8-K 1 srz9235667v1-jul2.txt FANSTEEL, IN C. 8-K ________________________________________________________________________________ ________________________________________________________________________________ SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): June 30, 2002 FANSTEEL INC. (Exact Name of Registrant as Specified in its Charter) Delaware 1-8676 36-1058780 -------- ------ ---------- (State or other jurisdiction (Commission File Number) (I.R.S. Employer of incorporation ) Identification No.) Number One Tantalum Place, North Chicago, Illinois 60064 -------------------------------------------------- ----- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (847) 689-4900 ________________________________________________________________________________ ________________________________________________________________________________ Item 5. Other Events. On January 15, 2002, Fansteel Inc. ("Fansteel" or the "Company") and its U.S. subsidiaries filed voluntary petitions for reorganization under Chapter 11 of the United States Bankruptcy Code (the "Code"). The filings were made in the United States Bankruptcy Court in Wilmington, Delaware (the "Bankruptcy Court"). The cases have been assigned to the Honorable Judge Joseph J. Farnan, Jr. Judge Farnan granted a withdrawal of the cases to the United States District Court for the District of Delaware and the cases are being jointly administered under Case Number 02-44. The Company is filing copies of its monthly United States Trustee Reports under cover of Form 8-K in lieu of Forms 10-Q and 10-K in accordance with the Commission's general guidance as set forth in SEC Release No. 349660. Item 7. Exhibits. (c) Exhibits.
Exhibit No. Description ---------- ----------- 99.1 United States Trustee Report of the Company for June 2002. 99.2 United States Trustee Report of American Sintered Technologies, Inc. for June 2002 99.3 United States Trustee Report of Custom Technologies Corp. for June 2002 99.4 United States Trustee Report of Escast, Inc. for June 2002 99.5 United States Trustee Report of Fansteel Holdings, Inc. for June 2002 99.6 United States Trustee Report of Fansteel Schulz Products, Inc. for June 2002 99.7 United States Trustee Report of Phoenix Aerospace Corp. for June 2002 99.8 United States Trustee Report of Washington Manufacturing Co. for June 2002 99.9 United States Trustee Report of Wellman Dynamics Corp. for June 2002
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. FANSTEEL INC. By: /s/ GARY L. TESSITORE ------------------------ Name: Gary L. Tessitore Title: Chairman, President and Chief Executive Officer By: /s/ R. MICHAEL MCENTEE ------------------------- Name: R. Michael McEntee Title: Vice President and Chief Financial Officer Dated: July 26, 2002
EXHIBIT 99.1 FANSTEEL INC CASE # 02-10109 (JJF) -------------- REPORTING PERIOD June 30, 2002 -------------- Monthly Operating Report DOCUMENT EXPLANATION FORM NO. ATTACHED ATTACHED ------------ ---------- -------------- Required Documents Schedule of Cash Receipts and Disbursements MOR 1 Yes No Bank Reconciliations MOR 1 (cont) Available No Copies of bank statements Available No Cash disbursement journals Available No Statement of operations MOR 2 Yes No Balance Sheet MOR 3 Yes No Status of Postpetition Taxes MOR 4 Yes No Copies of payment receipts Available No Copies of tax returns filed during reporting period Available No Summary of Unpaid Postpetition Debts MOR 4 Yes No Listing of aged accounts payable Available No Accounts Receivable Reconciliation and Aging MOR 5 Yes No Debtor Questionnaire MOR 5 Yes No
I declare under penalty of perjury (28 U.S.C. Section 1746) that this report and the attached documents are true and correct to the best of my knowledge and belief. /s/ R. Michael McEntee July 22, 2002 --------------------------------------- -------------------------------- Signature of Authorized Individual Date R. Michael McEntee Vice President --------------------------------------- -------------------------------- Printed Name of Authorized Individual Title of Authorized Individual
FANSTEEL INC CASE # 02-10109 (JJF) -------------- REPORTING PERIOD June 30, 2002 -------------- SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS (MOR-1) CURRENT MONTH CUMULATIVE FILING TO DATE --------------------------------- ------------------------------ ACTUAL PROJECTED ACTUAL PROJECTED -------------- ---------------- ------------- -------------- RECEIPTS -------- A/R Collections $ 4,302,068 $ 4,481,043 $ 24,862,310 $ 24,506,093 Loans - - - - Sale of Assets - - - - InterCompany Transfers (336,701) (350,000) 322,876 656,000 Other 38,914 - 316,723 173,257 -------------- --------------- --------------- ------------- Total Receipts 4,004,281 4,831,043 25,501,909 25,335,350 -------------- --------------- --------------- ------------- DISBURSEMENTS ------------- Net Payroll 782,224 742,650 4,461,483 7,731,316 Payroll Taxes 325,394 369,422 2,119,849 2,138,169 Accounts Payable 976,466 1,924,439 10,434,126 11,329,984 Profit Sharing / Pension 232,553 134,000 986,456 1,126,795 Insurance 504,523 460,260 2,367,578 4,150,886 Commissions 150,031 171,983 805,238 934,665 Utilities 237,872 219,013 1,008,466 1,098,757 Leases / Rents 33,754 36,640 137,887 229,570 Bank Service Charges - - - - Loans - - - - Professional Fees-Bankruptcy 272,424 365,548 1,708,417 1,845,431 Capital Expenditures 50,000 50,000 50,000 50,000 US Trustee Fees - - 2,250 4,500 Court Costs - - - - -------------- --------------- --------------- ------------- Total disbursements 3,565,240 4,473,956 24,081,750 27,640,074 -------------- --------------- --------------- ------------- NET CASH FLOW $ 439,041 $ 357,087 $ 1,420,159 $ (2,304,724) ------------- ============== =============== =============== =============
FANSTEEL INC CASE # 02-10109 (JJF) -------------- REPORTING PERIOD June 30, 2002 -------------- BANK RECONCILIATION (MOR-1) (CONT.) Account Book Balance per Books Number Account Type Balance ----------- ------------------ ------------ Petty Cash N/A Petty cash $ 7,636 National City Bank 884096887 Operational 3,427,949 Bank of Waukegan 1955426 Payroll (206,410) Bank of Waukegan 1975978 Operational - Bank of Waukegan 1976083 Health Insurance 3,253 American National Bank 18080308 Concentration Account 123,999 First Midwest Bank 0173906 Petty Cash 1,241 Mellon Bank 0111587 Operational - National City 884096772 Operational (85,959) Mellon Bank 1465820 Payroll 26,229 National City Bank 884096799 Disbursement (30,047) Bank One 261379147 Payroll 1,670 National City Bank 884156747 Disbursements (20,760) American National Bank 18081568 Disbursement (267,741) American National Bank 18081576 Payroll (60,231) National City Bank 884096780 Operational (69,849) Hancock Bank 01-0101494 Payroll 5,413 Bancorp South 06582837 Operational 2,110 ----------- $2,858,503 =========== Bank reconciliations are available.
FANSTEEL INC CASE # 02-10109 (JJF) -------------- REPORTING PERIOD June 30, 2002 -------------- STATEMENT OF OPERATIONS (MOR-2) Month of CUMULATIVE June, 2002 FILING TO DATE -------------- ---------------- Gross Sales $ 4,028,771 $ 24,391,734 Less: Defective mat'l returned - - Sales allowances 12,500 88,187 Cash discounts 16,420 147,599 -------------- -------------- Total sales deductions 28,920 235,786 -------------- -------------- NET SALES 3,999,851 24,155,948 -------------- -------------- Cost of Sales 3,679,135 21,238,114 -------------- -------------- GROSS PROFIT 320,716 2,917,834 -------------- -------------- Selling, General & Admin. Expense Selling expense 335,741 1,807,358 General & Admin. expense 611,390 2,862,008 Corporate Fees (185,944) (1,037,904) -------------- -------------- Total S G & A and Environ. Expense 761,187 3,631,462 -------------- -------------- OPERATING INCOME (440,471) (713,628) -------------- -------------- OTHER INCOME (EXPENSE) Other Income (Expense) (16,088) (43,950) Interest Expense (46,342) (75,232) -------------- -------------- Other Income (Expense) (62,430) (119,182) -------------- -------------- INCOME (LOSS) BEFORE REORGANIZATION ITEMS (502,901) (832,810) -------------- -------------- REORGANIZATION ITEMS Professional Fees 230,656 1,347,070 US Trustee Quarterly Fees - 2,250 (Gain) Loss from sale of equipment - - Other Reorganization Expenses - - -------------- -------------- Total Reorganization Items 230,656 1,349,320 -------------- -------------- INCOME (LOSS) BEFORE TAXES (733,557) (2,182,130) Provision for Taxes 826,663 339,000 -------------- -------------- NET INCOME (LOSS) $ (1,560,220) $ (2,521,130) ============== ==============
FANSTEEL INC CASE # 02-10109 (JJF) -------------- REPORTING PERIOD June 30, 2002 -------------- BALANCE SHEET (MOR-3) 6/30/02 1/15/02 --------------- ------------ ASSETS ------------------------------------------------- CURRENT ASSETS Unrestricted cash and cash equivalents $ 1,878,499 $ 1,438,344 Restricted cash and cash equivalents 980,004 - Accounts receivable - net 10,105,928 9,703,056 Inventories -net 11,777,476 13,747,533 Other assets - current 2,093,850 3,556,028 --------------- ------------ TOTAL CURRENT ASSETS 26,835,757 28,444,961 --------------- ------------ OTHER ASSETS Deferred income taxes 2,679,550 6,453,559 Intercompany receivable 36,222,626 35,224,200 Investment in subsidiaries 15,221,175 15,221,175 Other 4,848,838 120,306 --------------- ------------ TOTAL OTHER ASSETS 58,972,189 57,019,240 --------------- ------------ PROPERTY, PLANT AND EQUIPMENT Land 381,348 381,348 Buildings 4,925,497 4,925,497 Machinery and equipment 36,001,210 35,951,210 --------------- ------------ Total property, plant and equipment 41,308,055 41,258,055 Less: Accum. depreciation and amortization 34,893,887 34,547,637 --------------- ------------ NET PROPERTY, PLANT AND EQUIPMENT 6,414,168 6,710,418 --------------- ------------ TOTAL ASSETS $ 92,222,114 $ 92,174,619 =============== ============ LIABILITIES & SHAREHOLDERS' EQUITY 6/30/02 1/15/02 ------------------------------------------------- --------------- ------------ LIABILITIES (POSTPETITION) ------------------------------------------------- CURRENT LIABILITIES Current portion of long-term debt $ - $ - Accounts payable 1,318,368 - Accrued liabilities 6,277,152 - Accrued income taxes - - Dividends payable - - --------------- ------------ TOTAL CURRENT LIABILITIES 7,595,520 - --------------- ------------ LONG-TERM DEBT - SECURED - - --------------- ------------ OTHER LIABILITIES Disc. operations and environ. remediation - - Deferred income taxes - - Intercompany payable 1,442,673 - Long-term pension liability 584,613 - --------------- ------------ TOTAL OTHER LIABILITIES 2,027,286 - --------------- ------------ TOTAL LIABILITIES (POSTPETITION) 9,622,806 - --------------- ------------
LIABILITIES (PREPETITION) ------------------------------------------------- Secured debt - - Priority debt 188,953 4,565,926 Unsecured debt 93,400,993 90,565,733 Intercompany payable 27,778,239 27,899,610 --------------- ------------ TOTAL LIABILITIES (PREPETITION) 121,368,185 123,031,269 --------------- ------------ TOTAL LIABILITIES 130,990,991 123,031,269 --------------- ------------ SHAREHOLDERS' EQUITY Common stock 21,747,145 21,747,145 Capital in excess of par value 316,000 316,000 Equity - unearned compensation - (4,903) Minimum pension liability adjustment (13,024,000) (8,740,000) Foreign currency translation adjustment - - Retained earnings - prepetition (44,174,892) (44,174,892) Retained earnings - postpetition (3,633,130) - --------------- ------------ TOTAL SHAREHOLDERS' EQUITY (38,768,877) (30,856,650) --------------- ------------ TOTAL LIABILITIES AND SHAREHOLDERS, EQUITY $ 92,222,114 $ 92,174,619 =============== ============ 1 Priority debts at January 15, 2002 which were related to wages, salaries, commissions, and contributions for employee benefit plans, were paid based on first day motions.
