EX-99.2 4 a05-4053_1ex99d2.htm EX-99.2

Exhibit 99.2

 

Mikron Industries, Inc.

Interim Balance Sheet

(In Thousands)

 

 

 

September 30,
2004

 

 

 

(Unaudited)

 

ASSETS

 

 

 

 

 

 

 

CURRENT ASSETS:

 

 

 

Cash and cash equivalents

 

100

 

Trade accounts receivable, less allowance for doubtful accounts

 

15,217

 

Notes, contracts & employee receivables

 

71

 

Inventory

 

8,319

 

Prepaids & other current assets

 

3,014

 

TOTAL CURRENT ASSETS

 

26,721

 

 

 

 

 

Property, plant & equipment

 

156,745

 

Less accumulated depreciation and amortization

 

(77,594

)

Property, plant & equipment, net

 

79,151

 

Loan origination fees, net

 

241

 

Deposits

 

52

 

Other assets

 

3,000

 

TOTAL ASSETS

 

109,165

 

 

 

 

 

LIABILITIES AND STOCKHOLDER’S EQUITY

 

 

 

 

 

 

 

CURRENT LIABILITIES:

 

 

 

Accounts payable

 

14,608

 

Accrued liabilities

 

13,286

 

Accrued taxes payable

 

761

 

Notes Payable

 

3,408

 

Current portion of long-term debt

 

3,593

 

TOTAL CURRENT LIABILITIES

 

35,656

 

 

 

 

 

Long term debt

 

21,826

 

Deferred revenue

 

738

 

Warranty provision

 

375

 

TOTAL LIABILITIES

 

58,595

 

 

 

 

 

STOCKHOLDERS EQUITY:

 

 

 

Common stock

 

21

 

Additional paid-in capital

 

62

 

Retained Earnings

 

50,487

 

TOTAL STOCKHOLDERS EQUITY

 

50,570

 

 

 

 

 

TOTAL LIABILITIES AND STOCKHOLDER’S EQUITY

 

109,165

 

 



 

Mikron Industries, Inc.

Interim Statement of Income

(In Thousands)

 

 

 

Nine Months Ended
September 30,

 

 

 

2004

 

2003

 

 

 

(Unaudited)

 

 

 

 

 

 

 

Net sales

 

$

160,154

 

$

132,068

 

Cost of sales

 

124,887

 

101,582

 

Selling, general and administrative expense

 

14,730

 

13,618

 

Depreciation and amortization

 

8,384

 

6,537

 

Operating income

 

12,153

 

10,331

 

Interest expense

 

(1,358

)

(1,688

)

Other, net

 

(1,136

)

(8

)

Net earnings

 

$

9,659

 

$

8,635

 

 



 

Mikron Industries, Inc.

Interim Statement of Cash Flows

(In Thousands)

 

 

 

Nine Months Ended
September 30,

 

 

 

2004

 

2003

 

 

 

(Unaudited)

 

 

 

 

 

 

 

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

 

 

Net earnings

 

9,659

 

8,635

 

Adjustments to reconcile net earnings to net cash provided by operating activities:

 

 

 

 

 

Depreciation and amortization

 

8,222

 

5,904

 

Equity in earnings of HC Franzheim Associates, LLC

 

 

(7,327

)

Amortization of deferred revenue

 

(7

)

523

 

Receivables

 

(5,589

)

(5,450

)

Inventory

 

(1,005

)

(1,258

)

Accounts payable

 

9,917

 

6,024

 

Accrued expenses & other current liabilities

 

(1,584

)

819

 

Other assets / liabilities

 

701

 

 

Net cash provided by operating activities

 

20,314

 

7,870

 

 

 

 

 

 

 

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

 

 

Net additions to fixed assets

 

(24,127

)

(16,783

)

Proceeds from sale of fixed assets

 

1,251

 

225

 

Reductions in notes, contracts & advances

 

(1,454

)

(683

)

Decrease in deposits and other

 

497

 

 

Net cash used in investing activities

 

(23,833

)

(17,241

)

 

 

 

 

 

 

CASH FLOWS FROM FINANCING ACTIVITIES:

 

 

 

 

 

Cash dividends paid

 

(1,359

)

(4,180

)

Payments on long-term notes and capital leases

 

(218

)

(3,619

)

Net cash used in financing activities

 

(1,577

)

(7,799

)

 

 

 

 

 

 

Increase (Decrease) in Cash

 

(5,096

)

(17,170

)

 

 

 

 

 

 

Cash and cash equivalents at beginning of period

 

5,196

 

22,265

 

Cash and cash equivalents at end of period

 

100

 

5,095