Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - CENTRAL ENERGY PARTNERS LP | v425740_8k.htm |
| EX-10.1 - EXHIBIT 10.1 - CENTRAL ENERGY PARTNERS LP | v425740_ex10-1.htm |
Exhibit 99.1
Central Energy Partners LP and Subsidiaries
CONSOLIDATED BALANCE SHEETS
| Unaudited | ||||||||
| December 31, | September 30, | |||||||
| 2014 | 2015 | |||||||
| ASSETS | ||||||||
| Current Assets | ||||||||
| Cash | $ | 67,000 | $ | 118,000 | ||||
| Trade accounts receivable (less allowance for doubtful accounts of $0 at 2014 and 2015) | 294,000 | 66,000 | ||||||
| Prepaid expenses and other current assets | 324,000 | 128,000 | ||||||
| Total current assets | 685,000 | 312,000 | ||||||
| Property, plant and equipment – net | 3,470,000 | 2,708,000 | ||||||
| Other assets | 128,000 | 38,000 | ||||||
| Goodwill | 3,941,000 | - | ||||||
| Total assets | $ | 8,224,000 | $ | 3,058,000 | ||||
| LIABILITIES AND PARTNERS’ DEFICIT | ||||||||
| Current Liabilities | ||||||||
| Current maturities of long-term debt | $ | 388,000 | $ | 2,376,000 | ||||
| Accounts payable | 645,000 | 418,000 | ||||||
| Taxes payable | 7,000 | - | ||||||
| Unearned revenue | 40,000 | - | ||||||
| Accrued liabilities | 571,000 | 1,114,000 | ||||||
| Total current liabilities | 1,651,000 | 3,908,000 | ||||||
| Long-term debt obligations | 2,112,000 | - | ||||||
| Due to General Partner | 4,615,000 | 5,361,000 | ||||||
| Deferred income taxes | 387,000 | 387,000 | ||||||
| Commitments and contingencies | - | - | ||||||
| Total liabilities | 8,765,000 | 9,656,000 | ||||||
| Partners’ deficit | ||||||||
| Common units | (528,000 | ) | (6,463,000 | ) | ||||
| General Partner’s deficit | (13,000 | ) | (135,000 | ) | ||||
| Total partners’ deficit | (541,000 | ) | (6,598,000 | ) | ||||
| Total liabilities and partners’ deficit | $ | 8,224,000 | $ | 3,058,000 | ||||
| 1 |
Central Energy Partners LP and Subsidiaries
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
| Nine Months Ended September 30, 2014 | Nine Months Ended September 30, 2015 | |||||||
| Revenues | $ | 4,004,000 | $ | 2,197,000 | ||||
| Cost of goods sold | 3,073,000 | 3,058,000 | ||||||
| Gross profit | 931,000 | (861,000 | ) | |||||
| Selling, general and administrative expenses and other | ||||||||
| Legal and professional fees | 146,000 | 347,000 | ||||||
| Salaries and payroll related expenses | 478,000 | 453,000 | ||||||
| Other | 480,000 | 159,000 | ||||||
| 1,104,000 | 959,000 | |||||||
| Operating income (loss) from continuing operations | (173,000 | ) | (1,820,000 | ) | ||||
| Other income (expense) | ||||||||
| Gain on sale of hauling equipment | - | 273,000 | ||||||
| Impairment of goodwill | - | (3,941,000 | ) | |||||
| Interest expense, net | (367,000 | ) | (596,000 | ) | ||||
| Income (loss) before taxes | (540,000 | ) | (6,084,000 | ) | ||||
| (Provision) benefit for income taxes | - | - | ||||||
| Net income (loss) | (540,000 | ) | $ | (6,084,000 | ) | |||
| Net income (loss) allocable to the partners | $ | (540,000 | ) | $ | (6,084,000 | ) | ||
| Less General Partner’s interest in net income (loss) | (11,000 | ) | (122,000 | ) | ||||
| Net income (loss) allocable to the common units | (529,000 | ) | $ | (5,962,000 | ) | |||
| Net income (loss) per common unit | $ | (0.03 | ) | $ | (0.30 | ) | ||
| Weighted average common units outstanding | 19,299,815 | 19,591,482 | ||||||
| 2 |