Exhibit 99.1
INTRICON CORPORATION
Pro Forma Consolidated Condensed Balance Sheet
(Unaudited)
As of March 31, 2010 |
| As Reported |
| Pro Forma |
| Pro Forma |
| |||
ASSETS |
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Current assets: |
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Cash |
| $ | 491,486 |
| $ | 850,000 | (1) | $ | 1,341,486 |
|
Restricted cash |
|
| 321,745 |
|
| — |
|
| 321,745 |
|
Accounts receivable, less allowance for doubtful accounts of $226,000 |
|
| 7,570,179 |
|
| — |
|
| 7,570,179 |
|
Inventories |
|
| 8,297,085 |
|
| — |
|
| 8,297,085 |
|
Other current assets |
|
| 598,101 |
|
| — |
|
| 598,101 |
|
Current assets of discontinued operations |
|
| 1,242,312 |
|
| (1,242,312 | ) (2) |
| — |
|
Total current assets |
|
| 18,520,908 |
|
| (392,312 | ) |
| 18,128,596 |
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Machinery and equipment |
|
| 35,933,986 |
|
| — |
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| 35,516,164 |
|
Less: Accumulated depreciation |
|
| 29,205,782 |
|
| — |
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| 29,205,782 |
|
Net machinery and equipment |
|
| 6,728,204 |
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| — |
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| 6,728,204 |
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Goodwill |
|
| 9,708,979 |
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| — |
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| 9,708,979 |
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Investment in partnerships |
|
| 1,225,278 |
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| — |
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| 1,225,278 |
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Other assets of discontinued operations |
|
| 124,245 |
|
| (124,245 | ) (2) |
| — |
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Other assets, net |
|
| 1,438,348 |
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| — |
|
| 1,438,348 |
|
Total assets |
| $ | 37,745,962 |
| $ | (516,557 | ) | $ | 37,229,405 |
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LIABILITIES AND SHAREHOLDERS’ EQUITY |
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Current liabilities: |
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Checks written in excess of cash |
| $ | 249,461 |
|
| — |
| $ | 249,461 |
|
Current maturities of long-term debt |
|
| 1,714,802 |
|
| — |
|
| 1,714,802 |
|
Accounts payable |
|
| 3,878,749 |
|
| — |
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| 3,878,749 |
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Income taxes payable |
|
| 19,628 |
|
| — |
|
| 19,628 |
|
Deferred gain |
|
| 110,084 |
|
| — |
|
| 110,084 |
|
Partnership payable |
|
| 260,000 |
|
| — |
|
| 260,000 |
|
Liabilities of discontinued operations |
|
| 1,034,169 |
|
| (1,034,169 | ) (2) |
| — |
|
Other accrued liabilities |
|
| 3,291,447 |
|
| 470,000 | (3) |
| 3,761,447 |
|
Total current liabilities |
|
| 10,558,340 |
|
| (564,169 | ) |
| 9,994,171 |
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Long term debt, less current maturities |
|
| 7,109,030 |
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| — |
|
| 7,109,030 |
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Other postretirement benefit obligations |
|
| 738,465 |
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| — |
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| 738,465 |
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Long term partnership payable |
|
| 500,000 |
|
| — |
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| 500,000 |
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Deferred income taxes |
|
| 122,753 |
|
| — |
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| 122,753 |
|
Accrued pension liabilities |
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| 503,893 |
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| — |
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| 503,893 |
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Deferred gain |
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| 577,942 |
|
| — |
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| 577,942 |
|
Total liabilities |
|
| 20,110,423 |
|
| (564,169 | ) |
| 19,546,254 |
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Commitments and contingencies |
|
| — |
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| — |
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| — |
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Shareholders’ equity: |
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Common shares, $1.00 par value per share; 20,000,000 shares authorized; 5,990,412 shares issued; 5,474,658 shares outstanding |
|
| 5,990,412 |
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| — |
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| 5,990,412 |
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Additional paid-in capital |
|
| 15,118,128 |
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| — |
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| 15,118,128 |
|
Retained deficit |
|
| (1,986,891 | ) |
| 47,612 | (4) |
| (1,939,279 | ) |
Accumulated other comprehensive loss |
|
| (221,032 | ) |
| — |
|
| (221,032 | ) |
Less: 515,754 common shares held in treasury, at cost |
|
| (1,265,078 | ) |
| — |
|
| (1,265,078 | ) |
Total shareholders’ equity |
|
| 17,635,539 |
|
| — |
|
| 17,635,539 |
|
Total liabilities and shareholders’ equity |
| $ | 37,745,962 |
| $ | (516,557 | ) | $ | 37,229,405 |
(1) | Pro forma adjustment reflects total cash proceeds of $850,000 based on a closing date of March 31, 2010. |
(2) | Pro forma adjustments reflect the removal of the assets and liabilities of the electronics business. |
(3) | Pro forma adjustment reflects the estimated one-time employee termination benefits retained by parent Company. |
(4) | Pro forma adjustment reflects the estimated $110,000 gain on the sale of the electronics business and the removal of operations of the electronics business. |