(a)
|
Financial statements of businesses acquired
|
(b)
|
Pro forma financial information
|
(c)
|
Exhibits
|
99.1
|
Audited consolidated financial statements of Dry Bulk Cape Holding Inc. as of and for the year ended December 31, 2010.
|
99.2
|
Unaudited pro forma condensed combined financial statements as of and for the twelve months ended December 31, 2010.
|
DRY BULK CAPE HOLDING INC.
|
||||||||
CONSOLIDATED BALANCE SHEETS
|
||||||||
(In thousands of USD)
|
||||||||
December 31, 2010
|
December 31, 2009
|
|||||||
ASSETS
|
||||||||
CURRENT ASSETS
|
||||||||
Cash (Note 3)
|
7,134 | 3,248 | ||||||
Trade receivables (Note 4)
|
365 | 923 | ||||||
Receivables from management company (Note 5)
|
469 | 927 | ||||||
Assets held for sale (Note 6)
|
0 | 19,860 | ||||||
Inventories (Note 7)
|
261 | 350 | ||||||
Other current assets
|
189 | 211 | ||||||
Total current assets
|
8,418 | 25,519 | ||||||
Restricted cash (Note 3)
|
9,088 | 2,200 | ||||||
Vessels, net of accumulated depreciation (Note 8)
|
53,996 | 56,539 | ||||||
Vessels under construction (Note 9)
|
15,196 | 14,870 | ||||||
Other assets (Note 10)
|
477 | 721 | ||||||
TOTAL ASSETS
|
87,175 | 99,849 | ||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
||||||||
CURRENT LIABILITIES
|
||||||||
Trade payables
|
210 | 323 | ||||||
Accrued expenses and deferred income (Note 11)
|
740 | 293 | ||||||
Advances from shareholders (Note 12)
|
260 | 260 | ||||||
Current portion of bank borrowings (Note 13)
|
5,951 | 13,089 | ||||||
Liabilities related to assets held for sale (Note 13)
|
0 | 15,500 | ||||||
Total current liabilities
|
7,161 | 29,465 | ||||||
Long term bank borrowings, net of current portion (Note 13)
|
52,996 | 58,947 | ||||||
Total liabilities
|
60,157 | 88,412 | ||||||
SHAREHOLDERS’ EQUITY (Note 14)
|
||||||||
Common shares
|
- | - | ||||||
Additional paid-in capital
|
3,202 | 3,202 | ||||||
Retained earnings
|
23,816 | 8,235 | ||||||
Total shareholders’ equity
|
27,018 | 11,437 | ||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
|
87,175 | 99,849 | ||||||
See notes to consolidated financial statements.
|
DRY BULK CAPE HOLDING INC.
|
||||||||||||
CONSOLIDATED STATEMENTS OF INCOME
|
||||||||||||
(In thousands of USD)
|
||||||||||||
For the year ended December 31, 2010
|
For the year ended December 31, 2009
|
For the year ended December 31, 2008
|
||||||||||
Shipping income (Note 15)
|
25,315 | 21,046 | 20,696 | |||||||||
Costs of shipping income
|
||||||||||||
Vessel expenses (Note 16)
|
(4,382 | ) | (3,749 | ) | (3,507 | ) | ||||||
Vessel depreciation
|
(2,543 | ) | (2,544 | ) | (2,530 | ) | ||||||
(6,925 | ) | (6,293 | ) | (6,037 | ) | |||||||
GROSS PROFIT
|
18,390 | 14,753 | 14,659 | |||||||||
Management fees (Note 17)
|
(384 | ) | (384 | ) | (384 | ) | ||||||
General and administrative expenses
|
(98 | ) | (62 | ) | ||||||||
|
(548 | ) | (482 | ) | (446 | ) | ||||||
OPERATING INCOME
|
17,842 | 14,271 | 14,213 | |||||||||
Financial expenses, net
(Note 18)
|
(938 | ) | (2,765 | ) | (3,293 | ) | ||||||
INCOME FROM CONTINUING OPERATIONS
|
16,904 | 11,506 | 10,920 | |||||||||
Income from discontinued
operations (Note 19)
|
4,677 | 2,598 | 31,221 | |||||||||
NET INCOME
|
21,581 | 14,104 | 42,141 | |||||||||
Additional
|
