Exhibit 99(b)
LUCILLE FARMS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
FOR THE PERIODS ENDED MAY 31, 2002 AND MARCH 31, 2002
May 31, 2002 March 31, 2002 (1)
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Unaudited
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ASSETS
Current Assets:
Cash and cash equivalents $ 153,000 $ 175,000
Accounts receivable, net of allowances of
$154,000 in May and $144,000 in March 3,107,000 3,688,000
Inventories 3,647,000 3,169,000
Deferred income taxes 72,000 72,000
Prepaid expenses and other current assets 182,000 164,000
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Total Current Assets 7,161,000 7,268,000
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Property, Plant and Equipment, net 10,538,000 10,503,000
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Other Assets:
Due from officers 101,000 101,000
Deferred income taxes 587,000 587,000
Deferred loan costs, net 247,000 250,000
Other 141,000 118,000
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Total Other Assets 1,076,000 1,056,000
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TOTAL ASSETS $ 18,775,000 $ 18,827,000
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Revolving credit loan $ 2,390,000 $ 3,744,000
Accounts Payable 3,018,000 6,824,000
Current portion of long-term debt 702,000 201,000
Accrued Expenses 332,000 384,000
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Total Current Liabilities 6,442,000 11,153,000
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Long-Term Liabilities:
Long-term debt, less current portion 7,289,000 6,771,000
Deferred income taxes 659,000 659,000
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Total Long-Term Liabilities 7,948,000 7,430,000
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Total Liabilities 14,390,000 18,583,000
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STOCKHOLDERS' EQUITY:
Preferred stock, $0.001 par value, 250,000 shares
shares authorized:
216 shares Series A convertible redeemable issued and outstanding 540,000 540,000
583 shares Series B convertible redeemable issued and outstanding 3,500,000
Common stock, $0.001 par value, 10,000,000 shares
authorized, 3,354,675 shares issued 3,000 3,000
Additional paid-in capital 5,362,000 4,462,000
Accumulated deficit -4,855,000 -4,596,000
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4,550,000 409,000
Less: cost of 69,900 shares of treasury stock -165,000 -165,000
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Total Stockholders' Equity 4,385,000 244,000
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TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 18,775,000 $ 18,827,000
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(1) Per 10-K filing