FANSTEEL INC CASE # 02-10109 (JJF) -------------- REPORTING PERIOD June 30, 2002 -------------- STATUS OF POST PETITION TAXES (MOR-4) --------------------------------------------------------------------------------------------- Tax Liability Beginning Amt. Withheld Amount at end of FEDERAL TAXES: Tax Liability or Amt of Tax Paid Current Month --------------------------------------------------------------------------------------------- Withholding 23,338 146,214 126,170 43,382 FICA-Employee 13,239 76,283 81,025 8,497 FICA-Employer 13,239 76,283 81,025 8,497 Unemployment (4,989) 1,560 0 (3,429) Income Tax 0 0 0 0 Foreign Income Tax 0 0 0 0 Other 0 0 0 0 ---------------------------------------------------------- TOTAL FEDERAL TAXES $44,827 $300,340 $288,220 $56,947 ---------------------------------------------------------- STATE AND LOCAL TAXES: Withholding 17,652 36,107 37,174 16,585 Unemployment 36,282 (6,337) 0 29,945 Sales 37,188 9,687 5,933 40,942 Income Tax 0 0 0 0 Real Property 171,918 (13,115) 42,149 116,654 Personal Property 24,190 3,820 0 28,010 Other: Local 2,376 2,950 2,733 2,593 ---------------------------------------------------------- TOTAL STATE AND LOCAL TAXES $289,606 $33,112 $87,989 $234,729 ---------------------------------------------------------- TOTAL POST PETITION TAXES $334,433 $333,452 $376,209 $291,676 ==========================================================
SUMMARY OF UNPAID POSTPETITION DEBT (MOR-4) --------------------------------------------------------------------------------------------------------------- Number of Days Past Due ---------------------------------------------------------------------------- Current 30 days 31-60 days 61-90 days over 90 days Total --------------------------------------------------------------------------------------------------------------- Accounts Payable 1,317,988 380 0 0 0 1,318,368 Wages Payable 2,347,080 0 0 0 0 2,347,080 Taxes Payable (Other than income) 291,676 0 0 0 0 291,676 Professional Fees 10,000 0 0 0 0 10,000 Rent/Lease - Building 0 0 0 0 0 0 Rent/Lease - Equipment 0 0 0 0 0 0 Other Accrued Liabilities 3,628,396 0 0 0 0 3,628,396 Income Taxes Payable 0 0 0 0 0 0 Secured Debt 0 0 0 0 0 0 Intercompany Payable 1,442,673 0 0 0 0 1,442,673 Other LT Liabilities 584,613 0 0 0 0 584,613 ---------------------------------------------------------------------------- TOTAL POSTPETITION DEBTS $9,622,426 $380 $0 $0 $0 $9,622,806 ============================================================================
FANSTEEL INC CASE # 02-10109 (JJF) -------------- REPORTING PERIOD June 30, 2002 -------------- DETAIL OF POSTPETITION TAXES PAID (MOR-4) ------------------------------------------------------------------------------------------- Dates Amount Check Nos. Description of Tax Paid Paid or EFT ------------------------------------------------------------------------------------------- State Withholding - California 06/04/02 $2,041 96752 State Withholding - California 06/11/02 2,196 96808 State Withholding - California 06/18/02 1,926 96850 State Withholding - California 06/25/02 2,286 96897 State Withholding - Connecticut 06/04/02 811 96754 State Withholding - Connecticut 06/11/02 787 96810 State Withholding - Connecticut 06/20/02 989 96876 State Withholding - Connecticut 06/27/02 896 96914 State Withholding - Illinois 06/11/02 1,366 96812 State Withholding - Illinois 06/27/02 1,421 96921 State Withholding - Indiana 06/27/02 438 96922 State Withholding - Kentucky 06/04/02 2,254 96764 State Withholding - Kentucky 06/20/02 1,982 96882 State Withholding - Mississippi 06/11/02 3,893 96818 State Withholding - Oklahoma 06/11/02 1,569 96819 State Withholding - Pennsylvania 06/04/02 5,133 96771 State Withholding - Pennsylvania 06/18/02 6,161 96863 State Withholding - Wisconsin 06/11/02 502 96821 State Withholding - Wisconsin 06/27/02 523 96838 Sales Tax - Colorado 06/06/02 59 96788 Sales Tax - Illinois 06/06/02 714 96793 Sales Tax - Illinois 06/20/02 970 96879 Sales Tax - Kentucky 06/06/02 364 96794 Sales Tax - Kentucky 06/20/02 119 96883 Sales Tax - Mississippi 06/06/02 846 96798 Sales Tax - Mississippi 06/20/02 642 96885 Sales Tax - Ohio 06/06/02 492 96800 Sales Tax - Ohio 06/20/02 318 96888 Sales Tax - Texas 06/06/02 15 96803 Sales Tax - Tennessee 06/06/02 50 96802 Sales Tax - Tennessee 06/20/02 188 96891 Sales Tax - Wyoming 06/20/02 1,156 96893 FICA & Fed W/H 06/05/02 61,340 EFT FICA & Fed W/H 06/12/02 86,985 EFT FICA & Fed W/H 06/19/02 60,762 EFT FICA & Fed W/H 06/26/02 79,133 EFT Lexington KY City/Cnty Occup & School Tax 06/30/02 2,733 C 15205 Los Angeles Property Taxes 06/30/02 28,527 45399 Lake County Collector-Prop Tax 06/04/02 13,622 96765 ------------ TOTAL POST PETITION TAXES PAID $ 376,209 ============
FANSTEEL INC CASE # 02-10109 (JJF) -------------- REPORTING PERIOD June 30, 2002 -------------- ACCOUNTS RECEIVABLE RECONCILIATION AND AGING (MOR-5) ----------------------------------------------------------------------------------------- ACCOUNTS RECEIVABLE RECONCILIATION ----------------------------------------------------------------------------------------- Total Accounts Receivable at the beginning of the reporting period 10,580,624 PLUS Amounts billed during the period 4,030,374 LESS Amounts collected during the period 4,302,068 ---------------- Total Accounts Receivable at the end of the reporting period $10,308,930 ================ ----------------------------------------------------------------------------------------- ACCOUNTS RECEIVABLE AGING ----------------------------------------------------------------------------------------- 0-30 days old 4,282,819 31-60 days old 2,560,850 61-90 days old 1,340,670 91+ days old 2,124,591 ---------------- Total Accounts Receivable 10,308,930 Amount considered uncollectible (bad debt) 382,521 ---------------- Accounts Receivable (Net) at the end of the current period $ 9,926,409 ================
DEBTOR QUESTIONNAIRE ------------------------------------------------------------------------------------------- MUST BE COMPLETED EACH MONTH. YES NO ------------------------------------------------------------------------------------------- 1. Have any assets been sold or transferred outside the normal course of business this reporting period? If yes, provide an explanation below. x 2. Have any funds been disbursed from any account other than a debtor in possession account this reporting period? If yes, provide an explanation below x 3. Have all postpetition tax returns been timely filed? If no, provide an explanation below. x 4. Are workers compensation and general liability and other necessary insurance coverages in effect? If no, provide an explanation below. x EXPLANATIONS: (PLEASE INSERT ROWS IF MORE INFO IS NEEDED OR ATTACHED SEPARATE SCHEDULE.) ------------ 1. 2. 3. 4.
