EX-99 4 ex9928ka81103.txt Exhibit 99.2 Chiquita Processed Foods, L.L.C. Unaudited Balance Sheets (In Thousands)
March 29 March 31 2003 2002 ------------------------------- Assets Current assets: Cash and cash equivalents $ 3,592 $ 1,544 Trade accounts receivable, net of allowances of $497 and $502, respectively 31,511 33,426 Other receivables 768 2,402 Inventories 161,851 172,145 Other current assets 8,278 10,072 ----------------------------------- Total current assets 206,000 219,589 Property, plant, and equipment, net 83,191 83,113 Other assets 13,700 16,155 ----------------------------------- Total assets $302,891 $318,857 =================================== Liabilities and member's equity Current liabilities: Revolving line of credit $ 50,375 $ 48,000 Current maturities of long-term debt 7,997 9,731 Accounts payable 17,277 17,409 Accrued liabilities 16,216 20,702 Payable to Chiquita, net 10,158 11,676 ----------------------------------- Total current liabilities 102,023 107,518 Long-term debt, less current maturities 29,921 35,932 Other liabilities 14,815 7,154 Deferred Income Taxes 13,276 16,509 ----------------------------------- Total liabilities 160,035 167,113 Member's equity: Paid-in capital 188,715 188,715 Retained earnings (accumulated deficit) (36,617) (32,112) Accumulated other comprehensive loss (9,242) (4,859) ----------------------------------- Total member's equity 142,856 151,744 ----------------------------------- Total liabilities and member's equity $302,891 $318,857 ===================================
Chiquita Processed Foods, L.L.C. Unaudited Statements of Operations (In Thousands)
Three Months Three Months Ended Ended March 29, March 31, 2003 2002 ---------------------------------------- Revenues $92,225 $100,773 Operating expenses: Cost of products sold 85,958 89,314 Selling, general, and administrative 7,430 9,032 Depreciation 3,496 3,584 Gain on sale of assets, net (666) (2,660) ---------------------------------------- 96,218 99,270 ---------------------------------------- Operating income (3,993) 1,503 Interest expense, net 1,277 1,583 ---------------------------------------- Loss before income taxes (5,270) (80) Income tax benefit (2,003) (30) ---------------------------------------- Net loss (3,267) (50) ======================================== See accompanying notes.
Chiquita Processed Foods, L.L.C. Unaudited Statements of Cash Flow (In Thousands)
Three Months Ended Three Months Ended March 29, March 31, 2003 2002 ---------------------------------------- Operating activities Net loss $(3,267) $ (50) Adjustments to reconcile net (loss) income to net cash provided by operating activities: Depreciation and amortization 3,496 3,584 Deferred income taxes (2,003) (30) Gain on sale of assets, net (666) (2,660) Changes in current assets and liabilities: Trade account receivables 2,904 231 Inventories 42,374 40,827 Other current assets 177 34 Accounts payable (48,593) (18,031) Accrued liabilities 499 (1,814) Repayment of advances from Chiquita, net 78 1,921 Other (237) (66) ---------------------------------------- Net cash (used in) provided by operating activities (5,238) 23,946 Investing activities Capital expenditures (589) (2,010) Proceeds from sale of assets 1,471 4,824 Other 72 (47) ---------------------------------------- Net cash provided by investing activities 954 2,767 Financing activities Repayments of long-term debt (86) (1,895) Increase (Decrease) in revolving line of credit 7,425 (24,000) ---------------------------------------- Net cash provided (used) in financing activities 7,339 (25,895) ---------------------------------------- Increase in cash and cash equivalents 3,055 818 Cash and cash equivalents at beginning of period 537 726 ---------------------------------------- Cash and cash equivalents at end of period $ 3,592 $ 1,544 ======================================== See accompanying notes.