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>
 
               UNAUDITED PRO FORMA CONDENSED STATEMENT OF INCOME
                    FOR THE NINE MONTHS ENDED JUNE 30, 1995
                  (IN THOUSANDS, EXCEPT FOR PER SHARE AMOUNTS)
 

<TABLE>   
<CAPTION>
                                         PRO FORMA                           PRO FORMA
                                        ADJUSTMENTS                         ADJUSTMENTS
                                     ------------------                     -----------
                                     DOMESTIC               PRO FORMA TOTAL   ENERGY
                                     OIL & GAS CIMARRON      BEFORE ENERGY  INDUSTRIES     PRO FORMA
                          HISTORICAL SALES(1)  SALE(2)      INDUSTRIES SALE    SALE          TOTAL
                          ---------- --------- --------     --------------- -----------    ---------
<S>                       <C>        <C>       <C>          <C>             <C>            <C>
Revenues................   $179,708   $(5,390) $(57,829)       $116,489      $(53,086)      $63,403
                           --------   -------  --------        --------      --------       -------
Expenses:
 Operating..............    152,823    (3,156)  (56,211)         93,456       (40,221)       53,235
 Provision for asset
  write-down............     12,607                              12,607                      12,607
 Depreciation, depletion
  and amortization......     10,775    (2,663)   (1,475)          6,637        (4,322)        2,315
 Selling, general and
  administrative........     10,204      (254)     (625)          9,325        (3,742)        5,583
                           --------   -------  --------        --------      --------       -------
                            186,409    (6,073)  (58,311)        122,025       (48,285)       73,740
                           --------   -------  --------        --------      --------       -------
Operating income (loss).     (6,701)      683       482          (5,536)       (4,801)      (10,337)
                           --------   -------  --------        --------      --------       -------
Other income (expense):
 Interest income........      1,055                 (84)            971          (215)          756
 Interest expense.......     (4,872)                579 (3)      (4,293)        2,423 (3)    (1,870)
 Gain on sales of
  Tidewater common
  stock.................      4,811                               4,811                       4,811
 Other..................        928                                 928          (474)          454
                           --------   -------  --------        --------      --------       -------
                              1,922                 495           2,417         1,734         4,151
                           --------   -------  --------        --------      --------       -------
Income (loss) from
 continuing operations
 before taxes...........     (4,779)      683       977          (3,119)       (3,067)       (6,186)
Provision (benefit) for
 income taxes...........     (1,316)      239       342            (735)       (1,354)       (2,089)
                           --------   -------  --------        --------      --------       -------
Income (loss) from
 continuing operations..   $ (3,463)  $   444  $    635        $ (2,384)     $ (1,713)      $(4,097)
                           ========   =======  ========        ========      ========       =======
Per common share income
 (loss) from continuing
 operations.............      (0.11)     0.01      0.02           (0.08)        (0.06)        (0.14)
Common stock dividends
 declared, per share....         --        --        --              --            --            --
</TABLE>
    
   
  The following notes set forth the explanations and assumptions used in
preparing the unaudited pro forma condensed statement of income for the nine
months ended June 30, 1995 (amounts in thousands).     
       
   
(1) In August 1995, the Company completed the sale of its remaining U.S.
    offshore oil and gas properties. The Company received cash, a production
    payment entitling the Company to a share of future revenues derived from
    the properties and other considerations. No gain or loss was recognized
    from the sale.     
   
(2) The Company has also announced its intention to sell Cimarron. Although the
    stockholders are not being asked to approve such sale, should such sale
    occur as intended, the financial results would be restated to reflect
    Cimarron as a discontinued operation.     
   
(3) The pro forma adjustments include allocations of interest expense on
    general corporate debt of $1.2 million to Energy Industries and $370,000 to
    Cimarron.     
 
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