EXHIBIT 99.2 AMERICAN SINTERED TECHNOLOGIES, INC. CASE # 02-10109 (JJF) -------------- REPORTING PERIOD June 30, 2002 -------------- MONTHLY OPERATING REPORT DOCUMENT EXPLANATION FORM NO. ATTACHED ATTACHED -------------- ------------ -------------- REQUIRED DOCUMENTS Schedule of Cash Receipts and Disbursements MOR 1 Yes No Bank Reconciliations MOR 1 (cont) Available No Copies of bank statements Available No Cash disbursement journals Available No Statement of operations MOR 2 Yes No Balance Sheet MOR 3 Yes No Status of Postpetition Taxes MOR 4 Yes No Copies of payment receipts Available No Copies of tax returns filed during reporting period Available No Summary of Unpaid Postpetition Debts MOR 4 Yes No Listing of aged accounts payable Available No Accounts Receivable Reconciliation and Aging MOR 5 Yes No Debtor Questionnaire MOR 5 Yes No
I declare under penalty of perjury (28 U.S.C. Section 1746) that this report and the attached documents are true and correct to the best of my knowledge and belief. /s/ R. Michael McEntee July 22, 2002 ----------------------------------------- ----------------------------------- Signature of Authorized Individual Date R. Michael McEntee Vice President ----------------------------------------- ----------------------------------- Printed Name of Authorized Individual Title of Authorized Individual
AMERICAN SINTERED TECHNOLOGIES, INC. CASE # 02-10109 (JJF) --------------- REPORTING PERIOD June 30, 2002 --------------- SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS (MOR-1) CURRENT MONTH CUMULATIVE FILING TO DATE ---------------------------- --------------------------------- ACTUAL PROJECTED ACTUAL PROJECTED ------------ ------------- --------------- -------------- RECEIPTS -------- A/R Collections $ 931,210 $ 905,000 $ 5,096,945 $ 5,023,257 Loans - - - - Sale of Assets - - - - InterCompany Transfers (431,044) (250,000) (865,402) (496,000) Other 4,456 - 9,283 1,382 ----------- -------------- --------------- -------------- Total Receipts 504,622 655,000 4,240,826 4,528,639 ----------- -------------- --------------- -------------- DISBURSEMENTS ------------- Net Payroll 89,356 97,000 562,942 566,788 Payroll Taxes 38,062 19,000 286,830 251,042 Accounts Payable 433,670 570,000 3,140,193 3,164,571 Profit Sharing / Pension - - - - Insurance 20,476 35,000 145,004 178,412 Commissions 23,112 25,000 191,005 164,392 Utilities 24,412 19,000 90,083 157,925 Leases / Rents - - - 13,143 Bank Service Charges - - - - Loans - - - - Professional Fees-Bankruptcy - - - - US Trustee Fees 1,741 2,000 1,741 2,000 Court Costs - - - - ----------- -------------- --------------- -------------- Total disbursements 630,829 767,000 4,417,798 4,498,273 ----------- -------------- --------------- -------------- NET CASH FLOW $(126,207) $(112,000) $(176,972) $ 30,366 ------------- =========== ============== =============== ==============
AMERICAN SINTERED TECHNOLOGIES, INC. CASE # 02-10109 (JJF) -------------- REPORTING PERIOD June 30, 2002 -------------- BANK RECONCILATION (MOR 1 CONTINUED) Account Book Balance per Books Number Account Type Balance --------- ------------- --------- Petty Cash N/A Petty cash 300 National City Bank of PA 239732043 Payroll $ 6,320 National City Bank 884096860 Disbursement $(165,639) --------- $(159,019) ========= Bank reconciliations are available.
AMERICAN SINTERED TECHNOLOGIES, INC. CASE # 02-10109 (JJF) -------------- REPORTING PERIOD June 30, 2002 -------------- STATEMENT OF OPERATIONS (MOR-2) Month of CUMULATIVE June 2002 FILING TO DATE --------------- ------------------ Gross Sales $ 864,769 $ 5,449,095 Less: Defective mat'l returned - - Sales allowances 55 5,181 Cash discounts 7,132 42,259 --------------- ---------------- Total sales deductions 7,187 47,440 --------------- ---------------- NET SALES 857,582 5,401,655 --------------- ---------------- Cost of Sales 702,514 4,384,561 --------------- ---------------- GROSS PROFIT 155,068 1,017,094 --------------- ---------------- Selling, General & Admin. Expense Selling expense 64,001 374,169 General & Admin. expense 30,284 203,342 Corporate Fees 6,944 39,153 --------------- ---------------- Total S G & A and Environ. Expense 101,229 616,664 --------------- ---------------- OPERATING INCOME 53,839 400,430 --------------- ---------------- OTHER INCOME (EXPENSE) Other Income (Expense) - 13,901 Interest Expense - (3,435) --------------- ---------------- Other Income (Expense) - 10,466 --------------- ---------------- INCOME (LOSS) BEFORE REORGANIZATION ITEMS 53,839 410,896 --------------- ---------------- REORGANIZATION ITEMS Professional Fees 16,000 80,000 US Trustee Quarterly Fees - - (Gain) Loss from sale of equipment - - Other Reorganization Expenses - - --------------- ---------------- Total Reorganization Items 16,000 80,000 --------------- ---------------- INCOME (LOSS) BEFORE TAXES 37,839 330,896 Provision for Taxes 14,000 121,000 --------------- ---------------- NET INCOME (LOSS) $ 23,839 $ 209,896 =============== ================
AMERICAN SINTERED TECHNOLOGIES, INC. CASE # 02-10109 (JJF) -------------- REPORTING PERIOD June 30, 2002 -------------- BALANCE SHEET (MOR-3) 6/30/02 1/15/02 ------------ ------------ ASSETS ------------------------------------------------ CURRENT ASSETS Unrestricted cash and cash equivalents ($159,019) $ 17,953 Restricted cash and cash equivalents - - Accounts receivable - net 1,210,560 894,078 Inventories -net 443,532 549,646 Other assets - current 30,748 7,707 ------------ ------------ TOTAL CURRENT ASSETS 1,525,821 1,469,384 ------------ ------------ OTHER ASSETS Deferred income taxes - - Intercompany receivable 877,284 - Investment in subsidiaries - - Other - goodwill 2,207,060 2,207,060 ------------ ------------ TOTAL OTHER ASSETS 3,084,344 2,207,060 ------------ ------------ PROPERTY , PLANT AND EQUIPMENT Land 84,000 84,000 Buildings 848,037 848,037 Machinery and equipment 4,774,603 4,772,863 ------------ ------------ Total property, plant and equipment 5,706,640 5,704,900 Less: Accum. depreciation and amortization 2,286,402 2,058,295 ------------ ------------ NET PROPERTY, PLANT AND EQUIPMENT 3,420,238 3,646,605 ------------ ------------ TOTAL ASSETS $ 8,030,403 $ 7,323,049 ============ ============ LIABILITIES & SHAREHOLDERS' EQUITY 6/30/02 1/15/02 ------------------------------------------------ ------------- ------------ LIABILITIES (POSTPETITION) ------------------------------------------------ CURRENT LIABILITIES Current portion of long-term debt $ - $ - Accounts payable 170,238 - Accrued liabilities 346,042 - Accrued income taxes 121,000 - Dividends payable - - ------------ ------------ TOTAL CURRENT LIABILITIES 637,280 - ------------ ------------ LONG-TERM DEBT - SECURED - - ------------ ------------ OTHER LIABILITIES Disc. operations and environ. remediation - - Deferred income taxes - - Intercompany payable 12,933 - Long-term pension liability - - ------------ ------------ TOTAL OTHER LIABILITIES 12,933 - ------------ ------------ TOTAL LIABILITIES (POSTPETITION) 650,213 - ------------ ------------
6/30/02 1/15/02 LIABILITIES (PREPETITION) ------------- ------------ ------------------------------------------------ Secured debt 1,056,640 1,056,640 Priority debt 1 154,826 306,530 Unsecured debt 1,206,760 1,206,760 Intercompany payable 4,366,896 4,367,947 ------------ ------------ TOTAL LIABILITIES (PREPETITION) 6,785,122 6,937,877 ------------ ------------ TOTAL LIABILITIES 7,435,335 6,937,877 ------------ ------------ SHAREHOLDERS' EQUITY Common stock 100 100 Capital in excess of par value - - Equity - unearned compensation - - Minimum pension liability adjustment - - Foreign currency translation adjustment - - Retained earnings - prepetition 385,072 385,072 Retained earnings - postpetition 209,896 - ------------ ------------ TOTAL SHAREHOLDERS' EQUITY 595,068 385,172 ------------ ------------ TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 8,030,403 $ 7,323,049 ============ ============ 1 Priority debts at January 15, 2002 which were related to wages, salaries, commissions, and contributions for employee benefit plans were paid based on first day motions.
