-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, VAbNogo0wgtD9h+zu6Bh28XUpmNeeX1J3EdRoNC8u7qKpCqjhOpMG3/6fT/qBrH4 TZmh62lgbgcggIUxXWlPGg== 0000912057-97-015474.txt : 19970506 0000912057-97-015474.hdr.sgml : 19970506 ACCESSION NUMBER: 0000912057-97-015474 CONFORMED SUBMISSION TYPE: 8-K/A PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19970318 ITEM INFORMATION: Acquisition or disposition of assets ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19970505 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: JACOR COMMUNICATIONS INC CENTRAL INDEX KEY: 0000702808 STANDARD INDUSTRIAL CLASSIFICATION: RADIO BROADCASTING STATIONS [4832] IRS NUMBER: 310978313 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K/A SEC ACT: 1934 Act SEC FILE NUMBER: 000-12404 FILM NUMBER: 97595175 BUSINESS ADDRESS: STREET 1: 50 E RIVERCENTER BLVD STREET 2: 12TH FLOOR CITY: COVINGTON STATE: KY ZIP: 41011 BUSINESS PHONE: 6066552267 8-K/A 1 8-K/A SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K(A) CURRENT REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES AND EXCHANGE ACT OF 1934 Date of Report: March 18, 1997 JACOR COMMUNICATIONS, INC. DELAWARE (State or Other Jurisdiction of Incorporation) 0-12404 31-0978313 (Commission File No.) (IRS Employer Identification No.) 50 East RiverCenter Boulevard 12th Floor Covington, KY 41017 (606) 655-2267 Item 2. Acquisition or Disposition of Assets As previously reported, on March 18, 1997, Jacor Communications Company ("JCC"), a wholly owned subsidiary of Jacor Communications, Inc. (the "Company"), and EFM Programming, Inc. ("Buyer"), a wholly owned subsidiary of JCC, entered into an Asset Purchase Agreement (the "Acquisition Agreement") with EFM Media Management, Inc., EFM Publishing, Inc., Pam Media, Inc. (collectively, the "Sellers") and certain shareholders of the Sellers. The description of that transaction is set forth in more detail in the Registrant's initial Form 8-K filed with the Securities and Exchange Commission on March 21, 1997. Item 7. Financial Statements and Exhibits (a) Financial Statements of Businesses Acquired. The required audited financial statements have been previously filed by the Company pursuant to its Form 8-K/A filed with the Securities and Exchange Commission on March 26, 1997. (b) Pro Forma Financial Information. Unaudited Pro Forma Condensed Consolidated Statement of Operations for the year ended December 31, 1996 Unaudited Pro Forma Condensed Consolidated Balance Sheet at December 31, 1996 Notes to Unaudited Pro Forma Condensed Consolidated Financial Statements (c) Exhibits 2.1 Asset Purchase Agreement dated as of March 17, 1997 among Jacor Communications Company ("JCC"), EFM Programming, Inc. ("Buyer"), and EFM Media Management, Inc., EFM Publishing, Inc., Pam Media, Inc. (collectively, the "Sellers") and certain shareholders of the Sellers (omitting schedules and exhibits not deemed material).* 99.1 Press Release dated March 18, 1997.* * Previously filed. 2 Signatures Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. JACOR COMMUNICATIONS, INC. May 2, 1997 By: /s/ Jon M. Berry ----------------------------------- Jon M. Berry, Senior Vice President and Treasurer 3 UNAUDITED PRO FORMA FINANCIAL INFORMATION The following unaudited pro forma financial information is based on the historical financial statements of the Company and the Sellers and has been prepared to illustrate the effects of the acquisitions described below and the related financing transactions. The unaudited pro forma condensed consolidated statements of operations for the year ended December 31, 1996, the latest twelve months ended March 31, 1997 and the three months ended March 31, 1996 give effect to each of the following transactions as if such transactions had been completed January 1, 1996: (i) the acquisition contemplated by the Acquisition Agreement (the "EFM Acquisition"), (ii) the merger of a subsidiary of JCC with and into Premiere Radio Networks, Inc. (the "Premiere Merger") and (iii) the Company's 1996 acquisition of Citicasters, Inc. ("Citicasters"), Noble Broadcast Group, Inc. ("Noble") and the Selected Gannett Radio Stations, the Company's immaterial acquisitions completed in 1996, the Company's divestiture of its Tampa television station, the Company's 1997 acquisition of Regent Communications, Inc. ("Regent") and the Company's immaterial transactions completed in 1997 (collectively, the "Other Acquisitions"). The unaudited pro