EXHIBIT 99.1
TECSTAR ELECTRO SYSTEMS, INC.
BALANCE SHEETS (UNAUDITED)
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<Caption>
As of
31-Dec-01 30-Apr-02
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(in thousands)
ASSETS
Cash 392 415
Accounts Receivables -- Trade 5,124 4,520
Inventory 8,752 6,987
Prepaid Expense 61 187
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TOTAL CURRENT ASSETS 14,329 12,109
Land 180 180
Building and Improvements 733 733
Machinery and Equipment 3,487 3,416
Accumulated Depreciation (2,666) (2,650)
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TOTAL PLANT, PROPERTY AND EQUIPMENT 1,734 1,679
Intercompany Receivable -- --
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TOTAL OTHER ASSETS -- --
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TOTAL ASSETS 16,063 13,788
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LIABILITIES AND EQUITY
Accounts Payable 3,165 1,505
Accrued Compensation & Related Expenses 2,171 2,251
Other Accrued Liabilities 1,010 440
Deferred Income 47 25
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TOTAL CURRENT LIABILITIES 6,393 4,221
Common Stock -- --
Additional Paid in Capital 12,468 11,718
Goodwill Write-off (6,006) (6,006)
Retained Earnings 3,208 3,855
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TOTAL EQUITY 9,670 9,567
TOTAL LIABILITIES AND EQUITY 16,063 13,788
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</Table>
TECSTAR ELECTRO SYSTEMS, INC.
INCOME STATEMENT (UNAUDITED)
<Table>
<Caption>
Year Four months
ended ended
31-Dec-01 30-Apr-02
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(in thousands)
NET SALES $ 27,881 $ 8,628
Std Cost of Sales
Material & Material Burden 11,733 3,896
Labor 2,586 748
Other Direct 215 226
Overhead 4,811 1,925
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Total Standard Cost of Sales 19,345 6,795
Std. Gross Margin 8,536 1,833
31% 21%
Mfg. Variances 1,186 664
Mfg. Overhead Spending 6,889 1,632
Facilities 0 0
Fringes (0) (0)
Material Burden Spending 1,421 358
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Total Mfg. Overhead 8,310 1,990
Mfg. Overhead Absorbed (6,586) (2,638)
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Net (Over) Under Absorbed Overhead 1,724 (648)
Royalties -- --
Warranty 388 63
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COST OF SALES 22,643 6,874
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GROSS PROFIT 5,238 1,754
OPERATING EXPENSES:
Research & Development 203 42
Sales & Marketing 433 139
Bid & Proposal 219 40
General & Administrative 3,096 893
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TOTAL OPERATING EXPENSES 3,950 1,114
OPERATING PROFIT BEFORE CORP CHARGES 1,288 640
ALLOCATION OF CORPORATE
Sales & Marketing -- --
General & Administrative 364 --
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TOTAL CORPORATE CHARGES 364 --
OPERATING INCOME (LOSS) AFTER CORP 923 640
OTHER EXPENSES AND INCOME
Interest and Other Expense (19) (18)
Interest and Other Income (4,778) (30)
Amortization of Intangibles -- --
One Time Fixed Asset Write-down 900 --
Intercompany Uncollectible Write-off (54) --
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TOTAL OTHER INC, & EXP (3,952) (48)
NET PROFIT (LOSS) BEFORE TAXES 4,875 688
PROVISION FOR TAXES 180 41
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NET PROFIT (LOSS) $ 4,695 $ 674
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