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Previous: OMEGA ENVIRONMENTAL INC, 8-K, 2000-12-06 |
Next: AMERICAN MUNICIPAL TERM TRUST INC, SC 13D/A, 2000-12-06 |
Exhibit 99.1
Omega Environmental, Inc.
Debtor In Posession Case #97-06084
Comparative Balance Sheet Information
| |
(unaudited) October 31, 2000 Continuing Operations |
(unaudited) September 30, 2000 Continuing Operations |
Change |
(unaudited) October 31, 2000 Discontinued Operations |
(unaudited) September 30, 2000 Discontinued Operations |
Change |
(unaudited) October 31, 2000 Combined Final |
(unaudited) September 30, 2000 Combined Final |
Change |
||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| CURRENT ASSETS | |||||||||||||||||||||
| Cash | 295,951 | 270,072 | 25,879 | — | — | — | 295,951 | 270,072 | 25,879 | ||||||||||||
| Restricted cash held in escrow | — | — | — | 2,746,690 | 2,744,732 | 1,958 | 2,746,690 | 2,744,732 | 1,958 | ||||||||||||
| Accounts receivable | |||||||||||||||||||||
| A/R — Florida supplemental | — | — | — | 1,229,656 | 1,229,656 | — | 1,229,656 | 1,229,656 | — | ||||||||||||
| Allowance for doubtful accounts | — | — | — | (1,229,656 | ) | (1,229,656 | ) | — | (1,229,656 | ) | (1,229,656 | ) | — | ||||||||
| Accounts receivable, net | — | — | — | — | — | — | — | — | — | ||||||||||||
| Prepaid expenses | 47,232 | 52,232 | (5,000 | ) | — | — | — | 47,232 | 52,232 | (5,000 | ) | ||||||||||
| TOTAL CURRENT ASSETS | 343,183 | 322,304 | 20,879 | 2,746,690 | 2,744,732 | 1,958 | 3,089,873 | 3,067,036 | 22,837 | ||||||||||||
| Investment & Intercompany in Subsidiaires | 74,375,431 | 74,375,431 | — | — | — | — | — | — | — | ||||||||||||
| TOTAL ASSETS | 74,718,614 | 74,697,735 | 20,879 | 2,746,690 | 2,744,732 | 1,958 | 3,089,873 | 3,067,036 | 22,837 | ||||||||||||
| POST PETITION CURRENT LIABILITIES | |||||||||||||||||||||
| Accounts payable | 2,098 | 2,098 | — | — | — | — | 2,098 | 2,098 | — | ||||||||||||
| Line of Credit with GMAC | 11,440,486 | 10,841,424 | 599,062 | — | 11,440,486 | 10,841,424 | 599,062 | ||||||||||||||
| Transfer of Pre-petition preference collections from vendors | (1,034,847 | ) | (1,016,847 | ) | (18,000 | ) | — | (1,034,847 | ) | (1,016,847 | ) | (18,000 | ) | ||||||||
| Line of Credit with GMAC, net of pre-petition preferences | 10,405,639 | 9,824,577 | 581,062 | — | — | — | 10,405,639 | 9,824,577 | 581,062 | ||||||||||||
| Accrued expenses, excluding bankruptcy costs | 28,088 | 28,088 | — | 69,976 | 69,976 | — | 98,064 | 98,064 | — | ||||||||||||
| Accrued bankruptcy costs | 719,279 | 1,168,525 | (449,246 | ) | — | — | — | 719,279 | 1,168,525 | (449,246 | ) | ||||||||||
| Estimated claims against cash held in escrow | — | — | — | 2,746,636 | 2,744,678 | 1,958 | 2,746,636 | 2,744,678 | 1,958 | ||||||||||||
| Intercompany — GMAC | (226,017 | ) | (226,017 | ) | — | 226,017 | 226,017 | — | — | — | — | ||||||||||
| TOTAL POST PETITION CURRENT LIABILITIES | 10,929,087 | 10,797,271 | 131,816 | 3,042,629 | 3,040,671 | 1,958 | 13,971,716 | 13,837,942 | 133,774 | ||||||||||||
| Intercompany Notes Payable | — | 12,246,983 | 12,246,983 | — | — | — | — | ||||||||||||||
| Pre Petition Preference collections from vendors | 1,034,847 | 1,016,847 | 18,000 | — | 1,034,847 | 1,016,847 | 18,000 | ||||||||||||||
| Pre Petition Liabilities | 3,606,863 | 3,606,863 | — | 11,809,400 | 11,809,400 | — | 15,416,263 | 15,416,263 | — | ||||||||||||
| Pre Petition Estimated Construction Claims | — | — | — | 1,800,000 | 1,800,000 | — | 1,800,000 | 1,800,000 | — | ||||||||||||
| TOTAL LIABILITIES | 15,570,797 | 15,420,981 | 149,816 | 28,899,012 | 28,897,054 | 1,958 | 32,222,826 | 32,071,052 | 151,774 | ||||||||||||
| SHAREHOLDERS' EQUITY | |||||||||||||||||||||
| Common stock at par | 121,289 | 121,289 | — | 5,454,120 | 5,454,120 | — | 121,289 | 121,289 | — | ||||||||||||
| Additional paid in capital | 127,234,871 | 127,234,871 | — | 53,904,684 | 53,904,684 | — | 124,465,227 | 124,465,227 | — | ||||||||||||
| Treasury Stock A-P-I-C | (562,506 | ) | (562,506 | ) | — | — | — | — | (562,506 | ) | (562,506 | ) | — | ||||||||
| Retained earnings — prior | (49,321,103 | ) | (49,321,103 | ) | — | (62,684,343 | ) | (62,684,343 | ) | — | (112,005,446 | ) | (112,005,446 | ) | — | ||||||
| Y-T-D net income pre petition | (2,399,934 | ) | (2,399,934 | ) | — | (950,442 | ) | (950,442 | ) | — | (3,350,376 | ) | (3,350,376 | ) | — | ||||||
| Y-T-D net income post petition | (15,924,800 | ) | (15,795,863 | ) | (128,937 | ) | (21,876,341 | ) | (21,876,341 | ) | — | (37,801,141 | ) | (37,672,204 | ) | (128,937 | ) | ||||
| TOTAL SHAREHOLDERS' EQUITY | 59,147,817 | 59,276,754 | (128,937 | ) | (26,152,322 | ) | (26,152,322 | ) | — | (29,132,953 | ) | (29,004,016 | ) | (128,937 | ) | ||||||
| TOTAL LIABILITIES & SHAREHOLDERS' EQUITY | 74,718,614 | 74,697,735 | 20,879 | 2,746,690 | 2,744,732 | 1,958 | 3,089,873 | 3,067,036 | 22,837 | ||||||||||||
See accompanying notes to financial statement information
Exhibit 99.1
Omega Environmental, Inc.
