EXHIBIT 99.5
METALLURG, INC. AND CONSOLIDATED SUBSIDIARIES
PRO FORMA CONDENSED STATEMENT OF CONSOLIDATED OPERATIONS
YEAR ENDED DECEMBER 31, 2000
(UNAUDITED)
(In thousands)
Pro Forma
Historical Adjustments Pro Forma
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Total revenue......................................... $419,209 $(23,369)(a) $395,840
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Operating costs and expenses:
Cost of sales...................................... 362,550 (18,863)(b) 343,687
Selling, general and administrative expenses....... 36,573 (2,450)(c) 34,123
Environmental expense recoveries................... (750) - (750)
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Total operating costs and expenses ................ 398,373 (21,313) 377,060
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Operating income................................... 20,836 (2,056) 18,780
Other income (expense):
Other income, net.................................. 5,491 - 5,491
Interest expense, net.............................. (8,772) (242)(c) (9,014)
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Income before income tax provision and minority
interest ....................................... 17,555 (2,298) 15,257
Income tax provision ................................. 7,974 (2,797)(c) 5,177
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Income before minority interest ................... 9,581 499 10,080
Minority interest .................................... 7 - 7
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Net income ........................................ $ 9,588 $ 499 $ 10,087
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(a) Reflects the following:
Total revenue of EWW and TMS................................................................... $(41,139)
Adjustment of intergroup activity between the above companies and the companies retained by
Metallurg................................................................................. 17,770
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$(23,369)
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(b) Reflects the following:
Total cost of sales of EWW and TMS............................................................. $(35,999)
Adjustment of intergroup activity between the above companies and the companies retained by
Metallurg................................................................................. 17,136
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$(18,863)
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(c) Reflects the activity of EWW and TMS.