||||||||||||||||||||
Common
|
Paid-In
|
Retained
|
Comprehensive
|
|||||||||||||||||
Stock
|
Capital
|
Earnings
|
Total
|
Income
|
||||||||||||||||
BALANCE—January 1, 2008
|
- | 8,202 | 15,990 | 24,192 | ||||||||||||||||
Net income
|
- | - | 42,141 | 42,141 | 42,141 | |||||||||||||||
Capital repayment
|
- | (5,000 | ) | - | (5,000 | ) | ||||||||||||||
Dividends paid
|
- | - | (58,000 | ) | (58,000 | ) | ||||||||||||||
BALANCE—December 31, 2008
|
- | 3,202 | 131 | 3,333 | ||||||||||||||||
Net Income
|
- | - | 14,104 | 14,104 | 14,104 | |||||||||||||||
Dividends paid
|
- | - | (6,000 | ) | (6,000 | ) | ||||||||||||||
BALANCE—December 31, 2009
|
- | 3,202 | 8,235 | 11,437 | ||||||||||||||||
Net Income
|
- | - | 21,581 | 21,581 | 21,581 | |||||||||||||||
Dividends paid
|
- | - | (6,000 | ) | (6,000 | ) | ||||||||||||||
BALANCE—December 31, 2010
|
- | 3,202 | 23,816 | 27,018 | ||||||||||||||||
See notes to consolidated financial statements.
|
DRY BULK CAPE HOLDING INC.
|
||||||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
||||||||||||
(In thousands of USD)
|
||||||||||||
Year Ended December 31, 2010
|
Year Ended December 31, 2009
|
Year Ended December 31, 2008
|
||||||||||
OPERATING ACTIVITIES:
|
||||||||||||
Net income
|
21,581 | 14,104 | 42,141 | |||||||||
Adjustments to reconcile net income to net cash provided
|
||||||||||||
by operating activities:
|
||||||||||||
Depreciation of vessels
|
2,543 | 3,638 | 4,240 | |||||||||
Amortization of deferred dry-docking charges
|
178 | 385 | 339 | |||||||||
Amortization of deferred financing costs
|
66 | 66 | 66 | |||||||||
Gain on sale of a vessel
|
(2,498 | ) | - | (31,792 | ) | |||||||
Changes in operating assets and liabilities:
|
||||||||||||
Other receivables
|
- | - | 195 | |||||||||
Inventories
|
89 | (78 | ) | (57 | ) | |||||||
Payments for dry-docking charges
|
- | - | (1,453 | ) | ||||||||
Other assets, trade and management company receivables
|
1,038 | 62 | 2,343 | |||||||||
Trade accounts payable
|
(113 | ) | 269 | 54 | ||||||||
Accrued expenses and deferred income
|
447 | (105 | ) | (386 | ) | |||||||
Net cash provided by operating activities
|
23,331 | 18,341 | 15,690 | |||||||||
INVESTING ACTIVITIES:
|
||||||||||||
Payments on vessels under construction
|
(326 | ) | (692 | ) | (542 | ) | ||||||
Increase in restricted cash
|
(6,888 | ) | (1,200 | ) | - | |||||||
Proceeds from sale of a vessel, net of direct expenses
|
22,358 | - | 53,300 | |||||||||
Net cash provided by/(used in) investing activities
|
15,144 | (1,892 | ) | 52,758 | ||||||||
FINANCING ACTIVITIES:
|
||||||||||||
Repayments of bank borrowings
|
(28,589 | ) | (8,500 | ) | (6,500 | ) | ||||||
Capital repayment
|
- | - | (5,000 | ) | ||||||||
Dividends paid
|
(6,000 | ) | (6,000 | ) | (58,000 | ) | ||||||
Net cash used in financing activities
|
(34,589 | ) | (14,500 | ) | (69,500 | ) | ||||||
NET INCREASE/(DECREASE) IN CASH
|
3,886 | 1,949 | (1,052 | ) | ||||||||
CASH AT BEGINNING OF YEAR
|
3,248 | 1,299 | 2,351 | |||||||||
CASH AT END OF YEAR
|
7,134 | 3,248 | 1,299 | |||||||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW
|
||||||||||||
INFORMATION:
|
||||||||||||
Interest paid
|
1,352 | 3,811 | 4,681 | |||||||||
See notes to consolidated financial statements.
