EX-99 3 s472572.txt EXHIBIT 99.1 - FINANCIAL REPORTS TRANSMITTAL OF FINANCIAL REPORTS AND CERTIFICATION OF COMPLIANCE WITH UNITED STATES TRUSTEE OPERATING REQUIREMENTS FOR THE PERIOD ENDED DECEMBER 31, 2003 | In re: | Case No. 03-13744 (MFW) AURORA FOODS INC., | (Jointly Administered) et al., | Chapter 11 | Debtors. | | --------------------------------------------| Attached is the Monthly Operating Report for the Debtors. The Monthly Operating Report includes the following: ------------------------------------------------------------ REQUIRED DOCUMENTS ------------------------------------------------------------ Schedule of Cash Receipts and Disbursements ------------------------------------------------------------ Schedule of Cash Disbursements ------------------------------------------------------------ Schedule of Bank Accounts ------------------------------------------------------------ Consolidated Status of Bank Reconciliations ------------------------------------------------------------ Income Statement ------------------------------------------------------------ Balance Sheet ------------------------------------------------------------ Consolidated Status of Post Petition Taxes ------------------------------------------------------------ Consolidated Summary of Unpaid Post Petition Debts ------------------------------------------------------------ Accounts Receivable Reconciliation and Aging ------------------------------------------------------------ Debtor Questionnaire ------------------------------------------------------------ The Debtors filed voluntary petitions for relief under chapter 11 of title 11 of the United States Bankruptcy Code (the "Bankruptcy Code") on December 8, 2003. The period covered by this report, runs from December 8 (the filing date) through December 31, 2003. Due to limitations of the Debtors' general ledger system, the financial results of the Debtors are presented on a consolidated basis. The Debtors have not yet completed the financial and accounting closing procedures relative to its December 31, 2003 financial statements. Therefore, the information contained in this report is preliminary and subject to revision. The report is subject to revision at the time of completion of the Debtors' December 31, 2003 financial statements and audit. I declare under penalty of perjury (28 U.S.C. Section 1746) those this report and the attached documents are true and correct to the best of my knowledge and belief. February 12, 2004 /s/ John L. Currie ------------------ --------------------------- Date John L. Currie, Vice President & Controller In re: Aurora Foods Inc., et al. Case No.: 03-13744 Reporting Period: Dec. 8, 2003 - Dec. 31, 2003 CONSOLIDATED SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS DECEMBER 8, 2003 THROUGH DECEMBER 31, 2003 ($ in millions)
12/8-12/31/03 ---------------------------- Actual Forecast Variance ---------- ------------ -------------- Cash Receipts from Sales $ 53.7 $ 55.0 $ (1.3) ----------- ------------ -------------- Cash Disbursements Receivable sale payments 0.7 0.7 - Payroll & Benefit Expenditures 4.5 4.7 0.2 Restructuring Fees 0.3 - (0.3) Freight 1.1 3.0 1.9 Promotional Expense 1.3 1.2 (0.1) Payments to vendors 15.4 30.2 14.8 (a) ----------- ----------- ------------- Total Disbursements $ 23.3 $ 39.8 $ 16.5 ----------- ----------- ------------- Beginning Cash Balance (Bank) $ 10.1 $ 10.1 $ - Change in cash 30.4 15.2 15.2 ----------- ----------- ------------- Ending Cash Balance (Bank) $ 40.5 $ 25.3 $ 15.2 =========== =========== ============= (a) Forecast assumed more vendors would require cash in advance or cash on delivery after bankruptcy filing.
