EX-99 3 dec03mfrs.txt EXH 99 DEC MONTHLY FINANCIALS Agway Inc. Chapter 11 Case No. 02-65872 through 02-65877 Month of: December 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 approximated $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. March 26, 2004 /s/ ----------------------- ------------------------- Date Signature of Preparer John F. Feeney Agway Inc. Corporate Controller 333 Butternut Drive Dewitt, NY 13214 (315) 449-7446
AGWAY INC. CONSOLIDATED BALANCE SHEET DECEMBER 2003 LAST LAST MONTH ACTUAL MONTH VARIANCE ------------ ---------- --------------- 258,862 Cash and Equivalents 81,114 (177,748) 25,641 Trade and Notes Receivable, Net 89,061 63,420 2,447 Advances and Other Receivables 9,188 6,741 8,324 Inventories 24,748 16,424 2,424 Prepaid Expenses 6,583 4,159 12,081 Other Current Assets 26,182 14,101 ------------ ---------- --------------- 309,779 Total Current Assets 236,876 (72,903) 3,327 Other Security Investments 3,686 359 8,515 Property, Plant & Equipment, Net 93,951 85,436 1,007 Long Term Lease Receivbles, Net 1,007 - 175,086 Net Pension Asset 176,855 1,769 - Intangible Assets - Net 353 353 102,998 Other Long - Term Assets 78,738 (24,260) ------------ ---------- --------------- 600,712 Total Assets 591,466 (9,246) ============ ========== =============== 40 Current Installment of Subordinated Debt 40 - 38 Current Installment of Long-Term Debt 161 (123) 3,263 Accounts Payable - Trade 16,423 (13,160) 4,670 Accounts Payable - Other 59,633 (54,963) 23,290 Accrued & Other Current Liabilities 31,492 (8,202) ------------ ---------- --------------- 31,301 Total Current Liabilites 107,749 (76,448) - Long-Term Debt 1,379 (1,379) 45,409 Other Long -Term Liabilities 17,833 27,576 ------------ ---------- --------------- 45,409 Total Long -Term Liabilities 19,212 26,197 515,255 Liabilities Subject to Compromise 517,664 (2,409) 31,997 Preferred Stock 31,997 - 2,411 Common Stock 2,411 - (21,967) Retained Margins (87,509) 65,542 (3,694) Other Equity (58) (3,636) ------------ ---------- --------------- 8,747 Total Equity (53,159) 61,906 ------------ ---------- --------------- 600,712 Total Liabilities and Equity 591,466 9,246 ============ ========== ===============
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DEBTOR BALANCE SHEET DECEMBER 2003 LAST LAST MONTH ACTUAL MONTH VARIANCE ------------ ---------- --------------- 57,454 Cash and Equivalents 52,610 (4,844) 22,482 Trade and Notes Receivable, Net 28,821 6,339 2,286 Advances and Other Receivables 1,889 (397) 8,324 Inventories 10,564 2,240 1,599 Prepaid Expenses 1,993 394 (2,895) Deferred Income Tax (5,000) (2,105) 14,640 Other Current Assets 18,066 3,426 ------------ ---------- --------------- 103,890 Total Current Assets 108,943 5,053 134,099 Other Security Investments 94,175 (39,924) 8,515 Property, Plant & Equipment, Net 14,851 6,336 175,086 Net Pension Asset 176,855 1,769 67,577 Other Long - Term Assets 75,471 7,894 ------------ ---------- --------------- 489,167 Total Assets 470,295 (18,872) ============ ========== =============== 38 Current Installment of Long-Term Debt 136 (98) 2,805 Accounts Payable - Trade 7,433 (4,628) 4,083 Accounts Payable - Other 5,208 (1,125) (40,738) Accrued & Other Current Liabilities 2,696 (43,434) ------------ ---------- --------------- (33,812) Total Current Liabilites 15,473 (49,285) - Long-Term Debt 1,354 (1,354) - Deferred Federal Income Taxes (11,159) 11,159 4,329 Other Long -Term Liabilities 2,039 2,290 ------------ ---------- --------------- 4,329 Total Long -Term Liabilities (7,766) 12,095 515,255 Liabilities Subject to Compromise 518,225 (2,970) (5,351) Net Operating Advance (2,478) (2,873) 31,997 Preferred Stock 31,997 - 2,411 Common Stock 2,411 - (21,968) Retained Margins (87,509) 65,541 (3,694) Other Equity (58) (3,636) ------------ ---------- --------------- 8,746 Total Equity (53,159) 61,905 ------------ ---------- --------------- 489,167 Total Liabilities and Equity 470,295 18,872 ============ ========== ===============
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TOTAL RESIDUAL BALANCE SHEET DECEMBER 2003 LAST LAST MONTH ACTUAL MONTH VARIANCE ------------ ---------- --------------- 25,394 Cash and Equivalents 25,377 (17) 4,994 Trade and Notes Receivable, Net 5,501 507 55 Advances and Other Receivables - (55) 2,398 Other Current Assets 2,398 - ------------ ---------- --------------- 32,841 Total Current Assets 33,276 435 1,467 Property, Plant & Equipment, Net 1,478 11 1,007 Long Term Lease Receivbles, Net 1,568 561 1,000 Other Long - Term Assets 1,000 - ------------ ---------- --------------- 36,315 Total Assets 37,322 1,007 ============ ========== =============== 40 Current Installment of Subordinated Debt 40 - 421 Accounts Payable - Trade 446 (25) 3 Accounts Payable - Other 3 - 7,710 Accrued & Other Current Liabilities 7,532 178 ------------ ---------- --------------- 8,174 Total Current Liabilites 8,021 153 (3) Other Long -Term Liabilities (2) (1) ------------ ---------- --------------- (3) Total Long -Term Liabilities (2) (1) 15,033 Liabilities Subject to Compromise 7,888 7,145 (2,359) Net Operating Advance 13,288 (15,647) 8,804 Additional Paid-in-Capital 2,050 6,754 (25,334) Retained Margins (25,923) 589 32,000 Other Equity 32,000 - ------------ ---------- --------------- 15,470 Total Equity 8,127 7,343 ------------ ---------- --------------- 36,315 Total Liabilities and Equity 37,322 (1,007) ============ ========== ===============
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AGWAY INC. CONSOLIDATED CONSOLIDATING BALANCE SHEET DECEMBER 2003 ELIMS & AG CPG ENERGY TELMARK INSUR. CORP OTHER CONSOL ---------- --------- --------- --------- ---------- ------- -------- ------- Cash and Equivalents 2,072 63 181,978 - - 60,047 14,702 258,862 Trade and Notes Receivable, Net 20,554 93 - - - - 4,994 25,641 Advances and Other Receivables 108 1,592 162 - - 1,467 (882) 2,447 Inventories 8,227 97 - - - - - 8,324 Prepaid Expenses 858 11 825 - - 2,023 (1,293) 2,424 Deferred Income Tax - - 2,895 - - 53,581 (56,476) - Other Current Assets - - (2,560) - - 12,242 2,399 12,081 ---------- --------- --------- --------- ---------- ------- -------- ------- Total Current Assets 31,819 1,856 183,300 - - 129,360 (36,556) 309,779 Other Security Investments 2,280 217 - - - 82,229 (81,399) 3,327 Property, Plant & Equipment, Net 6,319 726 - - - 3 1,467 8,515 Long Term Lease Receivbles, Net - - - - - - 1,007 1,007 Net Pension Asset - - - - - 175,086 - 175,086 Other Long -Term Assets - 658 35,421 - - 215,765 (148,846) 102,998 ---------- --------- --------- --------- ---------- ------- -------- ------- Total Assets 40,418 3,457 218,721 - - 602,443 (264,327) 600,712 ========== ========= ========= ========= ========== ======= ======== ======= Current Installment of Subordinated Debt - - - - - - 40 40 Current Installment of Long-Term Debt 38 - - - - - - 38 Accounts Payable - Trade 2,770 72 - - - - 421 3,263 Accounts Payable - Other (39) 106 584 - - 4,016 3 4,670 Accrued & Other Current Liabilities 2,835 2,222 69,522 - - (22,693) (28,596) 23,290 ---------- --------- --------- --------- ---------- ------- -------- ------- Total