EX-99.3 4 d97463a1exv99w3.txt UNAUDITED PRO FORMA FINANCIAL STATEMENTS - IMPRESO EXHIBIT 99.3 ITEM 7(b) 1. IMPRESO, INC. AND SUBISIDARIES PRO FORMA CONSOLIDATED BALANCE SHEET AS OF FEBRUARY 28, 2002 (UNAUDITED) (IN THOUSANDS)
United Computer Supplies, Impreso, Inc. Inc. Historical Historical Proforma 2/28/2002 2/28/2002 Adjustments PROFORMA ASSETS Current Assets: Cash and cash equivalents 276 360 (612) (a) 24 Trade accounts receivable, net of allowance 11,517 3,257 (3,257) (a) 11,517 Inventories 36,052 3,234 (160) (a) 39,126 Prepaid expenses and other 336 468 (418) (a) 386 Deferred income tax assets 159 -- -- 159 ---------- ---------- ---------- ---------- Total current assets 48,340 7,319 (4,447) 51,212 ---------- ---------- ---------- ---------- Property, plant and equipment, at cost 21,829 12,088 (6,865) (a) 27,052 Less accumulated depreciation and amortization (11,088) (5,979) 5,979 (a) (11,088) ---------- ---------- ---------- ---------- Net property and equipment 10,741 6,109 (886) 15,964 ---------- ---------- ---------- ---------- Other assets 217 -- -- 217 ---------- ---------- ---------- ---------- Total assets 59,298 13,428 (5,333) 67,393 ========== ========== ========== ========== LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable 16,926 5,192 (5,192) (a) 16,926 Accrued liabilities 2,047 439 (310) (a) 2,176 Current maturities of long-term debt 682 5,054 (5,054) (a) 682 Line of credit 17,001 2,881 (420) (a) 19,462 ---------- ---------- ---------- ---------- Total current liabilities 36,656 13,566 (10,976) 39,246 ---------- ---------- ---------- ---------- Deferred compensation -- -- 805 (a) 805 Deferred income tax liability 972 -- -- 972 Long-term debt, net of current maturities 5,994 -- 4,700 (a) 10,694 ---------- ---------- ---------- ---------- Total liabilities 43,622 13,566 (5,471) 51,717 ---------- ---------- ---------- ---------- Stockholders' equity: Common stock 53 252 (252) (a) 53 Warrants 34 -- -- 34 Treasury stock (39) -- -- (39) Additional paid in capital 6,320 -- -- 6,320 Retained earnings (Accumulated Deficit) 9,308 (390) 390 (a) 9,308 ---------- ---------- ---------- ---------- Total stockholders' equity 15,676 (138) 138 15,676 ---------- ---------- ---------- ---------- Total liabilities and stockholders' equity 59,298 13,428 (5,333) 67,393 ========== ========== ========== ==========
The accompanying notes are an integral part of these condensed financial statements EXHIBIT 99.3 Item 7 (b) 2. IMPRESO, INC. AND SUBSIDIARIES PRO FORMA CONSOLIDATED STATEMENT OF INCOME FOR THE SIX MONTHS ENDED FEBRUARY 28, 2002 (UNAUDITED) (IN THOUSANDS)
United Computer Supplies, Impreso, Inc. Inc. Historical Historical Proforma 2/28/2002 2/28/2002 Adjustments PROFORMA Net Sales 51,744 18,086 -- 69,830 Cost of Sales 46,315 16,147 -- 62,462 -------------- -------------- -------------- ------------- Gross Profit 5,429 1,939 -- 7,368 -------------- -------------- -------------- ------------- Other costs and expenses Selling, general and administrative 4,222 2,572 -- 6,794 Interest expense 831 760 (595) (a) 996 Other income, net (1,111) (134) -- (1,245) -------------- -------------- -------------- ------------- Total other costs and expenses 3,942 3,198 (595) 6,545 -------------- -------------- -------------- ------------- Income (loss) before income tax expense 1,487 (1,259) 595 823 -------------- -------------- -------------- ------------- Income tax expense Current 556 -- 200 (b) 756 Deferred 2 -- -- 2 -------------- -------------- -------------- ------------- Total income tax expense 558 -- 200 758 -------------- -------------- -------------- ------------- Net income (Loss) 929 (1,259) 395 65 ============== ============== ============== ============= Net income (loss) per share (basic and diluted) 0.18 0.01 ============== ============= Weighted average shares outstanding 5,278,780 5,278,780 ============== =============
The accompanying notes are an integral part of these condensed financial statements. EXHIBIT 99.3 Item 7 (b) 3. IMPRESO, INC. AND SUBSIDIARIES PRO FORMA CONSOLIDATED STATEMENT OF INCOME FOR THE YEAR ENDED AUGUST 31, 2001 (UNAUDITED) (IN THOUSANDS)
United Computer Supplies, Impreso, Inc. Inc. Historical Historical Proforma 8/31/2001 8/31/2001 Adjustments PROFORMA Net Sales 96,208 34,215 -- 130,423 Cost of Sales 84,752 31,844 -- 116,596 ------------- ------------- ------------- ------------- Gross Profit 11,456 2,371 -- 13,827 ------------- ------------- ------------- ------------- Other costs and expenses Selling, general and administrative 7,873 4,153 -- 12,026 Interest expense 1,632 817 (487) (a) 1,962 Other income, net (72) (293) -- (365) ------------- ------------- ------------- ------------- Total other costs and expenses 9,433 4,677 (487) 13,623 ------------- ------------- ------------- ------------- Income (loss) before income tax expense 2,023 (2,306) 487 204 ------------- ------------- ------------- ------------- Income tax expense Current 725 -- 165 (b) 890 Deferred 51 -- -- 51 ------------- ------------- ------------- ------------- Total income tax expense 776 -- 165 941 ------------- ------------- ------------- ------------- Net income (Loss) 1,247 (2,306) 322 (737) ============= ============= ============= ============= Net income (loss) per share (basic and diluted) 0.24 (0.14) ============= ============= Weighted average shares outstanding 5,281,583 5,281,583 ============= =============
The accompanying notes are an integral part of these condensed financial statements. EXHIBIT 99.3 ITEM 7 (b) 4. IMPRESO, INC. NOTES TO PROFORMA CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (a) To record purchase adjustments necessary to reflect the fair value of assets acquired and liabilities assumed, to eliminate assets not acquired and liabilities not assumed, to record debt issued in connection with the acquisition and the related impact on interest expense, and to eliminate the equity of the acquired entity. (b) To adjust the provision for income taxes for the effect of the preceding pro forma adjustments.