VISKASE COMPANIES, INC. Financial Report for year end
December 31, 2020
CONSOLIDATED FINANCIAL STATEMENTS
OF VISKASE COMPANIES, INC. AND SUBSIDIARIES
- Financial Statements:
- Report of Independent Certified Public Accountants
- Consolidated Balance Sheets as of December 31, 2020 and 2019
- Consolidated Statements of Operations for the years ended December 31, 2020, 2019 and 2018
- Consolidated Statements of Comprehensive Income (Loss) for the years ended December 31, 2020, 2019 and 2018
- Consolidated Statements of Stockholders' Equity for the years ended December 31, 2020, 2019 and 2018
- Consolidated Statements of Cash Flows for the years ended December 31, 2020, 2019 and 2018
- Notes to Consolidated Financial Statements
- Management's Discussion and Analysis of Financial Condition and Results of Operations (unaudited)
GRANT THORNTON LLP
Grant Thornton Tower
171 N Clark Street, Suite 200
Chicago, IL 60601-3370
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GT.COM
REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
Board of Directors
Viskase Companies, Inc.
We have audited the accompanying consolidated financial statements of Viskase Companies, Inc. (a Delaware corporation) and subsidiaries, which comprise the consolidated balance sheets as of December 31, 2020 and 2019, and the related consolidated statements of operations, comprehensive income (loss), changes in stockholders' equity, and cash flows for each of the three years in the period ended December 31, 2020, and the related notes to the consolidated financial statements.
Management's responsibility for the financial statements
Management is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.
Auditor's responsibility
Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the consolidated financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Grant Thornton LLP is the U.S. member firm of Grant Thornton International Ltd (GTIL). GTIL and each of its member firms are separate legal entities and are not a worldwide partnership.
Opinion
In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of Viskase Companies, Inc. and subsidiaries as of December 31, 2020 and 2019, and the results of their operations and their cash flows for each of the three years in the period ended December 31, 2020 in accordance with accounting principles generally accepted in the United States of America.
Chicago, Illinois
March 26, 2021
VISKASE COMPANIES, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In Thousands, Except for Number of Shares)
December 31, 2020 | December 31, 2019 | ||
ASSETS | |||
Current assets: | |||
Cash and cash equiv alents | $15,848 | $21,820 | |
Restricted cash | - | 1,153 | |
Receiv ables, net | 87,946 | 77,956 | |
Inv entories | 89,254 | 99,821 | |
Other current assets | 46,649 | 43,617 | |
Total current assets | 239,697 | 244,367 | |
Property, plant and equipment | 405,199 | 384,290 | |
Less accumulated depreciation | (245,162) | (222,495) | |
Property, plant and equipment, net | 160,037 | 161,795 | |
Right of use assets | 31,700 | 34,062 | |
Other assets, net | 15,899 | 16,617 | |
Intangible assets | 22,787 | 22,471 | |
Goodwill | 3,620 | 3,376 | |
Deferred income taxes | 29,383 | 30,199 | |
Total Assets | $503,123 | $512,887 | |
LIABILITIES AND STOCKHOLDERS' EQUITY | |||
Current liabilities: | |||
Short-term debt | $12,134 | $11,840 | |
Accounts payable | 35,067 | 35,038 | |
Accrued liabilities | 42,176 | 44,679 | |
Short-term portion lease liabilities | 5,559 | 6,128 | |
Total current liabilities | 94,936 | 97,685 | |
Long-term debt, net of current maturities | 139,237 | 255,865 | |
Long-term liabilities | 6,906 | 5,929 | |
Accrued employee benefits | 78,643 | 70,648 | |
Deferred income taxes | 3,876 | 3,991 | |
Long-term lease liabilities | 29,705 | 32,296 | |
Stockholders' equity: | |||
Common stock, $0.01 par v alue; 103,995,935 shares issued and | |||
103,190,665 outstanding at December 31, 2020 and 53,995,935 | |||
shares issued and 53,190,665 outstanding at December 31, 2019 | 1,040 | 540 | |
Paid in capital | 182,343 | 82,843 | |
Retained earnings | 46,157 | 41,415 | |
Less 805,270 treasury shares, at cost | (298) | (298) | |
Accumulated other comprehensiv e loss | (78,651) | (77,435) | |
Total Viskase stockholders' equity | 150,591 | 47,065 | |
Deficit attributable to non-controlling interest | (771) | (592) | |
Total stockholders' equity | 149,820 | 46,473 | |
Total Liabilities and Stockholders' Equity | $503,123 | $512,887 | |
See notes to consolidated financial statements
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Viskase Companies Inc. published this content on 29 March 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 April 2021 18:55:05 UTC.
