<PAGE>
ENERGY INDUSTRIES UNAUDITED
FINANCIAL STATEMENTS
The following unaudited financial statements reflect the financial position
of Energy Industries at June 30, 1995 and September 30, 1994, and the results
of operations and cash flows of Energy Industries for the nine months ended
June 30, 1995, the eight months ended June 30, 1994 and the eleven months ended
September 30, 1994. The latter two periods are eight months and eleven months,
respectively, rather than nine months and twelve months, respectively, because
the Company did not own Energy Industries prior to November 1993 and therefore
information for the one month, October 1993, is not included.
ENERGY INDUSTRIES
COMBINED BALANCE SHEETS
(UNAUDITED, IN THOUSANDS)
<TABLE>
<CAPTION>
JUNE 30, SEPTEMBER 30,
1995 1994
-------- -------------
<S> <C> <C>
ASSETS
Current assets:
Cash.................................................. $ 2,202 $ 1,678
Receivables........................................... 10,198 11,389
Inventories........................................... 24,173 17,629
-------- --------
Total current assets................................ 36,573 30,696
-------- --------
Other assets............................................ 20,016 19,434
-------- --------
Property and equipment.................................. 67,307 56,661
Accumulated depreciation................................ (7,810) (4,165)
-------- --------
59,497 52,496
-------- --------
Total assets........................................ $116,086 $102,626
======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Current maturities of long-term debt.................. $ 429 $ 94
Accounts payable...................................... 3,558 2,745
Accrued liabilities................................... 4,743 3,995
-------- --------
Total current liabilities........................... 8,730 6,834
-------- --------
Long-term debt.......................................... 27,563 15,106
-------- --------
Deferred income taxes................................... 1,651 1,422
-------- --------
Due to parent........................................... 52,842 55,677
-------- --------
Stockholder's equity:
Common stock ($1.00 par value) authorized, issued
and outstanding: 3,000 shares........................ 3 3
Capital in excess of par value........................ 20,787 20,787
Reinvested earnings................................... 4,510 2,797
-------- --------
25,300 23,587
-------- --------
Total liabilities and stockholder's equity............ $116,086 $102,626
======== ========
</TABLE>
The accompanying notes are an integral part of the financial statements.
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