forma condensed consolidated statement of operations for the three months ended March 31, 1997 gives effect to the following transactions as if such transactions had been completed January 1, 1997: (i) the Premiere Merger, (ii) the EFM Acquisition, and (iii) the Company's 1997 acquisition of Regent and other 1997 immaterial acquisitions both completed and pending as of April 30, 1997. The pro forma condensed consolidated balance sheet as of March 31, 1997 has been prepared as if the Premiere Merger and the Company's other pending acquisitions of radio stations as of April 30, 1997 (the "Pending Transactions") had occurred on March 31, 1997. The Pending Transactions will be accounted for using the purchase method of accounting. The total purchase costs of the Pending Transactions will be allocated to the tangible and intangible assets and liabilities acquired based upon their respective fair values. The allocation of the aggregate purchase price reflected in the Unaudited Pro Forma Financial Information is preliminary. The final allocation of the purchase price will be contingent upon the receipt of final appraisals of the acquired assets and notes thereto. The Unaudited Pro Forma Financial Information is not necessarily indicative of either future results of operations or the results that might have occurred if the foregoing transactions had been consummated on the indicated dates. The Unaudited Pro Forma Financial Information should be read in conjunction with Jacor's Consolidated Financial Statements and notes thereto and Consolidated Financial Statements and notes for the Sellers, previously filed with the Commission on March 26, 1997 pursuant to the Company's Form 8-K/A. JACOR COMMUNICATIONS, INC. AND SUBSIDIARIES UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (IN THOUSANDS, EXCEPT PER SHARE DATA)
YEAR ENDED DECEMBER 31, 1996 ----------------------------------------------------------------- OTHER JACOR ACQUISITIONS OTHER HISTORICAL PRO FORMA ACQUISITIONS HISTORICAL HISTORICAL JACOR ADJUSTMENTS PRO FORMA EFM PREMIERE ----------- ------------ ------------ ----------- ----------- Net revenue..................................................... $ 223,761 $ 220,373(a) $ 444,134 $ 47,357 $ 23,826 Broadcast operating expenses.................................... 151,065 154,119(a) 305,184 29,538 16,533 Depreciation and amortization................................... 23,404 40,993(a) 64,397 84 1,908 Corporate general and administrative expenses................... 7,629 1,479(a) 9,108 13,645 Unusual charges................................................. 417 Special bonuses................................................. 2,303 2,303 ----------- ------------ ------------ ----------- ----------- Operating income (loss)..................................... 39,360 23,782 63,142 4,090 4,968 Interest expense................................................ (32,244) (46,232)(b) (78,476) (102) Gain on sale of radio stations and other assets................. 2,539 2,539 Write-off of debt issuance costs................................ (1,949) Other income (expense), net..................................... 5,716 5,716 488 1,217 ----------- ------------ ------------ ----------- ----------- Income (loss) before income taxes and extraordinary items... 15,371 (22,450) (7,079) 4,578 4,134 ----------- ------------ ------------ ----------- ----------- Income tax (expense) benefit.................................... (7,300) 6,629(h) (671) (1,698) ----------- ------------ ------------ ----------- ----------- Income (loss) before extraordinary items.................... $ 8,071 $ (15,821) $ (7,750) $ 4,578 $ 2,436 ----------- ------------ ------------ ----------- ----------- ----------- ------------ ------------ ----------- ----------- Income (loss) per common share.............................. $ 0.30 ----------- ----------- Number of common shares used in per share computations.......... 26,830 ----------- ----------- LTM ENDED MARCH 31, 1997 ----------- PREMIERE ACQUISITION TOTAL TOTAL PRO FORMA PRO FORMA COMBINED COMBINED ADJUSTMENTS ADJUSTMENTS PRO FORMA PRO FORMA ------------- ------------ ----------- ----------- Net revenue..................................................... $ 7,852(c) $ 523,169 $ 533,627 Broadcast operating expenses.................................... 5,932(c) $ 2,606(d) 359,793 368,124 Depreciation and amortization................................... 