Attached files
file | filename |
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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
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)
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.
2
Buccaneer Computer Systems & Service, Inc. and Subsidiaries
Condensed Consolidated Statements of Income (Unaudited)
(in thousands)
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)
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.
4
Buccaneer Computer Systems & Service, Inc. and Subsidiaries
Note to Condensed Consolidated Financial Statements (Unaudited)
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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