Exhibit 99.1
ATRIUM COMPANIES, INC.
CONSOLIDATED BALANCE SHEET
(Dollars in thousands, except share amounts)
(Unaudited)
MARCH 31,
2005
-----------------
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 3,975
Accounts receivable, net 4,890
Retained interest in sold accounts receivable 39,297
Inventories, net 67,788
Prepaid expenses and other current assets 4,618
Deferred tax asset 4,339
-----------------
Total current assets 124,907
PROPERTY, PLANT AND EQUIPMENT, net 115,993
GOODWILL 318,048
INTANGIBLE ASSETS, net 280,931
DEFERRED FINANCING COSTS, net 3,264
OTHER ASSETS, net 7,219
-----------------
Total assets $ 850,362
=================
LIABILITIES AND STOCKHOLDER'S EQUITY
CURRENT LIABILITIES:
Accounts payable $ 49,900
Accrued liabilities 37,964
Current portion of notes payable 5,323
-----------------
Total current liabilities 93,187
-----------------
LONG-TERM LIABILITIES:
Notes payable, net of current portion 327,556
Deferred tax liability 86,372
Other long-term liabilities 3,633
-----------------
Total long-term liabilities 417,561
-----------------
Total liabilities 510,748
-----------------
COMMITMENTS AND CONTINGENCIES -
STOCKHOLDER'S EQUITY:
Common stock $0.01 par value, 3,000 shares
authorized, 100 shares issued and outstanding -
Paid-in capital 425,730
Accumulated deficit (87,875)
Accumulated 1,759
other
comprehensive
income
-----------------
Total stockholder's equity 339,614
-----------------
Total liabilities and stockholder's equity $ 850,362
=================
ATRIUM COMPANIES, INC.
CONSOLIDATED STATEMENT OF OPERATIONS
(In thousands)
(Unaudited)
Quarter Ended
March 31, 2005
-------------------------
NET SALES $ 176,506
COST OF GOODS SOLD 128,621
-------------------------
Gross profit 47,885
OPERATING EXPENSES:
Selling, delivery, general and administrative expenses (excluding
amortization, securitization and stock compensation expense) 40,377
Amortization expense 7,707
Securitization expense 471
Stock compensation expense 52
-------------------------
SELLING, DELIVERY, GENERAL AND ADMINISTRATIVE
EXPENSES 48,607
Special charges -
-------------------------
48,607
-------------------------
Loss from operations (722)
INTEREST EXPENSE 10,446
OTHER INCOME, NET (262)
-------------------------
Loss before income taxes (10,906)
INCOME TAX BENEFIT (4,468)
-------------------------
NET LOSS $ (6,438)
=========================
ATRIUM COMPANIES, INC.
RECONCILIATION OF NET INCOME TO EBITDA
(In thousands)
(Unaudited)
Quarter Ended
March 31, 2005
------------------
Net Loss $ (6,438)
Interest Expense 10,446
Income Taxes (4,468)
Depreciation and Amortization 13,043
Securitization Expense 471
Stock Compensation Expense 52
LIFO Reserve 132
------------------
EBITDA $ 13,238
==================
ATRIUM COMPANIES, INC.
CONSOLIDATED STATEMENT OF CASH FLOWS
(In thousands)
(Unaudited)
Quarter Ended
March 31, 2005
------------------------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss $ (6,438)
Adjustments to reconcile net loss to net cash provided
by operating activities:
Write off of deferred financing costs 1,801
Write off of notes' discounts and premiums, net (402)
Depreciation and amortization 13,043
Amortization of deferred financing costs 121
Provision for bad debts 30
Loss on sale of receivables 213
Other (14)
Changes in assets and liabilities:
Accounts receivable (85)
Retained interest in sold accounts receivable (5,588)
Sale of accounts receivable 12,600
Inventories (7,521)
Prepaid expenses and other current assets 3,480
Deferred taxes (4,333)
Accounts payable (3,391)
Accrued liabilities and other liabilities 69
------------------------
Net cash provided by operating activities 3,585
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant and equipment, net of proceeds
from sales of property, plant and equipment (6,998)
Acquisitions (243)
Increase in other assets (330)
Transfer from restricted cash 70,052
------------------------
Net cash provided by investing activities 62,481
CASH FLOWS FROM FINANCING ACTIVITIES:
Scheduled principal payments on term loans (813)
Repurchase of remaining senior subordinated notes (65,008)
Scheduled principal payments on other long-term debt (487)
Additional deferred financing costs (79)
Distributions to ACIH (398)
Contribution to Atrium Companies, Inc. 24
Checks drawn in excess of bank balances 1,818
------------------------
Net cash used in financing activities (64,943)
NET INCREASE IN CASH AND CASH EQUIVALENTS 1,123
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 2,852
------------------------
CASH AND CASH EQUIVALENTS, END OF PERIOD $ 3,975
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