Exhibit 99.2
UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL STATEMENTS
As set forth in Note (10) to the audited financial statements of Atlantic
Components Ltd. ("Atlantic"), Atlantic entered into a Share Exchange and
Reorganization Agreement ("Acquisition" or Reorganization") with ACL
Semiconductors Inc. (formerly Print Data Corp. ("ACL") a publicly held entity,
for which Atlantic was the acquirer for accounting purposes.
The accompanying unaudited condensed combined balance sheet and statement of
operations illustrate the effect of the acquisition ("Pro Forma") on the
financial position and results of operations. The condensed combined balance
sheet as of December 31, 2002 is based on the historical balance sheets of
Atlantic and ACL as of that date and assumes the acquisition took place on that
date. The condensed combined statement of operations illustrates the effect as
if the transaction took place as of the beginning of the reporting period,
January 1, 2002. Under the Conveyance Agreement and Securities Agreement, the
original assets and operations of ACL were spun off immediately subsequent to
this Reorganization. Accordingly, the assets and operating results of ACL up to
the date of the acquisition were excluded from the combined financial
statements. Such adjustments were included in the column labeled as "Pro Forma
Adjustments" in the accompanying condensed combined financial statements to
properly reflect the net effect of this transaction assuming the transaction was
consummated at the beginning of year end presented, January 1, 2002.
The unaudited pro forma condensed financial statements may not be indicative of
the actual results of the acquisition. The unaudited pro forma adjustments are
based on available information and assumptions that management believes are
reasonable. The accompanying unaudited condensed combined pro forma financial
information should be read in connection with the historical financial
statements and related notes of Atlantic and ACL.
CONDENSED COMBINED BALANCE SHEET
ACL SEMICONDUCTORS INC. (FORMERLY PRINT DATA CORP.) AND ATLANTIC COMPONENTS LTD.
DECEMBER 31, 2002
UNAUDITED
ACL
SEMICONDUCTORS, INC. ATLANTIC
(FORMERLY COMPONENTS PRO FORMA PRO FORMA
PRINT DATA CORP.) LTD. ADJUSTMENTS COMBINED
-------------------- ----------------- ------------------ ----------------
ASSETS:
Cash and cash equivalents $ 24,521 $ 178,937 $ (24,521) $ 178,937
Accounts receivable, net 450,548 1,084,116 (450,548) 1,084,116
Accounts receivable, related parties, net -- 5,243,626 -- 5,243,626
Inventories 32,111 302,089 (32,111) 302,089
Investment 21,994 -- (21,994) --
Notes receivable and accrued interest, related
parties - current portion 27,796 -- (27,796) --
Deposits -- 350,000 -- 350,000
Prepaid and other current assets 36,071 11,100 (36,071) 11,100
-------------------- ----------------- ------------------ ----------------
Total current assets 593,041 7,169,868 (593,041) 7,169,868
Property, equipment and improvement, net of
accumulated depreciation and amortization 27,472 45,301 (27,472) 45,301
Notes receivable and accrued interest, related
parties - non-current 242,678 -- (242,678) --
Deposits 6,167 -- (6,167) --
-------------------- ----------------- ------------------ ----------------
$ 869,358 $ 7,215,169 $ (869,358) $ 7,215,169
==================== ================= ================== ================
LIABILITIES AND STOCKHOLDERS' DEFICIT:
Current liabilities:
Line of credit and notes payable $ 105,512 $ 1,992,574 $ (105,512) $ 1,992,574
Current portion of long term debt -- 710,094 -- 710,094
Accounts payable and accrued expenses 854,190 3,974,794 (854,190) 3,974,794
Due to director 1,177 -- (1,177) --
Income tax payable -- 58,938 -- 58,938
Other current liabilities -- 26,693 -- 26,693
-------------------- ----------------- ------------------ ----------------
Total current liabilities 960,879 6,763,093 (960,879) 6,763,093
Long term debt, excluding current portion -- 1,071,503 -- 1,071,503
Other liabilities 155,697 -- (155,697) --
Total stockholders' deficit (247,218) (619,427) 247,218 (619,427)
-------------------- ----------------- ------------------ ----------------
$ 869,358 $ 7,215,169 $ (869,358) $ 7,215,169
==================== ================= ================== ================
CONDENSED COMBINED STATEMENT OF OPERATIONS
ACL SEMICONDUCTORS INC. (FORMERLY PRINT DATA CORP.) AND ATLANTIC COMPONENTS LTD.
FOR THE YEAR ENDED DECEMBER 31, 2002
UNAUDITED
ACL
SEMICONDUCTORS, INC. ATLANTIC
(FORMERLY COMPONENTS PRO FORMA PRO FORMA
PRINT DATA CORP.) LTD. ADJUSTMENTS COMBINED
-------------------- ----------------- ------------------ ----------------
NET SALES:
Related parties $ -- $ 10,028,003 $ -- $ 10,028,003
Other 4,409,106 75,546,677 (4,409,106) 75,546,677
Less discounts to customers -- (231,431) -- (231,431)
-------------------- ----------------- ------------------ ----------------
4,409,106 85,343,249 (4,409,106) 85,343,249
COST OF SALES 2,675,087 81,591,046 (2,675,087) 81,591,046
-------------------- ----------------- ------------------ ----------------
GROSS PROFIT 1,734,019 3,752,203 (1,734,019) 3,752,203
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES 1,944,137 2,430,042 (1,944,137) 2,430,042
-------------------- ----------------- ------------------ ----------------
INCOME (LOSS) FROM OPERATIONS $ (210,118) $ 1,322,161 $ 210,118 $ 1,322,161
OTHER INCOME (EXPENSE):
Interest expense $ (50,802) $ (213,589) $ 50,802 $ (213,589)
Miscellaneous 34,072 (10,640) (34,072) (10,640)
-------------------- ----------------- ------------------ ----------------
INCOME (LOSS) BEFORE INCOME TAXES (226,848) 1,097,932 226,848 1,097,932
INCOME TAXES -- 111,056 -- 111,056
-------------------- ----------------- ------------------ ----------------
NET INCOME (LOSS) $ (226,848) $ 986,876 $ 226,848 $ 986,876
==================== ================= ================== ================
EARNINGS (LOSS) PER SHARE - BASIC AND DILUTED $ (0.21) $ 0.33 N/A $ 0.04
==================== ================= ================== ================
AVERAGE NUMBER OF SHARES - BASIC AND DILUTED 1,091,910 3,000,000 N/A 27,829,936
==================== ================= ================== ================