EX-99 2 jd6-9_ex99.txt 99.1 EXHIBIT 99.1 WEIL, GOTSHAL & MANGES LLP 767 FIFTH AVENUE NEW YORK, NEW YORK 10153-0119 TELEPHONE: (212) 310-8000 FACSIMILE: (212) 310-8007 GEORGE A. DAVIS, ESQ. (GD 3761) UNITED STATES BANKRUPTCY COURT SOUTHERN DISTRICT OF NEW YORK ------------------------------------------------------X : IN RE : CHAPTER 11 CASE NO. : IMPATH INC., ET AL., : 03-16113 (PCB) : DEBTORS. : (JOINTLY ADMINISTERED) : ------------------------------------------------------X MONTHLY OPERATING STATEMENT FOR THE PERIOD OF APRIL 1, 2004 TO APRIL 30, 2004 UNITED STATES BANKRUPTCY COURT SOUTHERN DISTRICT OF NEW YORK Chapter 11 IN RE: IMPATH INC., ET AL., Case no.03-16113 (PCB) MONTHLY OPERATING STATEMENT FOR THE PERIOD APRIL 1 TO APRIL 30, 2004 DEBTORS' ADDRESS: IMPATH Inc. Attn: Ernest D'Ambrose 521 West 57th St. New York, NY 10019 DISBURSEMENTS (1): April 1-30, 2004 IMPATH Inc. (03-16113) $18,053,329 IMPATH Physician Services, Inc. (03-16114) $0 IMPATH Predictive Oncology, Inc. (03-16115) $775,024 IMPATH Information Services, Inc. (03-16116) $0 Tamtron Corp. (03-16117) $22,060 Medical Registry Services, Inc. (03-16118) $764,535 ----------- TOTAL DISBURSEMENTS $19,614,949 DEBTORS' ATTORNEY: Weil, Gotshal & Manges LLP George A. Davis (GD 2761) 767 Fifth Avenue New York, NY 10153 REPORT PREPARER: IMPATH Inc. Note 1: This report does not include a balance sheet due to the ongoing reconciliation of the Debtor's accounting records. THIS OPERATING STATEMENT MUST BE SIGNED BY A REPRESENTATIVE OF THE DEBTOR The undersigned, having reviewed the attached report and being familiar with the Debtors' financial affairs, verifies under penalty of perjury, that the information contained herein, is complete, accurate and truthful to the best of my knowledge. DATE: June 8, 2004 /s/ Holly Etlin --------------------------- Holly Etlin Chief Restructuring Officer IMPATH INC. AND SUBSIDIARIES INCOME STATEMENT DOLLARS IN ACTUAL AMOUNTS APRIL 1- MAY 1 -------------- Revenue Sales-Diagnostic 17,873,939 Less: Allowed Differences (6,010,270) ---------------------- Net Diagnostic Sales 11,863,669 Biopharmaceutical Sevices 335,125 Information Services 0 ---------------------- TOTAL REVENUE 12,198,793 COGS Employee Comp & Benefits 3,527,013 Labratory Supplies & Consultants 886,023 Auto & Courier Expenses 363,875 Professional Liability Insurance 233,587 Laboratory Depreciation & Amortization 490,863 ---------------------- Total COGS Incl Lab D&A 5,501,361 ---------------------- GROSS PROFIT 6,697,432 ---------------------- SALES & MARKETING Employee Comp & Benefits 2,266,539 Marketing Expense 32,107 Total Travel & Entertainment 119,224 ---------------------- Total Sales & Marketing 2,417,870 GENERAL & ADMINISTRATIVE Employee Comp & Benefits 1,859,395 Auto & Courier Expenses 15,456 Bad Debt Expense 2,161,356 Travel & Entertainment 75,447 Rent, R.E. Tax & R&M 1,151,860 Utilities 87,465 Insurance 161,499 Misc. Operating Expenses 572,705 Non-Lab Depreciation & Amortization 377,292 ---------------------- Total General & Administrative 6,462,475 ---------------------- TOTAL OPERATING EXPENSES 14,381,706 ---------------------- OPERATING INCOME - EBIT (2,182,912) ---------------------- Net Non-Operating Income (Expense) (17,762,565) ---------------------- EARNINGS (LOSS) BEFORE TAXES (19,945,477) ---------------------- Total Provision for Income Tax 11,963 ---------------------- NET INCOME (LOSS) (19,957,440) ====================== NOTE: EBITDA (1,572,033) IMPATH INC. AND SUBSIDIARIES CASH RECEIPTS AND DISBURSEMENTS APRIL-04 -------- Beginning Book Cash Balance 2,225,938 Receipts: Accounts Receivable Collections 10,771,721 Other Cash Receipts - ------------------ Total Receipts: 10,771,721 Operating Disbursements: Payroll (7,226,622) Payroll Taxes (4,248,622) Benefits (941,686) Auto Expense (64,435) Courier Expense (361,210) Equipment Leases (Capital Leases) (401,462) Insurance (742,040) Lab Supplies (1,518,102) Consultants/Temp. Employees (403,726) Operational Supplies (101,775) Ordinary Course Professional Fees (4,816) Rent (534,446) Travel & Entertainment (Emp. T&E) (222,573) Utilities (121,493) Miscellaneous Operating Expenses (355,675) Interest (200,000) Taxes (783,533) Capital Expenditures (44,423) Contingency - ------------------ Total Operating Disbursements: (18,276,638) ------------------ Net Cash Flow From Operations: (7,504,916) ------------------ Restructuring Costs: