EXHIBIT 99.2
INDEX TO EXHIBIT 99.2
Restated Unaudited Balance Sheets as of the following dates: | Page Number | |
March 31, 2004 | 1 | |
June 30, 2004 | 2 | |
September 30, 2004 | 3 | |
December 31, 2004 | 4 | |
March 31, 2005 | 5 | |
June 30, 2005 | 6 | |
September 30, 2005 | 7 |
Consolidated Balance Sheet Frozen Food Express Industries, Inc. As of March 31, 2004 (unaudited, in thousands) | |||||||
As Reported | As Restated | ||||||
Assets | |||||||
Current assets | |||||||
Cash and cash equivalents | $ | 1,088 | $ | 1,088 | |||
Accounts receivable | 52,732 | 52,732 | |||||
Inventories | 3,551 | 3,551 | |||||
Tires on equipment in use | 5,126 | 5,126 | |||||
Deferred federal income tax | 1,464 | 1,464 | |||||
Other current assets | 7,490 | 7,490 | |||||
Total current assets | 71,451 | 71,451 | |||||
Property and equipment, net | 63,646 | 67,700 | |||||
Other assets | 11,599 | 11,599 | |||||
$ | 146,696 | $ | 150,750 | ||||
Liabilities and Shareholder's Equity | |||||||
Current Liabilities | |||||||
Accounts payable | $ | 20,859 | $ | 20,859 | |||
Accrued claims, current | 7,622 | 7,622 | |||||
Accrued payroll | 5,943 | 5,943 | |||||
Accrued liabilities | 2,218 | 6,272 | |||||
Total current liabilities | 36,642 | 40,696 | |||||
Long-term debt | 6,500 | 6,500 | |||||
Deferred federal income tax | 2,746 | 2,746 | |||||
Accrued claims, noncurrent | 14,522 | 14,522 | |||||
60,410 | 64,464 | ||||||
Shareholder's equity | |||||||
Par value of common stock (17,314 shares issued) | 25,971 | 25,971 | |||||
Capital in excess of par value | 951 | 951 | |||||
Retained earnings | 59,789 | 59,789 | |||||
86,711 | 86,711 | ||||||
Less-treasury stock (128 shares), at cost | 425 | 425 | |||||
Total shareholders' equity | 86,286 | 86,286 | |||||
$ | 146,696 | $ | 150,750 | ||||
PAGE 1
Consolidated Balance Sheet Frozen Food Express Industries, Inc. As of June 30, 2004 (unaudited, in thousands) | |||||||
As Reported | As Restated | ||||||
Assets | |||||||
Current assets | |||||||
Cash and cash equivalents | $ | 2,852 | $ | 2,852 | |||
Accounts receivable | 55,159 | 55,159 | |||||
Inventories | 3,222 | 3,222 | |||||
Tires on equipment in use | 4,819 | 4,819 | |||||
Deferred federal income tax | 1,267 | 1,267 | |||||
Other current assets | 6,096 | 6,096 | |||||
Total current assets | 73,415 | 73,415 | |||||
Property and equipment, net | 64,279 | 68,136 | |||||
Other assets | 13,231 | 13,231 | |||||
$ | 150,925 | $ | 154,782 | ||||
Liabilities and Shareholder's Equity | |||||||
Current Liabilities | |||||||
Accounts payable | $ | 24,758 | $ | 24,758 | |||
Accrued claims, current | 7,213 | 7,213 | |||||
Accrued payroll | 6,675 | 6,675 | |||||
Accrued liabilities | 2,301 | 6,158 | |||||
Total current liabilities | 40,947 | 44,804 | |||||
Long-term debt | 1,000 | 1,000 | |||||
Deferred federal income tax | 4,246 | 4,246 | |||||
Accrued claims, noncurrent | 14,642 | 14,642 | |||||
60,835 | 64,692 | ||||||
Shareholder's equity | |||||||
Par value of common stock (17,379 shares issued) | 26,069 | 26,069 | |||||
Capital in excess of par value | 1,192 | 1,192 | |||||
Retained earnings | 63,281 | 63,281 | |||||
90,542 | 90,542 | ||||||
Less-treasury stock (128 shares), at cost | 452 | 452 | |||||
Total shareholders' equity | 90,090 | 90,090 | |||||
$ | 150,925 | $ | 154,782 | ||||
PAGE 2
Consolidated Balance Sheet Frozen Food Express Industries, Inc. As of September 30, 2004 (unaudited, in thousands) | |||||||
As Reported | As Restated | ||||||
Assets | |||||||
Current assets | |||||||
Cash and cash equivalents | $ | 7,267 | $ | 7,267 | |||
Accounts receivable | 56,836 | 56,836 | |||||
Inventories | 2,302 | 2,302 | |||||
