96
PFSWEB, INC.
PRO FORMA COMBINED BALANCE SHEETS (UNAUDITED)
SEPTEMBER 30, 1999
(IN THOUSANDS, EXCEPT PER SHARE DATA)
PRO FORMA
HISTORICAL ADJUSTMENTS PRO FORMA
ASSETS ---------- ----------- ---------
CURRENT ASSETS:
Cash................................................... $ 1,247 $ 13,146(2),(3) $14,393
Accounts receivable, net............................... 6,029 -- 6,029
Prepaid expenses and other current assets.............. 1,410 (466)(2) 944
Deferred tax asset..................................... 382 -- 382
------- -------- -------
Total current assets.............................. 9,068 12,680 21,748
------- -------- -------
PROPERTY AND EQUIPMENT:
Furniture, fixtures and equipment...................... 6,522 -- 6,522
Leasehold improvements................................. 2,671 -- 2,671
------- -------- -------
9,193 -- 9,193
Less -- Accumulated depreciation and amortization...... (861) -- (861)
------- -------- -------
Net property and equipment........................ 8,332 -- 8,332
OTHER ASSETS................................................ 12,588 -- 12,588
------- -------- -------
Total assets...................................... $29,988 $ 12,680 $42,668
======= ======== =======
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Trade accounts payable................................. $ 6,494 $ $ 6,494
Accrued expenses....................................... 1,413 -- 1,413
------- -------- -------
Total current liabilities......................... 7,907 -- 7,907
------- -------- -------
PAYABLE TO DAISYTEK......................................... 22,319 (22,319)(2) --
CAPITAL LEASE OBLIGATIONS................................... -- -- --
SHAREHOLDERS' EQUITY:
Preferred stock, $1.00 par value, 1,000,000 shares
authorized, none issued and outstanding.............. -- -- --
Common stock, $0.001 par value, 40,000,000 shares
authorized, 17,405,000 shares issued and outstanding
(pro forma and supplemental pro forma)............... -- 17(1),(2),(3) 17
Additional paid-in capital............................. -- 34,921(1),(2),(3) 34,921
Daisytek's net equity investment....................... (61) 61(1) --
Accumulated other comprehensive loss................... (177) -- (177)
------- -------- -------
Total shareholders' equity........................ (238) 34,999 34,761
------- -------- -------
Total liabilities and shareholders' equity........ $29,988 $ 12,680 $42,668
======= ======== =======
The accompanying notes are an integral part of these unaudited pro forma
combined statements.
F-22