Exhibit 99.1
SESA AND ITS SUBSIDIARIES
STATEMENT OF FINANCIAL POSITION
AS OF OCTOBER 31, 2003
ENTITY 1 ENTITY 2 ENTITY 3 ENTITY 4 ENTITY 5 ENTITY 6 ENTITY 7 ENTITY 8
--------------------------------------------------------------------------------------------
Cash & Cash Equivalents $ 14,735 $ 641 $ 1,031 $ 29 $ 391 $ 334 $ 371 $ 13,023
Net Cust Trade & Notes Rec 56,666 1,372 1,162 - 727 453 1,285 -
Misc Receivables 7,308 - 238 209 485 311 290 322
I/C Receivables 6,554 49 109 933 6,953 18 672 7,700
--------------------------------------------------------------------------------------------
Total Receivables 70,528 1,421 1,509 1,142 8,165 782 2,247 8,022
Total Inventories 31,711 1,765 4,722 - 7,364 260 2,740 -
Prepaid Expenses 98 36 97 386 29 129 - -
Current Deferred Taxes 1,513 - - - - - - -
--------------------------------------------------------------------------------------------
CURRENT ASSETS 118,585 3,863 7,359 1,557 15,949 1,505 5,358 21,045
--------------------------------------------------------------------------------------------
Capital Investment In Subs 371,055 - - - - - - -
Advances To Subs (I/C Loans) 63,441 - 2,626 7,504 7,834 563 - 362,293
--------------------------------------------------------------------------------------------
Investment In Subs 434,496 - 2,626 7,504 7,834 563 - 362,293
--------------------------------------------------------------------------------------------
Investment In Equity Affiliates 24,858 - - - - - - -
Misc Investments - - - - - - - -
Net Property 47,011 136 28,233 1,208 17,751 7,825 13,341 -
Other Assets 14,865 - 209 60 - - 71 543
Noncurrent Def Tax Assets - - - - - - - -
Net Intangible Assets - 2,736 19,684 6,322 66,278 12,600 450 -
--------------------------------------------------------------------------------------------
NONCURRENT ASSETS 521,230 2,872 50,752 15,094 91,863 20,988 13,862 362,836
--------------------------------------------------------------------------------------------
TOTAL ASSETS $ 639,815 $6,735 $58,111 $16,651 $107,812 $22,493 $19,220 $383,881
============================================================================================
Accts Payable & Accruals 79,253 1,797 6,008 2,810 7,371 5,484 7,585 12,518
Total Short-Term Debt 207,909 581 - 4,502 17,572 - - 3,856
--------------------------------------------------------------------------------------------
CURRENT LIABILITIES 287,162 2,378 6,008 7,312 24,943 5,484 7,585 16,374
Long-Term Debt 374,955 - - 7,428 - 4,352 9,005 -
Noncurrent Def Tax Liab 1,528 - 3,126 - 8,715 - (350) -
Other Liabilities 105 166 3,604 - - - - -
Postretirement Liab 415 - - - - - - -
--------------------------------------------------------------------------------------------
NONCURRENT LIABILITIES 377,003 166 6,730 7,428 8,715 4,352 8,655 -
--------------------------------------------------------------------------------------------
TOTAL LIABILITIES 664,165 2,544 12,738 14,740 33,658 9,836 16,240 16,374
--------------------------------------------------------------------------------------------
Capital Stock 12,876 143 30 858 1,011 2,337 5,819 256,849
Net Minimum Pension Lia Adj - - - - - - - -
Accum Currency Adjustment (26,097) 212 8,163 1,379 13,425 2,807 775 49,776
Add'l Contributed Capital 119,915 3,078 27,442 (6,314) 66,200 13,613 - -
Reinvested Earnings (10,685) 758 9,738 5,988 (6,482) (6,100) (3,614) 60,882
Treasury Stock (120,359) - - - - - - -
--------------------------------------------------------------------------------------------
SHAREOWNERS' EQUITY (24,350) 4,191 45,373 1,911 74,154 12,657 2,980 367,507
--------------------------------------------------------------------------------------------
