EX-99.1 3 dex991.htm CONSOLIDATED FINANCIAL STATEMENTS FOR 11/30/2002 Consolidated Financial Statements for 11/30/2002
Exhibit 99.1
 
Index
 
Consolidated Financial Statements, November 30, 2002:
    
Consolidated Balance Sheet
  
1
Consolidated Statement of Operations
  
2
Consolidated Statement of Cash Flows
  
3
 


 
RBX CORPORATION
CONSOLIDATED BALANCE SHEET
November 30, 2002
(in thousands)
 
ASSETS
        
Cash and cash equivalents
  
$
1,167
 
Accounts receivable, less allowance for doubtful accounts of $1,889
  
 
25,726
 
Inventories
  
 
16,166
 
Prepaid and other current assets
  
 
2,244
 
    


Total current assets
  
 
45,303
 
Property, plant and equipment, net
  
 
54,141
 
Intangible assets
  
 
18,058
 
Other noncurrent assets
  
 
5,758
 
    


Total assets
  
$
123,260
 
    


LIABILTIES AND STOCKHOLDERS’ EQUITY
        
Accounts payable
  
$
11,559
 
Accrued liabilities
  
 
8,462
 
Current portion of postretirement benefit obligation
  
 
2,780
 
Current portion of long-term debt
  
 
2,000
 
    


Total current liabilities
  
 
24,801
 
Long-term debt
  
 
48,199
 
Postretirement benefit obligation
  
 
23,692
 
Pension benefit obligation
  
 
17,577
 
Other liabilities
  
 
1,704
 
    


Total liabilities
  
 
115,973
 
Stockholders’ equity:
        
Common stock, $0.001 par value, 5,000,000 shares authorized, 1,000,000 issued and outstanding
  
 
1
 
Additional paid-in capital
  
 
15,160
 
Accumulated deficit
  
 
(7,874
)
    


Total stockholders’ equity
  
 
7,874
 
    


Commitments and contingencies
        
Total liabilities and stockholders’ equity
  
$
123,260
 
    


1


 
RBX CORPORATION
CONSOLIDATED STATEMENT OF OPERATIONS
For the eleven months ended November 30, 2002
(in thousands)
 
Net sales
  
$
154,767
Cost of goods sold
  
 
129,169
    

Gross profit
  
 
25,598
Selling, general and administrative costs
  
 
18,030
Reorganization items (income)
  
 
1,045
Other (income) expense
  
 
966
    

Operating income (loss)
  
 
5,557
Interest expense
  
 
4,406
    

Income (loss) before income taxes
  
 
1,151
Income tax expense
  
 
220
    

Net income (loss)
  
$
931
    

2


 
RBX CORPORATION
CONSOLIDATED STATEMENT OF CASH FLOWS
For the eleven months ended November 30, 2002
(in thousands)
 
OPERATING ACTIVITIES
        
Net income (loss)
  
$
931
 
Adjustments to reconcile net income to net cash used in operating activities:
        
Depreciation
  
 
3,300
 
Loss on disposal of equipment
  
 
966
 
Increase (decrease) in cash from changes in operating assets and liabilities:
        
Accounts receivable
  
 
(4,357
)
Inventories
  
 
1,059
 
Prepaid and other current assets
  
 
(370
)
Accounts payable
  
 
2,556
 
Accrued liabilities
  
 
(4,528
)
Other liabilities
  
 
(2,324
)
Liabilities subject to compromise
  
 
—  
 
    


Net cash used in operating activities
  
 
(2,767
)
    


INVESTING ACTIVITIES
        
Capital expenditures
  
 
(4,812
)
Proceeds from disposals of property, plant and equipment
  
 
801
 
Increase in restricted cash
  
 
(261
)
    


Net cash used in investing activities
  
 
(4,272
)
    


FINANCING ACTIVITIES
        
Proceeds from borrowings
  
 
167,331
 
Principal payments on long-term debt
  
 
(160,279
)
    


Net cash provided by financing activities
  
 
7,052
 
    


Net increase in cash and cash equivalents
  
 
13
 
Cash and cash equivalents:
        
Beginning of period
  
 
1,154
 
    


End of period
  
$
1,167
 
    


3