EX-99.2 5 h11631exv99w2.txt UNAUDITED CONSOLIDATED BALANCE SHEETS . . . EXHIBIT 99.2 CASE NAME: FRIEDE GOLDMAN HALTER, INC. - CONSOLIDATED CASE NUMBER: 01-52173 SEG (JOINTLY ADMINISTERED)
Month LIABILITIES: 11/30/03 ----------- POST-PETITION LIABILITIES: Taxes payable (Form 2-E, pg. 1 of 3) Accounts Payable (Form 2-E, pg. 1 of 3) 217,596 Notes payable - secured 11,597,367 Other: Due to (from) Affiliate -- Other: Billings in Excess Other: Accrued Liabilities 6,629,148 Other: Deferred income taxes TOTAL POST-PETITION LIABILITIES 18,444,111 PRE-PETITION LIABILITIES Notes payable - secured 186,545,991 Priority debt Unsecured debt -- Other: Billings in excess Accounts Payable (Form 2-E, pg. 1 of 3) 74,698,804 Other: Accrued liabilities 3,913,458 Other: Due to (from) Affiliate -- Other: Reserve for losses on uncomp. Contracts 80,906,714 Other: Deferred income taxes -- Other: -- TOTAL LIABILITIES 364,509,078 EQUITY (DEFICIT) PREFERRED STOCK COMMON STOCK 487,158 ADDITIONAL PAID IN CAPITAL 299,356,267 INVESTMENT IN SUBSIDIARY -- RETAINED EARNINGS: Through filing date (176,023,867) Post filing date (425,716,973) TOTAL EQUITY (NET WORTH) (301,897,415) TOTAL LIABILITIES & EQUITY 62,611,663 ============
FOOTNOTES: (1) In April, accrued liabilities decreased $7.5 million as a result of the $5.7 million letter of credit (Foothill) drawn in April and a $1.2 million deferred compensation payment made in April. Both were previously accrued. (2) In June 2003, the Company's remaining property held for disposition (included in other non-current assets) was written down to its net realizable value which resulted in a loss of $800,000. This adjustment was excluded in the June Monthly Operating Report as this was a late adjustment. The June column (Other Assets and Retained Earnings) has now been revised to reflect this adjustment. (3) In August 2003, A/P Prepetition decreased approximately $970k due to the removal of all GE Capital leases from the A/P aging which were no longer payable as a result of the sale of the Vessels and Offshore segments. This decrease should have been recorded to A/P Post-Petition and was corrected in September 2003. (4) In Dec. Prepetition liabilities decreased by $4.5 million as a result of a reclass between this account and Pre-petition accrued liabilities. (5) In Dec., 2003 Prepetition liabilities increased by $8 million primarily as a result of several balance sheet reclasses. CASE NAME: FRIEDE GOLDMAN HALTER, INC. CASE NUMBER: 01-52173 SEG (JOINTLY ADMINISTERED)
ASSETS: NOVEMBER 30, 2003 CURRENT ASSETS: Cash $ 60,191,095 Accounts Receivable, Net 632 Inventory, at lower of cost or market Prepaid expenses & deposits 149,313 Other: Cost in excess of billings 520,623 ------------- TOTAL CURRENT ASSETS 60,861,663 PROPERTY, PLANT & EQUIPMENT -- OTHER ASSETS: (goodwill;patents;other) 1,750,000 TOTAL OTHER ASSETS 1,750,000 ------------- TOTAL ASSETS $ 62,611,663 ============= LIABILITIES AND EQUITY: POST-PETITION LIABILITIES: Taxes payable Accounts Payable $ 217,596 Notes payable - secured 11,597,367 Other: Accrued Liabilities 6,629,148 ------------- TOTAL POST-PETITION LIABILITIES 18,444,111 PRE-PETITION LIABILITIES Notes payable - secured 186,545,991 Accounts Payable 74,698,804 Other: Accrued liabilities 3,913,458 Other: Reserve for losses on uncomp. Contracts 80,906,714 ------------- TOTAL LIABILITIES 364,509,078 EQUITY (DEFICIT) Common Stock 487,158 Additional Paid-in Capital 299,356,267 Retained Earnings -- Through filing date (176,023,867) Post filing date (425,716,973) TOTAL EQUITY (NET WORTH) (301,897,415) ------------- TOTAL LIABILITIES & EQUITY $ 62,611,663 =============