EX-99 6 oct03mfrs.txt EXH 99.4 OCT. 2003 EXHIBIT 99.4 Agway Inc. Chapter 11 Case No. 02-65872 through 02-65877 Month of: October 2003 CERTIFICATION OF PREPARER The accompanying unaudited consolidated and consolidating balance sheets and income statements are prepared by Company management in conformity with generally accepted accounting principles in the United States of America on a going concern basis, with the possible exception of accounting for the settlement and curtailment of retiree benefits recognized during prior periods. The Company has not made adjustments to reflect the probable liquidation of the Company. The most significant such adjustment would record unrecognized net actuarial losses with respect to the pension plan and any excise tax payable on any remaining net gain from the termination of the pension plan. As of June 30, 2003, the recognized net pension asset approximated $180 million, while the unrecognized net actuarial losses approximately $125 million. The unrecognized actuarial loss is typically only calculated annually but varies each month and would be material if recognized currently. Subject to the foregoing, the undersigned, having prepared the accompanying reports, certifies under penalty of perjury that the information continued therein is complete, accurate and truthful on the basis upon which they were prepared to the best of my knowledge. February 17, 2004 /s/ Peter J. O'Neill --------------------------- -------------------------------------------- Date Signature of Preparer Peter J. O'Neill Agway Inc. Senior Vice President, Finance & Control 333 Butternut Drive Dewitt, NY 13214 (315) 449-6568 i
AGWAY INC. CONSOLIDATED BALANCE SHEET OCTOBER 2003 LAST LAST MONTH ACTUAL MONTH VARIANCE ------------ ---------- --------------- 72,589 Cash and Equivalents 95,187 22,598 91,976 Trade and Notes Receivable, Net 89,953 (2,023) 9,096 Advances and Other Receivables 7,300 (1,796) - Lease Receivables, Net 85 85 25,269 Inventories 24,896 (373) 6,025 Prepaid Expenses 5,355 (670) 25,764 Other Current Assets 23,767 (1,997) ------------ ---------- --------------- 230,719 Total Current Assets 246,543 15,824 3,693 Other Security Investments 3,763 70 94,760 Property, Plant & Equipment, Net 95,316 556 985 Long Term Lease Receivbles, Net 2,503 1,518 177,105 Net Pension Asset 177,355 250 610 Intangible Assets - Net 617 7 72,385 Other Long - Term Assets 49,255 (23,130) ------------ ---------- --------------- 580,257 Total Assets 575,352 (4,905) ============ ========== =============== 46 Current Installment of Subordinated Debt 118 (72) 161 Current Installment of Long-Term Debt 161 - 14,005 Accounts Payable - Trade 14,995 (990) 55,282 Accounts Payable - Other 48,746 6,536 30,657 Accrued & Other Current Liabilities 30,883 (226) ------------ ---------- --------------- 100,151 Total Current Liabilites 94,903 5,248 1,477 Long-Term Debt 1,464 13 16,885 Other Long -Term Liabilities 16,196 689 ------------ ---------- --------------- 18,362 Total Long -Term Liabilities 17,660 702 518,228 Liabilities Subject to Compromise 518,264 (36) 31,997 Preferred Stock 31,997 - 2,411 Common Stock 2,411 - (89,514) Retained Margins (87,545) (1,969) (1,378) Other Equity (2,338) 960 ------------ ---------- --------------- (56,484) Total Equity (55,475) (1,009) ------------ ---------- --------------- 580,257 Total Liabilities and Equity 575,352 4,905 ============ ========== ===============
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DEBTOR BALANCE SHEET OCTOBER 2003 LAST LAST MONTH ACTUAL MONTH VARIANCE ------------ ---------- --------------- 44,759 Cash and Equivalents 67,403 22,644 34,882 Trade and Notes Receivable, Net 37,524 2,642 1,975 Advances and Other Receivables 2,118 143 11,138 Inventories 11,341 203 1,790 Prepaid Expenses 2,062 272 (2,431) Deferred Income Tax (2,431) - 18,430 Other Current Assets 17,328 (1,102) ------------ ---------- --------------- 110,543 Total Current Assets 135,345 24,802 92,914 Other Security Investments 90,874 (2,040) 16,321 Property, Plant & Equipment, Net 17,003 682 177,105 Net Pension Asset 177,355 250 250 Intangible Assets - Net 250 - 70,388 Other Long - Term Assets 47,256 (23,132) ------------ ---------- --------------- 467,521 Total Assets 468,083 562 ============ ========== =============== 136 Current Installment of Long-Term Debt 136 - 5,700 Accounts Payable - Trade 6,144 (444) 5,050 Accounts Payable - Other 4,387 663 4,242 Accrued & Other Current Liabilities 4,127 115 ------------ ---------- --------------- 15,128 Total Current Liabilites 14,794 334 1,363 Long-Term Debt 1,373 (10) (11,991) Deferred Federal Income Taxes (11,991) - (922) Other Long -Term Liabilities (975) 53 ------------ ---------- --------------- (11,550) Total Long -Term Liabilities (11,593) 43 518,812 Liabilities Subject to Compromise 518,870 (58) 1,617 Net Operating Advance 1,487 130 31,997 Preferred Stock 31,997 - 2,411 Common Stock 2,411 - (89,516) Retained Margins (87,545) (1,971) (1,378) Other Equity (2,338) 960 ------------ ---------- --------------- (56,486) Total Equity (55,475) (1,011) ------------ ---------- --------------- 467,521 Total Liabilities and Equity 468,083 (562) ============ ========== ===============
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TOTAL RESIDUAL BALANCE SHEET OCTOBER 2003 LAST LAST MONTH ACTUAL MONTH VARIANCE ------------ ---------- --------------- 25,399 Cash and Equivalents 25,719 320 5,938 Trade and Notes Receivable, Net 6,738 800 - Lease Receivables, Net 85 85 - Prepaid Expenses 130 130 2,408 Other Current Assets 2,398 (10) ------------ ---------- --------------- 33,745 Total Current Assets 35,070 1,325 1,563 Property, Plant & Equipment, Net 1,453 (110) 1,479 Long Term Lease Receivbles, Net 3,043 1,564 1,002 Other Long - Term Assets 1,001 (1) ------------ ---------- --------------- 37,789 Total Assets 40,567 2,778 ============ ========== =============== 46 Current Installment of Subordinated Debt 118 (72) 438 Accounts Payable - Trade 868 (430) 3 Accounts Payable - Other 32 (29) 7,634 Accrued & Other Current Liabilities 7,359 275 ------------ ---------- --------------- 8,121 Total Current Liabilites 8,377 (256) - Other Long -Term Liabilities 3 (3) ------------ ---------- --------------- - Total Long -Term Liabilities 3 (3) 7,913 Liabilities Subject to Compromise 7,829 84 13,679 Net Operating Advance 16,408 (2,729) 2,050 Additional Paid-in-Capital 2,050 - (25,974) Retained Margins (26,100) 126 32,000 Other Equity 32,000 - ------------ ---------- --------------- 8,076 Total Equity 7,950 126 ------------ ---------- --------------- 37,789 Total Liabilities and Equity 40,567 (2,778) ============ ========== ===============
