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ACT MANUFACTURING (THAILAND) PUBLIC COMPANY LIMITED
CONDENSED CONSOLIDATED BALANCE SHEET
MAY 24, 2002
(IN THOUSANDS)
<Table>
<Caption>
MAY 24, 2002
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(unaudited)
ASSETS
Cash and cash equivalents $ 17,894
Accounts receivable, net 21,097
Inventories, net 27,157
Prepaid expense and other current assets 2,653
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Total current assets 68,801
Property, plant and equipment, net 17,729
Goodwill, net 86,001
Other assets 28
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Total assets $ 172,559
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current installments of long-term debt $ 4,994
Notes payable 12,185
Accounts payable 19,264
Accrued expenses and other 4,544
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Total current liabilities 40,987
Long-term debt 15,056
Other long-term liabilities 490
Stockholders' Equity:
Common stock 15,679
Additional paid-in capital 85,783
Retained earnings 14,615
Accumulated other comprehensive loss (51)
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Total stockholders' equity 116,026
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Total liabilities and stockholders' equity $ 172,559
=============
</Table>
See accompanying notes to condensed consolidated financial statements.
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ACT MANUFACTURING (THAILAND) PUBLIC COMPANY LIMITED
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
SIX MONTHS ENDED MAY 24, 2002 AND MAY 25, 2001
(IN THOUSANDS)
<Table>
<Caption>
SIX MONTHS ENDED
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MAY 24, 2002 MAY 25, 2001
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(unaudited)
Net sales $ 90,347 $ 121,097
Cost of goods sold 83,531 107,145
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Gross profit 6,816 13,952
Selling, general and administrative 2,960 3,666
Amortization of goodwill -- 4,952
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Income from operations 3,856 5,334
Interest expense (852) (1,638)
Other income 194 2,596
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Income before income taxes 3,198 6,292
Income tax benefit (expense) 8 (45)
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Net income $ 3,206 $ 6,247
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</Table>
See accompanying notes to condensed consolidated financial statements.
2
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ACT MANUFACTURING (THAILAND) PUBLIC COMPANY LIMITED
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
MAY 24, 2002 AND MAY 25, 2001
(IN THOUSANDS)
<Table>
<Caption>
SIX MONTHS ENDED
------------------------------
MAY 24, 2002 MAY 25, 2001
------------ ------------
(unaudited)
Cash flows from operating activities:
Net income $ 3,206 $ 6,247
Adjustments to reconcile net income to net cash
provided by operating activities
Depreciation and amortization of property, plant
and equipment 1,367 1,154
Goodwill amortization -- 4,952
Gain on disposal of equipment -- (49)
Changes in operating assets and liabilities:
Accounts receivable 2,405 11,201
Inventories (3,922) 13,340
Prepaid assets and other current assets 13 (2,217)
Accounts payable 930 (13,144)
Accrued liabilities (2,679) (13,541)
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Net cash provided by operating activities 1,320 7,943
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Cash flows from investing activities:
Purchases of property, plant and equipment (769) (2,768)
Proceeds from sale of equipment -- 61
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Net cash used in investing activities (769) (2,707)
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Cash flows from financing activities:
Net borrowings on bank overdrafts and notes
payable to banks 8,302 13,359
Principal payments on long-term debt (2,497) (14,175)
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Net cash provided by financing activities 5,805 (816)
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Net increase in cash and cash equivalents 6,356 4,420
Cash and cash equivalents at beginning of period 11,538 4,005
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Cash and cash equivalents at end of period $ 17,894 $ 8,425
========== ==========
Supplemental disclosure of cash flow information:
Interest paid $ 861 $ 1,925
Income taxes paid $ 580 $ 24
</Table>
See accompanying notes to condensed consolidated financial statements.
3
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ACT MANUFACTURING (THAILAND) PUBLIC COMPANY LIMITED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(IN THOUSANDS)
(1) BASIS OF PRESENTATION
ACT Manufacturing (Thailand) Public Company Limited (the "Company"), is
a registered Thai company in the business of assembling electronic
products for export.
The condensed consolidated financial statements included herein have
been prepared by the Company without audit pursuant to the rules and
regulations of the Securities and Exchange Commission. The financial
statements reflect all normal and recurring adjustments which in the
opinion of management are necessary for a fair presentation of the
financial position, results of operations and cash flows for the
interim periods presented. The results of operations for the periods
presented are not necessarily indicative of the results to be expected
for the full year. The accompanying unaudited condensed consolidated
financial statements should be read in conjunction with the audited
annual financial statements and notes included elsewhere herein.
(2) INVENTORIES
Inventories consist of the following at May 24, 2002:
<Table>
Finished goods $ 3,387
Work in Process 6,803
Raw materials 23,581
Less provision for obsolete inventory (6,614)
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$ 27,157
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</Table>
(3) PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment consist of the following at May 24, 2002:
<Table>
Land $ 3,266
Buildings 6,810
Machinery and equipment 8,171
Leasehold improvements 1,073
Vehicles 1,019
Construction in progress 480
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Total 20,819
Less: accumulated depreciation (3,090)
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$ 17,729
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</Table>
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ACT MANUFACTURING (THAILAND) PUBLIC COMPANY LIMITED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(IN THOUSANDS)
(4) BORROWING FACILITIES
The Company has a credit facility with two local banks, which has five
tranche facilities. The five tranche facilities include the following
at May 24, 2002:
Tranche A and B are long-term facilities with maximum
aggregate principal of $25.0 million. Both Tranches bear
interest at LIBOR plus 2.5% and are payable in quarterly
installments until 2006. At May 24, 2002, interest rates
ranged from 4.62% to 5.18%. The total from both tranches
outstanding at May 24, 2002 was $20.1 million.
Tranche C are short-term revolving credit lines aggregating
$28.5 million, of which $11.3 million was outstanding at May
24, 2002. The credit lines bear interest at a range of LIBOR
plus 2.75% to 4.35%. At May 24, 2002, interest rates ranged
from 4.35% to 6.87%.
Tranche D is a banking overdraft credit line aggregating Baht
20 million. The credit line was unused at May 24, 2002. The
Company's banking overdraft lines carry interest at the rate
of MOR, which is equal to 8% on average.
Tranche E is a guarantee credit line aggregating Baht 40
million, of which Baht 34.2 million ($0.9) was outstanding at
May 24, 2002.
The Company has another short-term credit facility aggregating $4.0
million, which was not used at May 24, 2002.
5