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8-K/A - FORM 8-K/A - Vangent, Inc.c17389e8vkza.htm
EX-99.4 - EXHIBIT 99.4 - Vangent, Inc.c17389exv99w4.htm
Exhibit 99.3
Buccaneer Computer Systems & Service, Inc. and Subsidiaries
Table of Contents
         
    Page  
 
       
Financial Statements
       
 
       
Condensed Consolidated Balance Sheets as of June 30, 2010 and December 31, 2009 (Unaudited)
    2  
 
       
Condensed Consolidated Statements of Income for the six months ended June 30, 2010 and 2009 (Unaudited)
    3  
 
       
Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2010 and 2009 (Unaudited)
    4  

 

 


 

Buccaneer Computer Systems & Service, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets (Unaudited)

(in thousands)
                 
    June 30,     December 31,  
    2010     2009  
Assets
               
Current assets:
               
Cash and cash equivalents
  $ 853     $ 803  
Contract receivables
    25,998       17,850  
Other
    185       169  
 
           
Total current assets
    27,036       18,822  
 
               
Property and equipment, net
    7,803       7,371  
Other
    217       151  
 
           
Total assets
  $ 35,056     $ 26,344  
 
           
 
               
Liabilities and Stockholders’ Equity
               
Current liabilities:
               
Accounts payable and other accrued expenses
  $ 14,996     $ 3,064  
Accrued payroll and related liabilities
    2,754       3,454  
Billings in excess of revenue recognized
          755  
Notes payable
    1,761       4,580  
 
           
Total current liabilities
    19,511       11,853  
 
               
Notes payable
    632       632  
 
           
Total liabilities
    20,143       12,485  
 
               
Stockholders’ Equity
    14,913       13,859  
 
           
Total liabilities and stockholders’ equity
  $ 35,056     $ 26,344  
 
           
See note to the condensed consolidated financial statements.

 

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Buccaneer Computer Systems & Service, Inc. and Subsidiaries
Condensed Consolidated Statements of Income (Unaudited)

(in thousands)
                 
    Six Months Ended  
    June 30,     June 30,  
    2010     2009  
Revenue
  $ 55,773     $ 22,898  
Operating costs and expenses
    49,081       19,975  
 
           
Gross profit
    6,692       2,923  
Selling, general and administrative expenses
    2,151       1,938  
 
           
Operating income
    4,541       985  
Other expense, net
    10       115  
 
           
Net income
    4,531       870  
Net income attributed to noncontrolling interest
    115       101  
 
           
Net income attributable to Buccaneer
  $ 4,416     $ 769  
 
           
See note to the condensed consolidated financial statements.

 

3


 

Buccaneer Computer Systems & Service, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows (Unaudited)

(in thousands)
                 
    Six Months Ended  
    June 30,     June 30,  
    2010     2009  
Cash flows from operating activities
               
Net cash provided by operating activities
  $ 7,121     $ 9,973  
 
               
Cash flows from investing activities
               
Purchases of property and equipment
    (775 )     (1,420 )
 
           
Net cash used in investing activities
    (775 )     (1,420 )
 
           
 
               
Cash flows from financing activities
               
Repayment of notes payable
    (2,819 )     (7,317 )
Distributions to stockholders
    (3,186 )     (20 )
Distributions to noncontrolling interest
    (291 )     (150 )
Repayment of advance from stockholder
          (120 )
 
           
Net cash used in financing activities
    (6,296 )     (7,607 )
 
           
 
               
Net increase in cash and cash equivalents
    50       946  
 
               
Cash and cash equivalents, beginning of period
    803       59  
 
           
 
               
Cash and cash equivalents, end of period
  $ 853     $ 1,005  
 
           
See note to the condensed consolidated financial statements.

 

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Buccaneer Computer Systems & Service, Inc. and Subsidiaries
Note to Condensed Consolidated Financial Statements (Unaudited)
1. Organization and Basis of Presentation
Basis of Presentation
The unaudited condensed consolidated financial statements include the accounts of Buccaneer Computer Systems & Service, Inc. and its subsidiaries (the “Company”) and have been prepared in accordance with generally accepted accounting principles for interim financial information. Certain information and note disclosures normally included in complete financial statements have been condensed or omitted pursuant to the applicable rules and regulations. The Company believes that all disclosures are adequate to make the information presented not misleading. The condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the related notes thereto for the year ended December 31, 2009.
All normal and recurring adjustments necessary to fairly present the financial position and results of operations as of and for the periods presented have been included. The results of operations presented are not necessarily indicative of the results to be expected for the full fiscal year or for any future periods. The Company uses estimates and assumptions in the preparation of its financial statements. The estimates are primarily based on historical experience and business knowledge and are revised as circumstances change. Actual results could differ materially from those estimates.

 

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