EX-99.2
4
a05-4053_1ex99d2.htm
EX-99.2
Exhibit 99.2
Mikron Industries, Inc.
Interim Balance Sheet
(In Thousands)
September 30,
2004
(Unaudited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents
100
Trade accounts receivable, less allowance
for doubtful accounts
15,217
Notes, contracts & employee receivables
71
Inventory
8,319
Prepaids & other current assets
3,014
TOTAL CURRENT ASSETS
26,721
Property, plant & equipment
156,745
Less accumulated depreciation and
amortization
(77,594
)
Property, plant & equipment, net
79,151
Loan origination fees, net
241
Deposits
52
Other assets
3,000
TOTAL ASSETS
109,165
LIABILITIES AND STOCKHOLDER'S EQUITY
CURRENT LIABILITIES:
Accounts payable
14,608
Accrued liabilities
13,286
Accrued taxes payable
761
Notes Payable
3,408
Current portion of long-term debt
3,593
TOTAL CURRENT LIABILITIES
35,656
Long term debt
21,826
Deferred revenue
738
Warranty provision
375
TOTAL LIABILITIES
58,595
STOCKHOLDERS EQUITY:
Common stock
21
Additional paid-in capital
62
Retained Earnings
50,487
TOTAL STOCKHOLDERS EQUITY
50,570
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY
109,165
Mikron
Industries, Inc.
Interim
Statement of Income
(In Thousands)
Nine Months Ended
September 30,
2004
2003
(Unaudited)
Net sales
$
160,154
$
132,068
Cost of sales
124,887
101,582
Selling, general and administrative expense
14,730
13,618
Depreciation and amortization
8,384
6,537
Operating income
12,153
10,331
Interest expense
(1,358
)
(1,688
)
Other, net
(1,136
)
(8
)
Net earnings
$
9,659
$
8,635
Mikron Industries, Inc.
Interim Statement of Cash Flows
(In Thousands)
Nine Months Ended
September 30,
2004
2003
(Unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings
9,659
8,635
Adjustments to reconcile net earnings to
net cash provided by operating activities:
Depreciation and amortization
8,222
5,904
Equity in earnings of HC Franzheim
Associates, LLC
-
(7,327
)
Amortization of deferred revenue
(7
)
523
Receivables
(5,589
)
(5,450
)
Inventory
(1,005
)
(1,258
)
Accounts payable
9,917
6,024
Accrued expenses & other current
liabilities
(1,584
)
819
Other assets / liabilities
701
-
Net cash provided by operating activities
20,314
7,870
CASH FLOWS FROM INVESTING ACTIVITIES:
Net additions to fixed assets
(24,127
)
(16,783
)
Proceeds from sale of fixed assets
1,251
225
Reductions in notes, contracts &
advances
(1,454
)
(683
)
Decrease in deposits and other
497
-
Net cash used in investing activities
(23,833
)
(17,241
)
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash dividends paid
(1,359
)
(4,180
)
Payments on long-term notes and capital
leases
(218
)
(3,619
)
Net cash used in financing activities
(1,577
)
(7,799
)
Increase (Decrease) in Cash
(5,096
)
(17,170
)
Cash and cash equivalents at beginning of
period
5,196
22,265
Cash and cash equivalents at end of period
100
5,095

EX - 99 . 2 4 a05 - 4053 _ 1ex99d2 . htm EX - 99 . 2 Exhibit 99 . 2 Mikron Industries , Inc . Interim Balance Sheet ( In Thousands ) September 30 , 2004 ( Unaudited ) ASSETS CURRENT ASSETS : Cash and cash equivalents 100 Trade accounts receivable , less allowance for doubtful accounts 15,217 Notes , contracts & employee receivables 71 Inventory 8,319 Prepaids & other current assets 3,014 TOTAL CURRENT ASSETS 26,721 Property , plant & equipment 156,745 Less accumulated depreciation and amortization ( 77,594 ) Property , plant & equipment , net 79,151 Loan origination fees , net 241 Deposits 52 Other assets 3,000 TOTAL ASSETS 109,165 LIABILITIES AND STOCKHOLDER 'S EQUITY CURRENT LIABILITIES : Accounts payable 14,608 Accrued liabilities 13,286 Accrued taxes payable 761 Notes Payable 3,408 Current portion of long - term debt 3,593 TOTAL CURRENT LIABILITIES 35,656 Long term debt 21,826 Deferred revenue 738 Warranty provision 375 TOTAL LIABILITIES 58,595 STOCKHOLDERS EQUITY : Common stock 21 Additional paid - in capital 62 Retained Earnings 50,487 TOTAL STOCKHOLDERS EQUITY 50,570 TOTAL LIABILITIES AND STOCKHOLDER 'S EQUITY 109,165 Mikron Industries , Inc . Interim Statement of Income ( In Thousands ) Nine Months Ended September 30 , 2004 2003 ( Unaudited ) Net sales $ 160,154 $ 132,068 Cost of sales 124,887 101,582 Selling , general and administrative expense 14,730 13,618 Depreciation and amortization 8,384 6,537 Operating income 12,153 10,331 Interest expense ( 1,358 ) ( 1,688 ) Other , net ( 1,136 ) ( 8 ) Net earnings $ 9,659 $ 8,635 Mikron Industries , Inc . Interim Statement of Cash Flows ( In Thousands ) Nine Months Ended September 30 , 2004 2003 ( Unaudited ) CASH FLOWS FROM OPERATING ACTIVITIES : Net earnings 9,659 8,635 Adjustments to reconcile net earnings to net cash provided by operating activities : Depreciation and amortization 8,222 5,904 Equity in earnings of HC Franzheim Associates , LLC - ( 7,327 ) Amortization of deferred revenue ( 7 ) 523 Receivables ( 5,589 ) ( 5,450 ) Inventory ( 1,005 ) ( 1,258 ) Accounts payable 9,917 6,024 Accrued expenses & other current liabilities ( 1,584 ) 819 Other assets / liabilities 701 - Net cash provided by operating activities 20,314 7,870 CASH FLOWS FROM INVESTING ACTIVITIES : Net additions to fixed assets ( 24,127 ) ( 16,783 ) Proceeds from sale of fixed assets 1,251 225 Reductions in notes , contracts & advances ( 1,454 ) ( 683 ) Decrease in deposits and other 497 - Net cash used in investing activities ( 23,833 ) ( 17,241 ) CASH FLOWS FROM FINANCING ACTIVITIES : Cash dividends paid ( 1,359 ) ( 4,180 ) Payments on long - term notes and capital leases ( 218 ) ( 3,619 ) Net cash used in financing activities ( 1,577 ) ( 7,799 ) Increase ( Decrease ) in Cash ( 5,096 ) ( 17,170 ) Cash and cash equivalents at beginning of period 5,196 22,265 Cash and cash equivalents at end of period 100 5,095