EXHIBIT 99.2 PRO FORMA INCOME STATEMENT MDI ENTERTAINMENT, INC. AND SUBSIDIARY -------------------------------------- PROFROMA CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS FOR THR THREE MONTHS ENDED MARCH 31, 2001 As Previously Reported Proforma ------------------- ------------------- (unaudited) (unaudited) REVENUES $ 3,121,999 $3,121,999 COST OF REVENUES 1,719,883 1,719,883 ------------------- ------------------- Gross profit 1,402,116 1,402,116 SELLING, GENERAL AND ADMINISTRATIVE EXPENSES 873,544 873,544 ------------------- ------------------- Operating profit 528,572 528,572 INTEREST EXPENSE, net 77,761 77,761 OTHER INCOME (110,166) (110,166) GAIN-Investment Securities (24,307) (24,307) ------------------- ------------------- Income before provision for income taxes 585,284 585,284 PROVISION FOR INCOME TAXES 8,000 8,000 ------------------- ------------------- Net income $ 577,284 $ 577,284 =================== =================== Basic Earnings Per Common Share (Exhibit 11.1) $ .05 $ .05 =================== =================== Diluted Earnings Per Common Share (Exhibit 11.1) $ .05 $ .04 =================== =================== MDI ENTERTAINMENT, INC. AND SUBSIDIARY ---------------------------------------- PROFORMA CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE SEVEN MONTHS ENDED DECEMBER 31, 2000 As Previously Reported Proforma ------------------- ------------------- REVENUES $ 2,876,676 $ 2,876,676 COST OF REVENUES 1,745,499 1,745,499 -------------------- ------------------ Gross profit 1,131,177 1,131,177 SELLING, GENERAL AND ADMINISTRATIVE EXPENSES 2,297,475 2,297,475 -------------------- ------------------ Operating loss (1,166,298) (1,166,298) INTEREST EXPENSE, net 120,652 120,652 OTHER EXPENSE 923,001 923,001 -------------------- ------------------ Loss before provision for income taxes (2,209,951) (2,209,951) PROVISION FOR INCOME TAXES 1,100 1,100 -------------------- ------------------ Net loss $ (2,211,051) $(2,211,051) ==================== ================== Basic and Diluted Loss Per Common Share (Exhibit 11.1) $ (0.27) $ (0.28) ==================== ==================