EXHIBIT 99.1
FOG CUTTER CAPITAL GROUP INC.
PRO FORMA CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(dollars in thousands, except share data)
|
| September 30, 2007 |
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| (unaudited) |
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| As Reported |
| Pro forma |
| Pro forma |
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Assets |
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Current Assets: |
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Cash and cash equivalents |
| $ | 712 |
| $ | 4,025 |
| $ | 4,737 |
|
Accounts receivable |
| 1,743 |
| (77 | ) | 1,666 |
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Notes receivable, current portion |
| 556 |
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|
| 556 |
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Loans to senior executives |
| 1,129 |
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|
| 1,129 |
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Inventories |
| 3,435 |
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|
| 3,435 |
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Investments in real estate, held for sale, net |
| 8,830 |
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|
| 8,830 |
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Other current assets |
| 401 |
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|
| 401 |
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Total current assets |
| 16,806 |
| 3,948 |
| 20,754 |
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Investments in real estate, net |
| 11,270 |
| (11,270 | ) | — |
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Notes receivable |
| 50 |
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|
| 50 |
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Property, plant and equipment, net |
| 10,475 |
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|
| 10,475 |
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Intangible assets, net |
| 5,055 |
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|
| 5,055 |
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Goodwill |
| 10,526 |
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|
| 10,526 |
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Other assets held for sale |
| — |
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|
| — |
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Other assets |
| 1,951 |
| (27 | ) | 1,924 |
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Total assets |
| $ | 56,133 |
| $ | (7,349 | ) | $ | 48,784 |
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Liabilities and Stockholders’ Equity |
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Liabilities: |
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Accounts payable and accrued liabilities |
| $ | 13,068 |
| $ | 1,950 |
| $ | 15,018 |
|
Sales deposits |
| 1,821 |
|
|
| 1,821 |
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Borrowings and notes payable, current portion |
| 11,886 |
| (3,287 | ) | 8,599 |
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Obligations under capital leases, current portion |
| 584 |
| (441 | ) | 143 |
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Total current liabilities |
| 27,359 |
| (1,778 | ) | 25,581 |
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Borrowings and notes payable |
| 6,511 |
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|
| 6,511 |
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Obligations under capital leases |
| 11,594 |
| (9,670 | ) | 1,924 |
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Deferred income |
| 5,111 |
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|
| 5,111 |
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Total liabilities |
| 50,575 |
| (11,448 | ) | 39,127 |
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Commitments and contingencies: |
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Minority interests in consolidated subsidiaries |
| 893 |
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|
| 893 |
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Stockholders’ Equity: |
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Preferred stock, $.0001 par value; 25,000,000 shares authorized; no shares issued and outstanding |
| — |
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|
| — |
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Common stock, $.0001 par value; 200,000,000 shares authorized; 11,757,073 shares issued as of September 30, 2007 and December 31, 2006; 7,957,428 shares outstanding as of September 30, 2007 and December 31, 2006 |
| 170,397 |
|
|
| 170,397 |
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Accumulated deficit |
| (153,723 | ) | 4,099 |
| (149,624 | ) | |||
Treasury stock, 3,799,645 common shares as of September 30, 2007 and December 31, 2006, at cost |
| (12,009 | ) |
|
| (12,009 | ) | |||
Total stockholders’ equity |
| 4,665 |
| 4,099 |
| 8,764 |
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Total liabilities and stockholders’ equity |
| $ | 56,133 |
| $ | (7,349 | ) | $ | 48,784 |
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