CCC GLOBALCOM CORPORATION
Pro Forma Combined Financial Statements
CCC GLOBALCOM CORPORATION
Pro Forma Combined Financial Statements
On September 11, 2001, CCC Globalcom Corporation (CCC) acquired selected assets
of Omniplex Communications Group, LLC (Omniplex) in exchange for cash and the
assumption of certain liabilities and obligations for a total of approximately
$8,125,000. The following unaudited pro forma combined financial statements are
presented as though the transaction occurred on January 1, 2000 for the
statements of operations and June 30, 2001 for the balance sheet. The pro forma
financial statements aggregate the balance sheet of CCC as of June 30, 2001 and
the related statements of operations as of the year ended December 31, 2000, and
six months ended June 30, 2001 and the balance sheet of Omniplex as of June 30,
2001 and the related statements of operations for the year ended December 31,
2000 and the six months ended June 30, 2001. The pro forma balance sheet and
statements of operations used management assumptions as described in the notes
and the historical financial information available at June 30, 2001. The totals
for CCC in the statement of operations include the pro forma information for the
Equalnet acquisition, which occurred on April 5, 2001. The format and amounts
used in these pro forma financial statements are based on financial statements
and subsequent unaudited financial information prepared by the Companies.
The pro forma combined financial statements are not necessarily indicative of
the combined balance sheet and statements of operations which might have existed
for the periods indicated or the results of operations as they may be now or in
the future.
CCC GLOBALCOM CORPORATION
Pro Forma Combined Balance Sheet
June 30, 2001 (Unaudited)
- --------------------------------------------------------------------------------
Omniplex Pro forma
CCC Commun- Adjustments
Globalcom ications Increase Pro forma
Corporation Group, LLC (Decrease) Combined
----------- ----------- --------------- -----------
Assets
Current assets:
Cash $ 1,024,000 $ 233,000 $ (484,000)(1) $ 773,000
Accounts receivable, net 3,454,000 4,262,000 (2,165,000)(1) 5,551,000
Other current assets 317,000 140,000 (140,000)(2) 317,000
----------- ----------- ---------------- -----------
Total current assets 4,795,000 4,635,000 (2,789,000) 6,641,000
Property and equipment, net 2,538,000 327,000 (123,000)(1) 2,742,000
Intangible assets, net 3,492,000 3,418,000 2,581,000 (1) 9,491,000
----------- ----------- ---------------- -----------
Total assets $10,825,000 $ 8,380,000 $ (331,000) $18,874,000
=========== =========== ================ ===========
- --------------------------------------------------------------------------------
Liabilities and Stockholders' Equity (Deficit)
Current liabilities:
Payable to Parent $ - $12,771,000 $(12,771,000)(2) -
Accounts payable 208,000 5,135,000 (5,135,000)(2) 208,000
Accrued liabilities 624,000 1,164,000 (1,164,000)(2) 624,000
Seller financing payable - 723,000 (723,000)(2) -
Deferred income 90,000 - - 90,000
Debt in default - 1,350,000 (1,350,000)(2) -
Revolving credit lines 7,814,000 - 8,049,000 (1) 15,863,000
Contractual obligation
with regard to receivable
sales agreement - 7,508,000 (7,508,000)(2) -
----------- ----------- ---------------- -----------
Total current
liabilities 8,736,000 28,651,000 (20,602,000) 16,785,000
Long term debt 8,000 - - 8,000
----------- ----------- ---------------- -----------
Total liabilities 8,744,000 28,651,000 (20,602,000) 16,793,000
----------- ----------- ---------------- -----------
Stockholders' equity (deficit):
Common stock, 100,000,000
shares authorized 32,334,332
shares issued and out-
standing, $.001 par value 32,000 - - 32,000
Additional paid-in-capital 6,476,000 - - 6,476,000
Accumulated deficit (4,427,000)(20,271,000) 20,271,000(1)(2)(4,427,000)
----------- ----------- ---------------- -----------
Total stockholders'
equity (deficit) 2,081,000 (20,271,000) 20,271,000 2,081,000
----------- ----------- ---------------- -----------
Total liabilities and
stockholders'
equity (deficit) $ 10,825,000 $ 8,380,000 $ (331,000) $18,874,000
=========== =========== ================ ===========
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CCC GLOBALCOM CORPORATION
Pro Forma Combined Balance Sheet Continued
(1) To record purchase of Omniplex Communications Group, LLC assets by CCC
Globalcom Corporation.