AMERICAN SINTERED TECHNOLOGIES, INC. CASE # 02-10109 (JJF) -------------- REPORTING PERIOD June 30, 2002 -------------- STATUS OF POST PETITION TAXES (MOR-4) ----------------------------------------------------------------------------------------------- Tax Liability Beginning Amt. Withheld Amount at end of FEDERAL TAXES: Tax Liability or Amt of Tax Paid Current Month ----------------------------------------------------------------------------------------------- Withholding 8,188 14,314 14,599 7,903 FICA-Employee 5,386 9,815 9,935 5,266 FICA-Employer 5,386 9,815 9,935 5,266 Unemployment 2,191 0 0 2,191 Income Tax 94,000 12,000 0 106,000 Foreign Income Tax 0 0 0 0 Other: 0 0 0 0 ------------------------------------------------------------- TOTAL FEDERAL TAXES $115,151 $45,944 $34,469 $126,626 ------------------------------------------------------------- STATE AND LOCAL TAXES: --------------------- Withholding 2,686 4,875 3,593 3,968 Unemployment 2,084 0 0 2,084 Sales 0 0 0 0 Income Tax 13,000 2,000 0 15,000 Real Property 9,219 (9,219) 0 0 Personal Property 0 0 0 0 Other: Describe 0 0 0 0 ------------------------------------------------------------- TOTAL STATE AND LOCAL TAXES $26,989 $(2,344) $3,593 $21,052 ------------------------------------------------------------- ------------------------------------------------------------- TOTAL POST PETITION TAXES $142,140 $43,600 $38,062 $147,678 =============================================================
SUMMARY OF UNPAID POSTPETITION DEBT (MOR-4)
--------------------------------------------------------------------------------------------------------------------- Number of Days Past Due ---------------------------------------------------------------------------------- Current 30 days 31-60 days 61-90 days over 90 days Total --------------------------------------------------------------------------------------------------------------------- Accounts Payable 170,238 0 0 0 0 170,238 Wages Payable 267,473 0 0 0 0 267,473 Taxes Payable (Other than income) 26,678 0 0 0 0 26,678 Professional Fees 0 0 0 0 0 0 Rent/Lease - Building 0 0 0 0 0 0 Rent/Lease - Equipment 0 0 0 0 0 0 Other Accrued Liabilities 51,891 0 0 0 0 51,891 Income Taxes Payable 121,000 0 0 0 0 121,000 Secured Debt 0 0 0 0 0 0 Intercompany Payable 12,933 0 0 0 0 12,933 Other LT Liabilities 0 0 0 0 0 0 ---------------------------------------------------------------------------------- TOTAL POSTPETITION DEBTS $650,213 $0 $0 $0 $0 $650,213 ==================================================================================
AMERICAN SINTERED TECHNOLOGIES, INC. CASE # 02-10109 (JJF) -------------- REPORTING PERIOD June 30, 2002 -------------- DETAIL OF POSTPETTION TAXES PAID (MOR-4) -------------------------------------------------------------------------------- Dates Amount Check Nos. Description of Tax Paid Paid or EFT -------------------------------------------------------------------------------- FICA and Federal 06/05/02 $18,959 EFT FICA and Federal 06/19/02 15,510 EFT State withholding 06/13/02 1,665 10980 State withholding 06/27/02 1,928 11067 ------------ TOTAL POST PETITION TAXES PAID $38,062 ============
AMERICAN SINTERED TECHNOLOGIES, INC. CASE # 02-10109 (JJF) -------------- REPORTING PERIOD June 30, 2002 -------------- ACCOUNTS RECEIVABLE RECONCILIATION AND AGING (MOR-5) -------------------------------------------------------------------------------- ACCOUNTS RECEIVABLE RECONCILIATION -------------------------------------------------------------------------------- Total Accounts Receivable at the beginning of the reporting period $1,295,001 PLUS Amounts billed during the period 857,582 LESS Amounts collected during the period 931,210 ---------- Total Accounts Receivable at the end of the reporting period $1,221,373 ========== -------------------------------------------------------------------------------- ACCOUNTS RECEIVABLE AGING -------------------------------------------------------------------------------- 0-30 days old 768,534 31-60 days old 432,860 61-90 days old 14,830 91+ days old 5,149 ---------- Total Accounts Receivable 1,221,373 Amount considered uncollectible (bad debt) 10,861 ---------- Accounts Receivable (Net) at the end of the current period $1,210,512 ==========
DEBTOR QUESTIONNAIRE -------------------------------------------------------------------------------- MUST BE COMPLETED EACH MONTH. YES NO -------------------------------------------------------------------------------- 1. Have any assets been sold or transferred outside the normal course of business this reporting period? If yes, provide an explanation below. x 2. Have any funds been disbursed from any account other than a debtor in possession account this rexorting period? If yes, provide an explanation below. x 3. Have all postpetition tax returns been timely filed? If no, provide an explanation below. x 4. Are workers compensation and general liability and other necessary insurance coverages in effect? If no, provide an explanation below. x EXPLANATIONS: (Please insert rows if more info is needed or attached separate schedule.) ------------ 1. 2. 3. 4.
EXHIBIT 99.3 CUSTOM TECHNOLOGIES CORP. CASE # 02-10109 (JJF) -------------- REPORTING PERIOD June 30, 2002 -------------- MONTHLY OPERATING REPORT DOCUMENT EXPLANATION FORM NO. ATTACHED ATTACHED ------------ ------------- -------------- REQUIRED DOCUMENTS Schedule of Cash Receipts and Disbursements MOR 1 None Bank Reconciliations MOR 1 (cont) None Copies of bank statements None Cash disbursement journals None Statement of operations MOR 2 None Balance Sheet MOR 3 Attached Status of Postpetition Taxes MOR 4 None Copies of payment receipts None Copies of tax returns filed during reporting period None Summary of Unpaid Postpetition Debts MOR 4 None Listing of aged accounts payable None Accounts Receivable Reconciliation and Aging MOR 5 None Debtor Questionnaire MOR 5 Attached
I declare under penalty of perjury (28 U.S.C. Section 1746) that this report and the attached documents are true and correct to the best of my knowledge and belief. /s/ R. Michael McEntee July 22, 2002 ---------------------------------------- --------------------------------- Signature of Authorized Individual Date R. Michael McEntee Treasurer ---------------------------------------- --------------------------------- Printed Name of Authorized Individual Title of Authorized Individual
CUSTOM TECHNOLOGIES CORP. CASE # 02-10109 (JJF) -------------- REPORTING PERIOD June 30, 2002 -------------- BALANCE SHEET (MOR -3) 6/30/02 1/15/02 --------------- -------------- ASSETS ---------------------------------------------------- CURRENT ASSETS Unrestricted cash and cash equivalents $ 0 $ - Restricted cash and cash equivalents - - Accounts receivable - net - - Inventories -net - Other assets - current - - -------------- -------------- TOTAL CURRENT ASSETS - - -------------- -------------- OTHER ASSETS Deferred income taxes - - Intercompany receivable $ 1,332,139 1,332,139 Investment in subsidiaries 39,630,358 39,630,358 Other - - -------------- -------------- TOTAL OTHER ASSETS 40,962,497 40,962,497 -------------- -------------- PROPERTY, PLANT AND EQUIPMENT Land - - Buildings - - Machinery and equipment - - -------------- -------------- Total property, plant and equipment - - Less: Accum. depreciation and amortization - - -------------- -------------- NET PROPERTY, PLANT AND EQUIPMENT - - -------------- -------------- TOTAL ASSETS $ 40,962,497 $ 40,962,497 ============== ============== LIABILITIES & SHAREHOLDERS' EQUITY 6/30/02 1/15/02 ---------------------------------------------------- -------------- -------------- LIABILITIES (POSTPETITION) ---------------------------------------------------- CURRENT LIABILITIES Current portion of long-term debt $ - $ - Accounts payable - - Accrued liabilities - - Accrued income taxes - - Dividends payable - - -------------- -------------- TOTAL CURRENT LIABILITIES - - -------------- -------------- LONG-TERM DEBT - SECURED - - -------------- -------------- OTHER LIABILITIES Disc. operations and environ. remediation - - Deferred income taxes - - Intercompany payable - - Long-term pension liability - - -------------- -------------- TOTAL OTHER LIABILITIES - - -------------- -------------- TOTAL LIABILITIES (POSTPETITION) - - -------------- --------------
LIABILITIES (PREPETITION) ---------------------------------------------------- Secured debt - - Priority debt - - Unsecured debt - - -------------- -------------- TOTAL LIABILITIES (PREPETITION) - - -------------- -------------- TOTAL LIABILITIES - - -------------- -------------- SHAREHOLDERS' EQUITY Common stock 1,000 1,000 Capital in excess of par value 23,380,700 23,380,700 Equity - unearned compensation - - Minimum pension liability adjustment - - Foreign currency translation adjustment - - Retained earnings - prepetition 17,580,797 17,580,797 Retained earnings - postpetition - - -------------- -------------- TOTAL SHAREHOLDERS' EQUITY 40,962,497 40,962,497 -------------- -------------- TOTAL LIABILITIES AND SHAREHOLDERS, EQUITY $ 40,962,497 $ 40,962,497 ============== ==============
CUSTOM TECHNOLOGIES CORP. CASE # 02-10109 (JJF) -------------- REPORTING PERIOD June 30, 2002 -------------- DEBTOR QUESTIONNAIRE (MOR - 5) YES NO ------ ------ 1. Have any assets been sold or transferred outside of the normal course of business this reporting period? If yes, provide an explanation below. x 2. Have any funds been disbursed from any accounts other than a debtor in possession account in this reporting period? If yes, provide an explanation below. x 3. Have all postpetition tax returns been timely filed? If no, provide an explanation below. x 4. Are workers compensation, general liability and other necessary insurance coverages in effect? If no, provide an explanation below. x
EXHIBIT 99.4 ESCAST, INC. CASE # 02-10109 (JJF) -------------- REPORTING PERIOD June 30, 2002 -------------- MONTHLY OPERATING REPORT DOCUMENT EXPLANATION FORM NO. ATTACHED ATTACHED ------------ ------------ ----------- REQUIRED DOCUMENTS Schedule of Cash Receipts and Disbursements MOR 1 Yes No Bank Reconciliations MOR 1 (cont) Available No Copies of bank statements Available No Cash disbursement journals Available No Statement of operations MOR 2 Yes No Balance Sheet MOR 3 Yes No Status of Postpetition Taxes MOR 4 Yes No Copies of payment receipts Available No Copies of tax returns filed during reporting period Available No Summary of Unpaid Postpetition Debts MOR 4 Yes No Listing of aged accounts payable Available No Accounts Receivable Reconciliation and Aging MOR 5 Yes No Debtor Questionnaire MOR 5 Yes No
I declare under penalty of perjury (28 U.S.C. Section 1746) that this report and the attached documents are true and correct to the best of my knowledge and belief. /s/ R. Michael McEntee July 22, 2002 --------------------------------------- ---------------------------------- Signature of Authorized Individual Date R. Michael McEntee Vice President --------------------------------------- ---------------------------------- Printed Name of Authorized Individual Title of Authorized Individual
ESCAST, INC. CASE # 02-10109 (JJF) -------------- REPORTING PERIOD June 30, 2002 -------------- SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS (MOR-1) CURRENT MONTH CUMULATIVE FILING TO DATE ------------------------------- ------------------------------- ACTUAL PROJECTED ACTUAL PROJECTED ------------- ------------- -------------- -------------- RECEIPTS -------- A/R Collections $ 1,023,358 $ 1,140,000 $ 5,865,323 $ 5,832,774 Loans - - - - Sale of Assets - - - - InterCompamy Transfers 148,217 100,000 16,250 - Other - - - - -------------- ------------- -------------- -------------- Total Receipts 1,171,575 1,240,000 5,881,573 5,832,774 -------------- ------------- -------------- -------------- DISBURSEMENTS ------------- Net Payroll 78,647 82,550 546,879 526,181 Payroll Taxes 29,771 34,720 204,364 201,006 Accounts Payable 1,045,982 954,214 5,075,310 4,913,112 Profit Sharing / Pension 7,644 15,000 15,128 15,000 Insurance - - 50,624 50,000 Commissions 29,165 32,000 125,622 118,000 Utilities 4,492 8,500 47,205 41,013 Leases / Rents 2,341 4,200 27,952 30,296 Bank Service Charges - - - - Loans - - - - Professional Fees-Bankruptcy - - - - US Trustee Fees - - - - Court Costs - - - - -------------- ------------- -------------- -------------- Total disbursements 1,198,042 1,131,184 6,093,084 5,894,608 -------------- ------------- -------------- -------------- NET CASH FLOW $ (26,467) $ 108,816 $ (211,511) $ (61,834) ------------- ============== ============= ============== ==============
ESCAST, INC. CASE # 02-10109 (JJF) -------------- REPORTING PERIOD June 30, 2002 -------------- BANK RECONCILIATION (MOR 1 CONTINUED) Account Book Balance per Books Number Account Type Balance ------------------------------------ ------------- ----------------- -------------- Petty Cash N/A Petty cash 700 American National Bank 18080278 Disbursement $ - National City Bank 884096844 Disbursement (119,698) Bank One 2135-439-0104 Payroll 12,342 Texas Commerce Bank 85808720641 Disbursement 61 -------------- $ (106,595) ============== Bank reconciliations are available.
