| Schedule of pro forma condensed balance sheet and revenue and earnings information |
Balance Sheet Adjusted for Applied Optics Product Line Acquisition
| |
|
Three Months Ended
(Thousands) |
|
| |
|
|
|
| |
|
Unaudited
Balance Sheet
December 28,
2014 |
|
|
Pro forma
Adjustments |
|
|
Pro forma
Balance
Sheet
December
28, 2014 |
|
| |
|
|
|
|
|
|
|
|
|
| Assets |
|
|
|
|
|
|
|
|
|
|
|
|
| Current Assets |
|
$ |
9,346 |
|
|
|
$ (321) |
(1) |
|
$ |
9,025 |
|
| Noncurrent Assets |
|
|
2,806 |
|
|
|
(44) |
(2) |
|
|
2,762 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Total Assets |
|
$ |
12,152 |
|
|
$ |
(365 |
) |
|
$ |
11,787 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
| Convertible Notes (Net) at Fair Value |
|
|
6,182 |
|
|
|
- |
|
|
|
6,182 |
|
| Other Current Liabilities |
|
|
2,834 |
|
|
|
(16) |
(3) |
|
|
2,818 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Total Liabilities |
|
$ |
9,016 |
|
|
$ |
(16 |
) |
|
$ |
9,000 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Equity |
|
|
|
|
|
|
|
|
|
|
|
|
| Optex Systems Holdings, Inc. Preferred Stock ($0.001 par 5,000 authorized, 1,001 and 1,001 series A preferred shares issued and outstanding, respectively) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Optex Systems Holdings, Inc. – (par $0.001, 2,000,000,000 authorized, 170,913,943 and 170,913,943 shares issued and outstanding, respectively) |
|
|
171 |
|
|
|
- |
|
|
|
171 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Additional Paid-in-capital |
|
|
18,079 |
|
|
|
- |
|
|
|
18,079 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Retained Earnings (Deficit) |
|
|
(15,114 |
) |
|
|
(349) |
(4) |
|
|
(15,463 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Total Stockholders’ Equity |
|
$ |
3,136 |
|
|
$ |
(349 |
) |
|
$ |
2,787 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Total Liabilities and Stockholders’ Equity |
|
$ |
12,152 |
|
|
$ |
(365 |
) |
|
$ |
11,787 |
|
Notes related to pro forma balance sheet adjustments:
|
(1) |
Accounts for changes in working capital for collections against accounts receivable against October booked revenue, $69 thousand, less the estimated cash requirements for October’s cash-based operating expenses for payroll, utilities, rent, maintenance & supplies of approximately ($390) thousand. |
|
(2) |
Assumes one additional month of depreciation on Property, Plant & Equipment acquired in the acquisition of ($44) thousand |
|
(3) |
Assumes month of accrued property tax liability for taxes for October 2014 of ($16) thousand. |
|
(4) |
The change in retained earnings is based on the October pro forma net loss. The pro forma loss was derived based on sales reported for September 29, 2014 through November 2, 2014 as reported on L-3 communications product line financial summary for Applied Optics, less the October month incurred direct costs (materials $46 thousand, labor, $70 thousand, and manufacturing overhead spending $255 thousand) for October, adjusted for the changes in inventory of $8 thousand, plus the L3 Communications reported G&A expenses for the Applied Optics facility, excluding any L3 Communications corporate intercompany allocated costs. |
The following represents condensed pro forma revenue and earnings information for the three months ended December 28, 2014 and December 29, 2013 as if the acquisition of the Applied Optics Product Line had occurred on the first day of each of the fiscal years.
| |
|
Unaudited, Pro forma
Three months ended |
|
| |
|
(Thousands, except share data) |
|
| |
|
December 29, 2014 |
|
|
December 28, 2013 |
|
| Revenues |
|
$ |
2,167 |
|
|
$ |
4,361 |
|
| |
|
|
|
|
|
|
|
|
| Net Income (Loss) applicable to common shareholders |
|
|
(3,179 |
) |
|
|
(160 |
) |
| |
|
|
|
|
|
|
|
|
| Diluted earnings per share |
|
$ |
(0.00 |
) |
|
$ |
(0.00 |
) |
| |
|
|
|
|
|
|
|
|
| Weighted Average Shares Outstanding |
|
|
170,913,943 |
|
|
|
157,346,607 |
|
|