Exhibit 99.1 - Unaudited Pro Forma Condensed Consolidated Balance Sheet
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as of January 31, 2001
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The table below sets forth a condensed consolidated balance sheet reflecting the
actual financial position of the Company as of January 31, 2001. The actual
balance sheet is derived from the interim financial statements of the Company,
and has not been audited.
The table also sets forth certain pro forma adjustments related to the
conversion of $9.3 million of debt (with a carrying value of $6.6 million) and
approximately $0.3 million of accrued interest into common shares of the Company
(for additional detail, see Notes 5, 7 and 14 to the Consolidated Financial
Statements for the year ended December 31, 2001). The adjustments transfer into
equity the current and non-current portions of the note balance as of January
31, 2001, along with the accrued interest through that date.
The pro forma as adjusted column reflects the effect of the pro forma
adjustments as if the debt-to-equity conversion had occurred on January 31,
2001.
HAWKER PACIFIC AEROSPACE
CONDENSED CONSOLIDATED BALANCE SHEET
(Unaudited)
As of January 31, 2001
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Pro forma Pro forma
Actual adjustments as adjusted
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Assets
Current assets $ 48,615,000 $ 48,615,000
Fixed assets, net 47,302,000 47,302,000
Other assets 1,720,000 1,720,000
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Total assets $ 97,637,000 $ 97,637,000
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Liabilities & Shareholders' Equity (Deficit)
Current Liabilities
Accounts payable & accrued liabilities $ 22,900,000 22,900,000
Accrued interest payable to related party 335,000 ($ 335,000) -
Current portion of note payable to related party 2,325,000 (2,325,000) -
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Total current liabilities 25,560,000 22,900,000
Notes payable
Bank note 65,528,000 65,528,000
Related party 4,270,000 (4,270,000) -
Total notes payable 69,798,000 65,528,000
Deferred taxes 3,006,000 3,006,000
Shareholders' equity (deficit)
Common stock; 20,000,000 shares authorized;
7,022,265 issued and outstanding actual;
3,136,952 issued and outstanding, pro forma
adjustments; and 10,159,217 issued and
outstanding, pro forma as adjusted 28,682,000 6,930,000 35,612,000
Accumulated deficit (24,205,000) (24,205,000)
Accumulated other comprehensive loss (5,204,000) (5,204,000)
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Total shareholder's equity (deficit) (727,000) 6,203,000
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Total liabilities and shareholders' equity (deficit) $ 97,637,000 $ 97,637,000
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