Exhibit 99.1
Index
Consolidated Financial Statements, January 31, 2003: | ||
Consolidated Balance Sheet | 1 | |
Consolidated Statement of Operations | 2 | |
Consolidated Statement of Cash Flows | 3 |
RBX CORPORATION
CONSOLIDATED BALANCE SHEET
January 31, 2003
(in thousands)
ASSETS | ||||
Cash and cash equivalents | $ | 1,006 |
| |
Accounts receivable, less allowance for doubtful accounts of $1,803 |
| 21,602 |
| |
Inventories |
| 17,474 |
| |
Prepaid and other current assets |
| 1,640 |
| |
Total current assets |
| 41,722 |
| |
Property, plant and equipment, net |
| 54,323 |
| |
Intangible assets |
| 18,058 |
| |
Assets held for sale |
| 5,481 |
| |
Other assets |
| 261 |
| |
Total assets | $ | 119,845 |
| |
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||
Accounts payable | $ | 11,604 |
| |
Accrued liabilities |
| 8,248 |
| |
Current portion of postretirement benefit obligation |
| 3,498 |
| |
Current portion of long-term debt |
| 2,000 |
| |
Total current liabilities |
| 25,350 |
| |
Long-term debt |
| 46,288 |
| |
Postretirement benefit obligation |
| 22,517 |
| |
Pension benefit obligation |
| 18,334 |
| |
Other liabilities |
| 1,704 |
| |
Total liabilities |
| 114,193 |
| |
Stockholders’ equity: | ||||
Common stock, $0.001 par value, 5,000,000 shares authorized, 1,000,000 issued and outstanding |
| 1 |
| |
Additional paid-in capital |
| 15,160 |
| |
Accumulated deficit |
| (7,612 | ) | |
Other comprehensive loss |
| (1,897 | ) | |
Total stockholders’ equity |
| 5,652 |
| |
Commitments and contingencies | ||||
Total liabilities and stockholders’ equity | $ | 119,845 |
| |
1
RBX CORPORATION
CONSOLIDATED STATEMENT OF OPERATIONS
For the month ended January 31, 2003
(in thousands)
Net sales | $ | 12,511 |
| |
Cost of goods sold |
| 10,844 |
| |
Gross profit |
| 1,667 |
| |
Selling, general and administrative costs |
| 1,557 |
| |
Other (income) expense |
| 133 |
| |
Operating income (loss) |
| (23 | ) | |
Interest expense |
| 428 |
| |
Income (loss) before income taxes |
| (451 | ) | |
Income tax expense |
| 10 |
| |
Net income (loss) | $ | (461 | ) | |
2
RBX CORPORATION
CONSOLIDATED STATEMENT OF CASH FLOWS
For the month ended January 31, 2003
(in thousands)
OPERATING ACTIVITIES | ||||
Net income (loss) | $ | (461 | ) | |
Adjustments to reconcile net income to net cash used in operating activities: | ||||
Depreciation |
| 300 |
| |
Loss on disposal of equipment |
| 133 |
| |
Increase (decrease) in cash from changes in operating assets and liabilities: | ||||
Accounts receivable |
| 1,067 |
| |
Inventories |
| (1,098 | ) | |
Prepaid and other current assets |
| 60 |
| |
Accounts payable |
| 862 |
| |
Accrued liabilities |
| 142 |
| |
Other liabilities |
| 76 |
| |
Net cash used in operating activities |
| 1,081 |
| |
INVESTING ACTIVITIES | ||||
Capital expenditures |
| (24 | ) | |
Proceeds from disposals of property, plant and equipment |
| 115 |
| |
Net cash used in investing activities |
| 91 |
| |
FINANCING ACTIVITIES | ||||
Proceeds from borrowings |
| 12,122 |
| |
Principal payments on long-term debt |
| (13,841 | ) | |
Net cash provided by financing activities |
| (719 | ) | |
Net increase in cash and cash equivalents |
| 453 |
| |
Cash and cash equivalents: | ||||
Beginning of period |
| 553 |
| |
End of period | $ | 1,006 |
| |
3
