EX-99 3 calproforma.htm EXHIBIT 99.1 Form 8-k


Exhibit 99.1

MINE SAFETY APPLIANCES COMPANY
PRO FORMA CONSOLIDATED CONDENSED BALANCE SHEET JUNE 30, 2003

UNAUDITED

(In thousands)


Historical Adjustments Pro Forma
ASSETS          
     Current assets
         Cash and cash equivalents $   21,158    $ 65,213   (a) $  86,371 
         Trade receivables, net 83,990  83,990 
         Other receivables 38,628  38,628 
         Inventories 86,751  86,751 
         Deferred tax assets 21,804  21,804 
         Prepaid expenses and other current assets 13,384  13,384 
         Assets held for sale 42,218    (39,051)   (a)(b) 3,167 



             Total current assets 307,933    26,162   334,095 



         Property, plant and equipment, net 125,994  125,994 
         Prepaid pension cost 114,265  114,265 
         Deferred tax assets 7,530  7,530 
         Goodwill 43,977  43,977 
         Other noncurrent assets 13,631  13,631 



             TOTAL $ 613,330    $ 26,162   $639,492 



LIABILITIES AND SHAREHOLDERS' EQUITY
     Current liabilities
         Notes payable and current portion of
           long-term debt $     5,194    $    5,194 
         Accounts payable 32,889        32,889 
         Employees' compensation 13,700        13,700 
         Insurance 8,396        8,396 
         Taxes on income 1,399    8,825   (a) 10,224 
         Other current liabilities 37,824    2,900   (c) 40,724 



             Total current liabilities 99,402    11,725   111,127 



     Long-term debt 63,906        63,906 
     Pensions and other employee benefits 66,010        66,010 
     Deferred tax liabilities 64,739        64,739 
     Other noncurrent liabilities 2,375    625   (c) 3,000 



     Shareholders' equity
         Preferred stock 3,569        3,569 
         Common stock 29,271        29,271 
         Stock compensation trust (20,939)       (20,939)
         Treasury shares (135,537)       (135,537)
         Deferred stock compensation (1,407)       (1,407)
         Accumulated other comprehensive (loss) (13,685)       (13,685)
         Earnings retained in the business 455,626    13,812   469,438 



              Total shareholders' equity 316,898    13,812   330,710 



             TOTAL $ 613,330    $ 26,162   $ 639,492 




(a) - The pro forma consolidated condensed balance sheet gives effect to the sale of Callery Chemical Division to BASF Corporation for approximately $65 million cash and the recognition of estimated transaction costs associated with that sale. A nonrecurring gain of approximately $22.6 million, net of taxes of $8.8 million, has been reflected in the unaudited pro forma balance sheet.

(b) - Under the terms of the Agreement, accounts receivable and other current assets related to Callery Chemical Division were retained by the Company.

(c) - The Company will incur legal and advisory fees and certain other transaction-related expenses and obligations in conjunction with the sale of the Callery Chemical Division.