Tires on equipment in use | 5,312 | 5,312 | |||||
Deferred federal income tax | 2,611 | 2,611 | |||||
Other current assets | 8,647 | 8,647 | |||||
Total current assets | 82,975 | 82,975 | |||||
Property and equipment, net | 73,060 | 76,081 | |||||
Other assets | 12,190 | 12,190 | |||||
$ | 168,225 | $ | 171,246 | ||||
Liabilities and Shareholder's Equity | |||||||
Current Liabilities | |||||||
Accounts payable | $ | 26,430 | $ | 26,430 | |||
Accrued claims, current | 7,647 | 7,647 | |||||
Accrued payroll | 6,131 | 6,131 | |||||
Accrued liabilities | 5,748 | 8,769 | |||||
Total current liabilities | 45,956 | 48,977 | |||||
Long-term debt | 7,000 | 7,000 | |||||
Deferred federal income tax | 5,956 | 5,956 | |||||
Accrued claims, noncurrent | 16,317 | 16,317 | |||||
75,229 | 78,250 | ||||||
Shareholder's equity | |||||||
Par value of common stock (17,428 shares issued) | 26,142 | 26,142 | |||||
Capital in excess of par value | 1,292 | 1,292 | |||||
Retained earnings | 66,801 | 66,801 | |||||
94,235 | 94,235 | ||||||
Less-treasury stock (235 shares), at cost | 1,239 | 1,239 | |||||
Total shareholders' equity | 92,996 | 92,996 | |||||
$ | 168,225 | $ | 171,246 | ||||
PAGE 3
Consolidated Balance Sheet Frozen Food Express Industries, Inc. As of December 31, 2004 (unaudited, in thousands) | |||||||
As Reported | As Restated | ||||||
Assets | |||||||
Current assets | |||||||
Cash and cash equivalents | $ | 3,142 | $ | 3,142 | |||
Accounts receivable | 57,954 | 57,954 | |||||
Inventories | 1,818 | 1,818 | |||||
Tires on equipment in use | 5,157 | 5,157 | |||||
Deferred federal income tax | 3,473 | 3,473 | |||||
Other current assets | 9,103 | 9,103 | |||||
Total current assets | 80,647 | 80,647 | |||||
Property and equipment, net | 78,039 | 82,513 | |||||
Other assets | 12,006 | 12,006 | |||||
$ | 170,692 | $ | 175,166 | ||||
Liabilities and Shareholder's Equity | |||||||
Current Liabilities | |||||||
Accounts payable | $ | 31,985 | $ | 31,985 | |||
Accrued claims, current | 13,068 | 13,068 | |||||
Accrued payroll | 9,070 | 9,070 | |||||
Accrued liabilities | 2,147 | 6,621 | |||||
Total current liabilities | 56,270 | 60,744 | |||||
Long-term debt | 2,000 | 2,000 | |||||
Deferred federal income tax | 8,551 | 8,551 | |||||
Accrued claims, noncurrent | 6,825 | 6,825 | |||||
73,646 | 78,120 | ||||||
Shareholder's equity | |||||||
Par value of common stock (17,653 shares issued) | 26,480 | 26,480 | |||||
Capital in excess of par value | 2,518 | 2,518 | |||||
Retained earnings | 68,603 | 68,603 | |||||
97,601 | 97,601 | ||||||
Less-treasury stock (130 shares), at cost | 555 | 555 | |||||
Total shareholders' equity | 97,046 | 97,046 | |||||
$ | 170,692 | $ | 175,166 | ||||
PAGE 4
Consolidated Balance Sheet Frozen Food Express Industries, Inc. As of March 31, 2005 (unaudited, in thousands) | |||||||
As Reported | As Restated | ||||||
Assets | |||||||
Current assets | |||||||
Cash and cash equivalents | $ | 1,676 | $ | 1,676 | |||
Accounts receivable | 55,366 | 55,366 | |||||
Inventories | 2,013 | 2,013 | |||||
Tires on equipment in use | 4,674 | 4,674 | |||||
Deferred federal income tax | 4,770 | 4,770 | |||||
Other current assets | 5,854 | 5,854 | |||||
Total current assets | 74,353 | 74,353 | |||||
Property and equipment, net | 82,168 | 86,429 | |||||
Other assets | 12,135 | 12,135 | |||||
$ | 168,656 | $ | 172,917 | ||||
Liabilities and Shareholder's Equity | |||||||
Current Liabilities | |||||||
Accounts payable | $ | 25,412 | $ | 25,412 | |||
Accrued claims, current | 12,908 | 12,908 | |||||
Accrued payroll | 8,507 | 8,507 | |||||
Accrued liabilities | 1,434 | 5,695 | |||||
