Exhibit 99.2
RESTATED PRO-FORMA DRH & AMC MANAGED AFFILIATES GROUP
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS
AMC | ||||||||||||||||
Managed | ||||||||||||||||
Affiliates | ||||||||||||||||
DRH | Group | Pro Forma* | ||||||||||||||
December 27 | ||||||||||||||||
December 27 | December 31 | Pro Forma | & 31 | |||||||||||||
2009 | 2009 | Adjustments | 2009 | |||||||||||||
ASSETS | ||||||||||||||||
Current assets | ||||||||||||||||
Cash and cash equivalents | $ | 649,518 | $ | 697,534 | $ | — | $ | 1,347,052 | ||||||||
Accounts receivable — related party | 254,540 | 369,445 | — | 623,985 | ||||||||||||
Inventory | 125,332 | 181,969 | — | 307,301 | ||||||||||||
Prepaid assets | 103,452 | 49,250 | — | 152,702 | ||||||||||||
Accounts receivable — other | 11,219 | 4,666 | — | 15,885 | ||||||||||||
Other assets | 49,280 | 26,497 | — | 75,777 | ||||||||||||
Total current assets | 1,193,341 | 1,329,361 | — | 2,522,702 | ||||||||||||
Property and equipment, net | 7,866,149 | 3,789,364 | — | 1,655,513 | ||||||||||||
Intangible assets, net | 411,983 | 339,796 | — | 751,779 | ||||||||||||
Deferred income taxes | 246,754 | — | — | 246,754 | ||||||||||||
Total assets | $ | 9,718,227 | $ | 5,458,521 | $ | — | $ | 15,176,748 | ||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||
Current liabilities | ||||||||||||||||
Current portion of long-term debt | $ | 1,402,742 | $ | 1,312,780 | — | $ | 2,715,522 | |||||||||
Accounts payable | 293,984 | 233,167 | — | 527,151 | ||||||||||||
Accrued liabilities | 329,355 | 345,413 | — | 674,768 | ||||||||||||
Deferred rent | 54,273 | 50,667 | — | 104,940 | ||||||||||||
Total current liabilities | 2,080,354 | 1,942,027 | — | 4,022,381 | ||||||||||||
Accrued rent | 253,625 | 592,389 | — | 846,014 | ||||||||||||
Deferred rent | 422,068 | 215,956 | — | 638,024 | ||||||||||||
Other liabilities — interest rate swap | 167,559 | 46,045 | — | 213,604 | ||||||||||||
Long-term debt, less current portion | 4,601,909 | 4,777,457 | — | 9,379,366 | ||||||||||||
Related party payable | — | 430,351 | — | 430,351 | ||||||||||||
Total liabilities | 7,525,515 | 8,004,225 | — | 15,529,740 | ||||||||||||
Stockholders’ / members’ equity | ||||||||||||||||
Common stock | 1,863 | 528,605 | — | 530,468 | ||||||||||||
Additional paid In capital | 2,356,155 | 353,692 | — | 2,709,847 | ||||||||||||
Retained earnings | (165,306 | ) | (3,027,953 | ) | — | (3,193,259 | ) | |||||||||
Members’ equity | — | (400,048 | ) | — | (400,048 | ) | ||||||||||
Total stockholders’ and members’ equity | 2,192,712 | (2,545,704 | ) | — | (352,992 | ) | ||||||||||
Total liabilities and stockholders’ / members’equity | $ | 9,718,227 | $ | 5,458,521 | $ | — | $ | 15,176,748 | ||||||||
* | Pro Forma presentation gives effect to the Transaction as if it had occurred December 27, 2009. |
Exhibit 99.2
RESTATED PRO-FORMA DRH & AMC MANAGED AFFILIATES GROUP
STATEMENT OF OPERATIONS
STATEMENT OF OPERATIONS
AMC | ||||||||||||||||
Managed | ||||||||||||||||
Affiliates | ||||||||||||||||
DRH | Group | Pro Forma* | ||||||||||||||
December 27 | December 31 | Pro Forma | December 27 & 31 | |||||||||||||
2009 | 2009 | Adjustments | 2009 | |||||||||||||
Revenue | ||||||||||||||||
Management and advertising fees | $ | 1,744,505 | $ | — | $ | (1,744,505 | )(1) | $ | — | |||||||
Food and beverage sales | 17,317,996 | 24,436,519 | — | 41,754,515 | ||||||||||||
Total revenue | 19,062,501 | 24,436,519 | (1,744,505 | ) | 41,754,515 | |||||||||||
Operating expenses | ||||||||||||||||
Compensation costs | 5,724,053 | 5,746,191 | — | 11,470,244 | ||||||||||||
Food and beverage costs | 5,325,825 | 7,703,278 | — | 13,029,103 | ||||||||||||
General and administrative | 4,693,219 | 5,199,140 | — | 9,892,359 | ||||||||||||
Occupancy | 1,132,364 | 1,802,999 | — | 2,935,363 | ||||||||||||
Management and advertising fees | — | 1,744,505 | (1,744,505 | )(1) | — | |||||||||||
Depreciation and amortization | 1,203,337 | 1,160,411 | — | 2,363,748 | ||||||||||||
Total operating expenses | 18,078,798 | 23,356,524 | (1,744,505 | ) | 39,690,817 | |||||||||||
Income from operations | 983,703 | 1,079,995 | — | 2,063,698 | ||||||||||||
Interest expense | 445,820 | 332,792 | — | 778,612 | ||||||||||||
Other (income)/expense, net | (80,706 | ) | (80,720 | ) | — | (161,426 | ) | |||||||||
(Loss) income before income taxes | 618,589 | 827,923 | — | 1,446,512 | ||||||||||||
Income tax benefit (provision) | (252,064 | ) | — | — | (252,064 | ) | ||||||||||
Net (loss) income | $ | 366,525 | $ | 827,923 | $ | — | $ | 1,194,448 | ||||||||
* | Pro Forma presentation gives effect to the Transaction as if it occurred on January 1, 2009. | |
(1) | Reflects the elimination of management and advertising fees paid by the AMC Managed Affiliates Group to DRH |