2,400(c) 18,426(e) 87,215 88,020 Corporate general and administrative expenses................... (13,645)(d) 9,108 10,190 Unusual charges................................................. (417)(f) Special bonuses................................................. 2,303 2,303 ------------- ------------ ----------- ----------- Operating income (loss)..................................... (480) (6,970) 64,750 64,990 Interest expense................................................ (1,617)(b) (80,195) (78,712) Gain on sale of radio stations and other assets................. 2,539 4,695 Write-off of debt issuance costs................................ 1,949(g) Other income (expense), net..................................... (632)(c) 6,789 6,855 ------------- ------------ ----------- ----------- Income (loss) before income taxes and extraordinary items... (1,112) (6,638) (6,117) (2,172) ------------- ------------ ----------- ----------- Income tax (expense) benefit.................................... 354(c) 1,128(h) (887) (454) ------------- ------------ ----------- ----------- Income (loss) before extraordinary items.................... $ (758) $ (5,510) $ (7,004) $ (2,626) ------------- ------------ ----------- ----------- ------------- ------------ ----------- ----------- Income (loss) per common share.............................. $ (0.16) $ (0.06) ----------- ----------- ----------- ----------- Number of common shares used in per share computations.......... 42,985(n) 42,985 ----------- ----------- ----------- -----------
See accompanying notes to unaudited pro forma condensed consolidated financial statements. JACOR COMMUNICATIONS, INC. AND SUBSIDIARIES UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (IN THOUSANDS, EXCEPT PER SHARE DATA)
THREE MONTHS ENDED MARCH 31, 1997 ---------------------------------------------------- OTHER JACOR ACQUISITIONS OTHER HISTORICAL PRO FORMA ACQUISITIONS HISTORICAL JACOR ADJUSTMENTS PRO FORMA EFM ----------- ------------ ------------ ----------- Net revenue.................................................................. $ 88,828 $ 11,151(a) $ 99,979 $ 11,191 Broadcast operating expenses................................................. 67,305 9,956(a) 77,261 6,833 Depreciation and amortization................................................ 13,369 3,411(a) 16,780 16 Corporate general and administrative expenses................................ 2,762 2,762 1,146 ----------- ------------ ------------ ----------- Operating income (loss).................................................. 5,392 (2,216) 3,176 3,196 Interest expense............................................................. (17,176) (2,353)(b) (19,529) Gain on sale of radio stations and other assets.............................. 4,695 4,695 Other income (expense), net.................................................. 405 405 6 ----------- ------------ ------------ ----------- Income (loss) before income taxes and extraordinary items................ (6,684) (4,569) (11,253) 3,202 ----------- ------------ ------------ ----------- Income tax (expense) benefit................................................. 4,100 1,781(h) 5,881 ----------- ------------ ------------ ----------- Income (loss) before extraordinary items................................. $ (2,584) $ (2,788) $ (5,372) $ 3,202 ----------- ------------ ------------ ----------- ----------- ------------ ------------ ----------- Loss per common share.................................................... $ (0.08) ----------- ----------- Number of common shares used in per share computations....................... 34,085 THREE MONTHS ENDED MARCH 31, 1996 ----------- ACQUISITION TOTAL TOTAL HISTORICAL PRO FORMA COMBINED COMBINED PREMIERE ADJUSTMENTS PRO FORMA PRO FORMA ----------- ------------ ----------- ----------- Net revenue.................................................................. $ 7,190 $ 118,360 $ 107,902 Broadcast operating expenses................................................. 5,163 $ 650(d) 89,907 81,576 Depreciation and amortization................................................ 1,073 4,632(e) 22,501 21,696 Corporate general and administrative expenses................................ (1,146)(d) 2,762 1,680 ----------- ------------ ----------- ----------- Operating income (loss).................................................. 954 (4,136) 3,190 2,950 Interest expense............................................................. (494)(b) (20,023) (21,506) Gain on sale of radio stations and other assets.............................. 