EX-99.3 4 v055271_ex99-3.htm Unassociated Document
US ENERGY SYSTEMS, INC. AND SUBSIDIARIES
PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET
AS OF JUNE 30, 2006
(Unaudited)
(In thousands, except per share data)
 
   
US Energy Systems Inc before giving consideration to the Ryedale acquisition
  
Pro Forma impact of the Ryedale acquisition
  
US Energy Systems, Inc after giving consideration to the Ryedale acquisition
  
ASSETS
              
Current Assets
              
Cash and Marketable Securities
  
$
4,644
  
$
—
  
$
4,644
  
Restricted Cash and Marketable Securities
    
32,477
    
70,927
    
103,404
  
Other Current Assets
    
8,997
    
—
    
8,997
  
Total Current Assets
    
46,118
    
70,927
    
117,045
  
                     
Property, Plant and Equipment, net
    
38,747
    
121,878
    
160,625
  
Goodwill
    
26,618
    
—
    
26,618
  
Deferred Taxes
    
16,394
    
—
    
16,394
  
All Other Assets
    
39,209
    
11,333
    
50,542
  
TOTAL ASSETS
  
$
167,086
  
$
204,138
  
$
371,224
  
                     
LIABILITIES
                    
Current Liabilities
  
$
6,581
  
$
—
  
$
6,581
  
Long Term Debt
    
90,001
    
166,335
    
256,336
  
Deferred Taxes
    
—
    
10,571
    
10,571
  
Deferred Revenue
    
16,098
    
—
    
16,098
  
Rate Incentive Liability
    
34,659
    
—
    
34,659
  
Other Liabilities
    
7,380
    
7,601
    
14,981
  
Total liabilities
    
154,719
    
184,507
    
339,226
  
                     
STOCKHOLDERS EQUITY
                    
Preferred and Common Stock
    
178
    
—
    
178
  
Treasury Stock
    
(2,204
)
  
—
    
(2,204
)
Additional Paid In Capital
    
63,929
    
19,631
    
83,560
  
Retained Earnings
    
(51,419
)
  
—
    
(51,419
)
Comprehensive Income
    
1,883
    
—
    
1,883
  
Total Stockholders Equity
    
12,367
    
19,631
    
31,998
  
TOTAL LIABILITIES AND STOCKHOLDS
 
$
167,086
  
$
204,138
  
$
371,224
  


 
US ENERGY SYSTEMS, INC. AND SUBSIDIARIES
PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
AND COMPREHENSIVE INCOME (LOSS)
FOR THE YEAR ENDED DECEMBER 31, 2005
(Unaudited)
(In thousands, except per share data)
 
   
US Energy Systems Inc before giving consideration to the Ryedale acquisition
  
Pro Forma impact of the Ryedale acquisition
  
US Energy Systems, Inc after giving consideration to the Ryedale acquisition
  
                     
Revenue
  
$
19,620
  
$
4,845
  
$
24,465
  
                     
Costs and Expenses:
                    
Operating Expenses
    
9,721
    
413
    
10,134
  
General, Administrative and Other Expenses
    
6,089
    
1,327
    
7,416
  
Depreciation, Depletion and Amortization
    
4,611
    
2,608
    
7,219
  
Total Costs and Expenses
    
20,421
    
4,348
    
24,769
  
                     
(Loss) Income from Operations
    
(801
)
  
497
    
(304
)
                     
Interest and Dividend Income
    
4,449
    
2,380
    
6,829
  
Foreign Currency Translation
    
(2,775
)
  
—
    
(2,775
)
Interest Expense
    
(10,800
)
  
(14,564
)
  
(25,364
)
Loss before Provision of Taxes and Minority Interest
    
(9,927
)
  
(11,687
)
  
(21,614
)
                     
Income Tax Benefit (Expense)
    
(870
)
  
—
    
(870
)
Minority Interest
    
1,181
    
2,454
    
3,635
  
                     
Loss from Continuing Operations
    
(9,616
)
  
(9,233
)
$
(18,849
)
                     
Gain on Disposal of Segment (net of Income Tax)
    
150
    
—
    
150
  
Extraordinary Gain on Acquisition of Ryedale (net of Income Tax Expense $10,571)
    
—
    
19,631
    
19,631
  
                     
Net (Loss) Income
    
(9,466
)
  
10,398
    
932
  
                     
Dividends on Preferred Stock
    
(826
)
  
—
    
(826
)
Net (Loss) Income Applicable to Common Stockholders
  
$
(10,292
)
$
10,398
  
$
106
  
                     
Other Comprehensive (Loss) Income:
                    
Net (Loss) Income
  
$
(9,466
)
$
10,398
  
$
932
  
Unrealized Loss on Foreign Currency Translation
    
(131
)
  