TOTAL LIAB. & EQUITY $ 639,815 $6,735 $58,111 $16,651 $107,812 $22,493 $19,220 $383,881
============================================================================================
Exhibit 99.1
SESA AND ITS SUBSIDIARIES
STATEMENT OF FINANCIAL POSITION
AS OF DECEMBER 31, 2002
ENTITY 1 ENTITY 2 ENTITY 3 ENTITY 4 ENTITY 5 ENTITY 6 ENTITY 7 ENTITY 8
----------------------------------------------------------------------------------------------
Cash & Cash Equivalents $ 17,363 $ 196 $ 253 $ 22 $ 218 $ 32 $ 100 $ 23,598
Net Cust Trade & Notes Rec 50,987 854 527 - 2,730 1,235 1,568 -
Misc Receivables 8,652 - - 405 1,051 563 642 2,239
I/C Receivables 10,993 224 80 1,714 5,244 660 33 8,684
----------------------------------------------------------------------------------------------
Total Receivables 70,632 1,078 607 2,119 9,025 2,458 2,243 10,923
Total Inventories 27,235 1,616 3,744 - 6,177 1,630 1,832 -
Prepaid Expenses 145 60 348 266 87 25 - -
Current Deferred Taxes 1,269 - - - - - - -
----------------------------------------------------------------------------------------------
CURRENT ASSETS 116,644 2,950 4,952 2,407 15,507 4,145 4,175 34,521
----------------------------------------------------------------------------------------------
Capital Investment In Subs 371,055 - - - - - - -
Advances To Subs (I/C Loans) 45,161 - 13,148 7,177 15,572 712 5,830 290,250
----------------------------------------------------------------------------------------------
Investment In Subs 416,216 - 13,148 7,177 15,572 712 5,830 290,250
----------------------------------------------------------------------------------------------
Investment In Equity Affiliates 22,288 - - - - - - -
Misc Investments - - - - - - - -
Net Property 46,421 164 25,741 2,140 18,116 8,233 13,659 -
Other Assets 13,690 - 310 94 - - 109 278
Noncurrent Def Tax Assets 239 - - - - - - -
Net Intangible Assets - 2,453 19,395 6,048 64,303 12,246 431 -
----------------------------------------------------------------------------------------------
NONCURRENT ASSETS 498,854 2,617 58,594 15,459 97,991 21,191 20,029 290,528
----------------------------------------------------------------------------------------------
TOTAL ASSETS $ 615,498 $5,567 $63,546 $17,866 $113,498 $25,336 $24,204 $325,049
==============================================================================================
Accts Payable & Accruals 78,525 2,392 3,100 2,564 8,591 5,631 4,374 1,993
Total Short-Term Debt 186,417 - 1,436 5,383 - - 1,077 3,410
----------------------------------------------------------------------------------------------
CURRENT LIABILITIES 264,942 2,392 4,536 7,947 8,591 5,631 5,451 5,403
Long-Term Debt 336,022 - 12,000 7,105 25,200 4,163 13,612 -
Noncurrent Def Tax Liab - - 3,222 - 8,626 - (332) -
Other Liabilities 116 51 3,724 - - - - -
Postretirement Liab 231 - - - - - - -
----------------------------------------------------------------------------------------------
NONCURRENT LIABILITIES 336,369 51 18,946 7,105 33,826 4,163 13,280 -
----------------------------------------------------------------------------------------------
TOTAL LIABILITIES 601,311 2,443 23,482 15,052 42,417 9,794 18,731 5,403
----------------------------------------------------------------------------------------------
Capital Stock 12,876 143 30 858 1,011 2,337 5,819 256,849
Net Minimum Pension Lia Adj - - - - - - - -
Accum Currency Adjustment 14,795 (169) 6,242 1,286 10,152 2,128 575 12,409
Add'l Contributed Capital 119,915 3,078 27,425 (6,314) 66,200 13,613 - -
Reinvested Earnings (13,040) 72 6,367 6,984 (6,282) (2,536) (921) 50,388
Treasury Stock (120,359) - - - - - - -
