EX-99.6 2 l14756aexv99w6.txt EXHIBIT 99.6 CONSOLIDATED BALANCE SHEETS EXHIBIT 99.6 SIGHT RESOURCE CORPORATION Consolidated Balance Sheet (In thousands) (unaudited)
As of May 31, 2005 ------------ ASSETS (unaudited) Current Assets: Cash and Cash Equivalents $5,937 Accounts Receivable, Net of Allowance 2 Inventories 0 Prepaid Expenses and Other Current Assets 196 Total Current Assets 6,135 -------- Property and Equipment, net 0 Other Assets: Intangible Assets, net na Total assets $6,135 ======== LIABILITIES Post Petition Liabilities: Accounts Payable 112 Wages & Salaries 0 Taxes 0 Total Post Petition Liabilities 112 Secured Liabilities 0 Pre Petition Liabilities: Taxes & Other Priority Liabilities 839 Unsecured Liabilities 8,137 Total Pre Petition Liabilities 8,975 -------- Total Liabilities 9,087 -------- Paid-in capital 51,067 Accumulated deficit Pre Petition (58,437) Retained Earnings Post Petition 4,417 Total stockholders' equity (2,953) -------- Total Liabilities & Equity $6,135 ========
See accompanying notes to consolidated financial statements SIGHT RESOURCE CORPORATION Consolidated Statement of Operations (In thousands) (unaudited)
May 2005 Filing to Date -------- -------------- May 1st-31st June 24, 2004 thru May 31, 2005 ------------ ------------------------------- Net revenue $0 $13,836 Cost of revenue 0 3,776 ------- Gross profit 0 10,059 Selling, general and administrative expenses 28 9,933 ------- Income/(Loss) from operations (28) 125 Non-operating Income/(Expenses) (16) 4292 ------- ------- Net Profit/(Loss) (44) 4418 ------- -------
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. (7) Non-Operating Income includes gain from the sale of substantially all of the assets of the Company's subsidiaries, Cambridge Eye Associates, Inc. and Douglas Vision World, to Davis Vision, Inc. on April 29, 2005 for cash consideration in the amount of $6,500,000, plus assumption of certain liabilities. With the sale of those businesses, the Company has no remaining operations.