<PAGE>
EXHIBIT 99.5
<TABLE>
<CAPTION>
UNAUDITED PRO FORMA CONDENSED COMBINED BALANCE SHEET
AS OF JUNE 30, 2000
(in thousands)
ACT GSS Thailand Conversion Pro Forma Pro Forma
Manufacturing GSS Thailand to U.S. GAAP Adjustments Combined
------------- ------------ ----------------------- ----------- ----------
ASSETS
<S> <C> <C> <C> <C> <C>
Current Assets:
Cash and cash equivalents $ 124,387 $ 1,887 $ - $ (85,400) (A) $ 40,874
Short-term investments - 701 - - 701
Accounts receivable trade, 207,815 13,277 - - 221,092
net
Inventory 207,973 26,084 - - 234,057
Prepaid expenses and other 9,596 2,356 - - 11,952
assets
Deferred tax asset 1,252 - - - 1,252
------------ ----------- ----------------------- ----------- ----------
Total current assets 551,023 44,305 - (85,400) 509,928
Property and equipment - net 37,588 16,092 7,453 (1) (6,387) (A) 54,746
Note receivable related party - 619 - - 619
Goodwill - net 9,861 - - 76,540 (A) 86,401
Investment in related party 612 - - - 612
Assets held for sale - 7,860 6,072 (1) (214) (A) 13,718
Other assets - net 19,011 121 - - 19,132
------------ ----------- ----------------------- ----------- ----------
Total $ 618,095 $ 68,997 $ 13,525 $ (15,461) $ 684,156
============ =========== ======================= =========== ==========
LIABILITIES AND STOCKHOLDERS'
EQUITY
Current Liabilities:
Note payable bank - 29,479 $ - $ - $ 29,479
Current portion of
long-term debt 3,374 1,047 - - 4,421
Accounts payable 124,831 22,113 - - 146,944
Advance from customer 50,000 - - - 50,000
Accrued compensation and
related taxes 4,796 - - - 4,796
Deferred taxes 253 - - - 253
Accrued expenses and other 12,849 4,280 - 7,000 (A) 24,129
------------ ----------- ----------------------- ----------- ----------
Total current
liabilities 196,103 56,919 - 7,000 260,022
Long-term debt-less current
portion 122,532 3,142 - - 125,674
Convertible subordinated notes 100,000 - - - 100,000
Deferred taxes 2,735 - - - 2,735
Other long-term liabilities 2,461 - - - 2,461
-
Stockholder's Equity: -
-
Common stock 168 5,379 - (5,379) (A) 168
Additional paid-in-capital 161,157 24,667 - (24,667) (A) 161,157
Accumulated other
comprehensive (loss) income (953) 1,866 24,463 (1)(3) (26,329) (A) (953)
Retained earnings (loss) 33,892 (22,976) (10,938) (1)(3) 33,914 (A) 33,892
------------ ----------- ----------------------- ----------- ----------
Total stockholder's equity 194,264 8,936 13,525 (22,461) 194,264
------------ ----------- ----------------------- ----------- ----------
Total $ 618,095 $ 68,997 $ 13,525 $ (15,461) $ 685,156
============ =========== ======================= =========== ==========
</TABLE>
1
<PAGE>
UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 2000
(in thousands, except per share data)
<TABLE>
<CAPTION>
GSS Thailand
ACT Conversion to Pro Forma Pro Forma
Manufacturing GSS Thailand U.S. GAAP Adjustments Combined
-------------- ------------ ------------- ----------- ---------
<S> <C> <C> <C> <C> <C> <C>
Net sales $ 482,058 $ 76,021 $ - $ - $ 558,079
Cost of goods sold 439,368 69,180 532 (2) (152)(F) 508,928
-------------- ------------ ------------- ----------- ---------
Gross profit 42,690 6,841 (532) 152 49,151
Selling, general and administrative 17,248 4,840 (446) (2)(3) - 21,642
expenses
Amortization of goodwill 473 - - 3,827(B) 4,300
-------------- ------------ --------------- ----------- ---------
Operating income (loss) 24,969 2,001 (86) (3,675) 23,209
Interest expense, net 4,259 1,685 - 183(C) 9,025
2,042(D)
856(E)
Other (income), net (894) (1,704) - - (2,598)
-------------- ------------ --------------- ----------- ---------
Income (loss) before provision for 21,604 2,020 (86) (6,756) 16,782
income taxes
Provision (benefit) for income taxes 8,426 27 - (1,172)(G) 7,281
-------------- ------------ --------------- ----------- ---------
Net income (loss) $ 13,178 $ 1,993 $ (86) $ (5,584) $ 9,501
============== ============ =============== =========== =========
Basic net income per common share $ 0.79 $ 0.57
============== =========
Diluted net income per common share $ 0.74 $ 0.54
============== =========
Weighted average shares outstanding 16,631 16,631
- basic
Weighted average shares outstanding 17,755 17,755
- diluted
</TABLE>
2
<PAGE>
UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 1999
(in thousands, except per share data)
<TABLE>
<CAPTION> GSS Thailand
ACT Conversion to Pro Forma Pro Forma
Manufacturing GSS Thailand U.S. GAAP Adjustments Combined
------------- ------------ ------------ --------- ----------
<S> <C> <C> <C> <C> <C>
Net sales $ 696,282 $ 242,199 $ - - $ 938,481
Cost of goods sold 641,856 228,013 1,025(2) (304)(F) 870,590
Gross profit 54,426 14,186 (1,025) 304 67,891
Selling, general and 28,945 15,681 (905)(2)(3) - 43,721
administrative expenses
Amortization of goodwill 591 - - 7,654 (B) 8,245
Merger costs 5,601 - - - 5,601
------------ ------------ ------------ ------- -----------
