EX-99.2 3 f669448kex99-2.txt EXHIBIT 99.2 1 EXHIBIT 99.2 THE WEATHERSBY GROUP, INC. CONDENSED BALANCE SHEET AS OF JUNE 30, 2000 (in thousands) (unaudited) Current Assets: Cash and cash equivalents $ 792 Receivables: Accounts receivable 1,845 Accounts receivable - unbilled 1,289 ------- 3,134 Loss: Allowance for doubtful accounts (61) ------- 3,073 ------- Total current assets 3,865 Property and Equipment, net 88 Other assets 57 ------- Total Assets $ 4,010 ======= Current Liabilities: Trade accounts payable $ 1,788 Accrued payroll, bonuses and related expenses 150 Other accrued liabilities 67 ------- Total current liabilities 2,005 Stockholder's Equity Common stock 1 Retained earnings 2,004 ------- Total stockholder's equity 2,005 ------- Total Liabilities and Stockholder's Equity $ 4,010 =======
Page 4 2 THE WEATHERSBY GROUP, INC. CONDENSED STATEMENT OF OPERATIONS SIX MONTHS ENDED JUNE 30, 2000 (in thousands) (unaudited) Revenues $ 7,245 Cost of Services 5,089 ------- Gross profit 2,156 Operating Expenses - Selling general and administrative 1,554 ------- Income from Operations 602 Other Income/(Expense): Interest income 5 Other, net 14 ------- Total other income 19 ------- Net income $ 621 =======
3 THE WEATHERSBY GROUP, INC. CONDENSED STATEMENT OF CASH FLOWS SIX MONTHS ENDED JUNE 30, 2000 (in thousands) (unaudited) CASH FLOWS FROM OPERATING ACTIVITIES: Net Income $ 621 Adjustments to reconcile income from continuing operations to net cash provided by operating activities: Depreciation and amortization 13 Changes in: Accounts Receivable 605 Accounts Receivable - unbilled (1,289) Deferred revenue (40) Trade accounts payable 1,005 Accrued liabilities (432) ------- Net cash provided from continuing operations 483 CASH FLOWS FROM INVESTING ACTIVITIES Acquisition of property, plant and equipment (34) ------- Net cash used in investing activities (34) CASH FLOWS FROM FINANCING ACTIVITIES: Distributions to shareholder (16) ------- Net cash used from financing activities (16) ------- NET INCREASE IN CASH 433 CASH AND CASH EQUIVALENTS, Beginning of period 359 ------- CASH AND CASH EQUIVALENTS, End of period $ 792 =======
NOTE TO CONDENSED FINANCIAL STATEMENTS (UNAUDITED) Basis of Reporting The accompanying condensed financial statements of The Weathersby Group, Inc. (the "Company") as of June 30, 2000, and for the six months ended June 30, 2000 are unaudited and reflect all normal recurring adjustments which are, in the opinion of management, necessary for the fair presentation of the Company's financial position, results of operations, and cash flows as of this date and for the period presented. The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information. Consequently, these statements do not include all the disclosures normally required by accounting principles generally accepted in the United States of America for annual financial statements. Page 5