Total current liabilities | 48,261 | 52,522 | |||||
Long-term debt | 1,000 | 1,000 | |||||
Deferred federal income tax | 10,247 | 10,247 | |||||
Accrued claims, noncurrent | 6,321 | 6,321 | |||||
65,829 | 70,090 | ||||||
Shareholder's equity | |||||||
Par value of common stock (17,922 shares issued) | 26,883 | 26,883 | |||||
Capital in excess of par value | 4,653 | 4,653 | |||||
Retained earnings | 71,910 | 71,910 | |||||
103,446 | 103,446 | ||||||
Less-treasury stock (130 shares), at cost | 619 | 619 | |||||
Total shareholders' equity | 102,827 | 102,827 | |||||
$ | 168,656 | $ | 172,917 | ||||
PAGE 5
Consolidated Balance Sheet Frozen Food Express Industries, Inc. As of June 30, 2005 (unaudited, in thousands) | |||||||
As Reported | As Restated | ||||||
Assets | |||||||
Current assets | |||||||
Cash and cash equivalents | $ | 9,429 | $ | 9,429 | |||
Accounts receivable | 56,712 | 56,712 | |||||
Inventories | 2,453 | 2,453 | |||||
Tires on equipment in use | 4,724 | 4,724 | |||||
Deferred federal income tax | 4,081 | 4,081 | |||||
Other current assets | 7,112 | 7,112 | |||||
Total current assets | 84,511 | 84,511 | |||||
Property and equipment, net | 78,284 | 82,332 | |||||
Other assets | 12,133 | 12,133 | |||||
$ | 174,928 | $ | 178,976 | ||||
Liabilities and Shareholder's Equity | |||||||
Current Liabilities | |||||||
Accounts payable | $ | 24,128 | $ | 24,128 | |||
Accrued claims, current | 13,386 | 13,386 | |||||
Accrued payroll | 9,449 | 9,449 | |||||
Accrued liabilities | 3,861 | 7,909 | |||||
Total current liabilities | 50,824 | 54,872 | |||||
Long-term debt | - | - | |||||
Deferred federal income tax | 7,941 | 7,941 | |||||
Accrued claims, noncurrent | 6,482 | 6,482 | |||||
65,247 | 69,295 | ||||||
Shareholder's equity | |||||||
Par value of common stock (18,072 shares issued) | 27,108 | 27,108 | |||||
Capital in excess of par value | 5,540 | 5,540 | |||||
Retained earnings | 77,709 | 77,709 | |||||
110,357 | 110,357 | ||||||
Less-treasury stock (133 shares), at cost | �� | 676 | 676 | ||||
Total shareholders' equity | 109,681 | 109,681 | |||||
$ | 174,928 | $ | 178,976 | ||||
PAGE 6
Consolidated Balance Sheet Frozen Food Express Industries, Inc. As of September 30, 2005 (unaudited, in thousands) | |||||||
As Reported | As Restated | ||||||
Assets | |||||||
Current assets | |||||||
Cash and cash equivalents | $ | 7,807 | $ | 7,807 | |||
Accounts receivable | 63,243 | 63,243 | |||||
Inventories | 2,214 | 2,214 | |||||
Tires on equipment in use | 4,779 | 4,779 | |||||
Deferred federal income tax | 615 | 615 | |||||
Other current assets | 11,428 | 11,428 | |||||
Total current assets | 90,086 | 90,086 | |||||
Property and equipment, net | 82,978 | 86,812 | |||||
Other assets | 10,755 | 10,755 | |||||
$ | 183,819 | $ | 187,653 | ||||
Liabilities and Shareholder's Equity | |||||||
Current Liabilities | |||||||
Accounts payable | $ | 30,198 | $ | 30,198 | |||
Accrued claims, current | 14,380 | 14,380 | |||||
Accrued payroll | 9,986 | 9,986 | |||||
Accrued liabilities | 3,839 | 7,673 | |||||
Total current liabilities | 58,403 | 62,237 | |||||
Long-term debt | - | - | |||||
Deferred federal income tax | 6,285 | 6,285 | |||||
Accrued claims, noncurrent | 6,941 | 6,941 | |||||
71,629 | 75,463 | ||||||
Shareholder's equity | 27,205 | 27,205 | |||||
Par value of common stock (18,137 shares issued) | 5,946 | 5,946 | |||||
Capital in excess of par value | 82,685 | 82,685 | |||||
Retained earnings | 115,836 | 115,836 | |||||
Less-treasury stock (419 shares), at cost | 3,646 | 3,646 | |||||
Total shareholders' equity | 112,190 | 112,190 | |||||
$ | 183,819 | $ | 187,653 | ||||
PAGE 7