ESCAST, INC. CASE # 02-10109 (JJF) -------------- REPORTING PERIOD June 30, 2002 -------------- STATEMENT OF OPERATIONS (MOR-2) Month of CUMULATIVE June, 2002 FILING TO DATE ------------- -------------- Gross Sales $ 1,148,583 $ 6,391,848 Less: Defective mat'l returned 1,733 5,463 Sales allowances 8,611 9,451 Cash discounts 5,526 40,899 ------------- ------------- Total sales deductions 15,870 55,813 ------------- ------------- NET SALES 1,132,713 6,336,035 ------------- ------------- Cost of Sales 943,788 5,302,897 ------------- ------------- GROSS PROFIT 188,925 1,033,138 ------------- ------------- Selling, General & Admin. Expense Selling expense 50,394 381,030 General & Admin. expense 45,796 316,935 Corporate Fees 44,000 237,500 ------------- ------------- Total S G & A and Environ. Expense 140,190 935,465 ------------- ------------- OPERATING INCOME 48,735 97,673 ------------- ------------- OTHER INCOME (EXPENSE) Other Income (Expense) - 23 Interest Expense - - ------------- ------------- Other Income (Expense) - 23 ------------- ------------- INCOME (LOSS) BEFORE REORGANIZATION ITEMS 48,735 97,696 ------------- ------------- REORGANIZATION ITEMS Professional Fees 35,000 175,000 US Trustee Quarterly Fees - - (Gain) Loss from sale of equipment - - Other Reorganization Expenses - - ------------- ------------- Total Reorganization Items 35,000 175,000 ------------- ------------- INCOME (LOSS) BEFORE TAXES 13,735 (77,304) Provision for Taxes 7,971 (18,581) ------------- ------------- NET INCOME (LOSS) $ 5,764 $ (58,723) ============= =============
ESCAST, INC. CASE # 02-10109 (JJF) -------------- REPORTING PERIOD June 30, 2002 -------------- BALANCE SHEET (MOR-3) 6/30/02 1/15/02 ------------- ----------- ASSETS ----------------------------------------------------- CURRENT ASSETS Unrestricted cash and cash equivalents ($106,595) $ 104,916 Restricted cash and cash equivalents - - Accounts receivable - net 1,518,613 956,901 Inventories -net 1,267,108 1,085,331 Other assets - current 214,017 72,557 ------------- ----------- TOTAL CURRENT ASSETS 2,893,143 2,219,705 ------------- ----------- OTHER ASSETS Deferred income taxes 602,906 575,991 Intercompany receivable 395,464 316,912 Investment in subsidiaries 2,619,157 2,619,157 Other 5,470 - ------------- ----------- TOTAL OTHER ASSETS 3,622,997 3,512,060 ------------- ----------- PROPERTY, PLANT AND EQUIPMENT Land 68,653 68,653 Buildings 84,942 84,942 Machinery and equipment 4,300,918 4,300,918 ------------- ----------- Total property, plant and equipment 4,454,513 4,454,513 Less: Accum. depreciation and amortization 2,076,960 1,952,364 ------------- ----------- NET PROPERTY, PLANT AND EQUIPMENT 2,377,553 2,502,149 ------------- ----------- TOTAL ASSETS $ 8,893,693 $ 8,233,914 ============= =========== LIABILITIES & SHAREHOLDERS' EQUITY 6/30/02 1/15/02 ----------------------------------------------------- ------------- ----------- LIABILITIES (POSTPETITION) ----------------------------------------------------- CURRENT LIABILITIES Current portion of long-term debt $ - $ - Accounts payable 84,957 - Accrued liabilities 188,881 - Accrued income taxes - - Dividends payable - - ------------- ----------- TOTAL CURRENT LIABILITIES 273,838 - ------------- ----------- LONG-TERM DEBT - SECURED - - ------------- ----------- OTHER LIABILITIES Disc. operations and environ. remediation - - Deferred income taxes - - Intercompany payable 531,706 - Long-term pension liability - - ------------- ----------- TOTAL OTHER LIABILITIES 531,706 - ------------- ----------- TOTAL LIABILITIES (POSTPETITION) 805,544 - ------------- -----------
LIABILITIES (PREPETITION) 6/30/02 1/15/02 ----------------------------------------------------- ------------- ----------- Secured debt - - Priority debt 1 27,482 116,378 Unsecured debt 1,465,267 1,463,413 Intercompany payable 839,825 839,825 ------------- ----------- TOTAL LIABILITIES (PREPETITION) 2,332,574 2,419,616 ------------- ----------- TOTAL LIABILITIES 3,138,118 2,419,616 ------------- ----------- SHAREHOLDERS' EQUITY Common stock 1,000 1,000 Capital in excess of par value 4,067,259 4,067,259 Equity - unearned compensation - - Minimum pension liability adjustment - - Foreign currency translation adjustment - - Retained earnings - prepetition 1,746,039 1,746,039 Retained earnings - postpetition (58,723) - ------------- ----------- TOTAL SHAREHOLDERS' EQUITY 5,755,575 5,814,298 ------------- ----------- TOTAL LIABILITIES AND SHAREHOLDERS, EQUITY $ 8,893,693 $ 8,233,914 ============= =========== 1 Priority debts at January 15, 2002 which were related to wages, salaries, commissions, and contributions for employee benefit plans, were paid based on first day motions.
ESCAST, INC. CASE # 02-10109 (JJF) -------------- REPORTING PERIOD June 30, 2002 -------------- STATUS OF POST PETITION TAXES (MOR-4) ------------------------------------------------------------------------------------------------------ Tax Liability Beginning Amt. Withheld Amount at end of FEDERAL TAXES: Tax Liability or Amt of Tax Paid Current Month ------------------------------------------------------------------------------------------------------ Withholding 0 13,866 13,866 0 FICA-Employee 0 7,769 7,769 0 FICA-Employer 367 7,769 8,136 0 Unemployment 0 36 0 36 Income Tax 0 0 0 0 Foreign Income Tax 0 0 0 0 Other: 0 0 0 0 ------------------------------------------------------------------- TOTAL FEDERAL TAXES $ 367 $29,440 $29,771 $36 ------------------------------------------------------------------- STATE AND LOCAL TAXES: ---------------------- Withholding 0 876 0 876 Unemployment 0 155 0 155 Sales 2,016 0 0 2,016 Income Tax 0 0 0 0 Real Property 2,700 600 0 3,300 Personal Property 0 0 0 0 Other: Describe 0 0 0 0 ------------------------------------------------------------------- TOTAL STATE AND LOCAL TAXES $ 4,716 $1,631 $0 $6,347 ------------------------------------------------------------------- ------------------------------------------------------------------- TOTAL POST PETITION TAXES $ 5,083 $31,071 $29,771 $6,383 ===================================================================
---------------------------------------------------------------------------------------------------------------------------- Number of Days Past Due ------------------------------------------------------------------------------------------- Current 30 days 31-60 days 61-90 days over 90 days Total ---------------------------------------------------------------------------------------------------------------------------- Accounts Payable 84,957 0 0 0 0 84,957 Wages Payable 84,147 0 0 0 0 84,147 Taxes Payable (Other than income) 6,383 0 0 0 0 6,383 Professional Fees 0 0 0 0 0 0 Rent/Lease - Building 0 0 0 0 0 0 Rent/Lease - Equipment 0 0 0 0 0 0 Other Accrued Liabilities 98,351 0 0 0 0 98,351 Income Taxes Payable 0 0 0 0 0 0 Secured Debt 0 0 0 0 0 0 Intercompany Payable 531,706 0 0 0 0 531,706 Other LT Liabilities 0 0 0 0 0 0 ------------------------------------------------------------------------------------------- TOTAL POSTPETITION DEBTS $805,544 $0 $0 $0 $0 $805,544 ===========================================================================================
ESCAST, INC. CASE # 02-10109 (JJF) -------------- REPORTING PERIOD June 30, 2002 -------------- DETAIL OF POSTPETITION TAXES PAID (MOR-4) ----------------------------------------------------------------------------------------- Dates Amount Check Nos. Description of Tax Paid Paid or EFT ----------------------------------------------------------------------------------------- All payroll taxes are paid by ADP 29,771 EFT each week. --------- TOTAL POST PETITION TAXES PAID $29,771 =========
ESCAST, INC. CASE # 02-10109 (JJF) -------------- REPORTING PERIOD June 30, 2002 -------------- ACCOUNTS RECEIVABLE RECONCILIATION AND AGING (MOR-5) --------------------------------------------------------------------------------------------- ACCOUNTS RECEIVABLE RECONCILIATION --------------------------------------------------------------------------------------------- Total Accounts Receivable at the beginning of the reporting period $ 1,356,487 PLUS Amounts billed during the period 1,166,102 LESS Amounts collected during the period 1,023,358 ------------ Total Accounts Receivable at the end of the reporting period $ 1,499,231 ============ --------------------------------------------------------------------------------------------- ACCOUNTS RECEIVABLE AGING --------------------------------------------------------------------------------------------- 0-30 days old 905,733 31-60 days old 461,478 61-90 days old 86,787 91+ days old 45,233 ------------ Total Accounts Receivable 1,499,231 Amount considered uncollectible (bad debt) - ------------ Accounts Receivable (Net) at the end of the current period $ 1,499,231 ============
DEBTOR QUESTIONNAIRE ---------------------------------------------------------------------------------------------------- MUST BE COMPLETED EACH MONTH. YES NO ---------------------------------------------------------------------------------------------------- 1. Have any assets been sold or transferred outside the normal course of business this reporting period? If yes, provide an explanation below. No 2. Have any funds been disbursed from any account other than a debtor in possession account this reporting period? If yes, provide an explanation below. No 3. Have all postpetition tax returns been timely filed? If no, provide an explanation below. Yes 4. Are workers compensation and general liability and other necessary insurance coverages in effect? If no, provide an explanation below. Yes EXPLANATIONS: (Please insert rows if more info is needed or attached separate schedule.) ----------- 1. 2. 3. 4.