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AGWAY INC. CONSOLIDATED CONSOLIDATING BALANCE SHEET OCTOBER 2003 ELIMS & AG CPG ENERGY TELMARK INSUR. CORP OTHER CONSOL ---------- -------- -------- --------- --------- --------- --------- --------- Cash and Equivalents 3,410 175 3,522 - - 45,948 19,534 72,589 Trade and Notes Receivable, Net 27,533 4,467 53,935 - - - 6,041 91,976 Advances and Other Receivables 75 1,252 7,121 - - 1,605 (957) 9,096 Inventories 9,220 1,918 14,131 - - - - 25,269 Prepaid Expenses 666 74 4,235 - - 2,342 (1,292) 6,025 Deferred Income Tax - - 2,431 - - 56,150 (58,581) - Other Current Assets - - 7,334 - - 16,022 2,408 25,764 ---------- -------- -------- --------- --------- --------- --------- --------- Total Current Assets 40,904 7,886 92,709 - - 122,067 (32,847) 230,719 Other Security Investments 2,261 601 - - - 82,229 (81,398) 3,693 Property, Plant & Equipment, Net 7,588 6,868 78,438 - - 302 1,564 94,760 Long Term Lease Receivbles, Net - - - - - - 985 985 Net Pension Asset - - - - - 177,105 - 177,105 Intangible Assets - Net 250 - 360 - - - - 610 Other Long -Term Assets 20 477 1,999 - - 224,528 (154,639) 72,385 ---------- -------- -------- --------- --------- --------- -------- --------- Total Assets 51,023 15,832 173,506 - - 606,231 (266,335) 580,257 ========== ======== ======== ========= ========= ========= ======== ========= Current Installment of Subordinated Debt - - - - - - 46 46 Current Installment of Long-Term Debt 38 98 25 - - - - 161 Accounts Payable - Trade 2,396 3,338 7,834 - - - 437 14,005 Accounts Payable - Other 399 56 50,229 - - 4,594 4 55,282 Accrued & Other Current Liabilities 2,874 2,679 27,700 - - 18,209 (20,805) 30,657 ---------- -------- -------- --------- --------- --------- --------- --------- Total Current Liabilites 5,707 6,171 85,788 - - 22,803 (20,318) 100,151 Long-Term Debt 19 1,344 25 - - - 89 1,477 Deferred Federal Income Taxes - - 11,991 - - 81,213 (93,204) - Other Long -Term Liabilities - 28 17,983 - - 6,597 (7,723) 16,885 ---------- -------- -------- --------- --------- --------- --------- --------- Total Long -Term Liabilities 19 1,372 29,999 - - 87,810 (100,838) 18,362 Liabilities Subject to Compromise 69,242 25,336 - - - 495,894 (72,244) 518,228 Net Operating Advance (27,889) (5,326) (22,893) - - (37,664) 93,772 - Preferred Stock - - - - - 31,997 - 31,997 Common Stock 1 - 3,502 - - 2,411 (3,503) 2,411 Additional Paid-in-Capital 6,754 - 34,091 - - - (40,845) - Retained Margins (2,811) (11,721) 40,703 - - 6,674 (122,359) (89,514) Other Equity - - 2,316 - - (3,694) - (1,378) ---------- -------- -------- --------- --------- --------- --------- --------- Total Equity 3,944 (11,721) 80,612 - - 37,388 (166,707) (56,484) ---------- -------- -------- --------- --------- --------- --------- --------- Total Liabilities and Equity 51,023 15,832 173,506 - - 606,231 (266,335) 580,257 ========== ======== ======== ========= ========= ========= ========= =========
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DEBTOR CONSOLIDATING BALANCE SHEET OCTOBER 2003 ELIMS & AGWINC AGENCY BRUBAKER CB ADAMS CB DEBERRY FCI OTHER CONSOL ---------- -------- -------- --------- --------- ------- -------- --------- Cash and Equivalents 45,406 - - 23 - 2,225 (2,895) 44,759 Trade and Notes Receivable, Net 27,553 - - 1,853 - 5,673 (197) 34,882 Advances and Other Receivables 1,972 - - 4 - - (1) 1,975 Inventories 8,503 - - 673 - 1,962 - 11,138 Prepaid Expenses 1,784 1 - 3 - 2 - 1,790 Deferred Income Tax (2,431) - - - - - - (2,431) Other Current Assets 18,429 - - (1) - (1) 3 18,430 ---------- -------- -------- --------- --------- ------- -------- --------- Total Current Assets 101,216 1 - 2,555 - 9,861 (3,090) 110,543 Other Security Investments 81,203 - - - - - 11,711 92,914 Property, Plant & Equipment, Net 13,267 - - 1,963 - 1,091 - 16,321 Net Pension Asset 177,105 - - - - - - 177,105 Intangible Assets - Net - - - - - 250 - 250 Other Long -Term Assets 69,945 - - 436 - 8 (1) 70,388 ---------- -------- -------- --------- --------- ------- -------- --------- Total Assets 442,736 1 - 4,954 - 11,210 8,620 467,521 ========== ======== ======== ========= ========= ======= ======== ========= Current Installment of Long-Term Debt 38 - - 98 - - - 136 Accounts Payable - Trade 3,859 - - 1,333 - 507 1 5,700 Accounts Payable - Other 4,615 - - - - 435 - 5,050 Accrued & Other Current Liabilities 4,258 1 - 703 5 931 (1,656) 4,242 ---------- -------- -------- --------- --------- ------- -------- --------- Total Current Liabilites 12,770 1 - 2,134 5 1,873 (1,655) 15,128 Long-Term Debt - - - 1,344 - 19 - 1,363 Deferred Federal Income Taxes (11,991) - - - - - - (11,991) Other Long -Term Liabilities (952) - - 28 - 1 1 (922) ---------- -------- -------- --------- --------- ------- -------- --------- Total Long -Term Liabilities (12,943) - - 1,372 - 20 1 (11,550) Liabilities Subject to Compromise 517,230 3,157 3,011 3,525 6,691 7,641 (22,443) 518,812 Net Operating Advance (17,837) (70) (1,615) 507 81 (456) 21,007 1,617 Preferred Stock 31,997 - - - - - - 31,997 Common Stock 2,411 10 - - - - (10) 2,411 Additional Paid-in-Capital - 2,181 2,050 - - 6,754 (10,985) - Retained Margins (89,514) (5,278) (3,446) (2,584) (6,777) (4,622) 22,705 (89,516) Other Equity (1,378) - - - - - - (1,378) ---------- -------- -------- --------- --------- ------- -------- --------- Total Equity (56,484) (3,087) (1,396) (2,584) (6,777) 2,132 11,710 (56,486) - ---------- -------- -------- --------- --------- ------- -------- --------- Total Liabilities and Equity 442,736 1 - 4,954 - 11,210 8,620 467,521 ========== ======== ======== ========= ========= ======= ======== =========
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AGWAY DISCONTINUED OPERATIONS & RESIDUAL CONSOLIDATING BALANCE SHEET OCTOBER 2003 AGRONOMY SEEDWAY BRUBAKER TELMARK SUNFLOWER RETAIL CORP TOTAL ---------- -------- -------- --------- --------- ------- -------- -------- Cash and Equivalents (1) - - 25,390 10 - - 25,399 Trade and Notes Receivable, Net 1,476 - - 3,159 - 1,304 - 5,938 Other Current Assets - - - (0) - 2,408 - 2,408 ---------- -------- -------- --------- --------- ------- -------- -------- Total Current Assets 1,475 - - 28,549 10 3,712 - 33,745 Other Security Investments - - 0 - - - - 0 Property, Plant & Equipment, Net 742 - - - - 821 - 1,563 Long Term Lease Receivbles, Net - - - 1,479 - - - 1,479 Other Long -Term Assets 1,001 - - - - - - 1,001 ---------- -------- -------- --------- --------- ------- -------- -------- Total Assets 3,217 - 0 30,028 10 4,533 - 37,789 ========== ======== ======== ========= ========= ======= ======== ======== Current Installment of Subordinated Debt - - - 46 - - - 46 Accounts Payable - Trade (2) (21) - 472 - (11) - 438 Accounts Payable - Other - - - 3 0 - - 4 Accrued & Other Current Liabilities 6,424 9 - 936 10 255 - 7,634 ---------- -------- -------- --------- --------- ------- -------- -------- Total Current Liabilites 6,422 (12) - 1,457 10 244 - 8,122 Other Long -Term Liabilities 167 (0) - (174) - 7 - (0) ---------- -------- -------- --------- --------- ------- -------- -------- Total Long -Term Liabilities 167 (0) - (174) - 7 - (0) Liabilities Subject to Compromise 81 - 3,011 - - 4,821 - 7,913 Net Operating Advance 1,455 2,250 (1,615) 20,137 439 (754) 26,811 48,721 Additional Paid-in-Capital - - 2,050 - - - - 2,050 Retained Margins (4,907) (2,237) (3,446) (23,392) (439) 215 (26,811) (61,016) Other Equity - - - 32,000 - - - 32,000 ---------- -------- -------- --------- --------- ------- -------- -------- Total Equity (4,907) (2,237) (1,396) 8,608 (439) 215 (26,811) (26,966) ---------- -------- -------- --------- --------- ------- -------- -------- Total Liabilities and Equity 3,217 - 0 30,028 10 4,533 - 37,789 ========== ======== ======== ========= ========= ======= ======== ========
