Exhibit 99.1
IKON Office Solutions, Inc.
Consolidated Balance Sheets
March 31,
2002 September 30,
(in thousands) (unaudited) 2001
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Assets
Cash and cash equivalents $ 104,694 $ 80,351
Restricted cash 125,238 128,365
Accounts receivable, less allowances of: March 31, 2002 - $19,709;
September 30, 2001 - $23,510 592,153 641,059
Finance receivables, less allowances of: March 31, 2002 - $21,410;
September 30, 2001 - $24,424 1,175,748 1,171,004
Inventories 327,565 299,776
Prepaid expenses and other current assets 97,867 95,381
Deferred taxes 98,450 98,701
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Total current assets 2,521,715 2,514,637
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Long-term finance receivables, less allowances of: March 31, 2002 - $39,762;
September 30, 2001 - $45,360 2,183,182 2,176,205
Equipment on operating leases, net 80,980 71,181
Property and equipment, net 217,495 207,812
Goodwill, net 1,255,081 1,258,112
Other assets 59,540 63,045
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Total Assets $ 6,317,993 $ 6,290,992
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Liabilities and Shareholders' Equity
Current portion of long-term debt $ 13,473 $ 17,643
Current portion of long-term debt, finance subsidiaries 1,292,784 1,229,631
Notes payable 298,853 183,688
Trade accounts payable 226,691 222,999
Accrued salaries, wages and commissions 104,573 126,280
Deferred revenues 167,189 185,261
Other accrued expenses 327,754 299,624
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Total current liabilities 2,431,317 2,265,126
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Long-term debt 595,923 599,608
Long-term debt, finance subsidiaries 1,144,131 1,366,108
Deferred taxes 466,996 446,059
Other long-term liabilities 216,090 218,513
Commitments and contingencies
Shareholders' Equity
Common stock, no par value: authorized 300,000 shares; issued: March
31, 2002-150,009 shares; September 30, 2001-150,128 shares;
outstanding: March 31, 2002-143,276 shares; September 30, 2001-
141,776 shares 1,010,831 1,012,302
Series 12 preferred stock, no par value: authorized 480 shares; none
issued or outstanding
Unearned compensation (3,000) (3,745)
Retained earnings 519,400 463,152
Accumulated other comprehensive loss (37,219) (43,484)
Cost of common shares in treasury: March 31, 2002-6,034 shares;
September 30, 2001-7,480 shares (26,476) (32,647)
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Total Shareholders' Equity 1,463,536 1,395,578
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Total Liabilities and Shareholders' Equity $ 6,317,993 $ 6,290,992
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