Attached files
| file | filename |
|---|---|
| EX-99.1 - EXHIBIT 99.1 - GlassBridge Enterprises, Inc. | tv501412_ex99-1.htm |
| EX-10.6 - EXHIBIT 10.6 - GlassBridge Enterprises, Inc. | tv501412_ex10-6.htm |
| EX-10.5 - EXHIBIT 10.5 - GlassBridge Enterprises, Inc. | tv501412_ex10-5.htm |
| EX-10.4 - EXHIBIT 10.4 - GlassBridge Enterprises, Inc. | tv501412_ex10-4.htm |
| EX-10.3 - EXHIBIT 10.3 - GlassBridge Enterprises, Inc. | tv501412_ex10-3.htm |
| EX-10.2 - EXHIBIT 10.2 - GlassBridge Enterprises, Inc. | tv501412_ex10-2.htm |
| EX-10.1 - EXHIBIT 10.1 - GlassBridge Enterprises, Inc. | tv501412_ex10-1.htm |
| 8-K - FORM 8-K - GlassBridge Enterprises, Inc. | tv501412_8k.htm |
Exhibit 99.2
GLASSBRIDGE ENTERPRISES, INC.
CONDENSED CONSOLIDATED BALANCE SHEET
AS OF JUNE 30, 2018
(In millions, except per share amounts)
| As Reported (Unaudited) | Divestiture in Nexsan (Unaudited) | Pro Forma (Unaudited) | ||||||||||
| Assets | ||||||||||||
| Current assets: | ||||||||||||
| Cash and cash equivalents | 5.3 | (0.7 | ) | 4.6 | ||||||||
| Accounts receivable, net | 5.4 | (5.4 | ) | - | ||||||||
| Inventories | 2.7 | (2.7 | ) | - | ||||||||
| Other current assets | 2.2 | (1.5 | ) | 0.7 | ||||||||
| Current assets of discontinued operations | 1.6 | - | 1.6 | |||||||||
| Total current assets | 17.2 | (10.3 | ) | 6.9 | ||||||||
| Property, plant and equipment, net | 0.5 | (0.5 | ) | - | ||||||||
| Intangible assets, net | 7.3 | - | 7.3 | |||||||||
| Other assets | 7.0 | (0.6 | ) | 6.4 | ||||||||
| Non-current assets of discontinued operations | 1.5 | - | 1.5 | |||||||||
| Total assets | 33.5 | (11.4 | ) | 22.1 | ||||||||
| Liabilities and Shareholders’ Equity | ||||||||||||
| Current liabilities: | ||||||||||||
| Accounts payable | 5.3 | (5.0 | ) | 0.3 | ||||||||
| Other current liabilities | 15.5 | (8.9 | ) | 6.6 | ||||||||
| Current liabilities of discontinued operations | 6.2 | - | 6.2 | |||||||||
| Total current liabilities | 27.0 | (13.9 | ) | 13.1 | ||||||||
| Other liabilities | 28.0 | (4.0 | ) | 24.0 | ||||||||
| Other liabilities of discontinued operations | 8.3 | 8.3 | ||||||||||
| Total liabilities | 63.3 | (17.9 | ) | 45.4 | ||||||||
| Shareholders’ deficit: | ||||||||||||
| Preferred stock, $.01 par value, authorized 25 million shares, none issued and outstanding | - | - | - | |||||||||
| Common stock, $.01 par value, authorized 10 million shares, 5.7 million issued at June 30, 2018; 5.7 million issued at December 31, 2017 | 0.1 | - | 0.1 | |||||||||
| Additional paid-in capital | 1,048.8 | - | 1,048.8 | |||||||||
| Accumulated deficit | (1,030.2 | ) | 1.5 | (1,028.7 | ) | |||||||
| Accumulated other comprehensive loss | (18.9 | ) | - | (18.9 | ) | |||||||
| Treasury stock, at cost: 0.5 million shares at June 30, 2018; 0.6 million shares at December 31, 2017 | (24.6 | ) | - | (24.6 | ) | |||||||
| Total GlassBridge Enterprises, Inc. shareholders’ deficit | (24.8 | ) | 1.5 | (23.3 | ) | |||||||
| Noncontrolling interest | (5.0 | ) | 5.0 | - | ||||||||
| Total shareholders’ deficit | (29.8 | ) | 6.5 | (23.3 | ) | |||||||
| Total liabilities and shareholders’ deficit | 33.5 | (11.4 | ) | 22.1 | ||||||||
GLASSBRIDGE ENTERPRISES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions)
| Six Months Ended June 30, 2018 | ||||||||||||
| As Reported (Unaudited) | Divestiture in Nexsan (Unaudited) | Pro Forma (Unaudited) | ||||||||||