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AGWAY DISCONTINUED OPERATIONS CONSOLIDATING BALANCE SHEET OCTOBER 2003 AGRONOMY SEEDWAY BRUBAKER TELMARK SUNFLOWER RETAIL CORP TOTAL ---------- -------- -------- --------- --------- ------- ------- ------- Total Current Assets - - - - - - - - ---------- -------- -------- --------- --------- ------- ------- ------- Total Assets - - - - - - - - ========== ======== ======== ========= ========= ======= ======= ======= ---------- -------- -------- --------- --------- ------- ------- ------- Total Current Liabilites - - - - - - - - ---------- -------- -------- --------- --------- ------- ------- ------- Total Long -Term Liabilities - - - - - - - - Net Operating Advance 7,798 2,200 3,685 (32,118) 703 - 26,811 9,079 Retained Margins (7,798) (2,200) (3,685) 32,118 (703) - (26,811) (9,079) ---------- -------- -------- --------- --------- ------- ------- ------- Total Equity (7,798) (2,200) (3,685) 32,118 (703) - (26,811) (9,079) ---------- -------- -------- --------- --------- ------- ------- ------- Total Liabilities and Equity - - - - - - - - ========== ======== ======== ========= ========= ======= ======= =======
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RESIDUAL CONSOLIDATING BALANCE SHEET OCTOBER 2003 AGRONOMY SEEDWAY BRUBAKER TELMARK SUNFLOWER RETAIL CORP TOTAL ---------- -------- -------- --------- --------- ------- ------- ------- Cash and Equivalents (1) - - 25,390 10 - - 25,399 Trade and Notes Receivable, Net 1,476 - - 3,159 - 1,304 - 5,938 Other Current Assets - - - (0) - 2,408 - 2,408 ---------- -------- -------- --------- --------- ------- ------- ------- Total Current Assets 1,475 - - 28,549 10 3,712 - 33,745 Other Security Investments - - 0 - - - - 0 Property, Plant & Equipment, Net 742 - - - - 821 - 1,563 Long Term Lease Receivbles, Net - - - 1,479 - - - 1,479 Other Long -Term Assets 1,001 - - - - - - 1,001 ---------- -------- -------- --------- --------- ------- ------- ------- Total Assets 3,217 - 0 30,028 10 4,533 - 37,789 ========== ======== ======== ========= ========= ======= ======= ======= Current Installment of Subordinated Debt - - - 46 - - - 46 Accounts Payable - Trade (2) (21) - 472 - (11) - 438 Accounts Payable - Other - - - 3 0 - - 4 Accrued & Other Current Liabilities 6,424 9 - 936 10 255 - 7,634 ---------- -------- -------- --------- --------- ------- ------- ------- Total Current Liabilites 6,422 (12) - 1,457 10 244 - 8,122 Other Long -Term Liabilities 167 (0) - (174) - 7 - (0) ---------- -------- -------- --------- --------- ------- ------- ------- Total Long -Term Liabilities 167 (0) - (174) - 7 - (0) Liabilities Subject to Compromise 81 - 3,011 - - 4,821 - 7,913 Net Operating Advance (6,343) 50 (5,300) 52,255 (264) (754) - 39,642 Additional Paid-in-Capital - - 2,050 - - - - 2,050 Retained Margins 2,891 (37) 239 (55,510) 264 215 - (51,937) Other Equity - - - 32,000 - - - 32,000 ---------- -------- -------- --------- --------- ------- ------- ------- Total Equity 2,891 (37) 2,289 (23,510) 264 215 - (17,887) ---------- -------- -------- --------- --------- ------- ------- ------- Total Liabilities and Equity 3,217 - 0 30,028 10 4,533 - 37,789 ========== ======== ======== ========= ========= ======= ======= =======
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AGWAY INC. CONSOLIDATED INCOME STATEMENT OCTOBER 2003 MONTH (THOUSANDS OF DOLLARS) YEAR TO DATE ACTUAL ACTUAL ----------- ---------------- 78,545 Net Sales 265,809 56,395 Cost of Sales 195,554 ----------- ---------------- 22,150 Product Margin 70,255 430 Service Revenue 2,671 ----------- ---------------- 22,580 Total Product Margin & Revenue 72,926 Operating Expenses: 3,336 Manufacturing 14,336 14,269 Distribution 53,073 1,583 Selling 6,810 3,963 Administrative 15,491 ----------- ---------------- 23,151 Total Operating Expenses 89,710 86 Other Income / (Expense) 3,978 (485) EBIT (12,806) 423 Interest Expense 949 (327) Interest Revenue (1,402) ----------- ---------------- 96 Interest Expense - Net (453) (581) Pre-Tax Earnings / (Loss) (12,353) 1,364 Reorganization Expenses 4,384 25 State Tax Expense / (Benefit) 103 25 Total Taxes 103 (1,970) Net Margin From Continuing Operations (16,840) ----------- ---------------- (1,970) Final Net Earnings / (Loss) (16,840) =========== ================
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AGWAY INC. CONSOLIDATED OPERATING EXPENSE BY TYPE OCTOBER 2003 MONTH (THOUSANDS OF DOLLARS) YEAR TO DATE ACTUAL EXPENSE TYPE ACTUAL ----------- ------------------------------------------- ---------------- 9,519 SALARIES 34,486 17 COMMISSIONS 69 935 INCENTIVES 4,825 1,889 PAYROLL COSTS 7,109 159 EMPLOYEE EXPENSE 549 739 PROFESSIONAL SERVICES 2,305 47 DATA PROCESSING EXPENSE 184 54 CONTRACT SERVICES 253 22 TRASH REMOVAL EXPENSE 86 997 CONTRACT TRUCKING 3,363 241 RENT EXPENSE 951 1,022 DEPRECIATION 4,067 (351) IMPAIRMENT (480) 62 AMORTIZATION 255 23 AMORTIZATION OF INTANGIBLES 93 250 AMORT OF DEFERRED DEBT COSTS 998 173 TAXES 1,009 90 REPAIRS & MAINTENANCE 313 639 AUTOMOTIVE & EQUIP RENTAL EXP 2,447 (2) LEASED RAILCAR RENTAL EXP 29 513 GAS/DIESEL/OIL EXP 1,743 43 LICENSE & REGISTRATION EXP 280 11 TIRES & TUBES EXPENSE 36 11 TOLL EXPENSE 36 1,197 REPAIRS & MAINT EQUIP & AUTO 4,015 373 UTILITIES EXPENSE 1,534 1 PAYLOADER EXPENSE 11 486 PLANT SUPPLIES EXPENSE 2,294 409 OFFICE SUPPLIES & EXP 1,596 418 TELEPHONE EXPENSE 1,516 696 ADVERTISING & SALES PROMOTION 2,554 7 SHOW EXPENSE 12 82 RESEARCH & DEVELOPMENT 275 252 TRAVEL EXPENSE 883 32 DUES & SUBSCRIPTIONS 94 5 CONTRIBUTIONS EXPENSE 28 69 CONFERENCES & MEETINGS EXP 314 - COMMITTEE MEETINGS EXP - - CERTIFIED MANAGER TRAINING EXP 184 - TRUCK LOADING CHARGES EXP - 118 EDUCATION EXPENSE 290 - FIELD RESEARCH SUPPLIES - 5 COMMODITY REGISTRATIONS & TESTS 17 28 TESTING EXPENSE 89 - CASH OVER & SHORT 6 - PENALTIES & FINES 3 4 QUALITY CLAIMS 10 4 DEMURRAGE CLAIMS & ICING EXP 33 240 LOSS ON DOUBTFUL ACCTS 975 - WARRANTY EXPENSE - - REPRESENTATIVE COSTS - 3 MANAGEMENT FEES 10 124 OVERHEAD ALLOCATION 497 - AFI NET EXPENSE - 1,018 INSURANCE EXPENSE 3,877 94 ENVIRONMENTAL EXPENSE 461 (80) DIRECT CHARGES 59 746 OTHER EXPENSE 4,321 (322) RECOVERY OF EXPENSE (1,406) (42) TRUCKING RECOVERY (188) 81 OUTSIDE CONTRACT EXPENSE 340 - PENSION CURTAILMENT - - RECOVERY OF ADVERTISING - ----------- ---------------- 23,151 TOTAL OPERATING EXPENSES 89,710 =========== ================
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DEBTOR INCOME STATEMENT OCTOBER 2003 MONTH (THOUSANDS OF DOLLARS) LIFE TO DATE ACTUAL ACTUAL ----------- ---------------- 25,202 Net Sales 330,607 20,596 Cost of Sales 260,394 ----------- ---------------- 4,606 Product Margin 70,213 430 Service Revenue 10,539 ----------- ---------------- 5,036 Total Product Margin & Revenue 80,752 Operating Expenses: 3,336 Manufacturing 72,429 237 Distribution 779 1,139 Selling 12,937 3,025 Administrative 53,529 ----------- ---------------- 7,737 Total Operating Expenses 139,674 20 Other Income / (Expense) 3,029 (2,681) EBIT (55,893) 387 Interest Expense 2,466 (608) Interest Revenue (8,964) ----------- ---------------- (221) Interest Expense - Net (6,498) (2,460) Pre-Tax Earnings / (Loss) (49,395) 1,364 Reorganization Charges 34,736 (119) State Tax Expense / (Benefit) 1,800 (585) Federal Tax Expense / (Benefit) (4,322) ----------- ---------------- (704) Total Taxes (2,522) (3,120) Net Margin From Continuing Operations (81,609) 1,151 Equity in Earnings of Subsidiaries 28,021 - Non-Parent Discontinued Operations (17,810) - Income / (Loss) on Disc. Ops. (Net of Taxes) (835) - Gain / (Loss) on Disposal (Net of Taxes) (20,134) ----------- ---------------- (1,969) Final Net Earnings / (Loss) (92,367) =========== ================
