Attached files
| file | filename |
|---|---|
| 8-K - 8-K - CONTINENTAL MATERIALS CORP | a19-3883_18k.htm |
| EX-10.1 - EX-10.1 - CONTINENTAL MATERIALS CORP | a19-3883_1ex10d1.htm |
CONTINENTAL MATERIALS CORPORATION
PRO FORMA CONSOLIDATED BALANCE SHEET
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|
SEPTEMBER 29, 2018 |
| ||||
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Historical |
|
Pro Forma |
|
Pro Forma |
|
|
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|
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|
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|
CASH |
|
452 |
|
26,064 |
|
26,516 |
|
|
RECEIVABLES, NET |
|
25,710 |
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(10,903 |
) |
14,807 |
|
|
RECEIVABLE FOR INSURED LOSSES |
|
875 |
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|
|
875 |
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|
INVENTORIES - FINISHED GOODS |
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5,159 |
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5,159 |
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- WORK IN PROCESS |
|
2,855 |
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2,855 |
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- RAW MATERIALS |
|
13,067 |
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(2,202 |
) |
10,865 |
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TOTAL INVENTORIES |
|
21,081 |
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(2,202 |
) |
18,879 |
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|
|
|
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PREPAID EXPENSES |
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2,490 |
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(48 |
) |
2,442 |
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REFUNDABLE INCOME TAXES |
|
996 |
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|
996 |
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PROPERTY AND EQUIPMENT, NET |
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17,220 |
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(7,939 |
) |
9,281 |
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|
|
|
|
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|
|
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GOODWILL, NET |
|
7,229 |
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(6,229 |
) |
1,000 |
|
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DEFERRED INCOME TAXES |
|
2,497 |
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|
|
2,497 |
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OTHER ASSETS |
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3,674 |
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3,674 |
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TOTAL |
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82,224 |
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(1,257 |
) |
80,967 |
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BANK LOAN PAYABLE |
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6,700 |
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|
6,700 |
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LIABILITY FOR UNPAID CLAIMS COVERED BY INS. |
|
875 |
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|
875 |
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ACCOUNTS PAYABLE AND ACCRUED EXPENSES |
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18,849 |
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(4,078 |
) |
14,771 |
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INCOME TAX PAYABLE |
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— |
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2,478 |
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2,478 |
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TOTAL CURRENT LIABILITIES |
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26,424 |
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(1,600 |
) |
24,824 |
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OTHER LT LIABILITIES |
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6,484 |
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6,484 |
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COMMON SHARES |
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643 |
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|
643 |
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CAPITAL IN EXCESS OF PAR VALUE |
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1,930 |
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1,930 |
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RETAINED EARNINGS |
|
61,671 |
|
343 |
|
62,014 |
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TREASURY SHARES |
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(14,928 |
) |
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(14,928 |
) |
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TOTAL |
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82,224 |
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(1,257 |
) |
80,967 |
|
See accompanying notes to the unaudited pro forma financial information.
The following tables provide the pro forma financial results of the Company, as adjusted to reflect the sale of the ready-mix and sand operations of Transit Mix Concrete Company, at and for the 9 months ended September 29, 2018 and for the 12 months ended December 30, 2017.
CONTINENTAL MATERIALS CORPORATION
PRO FORMA CONSOLIDATED STATEMENT OF OPERATIONS
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NINE MONTHS ENDING SEPTEMBER 29, 2018 |
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FISCAL YEAR ENDING DECEMBER 30, 2017 |
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Historical |
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Pro Form |
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Pro Forma |
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Historical |
|
Pro Form |
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Pro Forma |
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GROSS SALES |
|
121,151 |
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(48,219 |
) |
72,932 |
|
152,810 |
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(59,474 |
) |
93,336 |
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EXPENSES: |
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COST OF SALES |
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101,185 |
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(41,786 |
) |
59,399 |
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124,715 |
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(49,559 |
) |
75,156 |
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DEPRECIATION, DEPLETION & AMORTIZATION |
|
2,065 |
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(862 |
) |
1,203 |
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2,554 |
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(1,052 |
) |
1,502 |
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SELLING AND ADMINISTRATIVE |
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18,656 |
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(3,236 |
) |
15,421 |
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22,643 |
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(3,713 |
) |
18,931 |
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CHARGES RELATED TO HITCH RACK RANCH |
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6,840 |
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|
6,840 |
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— |
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|
— |
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(GAIN) LOSS ON SALE OF PROPERTY |
|
(892 |
) |
892 |
|
— |
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(118 |
) |
95 |
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(23 |
) |
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TOTAL |
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127,854 |
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(44,992 |
) |
82,863 |
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149,794 |
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(54,229 |
) |
95,566 |
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OPERATING INCOME (LOSS) |
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(6,703 |
) |
(3,228 |
) |
(9,931 |
) |
3,016 |
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(5,246 |
) |
(2,230 |
) |
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EXTERNAL INTEREST INCOME |
|
59 |
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— |
|
59 |
|
79 |
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— |
|
79 |
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EXTERNAL INTEREST EXPENSE |
|
(415 |
) |
— |
|
(415 |
) |
(366 |
) |
— |
|
(366 |
) |
|
OTHER INCOME (EXPENSE) |
|
(29 |
) |
— |
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(29 |
) |
110 |
|
— |
|
110 |
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INCOME (LOSS) BEFORE INCOME TAXES |
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(7,088 |
) |
(3,228 |
) |
(10,316 |
) |
2,839 |
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(5,246 |
) |
(2,407 |
) |
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PROVISION (CREDIT) FOR INCOME TAXES |
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(1,772 |
) |
(807 |
) |
(2,579 |
) |
1,021 |
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(1,888 |
) |
(867 |
) |
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NET (LOSS) INCOME |
|
(5,316 |
) |
(2,421 |
) |
(7,737 |
) |
1,818 |
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(3,357 |
) |
(1,539 |
) |
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BASIC AND DILUTED (LOSS) INCOME PER SHARE |
|
(3.13 |
) |
(1.43 |
) |
(4.56 |
) |
1.08 |
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(2.00 |
) |
(0.92 |
) |
|
AVERAGE SHARED OUTSTANDING |
|
1,697 |
|
1,697 |
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1,697 |
|
1,680 |
|
1,680 |
|
1,680 |
|
Notes to Pro Forma Unaudited Financial Information
The historical financial statements have been adjusted in the pro forma financial statements to give effect to pro forma events that are factually supportable and directly attributable to the divestiture of the Transit Mix ready-mix concrete and Daniels Sand operations. The pro forma financial information does not reflect the realization of any cost savings assoicated with the divestiture.
The pro forma financial statements do not necessarily reflect what the Company’s financial condition or results of operations would have been had the divestiture occurred on the dates indicated. The statements also may not be useful in predicting the future financial condition and results of operations of the Company. The actual financial position and results of operations may differ from the pro forma amounts reflected herein due to a variety of factors.
The pro forma adjustments are based on our preliminary estimates and assumptions that are subject to change.
See accompanying notes to the unaudited pro forma financial information.