Current Liabilites 5,604 2,400 70,106 - - (18,677) (28,132) 31,301 Deferred Federal Income Taxes - - - - - 82,044 (82,044) - Other Long -Term Liabilities - - 41,258 - - 9,598 (5,447) 45,409 ---------- --------- --------- --------- ---------- ------- -------- ------- Total Long -Term Liabilities - - 41,258 - - 91,642 (87,491) 45,409 Liabilities Subject to Compromise 61,221 23,751 - - - 495,611 (65,328) 515,255 Net Operating Advance (25,455) (11,368) (14,765) - - (25,767) 77,355 - Preferred Stock - - - - - 31,997 - 31,997 Common Stock 1 - 3,502 - - 2,411 (3,503) 2,411 Additional Paid-in-Capital - - 34,091 - - - (34,091) - Retained Margins (953) (11,326) 84,529 - - 28,920 (123,137) (21,967) Other Equity - - - - - (3,694) - (3,694) ---------- --------- --------- --------- ---------- ------- -------- ------- Total Equity (952) (11,326) 122,122 - - 59,634 (160,731) 8,747 ---------- --------- --------- --------- ---------- ------- -------- ------- Total Liabilities and Equity 40,418 3,457 218,721 - - 602,443 (264,327) 600,712 ========== ========= ========= ========= ========== ======= ======== =======
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DEBTOR CONSOLIDATING BALANCE SHEET DECEMBER 2003 ELIMS & AGWINC AGENCY BRUBAKER CB ADAMS CB DEBERRY FCI OTHER CONSOL ---------- --------- --------- --------- ---------- ------- -------- ------- Cash and Equivalents 60,452 - - - - - (2,998) 57,454 Trade and Notes Receivable, Net 22,514 - - - - - (32) 22,482 Advances and Other Receivables 2,286 - - - - - - 2,286 Inventories 8,324 - - - - - - 8,324 Prepaid Expenses 1,598 1 - - - - - 1,599 Deferred Income Tax (2,895) - - - - - - (2,895) Other Current Assets 14,640 - - - - - - 14,640 ---------- --------- --------- --------- ---------- ------- -------- ------- Total Current Assets 106,919 1 - - - - (3,030) 103,890 Other Security Investments 124,396 - - - - - 9,703 134,099 Property, Plant & Equipment, Net 8,515 - - - - - - 8,515 Net Pension Asset 175,086 - - - - - - 175,086 Other Long -Term Assets 67,578 - - - - - (1) 67,577 ---------- --------- --------- --------- ---------- ------- -------- ------- Total Assets 482,494 1 - - - - 6,672 489,167 ========== ========= ========= ========= ========== ======= ======== ======= Current Installment of Long-Term Debt 38 - - - - - - 38 Accounts Payable - Trade 2,824 - - - - - (19) 2,805 Accounts Payable - Other 4,083 - - - - - - 4,083 Accrued & Other Current Liabilities (41,238) 1 - - - - 499 (40,738) ---------- --------- --------- --------- ---------- ------- -------- ------- Total Current Liabilites (34,293) 1 - - - - 480 (33,812) Other Long -Term Liabilities 4,329 - - - - - - 4,329 ---------- --------- --------- --------- ---------- ------- -------- ------- Total Long -Term Liabilities 4,329 - - - - - - 4,329 Liabilities Subject to Compromise 515,380 3,157 3,018 2,199 6,691 - (15,190) 515,255 Net Operating Advance (11,791) (71) (1,622) 55 88 2,942 5,048 (5,351) Preferred Stock 31,997 - - - - - - 31,997 Common Stock 2,411 10 - - - - (10) 2,411 Additional Paid-in-Capital - 2,181 2,050 - - - (4,231) - Retained Margins (21,845) (5,277) (3,446) (2,254) (6,779) (2,942) 20,575 (21,968) Other Equity (3,694) - - - - - - (3,694) ---------- --------- --------- --------- ---------- ------- -------- ------- Total Equity 8,869 (3,086) (1,396) (2,254) (6,779) (2,942) 16,334 8,746 - ---------- --------- --------- --------- ---------- ------- -------- ------- Total Liabilities and Equity 482,494 1 - - - - 6,672 489,167 ========== ========= ========= ========= ========== ======= ======== =======
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AGWAY DISCONTINUED OPERATIONS & RESIDUAL CONSOLIDATING BALANCE SHEET DECEMBER 2003 AGRONOMY BRUBAKER FCI ENERGY TELMARK CPG RETAIL CORP TOTAL ---------- --------- --------- --------- ---------- ------- -------- ------- ------- Cash and Equivalents (1) - 23 - 25,372 - - - 25,394 Trade and Notes Receivable, Net 623 - - - 3,159 - 1,212 - 4,994 Advances and Other Receivables 55 - - - - - - - 55 Other Current Assets (0) - - - - - 2,398 - 2,398 ---------- --------- --------- --------- ---------- ------- -------- ------- ------- Total Current Assets 677 - 23 - 28,531 - 3,610 - 32,841 Other Security Investments - 0 - - - - - - 0 Property, Plant & Equipment, Net 726 - (1) - (0) - 742 - 1,467 Long Term Lease Receivbles, Net - - - - 1,007 - - - 1,007 Other Long -Term Assets 1,001 - - - - - - - 1,001 ---------- --------- --------- --------- ---------- ------- -------- ------- ------- Total Assets 2,403 0 22 - 29,538 - 4,352 - 36,315 ========== ========= ========= ========= ========== ======= ======== ======= ======= Current Installment of Subordinated Debt - - - - 40 - - - 40 Accounts Payable - Trade (7) - (20) - 459 - (11) - 421 Accounts Payable - Other - - - - 3 - - - 3 Accrued & Other Current Liabilities 6,458 - 146 - 853 - 253 - 7,710 ---------- --------- --------- --------- ---------- ------- -------- ------- ------- Total Current Liabilites 6,452 - 127 - 1,355 - 242 - 8,174 Other Long -Term Liabilities 167 - - - (177) - 7 - (3) ---------- --------- --------- --------- ---------- ------- -------- ------- ------- Total Long -Term Liabilities 167 - - - (177) - 7 - (3) Liabilities Subject to Compromise - 3,018 7,245 - 0 - 4,770 - 15,033 Net Operating Advance 2,232 (1,622) (13,981) - 19,712 413 (882) 26,811 32,683 Common Stock - - 0 - - - - - 0 Additional Paid-in-Capital - 2,050 6,754 - - - - - 8,804 Retained Margins (6,448) (3,446) (122) - (23,351) (413) 215 (26,811) (60,376) Other Equity - - - - 32,000 - - - 32,000 ---------- --------- --------- --------- ---------- ------- -------- ------- ------- Total Equity (6,448) (1,396) 6,632 - 8,649 (413) 215 (26,811) (19,572) ---------- --------- --------- --------- ---------- ------- -------- ------- ------- Total Liabilities and Equity 2,403 0 22 - 29,538 - 4,352 - 36,315 ========== ========= ========= ========= ========== ======= ======== ======= =======
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AGWAY DISCONTINUED OPERATIONS CONSOLIDATING BALANCE SHEET DECEMBER 2003 AGRONOMY BRUBAKER FCI ENERGY TELMARK CPG RETAIL CORP TOTAL ---------- --------- --------- --------- ---------- ------- -------- ------- ------- Total Current Assets - - - - - - - - - ---------- --------- --------- --------- ---------- ------- -------- ------- ------- Total Assets - - - - - - - - - ========== ========= ========= ========= ========== ======= ======== ======= ======= ---------- --------- --------- --------- ---------- ------- -------- ------- ------- Total Current Liabilites - - - - - - - - - ---------- --------- --------- --------- ---------- ------- -------- ------- ------- Total Long -Term Liabilities - - - - - - - - - Net Operating Advance 9,998 3,685 - - (32,118) 703 - 26,811 9,079 - Retained Margins (9,998) (3,685) - - 32,118 (703) - (26,811) (9,079) ---------- --------- --------- --------- ---------- ------- -------- ------- ------- Total Equity (9,998) (3,685) - - 32,118 (703) - (26,811) (9,079) ---------- --------- --------- --------- ---------- ------- -------- ------- ------- Total Liabilities and Equity - - - - - - - - - ========== ========= ========= ========= ========== ======= ======== ======= =======