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AGWAY INC. CONSOLIDATED CONSOLIDATING INCOME STATEMENT YEAR TO DATE - OCTOBER 2003 (THOUSANDS OF DOLLARS) ELIMS & AGWAY AG CPG ENERGY CU/SS OTHER CONSOL ---------- -------- -------- --------- --------- --------- Net Sales 71,931 29,048 164,980 - (150) 265,809 Cost of Sales 56,809 23,381 115,580 - (216) 195,554 ---------- -------- -------- --------- --------- --------- Product Margin 15,122 5,667 49,400 - 66 70,255 Service Revenue 2,624 (4) - - 51 2,671 ---------- -------- -------- --------- --------- --------- Total Product Margin & Revenue 17,746 5,663 49,400 - 117 72,926 Operating Expenses: Manufacturing 10,571 3,250 - - 515 14,336 Distribution - - 50,758 - 2,315 53,073 Selling 2,802 1,569 2,231 - 208 6,810 Administrative 3,608 1,684 3,581 4,563 2,055 15,491 ---------- -------- -------- --------- --------- --------- Total Operating Expenses 16,981 6,503 56,570 4,563 5,093 89,710 Other Income / (Expense) 1,806 19 211 (3,489) 5,431 3,978 EBIT 2,571 (821) (6,959) (8,052) 455 (12,806) Interest Expense 833 141 1,726 15 (1,766) 949 Interest Revenue (415) - (260) - (727) (1,402) ---------- -------- -------- --------- --------- --------- Interest Expense - Net 418 141 1,466 15 (2,493) (453) Pre-Tax Earnings / (Loss) 2,153 (962) (8,425) (8,067) 2,948 (12,353) Reorganization Expenses - - - 4,384 - 4,384 State Tax Expense / (Benefit) - - (779) - 882 103 Federal Tax Expense / (Benefit) - - (2,670) - 2,670 - ---------- -------- -------- --------- --------- --------- Total Taxes - - (3,449) - 3,552 103 Net Margin From Continuing Operations 2,153 (962) (4,976) (12,451) (604) (16,840) ---------- -------- -------- --------- --------- --------- Final Net Earnings / (Loss) 2,153 (962) (4,976) (12,451) (604) (16,840) ========== ======== ======== ========= ========= =========
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AGWAY DISCONTINUED OPERATIONS & RESIDUAL CONSOLIDATING INCOME STATEMENT LIFE TO DATE - OCTOBER 2003 (THOUSANDS OF DOLLARS) AGRONOMY SEEDWAY BRUBAKER TELMARK INSUR. SUNFLOWER RETAIL CORP CONSOL ---------- -------- -------- --------- --------- --------- ------- -------- -------- Net Sales 6,852 2,745 - 35,462 - - - - 45,059 Cost of Sales 5,347 2,364 - 12,549 - (16) 16 - 20,260 ---------- -------- -------- --------- --------- --------- ------- -------- -------- Product Margin 1,505 381 - 22,913 - 16 (16) - 24,799 Service Revenue 357 - - 811 - - - - 1,168 ---------- -------- -------- --------- --------- --------- ------- -------- -------- Total Product Margin & Revenue 1,862 381 - 23,724 - 16 (16) - 25,967 Operating Expenses: Manufacturing 3,301 729 - - - (125) - - 3,905 Distribution - - - - - - (232) - (232) Selling (222) 565 (239) 5,198 - (12) 127 - 5,417 Administrative 1,675 181 - 5,860 - (14) 388 - 8,090 ---------- -------- -------- --------- --------- --------- ------- -------- -------- Total Operating Expenses 4,754 1,475 (239) 11,058 - (151) 283 - 17,180 Other Income / (Expense) 1,746 43 - (343) - 3 365 - 1,814 EBIT (1,146) (1,051) 239 12,323 - 170 66 - 10,601 Interest Expense 1,443 389 - - - (94) (167) - 1,571 Interest Revenue (1,226) (44) - (334) - - 18 - (1,586) ---------- -------- -------- --------- --------- --------- ------- -------- -------- Interest Expense - Net 217 345 - (334) - (94) (149) - (15) Pre-Tax Earnings / (Loss) (1,363) (1,396) 239 12,657 - 264 215 - 10,616 State Tax Expense / (Benefit) - - - (445) - - - - (445) Federal Tax Expense / (Benefit) - - - (4,792) - - - - (4,792) ---------- -------- -------- --------- --------- --------- ------- -------- -------- Total Taxes - - - (5,237) - - - - (5,237) Net Margin From Discontinued Operations (1,363) (1,396) 239 17,894 - 264 215 - 15,853 Other Income / (Loss) on Disc. Ops. (Net of Taxes) - - - (1) - - - 4,777 4,776 Gain / (Loss) on Disposal (Net of Taxes) (1,379) (118) - (26,181) 639 121 - (19,397) (46,315) ---------- -------- -------- --------- --------- --------- ------- -------- -------- Final Net Earnings / (Loss) (2,742) (1,514) 239 (8,288) 639 385 215 (14,620) (25,686) ========== ======== ======== ========= ========= ========= ======= ======== ========
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AGWAY DISCONTINUED OPERATIONS CONSOLIDATING INCOME STATEMENT LIFE TO DATE - OCTOBER 2003 (THOUSANDS OF DOLLARS) DISC OPS AGRONOMY SEEDWAY BRUBAKER TELMARK INSUR. SUNFLOWER RETAIL CORP CONSOL ---------- -------- -------- --------- --------- --------- ------- -------- -------- Net Sales 6,852 2,743 - 35,209 - - - - 44,804 Cost of Sales 5,347 2,437 - 11,946 - - - - 19,730 ---------- -------- -------- --------- --------- --------- ------- -------- -------- Product Margin 1,505 306 - 23,263 - - - - 25,074 Service Revenue 357 - - 806 - - - - 1,163 ---------- -------- -------- --------- --------- --------- ------- -------- -------- Total Product Margin & Revenue 1,862 306 - 24,069 - - - - 26,237 Operating Expenses: Manufacturing 3,719 689 - - - - - - 4,408 Selling (20) 563 - 5,087 - - - - 5,630 Administrative 1,438 174 - 5,605 - - - - 7,217 ---------- -------- -------- --------- --------- --------- ------- -------- -------- Total Operating Expenses 5,137 1,426 - 10,692 - - - - 17,255 Other Income / (Expense) 1 35 - (299) - - - - (263) EBIT (3,274) (1,085) - 13,078 - - - - 8,719 Interest Expense 1,560 294 - - - - - - 1,854 Interest Revenue (580) (20) - - - - - - (600) ---------- -------- -------- --------- --------- --------- ------- -------- -------- Interest Expense - Net 980 274 - - - - - - 1,254 Pre-Tax Earnings / (Loss) (4,254) (1,359) - 13,078 - - - - 7,465 State Tax Expense / (Benefit) - - - 1,031 - - - - 1,031 Federal Tax Expense / (Benefit) - - - 3,675 - - - - 3,675 ---------- -------- -------- --------- --------- --------- ------- -------- -------- Total Taxes - - - 4,706 - - - - 4,706 Net Margin From Discontinued Operations (4,254) (1,359) - 8,372 - - - - 2,759 Other Income / (Loss) on Disc. Ops. (Net of Taxes) - - - (1) - - - 4,777 4,776 Gain / (Loss) on Disposal (Net of Taxes) (1,379) (118) - (26,181) 639 121 - (19,397) (46,315) ---------- -------- -------- --------- --------- --------- ------- -------- -------- Final Net Earnings / (Loss) (5,633) (1,477) - (17,810) 639 121 - (14,620) (38,780) ========== ======== ======== ========= ========= ========= ======= ======== ========
14
RESIDUAL CONSOLIDATING INCOME STATEMENT LIFE TO DATE - OCTOBER 2003 (THOUSANDS OF DOLLARS) AGRONOMY SEEDWAY BRUBAKER TELMARK INSUR. SUNFLOWER RETAIL CORP TOTAL ---------- -------- -------- --------- --------- --------- ------- -------- -------- Net Sales - 2 - 253 - - - - 255 Cost of Sales - (73) - 603 - (16) 16 - 530 ---------- -------- -------- --------- --------- --------- ------- -------- -------- Product Margin - 75 - (350) - 16 (16) - (275) Service Revenue - - - 5 - - - - 5 ---------- -------- -------- --------- --------- --------- ------- -------- -------- Total Product Margin & Revenue - 75 - (345) - 16 (16) - (270) Operating Expenses: Manufacturing (418) 40 - - - (125) - - (503) Distribution - - - - - - (232) - (232) Selling (202) 2 (239) 111 - (12) 127 - (213) Administrative 237 7 - 255 - (14) 388 - 873 ---------- -------- -------- --------- --------- --------- ------- -------- -------- Total Operating Expenses (383) 49 (239) 366 - (151) 283 - (75) Other Income / (Expense) 1,745 8 - (44) - 3 365 - 2,077 EBIT 2,128 34 239 (755) - 170 66 - 1,882 Interest Expense (117) 95 - - - (94) (167) - (283) Interest Revenue (646) (24) - (334) - - 18 - (986) ---------- -------- -------- --------- --------- --------- ------- -------- -------- Interest Expense - Net (763) 71 - (334) - (94) (149) - (1,269) Pre-Tax Earnings / (Loss) 2,891 (37) 239 (421) - 264 215 - 3,151 State Tax Expense / (Benefit) - - - (1,476) - - - - (1,476) Federal Tax Expense / (Benefit) - - - (8,467) - - - - (8,467) ---------- -------- -------- --------- --------- --------- ------- -------- -------- Total Taxes - - - (9,943) - - - - (9,943) Net Margin From Discontinued Operations 2,891 (37) 239 9,522 - 264 215 - 13,094 ---------- -------- -------- --------- --------- --------- ------- -------- -------- Final Net Earnings / (Loss) 2,891 (37) 239 9,522 - 264 215 - 13,094 ========== ======== ======== ========= ========= ========= ======= ======== ========
