Harbinger Group Inc.
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SEC Filings

DEF 14A
HRG GROUP, INC. filed this Form DEF 14A on 11/15/1995
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<PAGE>
 
I
TEM 6. SELECTED FINANCIAL DATA
 
  The following table sets forth certain selected financial information for
the periods presented and should be read in conjunction with the Consolidated
Financial Statements of the Company and the related notes thereto and with
"Management's Discussion and Analysis of Financial Condition and Results of
Operations" included in this Report. In connection with the 1990 Restructuring
and effective as of October 1, 1990, the Company implemented, for accounting
purposes, a "quasi-reorganization," an elective accounting procedure that
permits a company which has emerged from financial difficulty to restate its
accounts and establish a fresh start in an accounting sense. The Company's
financial statements were restated in 1994 to reflect the Company's marine
protein operations as a discontinued operation and in 1990 to reflect the
Company's offshore drilling operations as a discontinued operation.
 

<TABLE>
<CAPTION>
                                     YEAR ENDED SEPTEMBER 30,
                         ---------------------------------------------------------
                           1994         1993        1992    1991         1990
                         --------     --------     ------- -------  --------------
                                 (IN THOUSANDS, EXCEPT PER SHARE)
 
                               AFTER QUASI-                         BEFORE QUASI-
                              REORGANIZATION                        REORGANIZATION
<S>                      <C>          <C>          <C>     <C>      <C>
INCOME STATEMENT DATA:
  Revenues.............. $241,212 (1) $206,480 (1) $30,094 $22,496     $31,431
  Operating income
   (loss)...............  (30,145)(2)   (1,289)      6,172    (441)      2,888
  Income (loss) from
   continuing
   operations...........     (695)(3)    9,809 (4)   2,815   2,757     (16,570)
  Per common share
   income (loss) from
   continuing
   operations...........    (0.04)        0.34        0.09    0.09       (2.66)
  Cash dividends paid...    1,566        2,933         --      --          --
  Common Stock dividends
   declared, per share..     0.07          --          --      --          --
CASH FLOW DATA:
  Capital expenditures..   24,580        3,092       6,981   4,057       2,090
</TABLE>

 

<TABLE>
<CAPTION>
                         SEPTEMBER 30, SEPTEMBER 30,  SEPTEMBER 30, SEPTEMBER 30, OCTOBER 1,   SEPTEMBER 30,
                             1994          1993           1992          1991         1990           1990
                         ------------- -------------  ------------- ------------- ----------   --------------
                                                          (IN THOUSANDS)
 
                                                                                               BEFORE QUASI-
                                       AFTER QUASI-REORGANIZATION                              REORGANIZATION
<S>                      <C>           <C>            <C>           <C>           <C>          <C>
BALANCE SHEET DATA:
  Working capital.......    $88,112      $157,216(5)     $72,858       $88,303     $99,990       $(340,262)
  Property and
   equipment, net.......     87,083        56,227         50,876        54,594      61,266          61,266
  Net assets of
   discontinued
   operations...........     55,000        68,698         60,679        61,415     354,492         364,130
  Total assets..........    258,874       321,087        280,936       295,367     557,432         587,120
  Current maturities of
   long-term debt.......      2,478         2,384         19,446        10,484     200,740(6)      639,375
  Long-term debt........     59,860       131,584        112,111       131,557     138,933           1,179
  Stockholder's equity..    154,542       146,264        124,880       122,853     112,525        (174,557)
</TABLE>

- --------
(1) Includes $156.1 million and $186.3 million of revenues in 1994 and 1993,
    respectively, from Cimarron, which was acquired during the first quarter
    of fiscal 1993. (After $157.2 million and $186.8 million in expenses in
    1994 and 1993, respectively, Cimarron incurred operating losses of $1.1
    million and $552,000 in 1994 and 1993, respectively).
(2) Includes a $29.2 million oil and gas valuation provision.
(3) Includes a $37.5 million pretax gain from the sale of 4.1 million shares
    of Tidewater common stock and expenses of $7.4 million related to the
    prepayment of Norex indebtedness.
(4) Includes a $32.9 million pretax gain from the sale of 3.5 million shares
    of Tidewater common stock, a $6.4 million prepayment penalty in connection
    with the senior debt refinancing and a $5.7 million pretax loss resulting
    from the disposition of Zapata's investment in Arethusa (Offshore) Limited
    ("Arethusa").
(5) Includes $75.1 million of restricted cash primarily generated from the
    sale of Tidewater common stock in June 1993 which was subsequently used to
    fund the cash portion of the purchase price of the Energy Industries
    Acquisition.
(6) Includes indebtedness of $173.0 million due to senior creditors, $26.9
    million due to the holders of subordinated debentures classified as debt
    and related restructuring liabilities and $985,000 of current maturities
    of long-term debt.
 
                                      20

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