EX-99.2 3 bpo_8ka1-ex9902.htm FINANCIALS - BLUE HILL NINE MONTHS ENDED 09/30/07 bpo_8ka1-ex9902.htm
EXHIBIT 99.2

 
 
 
 





BLUE HILL DATA SERVICES, INC.

FINANCIAL STATEMENTS

FOR THE NINE MONTHS ENDED

SEPTEMBER 30, 2007
(UNAUDITED)

 
 
 
 
 



BLUE HILL DATA SERVICES, INC.  
 
BALANCE SHEET  
 
AS OF SEPTEMBER 30, 2007  
 
(UNAUDITED)  
 
   
Amount
 
ASSETS  
 
Current assets:
     
Cash and cash equivalents
  $
35,571
 
Accounts receivable, net
   
1,130,571
 
Prepaids expenses and other current assets
   
52,272
 
Total current assets
   
1,218,414
 
         
Fixed assets:
       
Computer software
   
1,007,110
 
Computer equipment
   
1,958,829
 
Equipment
   
785,542
 
Leasehold improvements
   
212,057
 
Accumulated depreciation & amortization
    (2,939,044 )
Fixed assets, net
   
1,024,494
 
         
Other assets
   
51,000
 
         
TOTAL ASSETS
  $
2,293,908
 
         
LIABILITIES & EQUITY   
 
Current liabilities:
       
Accounts payable
  $
230,027
 
Accrued expenses
   
56,594
 
Current portion of long-term debt
   
284,835
 
Current portion of treasury stock loan payable
   
382,259
 
Deferred revenue
   
645,396
 
Total current liabilities
   
1,599,111
 
         
Long-term debt, net of current portion
   
519,680
 
Treasury stock loan payable, net of current portion
   
1,036,536
 
Total liabilities
   
1,556,216
 
         
Equity
       
Common stock
   
1,500
 
Treasury stock
    (2,500,000 )
Shareholders distributions
    (294,626 )
Retained earnings
   
1,931,707
 
Total equity
    (861,419 )
         
TOTAL LIABILITIES & EQUITY
  $
2,293,908
 
         
         
         

-1-


BLUE HILL DATA SERVICES, INC.  
 
INCOME STATEMENT  
 
FOR THE NINE MONTHS ENDING SEPTEMBER 30, 2007  
 
(UNAUDITED)  
 
       
       
   
Amount
 
       
Revenue:
     
IT outsouring services
  $
5,640,064
 
         
Operating expenses:
       
Cost of services
   
2,298,016
 
Selling, general and administrative
   
2,910,543
 
Total operating expenses
   
5,208,559
 
         
Operating income
   
431,505
 
         
Other expense (income)
       
Interest expense, net
   
119,111
 
Other income
    (14,051 )
Total other expense
   
105,060
 
         
Net income
  $
326,445
 
 
-2-

 
BLUE HILL DATA SERVICES, INC.  
 
STATEMENT OF CASH FLOW  
 
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2007  
 
(UNAUDITED)  
 
       
       
   
2007
 
       
Cash flows from operating activities:
     
Net income
  $
326,445
 
Adjustments to reconcile net income to net cash
       
provided by operating activities:
       
Depreciation and amortization
   
164,390
 
         
 Changes in operating assets and liabilities:
       
Accounts receivable
    (105,336 )
Prepaids and other assets
   
86,734
 
Accounts payable
   
67,121
 
Accrued expenses
    (76,814 )
Deferred revenue
   
104,889
 
Net cash provided by operating activities
   
567,429
 
         
Cash flows from investing activities:
       
Purchase of equipment
    (311,660 )
Net cash used in investing activities
    (311,660 )
         
Cash flows from financing activities:
       
Proceeds from bank borrowings
   
346,128
 
Repayment of treasury stock loan
    (283,861 )
Distributions to shareholders
    (294,626 )
Net cash used in financing activities
    (232,359 )
         
Net increase in cash
   
23,410
 
         
Cash - beginning of period
   
12,161
 
         
Cash - end of period
  $
35,571
 
 
-3-