Exhibit 99.1 - Selected Unaudited Condensed Pro Forma Financial Information
The following unaudited pro forma consolidated balance sheet as of December 30,
2001 and unaudited pro forma consolidated statements of operations for the
fiscal year ended September 30, 2001 and for the three months ended December 30,
2001 (collectively, the "Pro Forma Statements"), show the pro forma impact on
the consolidated financial statements of Uniroyal Technology Corporation and
subsidiaries (the "Company") as though the proposed sale of Sterling
Semiconductor, Inc. ("Sterling") had taken place as of December 30, 2001 for the
balance sheet or at the beginning of the respective periods for the statements
of operations. Accordingly, to determine such Pro Forma Statements, the balances
for Sterling, as of that date and for those periods, have been deducted from the
historical Company consolidated financial statements.
The Pro Forma Statements do not purport to represent what the Company's
financial position or results of operations would have been if the sale of
Sterling had in fact occurred at December 30, 2001 and in the case of the
condensed statements of operations at October 2, 2000 or to project the
Company's financial position or results of operations at any future date or for
any future periods.
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UNIROYAL TECHNOLOGY CORPORATION
PRO FORMA CONDENSED BALANCE SHEET
(UNAUDITED)
(IN THOUSANDS)
ASSETS
December 30, 2001
------------------------------------------------------------
DISPOSITION OF
STERLING
SEMICONDUCTOR
HISTORICAL INC. PRO FORMA
------------- --------------- ---------
Current assets:
Cash and cash equivalents $ 2,024 $ - $ 2,024
Trade accounts receivable - net 1,246 (670) 576
Inventories 6,626 (1,100) 5,526
Net assets of discontinued operations of UEP 8,808 - 8,808
Prepaid expenses and other current assets 2,147 (330) 1,817
----------- ----------- -----------
Total current assets 20,851 (2,100) 18,751
Property, plant and equipment - net 61,703 (15,609) 46,094
Property, plant and equipment held for sale - net 1,597 - 1,597
Investments 2,326 - 2,326
Goodwill - net 22,743 (10,271) 12,472
Other assets - net 6,257 (4,236) 2,021
----------- ----------- -----------
TOTAL ASSETS $ 115,477 $ (32,216) $ 83,261
=========== =========== ===========
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UNIROYAL TECHNOLOGY CORPORATION
PRO FORMA CONDENSED BALANCE SHEET
(UNAUDITED)
(IN THOUSANDS)
LIABILITIES AND STOCKHOLDERS' EQUITY
December 30, 2001
---------------------------------------------------------
DISPOSITION OF
STERLING
SEMICONDUCTOR
HISTORICAL INC. PRO FORMA
------------ -------------- ----------
Current liabilities:
Current portion of long-term debt $ 9,490 $ (3,323) $ 6,167
Trade accounts payable 10,531 (3,677) 6,854
Net liabilities of discontinued operations of UAS 513 - 513
Net liabilities of discontinued operations of HPPI 1,504 - 1,504
Accrued expenses:
Compensation and benefits 4,374 (304) 4,070
Interest 127 - 127
Taxes, other than income 321 (2) 319
Accrued income taxes 206 1 207
Other 2,797 (619) 2,178
----------- ----------- -----------
Total current liabilities 29,863 (7,924) 21,939
Long-term debt, net of current portion 10,836 (2,207) 8,629
Other liabilities 23,692 (808) 22,884
----------- ----------- -----------
Total liabilities 64,391 (10,939) 53,452
----------- ----------- -----------
Minority interest 225 - 225
Stockholders' equity:
Common stock 327 - 327
Additional paid-in capital 113,968 - 113,968
Deficit (23,909) (21,277) (1) (45,186)
----------- ----------- -----------
90,386 (21,277) 69,109
Less treasury stock at cost (39,525) - (39,525)
----------- ----------- -----------
Total stockholders' equity 50,861 (21,277) 29,584
----------- ----------- -----------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 115,477 $ (32,216) $ 83,261
=========== =========== ===========
(1) Represents the net effect on deficit of the elimination of the net
assets of Sterling.
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UNIROYAL TECHNOLOGY CORPORATION
PRO FORMA CONDENSED STATEMENT OF OPERATIONS
(UNAUDITED)
(IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA)
FISCAL YEAR ENDED SEPTEMBER 30, 2001
----------------------------------------------------------
DISPOSITION OF
STERLING
SEMICONDUCTOR
HISTORICAL INC. PRO FORMA
----------- -------------- -----------
Net sales $ 5,063 $ (3,683) $ 1,380
Costs and expenses:
Costs of goods sold 6,721 (5,783) 938
Selling and administrative 26,977 (2,202) 24,775
Depreciation and other amortization 13,975 (8,429) 5,546
Write-down of goodwill 9,816 (9,816) -
Loss on assets to be disposed of 1,389 (686) 703
Purchased in-process research and development 250 - 250
----------- ----------- -----------
Loss before interest, income taxes and minority
interest (54,065) 23,233 (30,832)
Interest income 1,590 - 1,590
Interest expense (1,724) 136 (1,588)
----------- ----------- -----------
Loss before income taxes and minority
interest (54,199) 23,369 (30,830)
Income tax expense (6,549) - (6,549)
----------- ----------- -----------
Loss before minority interest (60,748) 23,369 (37,379)
Minority interest in losses of consolidated joint
venture 8,246 - 8,246
----------- ----------- -----------
Loss from continuing operations $ (52,502) $ 23,369 $ (29,133)
=========== =========== ===========
Loss from continuing operations per share:
Basic and assuming dilution $ (2.00) $ ($1.11)
=========== ===========
Average number of shares used in computation:
Basic and assuming dilution 26,286,148 26,286,148
=========== ===========
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UNIROYAL TECHNOLOGY CORPORATION
PRO FORMA CONDENSED STATEMENT OF OPERATIONS
(UNAUDITED)
(IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA)
THREE MONTH PERIOD ENDED DECEMBER 30, 2001
-----------------------------------------------------------
DISPOSITION OF
STERLING
SEMICONDUCTOR
HISTORICAL INC. PRO FORMA
----------- ---------------- -----------
Net sales $ 2,418 $ (800) $ 1,618
Costs and expenses:
Costs of goods sold 6,121 (1,993) 4,128
Selling and administrative 5,188 (1,559) 3,629
Depreciation and other amortization 3,673 (1,713) 1,960
----------- ----------- -----------
Loss before interest and income taxes (12,564) 4,465 (8,099)
Interest income 38 - 38
Interest expense (623) 120 (503)
----------- ----------- -----------
Loss before income taxes (13,149) 4,585 (8,564)
Income tax benefit 10 - 10
----------- ----------- -----------
Loss from continuing operations $ (13,139) $ 4,585 $ (8,554)
=========== =========== ===========
Loss from continuing operations per share:
Basic and assuming dilution $ (0.47) $ (0.31)
=========== ===========
Average number of shares used in computation:
Basic and assuming dilution 27,877,916 27,877,916
=========== ===========
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