[ROSI] - - Financial Statement
U.S.A. FLORAL PRODUCTS INC.
CONSOLIDATED STATEMENT OF OPERATIONS
(in thousands, except per share amounts)
Actual Actual Pro Forma Pro Forma
Year Year Year Year
Ended Ended Ended Ended
12/31/98 12/31/97 12/31/98 12/31/97
Net revenues $589,034 $37,380 $999,793 $930,315
Cost of sales 429,012 26,685 758,744 702,458
Gross margin 160,022 10,695 241,049 227,857
Selling, general and
administrative 129,551 9,791 196,551 187,971
Goodwill amortization 4,768 275 6,755 6,777
Integration charges 3,361 - 6,333 -
Write-off of deferred
financing fees 1,606 - 1,606 -
Income from operations 20,736 629 29,804 33,109
Other income (expense):
Interest expense (8,040) (8) (16,054) (15,936)
Interest income 1,883 248 2,627 1,653
Other 449 37 988 672
Income before provision
for income taxes 15,028 906 17,365 19,498
Provision for income
taxes 7,255 490 8,095 8,406
Net income before minority
interest 7,773 416 9,270 11,092
Minority interest (30) (78) (121)
Net income $ 7,743 $ 416 $9,192 $ 10,971
Net income per share
Basic $ 0.54 $ 0.09 $ 0.58 $ 0.69
Diluted $ 0.52 $ 0.09 $ 0.56 $ 0.68
Weighted average shares
outstanding
Basic 14,376 4,734 15,919 15,919
Diluted 14,789 4,824 16,395 16,103
Actual Actual Pro Forma
Three Three Three
Months Months Months
Ended Ended Ended
12/31/9812/31/97 12/31/97
Net revenues $243,941 $37,380 $233,354
Cost of sales 179,010 26,685 177,655
Gross margin 64,931 10,695 55,699
Selling, general and
administrative 55,940 9,681 50,327
Goodwill amortization 1,634 275 1,689
Integration charges 3,361 -
Write-off of deferred
financing fees 1,606 - -
Income from operations 2,390 739 3,683
Other income (expense):
Interest expense (4,182) (8) (4,293)
Interest income 530 248 706
Other (19) 37 216
Income Before provision
for income taxes (1,281) 1,016 312
Provision for income taxes (59) 490 259
Net income before minority
interest (1,222) 526 53
Minority interest (30) (46)
Net income $(1,252) $526 $7
Net income per share
Basic $ (0.08) $ 0.06 $ 0.00
Diluted $ (0.08) $ 0.06 $ 0.00
Weighted average shares
outstanding
Basic 15,919 8,850 15,919
Diluted 16,121 9,097 16,103
CONTACT: Integrated Corporate Relations
Thomas M. Ryan / Chad Jacobs, 203/222-9013
or
Edelman Financial, New York
Silvia Rosselli (media), 212/704-8217
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