EX-99.1 8 h01612exv99w1.txt UNAUDITED CONSOLIDATED BALANCE SHEET EXHIBIT 99.1 STERLING CHEMICALS HOLDINGS, INC. (ALL DEBTORS) CONSOLIDATING BALANCE SHEET FOR THE PERIOD ENDED OCTOBER 31, 2002 (IN THOUSANDS) (UNAUDITED)
-------------------------------------------------------------------------------- STERLING CHEMICALS STERLING CHEMICALS, STERLING CHEMICALS STERLING FIBERS HOLDINGS INC. INC. ENERGY, INC. INC. ASSETS 01-37805-H4-11 01-37806-H4-11 01-37807-H4-11 01-37808-H4-11 -------------------------------------------------------------------------------- Current Assets: Cash and cash equivalents $ 1 $ 461 $ - $ 83 Trade accounts receivable, net - 56,863 60 2,586 Other Receivables - 1,254 - 1,999 Due from affiliates 1,375 27,999 13,957 - Inventories - 31,311 - 8,246 Prepaid expenses 33 6,617 - 186 Deferred income tax benefit - - - - -------------------------------------------------------------------------------- TOTAL CURRENT ASSETS 1,409 124,505 14,017 13,100 Property, plant and equipment, net - 113,625 2,520 - Deferred income taxes - - - - Investments-Third Party - 1,500 5,445 - Investments in Subs 35,060 94,735 - - Other assets 865 32,777 - 1,112 -------------------------------------------------------------------------------- TOTAL ASSETS $ 37,334 $ 367,142 $ 21,982 $ 14,212 ================================================================================ LIABILITIES AND STOCKHOLDERS' EQUITY Post Petition liabilities (MOR-4) 251 168,473 1,263 6,637 Pre-Petition liabilities: Notes Payable - Secured * - 227,848 - 57,221 Secured Debt Accrued Interest * - 54,755 - 13,751 Secured - Other 469 Unsecured debt 186,538 256,134 1,110 67,942 Other / Intercompany - 201,020 - - Deferred income taxes - - - - - Common stock held by new ESOP - - - - Less: Unearned compensation - - - - Redeemable preferred stock 27,297 (15,794) - 15,769 STOCKHOLDERS' EQUITY: Common stock, $.01 par value - 75 1 - Additional paid-in capital (367,555) (235,013) - 7,874 Retained earnings-Filing Date 191,923 (212,503) 15,333 (137,929) Retained earnings-Post Filing Date (1,120) (60,895) 4,275 (17,053) Pension adjustment - (14,890) - - Accumulated translation adj. - - - - Deferred compensation - - - - -------------------------------------------------------------------------------- (176,752) (523,226) 19,609 (147,108) Treasury stock at cost - (2,537) - - -------------------------------------------------------------------------------- TOTAL STOCKHOLDERS' EQUITY (176,752) (525,763) 19,609 (147,108) TOTAL LIABILITIES AND EQUITY $ 37,334 $ 367,142 $ 21,982 $ 14,212 ================================================================================ ------------------------------------------------------------------- STERLING CHEMICALS STERLING CANADA, STERLING PULP INT'L, INC. INC. CHEMICALS US, INC. ASSETS 01-37809-H4-11 01-37810-H4-11 01-37811-H4-11 ------------------------------------------------------------------- Current Assets: Cash and cash equivalents $ - $ 99 $ - Trade accounts receivable, net - 2,191 819 Other Receivables - - 32 Due from affiliates 2,771 62,541 585 Inventories - - 100 Prepaid expenses - - - Deferred income tax benefit - - - ------------------------------------------------------------------- TOTAL CURRENT ASSETS 2,771 64,831 1,536 Property, plant and equipment, net - - - Deferred income taxes - - - Investments-Third Party - - - Investments in Subs - 295,811 1,487 Other assets - 1,230 - ------------------------------------------------------------------- TOTAL ASSETS $ 2,771 $ 361,872 $ 3,023 =================================================================== LIABILITIES AND STOCKHOLDERS' EQUITY Post Petition liabilities (MOR-4) 99 25,645 752 Pre-Petition liabilities: Notes Payable - Secured * 3,652 67,152 - Secured Debt Accrued Interest * 878 16,160 - Secured - Other Unsecured debt 840 264,937 139 Other / Intercompany - - - Deferred income taxes - - - - Common stock held by new ESOP - - - Less: Unearned compensation - - - Redeemable preferred stock - - - STOCKHOLDERS' EQUITY: Common stock, $.01 par value - 48 - Additional paid-in capital - 83,348 4,020 Retained earnings-Filing Date 779 (90,594) (877) Retained earnings-Post Filing Date (3,477) (4,824) (1,011) Pension adjustment - - - Accumulated translation adj. - - - Deferred compensation - - - ------------------------------------------------------------------- (2,698) (12,022) 2,132 Treasury stock at cost - - - ------------------------------------------------------------------- TOTAL STOCKHOLDERS' EQUITY (2,698) (12,022) 2,132 TOTAL LIABILITIES AND EQUITY $ 2,771 $ 361,872 $ 3,023 =================================================================== --------------------------------------------------------------- STERLING PULP DEBTORS CHEMICALS, INC. ELIMINATIONS CONSOLIDATED ASSETS 01-37812-H4-11 --------------------------------------------------------------- Current Assets: Cash and cash equivalents $ - $ - $ 644 Trade accounts receivable, net 4,771 - 67,290 Other Receivables - - 3,285 Due from affiliates 11,459 (120,082) 605 Inventories 1,445 - 41,102 Prepaid expenses 144 - 6,980 Deferred income tax benefit - - - --------------------------------------------------------------- TOTAL CURRENT ASSETS 17,819 (120,082) 119,906 Property, plant and equipment, net 40,614 - 156,759 Deferred income taxes - - - Investments-Third Party - - 6,945 Investments in Subs - (395,322) 31,771 Other assets - (1) 35,983 --------------------------------------------------------------- TOTAL ASSETS $ 58,433 $(515,405) $ 351,364 =============================================================== LIABILITIES AND STOCKHOLDERS' EQUITY Post Petition liabilities (MOR-4) 3,234 (51,651) 154,703 Pre-Petition liabilities: Notes Payable - Secured * - (60,873) 295,000 Secured Debt Accrued Interest * - (14,651) 70,893 Secured - Other 469 Unsecured debt 62,282 (133,310) 706,612 Other / Intercompany (201,020) - Deferred income taxes - - - Common stock held by new ESOP - - - Less: Unearned compensation - - - Redeemable preferred stock - - 27,272 STOCKHOLDERS' EQUITY: Common stock, $.01 par value - (1) 123 Additional paid-in capital 1,486 (53,899) (559,739) Retained earnings-Filing Date 1,518 - (232,350) Retained earnings-Post Filing Date (10,087) - (94,192) Pension adjustment - - (14,890) Accumulated translation adj - - - Deferred compensation - - - --------------------------------------------------------------- (7,083) (53,900) (901,048) Treasury stock at cost - - (2,537) --------------------------------------------------------------- TOTAL STOCKHOLDERS' EQUITY (7,083) (53,900) (903,585) TOTAL LIABILITIES AND EQUITY $ 58,433 $(515,405) $ 351,364 ===============================================================
* Senior Secured Notes were issued by Sterling Chemicals, Inc., but a percentage is pushed down to the subsidiaries. MOR 2 - 3