Exhibit 99.2
OGLEBAY NORTON COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEET
(In thousands, except share amounts)
ASSETS
September 30 2004 | December 31 2003 | |||||||
| (UNAUDITED) | ||||||||
CURRENT ASSETS | ||||||||
Cash and cash equivalents | $ | 9,327 | $ | — | ||||
Accounts receivable, net of reserve for doubtful accounts (2004 - $5,229; 2003 - $5,842) | 69,493 | 50,422 | ||||||
Inventories | ||||||||
Raw materials and finished products | 34,341 | 35,236 | ||||||
Operating supplies | 12,819 | 12,795 | ||||||
| 47,160 | 48,031 | |||||||
Deferred income taxes | 3,901 | 3,901 | ||||||
Prepaid expenses and other current assets | 27,463 | 10,915 | ||||||
TOTAL CURRENT ASSETS | 157,344 | 113,269 | ||||||
PROPERTY AND EQUIPMENT | 752,098 | 746,640 | ||||||
Less allowances for depreciation, depletion and amortization | 355,519 | 332,447 | ||||||
| 396,579 | 414,193 | |||||||
GOODWILL, net of accumulated amortization of $11,093 | 73,877 | 73,877 | ||||||
PREPAID PENSION COSTS | 33,592 | 35,319 | ||||||
OTHER ASSETS | 12,900 | 12,036 | ||||||
TOTAL ASSETS | $ | 674,292 | $ | 648,694 | ||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
September 30 2004 | December 31 2003 | |||||||
| (UNAUDITED) | ||||||||
LIABILITIES NOT SUBJECT TO COMPROMISE | ||||||||
CURRENT LIABILITIES | ||||||||
Current portion of long-term debt | $ | 250,201 | $ | 420,350 | ||||
Accounts payable | 17,837 | 26,070 | ||||||
Payrolls and other accrued compensation | 6,663 | 4,857 | ||||||
Accrued expenses | 11,288 | 14,906 | ||||||
Accrued interest expense | 11,072 | 8,392 | ||||||
Income taxes payable | — | 480 | ||||||
TOTAL CURRENT LIABILITIES | 297,061 | 475,055 | ||||||
LONG-TERM DEBT, less current portion | — | 1,490 | ||||||
POSTRETIREMENT BENEFITS OBLIGATIONS | 1,942 | 50,049 | ||||||
OTHER LONG-TERM LIABILITIES | 2,721 | 29,500 | ||||||
DEFERRED INCOME TAXES | 3,901 | 4,596 | ||||||
LIABILITIES SUBJECT TO COMPROMISE | 311,960 | — | ||||||
STOCKHOLDERS' EQUITY | ||||||||
Preferred stock, authorized 5,000 shares | — | — | ||||||
Common stock, par value $1 per share, authorized 30,000 shares; issued 7,253 shares | 7,253 | 7,253 | ||||||
Additional capital | 6,895 | 9,312 | ||||||
Retained earnings | 73,969 | 106,075 | ||||||
Accumulated other comprehensive loss | (3,773 | ) | (4,542 | ) | ||||
| 84,344 | 118,098 | |||||||
Treasury stock, at cost - 2,015 and 2,194 shares at respective dates | (27,637 | ) | (30,094 | ) | ||||
TOTAL STOCKHOLDERS' EQUITY | 56,707 | 88,004 | ||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 674,292 | $ | 648,694 | ||||