15
DEBTOR LIFE TO DATE - OCTOBER 2003 (THOUSANDS OF DOLLARS) ELIMS & AGWAY INC AGENCY BRUBAKER CB ADAMS CB DEBERRY FCI OTHER CONSOL ---------- -------- -------- --------- --------- --------- ------- -------- Net Sales 249,459 - - 35,122 - 49,537 (3,511) 330,607 Cost of Sales 194,631 - - 30,621 (2) 38,655 (3,511) 260,394 ---------- -------- -------- --------- --------- --------- ------- -------- Product Margin 54,828 - - 4,501 2 10,882 - 70,213 Service Revenue 10,338 174 - 3 - 25 (1) 10,539 ---------- -------- -------- --------- --------- --------- ------- -------- Total Product Margin & Revenue 65,166 174 - 4,504 2 10,907 (1) 80,752 Operating Expenses: Manufacturing 62,189 - - 3,903 - 6,337 - 72,429 Distribution 779 - - - - - - 779 Selling 10,259 9 - 1,161 2 1,745 (239) 12,937 Administrative 50,825 128 - 481 (35) 2,132 (2) 53,529 ---------- -------- -------- --------- --------- --------- ------- -------- Total Operating Expenses 124,052 137 - 5,545 (33) 10,214 (241) 139,674 Other Income / (Expense) 2,774 - - 258 24 (28) 1 3,029 EBIT (56,112) 37 - (783) 59 665 241 (55,893) Interest Expense 2,240 - - 249 105 505 (633) 2,466 Interest Revenue (9,559) - - - - (40) 635 (8,964) ---------- -------- -------- --------- --------- --------- ------- -------- Interest Expense - Net (7,319) - - 249 105 465 2 (6,498) Pre-Tax Earnings / (Loss) (48,793) 37 - (1,032) (46) 200 239 (49,395) Reorganization Expenses 33,220 - - 1,516 - - - 34,736 State Tax Expense / (Benefit) 1,800 - - - - - - 1,800 Federal Tax Expense / (Benefit) (4,322) - - - - - - (4,322) ---------- -------- -------- --------- --------- --------- ------- -------- Total Taxes (2,522) - - - - - - (2,522) Net Margin From Continuing Operations (79,491) 37 - (2,548) (46) 200 239 (81,609) Equity in Earnings of Subsidiaries 25,664 2,357 28,021 Non-Parent Discontinued Operations (17,810) - (17,810) Income / (Loss) on Disc. Ops. (Net of Taxes) (835) - - - - - - (835) Gain / (Loss) on Disposal (Net of Taxes) (20,134) - - - - - - (20,134) ---------- -------- -------- --------- --------- --------- ------- -------- Final Net Earnings / (Loss) (92,606) 37 - (2,548) (46) 200 2,596 (92,367) ========== ======== ======== ========= ========= ========= ======= ========
16
DEBTOR MONTH TO DATE - OCTOBER 2003 (THOUSANDS OF DOLLARS) ELIMS & AGWAY INC AGENCY BRUBAKER CB ADAMS CB DEBERRY FCI OTHER CONSOL ---------- -------- -------- --------- --------- --------- ------- -------- Net Sales 18,887 - - 2,472 - 4,310 (467) 25,202 Cost of Sales 15,615 - - 2,068 - 3,381 (468) 20,596 ---------- -------- -------- --------- --------- --------- ------- -------- Product Margin 3,272 - - 404 - 929 1 4,606 Service Revenue 427 1 - - - 2 - 430 ---------- -------- -------- --------- --------- --------- ------- -------- Total Product Margin & Revenue 3,699 1 - 404 - 931 1 5,036 Operating Expenses: Manufacturing 2,646 - - 291 - 399 - 3,336 Distribution 237 - - - - - - 237 Selling 914 - - 76 - 150 (1) 1,139 Administrative 2,788 - - 40 - 195 2 3,025 ---------- -------- -------- --------- --------- --------- ------- -------- Total Operating Expenses 6,585 - - 407 - 744 1 7,737 Other Income / (Expense) 16 - - 4 - - - 20 EBIT (2,870) 1 - 1 - 187 - (2,681) Interest Expense 361 - - 17 8 48 (47) 387 Interest Revenue (648) - - - - (7) 47 (608) ---------- -------- -------- --------- --------- --------- ------- -------- Interest Expense - Net (287) - - 17 8 41 - (221) Pre-Tax Earnings / (Loss) (2,583) 1 - (16) (8) 146 - (2,460) Reorganization Expenses 1,364 - - - - - - 1,364 State Tax Expense / (Benefit) (119) - - - - - - (119) Federal Tax Expense / (Benefit) (585) - - - - - - (585) ---------- -------- -------- --------- --------- --------- ------- -------- Total Taxes (704) - - - - - - (704) Net Margin From Continuing Operations (3,243) 1 - (16) (8) 146 - (3,120) Equity in Earnings of Subsidiaries 1,274 (123) 1,151 ---------- -------- -------- --------- --------- --------- ------- -------- Final Net Earnings / (Loss) (1,969) 1 - (16) (8) 146 (123) (1,969) ========== ======== ======== ========= ========= ========= ======= ========
17
AGWAY INC. MONTHLY CASH RECEIPTS AND DISBURSEMENTS Oct-2003 CONSOLIDATED ($ 000's) Month Week Ending 3-Oct 10-Oct 17-Oct 24-Oct 31-Oct To Date ----- ------ ------ ------ ------ ---------- RECEIPTS Customer Receipts 17,151 19,221 15,614 21,954 18,037 91,976 Assets Sales 363 1,170 - - 521 2,054 Non-Operating - - - - - - Other 1,237 1,370 1,257 1,666 491 6,020 ------------ ------------ ------------- ------------ ------------ ---------- Subtotal 18,751 21,760 16,871 23,619 19,049 100,051 ------------ ------------ ------------- ------------ ------------ ---------- DISBURSEMENTS Product Payments (10,080) (12,658) (16,470) (16,490) (13,939) (69,636) Payroll/Benefits (2,847) (2,376) (2,891) (1,486) (2,992) (12,591) Professional Fees (243) (1,250) (40) (80) (35) (1,648) Capital Expenditures (320) (259) (212) (219) (322) (1,332) Interest (External) (0) - - - (8) (8) Financing Fees (147) - - - - (147) Other (1,809) (1,510) (25,042) (3,212) (2,257) (33,832) ------------ ------------ ------------- ------------ ------------ ---------- Subtotal (15,446) (18,054) (44,654) (21,487) (19,553) (119,194) ------------ ------------ ------------- ------------ ------------ ---------- ------------ ------------ ------------- ------------ ------------ ---------- NET CASH 3,305 3,706 (27,783) 2,133 (503) (19,143) -------- ------------ ------------ ------------- ------------ ------------ ---------- ------------ ------------ ------------- ------------ ------------ Opening Revolver or (Excess Funds) (80,354) (81,644) (85,180) (58,051) (58,955) ------------ ------------ ------------- ------------ ------------ Net Cash Flow 3,305 3,706 (27,783) 2,133 (503) Float (2,015) (170) 654 (1,228) 1,528 ------------ ------------ ------------- ------------ ------------ Ending Revolver or (Excess Funds) (81,644) (85,180) (58,051) (58,955) (59,980) ------------ ------------ ------------- ------------ ------------ Add: L/Cs 35,814 35,814 35,814 35,814 35,814 ------------ ------------ ------------- ------------ ------------ Total Facility Need 35,814 35,814 35,814 35,814 35,814 ------------ ------------ ------------- ------------ ------------ Credit Line Amount (CL) 100,000 100,000 65,000 65,000 65,000 Trade A/R 45,057 45,158 46,196 46,196 46,196 Deferred A/R 171 171 40 40 40 Non-Fuel Inventory 6,435 6,366 7,288 7,288 7,288 Fuel Inventory 2,436 1,125 30 30 30 ------------ ------------ ------------- ------------ ------------ Collateral Base before OA & CC 54,098 52,820 53,554 53,554 53,554 Other Assets (OA) 0 0 0 0 0 95% L/C Cash Collateral (CC) 14,250 14,250 36,745 36,745 36,745 ------------ ------------ ------------- ------------ ------------ Total Collateral Base (CB) 68,348 67,070 90,299 90,299 90,299 Total Availability (lesser of CL & CB) 68,348 67,070 65,000 65,000 65,000 Less Other Reserves (2,000) (2,000) (2,000) (2,000) (2,000) Less Facility Need (35,814) (35,814) (35,814) (35,814) (35,814) ------------ ------------ ------------- ------------ ------------ Excess Availability 30,535 29,256 27,186 27,186 27,186
