EX-99.5 2 l13850aexv99w5.txt EXHIBIT 99.5 EXHIBIT 99.5 SIGHT RESOURCE CORPORATION Consolidated Balance Sheet (In thousands) (unaudited)
As of March 31, 2005 -------------- ASSETS (unaudited) Current Assets: Cash and Cash Equivalents........................................ $ 892 Accounts Receivable, Net of Allowance............................ 468 Inventories...................................................... 793 Prepaid Expenses and Other Current Assets........................ 163 Total Current Assets............................................. 2,316 ------------- Property and Equipment, net...................................... 105 Other Assets: Intangible Assets, net........................................... na Total assets........................................... $ 2,421 ============= LIABILITIES Post Petition Liabilities: Accounts Payable................................................. 442 Wages & Salaries................................................. 200 Taxes............................................................ 19 Total Post Petition Liabilities.................................. 661 ------------- Secured Liabilities.............................................. 182 ------------- Pre Petition Liabilities: Taxes & Other Priority Liabilities............................... 777 Unsecured Liabilities............................................ 8,228 Total Pre Petition Liabilities................................... 9,005 ------------- Total Liabilities................................................ 9,848 ------------- Paid-in capital.................................................. 51,067 Accumulated deficit Pre Petition................................. (58,188) Retained Earnings Post Petition.................................. (306) Total stockholders' equity....................................... (7,427) ------------- Total Liabilities & Equity................. $ 2,421 =============
See accompanying notes to consolidated financial statements SIGHT RESOURCE CORPORATION Consolidated Statement of Operations (In thousands) (unaudited)
March 2005 Filing to Date Mar 1st-31st June 24, 2004 thru Mar 31, 2005 ------------- ------------------------------- Net revenue.......................................................... $ 1,299 $ 12,665 Cost of revenue...................................................... 367 3,376 ------------- ------------- Gross profit......................................................... 932 9,289 Selling, general and administrative expenses......................... 873 9,046 ------------- ------------- Income/(Loss) from operations........................................ 59 243 Non-operating Income/(Expenses)...................................... 4 (552) ------------- ------------- Net Profit/(Loss).................................................... 63 (309) ------------- -------------
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 ("SRC") and its subsidiaries each filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code. No trustee has been appointed, and SRC and its subsidiaries continue to manage their business as debtors in possession. (2) The accompanying financial 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 SRC'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 SRC during the bankruptcy process. Such claims will be substantial. There may also be other claims filed by creditors against SRC 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 SRC'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. (7) Non-Operating Income includes gain from the sale of substantially all of the assets of SRC's subsidiary, E.B. Brown Opticians, Inc., to Performance Vision Care, Inc. on March 10, 2005 for cash consideration in the amount of $200,000, plus assumption of certain liabilities. (8) The accompanying financial statements do not reflect the sale, on April 29, 2005, of the assets of Cambridge Eye Associates, Inc. and Douglas Vision World reported in Item 2.01 of this report.