EX-99 2 jd6-3ex_99.txt 99.1 EXHIBIT 99.1 RURAL/METRO CORPORATION PROFORMA STATEMENT OF INCOME (UNAUDITED) FOR THE NINE MONTHS ENDED MARCH 31, 2005 (in thousands, except per-share data)
Rural/Metro Discontinued Pro Forma Corporation Operations Adjustments (1) Combined ---------------- ---------------- ---------------- ---------------- Net revenue $ 418,906 $ (8,817) $ - $ 410,089 ---------------- ---------------- ---------------- ---------------- Operating expenses Payroll and employee benefits 221,170 (6,460) - 214,710 Provision for doubtful accounts 64,576 - - 64,576 Depreciation and amortization 8,512 (164) - 8,348 Other operating expenses 89,647 (1,144) - 88,503 ---------------- ---------------- ---------------- ---------------- Total operating expenses 383,905 (7,768) - 376,137 ---------------- ---------------- ---------------- ---------------- Operating income 35,001 (1,049) - 33,952 Interest expense (22,039) - - (22,039) Interest income 227 - - 227 Loss on early extinguishment of debt (8,170) - - (8,170) ---------------- ---------------- ---------------- ---------------- Income from continuing operations before income taxes and minority interest 5,019 (1,049) - 3,970 Income tax provision (397) - - (397) Minority interest (40) - - (40) ---------------- ---------------- ---------------- ---------------- Income from continuing operations $ 4,582 $ (1,049) $ - $ 3,533 ================ ================ ================ ================ Income per share from continuing operations: Basic $ 0.20 $ 0.16 ================ ================ Diluted $ 0.19 $ 0.15 ================ ================ Average number of shares outstanding: Basic 22,406 22,406 ================ ================ Diluted 23,837 23,837 ================ ================
(1) The proforma statement of income gives effect to the contract termination in one medical transportation and related services area as if the termination of the contract occurred on July 1, 2001. The results of the one medical transportation and related services area have been removed from the pro forma statement of income. RURAL/METRO CORPORATION PROFORMA STATEMENT OF INCOME (UNAUDITED) FOR THE NINE MONTHS ENDED MARCH 31, 2004 (in thousands, except per-share data)
Rural/Metro Discontinued Pro Forma Corporation Operations Adjustments (1) Combined ----------------- ----------------- ----------------- ----------------- Net revenue $ 393,811 $ (8,886) $ - $ 384,925 ----------------- ----------------- ----------------- ----------------- Operating expenses Payroll and employee benefits 207,729 (6,313) - 201,416 Provision for doubtful accounts 64,306 - - 64,306 Depreciation and amortization 8,733 (186) - 8,547 Other operating expenses 85,587 (1,098) - 84,489 ----------------- ----------------- ----------------- ----------------- Total operating expenses 366,355 (7,597) - 358,758 ----------------- ----------------- ----------------- ----------------- Operating income 27,456 (1,289) - 26,167 Interest expense (22,106) - - (22,106) Interest income 67 - - 67 ----------------- ----------------- ----------------- ----------------- Income from continuing operations before income taxes and minority interest 5,417 (1,289) - 4,128 Income tax provision (277) - - (277) Minority interest (398) - - (398) ----------------- ----------------- ----------------- ----------------- Income from continuing operations $ 4,742 $ (1,289) $ - $ 3,453 ================= ================= ================= ================= Loss per share from continuing operations: Basic $ (0.05) $ (0.07) ================= ================= Diluted $ (0.05) $ (0.07) ================= ================= Average number of shares outstanding: Basic 16,557 16,557 ================= ================= Diluted 16,557 16,557 ================= =================
(1) The proforma statement of income gives effect to the contract termination in one medical transportation and related services area as if the termination of the contract occurred on July 1, 2001. The results of the one medical transportation and related services area have been removed from the pro forma statement of income. RURAL/METRO CORPORATION PROFORMA STATEMENT OF INCOME (UNAUDITED) FOR THE YEAR ENDED JUNE 30, 2004 (in thousands, except per-share data)
Rural/Metro Discontinued Pro Forma Corporation Operations Adjustments (1) Combined ----------------- ----------------- ---------------- --------------- Net revenue $ 526,603 $ (11,685) $ - $ 514,918 ----------------- ----------------- ---------------- --------------- Operating expenses Payroll and employee benefits 277,549 (8,434) - 269,115 Provision for doubtful accounts 87,268 - - 87,268 Depreciation and amortization 11,404 (247) - 11,157 Other operating expenses 114,855 (1,478) - 113,377 ----------------- ----------------- ---------------- --------------- Total operating expenses 491,076 (10,159) - 480,917 ----------------- ----------------- ---------------- --------------- Operating income 35,527 (1,526) - 34,001 Interest expense (29,243) - - (29,243) Interest income 97 - - 97 ----------------- ----------------- ---------------- --------------- Income from continuing operations before income taxes and minority interest 6,381 (1,526) - 4,855 Income tax provision (300) - - (300) Minority interest 475 - - 475 ----------------- ----------------- ---------------- --------------- Income from continuing operations $ 6,556 $ (1,526) $ - $ 5,030 ================= ================= ================ =============== Income per share from continuing operations: Basic $ 0.54 $ 0.46 ================= =============== Diluted $ 0.30 $ 0.23 ================= =============== Average number of shares outstanding: Basic 16,645 16,645 ================= =============== Diluted 21,817 21,817 ================= ===============