18
AGWAY ENERGY MONTHLY CASH RECEIPTS AND DISBURSEMENTS Oct-2003 ENERGY ONLY ($ 000's) Week Ending 3-Oct 10-Oct 17-Oct 24-Oct 31-Oct Month to Date ------------ ------------ ------------ ------------ ------------ ------------ RECEIPTS Customer Receipts 10,670 14,295 10,320 13,806 12,649 61,740 Assets Sales 0 Non-Operating 0 Other 990 1,183 985 3,158 ------------ ------------ ------------ ------------ ------------ ------------ ------------ Subtotal 11,660 15,478 11,305 13,806 12,649 64,898 ------------ ------------ ------------ ------------ ------------ ------------ DISBURSEMENTS Product Payments (5,686) (8,508) (12,232) (11,671) (8,908) (47,005) Payroll/Benefits 0 Professional Fees (18) (45) (40) (49) (35) (187) Capital Expenditures (320) (259) (212) (219) (322) (1,332) Interest (External) 0 Financing Fees 0 Other (485) (450) (512) (2,497) (1,347) (5,291) ------------ ------------ ------------ ------------ ------------ ------------ Subtotal (6,509) (9,262) (12,996) (14,436) (10,612) (53,815) ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ NET CASH 5,151 6,216 (1,691) (630) 2,037 11,083 -------- ------------ ------------ ------------ ------------ ------------ ------------ MEMO: PAYROLL/BENEFITS (2,039) (1,184) (2,208) (1,187) (2,265) (8,883) ---------------------- DEBTORS ONLY ($ 000's) 3-Oct 10-Oct 17-Oct 24-Oct 31-Oct Month to Week Ending Date ------------ ------------ ------------ ------------ ------------ ------------ RECEIPTS Customer Receipts 6,481 4,926 5,294 8,148 5,388 30,236 Assets Sales 363 1,170 0 0 521 2,054 Non-Operating 0 0 0 0 0 0 Other 247 187 272 1,666 491 2,862 ------------ ------------ ------------ ------------ ------------ ------------ Subtotal 7,091 6,282 5,566 9,813 6,400 35,153 ------------ ------------ ------------ ------------ ------------ ------------ DISBURSEMENTS Product Payments (4,394) (4,150) (4,238) (4,819) (5,031) (22,631) Payroll/Benefits (2,847) (2,376) (2,891) (1,486) (2,992) (12,591) Professional Fees (225) (1,205) 0 (31) 0 (1,461) Capital Expenditures 0 0 0 0 0 0 Interest (External) (0) 0 0 0 (8) (8) Financing Fees (147) 0 0 0 0 (147) Other (1,324) (1,060) (24,530) (715) (910) (28,541) ------------ ------------ ------------ ------------ ------------ ------------ Subtotal (8,937) (8,792) (31,658) (7,051) (8,941) (65,379) ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ NET CASH (1,846) (2,510) (26,092) 2,763 (2,540) (30,226) -------- ------------ ------------ ------------ ------------ ------------ ------------
DEBTORS ---------- Agway Inc. 58,964 Agway General Agency 0 Brubaker ACS LLC 0 Country Best Adams LLC 2,308 Country Best DeBerry LLC 0 Feed Commodities Int'l LLC 4,107 ------------ Total Debtors Disbursements 65,379 19
AGWAY INC. MONTHLY BANK ACCOUNT SUMMARY LEGAL_NAME BANKNAME BANKCONTACT BANKADDRESS ---------- --------- ----------- ------------ Agway Inc. dba Andgrow Fertilizer Mellon Bank Ellen Hecker Three Mellon Bank Ctr., Rm 153-3530 Pittsburgh PA 15259-0001 Agway Inc. dba Milford Fertilizer Mellon Bank Ellen Hecker Three Mellon Bank Ctr., Rm 153-3530 Pittsburgh PA 15259-0001 Agway Inc. JPMorgan Chase Pauline Fortunato 4 New York Plaza, 15th Floor New York NY 10004 Agway Inc. JPMorgan Chase Pauline Fortunato 4 New York Plaza, 15th Floor New York NY 10004 Agway Inc. JPMorgan Chase Bank Donna Jacuk 500 Plum Street, 7th Floor Syracuse NY 13204 Agway Inc. JPMorgan Chase Bank Donna Jacuk 500 Plum Street, 7th Floor Syracuse NY 13204 Agway Inc. JPMorgan Chase Bank Pauline Fortunato 4 New York Plaza, 15th Floor New York NY 10004 Agway Inc. JPMorgan Chase Bank Donna Jacuk 500 Plum Street, 7th Floor Syracuse NY 13204 Agway Inc. JPMorgan Chase Bank Donna Jacuk 500 Plum Street, 7th Floor Syracuse NY 13204 Agway Inc. JPMorgan Chase Bank Kevin Clark 500 Plum Street Syracuse NY 13204 Agway Inc. JPMorgan Chase Bank Donna Jacuk 500 Plum Street Syracuse NY 13204 Agway Inc. JPMorgan Chase Bank Donna Jacuk 500 Plum Street, 7th Floor Syracuse NY 13204 Agway Inc. JPMorgan Chase Bank Donna Jacuk 500 Plum Street, 7th Floor Syracuse NY 13204 Agway Inc. JPMorgan Chase Bank Donna Jacuk 500 Plum Street, 7th Floor Syracuse NY 13204 Agway Inc. JPMorgan Chase Bank Donna Jacuk 500 Plum Street, 7th Floor Syracuse NY 13204 Agway Inc. JPMorgan Chase Bank Donna Jacuk 500 Plum Street Syracuse NY 13204 Agway Inc. JPMorgan Chase Bank Donna Jacuk 500 Plum Street, 7th Floor Syracuse NY 13204 Agway Inc. JPMorgan Chase Texas Jeremy Harman 601 Travis Street, 18th Floor Houston TX 77002 Agway Inc. JPMorgan Chase Texas Jeremy Harman 601 Travis Street, 18th Floor Houston TX 77002 Agway Inc. JPMorgan Chase Texas Jeremy Harman 601 Travis Street, 18th Floor Houston TX 77002 Agway Inc. JPMorgan Chase Texas Jeremy Harman 601 Travis Street, 18th Floor Houston TX 77002 Agway Inc. JPMorgan Chase Texas Jeremy Harman 601 Travis Street, 18th Floor Houston TX 77002 Agway Inc. M&T Bank Peter Marilley 101 S. Salina Street Syracuse NY 13221-4983 Agway Inc. National City Bank Diane Coon 725 E. Big Beaver Troy MI 48084 Agway Inc. National City Bank Diane Coon 725 E. Big Beaver Troy MI 48084 Agway Inc., dba Country Best Fleet Bank Brian Bisaccio Shop City Syracuse NY 13206 Agway Inc. M&T Bank Peter Marilley P.O. Box 4983 Syracuse NY 13221-4983 Country Best Adams LLC Mellon Bank Ellen Hecker Three Mellon Bank Ctr., Rm 153-3530 Pittsburgh PA 15259-0001 Agway Inc., dba Country Best Mellon Bank Ellen Hecker Three Mellon Bank Ctr., Rm 153-3530 Pittsburgh PA 15259-0001 Country Best Adams LLC Sun Trust Bank Linda Love Mail Code 207, P.O. Box 4418 Atlanta GA 30302 Agway Inc. dba Country Best Sun Trust Bank Betty Friar 202 W. Reynolds Street Plant City FL 33566 Feed Commodities Int'l LLC Chittenden Bank David Nourse One Court Street Middlebury VT 05753 Feed Commodities Int'l LLC Chittenden Bank David Nourse One Court Street Middlebury VT 05753 Feed Commodities Int'l LLC Greenfield Cooperative Bank Erica Noel 63 Federal Street Greenfield MA 01331 Feed Commodities Int'l LLC Merrill Merchants Bank Diane Roy 27 Main Street Pittsfield ME 04967 Agway Inc. Allfirst Bank Terry Kreider 210 E. Main St. New Holland PA 17557 Agway Inc. Bank of Hanover and Trust Co. Lisa Bowersox 1275 York Rd. Gettysburg PA 17325 Agway Inc. Charter One Carol Karl 186 Robinson St. Binghamton NY 13904 Agway Inc. Citizens Bank 153 W. Orange St. Shippensburg PA 17257 Agway Inc. Citizens Bank 153 W Orange Street Shippensburg PA 17257 Agway Inc. Evergreen Bank Marion Wagar 146 Main Street Greenwich NY 12834 Agway Inc. First American National Bank of PA Vicki Carbaugh 140 Main Street Everett PA 15537 Agway Inc. Fleet Bank Kathy Taladay Main Street Waterville NY 13480 Agway Inc. FNB of PA Mary Alice Deist 509 E. Main Street, P.O. Box 112 Somerset PA 15501 Agway Inc. HSBC Bank USA Rachel Galusha Court St.Plaza,Kings Plaza, Main St. Batavia NY 14020 Agway Inc. HSBC Bank USA Rachel Galusha 1 East Main St. Falconer NY 14733 Agway Inc. Key Bank Anne Chandler 125 East Main St. Canton NY 13617 Agway Inc. Mellon Bank Ellen Hecker Three Mellon Bank Ctr., Rm 153-3530 Pittsburgh PA 15259-0001 Agway Inc. West Milton State Bank Rodney Smith 2005 Market Street Lewisburg PA 17837