Debtor In Possession Case #97-06084
Comparative Statement of Operations Information
| |
(unaudited) Month Ended October 31, 2000 Continuing Operations |
(unaudited) Month Ended September 30, 2000 Continuing Operations |
Change |
(unaudited) Month Ended October 31, 2000 Discontinued Operations |
(unaudited) Month Ended September 30, 2000 Discontinued Operations |
Change |
(unaudited) Month Ended October 31, 2000 Combined Final |
(unaudited) Month Ended September 30, 2000 Combined Final |
Change |
||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | — | — | — | — | — | — | — | — | — | ||||||||||||
| Cost of Sales | — | — | — | — | — | — | — | — | — | ||||||||||||
| Gross Profit | — | — | — | — | — | — | — | — | — | ||||||||||||
| Selling, General, and Administrative | 19,071 | 23,798 | (4,727 | ) | — | — | — | 19,071 | 23,798 | (4,727 | ) | ||||||||||
| Loss From Operations | (19,071 | ) | (23,798 | ) | 4,727 | — | — | — | (19,071 | ) | (23,798 | ) | 4,727 | ||||||||
| Other Income(Expense): | |||||||||||||||||||||
| Interest Expense | (108,826 | ) | (96,138 | ) | (12,688 | ) | — | — | — | (108,826 | ) | (96,138 | ) | (12,688 | ) | ||||||
| Other Income (Expense) | — | 5,938 | (5,938 | ) | — | (83,854 | ) | (83,854 | ) | — | (77,916 | ) | 77,916 | ||||||||
| Total Other Expense | (108,826 | ) | (90,200 | ) | (18,626 | ) | 0 | (83,854 | ) | (83,854 | ) | (108,826 | ) | (174,054 | ) | 65,228 | |||||
| Net Loss Before Bankruptcy Administrative Expenses | (127,897 | ) | (113,998 | ) | (13,899 | ) | 0 | (83,854 | ) | (83,854 | ) | (127,897 | ) | (197,852 | ) | 69,955 | |||||
| Bankruptcy Administrative Expenses | (1,040 | ) | (2,200 | ) | 1,160 | 0 | — | — | (1,040 | ) | (2,200 | ) | 1,160 | ||||||||
| Net Loss | (128,937 | ) | (116,198 | ) | (12,739 | ) | 0 | (83,854 | ) | (83,854 | ) | (128,937 | ) | (200,052 | ) | 71,115 | |||||
See accompanying notes to financial statement information
EXHIBIT 99.1
Omega Environmental, Inc.
Debtor in Possession Case # 97—06084
Comparative Combined Statement of Cash Flows Information
| |
(unaudited) Month Ended October 31, 2000 |
(unaudited) Month Ended September 30, 2000 |
Change |
|||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash flows from operating activities: | ||||||||||||||
| Net loss | $ | (128,937 | ) | $ | (200,052 | ) | $ | 71,115 | ||||||
| Change in certain assets & liabilities: | ||||||||||||||
| (Increase) decrease in: | ||||||||||||||
| Prepaids & other assets | 5,000 | 5,000 | 0 | |||||||||||
| Increase (decrease) in: | ||||||||||||||
| Accounts payable | 0 | (4,762 | ) | 4,762 | ||||||||||
| Accrued expenses | (449,246 | ) | (27,337 | ) | (421,909 | ) | ||||||||
| Total adjustments | (444,246 | ) | (27,099 | ) | (417,147 | ) | ||||||||
| Net cash provided by (used in) operating activities | (573,183 | ) | (227,151 | ) | (346,032 | ) | ||||||||
| 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 | 599,062 | 182,191 | 416,871 | |||||||||||
| Proceeds from pre-petition preference payment receipts | 18,000 | 4,000 | 14,000 | |||||||||||
| (Reduction) Increase of pre-petition liabilities | (18,000 | ) | (4,000 | ) | (14,000 | ) | ||||||||
| Net cash provided by (used in) financing activities | 599,062 | 182,191 | 416,871 | |||||||||||
| Net decrease in cash | 25,879 | (44,960 | ) | 70,839 | ||||||||||
| Cash at beginning of period | 270,072 | 315,032 | (44,960 | ) | ||||||||||
| Cash at end of period | $ | 295,951 | $ | 270,072 | $ | 25,879 | ||||||||
See accompanying notes to financial statement information
EXHIBIT 99.1
Omega
Environmental, Inc.
Debtor in Possession Case # 97-06084
October 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 October 31, 2000, the Company's borrowings from GMAC Credit Corporation were $11,440,486.
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 October 2000 and total collections since June 1999 were $18,000, and $1,034,847, respectively.
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