilities:
(Increase) decrease in:
Prepaids & other assets 7,990 10,105 (2,115)
Increase (decrease) in:
Accounts payable 4,763 0 4,763
Accrued expenses 0 0 0
Other assets and liabilities, net 0 0 0
--------------- ------------- ----------
Total adjustments 12,753 10,105 2,648
--------------- ------------- ----------
Net cash provided by (used in)
operating activities (228,156) (138,429) (89,727)
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 205,799 103,349 102,450
Proceeds from pre-petition preference payment receipts 6,695 8,900 (2,205)
(Reduction) Increase of pre-petition liabilities (6,695) (8,900) 2,205
--------------- ------------- ----------
Net cash provided by (used in) financing activities 205,799 103,349 102,450
--------------- ------------- ----------
Net decrease in cash (22,357) (35,080) 12,723
CASH AT BEGINNING OF PERIOD 337,389 372,469 (35,080)
--------------- ------------- ----------
CASH AT END OF PERIOD $ 315,032 $ 337,389 ($22,357)
=============== ============= ==========
</TABLE>
See accompanying notes to financial statement information
<PAGE>
EXHIBIT 99.1
Omega Environmental, Inc.
Debtor in Possession Case # 97-06084
August 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.
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.
GMAC Credit Corporation
As of August 31, 2000, the Company's borrowings from GMAC Credit Corporation
were $10,659,233.
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 August 2000 and total collections since June
1999 were $6,695, and $1,012,847, respectively.