In re: Aurora Foods Inc., et al. Case No.: 03-13744 Reporting Period: Dec. 8, 2003 - Dec. 31, 2003 CONSOLIDATED SCHEDULE OF DISBURSEMENTS (in millions) ---------------------------------------------------------------- Monthly Disbursements ------------------- Entity December ---------------------------------------------------------------- Disbursements (post filing only) $ 23.3 (a) (a) As noted in the first day pleadings, Sea Coast Foods, Inc. does not maintain any separate bank accounts. All disbursements are made by Aurora Foods Inc. on behalf of Sea Coast Foods, Inc. The Company, however, prepares quarterly financial statements for Sea Coast Foods, Inc. The Company is currently in the process of closing the consolidated accounts and preparing statements for Sea Coast Foods, Inc. Although the separate statements have not yet been completed for Sea Coast Foods, Inc., the Company estimates that disbursements relating to Sea Coast Foods, Inc. for the period from December 8, 2003, through December 31, 2003, were approximately $1.5 million. In re: Aurora Foods Inc., et al. Case No.: 03-13744 Reporting Period: Dec. 8, 2003 - Dec. 31, 2003 BANK ACCOUNTS (IN $000s) Unit Bank Account # Account Description Balance JP Morgan Corporate 323-210317 Main concentration account $ 36,830 Corporate 6301459552509 Accounts payable checks - Corporate 6301452326509 Consumer refund checks - Corporate 6301486001509 Medical benefit checks - Corporate 323-367178 Manual payroll 22 Corporate 304-153338 Employee Retention 551 Corporate 323-122833 Aurora Foods lock box account 762 Corporate N/A Petty Cash - St. Elmo, IL Plant Fayette County Bank 130850 Petty Cash 4 Mattoon, IL Plant First Mid Illinois Bank & Trust 071102076 Petty Cash 2 Erie, PA Plant National City Bank of PA 658804881 Petty Cash 3 Jackson, TN Plant Union Planters Bank 1210119474 Petty Cash 1 ------------ $ 38,175 ============ UNITED STATES BANKRUPTCY COURT DISTRICT OF DELAWARE | In re: | Case No. 03-13744 (MFW) AURORA FOODS INC., | (Jointly Administered) et al., | Chapter 11 | Debtors. | | --------------------------------------------| JOHN L. CURRIE, hereby declares and states: 1. I am Vice President & Controller of Aurora Foods Inc. ("Aurora"), a corporation organized under the laws of the State of Delaware and one of the debtors and debtors in possession in the above-captioned chapter 11 cases (together, the "Debtors"). Aurora is the direct parent of Sea Coast Foods, Inc., the other Debtor. I am familiar with the Debtors' day-to-day operations, business affairs and books and records. 2. All statements in this Declaration are based on my personal knowledge, my review of the relevant documents, my discussions with other employees of the Debtor, or my opinion based upon my experience and knowledge of the Debtors' operations and financial condition. If I were called upon to testify, I could and would testify to each of the facts set forth herein based on such personal knowledge, review of documents or opinion. I am authorized to submit this Declaration on behalf of the Debtors. 3. To the best of my knowledge, the Debtors have performed all bank reconciliations as of December 31, 2003. Dated: February 12, 2004 St. Louis, Missouri Respectfully submitted, /s/ John L. Currie ------------------------------ John L. Currie Vice President & Controller Aurora Foods Inc. In re: Aurora Foods Inc., et al. Case No.: 03-13744 Reporting Period: Dec. 8, 2003 - Dec. 31, 2003 CONSOLIDATED STATEMENT OF OPERATIONS ($000s) (unaudited)
December 8, 2003 to December 31, 2003 ---------------------- Net sales $ 48,940 Cost of goods sold (28,641) ----------------- Gross profit 20,299 ----------------- Brokerage, distribution and marketing expenses: Brokerage and distribution (5,073) Consumer marketing (615) ----------------- Total brokerage, distribution and marketing expenses (5,688) Amortization of intangibles (1,167) Selling, general and administrative expenses (2,651) Administrative restructuring and retention costs (123) Divestiture costs (32) Plant closures 363 ----------------- Total operating expenses (9,298) ----------------- Operating income 11,001 Interest and financing expenses: Interest expense, net (3,675) Excess leverage fee (805) Amortization of discount, premium and financing costs (188) ----------------- Total interest and financing expenses (4,668) ----------------- Income before reorganization items and income taxes 6,333 Reorganization items: Interest earned on cash accumulating from Chapter 11 proceeding 4 Professional fees (1,187) Other (9,156) ----------------- Total reorganization items (10,339) ----------------- Loss before income taxes (4,006) Income tax expense (1,615) ----------------- Net loss $ (5,621) =================