—
    
(131
)
Unrealized Gain on Investments
    
298
    
—
    
298
  
Total Comprehensive (Loss) Income
  
$
(9,299
)
$
10,398
  
$
1,099
  
                     

 
US ENERGY SYSTEMS, INC. AND SUBSIDIARIES
PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
AND COMPREHENSIVE INCOME (LOSS)
FOR THE YEAR ENDED DECEMBER 31, 2005
(Unaudited)
(In thousands, except per share data)
 
   
US Energy Systems Inc before giving consideration to the Ryedale acquisition
  
Pro Forma impact of the Ryedale acquisition
  
US Energy Systems, Inc after giving consideration to the Ryedale acquisition
  
NET LOSS PER SHARE OF COMMON STOCK:
              
Net Income (Loss) per share from Continuing Operations - Basic
  
$
(0.85
)
$
0.84
  
$
(0.01
)
Net Income (Loss) per share from Continuing Operations - Basic And Diluted
  
$
(0.85
)
$
 0.50  
$
 0.00  
Weighted Average Number of Common Shares Outstanding - Basic
    
12,356,000
    
12,356,000
    
12,356,000
  
Weighted Average Number of Common Shares Outstanding - Basic and Diluted
    
12,356,000
     20,430,000     20,430,000  

 
US ENERGY SYSTEMS, INC. AND SUBSIDIARIES
PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
AND COMPREHENSIVE INCOME (LOSS)
FOR THE SIX MONTHPERIOD ENDED JUNE 30, 2006
(Unaudited)
(In thousands, except per share data)
 
   
US Energy Systems Inc before giving consideration to the Ryedale acquisition
  
Pro Forma impact of the Ryedale acquisition
  
US Energy Systems, Inc after giving consideration to the Ryedale acquisition
  
                     
Revenue
  
$
9,556
  
$
1,537
  
$
11,093
  
                     
Costs and Expenses:
                    
Operating Expenses
    
5,050
    
897
    
5,947
  
General, Administrative and Other Expenses
    
3,943
    
338
    
4,281
  
Depreciation, Depletion and Amortization
    
2,424
    
1,286
    
3,710
  
Total Costs and Expenses
    
11,417
    
2,521
    
13,938
  
                     
(Loss) Income from Operations
    
(1,861
)
  
(984
)
  
(2,845
)
                     
Interest and Dividend Income
    
2,201
    
1,236
    
3,437
  
Foreign Currency Translation
    
(3,429
)
  
—
    
(3,429
)
Interest Expense
    
(5,569
)
  
(7,276
)
  
(12,845
)
Loss before Provision of Taxes and Minority Interest
    
(8,658
)
  
(7,024
)
  
(15,682
)
                     
Income Tax Benefit (Expense)
    
2,321
    
—
    
2,321
  
Minority Interest
    
1,446
    
1,475
    
2,921
  
                     
Loss from Continuing Operations
    
(4,891
)
  
(5,549
)
  
(10,440
)
                     
Extraordinary Gain on Acquisition of Ryedale (net of Income Tax Expense $10,571)
    
—
    
19,631
    
19,631
  
                     
Net (Loss) Income
    
(4,891
)
  
14,082
    
9,191
  
                     
Dividends on Preferred Stock
    
(200
)
  
—
    
(200
)
Net (Loss) Income Applicable to Common Stockholders
  
$
(5,091
)
$
14,082
  
$
8,991
 
                     
Other Comprehensive (Loss) Income:
                    
Net (Loss) Income
  
$
(4,891
)
$
14,082
  
$
9,191
  
Unrealized Loss on Investments (Net of Taxes)
    
(294
)
  
—
    
(294
)
Total Comprehensive (Loss) Income
  
$
(5,185
)
$
14,082
  
$
8,897
  
                     


US ENERGY SYSTEMS, INC. AND SUBSIDIARIES
PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
AND COMPREHENSIVE INCOME (LOSS)
FOR THE SIX MONTH PERIOD ENDED JUNE 30, 2006
(Unaudited)
(In thousands, except per share data)
 
 
US Energy Systems Inc before giving consideration to the Ryedale acquisition
  
Pro Forma impact of the Ryedale acquisition
  
US Energy Systems, Inc after giving consideration to the Ryedale acquisition
  
NET LOSS PER SHARE OF COMMON STOCK:
              
Net Income (Loss) per share from Continuing Operations - Basic
  
$
(0.34
)
$
0.94
  
$
0.60
  
Net Income (Loss) per share from Continuing Operations - Basic and Diluted
  
$
(0.34
 )
$
0.61
  
$
0.39
  
Weighted Average Number of Common Shares Outstanding - Basic
   
14,912,000
    
14,912,000
    
14,912,000
  
Weighted Average Number of Common Shares Outstanding - Basic and Diluted
    
14,912,000
    
22,986,000
    
22,986,000