----------------------------------------------------------------------------------------------
SHAREOWNERS' EQUITY 14,187 3,124 40,064 2,814 71,081 15,542 5,473 319,646
----------------------------------------------------------------------------------------------
TOTAL LIAB. & EQUITY $ 615,498 $5,567 $63,546 $17,866 $113,498 $25,336 $24,204 $325,049
==============================================================================================
Exhibit 99.1
SESA AND ITS SUBSIDIARIES
STATEMENT OF FINANCIAL POSITION
AS OF DECEMBER 31, 2001
ENTITY 1 ENTITY 2 ENTITY 3 ENTITY 4 ENTITY 5 ENTITY 6 ENTITY 7 ENTITY 8
----------------------------------------------------------------------------------------------
Cash & Cash Equivalents $ 15,402 $ 303 $ 854 $ 28 $ 222 $ 8 $ 8 $ 2,833
Net Cust Trade & Notes Rec 47,883 723 1,233 - 4,562 893 2,149 -
Misc Receivables 7,022 - - 350 1,013 284 597 663
I/C Receivables 18,360 7 - 1,593 - 550 671 12,437
----------------------------------------------------------------------------------------------
Total Receivables 73,265 730 1,233 1,943 5,575 1,727 3,417 13,100
Total Inventories 24,665 1,376 4,246 - 7,808 2,289 3,238 -
Prepaid Expenses 138 11 438 229 72 - - (4)
Current Deferred Taxes 1,981 - - - - - - -
----------------------------------------------------------------------------------------------
CURRENT ASSETS 115,451 2,420 6,771 2,200 13,677 4,024 6,663 15,929
----------------------------------------------------------------------------------------------
Capital Investment In Subs 371,388 - - - - - - -
Advances To Subs (I/C Loans) 113,084 - - 20,412 2,086 144 - 253,648
----------------------------------------------------------------------------------------------
Investment In Subs 484,472 - - 20,412 2,086 144 - 253,648
----------------------------------------------------------------------------------------------
Investment In Equity Affiliates 18,870 - - - - - - -
Misc Investments - - - - - - - -
Net Property 42,682 210 21,219 2,023 15,682 3,907 11,588 -
Other Assets 11,987 - 346 115 - - 133 -
Noncurrent Def Tax Assets 3,689 - - - - - - -
Net Intangible Assets - 1,639 16,782 5,072 55,378 10,552 357 -
----------------------------------------------------------------------------------------------
NONCURRENT ASSETS 561,700 1,849 38,347 27,622 73,146 14,603 12,078 253,648
----------------------------------------------------------------------------------------------
TOTAL ASSETS $ 677,151 $4,269 $45,118 $29,822 $86,823 $18,627 $18,741 $269,577
==============================================================================================
Accts Payable & Accruals 83,493 1,228 5,110 1,239 10,910 1,896 4,905 7,631
Total Short-Term Debt 8,736 - 5,960 16,834 - - 894 4,068
----------------------------------------------------------------------------------------------
CURRENT LIABILITIES 92,229 1,228 11,070 18,073 10,910 1,896 5,799 11,699
Long-Term Debt 505,629 - - 6,943 7,748 2,563 11,345 -
Noncurrent Def Tax Liab - - 2,948 - 8,755 - 249 -
Other Liabilities 35 213 - - - - - -
Postretirement Liab 179 - - - - - - -
----------------------------------------------------------------------------------------------
NONCURRENT LIABILITIES 505,843 213 2,948 6,943 16,503 2,563 11,594 -
----------------------------------------------------------------------------------------------
TOTAL LIABILITIES 598,072 1,441 14,018 25,016 27,413 4,459 17,393 11,699
----------------------------------------------------------------------------------------------
Capital Stock 12,875 128 30 858 1,011 153 1,226 256,849
Net Minimum Pension Lia Adj - - - - - - - -
Accum Currency Adjustment 68,653 (927) (386) 67 (2,001) (382) (12) (35,729)
