Exhibit 99.1 |
MINE SAFETY APPLIANCES COMPANY PRO FORMA CONSOLIDATED CONDENSED BALANCE SHEET JUNE 30, 2003 |
UNAUDITED |
(In thousands) |
Historical | Adjustments | Pro Forma | |||
ASSETS | |||||
Current assets | |||||
Cash and cash equivalents | $ 21,158 | $ 65,213 | (a) | $ 86,371 | |
Trade receivables, net | 83,990 | 83,990 | |||
Other receivables | 38,628 | 38,628 | |||
Inventories | 86,751 | 86,751 | |||
Deferred tax assets | 21,804 | 21,804 | |||
Prepaid expenses and other current assets | 13,384 | 13,384 | |||
Assets held for sale | 42,218 | (39,051) | (a)(b) | 3,167 | |
Total current assets | 307,933 | 26,162 | 334,095 | ||
Property, plant and equipment, net | 125,994 | 125,994 | |||
Prepaid pension cost | 114,265 | 114,265 | |||
Deferred tax assets | 7,530 | 7,530 | |||
Goodwill | 43,977 | 43,977 | |||
Other noncurrent assets | 13,631 | 13,631 | |||
TOTAL | $ 613,330 | $ 26,162 | $639,492 | ||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||
Current liabilities | |||||
Notes payable and current portion of | |||||
long-term debt | $ 5,194 | $ 5,194 | |||
Accounts payable | 32,889 | 32,889 | |||
Employees' compensation | 13,700 | 13,700 | |||
Insurance | 8,396 | 8,396 | |||
Taxes on income | 1,399 | 8,825 | (a) | 10,224 | |
Other current liabilities | 37,824 | 2,900 | (c) | 40,724 | |
Total current liabilities | 99,402 | 11,725 | 111,127 | ||
Long-term debt | 63,906 | 63,906 | |||
Pensions and other employee benefits | 66,010 | 66,010 | |||
Deferred tax liabilities | 64,739 | 64,739 | |||
Other noncurrent liabilities | 2,375 | 625 | (c) | 3,000 | |
Shareholders' equity | |||||
Preferred stock | 3,569 | 3,569 | |||
Common stock | 29,271 | 29,271 | |||
Stock compensation trust | (20,939) | (20,939) | |||
Treasury shares | (135,537) | (135,537) | |||
Deferred stock compensation | (1,407) | (1,407) | |||
Accumulated other comprehensive (loss) | (13,685) | (13,685) | |||
Earnings retained in the business | 455,626 | 13,812 | 469,438 | ||
Total shareholders' equity | 316,898 | 13,812 | 330,710 | ||
TOTAL | $ 613,330 | $ 26,162 | $ 639,492 | ||
(a) - - The pro forma consolidated condensed balance sheet gives effect to the sale of Callery Chemical Division to BASF Corporation for approximately $65 million cash and the recognition of estimated transaction costs associated with that sale. A nonrecurring gain of approximately $22.6 million, net of taxes of $8.8 million, has been reflected in the unaudited pro forma balance sheet. |
(b) - - Under the terms of the Agreement, accounts receivable and other current assets related to Callery Chemical Division were retained by the Company. |
(c) - - The Company will incur legal and advisory fees and certain other transaction-related expenses and obligations in conjunction with the sale of the Callery Chemical Division. |