Exhibit 99.1
OM Group, Inc. and Subsidiaries
Unaudited Proforma Condensed Consolidated Balance Sheet
As of December 31, 2006
Unaudited Proforma Condensed Consolidated Balance Sheet
As of December 31, 2006
(In thousands, except share data) | As Reported | Adjustments | Proforma | |||||||||
ASSETS | ||||||||||||
Current assets | ||||||||||||
Cash and cash equivalents | $ | 282,288 | $ | 478,000 | (a) | $ | 760,288 | |||||
Accounts receivable, less allowance of $1,137 | 82,931 | 82,931 | ||||||||||
Inventories | 216,492 | 216,492 | ||||||||||
Other current assets | 30,648 | 30,648 | ||||||||||
Assets of discontinued operations | 597,682 | (597,682 | )(b) | — | ||||||||
Total current assets | 1,210,041 | (119,682 | ) | 1,090,359 | ||||||||
Property, plant and equipment, net | 210,953 | 210,953 | ||||||||||
Goodwill | 137,543 | 137,543 | ||||||||||
Notes receivable from joint venture partner,less allowance of $5,200 | 24,179 | 24,179 | ||||||||||
Other non-current assets | 35,508 | 35,508 | ||||||||||
Total assets | $ | 1,618,224 | $ | (119,682 | ) | $ | 1,498,542 | |||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||
Current liabilities | ||||||||||||
Short-term debt | $ | 326 | $ | 326 | ||||||||
Current portion of long-term debt | 167 | 167 | ||||||||||
Debt to be redeemed | 402,520 | 402,520 | ||||||||||
Accounts payable | 90,768 | 90,768 | ||||||||||
Accrued employee costs | 28,806 | 28,806 | ||||||||||
Retained liabilities of businesses sold | 2,158 | 2,158 | ||||||||||
Other current liabilities | 57,396 | 5,000 | (c) | 62,396 | ||||||||
Liabilities of discontinued operations | 167,148 | (167,148 | )(b) | — | ||||||||
Total current liabilities | 749,289 | (162,148 | ) | 587,141 | ||||||||
Long-term debt | 1,224 | 1,224 | ||||||||||
Deferred income taxes | 4,118 | 4,118 | ||||||||||
Minority interests | 43,286 | 43,286 | ||||||||||
Other non-current liabilities | 38,228 | 38,228 | ||||||||||
Stockholders’ equity: | ||||||||||||
Preferred stock, $.01 par value: | ||||||||||||
Authorized 2,000,000 shares, no shares issued or outstanding | — | — | ||||||||||
Common stock, $.01 par value: | ||||||||||||
Authorized 60,000,000 shares; issued 29,801,334 | 297 | 297 | ||||||||||
Capital in excess of par value | 533,818 | 533,818 | ||||||||||
Retained earnings | 221,310 | 65,602 | (d) | 286,912 | ||||||||
Treasury stock (61,541 shares, at cost) | (2,239 | ) | (2,239 | ) | ||||||||
Accumulated other comprehensive income | 28,893 | (23,136 | )(b) | 5,757 | ||||||||
Total stockholders’ equity | 782,079 | 42,466 | 824,545 | |||||||||
Total liabilities and stockholders’ equity | $ | 1,618,224 | $ | (119,682 | ) | $ | 1,498,542 | |||||
(a) | To recognize proceeds received from the sale of the Nickel business, including an estimated working capital adjustment of $78 million, less $8 million of estimated direct transaction costs. | |
(b) | To record the disposition of assets, liabilities and accumulated other comprehensive income amounts of the Nickel business. | |
(c) | To record an estimated additional tax liability from the sale of the Nickel business. The corresponding expense would be recorded as a component of income from discontinued operations. | |
(d) | To reflect the $70.6 million estimated pre-tax gain on sale, net of $5 million estimated tax effect. Such gain would be a component of income from discontinued operations. |