EX-99.6 8 consoldec.txt GDC CONSOLIDATED DEC. General DataComm Industries, Inc. Consolidated Balance Sheet As of December 31, 2001 (Unaudited) (1) ($000's) December 31, 2001 ----------------- ASSETS: Current Assets: Cash and cash equivalents $ 2,217 Accounts receivable 4,365 Receivable from sale of divisions Due from sale of divisions 0 Notes receivable 1,000 Inventories 4,926 Deferred income taxes 307 Other current assets 2,443 Net assets of discontinued operations 2,745 -------- 18,003 Property, plant and equipment, net 225 Land and buildings held for sale 10,329 Capitalized software development costs, net 0 Other assets 0 Net assets of discontinued operations 1,120 -------- Total Assets $ 29,677 ======== LIABILITIES AND STOCKHOLDERS' EQUITY: Current liabilities: Revolving credit loan $ 0 Notes payable 30,507 Mortgages payable on buildings held for sale 9,126 Accounts payable, trade 19,998 Accrued payroll and payroll-related costs 2,879 Deferred income 0 Accrued expenses and other current liab. 22,436 ------- 84,946 7 3/4% Convertible debentures 3,000 Other long-term debt 0 Deferred income taxes 451 Other liabilities 894 ------- Total Liabilities 89,291 Redeemable 5% Preferred Stock 3,043 Stockholders' equity: Preferred stock 788 Common stock 3,328 Paid-in-capital 191,313 Accumulated deficit (256,647) Foreign currency translation adjustment 0 Less: Treasury stock (1,439) ------- (62,657) -------- Total Liabilities and Stockholders' Equity $ 29,677 ========= (1) Subject to change after a detailed review of recorded liabilities and the impact of the three division sales and the Chapter 11 bankruptcy filing on such recorded liabilities as of September 30, 2001 and on audit adjustments. General DataComm Industries, Inc. Statements Of Operations One Fiscal Month Ended December 31, 2001 (Unaudited) (1) ($000's) Fiscal December 2001 -------------------- Sales $4,412 Cost of sales 1,655 ------- Gross Margin 2,757 Operating Expenses: SG&A 1,340 R&D 237 ------ 1,577 Restructuring of operations and other charges 0 ------ Operating income (loss) 1,180 Other Income/(Expense): Interest expense, net (649) Gain (loss) on sale of divisions 0 Other, net 21 ------ (628) Income (loss) from continuing operations, before income taxes 552 Income tax provision 13 ------ Net income (loss) from continuing operations 539 Discontinued Operations: Income (loss) from discontinued operations, net of income taxes(2) (299) Gain on sale of discontinued operations, net of income taxes 0 ------ Net income (loss) $240 ====== (1) Subject to change after a detailed review of recorded liabilities and the impact of the three division sales and the Chapter 11 bankruptcy filing on such recorded liabilities as of September 30, 2001 and on audit adjustments. (2) Discontinued operations (299K) consists of GDC Mexico. General DataComm Industries, Inc. Consolidated Statement Of Cash Flows One Month Ended November 30, 2001 (Unaudited) (1) ($000's) Increase (Decrease) in Cash and Cash Equivalents One Month Ended 12/31/01 ------------------------------------------------------------------------------ Cash flows from operating activities: Net loss ($1,459) Adjustments to reconcile net loss to net cash from operating activities: Depreciation and amortization 155 Changes in: Accounts receivable 3,997 Inventories (25) Accounts payable and accrued expenses (219) Other net current assets 29 Other net long-term assets 35 ------------------------------------------------------------------------------- Net cash from operating activities 2,513 ------------------------------------------------------------------------------- Cash flows from investing activities: Acquisition of property, plant and equipment, net 0 Proceeds of note due from sale of division 0 ------------------------------------------------------------------------------- Net cash used in investing activities 0 ------------------------------------------------------------------------------- Cash flows from financing activities: Revolver borrowings (repayments), net (101) Proceeds from notes and mortgages 0 Principal payments on notes and mortgages 0 Proceeds from issuing common stock 0 Payment of preferred stock dividends 0 ------------------------------------------------------------------------------- Net cash provided by financing activities (101) ------------------------------------------------------------------------------- Net increase/(decrease) in cash and cash equivalents 2,412 Cash and cash equivalents at beginning of period 275 ------------------------------------------------------------------------------- Cash and cash equivalents at end of period $2,687 ------------------------------------------------------------------------------- (1) Subject to change after a detailed review of recorded liabilities and the impact of the three division sales and the Chapter 11 bankruptcy filing on such recorded liabilities as of September 30, 2001 and on audit adjustments.