EX-99.1 2 l11221aexv99w1.txt EXHIBIT 99.1 CONSOLIDATED BALANCE SHEET AS OF NOVEMBER 30, 2004 AND CONSOLIDATED OPERATING STATEMENT FOR THE MONTH ENDED NOVEMBER 30, 2004 AND FOR THE PERIOD FROM JUNE 24, 2004 THROUGH NOVEMBER 30 EXHIBIT 99.1 SIGHT RESOURCE CORPORATION Consolidated Balance Sheet (In thousands) (unaudited)
As of November 30, 2004 ----------------- (unaudited) ASSETS Current Assets: Cash and Cash Equivalents $ 657 Accounts Receivable, Net of Allowance 582 Inventories 1,271 Prepaid Expenses and Other Current Assets 157 Total Current Assets 2,667 -------- Property and Equipment, net 205 -------- Other Assets: Intangible Assets, net na Total assets $ 2,872 ======== LIABILITIES Post Petition Liabilities: Accounts Payable 459 Wages & Salaries 216 Taxes 17 Total Post Petition Liabilities 692 -------- Secured Liabilities 434 -------- Pre Petition Liabilities: Taxes & Other Priority Liabilities 827 Unsecured Liabilities 8,328 Total Pre Petition Liabilities 9,155 -------- Total Liabilities 10,281 -------- Paid-in capital 51,067 Accumulated deficit Pre Petition (58,188) Retained Earnings Post Petition (288) Total stockholders' equity (7,409) -------- Total Liabilities & Equity $ 2,872 ========
See accompanying notes to consolidated financial statements SIGHT RESOURCE CORPORATION Consolidated Statement of Operations (In thousands) (unaudited)
November 2004 Filing to Date Nov 1st-30th June 24 thru Nov. 30, 2004 ------------ -------------------------- Net revenue $ 1,353 $ 7,682 Cost of revenue 342 2,019 ------- ------- Gross profit 1,011 5,663 Selling, general and administrative expenses 965 5,411 ------- ------- Income/(Loss) from operations 46 252 Non-operating expenses (204) (540) ------- ------- Net Profit/(Loss) (158) (288) ------- -------
See accompanying notes to consolidated financial statements. NOTES TO FINANCIAL STATEMENTS (1) On June 24, 2004 (the "Chapter 11 Bankruptcy Filing Date"), Sight Resource Corporation (the "Company") and its subsidiaries each filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code. No trustee has been appointed, and the Company and its subsidiaries continue to manage their business as debtors in possession. (2) The accompanying statements are unaudited, have been prepared to comply with filing requirements of the Office of the United States Trustee, and do not conform to generally accepted accounting principles. The last audit of the Company's financial statements was completed as of and for the period ended December 29, 2001. (3) The accompanying financial statements have been prepared on a basis reflecting the write off, as of a date prior to the Chapter 11 Bankruptcy Filing Date, of all goodwill and other intangible assets. Except for the write off of goodwill and other intangible assets, the financial statements have been prepared on a "going concern" basis and do not reflect any reductions in the carrying value of assets or other adjustments that may be appropriate for financial statements prepared on a liquidation basis. (4) The liabilities reflected in the accompanying financial statements do not include claims of lessors in respect of store leases rejected by the Company during the bankruptcy process. Such claims will be substantial. There may also be other claims filed by creditors against the Company in the Chapter 11 proceedings that are not reflected as liabilities in the accompanying financial statements. (5) The Accumulated Deficit Pre-Petition has been calculated on the basis of unaudited operating results since December 29, 2001 (that being the date of the last audit of the Company's financial statements) and reflecting the write off, as of the date prior to the Chapter 11 Bankruptcy Filing Date, of all goodwill and other intangible assets. (6) Non-Operating Expenses are net of interest income and include professional fees, U.S. Trustee fees, and personnel retention bonuses.