VISKASE : Financial Report for the Fiscal Quarter Ending June 30, 2022

June 30, 2022

CONSOLIDATED FINANCIAL STATEMENTS OF VISKASE COMPANIES, INC. AND SUBSIDIARIES

1. Financial Statements:

Consolidated Balance Sheets as of June 30, 2022 (unaudited) and December 31, 2021

Consolidated Statements of Operations for the three and six months ended June 30, 2022 and June 30, 2021 (unaudited)

Consolidated Statements of Comprehensive Loss for the three and six months ended June 30, 2022 and June 30, 2021 (unaudited)

Consolidated Statements of Stockholders' Equity for the six months ended June 30, 2022 (unaudited) and year ended December 31, 2021

Consolidated Statements of Cash Flows for the six months ended June 30, 2022 and June 30, 2021 (unaudited)

VISKASE COMPANIES, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS

(In Thousands, Except for Number of Shares)

	June 30, 2022		December 31, 2021
ASSETS	(unaudited)
Current assets:
Cash and cash equivalents	$8,137	$9,876
Receivables, net	90,937	81,645
Inventories	101,848	93,070
Other current assets	45,038		44,307
Total current assets	245,960	228,898
Property, plant and equipment	405,677	409,499
Less accumulated depreciation	(267,475)		(262,372)
Property, plant and equipment, net	138,202	147,127
Right of use assets	25,013	27,964
Other assets, net	20,399	18,973
Intangible assets	17,334	19,531
Goodwill	3,131	3,373
Deferred income taxes	24,653		25,533
Total Assets	$474,692	$471,399
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Short-term debt	$33,600	$23,500
Accounts payable	44,647	35,045
Accrued liabilities	30,438	32,165
Short-term portion lease liabilities	4,715		5,196
Total current liabilities	113,400	95,906
Long-term debt, net of current maturities	128,210	131,821
Long-term liabilities	6,970	7,380
Accrued employee benefits	50,511	54,616
Deferred income taxes	1,908	2,081
Long-term lease liabilities	23,345	25,919
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	46,188	45,138
Less 805,270 treasury shares, at cost	(298)	(298)
Accumulated other comprehensive loss	(77,902)		(73,639)
Total Viskase stockholders' equity	151,371	154,584
Deficit attributable to non-controlling interest	(1,023)		(908)
Total stockholders' equity	150,348		153,676
Total Liabilities and Stockholders' Equity	$474,692	$471,399

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

(Unaudited)

	3 Months		3 Months		6 Months		6 Months
	Ended		Ended		Ended		Ended
	June		June		June		June
	30,	2022		30,	2021		30,	2022		30,	2021
NET SALES	$109,825	$105,355	$211,446	$206,640
Cost of sales		90,199			87,392	171,227	167,477
GROSS MARGIN		19,626			17,963			40,219			39,163
Selling, general and administrative		13,000			10,564			25,124			23,319
Amortization of intangibles		404			445			824			890
OPERATING INCOME		6,222			6,954			14,271			14,954
Interest expense		1,620			1,569			2,778			3,274
Other (income) expense, net		5,904			1,260			5,286			7,318
INCOME BEFORE INCOME TAXES		(1,302)			4,125			6,207			4,362
Income tax provision		1,640			2,172			3,072			3,333
NET INCOME (LOSS)	($2,942)			$1,953			$3,135			$1,029
Less: loss attributable to noncontrolling interests		(78)			(46)			(115)			(69)
Net income (loss) attributable to Viskase Companies, Inc	($2,864)			$2,595			$3,250			$1,098

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

(Unaudited)

	3 Months		3 Months		6 Months		6 Months
	Ended		Ended		Ended		Ended
	June		June		June		June
	30,	2022	30,	2021	30,	2022	30,	2021
Net income (loss)	($2,942)			$1,953			$3,135			$1,029
Other comprehensive income (loss), net of tax
Pension liability adjustment		242			250			516			711
Foreign currency translation adjustment		(4,145)			1,814			(4,779)			222
Other comprehensive loss, net of tax		(3,903)			2,064			(4,263)			933
Comprehensive income (loss)	($6,845)			$4,017	($1,128)			$1,962
Less: comprehensive loss attributable to noncontrolling interests
	(78)			(46)			(115)			(69)
Net comprehensive income (loss) attributable to Viskase
Companies, Inc		(6,767)			4,063			(1,013)			2,031