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RESIDUAL CONSOLIDATING BALANCE SHEET DECEMBER 2003 AGRONOMY BRUBAKER FCI ENERGY TELMARK CPG RETAIL CORP TOTAL ---------- --------- --------- --------- ---------- ------- -------- ------- ------- Cash and Equivalents (1) - 23 - 25,372 - - - 25,394 Trade and Notes Receivable, Net 623 - - - 3,159 - 1,212 - 4,994 Advances and Other Receivables 55 - - - - - - - 55 Other Current Assets (0) - - - - - 2,398 - 2,398 ---------- --------- --------- --------- ---------- ------- -------- ------- ------- Total Current Assets 677 - 23 - 28,531 - 3,610 - 32,841 Other Security Investments - 0 - - - - - - 0 Property, Plant & Equipment, Net 726 - (1) - (0) - 742 - 1,467 Long Term Lease Receivbles, Net - - - - 1,007 - - - 1,007 Other Long -Term Assets 1,001 - - - - - - - 1,001 ---------- --------- --------- --------- ---------- ------- -------- ------- ------- Total Assets 2,403 0 22 - 29,538 - 4,352 - 36,315 ========== ========= ========= ========= ========== ======= ======== ======= ======= Current Installment of Subordinated Debt - - - - 40 - - - 40 Accounts Payable - Trade (7) - (20) - 459 - (11) - 421 Accounts Payable - Other - - - - 3 - - - 3 Accrued & Other Current Liabilities 6,458 - 146 - 853 - 253 - 7,710 ---------- --------- --------- --------- ---------- ------- -------- ------- ------- Total Current Liabilites 6,452 - 127 - 1,355 - 242 - 8,174 Other Long -Term Liabilities 167 - - - (177) - 7 - (3) ---------- --------- --------- --------- ---------- ------- -------- ------- ------- Total Long -Term Liabilities 167 - - - (177) - 7 - (3) Liabilities Subject to Compromise - 3,018 7,245 - 0 - 4,770 - 15,033 Net Operating Advance (7,766) (5,307) (13,981) - 51,830 (290) (882) - 23,604 Common Stock - - 0 - - - - - 0 Additional Paid-in-Capital - 2,050 6,754 - - - - - 8,804 Retained Margins 3,550 239 (122) - (55,469) 290 215 - (51,297) Other Equity - - - - 32,000 - - - 32,000 ---------- --------- --------- --------- ---------- ------- -------- ------- ------- Total Equity 3,550 2,289 6,632 - (23,469) 290 215 - (10,493) ---------- --------- --------- --------- ---------- ------- -------- ------- ------- Total Liabilities and Equity 2,403 0 22 - 29,538 - 4,352 - 36,315 ========== ========= ========= ========= ========== ======= ======== ======= =======
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AGWAY INC. CONSOLIDATED INCOME STATEMENT DECEMBER 2003 MONTH (THOUSANDS OF DOLLARS) YEAR TO DATE ACTUAL ACTUAL ----------- ---------------- 81,724 Net Sales 420,365 58,660 Cost of Sales 305,680 ----------- ---------------- 23,064 Product Margin 114,685 351 Service Revenue 3,383 ----------- ---------------- 23,415 Total Product Margin & Revenue 118,068 Operating Expenses: 2,873 Manufacturing 19,946 15,414 Distribution 81,635 1,520 Selling 9,671 4,233 Administrative 23,229 ----------- ---------------- 24,040 Total Operating Expenses 134,481 68,412 Other Income / (Expense) 74,536 67,787 EBIT 58,123 310 Interest Expense 1,502 (356) Interest Revenue (2,244) ----------- ---------------- (46) Interest Expense - Net (742) 67,833 Pre-Tax Earnings / (Loss) 58,865 1,570 Reorganization Expenses 7,307 743 State Tax Expense / (Benefit) 871 (20) Federal Tax Expense / (Benefit) (20) ----------- ---------------- 723 Total Taxes 851 65,540 Net Margin From Continuing Operations 50,707 ----------- ---------------- 65,540 Final Net Earnings / (Loss) 50,707 =========== ================
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AGWAY INC. CONSOLIDATED OPERATING EXPENSE BY TYPE DECEMBER 2003 MONTH (THOUSANDS OF DOLLARS) YEAR TO DATE ACTUAL EXPENSE TYPE ACTUAL ----------- ------------------------------------------- ---------------- 9,147 SALARIES 51,810 18 COMMISSIONS 101 694 INCENTIVES 6,575 1,427 PAYROLL COSTS 10,137 295 EMPLOYEE EXPENSE 1,023 668 PROFESSIONAL SERVICES 3,490 43 DATA PROCESSING EXPENSE 280 45 CONTRACT SERVICES 333 40 TRASH REMOVAL EXPENSE 137 1,245 CONTRACT TRUCKING 5,445 229 RENT EXPENSE 1,413 472 DEPRECIATION 5,558 77 IMPAIRMENT (626) 56 AMORTIZATION 373 23 AMORTIZATION OF INTANGIBLES 190 250 AMORT OF DEFERRED DEBT COSTS 1,497 46 TAXES 1,129 84 REPAIRS & MAINTENANCE 475 475 AUTOMOTIVE & EQUIP RENTAL EXP 3,548 6 LEASED RAILCAR RENTAL EXP 41 467 GAS/DIESEL/OIL EXP 2,705 41 LICENSE & REGISTRATION EXP 381 24 TIRES & TUBES EXPENSE 69 4 TOLL EXPENSE 46 1,768 REPAIRS & MAINT EQUIP & AUTO 6,815 518 UTILITIES EXPENSE 2,288 4 PAYLOADER EXPENSE 18 502 PLANT SUPPLIES EXPENSE 3,188 413 OFFICE SUPPLIES & EXP 2,425 435 TELEPHONE EXPENSE 2,346 657 ADVERTISING & SALES PROMOTION 3,940 - SHOW EXPENSE 12 (21) RESEARCH & DEVELOPMENT 296 208 TRAVEL EXPENSE 1,273 30 DUES & SUBSCRIPTIONS 163 2 CONTRIBUTIONS EXPENSE 31 48 CONFERENCES & MEETINGS EXP 393 - COMMITTEE MEETINGS EXP - - CERTIFIED MANAGER TRAINING EXP 184 - TRUCK LOADING CHARGES EXP 1 25 EDUCATION EXPENSE 354 - FIELD RESEARCH SUPPLIES - 5 COMMODITY REGISTRATIONS & TESTS 26 30 TESTING EXPENSE 141 2 CASH OVER & SHORT 10 1 PENALTIES & FINES 4 1 QUALITY CLAIMS 12 29 DEMURRAGE CLAIMS & ICING EXP 77 244 LOSS ON DOUBTFUL ACCTS 1,424 - WARRANTY EXPENSE - - REPRESENTATIVE COSTS - - MANAGEMENT FEES 12 124 OVERHEAD ALLOCATION 745 - AFI NET EXPENSE - 1,067 INSURANCE EXPENSE 6,131 409 ENVIRONMENTAL EXPENSE 996 50 DIRECT CHARGES 155 1,909 OTHER EXPENSE 6,613 (703) RECOVERY OF EXPENSE (2,366) 230 TRUCKING RECOVERY - 177 OUTSIDE CONTRACT EXPENSE 644 - PENSION CURTAILMENT - - RECOVERY OF ADVERTISING - ----------- ---------------- 24,040 TOTAL OPERATING EXPENSES 134,481 =========== ================
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DEBTOR INCOME STATEMENT DECEMBER 2003 MONTH (THOUSANDS OF DOLLARS) LIFE TO DATE ACTUAL ACTUAL ----------- ---------------- 18,697 Net Sales 370,221 14,952 Cost of Sales 291,960 ----------- ---------------- 3,745 Product Margin 78,261 351 Service Revenue 11,251 ----------- ---------------- 4,096 Total Product Margin & Revenue 89,512 Operating Expenses: 2,873 Manufacturing 78,039 1,265 Distribution 2,270 787 Selling 14,501 2,655 Administrative 58,946 ----------- ---------------- 7,580 Total Operating Expenses 153,756 1,426 Other Income / (Expense) 6,454 (2,058) EBIT (57,790) 279 Interest Expense 2,945 (530) Interest Revenue (10,238) ----------- ---------------- (251) Interest Expense - Net (7,293) (1,807) Pre-Tax Earnings / (Loss) (50,497) 1,570 Reorganization Charges 37,659 (4,664) State Tax Expense / (Benefit) (3,003) (20,336) Federal Tax Expense / (Benefit) (24,715) ----------- ---------------- (25,000) Total Taxes (27,718) 21,623 Net Margin From Continuing Operations (60,438) 43,918 Equity in Earnings of Subsidiaries 74,397 - Non-Parent Discontinued Operations (17,810) - Income / (Loss) on Disc. Ops. (Net of Taxes) (835) - Gain / (Loss) on Disposal (Net of Taxes) (20,134) ----------- ---------------- 65,541 Final Net Earnings / (Loss) (24,820) =========== ================