Add'l Contributed Capital 119,915 3,372 27,483 463 66,200 13,613 - -
Reinvested Earnings (2,005) 255 3,973 3,418 (5,800) 784 134 36,758
Treasury Stock (120,359) - - - - - - -
----------------------------------------------------------------------------------------------
SHAREOWNERS' EQUITY 79,079 2,828 31,100 4,806 59,410 14,168 1,348 257,878
----------------------------------------------------------------------------------------------
TOTAL LIAB. & EQUITY $ 677,151 $4,269 $45,118 $29,822 $86,823 $18,627 $18,741 $269,577
==============================================================================================
Exhibit 99.1
SESA AND ITS SUBSIDIARIES
STATEMENT OF FINANCIAL POSITION
AS OF DECEMBER 31, 2000
ENTITY 1 ENTITY 2 ENTITY 3 ENTITY 4 ENTITY 5 ENTITY 6 ENTITY 7 ENTITY 8
----------------------------------------------------------------------------------------------
Cash & Cash Equivalents $ - $ 53 $ 341 $ 9 $ 336 $ 2 $ 3 $ 288
Net Cust Trade & Notes Rec 46,517 496 1,099 - 3,345 256 1,629 -
Misc Receivables 4,907 34 - 1,146 178 217 363 579
I/C Receivables 13,033 5 115 3,029 7,994 499 - 11,505
----------------------------------------------------------------------------------------------
Total Receivables 64,457 535 1,214 4,175 11,517 972 1,992 12,084
Total Inventories 20,209 1,171 3,208 - 3,323 2,313 2,772 -
Prepaid Expenses 24 - 2,355 - 93 2 - 48
Current Deferred Taxes 1,516 - - - - - - -
----------------------------------------------------------------------------------------------
CURRENT ASSETS 86,206 1,759 7,118 4,184 15,269 3,289 4,767 12,420
----------------------------------------------------------------------------------------------
Capital Investment In Subs 371,388 - - - - - - -
Advances To Subs (I/C Loans) 178,272 - - - 5,260 - - 247,460
----------------------------------------------------------------------------------------------
Investment In Subs 549,660 - - - 5,260 - - 247,460
----------------------------------------------------------------------------------------------
Investment In Equity Affiliates 24,500 - - - - - - -
Misc Investments - - - - - - - -
Net Property 44,401 246 14,081 171 13,019 3,268 8,122 -
Other Assets 12,567 - - - - - 146 -
Noncurrent Def Tax Assets - - - - - - - -
Net Intangible Assets - 1,827 18,224 5,699 60,660 11,697 387 -
----------------------------------------------------------------------------------------------
NONCURRENT ASSETS 631,127 2,073 32,305 5,870 78,939 14,965 8,655 247,460
----------------------------------------------------------------------------------------------
TOTAL ASSETS $ 717,333 $3,832 $39,423 $10,054 $94,208 $18,254 $13,422 $259,880
==============================================================================================
Accts Payable & Accruals 84,936 994 4,204 2,763 7,314 2,723 10,102 2,592
Total Short-Term Debt 19,494 - 5,495 - 15,266 - 2,575 -
----------------------------------------------------------------------------------------------
CURRENT LIABILITIES 104,430 994 9,699 2,763 22,580 2,723 12,677 2,592
Long-Term Debt 565,135 - - 3,356 - 1,215 - -
Noncurrent Def Tax Liab 2,152 - 3,258 - 7,167 - 34 -
Other Liabilities 37 184 - - 1,001 - 24 -
Postretirement Liab 66 - - - - - - -
----------------------------------------------------------------------------------------------
NONCURRENT LIABILITIES 567,390 184 3,258 3,356 8,168 1,215 58 -
----------------------------------------------------------------------------------------------
TOTAL LIABILITIES 671,820 1,178 12,957 6,119 30,748 3,938 12,735 2,592
----------------------------------------------------------------------------------------------
Capital Stock 12,875 128 30 1,230 1,011 153 1,226 256,849
