EXHIBIT B (CONTINUED)
PFSWEB, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATING BALANCE SHEETS AS OF SEPTEMBER 30, 2003
(In Thousands)
Business
Supplies
Distributors
PFSweb, Inc. Holdings, LLC Eliminations Consolidated
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ASSETS
CURRENT ASSETS:
Cash and cash equivalents ......................... $ 10,183 $ 1,167 $ -- $ 11,350
Restricted cash ................................... 325 1,104 -- 1,429
Accounts and other receivables, net ............... 6,335 29,812 (483) 35,664
Inventories, net .................................. -- 37,877 -- 37,877
Prepaid expenses and other current assets ......... 1,234 1,929 -- 3,163
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Total current assets ....................... 18,077 71,889 (483) 89,483
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PROPERTY AND EQUIPMENT, net ........................... 9,732 -- -- 9,732
NOTE RECEIVABLE FROM AFFILIATE ........................ 8,005 -- (8,005) --
RESTRICTED CASH ....................................... 876 -- -- 876
INVESTMENT IN AFFILIATE ............................... 3,978 -- (3,978) --
OTHER ASSETS .......................................... 157 29 (15) 171
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Total assets ............................... $ 40,825 $ 71,918 $ (12,481) $ 100,262
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LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Current portion of long-term debt and capital lease
obligations .................................... $ 2,592 $ 48,713 $ -- $ 51,305
Trade accounts payable ............................ 3,887 8,564 (483) 11,968
Accrued expenses .................................. 5,195 2,604 -- 7,799
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Total current liabilities .................. 11,674 59,881 (483) 71,072
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LONG-TERM DEBT AND CAPITAL LEASE OBLIGATIONS, less
current portion ................................... 2,544 -- -- 2,544
NOTE PAYABLE TO AFFILIATE ............................. -- 8,005 (8,005) --
DEFERRED INCOME ....................................... 1,132 -- -- 1,132
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS' EQUITY:
Common stock ...................................... 19 -- -- 19
Capital contributions ............................. -- 1,000 (1,000) --
Additional paid-in capital ........................ 52,673 -- -- 52,673
Retained earnings (accumulated deficit) ........... (28,044) 1,714 (1,675) (28,005)
Accumulated other comprehensive income ............ 912 1,318 (1,318) 912
Treasury stock .................................... (85) -- -- (85)
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Total shareholders' equity ................. 25,475 4,032 (3,993) 25,514
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Total liabilities and shareholders' equity . $ 40,825 $ 71,918 $ (12,481) $ 100,262
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