Pro Forma Financial Information
The Westwood Group, Inc.and Subsidiaries
Pro Forma Condensed Consolidated
Balance Sheet at
June 30, 1999
(unaudited)
-Pro Forma
Adjustments-
Historical Back Bay(a) Other (b) Pro Forma
ASSETS
Current Assets
Cash and cash
equivalents $3,713,888 $3,562,000 $151,888
Restricted cash 153,274 153,274
Accounts Receivable 411,974 178,000 233,974
Prepaid Expenses and other 2,367,573 ,923,000 444,573
current assets
Note Receivables from 83,993 628,398 (b) 712,391
Officers
Total Current Assets 6,730,702 5,663,000 628,398 1,696,100
Property, Plant, and 39,274,128 33,625,000 5,649,128
Equipment, Net
Intangibles, Net 15,412,439 5,279,067 133,372
Note Receivable from
Officers, 543,505 2,203,108 (b) 2,746,613
less current portion
$61,960,774 $54,567,067 $2,831,506 $10,225,213
===================================================
-Pro Forma
Adjustments-
Historical Back Bay(a) Other Pro Forma
Liabilities and
Stockholder's
Equity
Current liabilities:
Accounts payable and
other accrued $13,854,767 $10,159,000 -$283,003 (b) $3,412,764
liabilities
Current maturities
of long 1,590,777 1,287,000 303,777
term debt
Other current
liabilities 1,239,547 100,000 (c) 1,339,547
Total Current
liabilities 16,685,091 11,446,000 -183,003 5,056,088
Long Term Debt,
less current 39,797,270 34,330,000 -970,000 (b) 4,497,270
maturities
Other Long Term
Liabilties 1,852,082 180,000 1,672,082
Total Liabilities 58,334,443 45,956,000 -1,153,003 11,225,440
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Minority Interest
in Subsidiary 2,321,100 2,321,100 0
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Stockholder's Equity:
Common Stock 19,444 14,000 14,000 (b) 19,444
Class B common stock 9,126 9,126
Additional paid in
capital 13,379,275 5,621,967 5,621,967 (b) 13,379,275
Accumulated deficit -3,888,428 654,000 -1,651,458 -6,193,886
Other comprehensive
loss -249,404 -249,404
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9,270,013 6,289,967 3,984,509 6,964,555
Less: treasury stock -7,964,782 -7,964,782
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1,305,231 6,289,967 3,984,509 -1,000,227
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$61,960,774 $54,567,067 $2,831,506 $10,225,213
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(a) To eliminate the assets and liabilities included in the balance sheet
of the Company's Back Bay Restaurant ("BBRG") business as of June 30, 1999.
(b) To reflect the basis of the transaction (cash / retirement of debt for
the interest in BBRG) $628,398 records the officer note receivable plus $128,398
of accrued interest $2,203,108 represents the long term portion of the officer
note receivable $970,000 and $283,003 eliminates the note due to BBRG and the
related accrued interest $5,635,967 ($14,000 Common Stock /
$5,621,967APIC)eliminates the equity interest in BBRG in the 12/31/98
Consolidated Financial Statements
(c) To reflect transaction costs of the Company