(1) The proforma statement of income gives effect to the contract termination in one medical transportation and related services area as if the termination of the contract occurred on July 1, 2001. The results of the one medical transportation and related services area have been removed from the pro forma statement of income. RURAL/METRO CORPORATION PROFORMA STATEMENT OF OPERATIONS (UNAUDITED) FOR THE YEAR ENDED JUNE 30, 2003 (in thousands, except per-share data)
Rural/Metro Discontinued Pro Forma Corporation Operations Adjustments (1) Combined ----------------- --------------- ---------------- --------------- Net revenue $ 484,639 $ (12,523) $ - $ 472,116 ----------------- --------------- ---------------- --------------- Operating expenses Payroll and employee benefits 266,713 (8,848) - 257,865 Provision for doubtful accounts 77,184 - - 77,184 Depreciation and amortization 12,587 (768) - 11,819 Other operating expenses 107,574 (1,992) - 105,582 Restructing and other (1,421) - - (1,421) ----------------- --------------- ---------------- --------------- Total operating expenses 462,637 (11,608) - 451,029 ----------------- --------------- ---------------- --------------- Operating income 22,002 (915) - 21,087 Interest expense (28,012) - - (28,012) Interest income 197 - - 197 ----------------- --------------- ---------------- --------------- Loss from continuing operations before income taxes and minority interest (5,813) (915) - (6,728) Income tax provision (118) - - (118) Minority interest (1,507) - - (1,507) ----------------- --------------- ---------------- --------------- Loss from continuing operations $ (7,438) $ (915) $ - $ (8,353) ================= =============== ================ =============== Loss per share from continuing operations: Basic $ (0.69) $ (0.74) ================= =============== Diluted $ (0.69) $ (0.74) ================= =============== Average number of shares outstanding: Basic 16,116 16,116 ================= =============== Diluted 16,116 16,116 ================= ===============
(1) The proforma statement of income gives effect to the contract termination in one medical transportation and related services area as if the termination of the contract occurred on July 1, 2001. The results of the one medical transportation and related services area have been removed from the pro forma statement of income. RURAL/METRO CORPORATION PROFORMA STATEMENT OF OPERATIONS (UNAUDITED) FOR THE YEAR ENDED JUNE 30, 2002 (in thousands, except per-share data)
Rural/Metro Discontinued Pro Forma Corporation Operations Adjustments (1) Combined ----------------- ----------------- ----------------- --------------- Net revenue $ 453,151 $ (11,619) $ - $ 441,532 ----------------- ----------------- ----------------- --------------- Operating expenses Payroll and employee benefits 250,724 (8,154) - 242,570 Provision for doubtful accounts 70,689 - - 70,689 Depreciation and amortization 14,443 (884) - 13,559 Other operating expenses 96,581 (1,949) - 94,632 Restructing and other (626) - - (626) ----------------- ----------------- ----------------- --------------- Total operating expenses 431,811 (10,987) - 420,824 ----------------- ----------------- ----------------- --------------- Operating income 21,340 (632) - 20,708 Interest expense (25,462) - - (25,462) Interest income 644 - - 644 ----------------- ----------------- ----------------- --------------- Loss from continuing operations before income taxes and minority interest (3,478) (632) - (4,110) Income tax benefit 2,531 - - 2,531 Minority interest (750) - - (750) ----------------- ----------------- ----------------- --------------- Loss from continuing operations $ (1,697) $ (632) $ - $ (2,329) ================= ================= ================= =============== Loss per share from continuing operations: Basic $ (0.11) $ (0.15) ================= =============== Diluted $ (0.11) $ (0.15) ================= =============== Average number of shares outstanding: Basic 15,190 15,190 ================= =============== Diluted 15,190 15,190 ================= ===============
(1) The proforma statement of income gives effect to the contract termination in one medical transportation and related services area as if the termination of the contract occurred on July 1, 2001. The results of the one medical transportation and related services area have been removed from the pro forma statement of income.