Net Minimum Pension Lia Adj - - - - - - - -
Accum Currency Adjustment 28,633 (790) 218 170 (290) (36) (18) (22,457)
Add'l Contributed Capital 119,915 3,372 27,289 463 66,200 13,613 - -
Reinvested Earnings 4,449 (56) (1,071) 2,072 (3,461) 586 (521) 22,896
Treasury Stock (120,359) - - - - - - -
----------------------------------------------------------------------------------------------
SHAREOWNERS' EQUITY 45,513 2,654 26,466 3,935 63,460 14,316 687 257,288
----------------------------------------------------------------------------------------------
TOTAL LIAB. & EQUITY $ 717,333 $3,832 $39,423 $10,054 $94,208 $18,254 $13,422 $259,880
==============================================================================================
Exhibit 99.1
SESA AND ITS SUBSIDIARIES
STATEMENT OF FINANCIAL POSITION
AS OF DECEMBER 31, 1999
ENTITY 1 ENTITY 2 ENTITY 3 ENTITY 4 ENTITY 5 ENTITY 6 ENTITY 7 ENTITY 8
----------------------------------------------------------------------------------------------
Cash & Cash Equivalents $ 5,714 $ 267 $ - $ - $ - $ - $ - $ 262
Net Cust Trade & Notes Rec 66,083 466 - - - - - -
Misc Receivables 12,177 - - - - - - 83
I/C Receivables 7,047 1 - - - - - 2,456
---------------------------------------------------------------------------------------------
Total Receivables 85,307 467 - - - - - 2,539
Total Inventories 23,932 1,016 - - - - - -
Prepaid Expenses 74 5 - - - - - (25)
Current Deferred Taxes 2,185 - - - - - - -
---------------------------------------------------------------------------------------------
CURRENT ASSETS 117,212 1,755 - - - - - 2,776
---------------------------------------------------------------------------------------------
Capital Investment In Subs 61,081 - - - - - - -
Advances To Subs (I/C Loans) 39,604 - - - - - - 63,616
---------------------------------------------------------------------------------------------
Investment In Subs 100,685 - - - - - - 63,616
---------------------------------------------------------------------------------------------
Investment In Equity Affiliates 22,499 - - - - - - -
Misc Investments - - - - - - - -
Net Property 55,829 284 - - - - - -
Other Assets 13,157 - - - - - - -
Noncurrent Def Tax Assets - - - - - - - -
Net Intangible Assets - 2,262 - - - - - -
---------------------------------------------------------------------------------------------
NONCURRENT ASSETS 192,141 2,546 - - - - - 63,616
---------------------------------------------------------------------------------------------
TOTAL ASSETS $309,353 $4,301 $ - $ - $ - $ - $ - $66,392
=============================================================================================
Accts Payable & Accruals 57,608 652 - - - - - 2,401
Total Short-Term Debt 75,560 - - - - - - -
---------------------------------------------------------------------------------------------
CURRENT LIABILITIES 133,168 652 - - - - - 2,401
Long-Term Debt - - - - - - - -
Noncurrent Def Tax Liab 1,588 - - - - - - -
Other Liabilities 40 165 - - - - - -
Postretirement Liab 25 - - - - - - -
---------------------------------------------------------------------------------------------
NONCURRENT LIABILITIES 1,653 165 - - - - - -
---------------------------------------------------------------------------------------------
TOTAL LIABILITIES 134,821 817 - - - - - 2,401
---------------------------------------------------------------------------------------------
Capital Stock 943 128 - - - - - 61,080
Net Minimum Pension Lia Adj - - - - - - - -
Accum Currency Adjustment 15,357 (435) - - - - - (5,937)
Add'l Contributed Capital 119,915 3,372 - - - - - -
Reinvested Earnings 38,317 419 - - - - - 8,848
