1 EXHIBIT 99.1 PLANET POLYMER TECHNOLOGIES, INC. AND SUBSIDIARY CONSOLIDATED BALANCE SHEET --------------- UNAUDITED ---------------- ASSETS JANUARY 31, 1999 ---------------- Current assets: Cash and cash equivalents $ 913,085 Accounts receivable, net of allowance for doubtful accounts of $10,000 342,016 Inventories, net 259,963 Prepaid expenses 54,982 Income tax receivable 30,168 ------------ Total current assets 1,600,214 Property and equipment, net of accumulated depreciation of $907,341 742,203 Goodwill, net of accumulated amortization of $98,670 541,352 Patents and trademarks, net of accumulated amortization of $117,399 317,364 Other assets 5,271 Deferred income taxes, net 32,144 ------------ Total assets $ 3,238,548 ============ LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable $ 142,163 Accrued payroll and vacation 43,335 Other accrued expenses 1,153 Current portion of capital lease obligations 12,005 ------------ Total current liabilities 198,656 Capital lease obligations, less current portion 30,081 Other liabilities 265,842 ------------ Total liabilities 494,579 ------------ Commitments - Shareholders' equity: Preferred Stock, no par value 4,250,000 shares authorized No shares issued or outstanding - Series A Convertible Preferred Stock, no par value 750,000 shares authorized 500,000 shares issued and outstanding Liquidation preference $1,000,000 804,435 Common Stock, no par value 20,000,000 shares authorized 6,341,062 shares issued and outstanding 11,868,611 Accumulated deficit (9,929,077) ------------ Total shareholders' equity 2,743,969 ------------ Total liabilities and shareholders' equity $ 3,238,548 ============ 5 2 PLANET POLYMER TECHNOLOGIES, INC. AND SUBSIDIARY CONSOLIDATED STATEMENT OF OPERATIONS --------------- UNAUDITED ---------------- ONE MONTH ENDED JANUARY 31, 1999 ---------------- Sales $ 177,947 Cost of sales 163,503 ----------- Gross profit 14,444 ----------- Operating expenses: General and administrative 68,125 Marketing 15,828 Research and development, net 13,204 ----------- Total operating expenses 97,157 ----------- Loss from operations (82,713) Other income, net 828 ----------- Loss before income taxes (81,885) Income tax expense (280) ----------- Net loss $ (82,165) =========== Loss per share (basic and diluted) $ (0.01) =========== Shares used in per share computation 5,986,223 =========== 6