Professional Fees (1,338,312) Incentive/Retention Payments - Trustee Fees - Other Restructuring Costs - ------------------ Total Restructuring Costs (1,338,312) ------------------ Non-Operating Cash Inflows/(Outflows): Sale of IIS / Net Reimbursement of Transaction Costs from Genzyme - ------------------ Sale of Core Business 1,298,084 ------------------ Recovery of Taxes Paid - ------------------ A/R / Stipulated Secured Claim - ------------------ Other Non-Operating 10,000,000 ------------------ Total Non-Operating Inflows/(Outflows) 11,298,084 ------------------ Net Cash Flow 2,454,857 ------------------ ENDING BOOK CASH BALANCE 4,680,795 ------------------ IMPATH INC. AND SUBSIDIARIES SCHEDULE OF TAXES WITHHELD, COLLECTED, INCURRED AND PAID APRIL 1-30
---------------------------------------------------------------------------------------------------------------------------- TAXES WITHHELD, COLLECTED OR JURISDICTION TYPE OF TAX INCURRED TAXES PAID ---------------------------------------------------------------------------------------------------------------------------- PAYROLL TAXES Federal Withholding 2,038,388.41 2,038,388.41 Federal Social Security EE 568,120.75 568,120.75 Federal Social Security ER 568,945.60 568,945.60 Federal Medicare EE 161,369.41 161,369.41 Federal Medicaid ER 161,463.31 161,463.31 Federal Unemployment 2,053.61 2,053.61 Alabama Withholding, SUI 1,856.04 1,856.04 Arizona Withholding, SUI 28,340.48 28,340.48 California Withholding, SUI, Disability 230,332.46 230,332.46 Colorado Withholding, SUI 2,176.69 2,176.69 Conneticut Withholding, SUI 4,456.05 4,456.05 Florida SUI 180.23 180.23 Georgia Withholding, SUI 7,569.28 7,569.28 Illinois Withholding, SUI 836.78 836.78 Indiana Withholding, SUI 1,132.19 1,132.19 Iowa Withholding, SUI 344.59 344.59 Kansas Withholding, SUI 1,294.79 1,294.79 Louisiana Withholding, SUI 1,377.35 1,377.35 Maryland Withholding, SUI 602.28 602.28 Massachusetts Withholding, SUI 19,579.68 19,579.68 Michigan Withholding, SUI 447.13 447.13 Missouri Withholding, SUI 1,078.98 1,078.98 Montana Withholding, SUI 0.00 0.00 New Jersey Withholding, SUI, Disability 16,531.49 16,531.49 New York Withholding, SUI, Disability 334,839.60 333,464.63 North Carolina Withholding, SUI 2,121.10 2,121.10 Ohio Withholding, SUI 2,624.23 2,624.23 Pennsylvania Withholding, SUI, Disability 1,491.82 1,491.82 Rhode Island Withholding, SUI, Disability 317.32 317.32 Texas SUI 58.85 58.85 Utah Withholding, SUI 2,924.56 2,924.56 Virginia Withholding, SUI 0.00 0.00 Washington SUI 543.64 543.64 New York City Withholding 86,597.93 86,597.93 --------------------------------------------- TOTAL PAYROLL TAXES $ 4,249,996.63 $ 4,248,621.66 SCHEDULE OF TAXES WITHHELD, COLLECTED, INCURRED AND PAID APRIL 1-30 ---------------------------------------------------------------------------------------------------------------------------- TAXES WITHHELD, COLLECTED OR JURISDICTION TYPE OF TAX INCURRED TAXES PAID ---------------------------------------------------------------------------------------------------------------------------- NON-PAYROLL TAXES Alabama Sales and Use Taxes 615.00 Arizona (including counties) Sales and Use Taxes 583.65 California (including counties) Sales and Use Taxes 6.02 Colorado Sales and Use Taxes Conneticut Sales and Use Taxes Delaware Sales and Use Taxes, Franchise Tax 9,906.66 Florida Sales and Use Taxes 1,876.32 Georgia Sales and Use Taxes Illinois Sales and Use Taxes Iowa Sales and Use Taxes Maine Sales and Use Taxes Maryland Sales and Use Taxes Massachusetts Sales and Use Taxes Michigan Sales and Use Taxes 2,443.42 Minnesota Sales and Use Taxes 4,920.32 Mississippi Sales and Use Taxes Missouri Sales and Use Taxes 5,422.99 New Jersey Sales and Use Taxes 690,000.00 New York Sales and Use Taxes, Commercial Rent 8,094.72 97.20 North Carolina Sales and Use Taxes Ohio Sales and Use Taxes 1,466.25 Oklahoma Sales and Use Taxes 6,397.18 Pennsylvania Sales and Use Taxes 26,000.00 South Carolina Sales and Use Taxes Tennessee Sales and Use Taxes Texas Sales and Use Taxes 12,684.53 Utah Sales and Use Taxes 447.36 Virginia Sales and Use Taxes Washington Sales and Use Taxes 118.76 West Virginia Sales and Use Taxes 20,547.20 Wisconsin Sales and Use Taxes --------------------------------------------- TOTAL NON-PAYROLL TAXES $ 8,094.72 $ 783,532.86 --------------------------------------------- TOTAL TAXES $ 4,258,091.35 $ 5,032,154.52