Exhibit 99.4
CAREY INTERNATIONAL, INC. AND SUBSIDIARIES
SUPPLEMENTAL CONSOLIDATING BALANCE SHEET
AUGUST 31, 1997
Carey Indy
International, Connection
Inc. Limousine, Inc. Eliminations Total
-------------- --------------- ---------------- ------------
ASSETS
Cash and cash equivalents $ 5,277,921 $ 325,102 $ $ 5,603,023
Accounts receivable, net 9,210,589 426,323 9,636,912
Notes receivable from contracts, current portion 663,807 663,807
Prepaid expenses and other current assets 1,316,417 152,797 1,469,214
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TOTAL CURRENT ASSETS 16,468,734 904,222 17,372,956
Fixed assets, net 4,589,016 2,835,119 7,424,135
Notes receivable from contracts, excluding current portion 8,326,216 0 8,326,216
Franchise rights, net 5,171,327 5,171,327
Trade name, trademark and contract rights, net 6,541,553 6,541,553
Goodwill and other intangible assets, net 27,929,464 22,342 27,951,806
Deferred tax assets 2,968,058 2,968,058
Deposits and other assets 2,049,915 32,109 2,082,024
-------------- --------------- ---------------- ------------
TOTAL ASSETS $ 74,044,283 $ 3,793,792 $ $ 77,838,075
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current portion of notes payable $ 303,400 $ 810,270 $ $ 1,113,670
Current portion of capital leases 226,069 226,069
Accounts payable and accrued expenses 12,768,218 650,240 13,418,458
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TOTAL CURRENT LIABILITIES 13,297,687 1,460,510 14,758,197
Notes payable, excluding current portion 842,825 626,477 1,469,302
Capital leases, excluding current portion 955,336 955,336
Deferred rent and other long-term liabilities 53,116 53,116
Deferred tax liabilities 1,493,071 101,000 1,594,071
Deferred revenue 13,721,483 13,721,483
STOCKHOLDERS' EQUITY
Preferred stock
Common stock 68,427 491,725 (484,507) 75,645
Additional paid-in capital 43,743,996 484,507 44,228,503
Retained earnings (accumulated deficit) (131,658) 1,114,080 982,422
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TOTAL STOCKHOLDERS' EQUITY 43,680,765 1,605,805 45,286,570
-------------- --------------- ---------------- ------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 74,044,283 $ 3,793,792 $ $ 77,838,075
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99.4.1
EXHIBIT 99.4
CAREY INTERNATIONAL, INC. AND SUBSIDIARIES
SUPPLEMENTAL CONSOLIDATING STATEMENT OF OPERATIONS
FOR THE NINE MONTHS ENDED AUGUST 31, 1997
Carey Indy
International, Connection
Inc. Limousine, Inc. Eliminations Total
-------------- --------------- ------------ -----------
Revenue, net $ 52,050,523 $ 5,230,482 $ (63,641) $57,217,364
Cost of revenue 35,597,997 2,488,182 (63,641) 38,022,538
-------------- --------------- ------------ -----------
Gross profit 16,452,526 2,742,300 19,194,826
Selling, general and administrative expense 12,902,857 1,368,687 14,271,544
-------------- --------------- ------------ -----------
Operating income 3,549,669 1,373,613 4,923,282
Other income (expense):
Interest expense (904,896) (117,658) (1,022,554)
Interest and other income 161,985 8,412 170,397
Gain on sales of fixed assets 167,852 11,619 179,471
-------------- --------------- ------------ -----------
Income before provision for income taxes 2,974,610 1,275,986 4,250,596
Provision for income taxes 1,227,183 469,693 1,696,876
-------------- --------------- ------------ -----------
Net income $ 1,747,427 $ 806,293 $ $ 2,553,720
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99.4.2