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AGWAY INC. CONSOLIDATED CONSOLIDATING INCOME STATEMENT YEAR TO DATE - DECEMBER 2003 (THOUSANDS OF DOLLARS) ELIMS & AGWAY AG CPG ENERGY CU/SS OTHER CONSOL ---------- --------- --------- --------- ---------- --------- Net Sales 101,513 39,077 279,923 - (148) 420,365 Cost of Sales 80,113 31,635 194,140 - (208) 305,680 ---------- --------- --------- --------- ---------- --------- Product Margin 21,400 7,442 85,783 - 60 114,685 Service Revenue 3,337 (7) - - 53 3,383 ---------- --------- --------- --------- ---------- --------- Total Product Margin & Revenue 24,737 7,435 85,783 - 113 118,068 Operating Expenses: Manufacturing 14,820 4,378 - - 748 19,946 Distribution - - 77,828 - 3,807 81,635 Selling 3,795 2,043 3,527 - 306 9,671 Administrative 5,289 2,089 5,903 6,835 3,113 23,229 ---------- --------- --------- --------- ---------- --------- Total Operating Expenses 23,904 8,510 87,258 6,835 7,974 134,481 Other Income / (Expense) 3,811 611 67,343 (5,589) 8,360 74,536 EBIT 4,644 (464) 65,868 (12,424) 499 58,123 Interest Expense 1,230 103 2,456 22 (2,309) 1,502 Interest Revenue (598) - (443) - (1,203) (2,244) ---------- --------- --------- --------- ---------- --------- Interest Expense - Net 632 103 2,013 22 (3,512) (742) Pre-Tax Earnings / (Loss) 4,012 (567) 63,855 (12,446) 4,011 58,865 Reorganization Expenses - - - 7,307 - 7,307 State Tax Expense / (Benefit) - - 4,868 - (3,997) 871 Federal Tax Expense / (Benefit) - - 18,497 - (18,517) (20) ---------- --------- --------- --------- ---------- --------- Total Taxes - - 23,365 - (22,514) 851 Net Margin From Continuing Operations 4,012 (567) 40,490 (19,753) 26,525 50,707 ---------- --------- --------- --------- ---------- --------- Final Net Earnings / (Loss) 4,012 (567) 40,490 (19,753) 26,525 50,707 ========== ========= ========= ========= ========== =========
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AGWAY DISCONTINUED OPERATIONS & RESIDUAL CONSOLIDATING INCOME STATEMENT LIFE TO DATE - DECEMBER 2003 (THOUSANDS OF DOLLARS) AGRONOMY BRUBAKER FCI TELMARK INSUR. CPG RETAIL CORP CONSOL ---------- --------- --------- -------- -------- -------- ------- -------- -------- Net Sales 9,597 - - 35,468 - - - - 45,065 Cost of Sales 7,711 - 6 12,550 - (16) 16 - 20,267 ---------- --------- --------- --------- -------- -------- ------- -------- -------- Product Margin 1,886 - (6) 22,918 - 16 (16) - 24,798 Service Revenue 357 - - 811 - - - - 1,168 ---------- --------- --------- --------- -------- -------- ------- -------- -------- Total Product Margin & Revenue 2,243 - (6) 23,729 - 16 (16) - 25,966 Operating Expenses: Manufacturing 4,030 - - (1) - (125) - - 3,904 Distribution - - - - - - (232) - (232) Selling 343 (239) - 5,197 - (12) 127 - 5,416 Administrative 1,977 - 116 5,861 - (40) 425 - 8,339 ---------- --------- --------- --------- -------- -------- ------- -------- -------- Total Operating Expenses 6,350 (239) 116 11,057 - (177) 320 - 17,427 Other Income / (Expense) 2,540 - - (344) - 3 402 - 2,601 EBIT (1,567) 239 (122) 12,328 - 196 66 - 11,140 Interest Expense 1,831 - - - - (94) (167) - 1,570 Interest Revenue (1,336) - - (369) - - 18 - (1,687) ---------- --------- --------- --------- -------- -------- ------- -------- -------- Interest Expense - Net 495 - - (369) - (94) (149) - (117) Pre-Tax Earnings / (Loss) (2,062) 239 (122) 12,697 - 290 215 - 11,257 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 (2,062) 239 (122) 17,934 - 290 215 - 16,494 Other Income / (Loss) on Disc. Ops. (Net of Taxes) - - - (1) - - - 4,777 4,776 Gain / (Loss) on Disposal (Net of Taxes) (1,497) - - (26,181) 639 121 - (19,397) (46,315) ---------- --------- --------- --------- -------- -------- ------- -------- -------- Final Net Earnings / (Loss) (3,559) 239 (122) (8,248) 639 411 215 (14,620) (25,045) ========== ========= ========= ========= ======== ======== ======= ======== ========
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AGWAY DISCONTINUED OPERATIONS CONSOLIDATING INCOME STATEMENT LIFE TO DATE - DECEMBER 2003 (THOUSANDS OF DOLLARS) DISC OPS AGRONOMY BRUBAKER FCI TELMARK INSUR. CPG RETAIL CORP CONSOL ---------- --------- --------- --------- -------- ------- ------- -------- -------- Net Sales 9,595 - - 35,209 - - - - 44,804 Cost of Sales 7,784 - - 11,946 - - - - 19,730 ---------- --------- --------- --------- -------- ------- ------- -------- -------- Product Margin 1,811 - - 23,263 - - - - 25,074 Service Revenue 357 - - 806 - - - - 1,163 ---------- --------- --------- --------- -------- ------- ------- -------- -------- Total Product Margin & Revenue 2,168 - - 24,069 - - - - 26,237 Operating Expenses: Manufacturing 4,408 - - - - - - - 4,408 Selling 543 - - 5,087 - - - - 5,630 Administrative 1,612 - - 5,605 - - - - 7,217 ---------- --------- --------- --------- -------- ------- ------- -------- -------- Total Operating Expenses 6,563 - - 10,692 - - - - 17,255 Other Income / (Expense) 36 - - (299) - - - - (263) EBIT (4,359) - - 13,078 - - - - 8,719 Interest Expense 1,854 - - - - - - - 1,854 Interest Revenue (600) - - - - - - - (600) ---------- --------- --------- --------- -------- ------- ------- -------- -------- Interest Expense - Net 1,254 - - - - - - - 1,254 Pre-Tax Earnings / (Loss) (5,613) - - 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 (5,613) - - 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) (1,497) - - (26,181) 639 121 - (19,397) (46,315) ---------- --------- --------- --------- -------- ------- ------- -------- -------- Final Net Earnings / (Loss) (7,110) - - (17,810) 639 121 - (14,620) (38,780) ========== ========= ========= ========= ======== ======= ======= ======== ========
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RESIDUAL CONSOLIDATING INCOME STATEMENT LIFE TO DATE - DECEMBER 2003 (THOUSANDS OF DOLLARS) AGRONOMY BRUBAKER FCI TELMARK INSUR. CPG RETAIL CORP TOTAL ---------- --------- ------ --------- -------- ------ ------- ----- --------- Net Sales 2 - - 259 - - - - 261 Cost of Sales (73) - 6 604 - (16) 16 - 537 ---------- --------- ------ --------- -------- ------ ------- ----- ------- Product Margin 75 - (6) (345) - 16 (16) - (276) Service Revenue - - - 5 - - - - 5 ---------- --------- ------ --------- -------- ------ ------- ----- ------- Total Product Margin & Revenue 75 - (6) (340) - 16 (16) - (271) Operating Expenses: Manufacturing (378) - - (1) - (125) - - (504) Distribution - - - - - - (232) - (232) Selling (200) (239) - 110 - (12) 127 - (214) Administrative 365 - 116 256 - (40) 425 - 1,122 ---------- --------- ------ --------- -------- ------ ------- ----- ------- Total Operating Expenses (213) (239) 116 365 - (177) 320 - 172 Other Income / (Expense) 2,504 - - (45) - 3 402 - 2,864 EBIT 2,792 239 (122) (750) - 196 66 - 2,421 Interest Expense (23) - - - - (94) (167) - (284) Interest Revenue (736) - - (369) - - 18 - (1,087) ---------- --------- ------ --------- -------- ------ ------- ----- ------- Interest Expense - Net (759) - - (369) - (94) (149) - (1,371) Pre-Tax Earnings / (Loss) 3,551 239 (122) (381) - 290 215 - 3,792 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 3,551 239 (122) 9,562 - 290 215 - 13,735 ---------- --------- ------ --------- -------- ------ ------- ----- ------- Final Net Earnings / (Loss) 3,551 239 (122) 9,562 - 290 215 - 13,735 ========== ========= ====== ========= ======== ====== ======= ===== =======