EXHIBIT 99.5 FANSTEEL HOLDINGS, INC CASE # 02-10109 (JJF) -------------- REPORTING PERIOD June 30, 2002 -------------- MONTHLY OPERATING REPORT DOCUMENT EXPLANATION FORM NO. ATTACHED ATTACHED ------------ ----------- ------------- REQUIRED DOCUMENTS Schedule of Cash Receipts and Disbursements MOR 1 Attached No Bank Reconciliations MOR 1 (cont) Attached No Copies of bank statements Available No Cash disbursement journals None No Statement of operations MOR 2 Attached No Balance Sheet MOR 3 Attached No Status of Postpetition Taxes MOR 4 None No Copies of payment receipts None No Copies of tax returns filed during reporting period None No Summary of Unpaid Postpetition Debts MOR 4 Attached No Listing of aged accounts payable None No Accounts Receivable Reconciliation and Aging MOR 5 None No Debtor Questionnaire MOR 5 Attached No I declare under penalty of perjury (28 U.S.C. Section 1746) that this report and the attached documents are true and correct to the best of my knowledge and belief. /s/ R. Michael McEntee July 22, 2002 ---------------------------------------- ------------------------------ Signature of Authorized Individual Date R. Michael McEntee Treasurer ---------------------------------------- ------------------------------ Printed Name of Authorized Individual Title of Authorized Individual
FANSTEEL HOLDINGS, INC CASE # 02-10109 (JJF) -------------- REPORTING PERIOD June 30, 2002 -------------- SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS CURRENT MONTH CUMULATIVE FILING TO DATE ------------------------- -------------------------- ACTUAL PROJECTED ACTUAL PROJECTED ----------- ------------ ---------- -------------- RECEIPTS -------- A/R Collections $ - $ - $ - $ - Loans - - - - Sale of Assets - - - - InterCompany Transfers - - - - Other - - - - ----------- ------------ ----------- ------------- Total Receipts - - - - ----------- ------------ ----------- ------------- DISBURSEMENTS ------------- Net Payroll - - - - Payroll Taxes - - - - Accounts Payable - - - - Profit Sharing / Pension - - - - Insurance - - - - Commissions - - - - Utilities - - - - Leases / Rents - - - - Bank Service Charges 17 17 103 103 Loans - - - - Professional Fees-Bankruptcy - - - - US Trustee Fees - - - - Court Costs - - - - ----------- ------------ ----------- ------------- Total disbursements 17 17 103 103 ----------- ------------ ----------- ------------- NET CASH FLOW $ (17) $ (17) $ (103) $ (103) ------------- =========== ============ =========== =============
FANSTEEL HOLDINGS, INC CASE # 02-10109 (JJF) -------------- REPORTING PERIOD June 30, 2002 -------------- BANK RECONCILIATION (MOR 1 CONTINUED) Account Book Balance per Books Number Account Type Balance ------------ --------------- ---------- Wilmington Trust Company 2477-7626 Operational $ 782 - - ---------- $ 782 ========== Bank reconciliations are available.
FANSTEEL HOLDINGS, INC CASE # 02-10109 (JJF) -------------- REPORTING PERIOD June 30, 2002 -------------- STATEMENT OF OPERATIONS (MOR-2) Month of CUMULATIVE June, 2002 FILING TO DATE --------------- ----------------- Gross Sales $ - $ - Less: Defective mat'l returned - - Sales allowances - - Cash discounts - - --------------- ----------------- Total sales deductions - - --------------- ----------------- NET SALES - - --------------- ----------------- Cost of Sales - - --------------- ----------------- GROSS PROFIT - - --------------- ----------------- Selling, General & Admin. Expense Selling expense - - General & Admin. expense 227 5,166 Corporate Fees - - --------------- ----------------- Total S G & A and Environ. Expense 227 5,166 --------------- ----------------- OPERATING INCOME (277) (5,166) --------------- ----------------- OTHER INCOME (EXPENSE) Other Income (Expense) - - Interest Expense - - --------------- ----------------- Other Income (Expense) - - --------------- ----------------- INCOME (LOSS) BEFORE REORGANIZATION ITEMS (227) (5,166) --------------- ----------------- REORGANIZATION ITEMS Professional Fees - - US Trustee Quarterly Fees - - (Gain) Loss from sale of equipment - - Other Reorganization Expenses - - --------------- ----------------- Total Reorganization Items - - --------------- ----------------- INCOME (LOSS) BEFORE TAXES (227) (5,166) Provision for Taxes - - --------------- ----------------- NET INCOME (LOSS) $ (277) $ (5,166) =============== =================
FANSTEEL HOLDINGS, INC CASE # 02-10109 (JJF) -------------- REPORTING PERIOD June 30, 2002 -------------- BALANCE SHEET (MOR-3) 6/30/02 1/15/02 ------------- -------------- ASSETS ---------------------------------------------- CURRENT ASSETS Unrestricted cash and cash equivalents $ 782 $ 885 Restricted cash and cash equivalents - - Accounts receivable - net - - Inventories -net - - Other assets - current - - ------------- -------------- TOTAL CURRENT ASSETS 782 885 ------------- -------------- OTHER ASSETS Deferred income taxes - - Intercompany receivable - - Investment in subsidiaries 40,554,342 40,554,342 Other - - ------------- -------------- TOTAL OTHER ASSETS 40,554,342 40,554,342 ------------- -------------- PROPERTY, PLANT AND EQUIPMENT Land - - Buildings - - Machinery and equipment - - ------------- -------------- Total property, plant and equipment - - Less: Accum. depreciation and amortization - - ------------- -------------- NET PROPERTY, PLANT AND EQUIPMENT - - ------------- -------------- TOTAL ASSETS $ 40,555,124 $ 40,555,227 ============= ============== LIABILITIES & SHAREHOLDERS' EQUITY 6/30/02 1/15/02 ---------------------------------------------- ------------- -------------- LIABILITIES (POSTPETITION) ---------------------------------------------- CURRENT LIABILITIES Current portion of long-term debt $ - $ - Accounts payable - - Accrued liabilities - - Accrued income taxes - - Dividends payable - - ------------- -------------- TOTAL CURRENT LIABILITIES - - ------------- -------------- LONG-TERM DEBT - SECURED - - ------------- -------------- OTHER LIABILITIES Disc. operations and environ. remediation - - Deferred income taxes - - Intercompany payable 2,533 - Long-term pension liability - - ------------- -------------- TOTAL OTHER LIABILITIES 2,533 - ------------- -------------- TOTAL LIABILITIES (POSTPETITION) 2,533 - ------------- --------------
LIABILITIES (PREPETITION) ---------------------------------------------- Secured debt - - Priority debt 1,000 1,000 Unsecured debt - - Intercompany payable 30,856,457 30,853,927 ------------- -------------- TOTAL LIABILITIES (PREPETITION) 30,857,457 30,854,927 ------------- -------------- TOTAL LIABILITIES 30,859,990 30,854,927 ------------- -------------- SHAREHOLDERS' EQUITY Common stock - - Capital in excess of par value - - Equity - unearned compensation - - Minimum pension liability adjustment - - Foreign currency translation adjustment - - Retained earnings - prepetition 9,700,300 9,700,300 Retained earnings - postpetition (5,166) - ------------- -------------- TOTAL SHAREHOLDERS' EQUITY 9,695,134 9,700,300 ------------- -------------- TOTAL LIABILITIES AND SHAREHOLDERS, EQUITY $ 40,555,124 $ 40,555,227 ============= ==============
FANSTEEL HOLDINGS, INC CASE # 02-10109 (JJF) -------------- REPORTING PERIOD June 30, 2002 -------------- STATUS OF POST PETITION TAXES (MOR-4) ------------------------------------------------------------------------------------------------ Tax Liability Beginning Amt. Withheld Amount at end of FEDERAL TAXES: Tax Liability or Amt of Tax Paid Current Month ------------------------------------------------------------------------------------------------ Withholding 0 0 0 0 FICA-Employee 0 0 0 0 FICA-Employer 0 0 0 0 Unemployment 0 0 0 0 Income Tax 0 0 0 0 Foreign Income Tax 0 0 0 0 Other: 0 0 0 0 --------------------------------------------------------------- TOTAL FEDERAL TAXES $0 $0 $0 $0 --------------------------------------------------------------- STATE AND LOCAL TAXES: ---------------------- Withholding 0 0 0 0 Unemployment 0 0 0 0 Sales 0 0 0 0 Income Tax 0 0 0 0 Real Property 0 0 0 0 Personal Property 0 0 0 0 Other: Describe 0 0 0 0 --------------------------------------------------------------- TOTAL STATE AND LOCAL TAXES $0 $0 $0 $0 --------------------------------------------------------------- --------------------------------------------------------------- TOTAL POST PETITION TAXES $0 $0 $0 $0 ===============================================================
SUMMARY OF UNPAID POSTPETITION DEBT (MOR-4) ---------------------------------------------------------------------------------------------------------------------- Number of Days Past Due ------------------------------------------------------------------------------------- Current 30 days 31-60 days 61-90 days over 90 days Total ---------------------------------------------------------------------------------------------------------------------- Accounts Payable 0 0 0 0 0 0 Wages Payable 0 0 0 0 0 0 Taxes Payable (Other than income) 0 0 0 0 0 0 Professional Fees 0 0 0 0 0 0 Rent/Lease - Building 0 0 0 0 0 0 Rent/Lease - Equipment 0 0 0 0 0 0 Other Accrued Liabilities 0 0 0 0 0 0 Income Taxes Payable 0 0 0 0 0 0 Secured Debt 0 0 0 0 0 0 Intercompany Payable 2,533 0 0 0 0 2,533 Other LT Liabilities 0 0 0 0 0 0 -------------------------------------------------------------------------------------- TOTAL POSTPETITION DEBTS $2,533 $0 $0 $0 $0 $2,533 ======================================================================================
FANSTEEL HOLDINGS, INC CASE # 02-10109 (JJF) -------------- REPORTING PERIOD June 30, 2002 -------------- DEBTOR QUESTIONNAIRE (MOR-5) ---------------------------------------------------------------------------------------------- MUST BE COMPLETED EACH MONTH. YES NO ---------------------------------------------------------------------------------------------- 1. Have any assets been sold or transferred outside the normal course of business this reporting period? If yes, provide an explanation below. X 2. Have any funds been disbursed from any account other than a debtor in possession account this rexorting period? If yes, provide an explanation below. X 3. Have all postpetition tax returns been timely filed? If no, provide an explanation below. X 4. Are workers compensation and general liability and other necessary insurance coverages in effect? If no, provide an explanation below. X EXPLANATIONS: (PLEASE INSERT ROWS IF MORE INFO IS NEEDED OR ATTACHED SEPARATE SCHEDULE.) ------------ 1. 2. 3. 4.
