Pro Forma Financial Information
The Westwood Group, Inc. and Subsidiaries
Pro Forma Condensed Consolidated
Income Statement
at
June 30, 1999
(unaudited)
For Six Months
Ended -Pro Forma
Adjustments-
Historical Back Bay(a) Other Pro Forma
Operating Revenue:
Pari - mutuel
commissions $7,425,713 $7,425,713
Restaurants 27,307,000 27,307,000 0
Concessions 1,326,920 1,326,920
Other 240,612 240,612
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Net revenue 36,300,245 27,307,000 0 8,993,245
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Cost of revenue:
Wages, taxes and
benefits 11,462,583 8,173,000 3,289,583
Purses 2,216,550 2,216,550
Cost of food
and beverage 7,582,950 7,358,000 224,950
Administrative 2,822,886 2,628,000 194,886
General
operating 8,070,112 6,018,000 2,052,112
Depreciation and
amortization 1,486,321 1,134,000 352,321
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Total cost
of revenue 33,641,402 25,311,000 0 8,330,402
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Income from
operations 2,658,843 1,996,000 0 662,843
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Other income
(expense)
Interest income
(expense), net -1,207,579 -1,008,000 128,398 (b) -71,181
Equity income
(loss) in -47,600 47,600 (c) 0
investments
Other income,
net -54,000 -54,000 0
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Total other
income -1,309,179 -1,062,000 175,998 -71,181
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Income from operations before
provision for
ncome taxes and
minority 1,349,664 934,000 175,998 239,666
interest in subsidiary
Provision for
income tax 332,800 280,000 52,800
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Income before
minority interst 1,016,864 654,000 175,998 186,866
in subsidiary
Minority interest
in subsidiary -166,247 -166,247
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Net income $850,617 $654,000 $175,998 $20,619
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Basic and diluted per share
data:
Net Income $0.67 $0.52 $0.14 $0.02
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Basic and diluted
weighted average
common shares
outstanding 1,263,225 1,263,225 1,263,225 1,263,225
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(a) To eliminate the income and expenses included in the income statement
of the Company's Back Bay Restaurant Group, Inc. (BBRG) investment (subsidiary)
through June 30, 1999. Restaurant business as of June 30, 1999.
(b) To reflect the basis of the transaction of the sale of BBRG.
(c) To reflect the elimination of the equity interest from BBRG earned in
the first quarter of calendar 1999.