Treasury Stock - - - - - - - -
---------------------------------------------------------------------------------------------
SHAREOWNERS' EQUITY 174,532 3,484 - - - - - 63,991
---------------------------------------------------------------------------------------------
TOTAL LIAB. & EQUITY $309,353 $4,301 $ - $ - $ - $ - $ - $66,392
=============================================================================================
Exhibit 99.1
SESA AND ITS SUBSIDIARIES
STATEMENT OF INCOME
FOR THE TEN MONTHS ENDED 10/31/03
ENTITY 1 ENTITY 2 ENTITY 3 ENTITY 4 ENTITY 5 ENTITY 6 ENTITY 7 ENTITY 8
---------------------------------------------------------------------------------------------
Customer Sales $285,510 $9,556 $18,786 $ - $12,867 $ 2,218 $ 6,964 $ -
Intercompany Sales 23,759 - - - 69 35 105 -
---------------------------------------------------------------------------------------------
Gross Sales 309,269 9,556 18,786 - 12,936 2,253 7,069 -
Sales Deductions (36,298) - - - - - - -
TOTAL NET SALES 272,971 9,556 18,786 - 12,936 2,253 7,069 -
Total Cost Of Goods Sold 221,643 6,150 11,062 - 10,448 4,873 7,738 -
GROSS PROFIT 51,328 3,406 7,724 - 2,488 (2,620) (669) -
Total MAT Expense 29,092 2,360 3,013 702 2,629 527 1,666 (180)
Restructuring Expense - - - - - - - -
---------------------------------------------------------------------------------------------
Operating Income 22,236 1,046 4,123 (704) (1,072) (3,347) (2,335) 180
---------------------------------------------------------------------------------------------
Interest Income 2,239 - 348 146 679 41 150 10,773
Other Income/(Expense) 2,449 (63) (117) (209) 562 24 (88) 550
---------------------------------------------------------------------------------------------
EBIT 26,924 983 4,354 (767) 169 (3,282) (2,273) 11,503
Interest Expense 22,724 32 433 229 539 282 411 936
---------------------------------------------------------------------------------------------
Income Before Taxes 4,200 951 3,921 (996) (370) (3,564) (2,684) 10,567
Provision For Income Taxes 1,846 265 545 - (172) - 9 69
---------------------------------------------------------------------------------------------
Income - Continuing Op 2,354 686 3,376 (996) (198) (3,564) (2,693) 10,498
---------------------------------------------------------------------------------------------
NET INCOME $ 2,354 $ 686 $ 3,376 $(996) $ (198) $(3,564) $(2,693) $10,498
=============================================================================================
SELECTED OTHER FINANCIAL DATA (IN THOUSANDS):
Depreciation Expense 7,499 25 3,141 4,189
Amortization Expense - - 657 1,267
Capital Expenditures 1,737 67 3,779 534
Exhibit 99.1
SESA AND ITS SUBSIDIARIES
STATEMENT OF INCOME
FOR THE TWELVE MONTHS ENDED 12/31/02
ENTITY 1 ENTITY 2 ENTITY 3 ENTITY 4 ENTITY 5 ENTITY 6 ENTITY 7 ENTITY 8
---------------------------------------------------------------------------------------------
Customer Sales $282,208 $8,941 $18,793 $ - $19,545 $ 7,197 $10,073 $ -
Intercompany Sales 25,759 68 21 - 5 - 538 -
---------------------------------------------------------------------------------------------
Gross Sales 307,967 9,009 18,814 - 19,550 7,197 10,611 -
Sales Deductions (33,510) - - - - - - -
TOTAL NET SALES 274,457 9,009 18,814 - 19,550 7,197 10,611 -
Total Cost Of Goods Sold 229,098 6,561 13,190 - 14,127 6,308 9,390 -
GROSS PROFIT 45,359 2,448 5,624 - 5,423 889 1,221 -
Total MAT Expense 28,546 1,997 2,397 660 3,236 1,161 1,808 (210)
Restructuring Expense (1) - - - - - - -
---------------------------------------------------------------------------------------------
Operating Income 16,814 451 2,616 (717) 506 (685) (587) 210