Operating income (loss) 19,289 (1,495) (120) (7,350) 10,324
Interest expense (income), net 5,256 5,115 - 629 (C) 17,410
7,000 (D)
(590)(E)
Other expense (income), net 6 (871) - - (865)
Loss on disposal of assets - 2,393 - - 2,393
------------ ------------ ------------ --------- -----------
5,262 6,637 - 7,039 18,938
------------ ------------ ------------ --------- -----------
Income (loss) before provision 14,027 (8,132) (120) (14,389) (8,614)
for income taxes
Provision (benefit) for
income taxes 7,793 53 - (2,816)(G) 5,030
------------ ------------ ------------ --------- -----------
Net income (loss) $ 6,234 $ (8,185) $ (120) $ (11,573) $ (13,644)
============ ============ ============ ========= ===========
Basic net income (loss)
per common share $ 0.47 $ (1.03)
============ ===========
Diluted net income (loss)
per common share $ 0.45 $ (1.03)
============ ===========
Weighted average shares
outstanding - basic 13,265 13,265
Weighted average shares 13,916 13,265
outstanding - diluted
</TABLE>
3
<PAGE>
NOTES TO UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL STATEMENTS
Note 1- Basis of Presentation
The unaudited pro forma condensed combined statements of operations for the
six months ended June 30, 2000 and the year ended December 31, 1999 give effect
to the issuance of $100.0 million of notes and the acquisition of all issued
shares and outstanding options of GSS Thailand as if the transaction had
occurred at the beginning of those fiscal periods. The unaudited pro forma
condensed combined balance sheet as of June 30, 2000 gives effect to the
acquisition of GSS Thailand as if it had occurred on June 30, 2000.
The unaudited pro forma condensed combined financial statements assume the
acquisition of GSS Thailand was financed with the proceeds from the issuance of
the notes.
GSS Thailand prepares its financial statements in accordance with Thai
GAAP, which differs in certain respects from U.S. GAAP. The accompanying
unaudited pro forma condensed combined balance sheet and statements of
operations include certain conforming adjustments (Note 2) in order to present
GSS Thailand in accordance with U.S. GAAP.
On August 2, 2000, the Company completed the purchase of 99.02% of the
issued shares and outstanding options of GSS Thailand for approximately $85.4
million in cash.
We have used an interest rate of 7.0% on the $100.0 million of notes for
the year ended December 31, 1999 and the six months ended June 30, 2000,
respectively.
Below is a table of the estimated purchase price and purchase price
allocation for GSS Thailand as of June 30, 2000. The purchase price and purchase
price allocation are subject to change based on, among other things,
fluctuations in the baht/dollar exchange rate, actual transaction costs, and
final valuations and appraisals.
PURCHASE PRICE (IN THOUSANDS):
Cash....................................... $ 85,400
Estimated transaction costs................ 7,000
--------
Total purchase price....................... $ 92,400
========
PURCHASE PRICE ALLOCATION (IN THOUSANDS):
Fair value of net assets acquired.......... $ 15,860
Goodwill and other intangibles............. 76,540
--------
Total purchase price allocation............ $ 92,400
========
Note 2- GSS Thailand Conversion to U.S. GAAP
Adjustments have been made to the unaudited pro forma condensed combined
financial statements to conform GSS Thailand's accounting practices to U.S.
GAAP. The principal differences result from the determination that, under U.S.
GAAP, the functional currency of GSS Thailand would be the U.S. dollar as it
represents the primary economic environment in which the company operates. The
adjustments reflect the following:
(1) To record the effects of the functional currency change on the
historical cost of property and equipment.
(2) To record the effects of the functional currency change on
depreciation expense.
(3) To record the effects of the functional currency change on exchange
gains and losses.
4
<PAGE>
Note 3 -- Pro Forma Adjustments
Adjustments have been made to the unaudited pro forma condensed combined
financial statements to reflect the following:
(A) To record the acquisition of GSS Thailand.
(B) To record amortization of goodwill over an estimated useful life of 10
years.
(C) To record amortization of the $4.4 million in debt issuance costs over
an estimated useful life of 7 years.
(D) To record interest on the Notes of 7.0%.
(E) To eliminate interest earned on the cash used to fund the acquisition
for the six months ended June 30, 2000 and to record interest earned on
the excess of net proceeds from the notes over the purchase price for
the year ended December 31, 1999.
(F) To adjust depreciation based on the fair value of property, plant and
equipment.
(G) To record the income tax adjustments related to (C), (D) (E) and (F).
Amortization of goodwill as described in (B) is not tax deductible, and
therefore, there is no pro forma tax effect to record.
5