20
AGWAY INC. MONTHLY BANK ACCOUNT SUMMARY ACCTNUMBER DIV ACCT_TYPE OCTOBER '03 ---------- ---- --------- --------------- 8019713 AGRON Lockbox CLOSED 9/03 8242133 AGRON Lockbox CLOSED 9/03 102067931 CORP Escrow $286,710.84 102029901 CORP Escrow $286,710.84 0101199453 CORP Depository $2,018.06 0241063700 CORP Concentration $266,006.09 102036061 CORP Escrow $1,000,526.38 103065736 CORP Depository $4,259.28 550124888 CORP Disbursement $0.00 550142622 CORP Depository $38,678,883.57 550147063 CORP Savings $14,708,274.65 601251317 CORP Disbursement $0.00 601829435 CORP Disbursement $0.00 601861024 CORP Disbursement $0.00 601861040 CORP Disbursement $0.00 601866049 CORP Checking $0.00 777652714 CORP Depository CLOSED 9/16/03 36036481 CORP Savings 36040947 CORP Savings 36044329 CORP Savings 343937 CORP Savings $45,289,010.00 344054 CORP Savings $25,720,568.24 1002185237 CORP Deposit $18,875.66 884276044 CORP Checkin $4,463.22 884276132 CORP Checkin $1,923.61 9388810181 CPG Deposit $7,375.00 15004194393838 CPG Deposit $32,936.87 8234668 CPG Lockbox $48,530.37 8234676 CPG Lockbox $63,642.38 8801818595 CPG Depository $24,560.50 99020317631 CPG Depository $34,918.20 034549540 FCI Disbursement $13,112.40 034563535 FCI Depository $734,046.49 0150900312 FCI Depository $76,280.68 9801312378 FCI Depository $449,836.81 89274377 FEED Depository $317.31 0131571 FEED Depository $24,200.21 4400582137 FEED Depository $20,577.19 6100094138 FEED Depository $16,673.41 6100094138 FEED Depository " 6240114825 FEED Depository $9,641.96 0111190601 FEED Depository $473.26 9428406862 FEED Depository $27,226.10 80100684 FEED Depository -$88.64 204885752 FEED Depository $134,304.39 204885752 FEED Depository " 329681014620 FEED Depository $130,563.99 8019606 FEED Lockbox $406,975.24 3000166424 FEED Depository $9,604.49
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AGWAY, INC. REORGANIZATION ACTIVITY AS OF OCTOBER 2003 YEAR-TO-DATE Chapter 11 Professionals OCTOBER 1 OCTOBER OCTOBER ------------------------ BALANCE ACTIVITY BALANCE -------------- ---------------- ---------------- Kroll Zolfo-Cooper (303100) Expensed 527,567.30 209,807.67 737,374.97 Financial Advisors to Agway Unpaid/Accrued 475,628.58 77,442.51 553,071.09 Prepaid 157,791.53 157,791.53 -------------- ---------------- ---------------- Cash Paid 443,742.25 132,365.16 576,107.41 WEIL, GOTSHAL & MANGES (303101) Expensed 713,926.77 325,889.59 1,039,816.36 ------------------------------- Lead Bankruptcy Counsel for Agway Unpaid/Accrued 581,208.24 172,176.22 753,384.46 Prepaid 281,912.56 281,912.56 -------------- ---------------- ---------------- Cash Paid 606,197.89 153,713.37 759,911.26 MENTER, RUDIN & TRIVELPIECE (303102) Expensed 139,041.97 66,381.75 205,423.72 ------------------------------------ Local Bankruptcy Counsel for Agway Unpaid/Accrued 135,229.01 27,860.37 163,089.38 Prepaid 90,414.13 90,414.13 -------------- ---------------- ---------------- Cash Paid 105,431.62 38,521.38 143,953.00 DONLIN, RECANO & COMPANY (303104) Expensed 115,642.52 44,219.99 159,862.51 --------------------------------- Claims Administrator Unpaid/Accrued 135,808.86 (8,588.87) 127,219.99 Prepaid 35,000.00 35,000.00 -------------- ---------------- ---------------- Cash Paid 130,345.71 52,808.86 183,154.57 RICHARDS, LAYTON & FINGER (303110) Expensed 12,539.66 (2,490.39) 10,049.27 ---------------------------------- Legal Advisor Unpaid/Accrued 22,971.77 (2,490.39) 20,481.38 Prepaid - - -------------- ---------------- ---------------- Cash Paid 5,642.86 - 5,642.86 PACHULSKI, STANG, ZIEHL, YOUNG & JONES (303115) Expensed 136,218.57 98,551.89 234,770.46 ----------------------------------------------- Counsel for the Unsecured Creditors' Committee Unpaid/Accrued 254,909.52 2,312.16 257,221.68 Prepaid - - -------------- ---------------- ---------------- Cash Paid 135,844.88 96,239.73 232,084.61 ERNST & YOUNG (303116) Expensed 457,647.80 151,270.00 608,917.80 ---------------------- Unsecured Creditors' Committee Financial Advisor Unpaid/Accrued 532,670.40 (114,135.60) 418,534.80 Prepaid - - -------------- ---------------- ---------------- Cash Paid 343,170.00 265,405.60 608,575.60 GREEN, SEIFTER (303118) Expensed 5,999.77 2,702.70 8,702.47 ----------------------- Unsecured Creditors' Committee Local Counsel Unpaid/Accrued 8,996.35 (862.10) 8,134.25 Prepaid - - -------------- ---------------- ---------------- Cash Paid 5,680.42 3,564.80 9,245.22 US TRUSTEE (303124) Expensed 60,250.00 30,750.00 91,000.00 ------------------- Unpaid/Accrued 21,500.00 21,500.00 Prepaid - - -------------- ---------------- ---------------- Cash Paid 60,250.00 30,750.00 91,000.00 GOLDSMITH-AGIO-HELMS (303111) Expensed 390,195.57 96,706.80 486,902.37 ----------------------------- Unpaid/Accrued 378,696.04 689.47 379,385.51 Prepaid - - -------------- ---------------- ---------------- Cash Paid 295,436.83 96,017.33 391,454.16 (1) GROOM LAW GROUP (303125) Expensed 58,029.46 16,766.35 74,795.81 ---------------------------- Benefit Plans Legal Advisor Unpaid/Accrued 69,724.72 (18,291.23) 51,433.49 Prepaid - - -------------- ---------------- ---------------- Cash Paid 59,225.13 35,057.58 94,282.71 (1) BOND, SCHOENECK & KING (303109) Expensed 101,526.46 29,075.71 130,602.17 ----------------------------------- General Counsel of Agway Unpaid/Accrued 282,544.07 (55,293.37) 227,250.70 Prepaid - - -------------- ---------------- ---------------- Cash Paid 54,084.86 84,369.08 138,453.94 (1) BUCK CONSULTING (303108) Expensed 56,230.81 (10,439.00) 45,791.81 ---------------------------- Unpaid/Accrued 176,633.31 (10,439.00) 166,194.31 Prepaid - - -------------- ---------------- ---------------- Cash Paid 135,201.30 - 135,201.30 (1) PRICEWATERHOUSE COOPERS (303105) Expensed 30,000.00 237,282.25 267,282.25 ------------------------------------ External Auditors Unpaid/Accrued 582,500.00 11,329.59 593,829.59 Prepaid - - -------------- ---------------- ---------------- Cash Paid - 225,952.66 225,952.66 (1) SUTHERLAND, ASBILL & BRENNAN (303112) Expensed 10,563.94 22,149.83 32,713.77 ----------------------------------------- SEC Legal Counsel Unpaid/Accrued 65,164.16 (9,330.17) 55,833.99 Prepaid - - -------------- ---------------- ---------------- Cash Paid 19,062.76 31,480.00 50,542.76 SUB-TOTAL REORGANIZATION ONLY Expensed 2,815,380.60 1,318,625.14 4,134,005.74 ----------------------------- Unpaid/Accrued 3,724,185.03 72,379.59 3,796,564.62 Prepaid 565,118.22 - 565,118.22 -------------- ---------------- ---------------- Cash Paid 2,399,316.51 1,246,245.55 3,645,562.06
(1) ONLY THE REORGANIZATION PORTION OF THE MONTHLY BILLING. REMAINDER OF BILLING LISTED UNDER NON-REORG CHAP 11 PROFESSIONALS. 22
