EX-99.(C)(3) 2 v158524_ex99c3.htm
Exhibit (c)(3)
 
Wilshire Enterprises, Inc.
Forecasted 2009 Income Statements*
                   
 
($ in thousands)
              
Fiscal Year
  
   
Six Months Ended (ing)
    
Ending
  
   
6/30/2009 (1)
  
12/31/2009 (2)
    
12/31/2009
  
                   
Revenues
   $ 4,540     $ 4,489     $ 9,029  
Costs and Expenses:
                        
Operating Expenses
     2,783       2,819       5,602  
Depreciation Expense
     586       586       1,172  
General and Administrative
     2,165       1,736       3,901  
Costs and Expenses
     5,534       5,141       10,675  
Income (Loss) from Operations
     (994 )     (652 )     (1,646 )
Other Income:
                        
Dividend and Interest Income
     25               25  
Gain on Sale of Marketable Securities
     ―               ―  
Gain on Sale of Real Estate and Real Estate Related Assets
     ―               ―  
Other Income
     2       15       17  
Other Income
     27       15       42  
Interest Expense
     (866 )     (866 )     (1,732 )
Loss Before Provision for Income Taxes
     (1,833 )     (1,503 )     (3,336 )
Income Tax Benefit
     (679 )     (556 )     (1,235 )
Income (Loss) from Continuing Operations
     (1,154 )     (947 )     (2,101 )
Discontinued Operations - Real Estate, Net of Taxes:
          
Income (Loss) from Operations
     (253 )     (193 )        
Gains From Sales
     ―       40          
Discontinued Operations - Real Estate, Net of Taxes
     (253 )     (153 )     (406 )
Discontinued Operations - Oil & Gas, Net of Taxes:
                
Income (Loss) from Operations
     13                  
Gain from Sale
     ―       10          
Discontinued Operations - Oil & Gas, Net of Taxes
     13       10       23  
Net Income (Loss)
   $ (1,394 )   $ (1,090 )   $ (2,484 )
                         
                         
Adjusted EBITDA Calculation:
                        
Operating Income
   $ (994 )   $ (652 )   $ (1,646 )
Plus: Depreciation & Amortization
     586       586       1,172  
Plus: Non-recurring General & Administrative Expense
     839       264       1,103  
Adjusted EBITDA
   $ 431     $ 198     $ 629  
                         
                         
Net Operating Income Calculation:
                        
Income (Loss) from Continuing Operations
   $ (1,154 )   $ (947 )   $ (2,101 )
Income Tax Benefit
     (679 )     (556 )     (1,235 )
Interest Expense
     866       866       1,732  
Other Income
     (27 )     (15 )     (42 )
General and Administrative Expense
     2,165       1,736       3,901  
Depreciation Expense
     586       586       1,172  
Net Operating Income
   $ 1,757     $ 1,670     $ 3,427  
                         
 
(1) Based on preliminary quarterly results
(2) Based on management estimates
* Assumes no major acquisitions or divestitures and performance consistent with the Company's performance through June 30, 2009