EHXIBIT 99
DynCorp and Subsidiaries
Restated Consolidated Condensed Balance Sheets (a)
(Dollars in thousands)
Unaudited
December 31, 1994 March 30, 1995
Discon- Discon-
Historical tinuation Restated Historical tinuation Restated
Assets
Current Assets:
Cash and short-term investments $ 12,404 $ 820 (b) $ 13,224 $28,035 $ (17,750)(b) $ 10,285
Notes and current portion of long-term
receivables 393 (306)(b) 87 524 (310)(b) 214
Accounts receivable and contracts
in process 208,519 (35,788)(b) 172,731 200,802 (35,519)(b) 165,283
Inventories of purchased products
and supplies 6,354 (5,561)(b) 793 6,086 (5,410)(b) 676
Other current assets 7,792 (1,059)(b) 6,733 9,600 (1,646)(b) 7,954
Net current assets of
discontinued operations - 18,752 (b) 18,752 - 19,057 (b) 19,057
Total Current Assets 235,462 (23,142) 212,320 245,047 (41,578) 203,469
Long-term Receivables 1,594 (1,161)(b) 433 1,429 (1,123)(b) 306
Property and Equipment, at cost:
Land 5,394 (22)(b) 5,372 1,621 (22)(b) 1,599
Buildings and leasehold improvements 34,321 (9,973)(b) 24,348 16,512 (9,021)(b) 7,491
Machinery and equipment 68,803 (33,737)(b) 35,066 53,876 (15,726)(b) 38,150
108,518 (43,732) 64,786 72,009 (24,769) 47,240
Accumulated depreciation and
amortization (48,156) 21,219 (b) (26,937) (38,066) 8,765 (b) (29,301)
Net property and equipment 60,362 (22,513) 37,849 33,943 (16,004) 17,939
Intangible Assets 94,792 (42,955)(b) 51,837 93,863 (42,583)(b) 51,280
Other Assets 10,120 (616)(b) 9,504 10,192 (1,520)(b) 8,672
Total Assets $402,330 $(90,387) $311,943 $384,474 $(102,808) $281,666
<FN>
(a) The unaudited restated consolidated condensed balance sheets as of December
31, 1994 and March 30, 1995 have been prepared to give effect to the
discontinuance of the Commercial Aviation Sector business as if it had
occurred on those dates. Although the Company believes that all
adjustments made to the historical statements for the discontinued
operations are properly reflected, the amounts are subject to change
resulting from the final disposition of the Commercial Aviation Sector
business and to audit adjustments.
(b) Reclass the assets and liabilities of the Commercial Aviation business to
net current and noncurrent assets or liabilities of discontinued
operations.
</FN>
DynCorp and Subsidiaries
Restated Consolidated Condensed Balance Sheets (a)
(Dollars in thousands)
Unaudited
December 31, 1994 March 30, 1995
Discon- Discon-
Historical tinuation Restated Historical tinuation Restated
Liabilities, Redeemable Common Stock
and Stockholders' Equity
Current Liabilities:
Notes payable and current portion of
long-term debt $ 3,344 $ (340)(b) $ 3,004 $ 22,961 $ (70)(b) $ 2,891
(20,000)(c)
Accounts payable 25,529 (6,650)(b) 18,879 20,753 (6,009)(b) 14,744
Deferred revenue and customer advances 5,389 (1,526)(b) 3,863 3,768 (896)(b) 2,872
Accrued expenses 110,121 (14,626)(b) 95,495 103,996 (14,603)(b) 89,393
Total Current Liabilities 144,383 (23,142) 121,241 151,478 (41,578) 109,900
Long-term Debt 230,608 (163)(b) 160,445 192,575 (144)(b) 142,431
(70,000)(c) (50,000)(c)
Other Liabilities and Deferred Credits 17,801 (40)(b) 17,761 29,693 (15,972)(b) 13,721
Net Noncurrent Liabilities
of Discontinued Operations - (67,042)(b) 2,958 - (45,114)(b) 4,886
70,000 (c) 50,000(c)
Total Liabilities 392,792 (90,387) 302,405 373,746 (102,808) 270,938
Commitments, Contingencies
and Litigation - - - - - -
Redeemable Common Stock
redemption value per share of $18.20,
125,714 shares issued and outstanding 2,288 - 2,288 2,288 - 2,288
Stockholders' Equity
Capital stock, par value ten cents per share -
Preferred stock, Class C, 18% cumulative,
convertible, $24.25 liquidation value,
123,711 shares authorized and issued
and outstanding 3,000 - 3,000 3,000 - 3,000
Common stock 789 - 789 923 - 923
Common stock warrants 11,486 - 11,486 11,489 - 11,489
Unissued common stock under restricted
stock plan 9,923 - 9,923 7,566 - 7,566
Paid-in surplus 118,068 - 118,068 138,288 - 138,288
Retained earnings (deficit) (118,256) - (118,256) (119,805) - (119,805)
Unearned ESOP Shares - - - (13,750) - (13,750)
Common stock held in treasury (8,817) - (8,817) (9,952) - (9,952)
Cummings Point Industries
Note Receivable (8,943) - (8,943) (9,319) - (9,319)
Total stockholders' equity 7,250 - 7,250 8,440 - 8,440
Total Liabilities, Redeemable Common
Stock and Stockholders' Equity $402,330 $(90,387) $311,943 $384,474 $(102,808) $281,666
<FN>
(a) The unaudited restated consolidated condensed balance sheets as of December
31, 1994 and March 30, 1995 have been prepared to give effect to the
discontinuance of the Commercial Aviation Sector business as if it had
occurred on those dates. Although the Company believes that all
adjustments made to the historical statements for the discontinued
operations are properly reflected, the amounts are subject to change
resulting from the final disposition of the Commercial Aviation Sector
business and to audit adjustments.
