EX-99.1 2 y02790exv99w1.txt DVI, INC MONTHLY OPERATING REPORT Exhibit 99.1 UNITED STATES BANKRUPTCY COURT FOR THE DISTRICT OF DELAWARE In re DVI, Inc. Case No. 03-12656 (MFW) Reporting Period: 08/01/04 - 08/31/04 MONTHLY OPERATING REPORT File with Court and submit copy to United States Trustee within 20 days after end of month Submit copy of report to any official committee appointed in the case.
DOCUMENT EXPLANATION REQUIRED DOCUMENTS FORM NO. ATTACHED ATTACHED ------------------ -------- -------- -------- Schedule of Cash Receipts and Disbursements MOR - 1A x Bank Reconciliations (or copies of Debtor's bank reconciliations) MOR - 1B x Statement of Operations MOR - 2 Balance Sheet MOR - 3 Status of Postpetition Taxes MOR - 4 x Copies of IRS Form 6123 or payment receipt (See Tax Affidavit) x Copies of tax returns filed during reporting period (See Tax Affidavit) x Summary of Unpaid Postpetition Debts MOR - 4 x Listing of aged accounts payable x Accounts Receivable Aging MOR - 5 x Debtor Questionnaire MOR - 5 x
I declare under penalty of perjury (28 U.S.C. Section 1746) that this report and the attached documents are true and correct to the best of my knowledge and belief. RESPONSIBLE PARTY: /s/ Montgomery W. Cornell Chief Restructuring Officer -------------------------------- ----------------------------- Signature of Responsible Party Title Montgomery W. Cornell 9/23/2004 -------------------------------- ----------------------------- Printed Name of Responsible Party Date PREPARER: /s/ Andrew Stearns Controller -------------------------------- ----------------------------- Signature of Preparer Title Andrew Stearns 9/23/2004 -------------------------------- ----------------------------- Printed Name of Preparer Date IN RE DVI, INC. CASE NUMBER: 03-12656 (MFW) REPORTING PERIOD: 08/01/04 - 08/31/04 SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS (in thousands)
CURRENT MONTH CUMULATIVE FILING TO DATE ACTUALS ACTUALS ------- ------- CASH BEGINNING OF MONTH (a) 1 420 RECEIPTS: Customer Payments - - Trust Receipts - - Trust Advances - - Receipt of Servicer Fee - - DIP Facility Advances - - ---- ------ TOTAL RECEIPTS - - ---- ------ DISBURSEMENTS Payroll (b) - - Benefits (b) - - Building Costs - - Equipment Costs - - Auto, Travel & Entertainment - - Outside Services - - Sales & Use Taxes - - Payments by Affiliates on Debtor's Behalf (c) 235 9,525 DIP Facility Repayments (d) - (419) Other Expense - - Professional Fees (c) (235) (9,525) U.S. Trustee Quarterly Fees - - ---- ------ TOTAL DISBURSEMENTS - (419) ---- ------ NET CASH FLOW - (419) ---- ------ CASH END OF MONTH 1 1 ---- ------
DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES: (FROM CURRENT MONTH ACTUAL COLUMN) TOTAL DISBURSEMENTS - Transfers to Debtor in Possession Accounts - Estate Disbursements Made By Outside Sources (i.e. from escrow accounts) - TOTAL DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES -
(a) Cash amount was collected from the sale of DVI Financial Services Inc.'s interest in Diamond Medical, a Japanese joint venture. (b) There are no DVI, Inc. employees. (c) DVI, Inc., DVI Financial Services Inc. (case #03-12657) and DVI Business Credit Corporation (case #03-12658) have determined to allocate professional fees paid by DVI Financial Services Inc. in equal parts to each Debtor. (d) Amount swept to DIP bank account during October 2003. MOR - 1A IN RE DVI, INC. CASE NUMBER: 03-12656 (MFW) REPORTING PERIOD: 08/01/04 - 08/31/04 BANK RECONCILIATIONS (in thousands)
ACCOUNTS CURRENT MONTH -------- ------------- OPERATING OTHER ACTUALS --------- ----- ------- CASH BEGINNING OF MONTH (a) 1 - 1 RECEIPTS: Customer Payments - - - Trust Receipts - - - Trust Advances - - - Receipt of Servicer Fee - - - DIP Facility Advances - - - --- --- --- TOTAL RECEIPTS - - - --- --- --- DISBURSEMENTS Payroll (b) - - - Benefits (b) - - - Building Costs - - - Equipment Costs - - - Auto, Travel & Entertainment - - - Outside Services - - - Sales & Use Taxes - - - Payments by Affiliates on Debtor's Behalf (c) 235 235 DIP Facility Repayments - - - Other Expense - - - Professional Fees (c) (235) - (235) U.S. Trustee Quarterly Fees - - - --- --- --- TOTAL DISBURSEMENTS - - - --- --- --- NET CASH FLOW - - - --- --- --- CASH END OF MONTH 1 - 1 --- --- --- BANK BALANCE 1 - 1 Deposits in Transit - - - Outstanding Checks - - - Other - - - ADJUSTED BANK BALANCE 1 - 1
(a) Cash amount was collected from the sale of DVI Financial Services Inc.'s interest in Diamond Medical, a Japanese joint venture. (b) There are no DVI, Inc. employees. (c) DVI, Inc., DVI Financial Services Inc. (case #03-12657) and DVI Business Credit Corporation (case #03-12658) have determined to allocate professional fees paid by DVI Financial Services Inc. in equal parts to each Debtor. MOR - 1B In re DVI, Inc. Case No. 03-12656 (MFW) Reporting Period: 08/01/04 - 08/31/04 STATUS OF POSTPETITION TAXES (in thousands) The beginning tax liability should be the ending liability from the prior month or, if this is the first report, the amount should be zero.