|
1.
|
ORGANIZATION AND BUSINESS
|
a.
|
Dry Bulk Africa Ltd. (“Bulk Africa”). Bulk Africa owns “M.V. Bulk Africa”, a bulk carrier cape size vessel;
|
b.
|
Dry Bulk Australia Ltd. (“Bulk Australia”). Bulk Australia owns “M.V. Bulk Australia”, a bulk carrier cape size vessel;
|
c.
|
Dry Bulk Fern Ltd. (“Bulk Fern”). Bulk Fern owns “M.V. Bulk Fern”, a bulk carrier panamax vessel built in 1998; and
|
d.
|
Dry Bulk Cedar Ltd. (“Bulk Cedar”). Bulk Cedar owns “M.V. Bulk Cedar”, a bulk carrier panamax vessel built in 1998.
|
2.
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
3.
|
CASH AND RESTRICTED CASH
|
|
-
|
USD 1,000 thousand as of December 31, 2010 and 2009, respectively, represents restricted cash as a result of the Group’s debt agreement with HSH Nordbank AG as discussed in Note 13 (financial covenant of minimum cash liquidity);
|
|
-
|
USD 8,088 thousand and USD 1,200 thousand as of December 31, 2010 and 2009, respectively, held as restricted cash to collateralize the loans with HSH Nordbank AG (see Note 13).
|
4.
|
TRADE RECEIVABLES
|
5.
|
RECEIVABLES FROM MANAGEMENT COMPANY
|
6.
|
ASSETS HELD FOR SALE
|
7.
|
INVENTORIES
|
8.
|
VESSELS, NET OF ACCUMULATED DEPRECIATION
|
2010
|
2009
|
|||||||
Cost
|
||||||||
At January 1,
|
73,000 | 97,000 | ||||||
Reclassification of M.V. Bulk Fern
|
- | (24,000 | ) | |||||
At December 31,
|
73,000 | 73,000 | ||||||
Accumulated depreciation
|
||||||||
At January 1,
|
16,461 | 17,656 | ||||||
Charge for the year
|
2,543 | 3,638 | ||||||
Reclassification of M.V. Bulk Fern
|
- | (4,833 | ) | |||||
At December 31,
|
19,004 | 16,461 | ||||||
Net Book Value
|
||||||||
At January 1,
|
56,539 | 79,344 | ||||||
At December 31,
|
53,996 | 56,539 | ||||||
|
9.
|
VESSELS UNDER CONSTRUCTION
|
10.
|
OTHER ASSETS
|
-
|
USD 192 thousand (USD 258 thousand as of December 31, 2009) related to unamortized deferred financing costs, including legal expenses in connection with bank borrowings from HSH Nordbank AG, and
|
-
|
USD 285 thousand (USD 463 thousand as of December 31, 2009) related to the unamortized deferred dry-docking charges.
|
Deferred
|
Deferred
|
|||||||||||
Financing
|
Dry-docking
|
|||||||||||
Costs
|
Charges
|
Total
|
||||||||||
Balance as of January 1, 2009
|
324 | 1,540 | 1,864 | |||||||||
Amortization
|
(66 | ) | (385 | ) | (451 | ) | ||||||
Decrease attributable to the sale of M.V. Bulk Fern
|
- | (692 | ) | (692 | ) | |||||||
Balance as of December 31, 2009
|
258 | 463 | 721 | |||||||||
Amortization
|
(66 | ) | (178 | ) | (244 | ) | ||||||
Balance as of December 31, 2010
|
192 | 285 | 477 | |||||||||
11.
|
ACCRUED EXPENSES AND DEFERRED INCOME
|
12.
|
ADVANCES FROM SHAREHOLDERS
|
13.
