EXHIBIT 99.4
METALLURG, INC. AND CONSOLIDATED SUBSIDIARIES
PRO FORMA CONDENSED STATEMENT OF CONSOLIDATED OPERATIONS
YEAR ENDED DECEMBER 31, 2000
(UNAUDITED)
(In thousands)
Pro Forma
Historical (a) Adjustments Pro Forma
-------------- ----------- ---------
Total revenue..................................... $519,754 $(100,544)(b) $419,210
-------- --------- --------
Operating costs and expenses:
Cost of sales.................................. 447,535 (84,708)(c) 362,827
Selling, general and administrative expenses... 50,970 (14,287)(d) 36,683
Environmental expense recoveries............... (750) -- (750)
Restructuring charges, net..................... (258) 258 (d) --
-------- --------- --------
Total operating costs and expenses............. 497,497 (98,737) 398,760
-------- --------- --------
Operating income............................... 22,257 (1,807) 20,450
Other income (expense):
Other income, net.............................. 5,491 -- 5,491
Interest expense, net.......................... (9,993) 985 (e) (9,008)
-------- --------- --------
Income before income tax provision, minority
interest and discontinued operation......... 17,755 (822) 16,933
Income tax provision.............................. 8,605 (631)(d) 7,974
-------- --------- --------
Income before minority interest and
discontinued operation...................... 9,150 (191) 8,959
Minority interest................................. 323 (316)(d) 7
-------- --------- --------
Income from continuing operations.............. $ 9,473 $ (507) $ 8,966
======== ========= ========
- ----------
(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............................. $(144,176)
Adjustment of intergroup activity between the above companies
and the companies retained by Metallurg......................... 43,632
---------
$(100,544)
=========
(c) Reflects the following:
Total cost of sales of GfE, MIR, FAG and ABF....................... $(128,423)
Adjustment of intergroup activity between the above companies
and the companies retained by Metallurg......................... 43,715
---------
$ (84,708)
=========
(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........ $1,251
Reversal of Metallurg's interest income on loans to the above
companies....................................................... (871)
Metallurg's interest income on its restructured loan to GfE........ 605
------
$ 985
======