---------------------------------------------------------------------------------------------
Interest Income 5,509 3 572 535 773 36 237 14,565
Other Income/(Expense) (1,825) (42) (160) 4,110 2,310 (317) (309) 1,288
---------------------------------------------------------------------------------------------
EBIT 20,498 412 3,028 3,928 3,589 (966) (659) 16,063
Interest Expense 27,744 12 654 367 964 269 748 2,315
---------------------------------------------------------------------------------------------
Income Before Taxes (7,246) 400 2,374 3,561 2,625 (1,235) (1,407) 13,748
Provision For Income Taxes 3,803 207 (20) (5) 656 - (352) 111
---------------------------------------------------------------------------------------------
Income - Continuing Op (11,049) 193 2,394 3,566 1,969 (1,235) (1,055) 13,637
---------------------------------------------------------------------------------------------
NET INCOME $(11,049) $ 193 $ 2,394 $3,566 $ 1,969 $(1,235) $(1,055) $13,637
=============================================================================================
SELECTED OTHER FINANCIAL DATA (IN THOUSANDS):
Depreciation Expense 8,336 15 2,476 3,127
Amortization Expense - - 572 2,013
Capital Expenditures 5,124 77 2,465 5,364
Exhibit 99.1
SESA AND ITS SUBSIDIARIES
STATEMENT OF INCOME
FOR THE TWELVE MONTHS ENDED 12/31/01
ENTITY 1 ENTITY 2 ENTITY 3 ENTITY 4 ENTITY 5 ENTITY 6 ENTITY 7 ENTITY 8
---------------------------------------------------------------------------------------------
Customer Sales $274,008 $7,787 $20,564 $ - $20,613 $7,342 $11,142 $ -
Intercompany Sales 31,402 51 128 - 40 - - -
---------------------------------------------------------------------------------------------
Gross Sales 305,410 7,838 20,692 - 20,653 7,342 11,142 -
Sales Deductions (32,939) - - - - - - -
TOTAL NET SALES 272,471 7,838 20,692 - 20,653 7,342 11,142 -
Total Cost Of Goods Sold 230,573 5,391 10,107 - 13,090 4,686 8,111 -
GROSS PROFIT 41,898 2,447 10,585 - 7,563 2,656 3,031 -
Total MAT Expense 26,296 1,716 3,283 32 2,857 1,124 1,524 40
Restructuring Expense 3,459 - - - 23 - 46 -
---------------------------------------------------------------------------------------------
Operating Income 12,143 635 6,293 (373) 823 662 1,439 (40)
---------------------------------------------------------------------------------------------
Interest Income 8,381 - 11 450 879 76 101 14,679
Other Income/(Expense) (33) (70) 110 1,806 (1,501) 248 (43) 1,513
---------------------------------------------------------------------------------------------
EBIT 20,491 565 6,414 1,883 201 986 1,497 16,148
Interest Expense 29,779 20 246 543 1,091 192 616 2,099
---------------------------------------------------------------------------------------------
Income Before Taxes (9,288) 545 6,168 1,340 (890) 794 881 14,049
Provision For Income Taxes (2,757) 150 1,124 (6) 223 - 226 185
---------------------------------------------------------------------------------------------
Income - Continuing Op (6,531) 395 5,044 1,346 (1,113) 794 655 13,864
---------------------------------------------------------------------------------------------
NET INCOME $ (6,531) $ 395 $ 5,044 $1,346 $(1,113) $ 794 $ 655 $13,864
=============================================================================================
SELECTED OTHER FINANCIAL DATA (IN THOUSANDS):
Depreciation Expense 8,151 19 1,602 2,410
Amortization Expense - - 904 2,405
Capital Expenditures 9,446 44 8,522 11,031
Exhibit 99.1
SESA AND ITS SUBSIDIARIES
STATEMENT OF INCOME
FOR THE TWELVE MONTHS ENDED 12/31/00
ENTITY 1 ENTITY 2 ENTITY 3 ENTITY 4 ENTITY 5 ENTITY 6 ENTITY 7 ENTITY 8
