| Schedule of pro forma condensed balance sheet and revenue and earnings information |
Optex Systems Holdings, Inc.
Balance Sheet Adjusted for Applied Optics Product Line Acquisition
| |
|
Six Months Ended
(Thousands)
(unaudited)
|
|
| |
|
Balance Sheet
March 29, 2015
|
|
|
Pro forma
Adjustments
|
|
|
Pro forma
Balance Sheet
March 29, 2015
|
|
| |
|
|
|
|
|
|
|
|
|
| Assets |
|
|
|
|
|
|
|
|
|
|
|
|
| Current Assets |
|
$ |
9,220 |
|
|
$ |
(321 |
)(1) |
|
$ |
8,899 |
|
| Noncurrent Assets |
|
|
2,474 |
|
|
|
(44 |
)(2) |
|
|
2,430 |
|
| Total Assets |
|
$ |
11,694 |
|
|
$ |
(365 |
) |
|
$ |
11,329 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
| Current Liabilities |
|
|
2,384 |
|
|
|
(16 |
)(3) |
|
|
2,368 |
|
| Noncurrent Liabilities |
|
|
878 |
|
|
|
|
|
|
|
878 |
|
| Total Liabilities |
|
|
3,262 |
|
|
|
(16 |
) |
|
|
3,246 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Equity |
|
|
|
|
|
|
|
|
|
|
|
|
| Preferred Stock Series A ($0.001 par 5,000 authorized, 1,001 shares issued and outstanding) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Preferred Stock Series B ($0.001 par 1,010 authorized, 1,000 shares issued and outstanding, respectively) |
|
|
- |
|
|
|
|
|
|
|
- |
|
| Common Stock (par $0.001, 2,000,000,000 authorized, 170,913,943 shares issued and outstanding) |
|
|
171 |
|
|
|
- |
|
|
|
171 |
|
| Additional Paid-in-capital |
|
|
26,174 |
|
|
|
- |
|
|
|
26,174 |
|
| Retained (Deficit) |
|
|
(17,913 |
) |
|
|
(349 |
)(4) |
|
|
(18,262 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Total Stockholders Equity |
|
|
8,432 |
|
|
|
(349 |
) |
|
|
8,083 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Total Liabilities and Stockholders Equity |
|
$ |
11,694 |
|
|
$ |
(365 |
) |
|
$ |
11,329 |
|
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 one month of accrued property tax liability for taxes for October 2014 of ($16) thousand. |
|
(4) |
The change in retained earnings (deficit) 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 incurred direct costs (materials $46 thousand, labor, $70 thousand, and manufacturing overhead spending $255 thousand) for October 2014, 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 pro forma financial information is presented for information purposes only. Such information is based on the historical results of each company and does not reflect the actual results that would have been reported had the acquisition been completed when assumed, nor is it indicative of the future results of operations for the combined entity. The unaudited pro forma information provided herein does not reflect any operating efficiencies and/or cost savings that the Company may achieve with respect to the combined entities.
The following represents condensed pro forma revenue and earnings information for the three and six months ended March 29, 2015 and March 30, 2014 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 |
|
| |
|
(Thousands, except share data) |
|
| |
|
Three Months Ending |
|
|
Six Months Ending |
|
| |
|
March 29, 2015 |
|
|
March 30, 2014 |
|
|
March 29, 2015 |
|
|
March 30, 2014 |
|
| Revenues |
|
$ |
3,472 |
|
|
$ |
3,466 |
|
|
$ |
5,570 |
|
|
$ |
7,827 |
|
| Net Income (Loss) applicable to common shareholders |
|
|
(3,148 |
) |
|
|
(1,853 |
) |
|
|
(5,977 |
) |
|
|
(2,013 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Diluted earnings (loss) per share |
|
$ |
(0.00 |
) |
|
$ |
(0.00 |
) |
|
$ |
(0.00 |
) |
|
$ |
(0.00 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Weighted Average Shares Outstanding |
|
|
170,913,943 |
|
|
|
160,588,050 |
|
|
|
170,913,943 |
|
|
|
158,967,329 |
|
|