Attached files
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| 8-K/A - FORM 8/KA - HEMACARE CORP /CA/ | hema_8ka-071111.htm |
Exhibit 99.2
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HEMACARE CORPORATION
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UNAUDITED PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEETS
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AS OF MARCH 31, 2011
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Pro Forma
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As Reported
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Adjustment (B)
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Pro Forma
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Assets
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Current assets:
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Cash and cash equivalents
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$ | 2,194,000 | $ | 2,475,000 | $ | 4,669,000 | ||||||
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Restricted cash
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660,000 | 660,000 | ||||||||||
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Accounts receivable, net of allowance for
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doubtful accounts of $95,000
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2,761,000 | 2,761,000 | ||||||||||
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Product inventories and supplies
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721,000 | (72,000 | ) | 649,000 | ||||||||
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Prepaid expenses
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308,000 | 308,000 | ||||||||||
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Assets held for sale
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246,000 | 246,000 | ||||||||||
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Other receivables
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171,000 | 575,000 | 746,000 | |||||||||
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Total current assets
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7,061,000 | 2,978,000 | 10,039,000 | |||||||||
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Plant and equipment, net of accumulated
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depreciation and amortization of $7,887,000
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2,876,000 | (158,000 | ) | 2,718,000 | ||||||||
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Other assets
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146,000 | 146,000 | ||||||||||
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Total assets
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$ | 10,083,000 | $ | 2,820,000 | $ | 12,903,000 | ||||||
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Liabilities and Shareholders' Equity
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Current liabilities:
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Accounts payable
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$ | 1,860,000 | $ | 1,860,000 | ||||||||
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Accrued payroll and payroll taxes
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896,000 | 1,024,000 | 1,920,000 | |||||||||
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Other accrued expenses
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261,000 | 60,000 | 321,000 | |||||||||
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Current portion of capital lease
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17,000 | 17,000 | ||||||||||
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Liabilities related to assets held for sale
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2,142,000 | 2,142,000 | ||||||||||
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Total current liabilities
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5,176,000 | 1,084,000 | 6,260,000 | |||||||||
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Deferred rent
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512,000 | 512,000 | ||||||||||
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Long term portion of capital lease
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71,000 | 71,000 | ||||||||||
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Shareholders' equity:
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Common stock, no par value - 20,000,000 shares authorized,
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9,712,948 issued and outstanding
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16,321,000 | 16,321,000 | ||||||||||
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Accumulated deficit
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(11,997,000 | ) | 1,736,000 | (10,261,000 | ) | |||||||
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Total shareholders' equity
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4,324,000 | 1,736,000 | 6,060,000 | |||||||||
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Total liabilities and shareholders' equity
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$ | 10,083,000 | $ | 2,820,000 | $ | 12,903,000 | ||||||
The accompanying notes are an integral part of these unaudited pro forma condensed consolidated financial statements
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HEMACARE CORPORATION
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UNAUDITED PRO FORMA CONSOLIDATED STATEMENTS OF OPERATIONS
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(UNAUDITED)
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For the Three Months Ended March 31, 2011
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Pro Forma
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Pro Forma
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As Reported
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Adjustment (A)
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Adjustment (B)
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Pro Forma
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Revenue
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Blood services
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$ | 4,837,000 | $ | (3,077,000 | ) | $ | - | $ | 1,760,000 | |||||||
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Therapeutic services
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2,149,000 | - | - | 2,149,000 | ||||||||||||
| Total revenue | 6,986,000 | (3,077,000 | ) | - | 3,909,000 | |||||||||||
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Operating costs and expenses
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Blood services
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4,657,000 | (2,909,000 | ) | 32,000 | 1,780,000 | |||||||||||
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Therapeutic services
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1,462,000 | - | - | 1,462,000 | ||||||||||||
| Total operating costs and expenses | 6,119,000 | (2,909,000 | ) | 32,000 | 3,242,000 | |||||||||||
| Gross profit | 867,000 | (168,000 | ) | (32,000 | ) | 667,000 | ||||||||||
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General and administrative expenses
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1,235,000 | (50,000 | ) | 1,084,000 | 2,269,000 | |||||||||||
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Loss from operations
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(368,000 | ) | (118,000 | ) | (1,116,000 | ) | (1,602,000 | ) | ||||||||
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Provision for income taxes
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10,000 | - | - | 10,000 | ||||||||||||
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Loss from continuing operations
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(378,000 | ) | (118,000 | ) | (1,116,000 | ) | (1,612,000 | ) | ||||||||
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Income (loss) from discontinued operations
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(12,000 | ) | - | 2,852,000 | 2,840,000 | |||||||||||
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Net income (loss)
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$ | (390,000 | ) | $ | (118,000 | ) | $ | 1,736,000 | $ | 1,228,000 | ||||||