|
BANK BORROWINGS
|
Current
|
Long term
|
Total
|
|
portion
|
portion
|
||
HSH Nordbank AG - USD 103,500 loan facility
|
5,951
|
40,960
|
46,911
|
HSH Nordbank AG - USD 30,090 loan facility
|
-
|
12,036
|
12,036
|
Balance as of December 31, 2010
|
5,951
|
52,996
|
58,947
|
Current
|
Long term
|
Liabilities
|
Total
|
|
Portion
|
Portion
|
related to assets
|
||
held for sale
|
||||
HSH Nordbank AG –
USD 103,500 loan facility
|
13,089
|
46,911
|
15,500
|
75,500
|
HSH Nordbank AG –
USD 30,090 loan facility
|
-
|
12,036
|
-
|
12,036
|
Balance as of Dec. 31, 2009
|
13,089
|
58,947
|
15,500
|
87,536
|
(USD/000)
|
|
2011
|
5,951
|
2012
|
5,951
|
2013
|
35,009
|
Total
|
46,911
|
14.
|
SHAREHOLDERS’ EQUITY
|
|
-
|
an amount not exceeding USD 6,347 thousand per shareholder, and
|
|
-
|
all amounts payable from time to time by the Group under the loan agreements to the extent to which such amounts cannot be funded by the net earnings of the Group.
|
|
-
|
mortgage, pledge or otherwise encumber its legal or beneficial interest in the shares,
|
|
-
|
sell, transfer or otherwise dispose of all or any of its shares or any legal interest therein, and or
|
|
-
|
enter into any agreement with respect to the voting rights attached to all or any of its shares.
|
15.
|
SHIPPING INCOME
|
2010
|
2009
|
2008
|
||||||||||
Revenues from time charters contracts
|
29,925 | 28,972 | 25,984 | |||||||||
Less M.V. Bulk Cedar and Bulk Fern income (Note 19)
|
(4,610 | ) | (7,926 | ) | (5,288 | ) | ||||||
Total shipping income, continuing operations
|
25,315 | 21,046 | 20,696 | |||||||||
16.
|
VESSEL EXPENSES
|
2010
|
2009
|
2008
|
||||||||||
Wages and other crew expenses
|
2,207 | 2,592 | 2,828 | |||||||||
Insurance
|
456 | 1,167 | 683 | |||||||||
Bunker
|
1,533 | 889 | 290 | |||||||||
Lube oils
|
649 | 689 | 680 | |||||||||
Maintenance
|
811 | 514 | 601 | |||||||||
Spare parts
|
402 | 384 | 529 | |||||||||
Stores
|
185 | 194 | 353 | |||||||||
Port expenses and other sundry expenses
|
69 | 213 | 138 | |||||||||
Certificates & Class
|
110 | 125 | 233 | |||||||||
Amortization of deferred dry-docking charges
|
178 | 385 | 339 | |||||||||
Brokerage commissions
|
22 | 88 | - | |||||||||
6,622 | 7,240 | 6,674 | ||||||||||
Less M.V. Bulk Cedar expenses (see Note 19)
|
- | - | (992 | ) | ||||||||
Less M.V. Bulk Fern expenses (see Note 19)
|
(2,240 | ) | (3,491 | ) | (2,175 | ) | ||||||
Total vessels expenses
|
4,382 | 3,749 | 3,507 |
17.
|
MANAGEMENT FEES
|
2010
|
2009
|
2008
|
||||||||||
Unisea Shipping Ltd
|
323 | 432 | 576 | |||||||||
DryLog Ltd
|
108 | 144 | 168 | |||||||||
431 | 576 | 744 | ||||||||||
Less fees of M.V. Bulk Cedar and Bulk Fern (Note 19)
|
(47 | ) | (192 | ) | (360 | ) | ||||||
Total
|
384 | 384 | 384 |
|
18.
|
FINANCIAL EXPENSES, NET
|
2010
|
2009
|
2008
|
||||||||||
Interest income
|
24 | 12 | 136 | |||||||||
Loan interest expenses
|
(896 | ) | (2,711 | ) | (3,363 | ) | ||||||
Amortization of deferred financing costs
|
(66 | ) | (66 | ) | (66 | ) | ||||||
Total financial expenses, net
|
(938 | ) | (2,765 | ) | (3,293 | ) |
19.
