EX-99.6 8 conjan.txt CONSOLIDATED FINANCIALS FOR JANUARY 2002 General DataComm Industries, Inc. Consolidated Balance Sheet January 31, 2002 (Unaudited) (1) In thousands January 31, 2002 ---------------- ASSETS: Current Assets: -------------- Cash and cash equivalents $1,998 Accounts receivable 4,089 Receivable from sale of divisions Due from sale of divisions 0 Notes receivable 1,000 Inventories 5,564 Deferred income taxes 307 Other current assets 2,360 Net assets of discontinued operations 1,936 -------- 17,254 Property, plant and equipment, net 98 Land and buildings held for sale 10,329 Capitalized software development costs, net 0 Other assets 0 Net assets of discontinued operations 901 ------- Total Assets $28,582 ======= LIABILITIES AND STOCKHOLDERS' EQUITY: Current liabilities: ------------------- Revolving credit loan $0 Notes payable 30,493 Mortgages payable on buildings held for sale 9,126 Accounts payable, trade 19,767 Accrued payroll and payroll-related costs 2,814 Deferred income 0 Accrued expenses and other current liab. 22,250 ------- 84,450 7 3/4% Convertible debentures 3,000 Other long-term debt 0 Deferred income taxes 451 Other liabilities 890 ------- Total Liabilities 88,791 Redeemable 5% Preferred Stock 3,043 Stockholders' equity: -------------------- Preferred stock 788 Common stock 3,328 Paid-in-capital 191,313 Accumulated deficit (257,242) Foreign currency translation adjustment 0 Less: Treasury stock (1,439) -------- (63,252) -------- Total Liabilities and Stockholders' Equity $28,582 ======== ---------------------- (1) Subject to change after a detailed review of recorded liabilities, and the impact of the three division sales and the Chapter 11 bankruptcy filing on such recorded liabilities as of September 30, 2001 and on audit adjustments. General DataComm Industries, Inc. Statements Of Operations One Fiscal Month Ended January 31, 2002 (Unaudited) (1) ($ in 000's) January 2002 ------------ Sales $ 2,323 Cost of sales 1,235 ------- Gross Margin 1,088 Operating Expenses: SG & A 1,021 R & D 228 ------- 1,249 Restructuring of operations and other charges - ------- Operating income (loss) (161) Other Income/(Expense): Interest expense, net (495) Gain (loss) on sale of divisions - Other, net 342 ------- (153) Income(loss) from continuing operations, before income taxes (314) Income tax provision 13 ------- Net income(loss) from continuing operations, (327) Discontinued Operations: Income (loss) from discontinued operations, net of income taxes (2) (268) Gain on sale of discontinued operations, net of income taxes - ------- Net income (loss) $ (595) ======= ----------------------------- (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 (268K) consists of GDC Mexico. General DataComm Industries, Inc. Consolidated Statement Of Cash Flows One Month Ended January 31, 2002 (Unaudited) (1) Increase (Decrease) in Cash In thousands and Cash Equivalents -------------------------------------------------------------------- Cash flows from operating activities: Net loss ($595) Adjustments to reconcile net loss to net cash from operating activities: Depreciation and amortization 154 Changes in: Accounts receivable 276 Inventories (638) Accounts payable and accrued expenses 39 Other net current assets 371 Other net long-term assets 188 --------------------------------------------------------------- Net cash used in operating activities (205) --------------------------------------------------------------- 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 0 Proceeds from notes and mortgages 408 Principal payments on notes and mortgages (422) Proceeds from issuing common stock 0 Payment of preferred stock dividends 0 --------------------------------------------------------------- Net cash used in financing activities (14) --------------------------------------------------------------- Net decrease in cash and cash equivalents (219) Cash and cash equivalents at beginning of period 2,217 --------------------------------------------------------------- Cash and cash equivalents at end of period $1,998 =============================================================== ----------------------- (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.