4,695 2,539 Other income (expense), net.................................................. 170 581 515 ----------- ------------ ----------- ----------- Income (loss) before income taxes and extraordinary items................ 1,124 (4,630) (11,557) (15,502) ----------- ------------ ----------- ----------- Income tax (expense) benefit................................................. (461) 1,472(h) 6,892 6,459 ----------- ------------ ----------- ----------- Income (loss) before extraordinary items................................. $ 663 $ (3,158) $ (4,665) $ (9,043) ----------- ------------ ----------- ----------- ----------- ------------ ----------- ----------- Loss per common share.................................................... $ (0.11) $ (0.21) ----------- ----------- ----------- ----------- Number of common shares used in per share computations....................... 42,985(n) 42,985
See accompanying notes to unaudited pro forma condensed consolidated financial statements. JACOR COMMUNICATIONS, INC. AND SUBSIDIARIES UNAUDITED PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET (IN THOUSANDS)
AS OF MARCH 31, 1997 ---------------------------------------------------------------- OTHER JACOR ACQUISITION OTHER HISTORICAL PRO FORMA ACQUISITIONS HISTORICAL HISTORICAL JACOR ADJUSTMENTS PRO FORMA EFM(O) PREMIERE ---------- ----------- ------------ ---------- ---------- Current assets: Cash and cash equivalents....................... $ 12,418 $ (6,831)(j) $ 5,587 $ 4,868 $11,584 Accounts receivable............................. 86,326 156(i) 86,482 2,220 6,973 Prepaid expenses and other current assets....... 17,081 754(i) 17,835 7,283 2,049 ---------- ----------- ------------ ---------- ---------- Total current assets........................ 115,825 (5,921) 109,904 14,371 20,606 Property and equipment............................ 157,631 27,418(i) 185,049 153 2,375 Intangible assets................................. 1,531,138 209,732(i) 1,740,870 29,405 Other assets...................................... 87,827 (24,174)(i) 54,653 33 5,632 (9,000)(j) ---------- ----------- ------------ ---------- ---------- Total assets................................ $1,892,421 $198,055 $2,090,476 $ 14,557 $58,018 ---------- ----------- ------------ ---------- ---------- ---------- ----------- ------------ ---------- ---------- Current liabilities: Accounts payable, accrued expenses and other current liabilities........................... $ 65,496 $ 1,199(i) $ 66,695 $ 11,155 $ 3,354 Long-term debt, current portion................. 8,500 8,500 ---------- ----------- ------------ ---------- ---------- Total current liabilities................... 73,996 1,199 75,195 11,155 3,354 Long-term debt.................................... 688,500 173,000(j) 861,500 5 1/2% Liquid Yield Option Notes.................. 120,183 120,183 Other liabilities................................. 111,035 1,206(i) 112,241 3,322 1,825 Deferred tax liability............................ 302,884 302,884 3,726 Shareholders' equity: Common stock ................................... 348 9(j) 357 2 79 Additional paid-in capital...................... 538,564 22,641(j) 561,205 40,997 Common stock warrants........................... 31,500 31,500 Unrealized gain on investments.................. 8,191 8,191 Retained earnings............................... 17,220 17,220 78 8,037 ---------- ----------- ------------ ---------- ---------- Total shareholders' equity.................. 595,823 22,650 618,473 80 49,113 ---------- ----------- ------------ ---------- ---------- Total liabilities and shareholders' equity..................................... $1,892,421 $198,055 $2,090,476 $ 14,557 $58,018 ---------- ----------- ------------ ---------- ---------- ---------- ----------- ------------ ---------- ---------- ACQUISITION TOTAL PRO FORMA COMBINED ADJUSTMENTS PRO FORMA ----------- ---------- Current assets: Cash and cash equivalents....................... $(16,300)(l) $ 5,739 Accounts receivable............................. 95,675 Prepaid expenses and other current assets....... 27,167 ----------- ---------- Total current assets........................ (16,300) 128,581 Property and equipment............................ 528(k) 188,105 Intangible assets................................. 200,079(k) 1,970,354 Other assets...................................... 