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DEBTOR LIFE TO DATE - DECEMBER 2003 (THOUSANDS OF DOLLARS) ELIMS & AGWAY INC AGENCY BRUBAKER CB ADAMS CB DEBERRY FCI OTHER CONSOL ---------- --------- --------- --------- ---------- --------- ------- -------- Net Sales 283,541 - - 39,237 - 51,606 (4,163) 370,221 Cost of Sales 221,796 - - 34,007 (2) 40,317 (4,158) 291,960 ---------- --------- --------- --------- ---------- --------- ------- -------- Product Margin 61,745 - - 5,230 2 11,289 (5) 78,261 Service Revenue 11,049 175 - 2 - 25 - 11,251 ---------- --------- --------- --------- ---------- --------- ------- -------- Total Product Margin & Revenue 72,794 175 - 5,232 2 11,314 (5) 89,512 Operating Expenses: Manufacturing 67,146 - - 4,309 - 6,584 - 78,039 Distribution 2,270 - - - - - - 2,270 Selling 11,801 9 - 1,084 2 1,845 (240) 14,501 Administrative 55,813 128 - 539 (40) 2,389 117 58,946 ---------- --------- --------- --------- ---------- --------- -------- Total Operating Expenses 137,030 137 - 5,932 (38) 10,818 (123) 153,756 Other Income / (Expense) 4,240 - - 272 24 1,918 - 6,454 EBIT (59,996) 38 - (428) 64 2,414 118 (57,790) Interest Expense 2,661 - - 274 113 575 (678) 2,945 Interest Revenue (10,875) - - - - (41) 678 (10,238) ---------- --------- --------- --------- ---------- --------- ------- -------- Interest Expense - Net (8,214) - - 274 113 534 - (7,293) Pre-Tax Earnings / (Loss) (51,782) 38 - (702) (49) 1,880 118 (50,497) Reorganization Expenses 36,143 - - 1,516 - - - 37,659 State Tax Expense / (Benefit) (3,003) - - - - - - (3,003) Federal Tax Expense / (Benefit) (24,715) - - - - - - (24,715) ---------- --------- --------- --------- ---------- --------- ------- -------- Total Taxes (27,718) - - - - - - (27,718) Net Margin From Continuing Operations (60,207) 38 - (2,218) (49) 1,880 118 (60,438) Equity in Earnings of Subsidiaries 74,048 349 74,397 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) (24,938) 38 - (2,218) (49) 1,880 467 (24,820) ========== ========= ========= ========= ========== ========= ======= ========
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DEBTOR MONTH TO DATE - DECEMBER 2003 (THOUSANDS OF DOLLARS) ELIMS & AGWAY INC AGENCY BRUBAKER CB ADAMS CB DEBERRY FCI OTHER CONSOL ---------- --------- --------- --------- ---------- --------- ------- -------- Net Sales 17,295 - - 1,626 - - (224) 18,697 Cost of Sales 13,825 - - 1,345 - - (218) 14,952 ---------- --------- --------- --------- ---------- --------- ------- -------- Product Margin 3,470 - - 281 - - (6) 3,745 Service Revenue 352 1 - (1) - - (1) 351 ---------- --------- --------- --------- ---------- --------- ------- -------- Total Product Margin & Revenue 3,822 1 - 280 - - (7) 4,096 Operating Expenses: Manufacturing 2,713 - - 159 - - 1 2,873 Distribution 1,265 - - - - - - 1,265 Selling 924 - - (136) - - (1) 787 Administrative 2,518 - - 26 (5) - 116 2,655 ---------- --------- --------- --------- ---------- --------- ------- --------- Total Operating Expenses 7,420 - - 49 (5) - 116 7,580 Other Income / (Expense) 1,392 - - 34 - - - 1,426 EBIT (2,206) 1 - 265 5 - (123) (2,058) Interest Expense 268 - - 8 - - 3 279 Interest Revenue (526) - - - - - (4) (530) ---------- --------- --------- --------- ---------- --------- ------- -------- Interest Expense - Net (258) - - 8 - - (1) (251) Pre-Tax Earnings / (Loss) (1,948) 1 - 257 5 - (122) (1,807) Reorganization Expenses 1,570 - - - - - - 1,570 State Tax Expense / (Benefit) (4,664) - - - - - - (4,664) Federal Tax Expense / (Benefit) (20,336) - - - - - - (20,336) ---------- --------- --------- --------- ---------- --------- ------- -------- Total Taxes (25,000) - - - - - - (25,000) Net Margin From Continuing Operations 21,482 1 - 257 5 - (122) 21,623 Equity in Earnings of Subsidiaries 44,181 (263) 43,918 ---------- --------- --------- --------- ---------- --------- ------- -------- Final Net Earnings / (Loss) 65,663 1 - 257 5 - (385) 65,541 ========== ========= ========= ========= ========== ========= ======= ========
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AGWAY INC. MONTHLY CASH RECEIPTS AND DISBURSEMENTS ------------ Consolidated ------------ -------- -------- ------- --------- --------- --------- ($ 000's) 5-Dec 12-Dec 19-Dec 26-Dec 2-Jan Month Week Ending to Date -------- -------- ------- --------- --------- --------- RECEIPTS -------- Customer Receipts 16,563 23,022 19,054 18,687 6,946 84,271 Assets Sales - - - 192,840 - 192,840 Non-Operating - - - - - - Other 2,022 509 3,381 162 103 6,177 -------- -------- ------- --------- --------- --------- Subtotal 18,585 23,531 22,434 211,689 7,049 283,288 -------- -------- ------- --------- --------- --------- DISBURSEMENTS ------------- Product Payments (15,541) (18,546) (20,180) (15,727) (2,727) (72,721) Payroll/Benefits (2,191) (3,061) (1,709) (4,340) (810) (12,112) Professional Fees (129) (971) (30) (841) - (1,971) Capital Expenditures - - - - - - Interest (External) (0) - - - - (0) Financing Fees (132) - - - - (132) Other (1,550) (1,387) (991) (5,046) (518) (9,491) -------- -------- ------- --------- --------- --------- Subtotal (19,543) (23,965) (22,911) (25,954) (4,055) (96,427) -------- -------- ------- --------- --------- --------- -------- -------- ------- --------- --------- --------- NET CASH (958) (434) (476) 185,736 2,994 186,861 -------- -------- -------- ------- --------- --------- --------- -------- -------- ------- --------- --------- Opening Revolver or (Excess Funds) (69,623) (68,642) (69,270) (67,191) (255,474) -------- -------- ------- --------- --------- Net Cash Flow (958) (434) (476) 185,736 2,994 Float (23) 1,062 (1,603) 2,548 (4,571) -------- -------- ------- --------- --------- Ending Revolver or (Excess Funds) (68,642) (69,270) (67,191) (255,474) (253,897) -------- -------- ------- --------- --------- Add: L/Cs 35,338 35,338 35,338 35,338 34,088 -------- -------- ------- --------- --------- Total Facility Need 35,338 35,338 35,338 35,338 34,088 -------- -------- ------- --------- --------- Credit Line Amount (CL) 65,000 65,000 65,000 65,000 65,000 Trade A/R 50,131 50,131 50,131 50,131 13,001 Deferred A/R - - - - - Non-Fuel Inventory 7,208 7,208 7,208 7,208 4,337 Fuel Inventory 30 30 30 30 - -------- -------- ------- --------- --------- Collateral Base before OA & CC 57,369 57,369 57,369 57,369 17,338 Other Assets (OA) 0 0 0 0 0 95% L/C Cash Collateral (CC) 36,257 36,257 36,257 36,257 34,974 -------- -------- ------- --------- --------- Total Collateral Base (CB) 93,626 93,626 93,626 93,626 52,312 Total Availability (lesser of CL & CB) 65,000 65,000 65,000 65,000 52,312 Less Other Reserves (2,000) (2,000) (2,000) (2,000) (2,000) Less Facility Need (35,338) (35,338) (35,338) (35,338) (34,088) -------- -------- ------- --------- --------- Excess Availability 27,662 27,662 27,662 27,662 16,224 -------- -------- ------- --------- ---------