|
INCOME FROM DISCONTINUED OPERATIONS
|
2010
|
2009
|
2008
|
||||||||||
Shipping income
|
4,610 | 7,926 | 5,288 | |||||||||
Vessel expenses
|
(2,240 | ) | (3,491 | ) | (3,167 | ) | ||||||
Vessel depreciation
|
- | (1,094 | ) | (1,710 | ) | |||||||
Management fees
|
(47 | ) | (192 | ) | (360 | ) | ||||||
Net gain on the sale of the vessel
|
2,498 | - | 31,792 | |||||||||
Loan interest expense attributable to debt repaid
|
(144 | ) | (551 | ) | (622 | ) | ||||||
Total income from discontinued operations
|
4,677 | 2,598 | 31,221 |
20.
|
RELATED PARTIES
|
Year
|
USD/000
|
|||
2011
|
20,025 | |||
2012
|
20,080 | |||
2013
|
2,030 | |||
Total
|
42,135 |
INTERNATIONAL SHIPHOLDING CORPORATION
|
|||||||||
UNAUDITED PRO FORMA CONDENSED COMBINED
|
|||||||||
STATEMENT OF INCOME
|
|||||||||
FOR THE YEAR ENDED DECEMBER 31, 2010
|
|||||||||
(All Amounts in Thousands Except Share Data)
|
|||||||||
Subsidiary
|
Pro Forma |
|
Pro Forma
|
||||||
Acquirer
|
1
|
Target
|
Transfers
|
2
|
Adjustments |
|
Combined
|
||
Revenues
|
$ 290,049
|
$ 25,315
|
$ (12,658)
|
$ -
|
$ 302,707
|
||||
Operating Expenses:
|
|||||||||
Voyage Expenses
|
209,347
|
4,382
|
(2,191)
|
2,576
|
4
|
214,114
|
|||
Vessel Depreciation
|
17,929
|
2,543
|
(1,272)
|
805
|
4
|
20,006
|
|||
Impairment Loss
|
25,430
|
-
|
-
|
-
|
25,430
|
||||
Gross Voyage Profit
|
37,343
|
18,390
|
(9,195)
|
(3,381)
|
43,157
|
||||
Administrative and General Expenses
|
21,202
|
548
|
(274)
|
-
|
21,476
|
||||
Gain on Sale of Other Assets
|
(42)
|
-
|
-
|
-
|
(42)
|
||||
Operating Income (Loss)
|
16,183
|
17,842
|
(8,921)
|
(3,381)
|
21,723
|
||||
Interest and Other:
|
|||||||||
Interest Expense
|
7,157
|
962
|
(481)
|
-
|
7,638
|
||||
Derivative Loss
|
426
|
-
|
-
|
-
|
426
|
||||
Gain on Sale of Investment
|
(213)
|
-
|
-
|
-
|
(213)
|
||||
Other Income from Vessel Financing
|
(2,335)
|
-
|
-
|
-
|
(2,335)
|
||||
Investment Income
|
(1,778)
|
(24)
|
12
|
-
|
(1,790)
|
||||
Foreign Exchange Loss
|
8,196
|
-
|
-
|
-
|
8,196
|
||||
11,453
|
938
|
(469)
|
-
|
11,922
|
|||||
-
|
-
|
-
|
|||||||
Income Before (Benefit) Provision for Income Taxes and
|
|||||||||
Equity in Net Income of Unconsolidated Entities
|
4,730
|
16,904
|
(8,452)
|
(3,381)
|
9,801
|
||||
|
|||||||||
(Benefit) Provision for Income Taxes:
|
|
|
|||||||
Current
|
692
|
-
|
-
|
-
|
692
|
||||
Deferred
|
(1,982)
|
-
|
-
|
-
|
(1,982)
|
||||
(1,290)
|
-
|
-
|
-
|
(1,290)
|
|||||
|
|||||||||
Equity in Net Income of Unconsolidated
|
|||||||||
Entities (Net of Applicable Taxes)
|
9,282
|
-
|
-
|
(10,791)
|
3
|
(1,509)
|
|||
Income from Continuing Operations
|
15,302
|
16,904
|
(8,452)
|
(14,172)
|
9,582
|
||||
Income from Discontinued Operations
|
|||||||||
Income from Discontinued Operations
|
-
|
2,179
|
5
|
(1,090)
|
-
|
1,090
|
|||
Gain on Sale of Vessel
|
-