AGWAY, INC. REORGANIZATION ACTIVITY AS OF OCTOBER 2003 NON-REORGANIZATION CHAPTER 11 YEAR-TO-DATE Professional Fees OCTOBER 1 OCTOBER OCTOBER ----------------- BALANCE ACTIVITY BALANCE ---------------- ---------------- ---------------- (2) Groom Law Group (303125) Expensed - - Benefit Plans Legal Advisor Unpaid/Accrued - - Prepaid - - ---------------- ---------------- ---------------- Cash Paid - - - (2) BOND, SCHOENECK & KING (303109) Expensed 52,764.60 30,770.54 83,535.14 ----------------------------------- General Counsel of Agway Unpaid/Accrued - - Prepaid - - ---------------- ---------------- ---------------- Cash Paid 52,764.60 30,770.54 83,535.14 (2) BUCK CONSULTING (303108) Expensed - - ---------------------------- Unpaid/Accrued - - Prepaid - - ---------------- ---------------- ---------------- Cash Paid - - - (2) PRICEWATERHOUSE COOPERS (303105) Expensed - - ------------------------------------ External Auditors Unpaid/Accrued - - Prepaid - - ---------------- ---------------- ---------------- Cash Paid - - - (2) SUTHERLAND, ASBILL & BRENNAN (303112) Expensed 13,756.26 13,756.26 ----------------------------------------- SEC Legal Counsel Unpaid/Accrued - - Prepaid - - ---------------- ---------------- ---------------- Cash Paid 13,756.26 - 13,756.26 (2) Professional Services Expensed - - State Street (303123) Unpaid/Accrued - - Prepaid - - ---------------- ---------------- ---------------- Cash Paid - - - TOTAL NON-REORG CHAP 11 PROFESSIONALS Expensed 66,520.86 30,770.54 97,291.40 ------------------------------------- Unpaid/Accrued - - - Prepaid - - - ---------------- ---------------- ---------------- Cash Paid 66,520.86 30,770.54 97,291.40 ================ ================ ================ (2) NON-REORGANIZATION PORTION OF MONTHLY BILLING. TOTAL REORG AND NON-REORG CHAP 11 PROFESSIONALS Expensed 2,881,901.46 1,349,395.68 4,231,297.14 ----------------------------------------------- Unpaid/Accrued 3,724,185.03 72,379.59 3,796,564.62 Prepaid 565,118.22 - 565,118.22 ---------------- ---------------- ---------------- Cash Paid 2,465,837.37 1,277,016.09 3,742,853.46 ================ ================ ================
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AGWAY, INC. REORGANIZATION ACTIVITY AS OF OCTOBER 2003 UNSECURED CREDITORS' COMMITTEE YEAR-TO-DATE Member Expense Reimbursement OCTOBER 1 OCTOBER OCTOBER ------------------------------ BALANCE ACTIVITY BALANCE ---------------- ---------------- ---------------- Ronald D. Spiering (303119) Expensed - - Unpaid/Accrued - - Prepaid - - ---------------- ---------------- ---------------- Cash Paid - - - ROBERT L. KELLER (303120) Expensed - - ------------------------- Unpaid/Accrued - - Prepaid - - ---------------- ---------------- ---------------- Cash Paid - - - WILLIAM T. SCHAUER (303121) Expensed - - --------------------------- Unpaid/Accrued - - Prepaid - - ---------------- ---------------- ---------------- Cash Paid - - - RICHARD C. EMPERT (303122) Expensed 84.76 84.76 -------------------------- Unpaid/Accrued - - Prepaid - - ---------------- ---------------- ---------------- Cash Paid 84.76 - 84.76 TOTAL UNSECURED CREDITORS' COMMITTEE Expensed 84.76 - 84.76 ------------------------------------ MEMBER EXPENSE REIMBURSEMENT Unpaid/Accrued - - - ----------------------------- Prepaid - - - ---------------- ---------------- ---------------- Cash Paid 84.76 - 84.76 ================ ================ ================
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AGWAY, INC. REORGANIZATION ACTIVITY AS OF OCTOBER 2003 YEAR-TO-DATE Other Expenses OCTOBER 1 OCTOBER OCTOBER -------------- BALANCE ACTIVITY BALANCE ---------------- ---------------- ---------------- Professional Services Expensed 528,900.00 176,300.00 705,200.00 Incentives, Severance & Payroll Costs Unpaid/Accrued 528,900.00 176,300.00 705,200.00 Prepaid - - ---------------- ---------------- ---------------- Cash Paid - - - PROFESSIONAL SERVICES Expensed - - --------------------- Robinson, Lerer & Montgomery (303103) Unpaid/Accrued - - Prepaid - - ---------------- ---------------- ---------------- Cash Paid - - - PROFESSIONAL SERVICES Expensed 852.53 641.11 1,493.64 --------------------- Taylor & Ives, Inc. Unpaid/Accrued - - HSBC(Sac Valley Pension) Prepaid - - ---------------- ---------------- ---------------- Cash Paid 852.53 641.11 1,493.64 Professional Services Expensed 62,222.78 4,468.18 66,690.96 Feed (000510) Unpaid/Accrued - - CPG (000060) Prepaid - - ---------------- ---------------- ---------------- Cash Paid 62,222.78 4,468.18 66,690.96 Professional Services Expensed 404.72 404.72 Feed Environmental (303126) Unpaid/Accrued 191,220.00 191,220.00 Prepaid - - ---------------- ---------------- ---------------- Cash Paid (190,815.28) - (190,815.28) Professional Services Expensed 125,800.61 40,000.00 165,800.61 State Street (303123) Unpaid/Accrued 40,000.00 40,000.00 Prepaid - - ---------------- ---------------- ---------------- Cash Paid 125,800.61 40,000.00 165,800.61 Professional Services Expensed - - AgriCapital (303107) Unpaid/Accrued 241,514.82 (241,514.82) - Prepaid - - ---------------- ---------------- ---------------- Cash Paid (241,514.82) 241,514.82 - Printing Expensed 11,021.63 11,021.63 Quartier (303113) Unpaid/Accrued - - Merrill Communications Prepaid - - ---------------- ---------------- ---------------- Cash Paid 11,021.63 - 11,021.63 POSTAGE Expensed - - ------- Donlin Recano (303104) Unpaid/Accrued - - Quartier (303113) Prepaid - - ---------------- ---------------- ---------------- Cash Paid - - - WEB UPDATING Expensed - - ------------ RWAY Communications (303114) Unpaid/Accrued - - Prepaid - - ---------------- ---------------- ---------------- Cash Paid - - - TELECONFERENCING Expensed 1,394.76 1,394.76 ---------------- MCI WorldCom (303117) Unpaid/Accrued - - Prepaid - - ---------------- ---------------- ---------------- Cash Paid 1,394.76 - 1,394.76 TRAVEL Expensed 2,123.00 2,123.00 ------ CPG Unpaid/Accrued - - Prepaid - - ---------------- ---------------- ---------------- Cash Paid 2,123.00 - 2,123.00 CONFERENCE & MEETINGS - MEALS Expensed 1,282.27 588.64 1,870.91 ----------------------------- Fine Host Unpaid/Accrued - - Prepaid - - ---------------- ---------------- ---------------- Cash Paid 1,282.27 588.64 1,870.91 CONFERENCE & MEETINGS Expensed - - --------------------- OnCenter Unpaid/Accrued - - Prepaid - - ---------------- ---------------- ---------------- Cash Paid - - - TOTAL OTHER EXPENSES Expensed 734,002.30 221,997.93 956,000.23 -------------------- Unpaid/Accrued 760,120.00 176,300.00 936,420.00 Prepaid - - - ---------------- ---------------- ---------------- Cash Paid 13,882.30 45,697.93 59,580.23 ================ ================ ================ GRAND TOTAL OF ALL EXPENSES Expensed 3,615,988.52 1,571,393.61 5,187,382.13 --------------------------- Unpaid/Accrued 4,484,305.03 248,679.59 4,732,984.62 Prepaid 565,118.22 - 565,118.22 ---------------- ---------------- ---------------- Cash Paid 2,479,804.43 1,322,714.02 3,802,518.45 ================ ================ ================ Total Restructuring\Reorganization Expensed 3,549,467.66 1,540,623.07 5,090,090.73 Unpaid/Accrued 4,484,305.03 248,679.59 4,732,984.62 Prepaid 565,118.22 - 565,118.22 ---------------- ---------------- ---------------- Cash Paid 2,413,283.57 1,291,943.48 3,705,227.05 ================ ================ ================ Total Non-Restructuring\Reorganization Expensed 66,520.86 30,770.54 97,291.40 Unpaid/Accrued - - - Prepaid - - - ---------------- ---------------- ---------------- Cash Paid 66,520.86 30,770.54 97,291.40 ================ ================ ================
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