Attached files
Exhibit 99.1
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Jackson Hewitt Tax Service Inc. (Debtor)
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Case no. 11-11587
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Reporting Period: June 30, 2011
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JACKSON HEWITT TAX SERVICE INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(Dollars In thousands, except per share amounts)
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As of
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June 30, 2011
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May 24, 2011 (b)
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Assets
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Current assets:
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Cash and cash equivalents
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$ | 86,646 | $ | 94,880 | ||||
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Accounts receivable, net of allowance for doubtful accounts of $2,580 and $2,675, respectively
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10,801 | 12,895 | ||||||
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Notes receivable, net
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6,618 | 6,605 | ||||||
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Restricted cash
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2,001 | 1,548 | ||||||
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Prepaid expenses and other
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14,516 | 15,599 | ||||||
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Total current assets
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120,582 | 131,527 | ||||||
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Property and equipment, net
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18,557 | 19,519 | ||||||
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Goodwill
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150,339 | 150,339 | ||||||
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Other Intangible assets, net
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86,051 | 86,190 | ||||||
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Notes, receivable, net
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4,670 | 4,608 | ||||||
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Other non-current assets, net
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10,096 | 10,620 | ||||||
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Total assets
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390,295 | 402,803 | ||||||
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Liabilities and Stockholders’ Deficit
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Current Liabilities
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Accounts payable and accrued liabilities
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$ | 9,175 | $ | 8,876 | ||||
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Income taxes payable
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21,545 | 27,194 | ||||||
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Deferred income taxes
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1,251 | 1,251 | ||||||
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Deferred revenues
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6,422 | 6,673 | ||||||
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Total current liabilities
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38,393 | 43,994 | ||||||
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Deferred income taxes
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25,751 | 25,751 | ||||||
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Other non-current liabilities
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7,658 | 8,165 | ||||||
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Total liabilities not subject to compromise
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71,802 | 77,910 | ||||||
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Liabilities subject to compromise:
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Debt
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355,488 | 355,488 | ||||||
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Pre-petition accounts payable and accrued liabilities (a)
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5,629 | 4,515 | ||||||
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Total liabilities subject to compromise
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361,117 | 360,003 | ||||||
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Total liabilities
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432,919 | 437,913 | ||||||
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Stockholders’ deficit:
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Common stock, par value $0.01; Authorized: 200,000,000 shares; Issued: 39,753,757 and 39,753,757 shares, respectively
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395 | 395 | ||||||
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Additional paid-in capital
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391,902 | 391,717 | ||||||
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Retained deficit
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(132,017 | ) | (124,318 | ) | ||||
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Accumulated other comprehensive income
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- | - | ||||||
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Less: Treasury stock, at cost: 10,856,590 and 10,852,293 shares, respectively
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(302,904 | ) | (302,904 | ) | ||||
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Total stockholders’ deficit
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(42,624 | ) | (35,110 | ) | ||||
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Total liabilities and stockholders’ deficit
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$ | 390,295 | $ | 402,803 | ||||
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Jackson Hewitt Tax Service Inc. (Debtor)
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Case no. 11-11587
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Reporting Period: June 30, 2011
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JACKSON HEWITT TAX SERVICE INC.
Notes to Consolidated Balance Sheets
(Unaudited)
(dollars In thousands)
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(a)
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Includes the following:
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As of
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June 30, 2011
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May 24, 2011
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Trade accounts payable
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$ | 1,652 | $ | 734 | ||||
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Lease termination
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864 | 668 | ||||||
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Accrued interest expense on debt
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1,155 | 1,155 | ||||||
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Derivatives termination obligation
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1,958 | 1,958 | ||||||
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Total
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$ | 5,629 | $ | 4,515 | ||||
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(b)
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The petition date balance sheet includes extrapolated results for the activity from May 1, 2011 to May 23, 2011. An average daily amount based on a 31 day month was calculated for the variance in activity between April 30, 2011 and May 31, 2011. This daily variance was multipied by 23 days and added to the April 30, 2011 balance sheet to represent the petition date balance sheet at May 24, 2011.
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Jackson Hewitt Tax Service Inc. (Debtor)
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Case no. 11-11587
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Reporting Period: June 30, 2011
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Jackson Hewitt Tax Service Inc.
Schedule of Other Assets and Liabilities
(in thousands)
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As of
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June 30, 2011
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May 24, 2011
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Prepaid Expenses and Other
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Prepaid Gold Guarantee
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$ | 5,561 | $ | 5,782 | ||||
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Walmart Kiosk Lease Receivable, net
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2,077 | 2,075 | ||||||
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Other Prepaid Expenses
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1,515 | 2,431 | ||||||
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Deferred Financing Costs
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1,927 | 1,927 | ||||||
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Other Receivables, net
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1,178 | 1,539 | ||||||
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Prepaid Insurance
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795 | 917 | ||||||
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Prepaid Maintenance
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561 | 544 | ||||||
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Prepaid Rent
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798 | 279 | ||||||
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Rabbi Trust
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104 | 105 | ||||||
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Total Prepaid Expenses and Other
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$ | 14,516 | $ | 15,599 | ||||
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As of
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June 30, 2011
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May 24, 2011
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Other Non-Current Assets
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Prepaid Gold Guarantee
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$ | 4,709 | $ | 5,108 | ||||
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Development Advance Notes
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4,407 | 4,530 | ||||||
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Development Advance Notes Allowance
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(535 | ) | (554 | ) | ||||
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Prepaid Insurance
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834 | 855 | ||||||
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Walmart Kiosk Lease Receivable
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332 | 332 | ||||||
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Walmart Kiosk Lease Receivable Allowance
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(11 | ) | (11 | ) | ||||
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Lease Deposits
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282 | 279 | ||||||
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Other Deposits
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62 | 65 | ||||||
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Rabbi Trust
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10 | 10 | ||||||
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Prepaid Rent
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6 | 6 | ||||||
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Total Other Non-Current Assets
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$ | 10,096 | $ | 10,620 | ||||
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As of
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June 30, 2011
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May 24, 2011
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Other Non-Current Liabilities
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Gold Guarantee Deferred Revenue
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$ | 5,304 | $ | 5,751 | ||||
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Deferred Walmart Territory Sales
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1,246 | 1,246 | ||||||
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Acquisition Purchase Price Obligation
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497 | 497 | ||||||
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Deferred Rent Expense
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489 | 520 | ||||||
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Capital Lease Obligation
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112 | 123 | ||||||
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Interest Income
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- | 18 | ||||||
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Rabbi Trust
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10 | 10 | ||||||
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Total Other Non-Current Liabilities
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$ | 7,658 | $ | 8,165 | ||||