Exhibit 2
NAI TECHNOLOGIES, INC. AND SUBSIDIARIES
Pro Forma Consolidated Balance Sheets
As of April 27, 1996
(in thousands)
- ----------------------------------------------------------------------------------------
As Pro
Reported Adjustments Forma
- ----------------------------------------------------------------------------------------
ASSETS
Current Assets:
Cash and cash equivalents 1,552 1,552
Accounts receivable, net 11,510 11,510
Inventories, net 14,133 14,133
Deferred tax asset 384 384
Other current assets 644 644
- -----------------------------------------------------------------------------------------
Total current assets 28,223 0 28,223
- -----------------------------------------------------------------------------------------
Property, plant and equipment, net 5,124 5,124
Excess of cost over fair value of assets acquired,
net 10,128 10,128
Notes receivable -- --
Other assets 3,044 150 3,194
- -----------------------------------------------------------------------------------------
Total assets 46,519 150 46,669
- -----------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------
LIABILITIES AND SHAREHOLDERS'
EQUITY
Current Liabilities:
Accounts payable 8,048 8,048
Current installments of long-term debt 2,671 2,671
Accrued payroll and commissions 419 419
Other accrued expenses 3,891 3,891
Income taxes payable 420 420
- -----------------------------------------------------------------------------------------
Total current liabilities 15,449 0 15,449
- -----------------------------------------------------------------------------------------
Long-term debt 17,573 (1,750) 15,823
Other accrued expenses 2,506 2,506
Deferred income taxes 384 384
- -----------------------------------------------------------------------------------------
Total liabilities 35,912 (1,750) 34,162
- -----------------------------------------------------------------------------------------
-6-
- ----------------------------------------------------------------------------------------
As Pro
Reported Adjustments Forma
- ----------------------------------------------------------------------------------------
Shareholders' Equity:
Capital Stock:
Preferred stock, no par value, 2,000,000
shares authorized and unissued -- --
Common stock, $.10 par value, 25,000,000
shares authorized; shares issued: 7,459,437 746 100 846
Capital in excess of par value 17,305 1,800 19,105
Foreign currency translation adjustment (14) (14)
Retained earnings (7,430) (7,430)
- -----------------------------------------------------------------------------------------
Total shareholders' equity 10,607 1,900 12,507
- -----------------------------------------------------------------------------------------
Total liabilities and shareholders' equity 46,519 150 46,669
- -----------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------
-7-