Exhibit 99.2
CONSUMER CAP CORPORATION
UNAUDITED CONDENSED STATEMENTS OF OPERATIONS
For the Three-Month Periods Ended
November 30, 2000 and 1999
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CONSUMER CAP CORPORATION
UNAUDITED CONDENSED STATEMENTS OF OPERATIONS
(in thousands except share data)
| For the Three-Month Periods | |||||||||
| Ended November 30, | |||||||||
| 2000 | 1999 | ||||||||
| Sales | $ | 2,691 | $ | 2,342 | |||||
| Cost of sales | 2,623 | 2,103 | |||||||
| Gross profit | 68 | 239 | |||||||
| Selling, general and administrative | 391 | 684 | |||||||
| Loss from operations | (323 | ) | (445 | ) | |||||
| Other (income) expense: | |||||||||
| Interest income | — | (14 | ) | ||||||
| Interest expense | 149 | 79 | |||||||
| 149 | 65 | ||||||||
| Loss before income taxes | (472 | ) | (510 | ) | |||||
| Income tax benefit | — | — | |||||||
| Net loss | $ | (472 | ) | $ | (510 | ) | |||
| Redeemable preferred stock dividends | (140 | ) | (140 | ) | |||||
| Net loss applicable to common stock | $ | (612 | ) | $ | (650 | ) | |||
| Number of shares used in computing per share amounts | 14,800 | 14,800 | |||||||
| Basic and diluted loss per common share | $ | (41 | ) | $ | (44 | ) | |||
The accompanying notes are an integral part of these condensed financial statements.
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CONSUMER CAP CORPORATION
UNAUDITED CONDENSED STATEMENTS OF CASH FLOWS
(in thousands)
| For the Three-Month Periods | ||||||||||||
| Ended November 30, | ||||||||||||
| 2000 | 1999 | |||||||||||
| Cash flows used in operating activities: | $ | (183 | ) | $ | (577 | ) | ||||||
| Cash flows from investing activities: | ||||||||||||
| Additions to equipment and leasehold improvements | (15 | ) | (1,233 | ) | ||||||||
| Net cash used in investing activities | (15 | ) | (1,233 | ) | ||||||||
| Cash flows from financing activities: | ||||||||||||
| Borrowings under revolver, net | 263 | 224 | ||||||||||
| Borrowings under long-term debt arrangements, net | (81 | ) | 858 | |||||||||
| Borrowings from related parties, net | 76 | 139 | ||||||||||
| Net cash provided by financing activities | 258 | 1,221 | ||||||||||
| Increase (decrease) in cash and cash equivalents | 60 | (589 | ) | |||||||||
| Cash and cash equivalents at beginning of period | 15 | 2,007 | ||||||||||
| Cash and cash equivalents at end of period | $ | 75 | $ | 1,418 | ||||||||
The accompanying notes are an integral part of these condensed financial statements.
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CONSUMER CAP CORPORATION
NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS
1. Basis of Presentation:
The accompanying unaudited condensed financial statements include the accounts of Consumer Cap Corporation (“Consumer”) and have been prepared in accordance with accounting principles generally accepted in the United States of America. In the opinion of Consumer’s management, the accompanying unaudited condensed financial statements contain all adjustments, consisting only of those of a normal, recurring nature necessary for a fair presentation of the results of operations and cash flows of Consumer for the periods indicated. While management believes that the disclosures presented are adequate to make the information not misleading, these financial statements should be read in conjunction with the audited financial statements of Consumer for the eleven-month period ended November 30, 2000 included elsewhere in this Form 8-K/A. Operating results for the three-month period ended November 30, 2000 are not necessarily indicative of the results that may be expected for the fiscal year ended December 31, 2000.
2. Subsequent Event:
On December 30, 2000, Consumer entered into an agreement with Portola Packaging, Inc. (“Portola”) for the sale of substantially all of its assets and the assumption of certain of its liabilities for a purchase price of approximately $1,477,000 plus the assumption of liabilities totaling $8,248,000. The purchase price is subject to adjustment as provided in the agreement. On January 12, 2001, the acquisition was completed through the purchase of the assets of Consumer by a wholly-owned subsidiary of Portola.
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