EXHIBIT 99.6 FANSTEEL SCHULZ PRODUCTS, INC. CASE # 02-10109 (JJF) -------------- REPORTING PERIOD June 30, 2002 -------------- MONTHLY OPERATING REPORT DOCUMENT EXPLANATION FORM NO. ATTACHED ATTACHED ------------- ------------- ------------- REQUIRED DOCUMENTS Schedule of Cash Receipts and Disbursements MOR 1 Yes No Bank Reconciliations MOR 1 (cont) Available No Copies of bank statements Available No Cash disbursement journals Available No Statement of operations MOR 2 Yes No Balance Sheet MOR 3 Yes No Status of Postpetition Taxes MOR 4 Yes No Copies of payment receipts Available No Copies of tax returns filed during reporting period Available No Summary of Unpaid Postpetition Debts MOR 4 Yes No Listing of aged accounts payable Available No Accounts Receivable Reconciliation and Aging MOR 5 Yes No Debtor Questionnaire MOR 5 Yes No
I declare under penalty of perjury (28 U.S.C. Section 1746) that this report and the attached documents are true and correct to the best of my knowledge and belief. /s/ R. Michael McEntee July 22, 2002 --------------------------------------- ----------------------------------- Signature of Authorized Individual Date R. Michael McEntee Vice President --------------------------------------- ----------------------------------- Printed Name of Authorized Individual Title of Authorized Individual
FANSTEEL SCHULZ PRODUCTS, INC. CASE # 02-10109 (JJF) -------------- REPORTING PERIOD June 30, 2002 -------------- SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS (MOR 1) CURRENT MONTH CUMULATIVE FILING TO DATE ---------------------------------- -------------------------------------- ACTUAL PROJECTED ACTUAL PROJECTED --------------- ---------------- ----------------- ----------------- RECEIPTS -------- A/R Collections $ 368,609 $ 353,704 $ 1,692,328 $ 1,800,053 Loans - - - - Sale of Assets - - - - InterCompany Transfers 92,360 100,000 338,693 106,000 Other - - 4,316 829 -------------- --------------- ---------------- ---------------- Total Receipts 460,969 453,704 2,035,337 1,906,882 -------------- --------------- ---------------- ---------------- DISBURSEMENTS ------------- Net Payroll 85,891 80,800 467,324 458,909 Payroll Taxes 35,497 36,000 183,322 199,755 Accounts Payable 311,847 291,611 1,216,607 1,164,022 Profit Sharing / Pension - - - - Insurance 13,913 16,000 77,736 95,321 Commissions - - - - Utilities 5,156 5,000 17,705 21,772 Leases / Rents 3,788 3,788 20,834 20,846 Bank Service Charges - - - - Loans - - - - Capital Expenditures 10,334 10,334 10,334 10,334 Professional Fees-Bankruptcy - - - - US Trustee Fees - - - - Court Costs - - - - -------------- --------------- ---------------- ---------------- Total disbursements 466,426 443,533 1,993,863 1,970,959 -------------- --------------- ---------------- ---------------- NET CASH FLOW $ (5,457) $ 10,171 $ 41,474 $ (64,077) ------------- ============== =============== ================ ================
FANSTEEL SCHULZ PRODUCTS, INC. CASE # 02-10109 (JJF) -------------- REPORTING PERIOD June 30, 2002 -------------- BANK RECONCILIATION (MOR 1 CONT) Account Book Balance per Books Number Account Type Balance -------------- ------------------- ------------ Petty Cash N/A Petty cash - American National Bank 18082912 Disbursement $ (26,877) American National Bank 5300011495 Payroll 17,962 ----------- $ (8,915) ===========
FANSTEEL SCHULZ PRODUCTS, INC. CASE # 02-10109 (JJF) -------------- REPORTING PERIOD June 30, 2002 -------------- STATEMENT OF OPERATIONS (MOR-2) Month of CUMULATIVE June 2002 FILING TO DATE ---------------- ---------------- Gross Sales $ 431,994 $ 2,122,572 Less: Defective mat'l returned - - Sales allowances - - Cash discounts - 10,320 ---------------- ---------------- Total sales deductions - 10,320 ---------------- ---------------- NET SALES 431,994 2,112,252 ---------------- ---------------- Cost of Sales 337,581 1,741,523 ---------------- ---------------- GROSS PROFIT 94,413 370,729 ---------------- ---------------- Selling, General & Admin. Expense Selling expense - - General & Admin. expense 16,658 102,560 Corporate Fees 10,000 67,000 ---------------- ---------------- Total S G & A and Environ. Expense 26,658 169,560 ---------------- ---------------- OPERATING INCOME 67,755 201,169 ---------------- ---------------- OTHER INCOME (EXPENSE) Other Income (Expense) (1,365) (1,385) Interest Expense - - ---------------- ---------------- Other Income (Expense) (1,365) (1,385) ---------------- ---------------- INCOME (LOSS) BEFORE REORGANIZATION ITEMS 66,390 199,784 ---------------- ---------------- REORGANIZATION ITEMS Professional Fees 10,000 50,000 US Trustee Quarterly Fees - - (Gain) Loss from sale of equipment - - Other Reorganization Expenses - - ---------------- ---------------- Total Reorganization Items 10,000 50,000 ---------------- ---------------- INCOME (LOSS) BEFORE TAXES 56,390 149,784 Provision for Taxes 20,000 51,000 ---------------- ---------------- NET INCOME (LOSS) $ 36,390 $ 98,784 ================ ================
FANSTEEL SCHULZ PRODUCTS, INC. CASE # 02-10109 (JJF) -------------- REPORTING PERIOD June 30, 2002 -------------- BALANCE SHEET (MOR-3) 6/30/02 1/15/02 -------------- ------------- ASSETS ---------------------------------------------------- CURRENT ASSETS Unrestricted cash and cash equivalents ($8,915) $ (50,389) Restricted cash and cash equivalents - - Accounts receivable - net 748,699 376,639 Inventories -net 1,244,540 1,145,567 Other assets - current 40,620 21,786 -------------- ------------- TOTAL CURRENT ASSETS 2,024,944 1,493,603 -------------- ------------- OTHER ASSETS Deferred income taxes - - Intercompany receivable 2,596,386 2,596,386 Investment in subsidiaries - - Other - - -------------- ------------- TOTAL OTHER ASSETS 2,596,386 2,596,386 -------------- ------------- PROPERTY, PLANT AND EQUIPMENT Land - - Buildings - - Machinery and equipment 569,388 559,054 -------------- ------------- Total property, plant and equipment 569,388 559,054 Less: Accum. depreciation and amortization 279,522 253,908 -------------- ------------- NET PROPERTY, PLANT AND EQUIPMENT 289,866 305,146 -------------- ------------- TOTAL ASSETS $ 4,911,196 $ 4,395,135 ============== ============= LIABILITIES & SHAREHOLDERS' EQUITY 6/30/02 1/15/02 ----------------------------------------------------- -------------- ------------- LIABILITIES (POSTPETITION) ---------------------------------------------------- CURRENT LIABILITIES Current portion of long-term debt $ - $ - Accounts payable 65,481 - Accrued liabilities 202,742 - Accrued income taxes 51,000 - Dividends payable - - -------------- ------------- TOTAL CURRENT LIABILITIES 319,223 - -------------- ------------- LONG-TERM DEBT - SECURED - - -------------- ------------- OTHER LIABILITIES Disc. operations and environ. remediation - - Deferred income taxes - - Intercompany payable 338,693 - Long-term pension liability - - -------------- ------------- TOTAL OTHER LIABILITIES 338,693 - -------------- ------------- TOTAL LIABILITIES (POSTPETITION) 657,916 - -------------- -------------
6/30/02 1/15/02 LIABILITIES (PREPETITION) -------------- ------------- ---------------------------------------------------- Secured debt - - Priority debt 1 107,378 348,267 Unsecured debt 278,509 278,259 Intercompany payable - - -------------- ------------- TOTAL LIABILITIES (PREPETITION) 385,887 626,526 -------------- ------------- TOTAL LIABILITIES 1,043,803 626,526 -------------- ------------- SHAREHOLDERS' EQUITY Common stock 100 100 Capital in excess of par value 2,680,746 2,680,746 Equity - unearned compensation - - Minimum pension liability adjustment - - Foreign currency translation adjustment - - Retained earnings - prepetition 1,087,763 1,087,763 Retained earnings - postpetition 98,784 - -------------- ------------- TOTAL SHAREHOLDERS' EQUITY 3,867,393 3,768,609 -------------- ------------- TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 4,911,196 $ 4,395,135 ============== =============
1 Priority debts at January 15, 2002 which were related to wages, salaries, commissions, and contributions for employee benefit plans, were paid based on first day motions.
