EX-99 2 ex9918ka81103.txt Exhibit 99.1 SENECA FOODS CORPORATION AND SUBSIDIARIES UNAUDITED PRO FORMA CONSOLIDATED CONDENSED BALANCE SHEETS MARCH 31, 2003 (In Thousands of Dollars)
Acquirer Purchase Sale -------- ---- Consolidated Acquiree Pro Forma Pro Forma Historical Historical Adjustments Balance ------------ ---------- ----------- --------- ASSETS Current Assets: Cash and Short Term Investments $64,984 $3,592 ($51,968) (b) ($3) $16,605 Accounts Receivable, Net 31,799 32,279 (2,388) (a) 61,690 Inventories 141,649 161,851 (20,273) (a) (29,197) 254,030 Deferred Tax Asset , Net 3,300 7,488 (7,488) (a) 3,300 Other Current Assets 1,969 790 (619) (a) 2,140 -------------------------------------------- ----------------------------------- Total Current Assets 243,701 206,000 (82,736) (a) (29,200) 337,765 Prop., Plant and Equip., Net 132,969 83,191 12,510 (a) (20,963) 207,707 Other Assets 2,870 13,700 (4,838) (a) (2,904) 8,828 -------------------------------------------- ----------------------------------- $379,540 $302,891 ($75,064) ($53,067) $554,300 ======================================================================================= LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Notes Payable $50,375 $91,042 (b) ($47,445) $93,972 Accounts Payable 22,730 17,277 515 (b) (4,322) 36,200 Accrued Expenses 25,602 16,216 (1,004) (a) (856) 39,958 Current Portion of Long Term Debt and Capital Lease Obligations 22,987 7,997 (10,777) (b) 20,207 -------------------------------------------- ----------------------------------- Total Current Liabilities 71,319 91,865 79,776 (52,623) 190,337 Long Term Debt 127,107 28,533 (987) (b) 154,653 Capital Lease Obligations 6,230 1,388 (444) 7,174 Deferred Gain and Other Liabilities 6,497 14,815 (7,411) (a) 13,901 Deferred Income Taxes 9,023 13,276 (13,276) (a) 9,023 -------------------------------------------------------------------------------------- Total Liabilities 220,176 149,877 58,102 (53,067) 375,088 Stockholders' Equity: Preferred Stock 41,656 15,000 (b) 56,656 Common Stock 2,849 2,849 Additional Paid-in-Capital 14,616 198,873 (197,808) (b) 15,681 Accumulated Other Comprehensive Income 422 (9,242) 9,242 422 Retained Earnings 99,821 (36,617) 40,400 103,604 -------------------------------------------------------------------------------------- Stockholders' Equity 159,364 153,014 (133,166) 179,212 -------------------------------------------------------------------------------------- $379,540 $302,891 $(75,064) ($53,067) $554,300 ====================================================================================== The accompanying notes are an integral part of these unaudited Pro Forma Condensed Financial Statements.
SENECA FOODS CORPORATION, AND SUBSIDIARIES PRO FORMA CONSOLIDATED CONDENSED STATEMENT OF INCOME TWELVE MONTHS ENDED MARCH 31, 2003 (Unaudited) (In thousands, except share data)
Acquirer Consolidated Acquiree Pro Forma Pro Forma Historical Historical Adjustments Balance Purchase Sale Net Sales $644,379 $395,319 ($94,481) $945,217 Costs and Expenses: Cost of Product Sold 590,079 374,137 (89,419) 874,797 Selling, General and Administrative 21,265 27,711 (15,209) (d) (6,623) 27,144 Other expense, net 4,719 (2,310) 2,409 Interest Expense 13,757 4,448 1,443 (c) (1,439) 18,209 ---------------------------------------------------------------------------------- Total Costs and Expenses 629,820 403,986 4,366 (97,481) 922,559 Income Before Income Taxes and Extraordinary Item 14,559 (8,667) 13,766 3,000 22,658 Income Taxes 5,509 (4,039) 5,209 965 7,644 ---------------------------------------------------------------------------------- Earnings (Loss) from Continued Operations $9,050 ($4,628) $8,557 $2,035 $15,014 ================================================================================== Net Earnings- Common Stock $9,047 ($4,628) $8,557 $2,035 $15,011 Diluted Earnings Per Share $0.88 $1.35 ================================================================================== Weighted Average Common Shares Outstanding Diluted 10,225,438 967,742 (b) 11,193,180 ================================================================================== The accompanying notes are an integral part of these unaudited Pro Forma Condensed Financial Statements.
SENECA FOODS CORPORATION AND SUBSIDIARIES NOTES TO PRO FORMA CONSOLIDATED FINANCIAL STATEMENTS March 31, 2003 Statements (Last previous fiscal year): The Acquiree Historical column reflects the addition of the assets and liabilities and related income and expense accounts of the membership interest in Chiquita Processed Foods, L.L.C. ("CPF") purchased from Chiquita Brands International, Inc. on May 27, 2003 as described in Item 2 of this Form 8-K. The Pro Forma adjustments in the "Purchase" column are as a result of the purchase of Chiquita described above. The adjustments in the "Sale" column are as a result of the sale of three of the plants purchased from Chiquita to Lakeside Foods, Inc. on June 17, 2003 and the sale of a processing plant and distribution facility to Lakeside Foods on August 6, 2003. The unaudited pro forma consolidated condensed financial statements reflect adjustments, which are based on our preliminary estimates, to reflect the allocation of purchase price to the acquired assets and assumed liabilities of CPF. (a) The Pro Forma adjustments referenced as (a) reflect the estimated purchase price allocation of the aforementioned purchase. (b) The Pro Forma adjustments referenced as (b) reflect the source of the funds used for the aforementioned purchase. The source of the funds used includes long-term debt of $20 million, cash of $52 million and the balance ($76 million) from short-term borrowings. In addition, preferred stock of $16 million was used to fund the purchase. (c) To reflect the increase in interest expense as a result of the acquisition using $110 million of cash plus the assumption of debt. (d) To reflect the reduction in administrative expense as a result of combining the two companies.