In re: Aurora Foods Inc., et al. Case No.: 03-13744 Reporting Period: Dec. 8, 2003 - Dec. 31, 2003 CONSOLIDATED BALANCE SHEET ($000s) (unaudited) December 2003 --------------- ASSETS Current assets: Cash and cash equivalents $ 38,175 Accounts receivable, net 47,726 Inventories 69,513 Prepaid expenses and other assets 6,828 --------------- Total current assets 162,242 Property, plant and equipment, net 157,538 Goodwill and other intangible assets, net 895,123 Other assets 14,303 --------------- Total assets $ 1,229,206 =============== LIABILITIES & STOCKHOLDERS' DEFICIT Liabilities not subject to compromise: Current liabilities - Senior secured term debt $ 486,929 Senior secured revolving debt facility 167,000 Bank note 7,711 Current maturities of capital lease obligation 10 Accounts payable 28,097 Accrued liabilities 50,308 --------------- Total current liabilities 740,055 Deferred tax liability 118,078 Capital lease obligation 32 Other liabilities 972 --------------- Total liabilities not subject to compromise 859,137 Liabilities subject to compromise 482,501 --------------- Total liabilities 1,341,638 --------------- Commitments and contingent liabilities Stockholders' deficit: Preferred stock 33 Common stock 779 Paid-in capital 680,982 Accumulated deficit (794,226) --------------- Total stockholders' deficit (112,432) --------------- Total liabilities and stockholders' deficit $ 1,229,206 =============== UNITED STATES BANKRUPTCY COURT DISTRICT OF DELAWARE | In re: | Case No. 03-13744 (MFW) AURORA FOODS INC., | (Jointly Administered) et al., | Chapter 11 | Debtors. | | --------------------------------------------| JOHN L. CURRIE, hereby declares and states: 1. I am Vice President & Controller of Aurora Foods Inc. ("Aurora"), a corporation organized under the laws of the State of Delaware and one of the debtors and debtors in possession in the above-captioned chapter 11 cases (together, the "Debtors"). Aurora is the direct parent of Sea Coast Foods, Inc., the other Debtor. I am familiar with the Debtors' day-to-day operations, business affairs and books and records. 2. All statements in this Declaration are based on my personal knowledge, my review of the relevant documents, my discussions with other employees of the Debtor, or my opinion based upon my experience and knowledge of the Debtors' operations and financial condition. If I were called upon to testify, I could and would testify to each of the facts set forth herein based on such personal knowledge, review of documents or opinion. I am authorized to submit this Declaration on behalf of the Debtors. 3. To the best of my knowledge, the Debtors have filed all necessary federal, state and local tax returns and made all required postpetition tax payments in connection therewith on a timely basis. Dated: February 12, 2004 St. Louis, Missouri Respectfully submitted, /s/ John L. Currie ------------------------------ John L. Currie Vice President & Controller Aurora Foods Inc. In re: Aurora Foods Inc., et al. Case No.: 03-13744 Reporting Period: Dec. 8, 2003 - Dec. 31, 2003 CONSOLIDATED SUMMARY OF POST PETITION DEBTS ($000s) ------------------------------------------------------------------------------- Accounts Payable Aging Current Past Due Total ------------------------------------------------------------------------------- Aurora Foods Inc. $ 6,363 $ - $ 6,363 These figures do not include prepetition bankrupcy accounts that are included in Accounts Payable. In re: Aurora Foods Inc., et al. Case No.: 03-13744 Reporting Period: Dec. 8, 2003 - Dec. 31, 2003 CONSOLIDATED ACCOUNTS RECEIVABLE RECONCILIATION ($000s)
---------------------------------------------------------------------------------------------- Accounts Receivable Reconciliation Aurora Foods Inc. ---------------------------------------------------------------------------------------------- Total Accounts Receivable at the beginning of the reporting period $ 50,887 + Amounts billed during the period 56,158 - Amounts collected during the period (before customer deductions) (61,030) + Adjustments (26) ------------------ Total Accounts Receivable at the end of the reporting period $ 45,989
These figures are based on Trade Accounts Receivable. These figures do not include allowance for doubtful accounts or Other Accounts Receivable. In re: Aurora Foods Inc., et al. Case No.: 03-13744 Reporting Period: Dec. 8, 2003 - Dec. 31, 2003 ACCOUNTS RECEIVABLE AGING ($000s)
----------------------------------------------------------------------------------------------------------------------- Accounts Receivable Aging 1-30 31-60 61-90 91+ Total Other AR Allowance Total A/R ----------------------------------------------------------------------------------------------------------------------- Aurora Foods Inc. 43,617 677 57 1,638 45,989 3,345 (1,608) 47,726
In re: Aurora Foods Inc., et al. Case No.: 03-13744 Reporting Period: Dec. 8, 2003 - Dec. 31, 2003
Consolidated Debtor Questionnaire ------------------------------------------------------------------------------------------------------------- Must be Completed Each Month Yes/No ------------------------------------------------------------------------------------------------------------- 1. Have any assets been sold or transferred outside the normal course of No business this reporting period? If yes, provide an explanation below. ------------------------------------------------------------------------------------------------------------- 2. Have any funds been disbursed from any account other than a debtor in No possession account this reporting period? If yes, provide an explanation. ------------------------------------------------------------------------------------------------------------- 3. Have all postpetition tax returns been timely filed? If no, provide an explanation. Yes ------------------------------------------------------------------------------------------------------------- 4. Are workers compensation, general liability and other necessary insurance Yes coverages in effect? If no, provide an explanation. -------------------------------------------------------------------------------------------------------------