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AGWAY INC. MONTHLY CASH RECEIPTS AND DISBURSEMENTS ------------------ ENERGY ONLY ------------------ ---------- ---------- --------- --------- --------- --------- ($ 000's) 5-Dec 12-Dec 19-Dec 26-Dec 2-Jan Month Week Ending to Date ---------- ---------- --------- --------- --------- --------- RECEIPTS ---------- Customer Receipts 12,228 17,637 14,199 13,442 3,803 61,310 Assets Sales 181,909 181,909 Non-Operating 0 Other 1,869 291 3,300 5,460 ---------- ---------- --------- --------- --------- --------- Subtotal 14,097 17,928 17,499 195,352 3,803 248,679 ---------- ---------- --------- --------- --------- --------- DISBURSEMENTS ------------------ Product Payments (11,625) (13,168) (16,572) (12,798) (346) (54,509) Payroll/Benefits 0 Professional Fees (21) (33) (30) (35) (119) Capital Expenditures 0 Interest (External) 0 Financing Fees 0 Other (459) (412) (450) (3,170) (4,491) ---------- ---------- --------- --------- --------- --------- Subtotal (12,105) (13,613) (17,052) (16,003) (346) (59,119) ---------- ---------- --------- --------- --------- --------- ---------- ---------- --------- --------- --------- --------- NET CASH 1,992 4,315 448 179,348 3,457 189,560 -------- ---------- ---------- --------- --------- --------- --------- MEMO: PAYROLL/BENEFITS (1,289) (2,383) (1,382) (3,669) (609) (9,332) ---------------------- ------------------ DEBTORS ONLY ------------------ ---------- ---------- --------- --------- --------- --------- ($ 000's) 5-Dec 12-Dec 19-Dec 26-Dec 2-Jan Month to Week Ending Date ---------- ---------- --------- --------- --------- --------- RECEIPTS --------- Customer Receipts 4,335 5,385 4,855 5,244 3,143 22,961 Assets Sales 0 0 0 10,931 0 10,931 Non-Operating 0 0 0 0 0 0 Other 153 218 81 162 103 717 ---------- ---------- --------- --------- --------- --------- Subtotal 4,488 5,603 4,935 16,338 3,246 34,609 ---------- ---------- --------- --------- --------- --------- DISBURSEMENTS ------------- Product Payments (3,916) (5,378) (3,608) (2,929) (2,381) (18,213) Payroll/Benefits (2,191) (3,061) (1,709) (4,340) (810) (12,112) Professional Fees (108) (938) 0 (806) 0 (1,852) Capital Expenditures 0 0 0 0 0 0 Interest (External) (0) 0 0 0 0 (0) Financing Fees (132) 0 0 0 0 (132) Other (1,091) (975) (541) (1,876) (518) (5,000) ---------- ---------- --------- --------- --------- --------- Subtotal (7,438) (10,352) (5,859) (9,951) (3,709) (37,309) ---------- ---------- --------- --------- --------- --------- ---------- ---------- --------- --------- --------- --------- NET CASH (2,950) (4,749) (924) 6,387 (463) (2,699) -------- ---------- ---------- --------- --------- --------- ---------
DEBTORS ------- Agway Inc. 33,774 Agway General Agency 0 Brubaker ACS LLC 0 Country Best Adams LLC 3,484 Country Best DeBerry LLC 0 Feed Commodities Int'l LLC 51 ------------ Total Debtors Disbursements 37,309 19
LEGAL_NAME BANKNAME BANKCONTACT BANKADDRESS ---------- -------- ----------- ----------- Agway Inc. dba Andgrow Fertilizer Mellon Bank Ellen Hecker Three Mellon Bank Ctr., Rm 153-3530 Agway Inc. dba Milford Fertilizer Mellon Bank Ellen Hecker Three Mellon Bank Ctr., Rm 153-3530 Agway Inc. JPMorgan Chase Pauline Fortunato 4 New York Plaza, 15th Floor Agway Inc. JPMorgan Chase Pauline Fortunato 4 New York Plaza, 15th Floor Agway Inc. JPMorgan Chase Bank Donna Jacuk 500 Plum Street, 7th Floor Agway Inc. JPMorgan Chase Bank Donna Jacuk 500 Plum Street, 7th Floor Agway Inc. JPMorgan Chase Bank Pauline Fortunato 4 New York Plaza, 15th Floor Agway Inc. JPMorgan Chase Bank Donna Jacuk 500 Plum Street, 7th Floor Agway Inc. JPMorgan Chase Bank Donna Jacuk 500 Plum Street, 7th Floor Agway Inc. JPMorgan Chase Bank Kevin Clark 500 Plum Street Agway Inc. JPMorgan Chase Bank Donna Jacuk 500 Plum Street Agway Inc. JPMorgan Chase Bank Donna Jacuk 500 Plum Street, 7th Floor Agway Inc. JPMorgan Chase Bank Donna Jacuk 500 Plum Street, 7th Floor Agway Inc. JPMorgan Chase Bank Donna Jacuk 500 Plum Street, 7th Floor Agway Inc. JPMorgan Chase Bank Donna Jacuk 500 Plum Street, 7th Floor Agway Inc. JPMorgan Chase Bank Donna Jacuk 500 Plum Street Agway Inc. JPMorgan Chase Bank Donna Jacuk 500 Plum Street, 7th Floor Agway Inc. JPMorgan Chase Texas Jeremy Harman 601 Travis Street, 18th Floor Agway Inc. JPMorgan Chase Texas Jeremy Harman 601 Travis Street, 18th Floor Agway Inc. JPMorgan Chase Texas Jeremy Harman 601 Travis Street, 18th Floor Agway Inc. JPMorgan Chase Texas Jeremy Harman 601 Travis Street, 18th Floor Agway Inc. JPMorgan Chase Texas Jeremy Harman 601 Travis Street, 18th Floor Agway Inc. M&T Bank Peter Marilley 101 S. Salina Street Agway Inc. National City Bank Diane Coon 725 E. Big Beaver Agway Inc. National City Bank Diane Coon 725 E. Big Beaver Agway Inc., dba Country Best Fleet Bank Brian Bisaccio Shop City Agway Inc. M&T Bank Peter Marilley P.O. Box 4983 Country Best Adams LLC Mellon Bank Ellen Hecker Three Mellon Bank Ctr., Rm 153-3530 Agway Inc., dba Country Best Mellon Bank Ellen Hecker Three Mellon Bank Ctr., Rm 153-3530 Country Best Adams LLC Sun Trust Bank Linda Love Mail Code 207, P.O. Box 4418 Agway Inc. dba Country Best Sun Trust Bank Betty Friar 202 W. Reynolds Street Feed Commodities Int'l LLC Chittenden Bank David Nourse One Court Street Feed Commodities Int'l LLC Chittenden Bank David Nourse One Court Street Feed Commodities Int'l LLC Greenfield Cooperative Bank Erica Noel 63 Federal Street Feed Commodities Int'l LLC Merrill Merchants Bank Diane Roy 27 Main Street Agway Inc. Allfirst Bank Terry Kreider 210 E. Main St. Agway Inc. Bank of Hanover and Trust Co. Lisa Bowersox 1275 York Rd. Agway Inc. Charter One Carol Karl 186 Robinson St. Agway Inc. Citizens Bank 153 W. Orange St. Agway Inc. Citizens Bank 153 W Orange Street Agway Inc. Evergreen Bank Marion Wagar 146 Main Street Agway Inc. First American National Bank of PA Vicki Carbaugh 140 Main Street Agway Inc. Fleet Bank Kathy Taladay Main Street Agway Inc. FNB of PA Mary Alice Deist 509 E. Main Street, P.O. Box 112 Agway Inc. HSBC Bank USA Rachel Galusha Court St.Plaza,Kings Plaza,Main St. Agway Inc. HSBC Bank USA Rachel Galusha 1 East Main St. Agway Inc. Key Bank Anne Chandler 125 East Main St. Agway Inc. Mellon Bank Ellen Hecker Three Mellon Bank Ctr., Rm 153-3530 Agway Inc. West Milton State Bank Rodney Smith 2005 Market Street
