EX-99.1 2 ex99-1.txt UNAUDITED CONDENSED FINANCIAL STATEMENTS 1 EXHIBIT 99.1 RITTENHOUSE, L.L.C. ------------------- UNAUDITED CONDENSED BALANCE SHEET --------------------------------- (In thousands)
MARCH 31, 2000 -------------- ASSETS ------ Cash and cash equivalents $ 1,684 Accounts receivable 14,425 Inventories: Materials and supplies 7,513 Work in process 266 Finished goods 7,873 -------- 15,652 Other current assets 1,382 -------- Total current assets 33,143 -------- Plant and equipment 21,197 Accumulated depreciation (14,923) -------- 6,274 Other assets 472 -------- Total assets $ 39,889 ======== LIABILITIES AND MEMBERS' EQUITY ------------------------------- Current maturities of long-term debt $ 14,316 Accounts payable 9,411 Accrued expenses 2,167 Income taxes payable 297 -------- Total current liabilities 26,191 -------- Long-term liabilities 1,539 Members' equity 12,159 -------- Total liabilities and members' equity $ 39,889 ========
The accompanying notes are an integral part of the condensed financial statements. -1- 2 RITTENHOUSE, L.L.C. ------------------- UNAUDITED CONDENSED STATEMENTS OF OPERATIONS AND MEMBERS' EQUITY ---------------------------------------------------------------- (In thousands)
THREE MONTHS ENDED ---------------------------- March 31, March 31, 2000 1999 --------- --------- Net sales $ 30,695 $ 31,323 Cost of products sold 23,056 23,766 -------- -------- Gross margin 7,639 7,557 -------- -------- Selling, distribution and administrative expenses 7,000 7,335 Interest expense 285 277 Interest income (2) (1) Other income (29) (4) -------- -------- Income (loss) before income tax provision 385 (50) Income tax provision 17 2 -------- -------- Net income (loss) 368 (52) Members' equity, beginning of period 13,058 12,746 Distributions (1,267) (450) -------- -------- Members' equity, end of period $ 12,159 $ 12,244 ======== ========
The accompanying notes are an integral part of the condensed financial statements. -2- 3 RITTENHOUSE, L.L.C. ------------------- UNAUDITED CONDENSED STATEMENTS OF CASH FLOWS -------------------------------------------- (In thousands)
THREE MONTHS ENDED --------------------------- March 31, March 31, 2000 1999 --------- --------- Cash flows from operating activities: Net income (loss) $ 368 $ (52) Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities: Depreciation and amortization 413 422 Net change in working capital and other assets (1,539) (794) ------- ------- Cash provided by (used in) operating activities (758) (424) ------- ------- Cash flows from investing activities: Investment in plant and equipment, net (26) (119) Gain on sale/disposal of fixed assets 28 1 ------- ------- Cash provided by (used in) investing activities 2 (118) ------- ------- Cash flows from financing activities: Proceeds from borrowings 4,200 3,200 Repayment of borrowings (1,200) (2,624) Distributions (1,267) (450) ------- ------- Cash provided by financing activities 1,733 126 ------- ------- Increase in cash and cash equivalents 977 (416) Cash and cash equivalents at beginning of period 707 1,550 ------- ------- Cash and cash equivalents at end of period $ 1,684 $ 1,134 ======= ======= Interest paid $ 141 $ 197 ======= ======= Income taxes paid $ 17 $ 2 ======= =======
The accompanying notes are an integral part of the condensed financial statements. -3- 4 RITTENHOUSE, L.L.C. ------------------- NOTES TO UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS --------------------------------------------------------- BASIS OF PRESENTATION The accompanying unaudited condensed financial statements of Rittenhouse L.L.C. ("Rittenhouse") have been prepared in accordance with the instructions to Form 8-K. In the opinion of management, the accompanying financial statements contain all adjustments consisting of normal recurring accruals necessary to present fairly the financial position as of March 31, 2000, the results of operations for the three month periods ending March 31, 2000 and 1999, and cash flows for the three months ended March 31, 2000 and 1999. The results of operations for the three months ended March 31, 2000 are not necessarily indicative of the results to be expected for any subsequent quarter or for the entire year ending December 31, 2000. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to the Securities and Exchange Commission's rules and regulations. These unaudited condensed financial statements and notes included herein should be read in conjunction with the Rittenhouse audited financial statements for the years ended December 31, 1999, 1998 and 1997, and notes thereto that have been included as Exhibit 99.2 to this Form 8-K/A. SUBSEQUENT EVENTS On April 17, 2000, the stockholders of Rittenhouse Paper Company completed the sale of all outstanding shares of stock of Rittenhouse Paper Company to Nashua Corporation (the "Company"), an unrelated publicly traded corporation, for approximately $57 million in cash, plus a contingent payment of up to $6 million if certain financial targets are achieved for the year ending December 31, 2000. Prior to the closing, Rittenhouse acquired real estate and equipment having appraised values of $5,525,000 and $1,840,040, respectively, from related partnerships. -4-