EXHIBIT 99.2 ALL OF THE FOLLOWING FINANCIAL STATEMENTS ARE UNAUDITED AND WERE PREPARED BY HILL INTERNATIONAL, INC., AS A PRIVATE COMPANY, IN ACCORDANCE WITH U.S. GENERALLY ACCEPTED ACCOUNTING PRINCIPLES AND MAY NOT CONFORM TO SEC REGULATION S-X. HILL INTERNATIONAL BALANCE SHEETS (unaudited) (in US dollars) (in millions) (a) 9 MONTHS ENDED FISCAL YEAR ENDED DECEMBER 31, --------------- ------------------------------ 9/30/05 2004 2003 2002 ------- ----- ----- ----- ASSETS Current Assets Cash & Cash Equivalents $(0.3) $ 0.8 $ 1.4 $ 0.1 Accounts Receivable, Net 29.4 22.3 19.7 17.5 Other Receivables -- 0.9 0.3 -- Prepaid Expenses & Other Current Assets 2.0 1.6 0.5 0.6 ----- ----- ----- ----- Total Current Assets 31.1 25.7 21.9 18.1 Property & Equipment, net 2.7 2.6 2.6 2.8 Cash - Restricted 4.0 3.4 1.1 0.3 Intangibles, Net 0.2 0.3 0.5 1.0 Non-Current Deferred Tax Assets 0.2 0.2 0.4 -- Other Assets 0.9 0.8 0.3 0.4 ----- ----- ----- ----- Total Assets 39.0 32.9 26.8 22.6 LIABILITIES & SHAREHOLDER'S EQUITY Current Liabilities Current Portion of L-T Debt & Capital Leases 0.4 1.2 0.7 1.0 Accounts Payable 6.5 6.4 4.9 5.2 Accrued Expenses 7.2 4.8 3.2 3.0 Current Portion of Deferred Tax Liabilities 2.7 2.5 3.2 2.9 Income Taxes Payable 2.5 1.0 0.8 0.7 Retained & Other Current Liabilities 5.2 4.7 1.7 2.5 ----- ----- ----- ----- Total Current Liabilities 24.4 20.7 14.4 15.2 Long-Term Debt & Capital Leases 9.0 9.6 9.3 4.2 Deferred Liabilities & Other 0.6 0.6 0.6 0.4 ----- ----- ----- ----- Total Liabilities 34.0 30.8 24.4 19.8 Total Shareholders' Equity 5.0 2.0 2.5 2.8 ----- ----- ----- ----- Total Liabilities & Shareholders' Equity $39.0 $32.9 $26.8 $22.6 (a) Numbers may not foot due to rounding. ARPEGGIO ACQUISITION CORP. AND HILL INTERNATIONAL, INC. PAGE 2 DECEMBER 5, 2005 HILL INTERNATIONAL STATEMENTS OF OPERATIONS (unaudited) (in US dollars) (in millions) (a) 9 MONTHS ENDED 9 MONTHS ENDED FISCAL YEAR ENDED DECEMBER 31, -------------- -------------- ------------------------------ 9/30/05 9/30/04 2004 2003 2002 ------- ------- ----- ----- ----- Total Revenue $80.5 $61.2 $84.1 $78.7 $73.1 Reimbursable Expenses 21.3 14.3 21.1 22.6 25.0 ----- ----- ----- ----- ----- Net Revenue $59.2 $47.0 $63.0 $56.1 $48.1 Direct Expenses 31.6 25.6 34.1 29.0 23.9 Indirect Expenses 21.9 19.6 26.6 24.2 20.9 Affiliate Expense (Income) (0.6) (0.0) (0.5) -- -- Depreciation & Amortization 0.7 0.6 0.8 1.2 1.5 ----- ----- ----- ----- ----- Operating Profit 4.9 1.2 1.7 1.7 1.7 Other (Income) Expense Interest, Net 0.4 0.4 0.6 0.6 0.5 Other (0.6) 1.9 1.8 2.0 1.2 ------ ----- ----- ----- ----- Income from Operations 5.1 (1.1) (0.7) (0.9) -- Provision (Benefit) for Inc. Taxes 1.9 0.4 (0.3) (0.4) -- ----- ----- ----- ----- ----- Net Income 3.1 (0.7) (0.4) (0.5) -- Depreciation & Amortization 0.7 0.6 0.8 1.2 1.5 ----- ----- ----- ----- ----- EBITDA 5.6 (0.1) 2.5 2.9 3.3 Non-Recurring Items (b) 0.2 1.8 1.2 0.8 0.9 ----- ----- ----- ----- ----- Adjusted EBITDA $ 5.8 $ 1.7 $ 3.7 $ 3.7 $ 4.2 CAPEX 0.7 0.5 0.6 0.3 0.8 (a) Numbers may not foot due to rounding. (b) Non-recurring items include expenses related to litigation, restructuring and discontinued operations.
- HIL Dashboard
- Financials
- Filings
- Transcripts
- Insider
- Institutional
- Shorts
-
8-K Filing
Hill International (HIL) 8-KEntry into a Material Definitive Agreement
Filed: 5 Dec 05, 12:00am