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BANKCITY BKST BKZIP ACCTNUMBER DIV ACCT_TYPE DECEMBER '03 -------- ---- ---------- ---------- ----- --------- ----------------- Pittsburgh PA 15259 8019713 AGRON Lockbox CLOSED 9/03 Pittsburgh PA 15259 8242133 AGRON Lockbox CLOSED 9/03 New York NY 10004 102067931 CORP Escrow New York NY 10004 102029901 CORP Escrow $287,017.35 Syracuse NY 13204 0101199453 CORP Depository $2,018.06 Syracuse NY 13204 0241063700 CORP Concentration $263,248.11 New York NY 10004 102036061 CORP Escrow $1,000,553.83 Syracuse NY 13204 103065736 CORP Depository $5,515.89 Syracuse NY 13204 550124888 CORP Disbursement $156.53 Syracuse NY 13204 550142622 CORP Depository $0.00 Syracuse NY 13204 550147063 CORP Savings $12,274,922.99 Syracuse NY 13204 601251317 CORP Disbursement $0.00 Syracuse NY 13204 601829435 CORP Disbursement $0.00 Syracuse NY 13204 601861024 CORP Disbursement $0.00 Syracuse NY 13204 601861040 CORP Disbursement $0.00 Syracuse NY 13204 601866049 CORP Checking $0.00 Syracuse NY 13204 777652714 CORP Depository CLOSED 9/16/03 Houston TX 77002 36036481 CORP Savings $59,778,780.50 Houston TX 77002 36040947 CORP Savings $25,761,775.37 Houston TX 77002 36044329 CORP Savings $38,691,336.84 Houston TX 77002 343937 CORP Savings $0.00 Houston TX 77002 344054 CORP Savings $0.00 Syracuse NY 13221-4983 1002185237 CORP Depository CLOSED 11/21/03 Troy MI 48084 884276044 CORP Checking $4,553.25 Troy MI 48084 884276132 CORP Checking $1,095.82 Syracuse NY 13206 9388810181 CPG Depository $5,000.00 Syracuse NY 13221-4983 15004194393838 CPG Depository $32,974.06 Pittsburgh PA 15259-0001 8234668 CPG Lockbox $5,000.00 Pittsburgh PA 15259-0001 8234676 CPG Lockbox $5,000.00 Atlanta GA 30302 8801818595 CPG Depository $5,000.00 Plant City FL 33566 99020317631 CPG Depository $5,000.00 Middlebury VT 05753 034549540 FCI Disbursement $40,732.94 Middlebury VT 05753 034563535 FCI Depository CLOSED 12/03 Greenfield MA 01331 0150900312 FCI Depository CLOSED 12/03 Pittsfield ME 04967 9801312378 FCI Depository CLOSED 12/03 New Holland PA 17557 89274377 FEED Depository -$155.61 Gettysburg PA 17325 0131571 FEED Depository $425.21 Binghamton NY 13904 4400582137 FEED Depository $37,965.54 Shippensburg PA 17257 6100094138 FEED Depository $34,771.45 Shippensburg PA 17257 6100094138 FEED Depository " Greenwich NY 12834 6240114825 FEED Depository $41,821.01 Everett PA 15537 0111190601 FEED Depository $298.82 Waterville NY 13480 9428406862 FEED Depository $17,518.15 Somerset PA 15501 80100684 FEED Depository $34,909.84 Batavia NY 14020 204885752 FEED Depository $140,986.00 Falconer NY 14733 204885752 FEED Depository " Canton NY 13617 329681014620 FEED Depository $10,899.43 Pittsburgh PA 15259-0001 8019606 FEED Lockbox $457,732.90 Lewisburg PA 17837 3000166424 FEED Depository $9,944.00
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AGWAY, INC. REORGANIZATION ACTIVITY AS OF DECEMBER 2003 Chapter 11 Professionals ------------------------ YEAR-TO-DATE YEAR-TO-DATE NOVEMBER DECEMBER DECEMBER BALANCE ACTIVITY BALANCE ------------- ------------ ------------ Kroll Zolfo-Cooper (303100) --------------------------- Expensed 959,705.34 146,975.11 1,106,680.45 Financial Advisors to Agway Unpaid/Accrued 615,914.94 (186,418.68) 429,496.26 Prepaid 157,791.53 (157,791.53) - ------------- ------------ ------------ Cash Paid 735,593.93 175,602.26 911,196.19 WEIL, GOTSHAL & MANGES (303101) Expensed 1,610,879.21 417,744.00 2,028,623.21 ------------------------------- Lead Bankruptcy Counsel for Agway Unpaid/Accrued 1,083,482.69 (239,254.37) 844,228.32 Prepaid 281,912.56 (227,419.84) 54,492.72 ------------- ------------ ------------ Cash Paid 1,000,875.88 429,578.53 1,430,454.41 MENTER, RUDIN & TRIVELPIECE (303102) Expensed 267,997.93 72,498.05 340,495.98 ------------------------------------ Local Bankruptcy Counsel for Agway Unpaid/Accrued 174,538.41 (25,955.09) 148,583.32 Prepaid 90,414.13 (50,964.30) 39,449.83 ------------- ------------ ------------ Cash Paid 195,078.18 47,488.84 242,567.02 DONLIN, RECANO & COMPANY (303104) Expensed 267,981.02 40,605.90 308,586.92 --------------------------------- Claims Administrator Unpaid/Accrued 83,000.00 40,605.90 123,605.90 Prepaid 35,000.00 35,000.00 ------------- ------------ ------------ Cash Paid 335,493.07 - 335,493.07 RICHARDS, LAYTON & FINGER (303110) Expensed 7,051.00 (2,500.00) 4,551.00 ---------------------------------- Legal Advisor Unpaid/Accrued 16,474.27 (16,474.27) - Prepaid - - ------------- ------------ ------------ Cash Paid 6,651.70 13,974.27 20,625.97 PACHULSKI, STANG, ZIEHL, YOUNG & JONES (303115) Expensed 332,318.21 65,492.16 397,810.37 ----------------------------------------------- Counsel for the Unsecured Creditors' Committee Unpaid/Accrued 275,172.26 (59,628.68) 215,543.58 Prepaid - - ------------- ------------ ------------ Cash Paid 311,681.78 125,120.84 436,802.62 ERNST & YOUNG (303116) Expensed 763,118.80 151,742.00 914,860.80 ---------------------- Unsecured Creditors' Committee Financial Advisor Unpaid/Accrued 459,092.80 (115,430.70) 343,662.10 Prepaid - - ------------- ------------ ------------ Cash Paid 722,218.60 267,172.70 989,391.30 GREEN, SEIFTER (303118) Expensed 12,776.25 770.90 13,547.15 ----------------------- Unsecured Creditors' Committee Local Counsel Unpaid/Accrued 10,083.59 (4,470.31) 5,613.28 Prepaid - - ------------- ------------ ------------ Cash Paid 11,369.66 5,241.21 16,610.87 US TRUSTEE (303124) Expensed 91,000.00 - 91,000.00 ------------------- Unpaid/Accrued 21,500.00 - 21,500.00 Prepaid - - ------------- ------------ ------------ Cash Paid 91,000.00 - 91,000.00 GOLDSMITH-AGIO-HELMS (303111) Expensed 486,902.37 102,388.79 589,291.16 ----------------------------- Unpaid/Accrued 304,349.39 102,388.79 406,738.18 Prepaid - - ------------- ------------ ------------ Cash Paid 466,490.28 - 466,490.28 (1) GROOM LAW GROUP (303125) Expensed 74,795.81 (6,713.26) 68,082.55 ---------------------------- Benefit Plans Legal Advisor Unpaid/Accrued 38,550.57 (18,550.57) 20,000.00 Prepaid - - ------------- ------------ ------------ Cash Paid 107,165.63 11,837.31 119,002.94 (1) BOND, SCHOENECK & KING (303109) Expensed 184,559.53 61,053.85 245,613.38 ----------------------------------- General Counsel of Agway Unpaid/Accrued 295,961.14 (76,889.90) 219,071.24 Prepaid - - ------------- ------------ ------------ Cash Paid 123,700.86 137,943.75 261,644.61 (1) BUCK CONSULTING (303108) Expensed 45,791.81 37,855.10 83,646.91 ---------------------------- Unpaid/Accrued 106,230.81 44,692.30 150,923.11 Prepaid - - ------------- ------------ ------------ Cash Paid 195,164.80 (6,837.20) 188,327.60 (1) PRICEWATERHOUSE COOPERS (303105) Expensed 277,282.25 164,756.33 442,038.58 ------------------------------------ External Auditors Unpaid/Accrued 603,829.59 (305,392.41) 298,437.18 Prepaid - - ------------- ------------ ------------ Cash Paid 225,952.66 470,148.74 696,101.40 (1) SUTHERLAND, ASBILL & BRENNAN (303112) Expensed 32,713.77 15,866.31 48,580.08 ----------------------------------------- SEC Legal Counsel Unpaid/Accrued 55,833.99 11,079.69 66,913.68 Prepaid - - ------------- ------------ ------------ Cash Paid 50,542.76 4,786.62 55,329.38 SUB-TOTAL REORGANIZATION ONLY Expensed 5,414,873.30 1,268,535.24 6,683,408.54 ----------------------------- Unpaid/Accrued 4,144,014.45 (849,698.30) 3,294,316.15 Prepaid 565,118.22 (436,175.67) 128,942.55 ------------- ------------ ------------ Cash Paid 4,578,979.79 1,682,057.87 6,261,037.66
