EXHIBIT 99.7
CAREY INTERNATIONAL, INC. AND SUBSIDIARIES
SUPPLEMENTAL CONSOLIDATING BALANCE SHEETS
NOVEMBER 30, 1995
Carey Indy
International, Connection
Inc. Limousine, inc. Eliminations Total
-------------- --------------- ------------ -----------
ASSETS
Cash and cash equivalents $ 1,438,659 $ 177,052 $ $ 1,615,711
Accounts receivable, net 9,023,016 341,340 9,364,356
Notes receivable from contracts, current portion 659,609 659,609
Prepaid expenses and other current assets 364,741 117,206 481,947
-------------- -------------- ------------ -----------
TOTAL CURRENT ASSETS 11,486,025 635,598 12,121,623
Fixed assets, net 2,185,071 2,133,640 4,318,711
Notes receivable from contracts, excluding current portion 193,298 193,298
Franchise rights, net 5,533,956 5,533,956
Trade name, trademark and contract rights, net 6,876,578 6,876,578
Goodwill and other intangible assets, net 7,113,684 25,579 7,139,263
Deferred tax assets 892,993 892,993
Deposits and other assets 1,615,316 37,576 1,652,892
-------------- -------------- ------------ -----------
TOTAL ASSETS $35,896,921 $2,832,393 $ $38,729,314
============== ============== ============ ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current portion of notes payable $ 4,585,703 $ 779,709 $ $ 5,365,412
Current portion of capital leases 206,031 46,922 252,953
Current portion of subordinated notes payable 100,000 100,000
Accounts payable and accrued expenses 8,000,972 350,340 8,351,312
-------------- -------------- ------------ -----------
TOTAL CURRENT LIABILITIES 12,892,706 1,176,971 14,069,677
Notes payable, excluding current portion 7,361,749 1,278,020 8,639,769
Capital leases, excluding current portion 74,879 7,142 82,021
Subordinated notes payable, excluding current portion 5,780,000 5,780,000
Deferred rent and other long-term liabilities 148,195 148,195
Deferred tax liabilities 1,001,480 85,000 1,086,480
Deferred revenue 4,726,134 4,726,134
STOCKHOLDERS' EQUITY
Preferred stock 1,212,900 40,000 1,252,900
Common stock 6,558 471,525 (464,506) 13,577
Additional paid-in capital 7,357,064 464,506 7,821,570
Accumulated deficit (4,664,744) (226,265) (4,891,009)
-------------- -------------- ------------ -----------
TOTAL STOCKHOLDERS' EQUITY 3,911,778 285,260 4,197,038
-------------- -------------- ------------ -----------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $35,896,921 $2,832,393 $ $38,729,314
============== ============== ============ ===========
99.7.1
EXHIBIT 99.7
CAREY INTERNATIONAL, INC. AND SUBSIDIARIES
SUPPLEMENTAL CONSOLIDATING STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED NOVEMBER 30, 1995
Carey Indy
International, Connection
Inc. Limousine, Inc. Eliminations Total
--------------- --------------- --------------- ---------------
Revenue, net $ 43,483,947 $ 5,485,448 $ $ 48,969,395
Cost of revenue 29,942,961 3,084,248 33,027,209
--------------- --------------- --------------- ---------------
Gross profit 13,540,986 2,401,200 15,942,186
Selling, general and administrative expense 12,419,062 1,662,090 14,081,152
--------------- --------------- --------------- ---------------
Operating income 1,121,924 739,110 1,861,034
Other income (expense):
Interest expense (1,682,886) (228,080) (1,910,966)
Interest and other income 259,854 2,793 262,647
Gain on sales of fixed assets 130,913 25,092 156,005
--------------- --------------- --------------- ---------------
Income before provision for income taxes (170,195) 538,915 368,720
Provision for income taxes 25,000 245,599 270,599
--------------- --------------- --------------- ---------------
Net income $ (195,195) $ 293,316 $ $ 98,121
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99.7.2