|
2,498
|
(1,249)
|
-
|
1,249
|
||||
Net Income from Discontinued Operations
|
-
|
4,677
|
(2,339)
|
-
|
2,339
|
||||
Net Income
|
$ 15,302
|
$ 21,581
|
$ (10,791)
|
$ (14,172)
|
$ 11,921
|
||||
Basic and Diluted Earnings Per Common Share:
|
|||||||||
Continuing Operations
|
$ 2.14
|
$ -
|
$ -
|
$ -
|
$ 1.34
|
||||
Discontinued Operations
|
-
|
-
|
-
|
-
|
0.33
|
||||
Basic Earnings Per Common Share:
|
$ 2.14
|
$ -
|
$ -
|
$ -
|
$ 1.67
|
||||
Continuing Operations
|
$ 2.12
|
$ -
|
$ -
|
$ -
|
$ 1.33
|
||||
Discontinued Operations
|
-
|
-
|
-
|
-
|
0.32
|
||||
Diluted Earnings Per Common Share:
|
$ 2.12
|
$ -
|
$ -
|
$ -
|
$ 1.65
|
||||
Weighted Average Shares of Common Stock Outstanding:
|
|||||||||
Basic
|
7,158,439
|
-
|
-
|
-
|
7,158,439
|
||||
Diluted
|
7,231,178
|
-
|
-
|
-
|
7,231,178
|
||||
Dividends Per Share
|
$ 1.625
|
$ -
|
-
|
-
|
$ 1.625
|
||||
1 - Company Consolidated Statement of Income
|
|||||||||
2 - To remove 50% of Target not included in future operations due to subsequent transfer of subsidiaries
|
|||||||||
3 - To remove 2010 Equity in Net Income of 50% ownership of DBCH
|
|||||||||
4 - To record depreciation and amortization on vessels and intangible at step-up fair value
|
|||||||||
5 - Target is not subject to taxes
|
INTERNATIONAL SHIPHOLDING CORPORATION
|
||||||||||
UNAUDITED PRO FORMA CONDENSED COMBINED
|
||||||||||
BALANCE SHEETS
|
||||||||||
December 31, 2010
|
||||||||||
(All Amounts in Thousands)
|
||||||||||
Subsidiary
|
Pro Forma
|
Pro Forma
|
||||||||
ASSETS
|
Acquirer
|
1
|
Target
|
Transfers
|
2
|
Adjustments
|
Combined
|
|||
Current Assets:
|
||||||||||
Cash and Cash Equivalents
|
$24,158
|
$7,134
|
($3,567)
|
$ -
|
$27,725
|
|||||
Marketable Securities
|
11,527
|
-
|
-
|
-
|
11,527
|
|||||
Accounts Receivable, Net of Allowance for Doubtful Accounts
|
||||||||||
of $311
|
||||||||||
Traffic
|
6,364
|
834
|
(417)
|
-
|
6,781
|
|||||
Agents'
|
1,555
|
-
|
-
|
-
|
1,555
|
|||||
Other
|
8,555
|
-
|
-
|
-
|
8,555
|
|||||
Federal Income Taxes Receivable
|
242
|
-
|
-
|
-
|
242
|
|||||
Net Investment in Direct Financing Leases
|
5,596
|
-
|
-
|
-
|
5,596
|
|||||
Other Current Assets
|
2,513
|
189
|
(95)
|
2,576
|
3
|
5,183
|
||||
Notes Receivable
|
4,248
|
-
|
-
|
-
|
4,248
|
|||||
Material and Supplies Inventory, at Lower of Cost or Market
|
3,774
|
261
|
(131)
|
-
|
3,904
|
|||||
Total Current Assets
|
68,532
|
8,418
|
($4,210)
|
2,576
|
$75,316
|
|||||
Investment in Unconsolidated Entities
|
27,261
|
-
|
(13,939)
|
4
|
13,322
|
|||||
Net Investment in Direct Financing Leases
|
50,102
|
-
|
-
|
-
|
50,102
|
|||||
Vessels, Property, and Other Equipment, at Cost:
|
||||||||||
Vessels
|
365,797
|
73,000
|
(36,500)
|
5,800
|
3
|
408,097
|
||||
Leasehold Improvements
|
26,128
|
-
|
-
|
-
|
26,128
|
|||||
Construction in Progress
