Exhibit 99.1
ALL STAR GAS CORPORATION AND SUBSIDIARIES
PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET
(In Thousands)
ASSETS
Pro Forma
June 30 Pro Forma June 30
1996 Adjustment 1996
------ ---------- ---------
CURRENT ASSETS
Cash $ 898 $ 898
Trade accounts re-
ceivable, net 4,308 4,308
Inventories 6,039 6,039
Prepaid expenses 276 276
Due from related
parties 1,261 1,261
Deferred income taxes 995 995
Receivable from sale
of retail locations 2,390 2,390
------ ------
Total Current Assets 16,167 16,167
------ ------
PROPERTY AND EQUIPMENT,
At Cost 97,407 97,407
Less accumulated
depreciation 29,497 29,497
------ ------
67,910 67,910
------ ------
OTHER ASSETS
Debt acquisition
costs, net of
amortization 4,228 4,228
Excess of cost over
fair value of net as
sets acquired, at am-
ortized cost 11,536 11,536
Other 2,161 2,161
------ ------
17,925 17,925
------ ------
Total Assets $ 102,002 $ 102,002
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LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
CURRENT LIABILITIES
Checks in process of
collection $ 2,794 $ 2,794
Current maturities of
long-term debt 7,358 (6,389) 969
Accounts payable and
accrued expenses 11,718 11,718
------ ------
Total Current
Liabilities 21,870 15,481
------ ------
LONG-TERM DEBT 115,500 6,389 121,889
------- -------
ACCRUED SELF INSURANCE
LIABILITY 540 540
------ ------
DEFERRED INCOME TAXES 8,935 8,935
------ ------
STOCKHOLDERS' EQUITY
(DEFICIT)
Common stock 14 14
Common stock purchase
warrants 1,227 1,227
Additional paid-in
capital 27,279 27,279
Retained earnings 14,612 14,612
------ ------
43,132 43,132
Treasury Stock, at cost (87,975) (87,975)
------- -------
Total Stockholders'
Equity (Deficit) (44,843) (44,843)
------- -------
Total Liabilities and
Stockholders' Equity $102,002 $102,002
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Note: The Pro Forma Adjustment reflects the receipt by
the Company of a commitment letter from the working
capital facility lender to extend the due date of the
facility to June 28, 1998.