EX-99.2 4 j8745901ex99-2.htm CONSUMER CAP CORP UNAUDITED STATEMENT OF OPS CONSUMER CAP CORP UNAUDITED STATEMENT OF OPS

Exhibit 99.2

CONSUMER CAP CORPORATION

UNAUDITED CONDENSED STATEMENTS OF OPERATIONS

For the Three-Month Periods Ended
November 30, 2000 and 1999

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CONSUMER CAP CORPORATION

UNAUDITED CONDENSED STATEMENTS OF OPERATIONS
(in thousands except share data)


                   
For the Three-Month Periods
Ended November 30,

2000 1999


Sales $ 2,691 $ 2,342
Cost of sales 2,623
2,103
    Gross profit 68 239


 
Selling, general and administrative 391 684
    Loss from operations (323 ) (445 )


 
Other (income) expense:
    Interest income (14 )
    Interest expense 149
79
149 65


    Loss before income taxes (472 ) (510 )


 
Income tax benefit


Net loss $ (472 ) $ (510 )
Redeemable preferred stock dividends (140 ) (140 )


Net loss applicable to common stock $ (612 ) $ (650 )


 
Number of shares used in computing per share amounts 14,800
14,800
Basic and diluted loss per common share $ (41 ) $ (44 )


The accompanying notes are an integral part of these condensed financial statements.

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CONSUMER CAP CORPORATION

UNAUDITED CONDENSED STATEMENTS OF CASH FLOWS
(in thousands)


                         
For the Three-Month Periods
Ended November 30,

2000 1999


 
Cash flows used in operating activities: $ (183
) $ (577
)
Cash flows from investing activities:
Additions to equipment and leasehold improvements (15
) (1,233
)
Net cash used in investing activities (15 ) (1,233 )


 
Cash flows from financing activities:
Borrowings under revolver, net 263 224
Borrowings under long-term debt arrangements, net (81 ) 858
Borrowings from related parties, net 76 139


Net cash provided by financing activities 258
1,221
 
Increase (decrease) in cash and cash equivalents 60
(589
)
 
Cash and cash equivalents at beginning of period 15 2,007


Cash and cash equivalents at end of period $ 75 $ 1,418


The accompanying notes are an integral part of these condensed financial statements.

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CONSUMER CAP CORPORATION

NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

1.  Basis of Presentation:

      The accompanying unaudited condensed financial statements include the accounts of Consumer Cap Corporation (“Consumer”) and have been prepared in accordance with accounting principles generally accepted in the United States of America. In the opinion of Consumer’s management, the accompanying unaudited condensed financial statements contain all adjustments, consisting only of those of a normal, recurring nature necessary for a fair presentation of the results of operations and cash flows of Consumer for the periods indicated. While management believes that the disclosures presented are adequate to make the information not misleading, these financial statements should be read in conjunction with the audited financial statements of Consumer for the eleven-month period ended November 30, 2000 included elsewhere in this Form 8-K/A. Operating results for the three-month period ended November 30, 2000 are not necessarily indicative of the results that may be expected for the fiscal year ended December 31, 2000.

2.  Subsequent Event:

      On December 30, 2000, Consumer entered into an agreement with Portola Packaging, Inc. (“Portola”) for the sale of substantially all of its assets and the assumption of certain of its liabilities for a purchase price of approximately $1,477,000 plus the assumption of liabilities totaling $8,248,000. The purchase price is subject to adjustment as provided in the agreement. On January 12, 2001, the acquisition was completed through the purchase of the assets of Consumer by a wholly-owned subsidiary of Portola.

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