| Net revenue | 17.4 | (17.4 | ) | - | ||||||||
| Cost of goods sold | 8.6 | (8.6 | ) | - | ||||||||
| Gross profit | 8.8 | (8.8 | ) | - | ||||||||
| Operating expenses: | - | |||||||||||
| Selling, general and administrative | 9.9 | (6.7 | ) | 3.2 | ||||||||
| Research and development | 1.9 | (1.9 | ) | - | ||||||||
| GBAM Fund expenses | 0.2 | - | 0.2 | |||||||||
| Restructuring and other | 0.1 | - | 0.1 | |||||||||
| Total operating expenses | 12.1 | (8.6 | ) | 3.5 | ||||||||
| Operating loss from continuing operations | (3.3 | ) | (0.2 | ) | (3.5 | ) | ||||||
| Other income (expense): | - | |||||||||||
| Interest expense | (0.2 | ) | - | (0.2 | ) | |||||||
| Net gain (loss) from GBAM Fund activities | (0.5 | ) | - | (0.5 | ) | |||||||
| Other income (expense), net | 0.5 | (0.1 | ) | 0.4 | ||||||||
| Total other income (expense) | (0.2 | ) | (0.1 | ) | (0.3 | ) | ||||||
| Loss from continuing operations before income taxes | (3.5 | ) | (0.3 | ) | (3.8 | ) | ||||||
| Income tax benefit (provision) | (0.1 | ) | 0.1 | - | ||||||||
| Loss from continuing operations | (3.6 | ) | (0.2 | ) | (3.8 | ) | ||||||
| Gain from discontinued operations, net of income taxes | 0.3 | - | 0.3 | |||||||||
| Net loss including noncontrolling interest | (3.3 | ) | (0.2 | ) | (3.5 | ) | ||||||
| Less: Net loss attributable to noncontrolling interest | (0.3 | ) | 0.3 | - | ||||||||
| Net loss attributable to GlassBridge Enterprises, Inc. | (3.0 | ) | (0.5 | ) | (3.5 | ) | ||||||
GLASSBRIDGE ENTERPRISES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions)
| Twelve Months Ended December 31, 2017 | ||||||||||||
| As Reported (Historical) | Divestiture in Nexsan (Unaudited) | Pro Forma (Unaudited) | ||||||||||
| Net revenue | 36.5 | (36.5 | ) | - | ||||||||
| Cost of goods sold | 19.8 | (19.8 | ) | - | ||||||||
| Gross profit | 16.7 | (16.7 | ) | - | ||||||||
| Operating expenses: | - | |||||||||||
| Selling, general and administrative | 29.0 | (20.6 | ) | 8.4 | ||||||||
| Research and development | 8.1 | (8.1 | ) | - | ||||||||
| GBAM Fund expenses | 0.5 | - | 0.5 | |||||||||
| Impaired charges: | ||||||||||||
| Goodwill | 3.8 | (3.8 | ) | - | ||||||||
| Intangible assets | 2.7 | (2.7 | ) | - | ||||||||
| Restructuring and other | 1.9 | (2.0 | ) | (0.1 | ) | |||||||
| Total operating expenses | 46.0 | (37.2 | ) | 8.8 | ||||||||
| Operating loss from continuing operations | (29.3 | ) | 20.5 | (8.8 | ) | |||||||
| Other income (expense): | - | |||||||||||
| Interest expense | - | - | ||||||||||
| Net gain (loss) from GBAM Fund activities | 1.2 | - | 1.2 | |||||||||
| Other income (expense), net | (0.6 | ) | 0.1 | (0.5 | ) | |||||||
| Total other income (expense) | 0.6 | 0.1 | 0.7 | |||||||||
| Loss from continuing operations before income taxes | (28.7 | ) | 20.6 | (8.1 | ) | |||||||
| Income tax benefit (provision) | 5.8 | (0.1 | ) | 5.7 | ||||||||
| Loss from continuing operations | (22.9 | ) | 20.5 | (2.4 | ) | |||||||
| Gain from discontinued operations, net of income taxes | 4.3 | - | 4.3 | |||||||||
| Net loss including noncontrolling interest | (18.6 | ) | 20.5 | 1.9 | ||||||||
| Less: Net loss attributable to noncontrolling interest | (10.2 | ) | 10.2 | - | ||||||||
| Net gain (loss) attributable to GlassBridge Enterprises, Inc. | (8.4 | ) | 10.3 | 1.9 | ||||||||