|
78,355
|
15,196
|
(7,598)
|
-
|
85,953
|
|||||
Furniture and Equipment
|
7,863
|
-
|
-
|
-
|
7,863
|
|||||
478,143
|
88,196
|
(44,098)
|
5,800
|
528,041
|
||||||
Less - Accumulated Depreciation
|
(143,667)
|
(19,004)
|
9,502
|
9,502
|
(143,667)
|
|||||
334,476
|
69,192
|
(34,596)
|
15,302
|
384,374
|
||||||
Other Assets:
|
||||||||||
Deferred Charges, Net of Accumulated Amortization
|
14,482
|
477
|
(238)
|
-
|
14,721
|
|||||
of $14,525
|
||||||||||
Intangible Assets, Net
|
-
|
-
|
-
|
2,576
|
3
|
2,576
|
||||
Restricted Cash
|
-
|
9,088
|
(4,544)
|
-
|
4,544
|
|||||
Due from Related Parties
|
4,124
|
-
|
-
|
-
|
4,124
|
|||||
Notes Receivable
|
40,142
|
-
|
-
|
-
|
40,142
|
|||||
Other
|
5,004
|
-
|
-
|
-
|
5,004
|
|||||
63,752
|
9,565
|
(4,782)
|
2,576
|
71,111
|
||||||
Total Assets
|
$544,123
|
$87,175
|
($43,588)
|
$6,515
|
$594,225
|
Subsidiary
|
Pro Forma
|
Pro Forma
|
||||||||
|
Acquirer
|
Target
|
Transfers
|
Adjustments
|
Combined
|
|||||
LIABILITIES AND STOCKHOLDERS' INVESTMENT
|
|
|
|
|
|
|||||
Current Liabilities:
|
||||||||||
Current Maturities of Long-Term Debt
|
$21,324
|
$5,951
|
($2,976)
|
$ -
|
$24,299
|
|||||
Accounts Payable and Accrued Liabilities
|
32,114
|
1,210
|
(605)
|
1,500
|
5
|
34,219
|
||||
Total Current Liabilities
|
53,438
|
7,161
|
(3,581)
|
1,500
|
58,518
|
|||||
Long-Term Debt, Less Current Maturities
|
200,241
|
52,996
|
(26,498)
|
-
|
226,739
|
|||||
Other Long-Term Liabilities:
|
||||||||||
Lease Incentive Obligation
|
7,022
|
-
|
-
|
-
|
7,022
|
|||||
Other
|
49,672
|
-
|
-
|
-
|
49,672
|
|||||
56,694
|
-
|
-
|
-
|
56,694
|
||||||
Stockholders' Investment:
|
||||||||||
Common Stock, $1.00 Par Value, 10,000,000 Shares Authorized
|
8,564
|
-
|
-
|
-
|
8,564
|
|||||
and 7,075,659 Shares Issued at December 31, 2010
|
||||||||||
Additional Paid-In Capital
|
84,846
|
3,202
|
(1,601)
|
(1,601)
|
6
|
84,846
|
||||
Retained Earnings
|
183,541
|
23,816
|
(11,908)
|
6,616
|
6
|
202,065
|
||||
Treasury Stock, 1,388,066 at cost at December 31, 2010
|
(25,403)
|
-
|
-
|
-
|
(25,403)
|
|||||
Accumulated Other Comprehensive Loss
|
(17,798)
|
-
|
-
|
-
|
(17,798)
|
|||||
233,750
|
27,018
|
(13,509)
|
5,015
|
252,274
|
||||||
Total Liabilities and Stockholders' Investment
|
$544,123
|
$87,175
|
($43,588)
|
$6,515
|
$594,225
|
|||||
1 - Company Consolidated Balance Sheet not including DBCH acquisition
|
||||||||||
2 - To remove 50% of Target not included in future operations due to subsequent transfer of subsidiaries
|
||||||||||
3 - To record vessels and intangible at step-up fair value
|
||||||||||
4 - To remove the Company's 50% ownership in DBCH
|
||||||||||
5 - To record payable for the difference in the value of the two capesize vessels
|
||||||||||
6 - To remove Target equity balances and reflect Pro forma results
|