EX-99 3 exhibit99-1.txt EXHIBIT 99.1
Exhibit 99.1 IOS CAPITAL, LLC CONSOLIDATED BALANCE SHEETS March 31, 2002 September 30, (unaudited) 2001 ------------------------------- Assets Investments in leases: Direct financing leases, net of lease default reserve of: March 31, 2002 - $52,625; September 30, 2001 - $59,158 $ 3,279,093 $ 3,284,106 Less: Unearned income (542,300) (545,451) --------------------------------- 2,736,793 2,738,655 Funded leases, net 257,530 240,965 --------------------------------- 2,994,323 2,979,620 Cash 16,304 16,056 Restricted cash 124,383 126,861 Accounts receivable 63,750 91,775 Prepaid expenses and other assets 11,607 10,548 Leased equipment - operating rentals at cost, less accumulated depreciation of: March 31, 2002 - $41,903; September 30, 2001 - $40,552 55,857 44,793 Property and equipment at cost, less accumulated depreciation of: March 31, 2002 - $9,211; September 30, 2001 - $10,332 1,413 8,145 --------------------------------- Total assets $ 3,267,637 $ 3,277,798 ================================= Liabilities and Shareholder's Equity Liabilities: Accounts payable and accrued expenses $ 66,386 $ 78,011 Accrued interest 11,662 13,873 Due to IKON Office Solutions, Inc. ("IKON") 351,341 182,533 Medium term notes - 82,000 Notes payable 277,025 271,292 Lease-backed notes 1,489,430 1,797,389 Asset securitization conduit financing 440,387 193,500 Deferred income taxes 199,763 162,609 --------------------------------- Total liabilities 2,835,994 2,781,207 --------------------------------- Commitments and Contingencies Shareholder's equity: Common stock--$.01 par value, 1,000 shares authorized, issued, and outstanding Contributed capital 179,796 179,796 Retained earnings 271,720 347,169 Accumulated other comprehensive loss (19,873) (30,374) --------------------------------- Total shareholder's equity 431,643 496,591 --------------------------------- Total liabilities and shareholder's equity $ 3,267,637 $ 3,277,798 =================================