EXHIBIT 99.2
GEOLOGISTICS CORPORATION
PRO FORMA CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED DECEMBER, 31 1998
(UNAUDITED)
(IN THOUSANDS, EXCEPT SHARE DATA)
GLAS Pro Forma Pro Forma
Historical (A) Disposition (C) Adjustments Results
-------------- --------------- ----------- -----------
Revenues $ 1,526,753 $ (42,086) $ 1,484,667
Transportation and other direct costs 1,154,533 (30,109) 1,124,424
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Net revenues 372,220 (11,977) - 360,243
Selling, general and administrative expenses 366,268 (5,716) - 360,552
Depreciation and amortization 18,126 (572) 17,554
-------------- --------------- ----------- -----------
Operating profit(loss) (12,174) (5,689) - (17,863)
Interest expense, net (16,984) 1,354 2,364 (D) (13,266)
Other income(expense) (214) - (214)
-------------- --------------- ----------- -----------
Loss before income taxes and minority interest (29,372) (4,335) 2,364 (31,343)
Income tax expense (benefit) 7,729 (2,622) (E) 5,107
-------------- --------------- ----------- -----------
Loss before minority interest (37,101) (1,713) 2,364 (36,450)
Minority interest (932) - - (932)
-------------- --------------- ----------- -----------
Net loss (38,033) (1,713) 2,364 (37,382)
Preferred stock dividends 963 - 963
-------------- --------------- ----------- -----------
Loss applicable to common stock $ (38,996) $ (1,713) $ 2,364 $ (38,345)
-------------- --------------- ----------- -----------
-------------- --------------- ----------- -----------
Basic loss per common share: $ (18.39) $ (0.81) $ 1.11 $ (18.08)
Diluted loss per common share $ (18.39) $ (0.81) $ 1.11 $ (18.08)
Weighted average number of common and
common equivalent shares outstanding 2,120,365 2,120,365 2,120,365 2,120,365
GEOLOGISTICS CORPORATION
PRO FORMA CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 1999
(UNAUDITED)
(IN THOUSANDS, EXCEPT SHARE DATA)
GLAS Pro Forma Pro Forma
Historical (A) Disposition (C) Adjustments Results
-------------- --------------- ----------- -----------
Revenues $ 761,099 $ (45,505) $ 715,594
Transportation and other direct costs 574,297 (31,933) 542,364
-------------- --------------- ----------- -----------
Net revenues 186,802 (13,572) - 173,230
Selling, general and administrative expenses 191,267 (6,572) - 184,695
Depreciation and amortization 9,701 (621) 9,080
-------------- --------------- ----------- -----------
Operating profit(loss) (14,166) (6,379) - (20,545)
Interest expense, net (11,146) 1,241 2,815 (D) (7,090)
Other income(expense) (450) 161 - (289)
-------------- --------------- ----------- -----------
Loss before income taxes and minority interest (25,762) (4,977) 2,815 (27,924)
Income tax expense (benefit) 1,031 - (E) 1,031
-------------- --------------- ----------- -----------
Loss before minority interest (26,793) (4,977) 2,815 (28,955)
Minority interest (587) - - (587)
-------------- --------------- ----------- -----------
Net loss (27,380) (4,977) 2,815 (29,542)
Preferred stock dividends $ (1,050) (1,050)
-------------- --------------- ----------- -----------
Loss applicable to common stock $ (28,430) $ (4,977) $ 2,815 $ (30,592)
-------------- --------------- ----------- -----------
-------------- --------------- ----------- -----------
Basic loss per common share: $ (13.39) $ (2.34) $ 1.33 $ (14.41)
-------------- --------------- ----------- -----------
-------------- --------------- ----------- -----------
Diluted loss per common share $ (13.39) $ (2.34) $ 1.33 $ (14.41)
-------------- --------------- ----------- -----------
-------------- --------------- ----------- -----------
Weighted average number of common and
common equivalent shares outstanding 2,123,179 2,123,179 2,123,179 2,123,179
GEOLOGISTICS CORPORATION
PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET
JUNE 30, 1999
(UNAUDITED)
(IN THOUSANDS, EXCEPT SHARE DATA)
GLAS Pro Forma Pro Forma
Historical (A) Disposition (C) Adjustments Results
-------------- --------------- ----------- -----------
Current assets:
Cash and cash equivalents $ 12,618 $ 7,496 $ 20,114
Accounts receivable 258,178 (13,242) 10,000 254,936
Deferred income taxes 7,228 (5,640) 1,588
Prepaid expenses 22,319 (307) 22,012
-------------- --------------- ----------- -----------
Total current assets 300,343 (13,549) 11,856 298,650
-------------- --------------- ----------- -----------
Property and equipment, at cost 107,889 (1,038) 106,851
Accumulated depreciation (20,157) 184 (19,973)
-------------- --------------- ----------- -----------
Net property and equipment 87,732 (854) - 86,878
Notes receivable, less current portion 1,715 - 1,715
Deferred income taxes 19,134 (17,920) 1,214
Goodwill, net 78,191 (28,218) 49,973
Intangible assets, net 11,316 - 11,316
Other assets 19,630 - 19,630
-------------- --------------- ----------- -----------
$ 518,061 $ (14,403) $ (34,282) $ 469,376
-------------- --------------- ----------- -----------
-------------- --------------- ----------- -----------
Current liabilities
Accounts payable $ 129,807 $ 129,807
Accrued expenses 121,529 121,529
Income taxes payable 6,561 6,561
Current portion of long term debt 19,988 19,988
-------------- --------------- ----------- -----------
Total current liabilities 277,885 - - 277,885
-------------- --------------- ----------- -----------
Long-term debt, less current portion 215,403 (90,142) 125,261
Other noncurrent liabilities 48,617 - 48,617
-------------- --------------- ----------- -----------
Total liabilities 541,905 - (90,142) 451,763
-------------- --------------- ----------- -----------
Minority interest 3,024 - 3,024
Stockholders' (deficit) equity:
Preferred stock 14,550 - 14,550
Common stock 2 2
Additional paid-in-capital 56,091 56,091
Accumulated deficit (96,327) (14,403) 55,860 (54,870)
Notes receivable from stockholders (191) - (191)
Cumulative translation adjustment (993) - (993)
-------------- --------------- ----------- -----------
Total stockholders' equity (26,868) (14,403) 55,860 14,589
-------------- --------------- ----------- -----------
$ 518,061 $ (14,403) $ (34,282) $ 469,376
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GEOLOGISTICS CORPORATION
NOTES TO THE PRO FORMA CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
(IN THOUSANDS, EXCEPT SHARE DATA)
(A) Reflects historical condensed consolidated balance sheet of the Company
as of June 30, 1999 and the historical condensed consolidated statements of
operations for the six months ended June 30, 1999 and for the year ended
December 31, 1998.
(B) Reflects the assets of GLAS as of June 30, 1999 sold in accordance with
the Asset Purchase Agreement dated as of August 6, 1999.
(C) Reflects the actual results of operations of GLAS for the six months
ended June 30, 1999 and for the year ended December 31, 1998.
(D)Reflects the reduction of interest expense on outstanding debt as a result
of debt repayments made in conjunction with the receipt of proceeds from the
sale of GLAS.
(E) Additional income tax expense has not been recorded as a result of North
American operating losses in excess of the reduction of interest expense as
previously discussed.
(F) Reflect the use of proceeds from the sale of GLAS, the receivable related
to the escrow account contemplated by the Purchase Agreement, the write-off
of associated goodwill and the realization of deferred tax benefits related
to net operating loss carryforwards utilized as a result of the gain on sale.