EXHIBIT 99.5
METALLURG, INC. AND CONSOLIDATED SUBSIDIARIES
PRO FORMA CONDENSED STATEMENT OF CONSOLIDATED OPERATIONS
YEAR ENDED JANUARY 31, 2000
(UNAUDITED)
(In thousands)
Pro Forma
Historical (a) Adjustments Pro Forma
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Total revenue.................................................. $470,422 $ (99,108)(b) $ 371,314
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Operating costs and expenses:
Cost of sales............................................... 422,351 (85,951)(c) 336,400
Selling, general and administrative expenses................ 52,463 (16,648)(d) 35,815
Environmental expense recoveries............................ (5,501) -- (5,501)
Restructuring charges, net.................................. 6,536 (3,444)(d) 3,092
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Total operating costs and expenses.......................... 475,849 (106,043) 369,806
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Operating (loss) income..................................... (5,427) 6,935 1,508
Other expense:
Other expense, net.......................................... (151) (25)(d) (176)
Interest expense, net....................................... (10,311) 1,638 (e) (8,673)
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Loss before income tax provision, minority interest and
discontinued operation.................................... (15,889) 8,548 (7,341)
Income tax provision........................................... 3,421 (420)(d) 3,001
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Loss before minority interest and discontinued operation.... (19,310) 8,968 (10,342)
Minority interest.............................................. 135 (135)(d) --
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Loss from continuing operations............................. $(19,175) $ 8,833 $ (10,342)
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(a) Historical figures have been restated to reflect the disposition of GfE's
prosthetics company in Morsdorf, Germany, on January 1, 2002.
(b) Reflects the following:
Total revenue of GfE, MIR, FAG and ABF............................. $(135,333)
Adjustment of intergroup activity between the above
companies and the companies retained by Metallurg............... 36,225
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$ (99,108)
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(c) Reflects the following:
Total cost of sales of GfE, MIR, FAG and ABF....................... $(122,348)
Adjustment of intergroup activity between the above
companies and the companies retained by Metallurg............... 36,397
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$ (85,951)
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(d) Reflects the activity of GfE, MIR, FAG and ABF.
(e) Reflects the following:
Reversal of interest expense, net, of GfE, MIR, FAG and ABF........ $1,326
Reversal of Metallurg's interest income on loans to the above
companies....................................................... (288)
Metallurg's interest income on its restructured loan to GfE........ 600
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$1,638
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