(2) To eliminate liabilities not included in the asset purchase agreement and
eliminate the equity of Omniplex Communications Group, LLC.
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CCC GLOBALCOM CORPORATION
Pro Forma Combined Statement of Operations
Six Months Ended June 30, 2001 (Unaudited)
- --------------------------------------------------------------------------------
Omniplex Proforma
CCC Commun- Adjustment
Globalcom ications Increase Pro forma
Corporation Group, LLC (Decrease) Combined
----------- ----------- ---------- ------------
Sales $ 7,025,000 $ 8,698,000 $ - $15,723,000
Cost of sales 4,271,000 6,331,000 - 10,602,000
------------ ----------- ---------- ------------
Gross profit 2,754,000 2,367,000 - 5,121,000
General and administrative
expense 5,682,000 4,562,000 - 10,244,000
------------ ----------- ---------- ------------
Operating loss (2,928,000) (2,195,000) - (5,123,000)
Other income (expense):
Interest expense (325,000) (1,045,000) - (1,370,000)
Other income 23,000 - - 23,000
------------- ----------- ---------- ------------
Loss before income taxes (3,230,000) (3,240,000) - (6,470,000)
Income tax benefit - - - -
------------- ----------- ---------- ------------
Net loss $ (3,230,000)$(3,240,000) $(6,470,000)
============= =========== ========== ============
Net loss per common share -
basic and diluted $ (.20)
============
Weighted average shares
outstanding 32,334,000
============
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CCC GLOBALCOM CORPORATION
Pro Forma Combined Statement of Operations
Year Ended December 31, 2000
- --------------------------------------------------------------------------------
Omniplex Proforma
CCC Commun- Adjustment
Globalcom ications Increase Pro forma
Corporation Group, LLC (Decrease) Combined
----------- ------------ ---------- -------------
Sales $ 23,310,000 $ 13,543,000 - $ 36,853,000
Cost of sales 19,111,000 11,018,000 - 30,129,000
------------ ------------ ---------- -------------
Gross profit 4,199,000 2,525,000 - 6,724,000
Selling, general and
administrative expense 27,320,000 8,550,000 - 35,870,000
Depreciation and amortization - 637,000 - 637,000
------------ ------------ ---------- -------------
Operating loss (23,121,000) (6,662,000) - (29,783,000)
Other income (expense):
Interest expense (1,314,000) (1,263,000) - (2,577,000)
Related party interest
payable to Parent - (653,000) - (653,000)
Other income 28,000 22,000 - 50,000
------------ ------------ ---------- -------------
Loss before income taxes (24,407,000) (8,556,000) - (32,963,000)
Income tax benefit - - -
------------ ------------ ---------- -------------
Net loss $(24,407,000)$ (8,556,000) - $(32,963,000)
============ ============ ========== =============
Net loss per common share -
basic and diluted $ (1.05)
=============
Weighted average shares
outstanding 31,384,000
=============
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CCC GLOBALCOM CORPORATION
Notes to Pro Forma Combined Financial Statements
- --------------------------------------------------------------------------------
(1) On September 11, 2001, CCC Globalcom Corporation (CCC) acquired selected
assets of Omniplex Communications Group, LLC (Omniplex) in exchange for
cash and the assumption of liabilities for a total of approximately
$8,125,000. The pro forma combined financial statements at December 31,
2000 and June 30, 2001 assume the transaction occurred January 1, 2000 for
the statements of operations and June 30, 2001 for the balance sheet.
(2) The unaudited financial statements include the accounts of CCC Globalcom
Corporation and subsidiaries and include all adjustments (consisting of
normal recurring items) which are, in the opinion of management, necessary
to present fairly the financial position as of June 30, 2001 and the
results of operations and changes in financial position for the year ended
December 31, 2000 and six months ended June 30, 2001. The results of
operations for the six months ended June 30, 2001 are not necessarily
indicative of the results to be expected for the entire year.
(3) Loss per common share is based on the weighted average number of shares
outstanding during the period.
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