EX-99.1 3 dex991.txt PRO FORMA FINANCIAL INFORMATION Exhibit 99.1 IMPERIAL SUGAR COMPANY AND SUBSIDIARIES PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
Twelve Months Ended September 30, 2002 -------------------------------------------------------- Pro Forma Pro Forma --------- --------- Historical Adjustments Total ---------- ----------- ----- (In Thousands of Dollars, Except Share and Per Share Amounts) (1) Net Sales $ 1,297,831 $ (162,046) $ 1,135,785 Cost of Sales 1,196,545 (130,359) 1,066,186 ------------ ----------- ------------ Gross Margin 101,286 (31,687) 69,599 Selling, General and Administrative Costs 64,138 (14,026) 50,112 Discount on Receivables Sold 3,629 - 3,629 Depreciation and Amortization 18,705 (3,740) 14,965 ------------ ----------- ------------ Operating Income 14,814 (13,921) 893 Interest Expense (22,288) 10,455 (11,833) Gain on Sale of Assets 26,523 - 26,523 Other 2,684 348 3,032 ------------ ----------- ------------ Income Before Income Taxes 21,733 (3,118) 18,615 Income Taxes 5,316 (1,091) 4,225 ------------ ----------- ------------ Net Income $ 16,417 $ (2,027) $ 14,390 ============ =========== ============ Basic and Diluted Earnings Per Share of Common Stock $ 1.64 $ 1.44 Weighted Average Shares Outstanding 10,000,000 10,000,000
__________ (1) Pro forma adjustments include the elimination of the results of DCB and a $10.1 million reduction of interest expense related to the repayment of debt with the proceeds of the sales transaction. (1) IMPERIAL SUGAR COMPANY AND SUBSIDIARIES PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET
September 30, 2002 -------------------------------------------------------- Pro Forma Pro Forma --------- --------- Historical Adjustments Total ---------- ----------- ----- (In Thousands of Dollars, Except Share and Per Share Amounts) (1) Current Assets: Cash and marketable securities $ 8,825 $ (31) $ 8,794 Receivables 33,544 10,200 43,744 Inventories 157,242 (10,978) 146,264 Deferred costs and prepaid expenses 24,090 (920) 23,170 ------------- ----------- ------------ Total current assets 223,701 (1,729) 221,972 ------------- ----------- ------------ Plant Property and Equipment, net 206,719 (41,158) 165,561 Other Assets 32,945 32,945 ------------- ----------- ------------ Total $ 463,365 $ (42,887) $ 420,478 ============= =========== ============ Current Liabilities: Accounts payable - trade $ 67,140 $ (6,019) $ 61,121 Short-term borrowings and current maturities of long-term debt 10,289 10,289 Other current liabilities 62,499 (6,225) 56,274 ------------- ----------- ------------ Total current liabilities 139,928 (12,244) 127,684 ------------- ----------- ------------ Long-term Debt 148,878 (89,966) 56,102 Other Liabilities 76,299 (8,239) 68,060 Shareholders' Equity 98,260 67,562 168,632 ------------- ----------- ------------ Total $ 463,365 $ (42,887) $ 420,478 ============= =========== ============
__________ (1) Pro forma adjustments include adjustments for the sale of net assets of DCB for gross proceeds of $115 million. Net proceeds, after deducting $10.2 million placed in escrow and transaction expenses of $2.8 million, were used to repurchase receivables previously sold in a securitization transaction and to reduce long-term debt. The transaction resulted in a gain of approximately $67 million. (2)