(b) Reclass the assets and liabilities of the Commercial Aviation business to
net current and net noncurrent assets or liabilities of discontinued
operations.
(c) Portion of debt attributable to the discontinued operations based on the
ratio of net assets of the discontinued business to the consolidated net
assets plus debt. Net proceeds are expected to exceed this amount.
</FN>
DynCorp and Subsidiaries
Restated Consolidated Condensed Statements of Operations (a)
(Dollars in thousands except per share data)
Unaudited
For the Year Ended For the Three Months Ended
December 31, 1994 March 30, 1995
Discon- Discon-
Historical tinuation Restated Historical tinuation Restated
Revenues $1,022,072 $(203,389)(b) $818,683 $ 260,202 $ (48,565)(b) $ 211,637
Costs and expenses:
Cost of services 978,204 (195,109)(b) 783,095 249,565 (45,743)(b) 203,822
Selling and corporate administrative 17,199 (312)(b) 16,887 4,417 (77)(b) 4,340
Interest expense 25,618 (115)(b) 14,903 7,200 (22)(b) 4,478
(10,600)(c) (2,700)(c)
Interest income (2,468) 70 (b) (2,398) (888) 53 (b) (835)
Aircraft maintenance facilities -
consolidation and asset impairment 9,492 (9,492)(b) - - - -
Other 10,934 (3,280)(b) 7,654 938 (304)(b) 634
Total costs and expenses 1,038,979 (218,838) 820,141 261,232 (48,793) 212,439
Earnings (loss) before income taxes,
minority interest and discontinued
operations (16,907) 15,449 (1,458) (1,030) 228 (802)
Provision (benefit) for income taxes (5,206) 2,970 (2,236) 90 (119) (29)
Earnings (loss) before minority interest
and discontinued operations (11,701) 12,479 778 (1,120) 347 (773)
Minority interest 1,130 - 1,130 302 - 302
Earnings (loss) from continuing
operations (12,831) 12,479 (352) (1,422) 347 (1,075)
Discontinued operations - (12,479) (12,479) - (347) (347)
Net Earnings (loss) before
extraordinary item (12,831) - (12,831) (1,422) - (1,422)
Extraordinary Item - - - 127 - 127
Net Loss $ (12,831)$ - $(12,831) $ (1,549)$ - $ (1,549)
Loss Per Common Share
Primary and fully diluted:
Earnings (loss) from continuing
operations $ (2.12) $ (0.29) $ (0.23) $ (0.19)
Discontinued operations - (1.83) - (0.04)
Extraordinary item - - (0.02) (0.02)
Net loss for common stockholders $ (2.12) $ (2.12) $ (0.25) $ (0.25)
<FN>
(a) The unaudited restated consolidated condensed statements of operations for
the year ended December 31, 1994 and three months ended March 30, 1995 have
been prepared to give effect to the discontinuance of the Commercial
Aviation Sector business as if it had occurred at the beginning of the
respective periods. Although the Company believes that all adjustments
made to the historical statements for the discontinued operations are
properly reflected, the amounts are subject to change resulting from the
final disposition of the Commercial Aviation Sector business and to audit
adjustments.
(b) Reclass individual elements of operating results of the Commercial Aviation
business to earnings from discontinued operations.
(c) Allocation of interest expense on debt attributable to the discontinued
operations.
</FN>