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Income (loss) per share
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Basic and diluted
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Continuing operations
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$ | (0.04 | ) | $ | (0.01 | ) | $ | (0.11 | ) | $ | (0.17 | ) | ||||
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Discontinued operations
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$ | (0.00 | ) | $ | - | $ | 0.29 | $ | 0.29 | |||||||
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Total
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$ | (0.04 | ) | $ | (0.01 | ) | $ | 0.18 | $ | 0.13 | ||||||
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Weighted average shares outstanding-basic
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9,712,948 | 9,712,948 | 9,712,948 | 9,712,948 | ||||||||||||
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Weighted average shares outstanding-diluted
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9,712,948 | 9,712,948 | 9,712,948 | 9,712,948 | ||||||||||||
The accompanying notes are an integral part of these unaudited pro forma condensed consolidated financial statements
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HEMACARE CORPORATION
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UNAUDITED PRO FORMA CONSOLIDATED STATEMENTS OF OPERATIONS
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(UNAUDITED)
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For the Year Ended December 31, 2010
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Pro Forma
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Pro Forma
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As Reported
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Adjustment (A)
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Adjustment (B)
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Pro Forma
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Revenue
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| Blood services | $ | 22,366,000 | $ | (14,842,000 | ) | $ | - | $ | 7,524,000 | |||||||
| Therapeutic services | 7,886,000 | - | - | 7,886,000 | ||||||||||||
| Total revenue | 30,252,000 | (14,842,000 | ) | - | 15,410,000 | |||||||||||
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Operating costs and expenses
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| Blood services | 20,244,000 | (12,866,000 | ) | 32,000 | 7,410,000 | |||||||||||
| Therapeutic services | 5,631,000 | 2,000 | - | 5,633,000 | ||||||||||||
| Total operating costs and expenses | 25,875,000 | (12,864,000 | ) | 32,000 | 13,043,000 | |||||||||||
| Gross profit | 4,377,000 | (1,978,000 | ) | (32,000 | ) | 2,367,000 | ||||||||||
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General and administrative expenses
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5,183,000 | (332,000 | ) | 1,084,000 | 5,935,000 | |||||||||||
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Loss from operations
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(806,000 | ) | (1,646,000 | ) | (1,116,000 | ) | (3,568,000 | ) | ||||||||
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Benefit from income taxes
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(60,000 | ) | - | - | (60,000 | ) | ||||||||||
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Loss from continuing operations
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(746,000 | ) | (1,646,000 | ) | (1,116,000 | ) | (3,508,000 | ) | ||||||||
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Income (loss) from discontinued operations
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(50,000 | ) | - | 2,852,000 | 2,802,000 | |||||||||||
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Net income (loss)
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$ | (796,000 | ) | $ | (1,646,000 | ) | $ | 1,736,000 | $ | (706,000 | ) | |||||
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Income (loss) per share
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Basic and diluted
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| Continuing operations | $ | (0.07 | ) | $ | (0.17 | ) | $ | (0.11 | ) | $ | (0.35 | ) | ||||
| Discontinued operations | $ | (0.01 | ) | $ | - | $ | 0.29 | $ | 0.28 | |||||||
| Total | $ | (0.08 | ) | $ | (0.17 | ) | $ | 0.17 | $ | (0.07 | ) | |||||
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Weighted average shares outstanding-basic
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9,968,120 | 9,968,120 | 9,968,120 | 9,968,120 | ||||||||||||
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Weighted average shares outstanding-diluted
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9,968,120 | 9,968,120 | 9,968,120 | 9,968,120 | ||||||||||||
The accompanying notes are an integral part of these unaudited pro forma condensed consolidated financial statements
HemaCare Corporation
Notes to Unaudited Pro Forma Consolidated Financial Statements
Note 1—Basis of Presentation
On July 11, 2011, HemaCare Corporation (the “Company”) and its wholly-owned subsidiary, Coral Blood Services, Inc. (collectively, the “Sellers”), completed the sale of the Sellers’ red blood cell collection operation assets (the “Assets”) in California and Maine to The American National Red Cross (the “Buyer”) pursuant to the terms of an Asset Purchase Agreement entered into by the parties on July 11, 2011 (the “Asset Purchase Agreement”). The Assets included automobiles and equipment, finished goods and work-in-process inventory of blood products, a trademark and books and records relating to blood drive sponsors and blood donors.
The unaudited proforma consolidated balance sheet as of March 31, 2011 presents pro forma effects of the transaction as if the sale had occurred on March 31, 2011. The unaudited pro forma consolidated statement of operations for the three months ended March 31, 2011 presents pro forma effects as if the transaction had occurred on January 1, 2011. The unaudited pro forma statement of operations for the fiscal year ended December 31, 2010 presents the pro forma effects as if the sale had occurred on January 1, 2010.
Note 2—Notes Regarding the Unaudited Pro Forma Adjustments
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(A)
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The pro forma adjustments for the period ending March 31, 2011 eliminate the operations relating to the assets sold as if the transaction had occurred on January 1, 2011. The pro forma adjustments for the period ending December 31, 2010 eliminate the operations relating to the assets sold as if the transaction had occurred on January 1, 2010.
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(B)
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The pro forma adjustments present the effects of the transaction as follows:
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Cash received at closing
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$ | 2,475,000 | ||
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Cash held in escrow
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$ | 275,000 | ||
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Remainder of cash receivable within 90 days of closing
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$ | 250,000 | ||
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Cash receivable for inventory at closing
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$ | 50,000 | ||
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Inventory sale and write down
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$ | 72,000 | ||
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Employee separation expenses
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$ | 900,000 | ||
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Officer bonuses
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$ | 124,000 | ||
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Legal fees
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$ | 60,000 | ||
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Value of fixed assets sold at closing
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$ | 158,000 | ||
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Gain from discontinued operations
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$ | 1,736,000 |