60,318 ----------- ---------- Total assets................................ $184,307 $2,347,358 ----------- ---------- ----------- ---------- Current liabilities: Accounts payable, accrued expenses and other current liabilities........................... $ 81,204 Long-term debt, current portion................. 8,500 ---------- Total current liabilities................... 89,704 Long-term debt.................................... $ 23,500(l) 885,000 5 1/2% Liquid Yield Option Notes.................. 120,183 Other liabilities................................. 117,388 Deferred tax liability............................ 12,000(k) 318,610 Shareholders' equity: (81)(m) Common stock ................................... 71(l) 428 Additional paid-in capital...................... (40,997)(m) 759,134 197,929(l) Common stock warrants........................... 31,500 Unrealized gain on investments.................. 8,191 Retained earnings............................... (8,115)(m) 17,220 ----------- ---------- Total shareholders' equity.................. 143,107 816,473 ----------- ---------- Total liabilities and shareholders' equity..................................... $184,307 $2,347,358 ----------- ---------- ----------- ----------
See accompanying notes to unaudited pro forma condensed consolidated financial statements. JACOR COMMUNICATIONS, INC. AND SUBSIDIARIES NOTES TO UNAUDITED PRO FORMA CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 1997 (IN THOUSANDS) (a) These adjustments reflect additional revenues and expenses related to the Other Acquisitions.
YEAR ENDED DECEMBER 31, 1996 -------------------------------------------------- BROADCAST DEPRECIATION NET OPERATING AND CORPORATE G REVENUE EXPENSES AMORTIZATION & A --------- ----------- ------------- ----------- Noble............................................. $ 10,715 $ 9,062 $ 2,365 -- Citicasters....................................... 101,806 58,543 21,913 $ 1,479 Gannett........................................... 2,202 6,727 -- -- Regent............................................ 33,797 26,447 6,897 -- Other............................................. 71,853 53,340 9,818 -- --------- ----------- ------------- ----------- Total......................................... $ 220,373 $ 154,119 $ 40,993 $ 1,479 --------- ----------- ------------- ----------- --------- ----------- ------------- -----------
THREE MONTHS ENDED MARCH 31, 1997 ------------------------------------- BROADCAST DEPRECIATION NET OPERATING AND REVENUE EXPENSES AMORTIZATION --------- ----------- ------------- Regent............................................ -- $ 233 $ 1,145 Other............................................. $ 11,151 9,723 2,266 --------- ----------- ------------- 11,151 9,956 3,411 --------- ----------- ------------- --------- ----------- -------------
(b) These adjustments represent additional interest expense associated with the Company's borrowings under its Credit Facility, the issuance of its 1996 10 1/8% Notes, 1996 9 3/4% Notes and 5 1/2% Liquid Yield Option Notes, which proceeds were used to finance acquisitions. The assumed interest rate under the Credit Facility was 7 1/8%, which represents the rate as of April 1997. (c) These adjustments represent additional revenues and expenses related to Premiere's acquisitions of After MidNite Entertainment, completed January 1997, and Cutler Productions, SJM Productions and Philadelphia Music Works, which were completed at various dates during the second half of 1996. (d) These adjustments represent the elimination of $11,039 and $1,146 of corporate expenses related to the EFM Acquisition and the reclassification of $2,606 and $650 in operating expenses for the year ended December 31, 1996 and the three months ended March 31, 1997, respectively, to conform with the Company's reporting practices. The elimination of expenses is due primarily to salaries of the selling shareholder whose employment was not continued. (e) These adjustments reflect the additional depreciation and amortization expense resulting from the allocation of the Company's purchase price to the assets acquired in the Premiere Merger and the EFM Acquisition including, an increase in property and equipment and identifiable intangible assets, to their estimated fair market values and the goodwill associated with the acquisition of Premiere. Goodwill is amortized over 40 years. (f) These adjustments represent costs recorded by Premiere related to