---------------------------------------------------------------------------------------------
Customer Sales $304,121 $7,620 $ 7,181 $ - $16,723 $5,343 $5,092 $ -
Intercompany Sales 37,884 29 - - - - - -
---------------------------------------------------------------------------------------------
Gross Sales 342,005 7,649 7,181 - 16,723 5,343 5,092 -
Sales Deductions (36,860) - - - - - - -
TOTAL NET SALES 305,145 7,649 7,181 - 16,723 5,343 5,092 -
Total Cost Of Goods Sold 241,351 5,474 5,939 - 10,838 3,301 4,374 -
GROSS PROFIT 63,794 2,175 1,242 - 5,885 2,042 718 -
Total MAT Expense 36,611 1,670 1,390 (224) 2,391 924 1,031 36
Restructuring Expense - - - - - - - -
---------------------------------------------------------------------------------------------
Operating Income 27,183 342 (913) (63) 705 534 (330) (36)
---------------------------------------------------------------------------------------------
Interest Income 6,655 - 6 - 305 (20) - 10,971
Other Income/(Expense) (22,005) (82) (200) 2,267 (1,459) 150 (95) 3,343
---------------------------------------------------------------------------------------------
EBIT 11,833 260 (1,107) 2,204 (449) 664 (425) 14,278
Interest Expense 26,869 - 171 106 364 78 264 95
---------------------------------------------------------------------------------------------
Income Before Taxes (15,036) 260 (1,278) 2,098 (813) 586 (689) 14,183
Provision For Income Taxes 5,804 548 (206) 26 197 - (168) 132
---------------------------------------------------------------------------------------------
Income - Continuing Op (20,840) (288) (1,072) 2,072 (1,010) 586 (521) 14,051
---------------------------------------------------------------------------------------------
NET INCOME $(20,840) $ (288) $(1,072) $2,072 $(1,010) $ 586 $ (521) $14,051
=============================================================================================
Exhibit 99.1
SESA AND ITS SUBSIDIARIES
STATEMENT OF INCOME
FOR THE TWELVE MONTHS ENDED 12/31/99
ENTITY 1 ENTITY 2 ENTITY 3 ENTITY 4 ENTITY 5 ENTITY 6 ENTITY 7 ENTITY 8
---------------------------------------------------------------------------------------------
Customer Sales $349,578 $4,251 $ - $ - $ - $ - $ - $ -
Intercompany Sales 32,157 - - - - - - -
---------------------------------------------------------------------------------------------
Gross Sales 381,735 4,251 - - - - - -
Sales Deductions (33,535) - - - - - - -
TOTAL NET SALES 348,200 4,251 - - - - - -
Total Cost Of Goods Sold 268,175 2,709 - - - - - -
GROSS PROFIT 80,025 1,542 - - - - - -
Total MAT Expense 37,886 1,006 - - - - - 43
Restructuring Expense 1,507 - - - - - - -
---------------------------------------------------------------------------------------------
Operating Income 40,632 536 - - - - - (43)
---------------------------------------------------------------------------------------------
Interest Income 3,003 3 - - - - - 2,610
Other Income/(Expense) 2,996 77 - - - - - 4,978
---------------------------------------------------------------------------------------------
EBIT 46,631 616 - - - - - 7,545
Interest Expense 2,945 - - - - - - 73
---------------------------------------------------------------------------------------------
Income Before Taxes 43,686 616 - - - - - 7,469
Provision For Income Taxes 17,529 197 - - - - - 174
---------------------------------------------------------------------------------------------
Income - Continuing Op 26,157 419 - - - - - 7,295
---------------------------------------------------------------------------------------------
NET INCOME $ 26,157 $ 419 $ - $ - $ - $ - $ - $7,295
=============================================================================================