(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 DECEMBER 2003 NON-REORGANIZATION CHAPTER 11 Professional Fees ----------------- YEAR-TO-DATE YEAR-TO-DATE NOVEMBER DECEMBER DECEMBER BALANCE ACTIVITY BALANCE ------------- ------------ ------------ (2) Groom Law Group (303125) --------------------------- Expensed - - Benefit Plans Legal Advisor Unpaid/Accrued - - Prepaid - - ------------- ------------ ------------ Cash Paid - - - (2) BOND, SCHOENECK & KING (303109) Expensed 131,242.09 29,564.46 160,806.55 ----------------------------------- General Counsel of Agway Unpaid/Accrued - - Prepaid - - ------------- ------------ ------------ Cash Paid 131,242.09 29,564.46 160,806.55 (2) BUCK CONSULTING (303108) Expensed - 6,837.20 6,837.20 ---------------------------- Unpaid/Accrued - - Prepaid - - ------------- ------------ ------------ Cash Paid - 6,837.20 6,837.20 (2) PRICEWATERHOUSE COOPERS (303105) Expensed - - ------------------------------------ External Auditors Unpaid/Accrued - - Prepaid - - ------------- ------------ ------------ Cash Paid - - - (2) SUTHERLAND, ASBILL & BRENNAN (303112) Expensed 13,756.26 21,801.08 35,557.34 ----------------------------------------- SEC Legal Counsel Unpaid/Accrued - - Prepaid - - ------------- ------------ ------------ Cash Paid 13,756.26 21,801.08 35,557.34 (2) Professional Services Expensed - - State Street (303123) Unpaid/Accrued - - Prepaid - - ------------- ------------ ------------ Cash Paid - - - TOTAL NON-REORG CHAP 11 PROFESSIONALS Expensed 144,998.35 58,202.74 203,201.09 ------------------------------------- Unpaid/Accrued - - - Prepaid - - - ------------- ------------ ------------ Cash Paid 144,998.35 58,202.74 203,201.09 ============= ============ ============ (2) NON-REORGANIZATION PORTION OF MONTHLY BILLING. TOTAL REORG AND NON-REORG CHAP 11 PROFESSIONALS Expensed 5,559,871.65 1,326,737.98 6,886,609.63 ----------------------------------------------- Unpaid/Accrued 4,144,014.45 (849,698.30) 3,294,316.15 Prepaid 565,118.22 (436,175.67) 128,942.55 ------------- ------------ ------------ Cash Paid 4,723,978.14 1,740,260.61 6,464,238.75 ============= ============ ============
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AGWAY, INC. REORGANIZATION ACTIVITY AS OF DECEMBER 2003 UNSECURED CREDITORS' COMMITTEE Member Expense Reimbursement ------------------------------ YEAR-TO-DATE YEAR-TO-DATE NOVEMBER DECEMBER DECEMBER BALANCE ACTIVITY BALANCE ------------- ------------ ------------ Ronald D. Spiering (303119) --------------------------- Expensed 607.30 607.30 Unpaid/Accrued 607.30 (607.30) - Prepaid - - ------------- ------------ ------------ Cash Paid - 607.30 607.30 ROBERT L. KELLER (303120) Expensed - - ------------------------- Unpaid/Accrued - - Prepaid - - ------------- ------------ ------------ Cash Paid - - - WILLIAM T. SCHAUER (303121) Expensed 624.42 624.42 --------------------------- Unpaid/Accrued 624.42 (624.42) - Prepaid - - ------------- ------------ ------------ Cash Paid - 624.42 624.42 RICHARD C. EMPERT (303122) Expensed 710.74 710.74 -------------------------- Unpaid/Accrued 625.98 (625.98) - Prepaid - - ------------- ------------ ------------ Cash Paid 84.76 625.98 710.74 TOTAL UNSECURED CREDITORS' COMMITTEE Expensed 1,942.46 - 1,942.46 ------------------------------------ MEMBER EXPENSE REIMBURSEMENT Unpaid/Accrued 1,857.70 (1,857.70) - ----------------------------- Prepaid - - - ------------- ------------ ------------ Cash Paid 84.76 1,857.70 1,942.46 ============= ============ ============
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AGWAY, INC. REORGANIZATION ACTIVITY AS OF DECEMBER 2003 Other Expenses -------------- YEAR-TO-DATE YEAR-TO-DATE NOVEMBER DECEMBER DECEMBER BALANCE ACTIVITY BALANCE ------------- ------------ ------------ Professional Services ---------------------- Expensed 881,500.00 176,300.00 1,057,800.00 Incentives, Severance & Payroll Costs Unpaid/Accrued 881,500.00 176,300.00 1,057,800.00 Prepaid - - ------------- ------------ ------------ Cash Paid - - - PROFESSIONAL SERVICES Expensed - - --------------------- Robinson, Lerer & Montgomery (303103) Unpaid/Accrued - - Prepaid - - ------------- ------------ ------------ Cash Paid - - - PROFESSIONAL SERVICES Expensed 6,311.18 - 6,311.18 --------------------- Taylor & Ives, Inc. Unpaid/Accrued - - HSBC(Sac Valley Pension) Prepaid - - ------------- ------------ ------------ Cash Paid 6,311.18 - 6,311.18 Professional Services ---------------------- Expensed 85,632.85 (34,783.70) 50,849.15 Feed (000510) Unpaid/Accrued - - CPG (000060) Prepaid - - ------------- ------------ ------------ Cash Paid 85,632.85 (34,783.70) 50,849.15 Professional Services ----------------------- Expensed 404.72 (404.72) - Feed Environmental (303126) Unpaid/Accrued 191,220.00 (109,820.00) 81,400.00 Prepaid - - ------------- ------------ ------------ Cash Paid 404.72 109,415.28 109,820.00 Professional Services ----------------------- Expensed 211,104.46 133,064.31 344,168.77 State Street (303123) Unpaid/Accrued 40,000.00 93,064.31 133,064.31 Prepaid - - ------------- ------------ ------------ Cash Paid 211,104.46 40,000.00 251,104.46 Professional Services ----------------------- Expensed - - AgriCapital (303107) Unpaid/Accrued - - - Prepaid - - ------------- ------------ ------------ Cash Paid - - - Printing ----------------------- Expensed 11,255.75 11,255.75 Quartier (303113) Unpaid/Accrued - - Merrill Communications Prepaid - - ------------- ------------ ------------ Cash Paid 11,255.75 - 11,255.75 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 6,655.50 8,778.50 ------ CPG (000060) Unpaid/Accrued - - Corporate (000000) Prepaid - - ------------- ------------ ------------ Cash Paid 2,123.00 6,655.50 8,778.50 CONFERENCE & MEETINGS - MEALS Expensed 2,450.37 214.00 2,664.37 ----------------------------- Fine Host Unpaid/Accrued - - Prepaid - - ------------- ------------ ------------ Cash Paid 2,450.37 214.00 2,664.37 CONFERENCE & MEETINGS Expensed - - --------------------- OnCenter Unpaid/Accrued - - Prepaid - - ------------- ------------ ------------ Cash Paid - - - (GAIN)/LOSS ON INVESTMENTS Expensed - 197,199.60 197,199.60 -------------------------- Write-Off of Ag Processing Equity Allocation Unpaid/Accrued - - Prepaid - - ------------- ------------ ------------ Cash Paid - 197,199.60 197,199.60 TOTAL OTHER EXPENSES Expensed 1,202,177.09 478,244.99 1,680,422.08 -------------------- Unpaid/Accrued 1,112,720.00 159,544.31 1,272,264.31 Prepaid - - - ------------- ------------ ------------ Cash Paid 320,677.09 318,700.68 639,377.77 ============= ============ ============ GRAND TOTAL OF ALL EXPENSES Expensed 6,763,991.20 1,804,982.97 8,568,974.17 --------------------------- Unpaid/Accrued 5,258,592.15 (692,011.69) 4,566,580.46 Prepaid 565,118.22 (436,175.67) 128,942.55 ------------- ------------ ------------ Cash Paid 5,044,739.99 2,060,818.99 7,105,558.98 ============= ============ ============ Total Restructuring\Reorganization Expensed 6,618,992.85 1,746,780.23 8,365,773.08 Unpaid/Accrued 5,258,592.15 (692,011.69) 4,566,580.46 Prepaid 565,118.22 (436,175.67) 128,942.55 ------------- ------------ ------------ Cash Paid 4,899,741.64 2,002,616.25 6,902,357.89 ============= ============ ============ Total Non-Restructuring\Reorganization Expensed 144,998.35 58,202.74 203,201.09 Unpaid/Accrued - - - Prepaid - - - ------------- ------------ ------------ Cash Paid 144,998.35 58,202.74 203,201.09 ============= ============ ============