certain attempted business acquisitions and the assimilation of completed business acquisitions, including miscellaneous severance, professional fees and transition costs. (g) These adjustments represent the elimination of debt issuance costs written off by Premiere in 1996. (h) To provide for the tax effect of pro forma adjustments using an estimated statutory tax rate of 40%. The acquisition adjustments described in Note (a) include non-deductible goodwill amortization estimated to be approximately $5,000 for the year ended December 31, 1996 and $1,250 for the three months ended March 31, 1997. The acquisition adjustments for the Premiere Merger include non-deductible goodwill amortization estimated to be approximately $3,800 for the year ended December 31, 1996 and $950 for the three months ended March 31, 1997. (i) These adjustments represent the allocation of the purchase price of the Other Acquisitions to the estimated fair value of the assets acquired and liabilities assumed, and the recording of goodwill associated with the acquisitions. Previously funded escrow deposits of $24,174 were allocated as part of the purchase price. JACOR COMMUNICATIONS, INC. AND SUBSIDIARIES NOTES TO UNAUDITED PRO FORMA CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 1997 (IN THOUSANDS) (j) The adjustment represents the issuance of stock, and Credit Facility borrowings to finance the Other Acquisitions.
OTHER ACQUISITIONS Common Stock Issued.................................................................. $ 22,650 Credit Facility Borrowings........................................................... 173,000 ----------- Total............................................................................ $ 195,650 ----------- -----------
The Company utilized $6,831 in excess cash and $9,000 of proceeds from the sale of an investment to finance, in part, the Other Acquisitions. (k) The adjustments represent the allocation of the purchase price of the EFM Acquisition and the Premiere Merger to the estimated fair value of the assets acquired and liabilities assumed, and the recording of goodwill associated with these acquisitions. (l) The adjustment represents the assumed net proceeds from proposed offerings of Common Stock by the Company pursuant to its omnibus shelf registration statement (Form S-3 No. 333-19291) declared effective by the Commission in April 1997 and as described in the Company's Preliminary Prospectus Supplement thereto dated May 2, 1997, to be utilized in part to finance a portion of the Premiere Merger Consideration, and the issuance of stock to the Premiere stockholders, borrowings under the Credit Facility to finance the EFM Acquisition and excess cash utilized to pay down Credit Facility borrowings.
EFM PREMIERE TOTAL Common Stock Offering Net Proceeds.................................. -- $ 129,200 $ 129,200 Common Stock Offering Proceeds...................................... -- 20,000 20,000 Common Stock Issued to Premiere Stockholders........................ -- 48,800 48,800 Credit Facility Borrowings (repayments)............................. $ 50,000 (26,500) 23,500 Excess Cash Utilized................................................ -- 16,300 16,300 --------- ----------- --------- $ 50,000 $ 187,800 $ 237,800 --------- ----------- --------- --------- ----------- ---------
Common Stock issued to Premiere stockholders includes Jacor stock options which will be issued to certain Premiere option holders valued at $5,700. (m) The adjustments represent the elimination of historical stockholders' equity of the EFM Companies and Premiere as these acquisitions will be accounted for as purchases. (n) The pro forma weighted average shares outstanding includes all shares of Common Stock outstanding at December 31, 1996 and March 31, 1997 and the shares to be issued in the Company's proposed offerings of Common Stock, the shares issued in conjunction with the acquisition of Regent and the shares to be issued to the Premiere stockholders. The pro forma weighted average shares of Jacor do not reflect any outstanding options and warrants as they are antidilutive. (o) The historical balance sheet for the EFM Companies has been prepared as of December 31, 1996, the latest date for which a historical balance sheet was available. The historical balance sheet of the EFM Companies is not material to the Unaudited Pro Forma Condensed Consolidated Balance Sheet. -----END PRIVACY-ENHANCED MESSAGE-----