Beginning Amount Ending Tax Withheld or Amount Tax Liability Accrued Paid Liability --------- ------- ---- --------- FEDERAL Withholding - - - - FICA-Employee - - - - FICA-Employer (a) - - - - Unemployment - - - - Income - - - - Other - - - - --- --- --- --- Total Federal Taxes - - - - --- --- --- --- STATE AND LOCAL Withholding - - - - Sales (a) - - - - Excise - - - - Unemployment - - - - Real Property - - - - Personal Property - - - - Florida Doc Stamp - - - - Franchise - - - - Other: Local Income Tax Withholding - - - - --- --- --- --- Total State and Local - - - - --- --- --- --- TOTAL TAXES - - - - --- --- --- ---
SUMMARY OF UNPAID POSTPETITION DEBTS (in thousands)
ACCOUNTS PAYABLE AGING AMOUNT ---------------------- ------ Current - 0 - 30 days - 31 - 60 days - 61 - 90 days - 91+ days - --- TOTAL ACCOUNTS PAYABLE - ---
Explain how and when the Debtor intends to pay any past-due postpetition debts. ________________________________________________________________________________ ________________________________________________________________________________ ________________________________________________________________________________ ________________________________________________________________________________ ________________________________________________________________________________ ________________________________________________________________________________ (a) Debtor has obtained authorization from the Bankruptcy Court to pay such tax liabilities. MOR-4 In re DVI, Inc. Case No. 03-12656 (MFW) Reporting Period: 08/01/04 - 08/31/04 ACCOUNTS RECEIVABLE AGING (in thousands)
ACCOUNTS RECEIVABLE AGING (a) AMOUNT ----------------------------- ------ 0 days old - 1 - 30 days old - 31 - 60 days old - 61 - 90 days old - 91- 120 days old - + Over 121 days - Total Accounts Receivable - Amount considered uncollectible (Bad Debt) - Accounts Receivable (Net) -
DEBTOR QUESTIONNAIRE
MUST BE COMPLETED EACH MONTH YES NO ---------------------------- --- -- 1. Have any assets been sold or transferred outside the normal course of business this reporting period? If yes, provide an explanation below. X 2. Have any funds been disbursed from any account other than a debtor in possession account this reporting period? If yes, provide an explanation below. X 3. Have all postpetition tax returns been timely filed? If no, provide an explanation below. X 4. Are workers compensation, general liability and other necessary insurance coverages in effect? If no, provide an explanation below. X
________________________________________________________________________________ ________________________________________________________________________________ ________________________________________________________________________________ ________________________________________________________________________________ ________________________________________________________________________________ ________________________________________________________________________________ ________________________________________________________________________________ ________________________________________________________________________________ ________________________________________________________________________________ ________________________________________________________________________________ (a) Debtor does not have any receivables. MOR 5 DVI, Inc. Case No. 03-12656 (MFW) Reporting Period: 08/01/04 - 08/31/04 DVI, INC. TAX AFFIDAVIT To the best of my knowledge, DVI, Inc. has filed all tax returns and made all required tax payments on a timely basis, except for pre-petition liabilities not authorized for payment by the Bankruptcy Court. 9/23/2004 /s/ Montgomery W. Cornell --------- -------------------------------- Date Signature of Responsible Party Montgomery W. Cornell