Viskase : Quarterly Report for the Quarter ended March 31, 2021

Financial Report for the Quarter ending

March 31, 2021

VISKASE COMPANIES, INC.

Financial statements for the fiscal quarter ended March 31, 2021

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CONSOLIDATED FINANCIAL STATEMENTS OF VISKASE COMPANIES, INC. AND SUBSIDIARIES

1. Financial Statements:

Consolidated Balance Sheets as of March 31, 2021 (unaudited) and December 31, 2020

Consolidated Statements of Operations for the three months ended March 31, 2021 and March 31, 2020 (unaudited)

Consolidated Statements of Comprehensive Loss for the three months ended March 31, 2021 and March 31, 2020 (unaudited)

Consolidated Statements of Stockholders' Equity for the for the three months ended March 31, 2021 (unaudited) and year ended December 31, 2020

Consolidated Statements of Cash Flows for the three months ended March 31, 2021 and March 31, 2020 (unaudited)

VISKASE COMPANIES, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS

(In Thousands, Except for Number of Shares)

	March 31, 2021		December 31, 2020
ASSETS	(unaudited)
Current assets:
Cash and cash equivalents	$12,616	$15,848
Receivables, net	86,383	87,946
Inventories	89,474	89,254
Other current assets	46,992		46,649
Total current assets	235,465	239,697
Property, plant and equipment	400,264	405,199
Less accumulated depreciation	(248,214)		(245,162)
Property, plant and equipment, net	152,050	160,037
Right of use assets	30,170	31,700
Other assets, net	15,265	15,899
Intangible assets	21,381	22,787
Goodw ill	3,472	3,620
Deferred income taxes	29,050		29,383
Total Assets	$486,853	$503,123
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Short-term debt	$18,382	$12,134
Accounts payable	29,994	35,067
Accrued liabilities	40,270	42,176
Short-term portion lease liabilities	5,337	5,559
Total current liabilities	93,983		94,936
Long-term debt, net of current maturities	137,498	139,237
Long-term liabilities	6,766	6,906
Accrued employee benefits	68,698	78,643
Deferred income taxes	3,667	3,876
Long-term lease liabilities	28,475	29,705
Stockholders' equity:
Common stock, $0.01 par value; 103,995,935 shares issued and
103,190,665 outstanding	1,040	1,040
Paid in capital	182,343	182,343
Retained earnings	45,257	46,157
Less 805,270 treasury shares, at cost	(298)	(298)
Accumulated other comprehensive loss	(79,782)		(78,651)
Total Viskase stockholders' equity	148,560	150,591
Deficit attributable to non-controlling interest	(794)		(771)
Total stockholders' equity	147,766		149,820
Total Liabilities and Stockholders' Equity	$486,853		$503,123

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VISKASE COMPANIES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (In Thousands)

(Unaudited)

	3 Months						3 Months
	Ended						Ended
	March						March
	31, 2021		31, 2020
NET SALES	$101,285	$98,478
Cost of sales	80,085		78,229
GROSS MARGIN	21,200	20,249
Selling, general and administrative	12,755	12,254
Amortization of intangibles	445	406
Asset impairment	-	-
Restructuring expense	-		-
OPERATING INCOME (LOSS)	8,000	7,589
Interest income	-	7
Interest expense	1,705	3,788
Other expense, net	6,058			6,817
LOSS BEFORE INCOME TAXES	237	(3,009)
Income tax provision(benefit)	1,161		472
NET LOSS	($924)			($3,481)
Less: net income (loss) attributable to noncontrolling interests	(23)		62
Net loss attributable to Viskase Companies, Inc	($901)			($3,543)

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