FANSTEEL SCHULZ PRODUCTS, INC. CASE # 02-10109 (JJF) -------------- REPORTING PERIOD June 30, 2002 -------------- STATUS OF POST PETITION TAXES (MOR-4) -------------------------------------------------------------------------------------------------------- Tax Liability Beginning Amt. Withheld Amount at end of FEDERAL TAXES: Tax Liability or Amt of Tax Paid Current Month -------------------------------------------------------------------------------------------------------- Withholding 16,823 11,987 11,942 16,868 FICA-Employee 495 8,945 8,936 504 FICA-Employer 494 8,945 8,936 503 Unemployment 1,527 117 0 1,644 Income Tax 31,000 20,000 0 51,000 Foreign Income Tax 0 0 0 0 Other: 0 0 0 0 ---------------------------------------------------------------- TOTAL FEDERAL TAXES $50,339 $49,994 $29,814 $70,519 ---------------------------------------------------------------- STATE AND LOCAL TAXES: ---------------------- Withholding 2,383 4,892 5,683 1,592 Unemployment 12,125 1,042 0 13,167 Sales 0 0 0 0 Income Tax 0 0 0 0 Real Property 0 0 0 0 Personal Property (1,567) (1,411) 0 (2,978) Other: Describe 0 0 0 0 ---------------------------------------------------------------- TOTAL STATE AND LOCAL TAXES $12,941 $ 4,523 $ 5,683 $11,781 ---------------------------------------------------------------- ---------------------------------------------------------------- TOTAL POST PETITION TAXES $63,280 $54,517 $35,497 $82,300 ================================================================
SUMMARY OF UNPAID POSTPETITION DEBT (MOR-4) ----------------------------------------------------------------------------------------------------------------------------------- Number of Days Past Due -------------------------------------------------------------------------------------------- Current 30 days 31-60 days 61-90 days over 90 days Total ----------------------------------------------------------------------------------------------------------------------------------- Accounts Payable 65,481 0 0 0 0 65,481 Wages Payable 146,988 0 0 0 0 146,988 Taxes Payable (Other than income) 31,300 0 0 0 0 31,300 Professional Fees 0 0 0 0 0 0 Rent/Lease - Building 0 0 0 0 0 0 Rent/Lease - Equipment 0 0 0 0 0 0 Other Accrued Liabilities 24,454 0 0 0 0 24,454 Income Taxes Payable 51,000 0 0 0 0 51,000 Secured Debt 0 0 0 0 0 0 Intercompany Payable 338,693 0 0 0 0 338,693 Other LT Liabilities 0 0 0 0 0 0 -------------------------------------------------------------------------------------------- TOTAL POSTPETITION DEBTS $657,916 $0 $0 $0 $0 $657,916 ============================================================================================
FANSTEEL SCHULZ PRODUCTS, INC. CASE # 02-10109 (JJF) -------------- REPORTING PERIOD June 30, 2002 -------------- DETAIL OF POSTPETITION TAXES PAID (MOR-4) --------------------------------------------------------------------------------------- Dates Amount Check Nos. Description of Tax Paid Paid or EFT --------------------------------------------------------------------------------------- Federal Employee Inc. Tax W/H 06/04/02 2,840 EFT Federal Employee Inc. Tax W/H 06/11/02 2,793 EFT Federal Employee Inc. Tax W/H 06/18/02 3,267 EFT Federal Employee Inc. Tax W/H 06/25/02 3,042 EFT FICA-Employee & Employer 06/04/02 3,576 EFT FICA-Employee & Employer 06/11/02 3,559 EFT FICA-Employee & Employer 06/18/02 3,715 EFT FICA-Employee & Employer 06/25/02 3,635 EFT Withheld Medicare-EE & ER 06/04/02 836 EFT Withheld Medicare-EE & ER 06/11/02 832 EFT Withheld Medicare-EE & ER 06/18/02 869 EFT Withheld Medicare-EE & ER 06/25/02 850 EFT State Employee Inc Tax W/H 06/14/02 4,410 7968 SDI 06/14/02 1,273 7968 ---------- TOTAL POST PETITION TAXES PAID $35,497 ==========
FANSTEEL SCHULZ PRODUCTS, INC. CASE # 02-10109 (JJF) -------------- REPORTING PERIOD June 30, 2002 -------------- ACCOUNTS RECEIVABLE RECONCILIATION AND AGING (MOR-5) ---------------------------------------------------------------------------------------------- ACCOUNTS RECEIVABLE RECONCILIATION ---------------------------------------------------------------------------------------------- Total Accounts Receivable at the beginning of the reporting period $ 686,793 PLUS Amounts billed during the period 431,994 LESS Amounts collected during the period 368,609 ------------- Total Accounts Receivable at the end of the reporting period $ 750,178 ============= ---------------------------------------------------------------------------------------------- ACCOUNTS RECEIVABLE AGING ---------------------------------------------------------------------------------------------- 0-30 days old 463,811 31-60 days old 213,206 61-90 days old 32,595 91+ days old 40,566 ------------- Total Accounts Receivable 750,178 Amount considered uncollectible (bad debt) 4,000 ------------- Accounts Receivable (Net) at the end of the current period $ 746,178 =============
DEBTOR QUESTIONNAIRE ------------------------------------------------------------------------------------------------------- MUST BE COMPLETED EACH MONTH. YES NO ------------------------------------------------------------------------------------------------------- 1. Have any assets been sold or transferred outside the normal course of business this reporting period? If yes, provide an explanation below. X 2. Have any funds been disbursed from any account other than a debtor in possession account this reporting period? If yes, provide an explanation below. X 3. Have all postpetition tax returns been timely filed? If no, provide an explanation below. X 4. Are workers compensation and general liability and other necessary insurance coverages in effect? If no, provide an explanation below. X EXPLANATIONS: (PLEASE INSERT ROWS IF MORE INFO IS NEEDED OR ATTACHED SEPARATE SCHEDULE.) ------------ 1. 2. 3. 4.
EXHIBIT 99.7 PHOENIX AEROSPACE CORP. CASE # 02-10109 (JJF) -------------- REPORTING PERIOD June 30, 2002 -------------- MONTHLY OPERATING REPORT DOCUMENT EXPLANATION FORM NO. ATTACHED ATTACHED ---------- ---------- ------------ REQUIRED DOCUMENTS Schedule of Cash Receipts and Disbursements MOR 1 None No Bank Reconciliations MOR 1 (cont) None No Copies of bank statements None No Cash disbursement journals None No Statement of operations MOR 2 Attached No Balance Sheet MOR 3 Attached No Status of Postpetition Taxes MOR 4 None No Copies of payment receipts None No Copies of tax returns filed during reporting period None No Summary of Unpaid Postpetition Debts MOR 4 None No Listing of aged accounts payable None No Accounts Receivable Reconciliation and Aging MOR 5 None No Debtor Questionnaire MOR 5 Attached No
I declare under penalty of perjury (28 U.S.C. Section 1746) that this report and the attached documents are true and correct to the best of my knowledge and belief. /s/ R. Michael McEntee July 22, 2002 -------------------------------------------- ------------------------------- Signature of Authorized Individual Date R. Michael McEntee Treasurer -------------------------------------------- ------------------------------- Printed Name of Authorized Individual Title of Authorized Individual
PHOENIX AEROSPACE CORP. CASE # 02-10109 (JJF) -------------- REPORTING PERIOD June 30, 2002 -------------- STATEMENT OF OPERATIONS (MOR-2) Month of CUMULATIVE June, 2002 FILING TO DATE ----------- ---------------- Gross Sales $ - $ - Less: Defective mat'l returned - - Sales allowances - - Cash discounts - - Total sales deductions ----------- -------------- - - ----------- -------------- NET SALES - - ----------- -------------- Cost of Sales (5,444) (29,942) ----------- -------------- GROSS PROFIT 5,444 29,942 ----------- -------------- Selling, General & Admin. Expense Selling expense - - General & Admin. expense - - Corporate Fees - - ----------- -------------- Total S G & A and Environ. Expense - - ----------- -------------- OPERATING INCOME 5,444 29,942 ----------- -------------- OTHER INCOME (EXPENSE) Other Income (Expense) - - Interest Expense - - ----------- -------------- Other Income (Expense) - - ----------- -------------- INCOME (LOSS) BEFORE REORGANIZATION ITEMS 5,444 29,942 ----------- -------------- REORGANIZATION ITEMS Professional Fees - - US Trustee Quarterly Fees - - (Gain) Loss from sale of equipment - - Other Reorganization Expenses - - ----------- -------------- Total Reorganization Items - - ----------- -------------- INCOME (LOSS) BEFORE TAXES 5,444 29,942 Provision for Taxes - - ----------- -------------- NET INCOME (LOSS) $ 5,444 $ 29,942 =========== ==============
PHOENIX AEROSPACE CORP. CASE # 02-10109 (JJF) -------------- REPORTING PERIOD June 30, 2002 -------------- BALANCE SHEET (MOR-3) 6/30/02 1/15/02 ----------- ----------- ASSETS ------------------------------------------ CURRENT ASSETS Unrestricted cash and cash equivalents $ - $ - Restricted cash and cash equivalents - - Accounts receivable - net - - Inventories -net - - Other assets - current - - ------------- ------------- TOTAL CURRENT ASSETS - - ------------- ------------- OTHER ASSETS Deferred income taxes - - Intercompany receivable 504,000 471,000 Investment in subsidiaries - - Other - - ------------- ------------- TOTAL OTHER ASSETS 504,000 471,000 ------------- ------------- PROPERTY, PLANT AND EQUIPMENT Land 465,000 465,000 Buildings 260,000 260,000 Machinery and equipment - - ------------- ------------- Total property, plant and equipment 725,000 725,000 Less: Accum. depreciation and amortization 46,949 43,891 ------------- ------------- NET PROPERTY, PLANT AND EQUIPMENT 678,051 681,109 ------------- ------------- TOTAL ASSETS $ 1,182,051 $ 1,152,109 ============= ============= LIABILITIES & SHAREHOLDERS' EQUITY 6/30/02 1/15/02 ------------------------------------------ ----------- ----------- LIABILITIES (POSTPETITION) ------------------------------------------ CURRENT LIABILITIES Current portion of long-term debt $ - $ - Accounts payable - - Accrued liabilities - - Accrued income taxes - - Dividends payable - - ------------- ------------- TOTAL CURRENT LIABILITIES - - ------------- ------------- LONG-TERM DEBT - SECURED - - ------------- ------------- OTHER LIABILITIES Disc. operations and environ. remediation - - Deferred income taxes - - Intercompany payable - - Long-term pension liability - - ------------- ------------- TOTAL OTHER LIABILITIES - - ------------- ------------- TOTAL LIABILITIES (POSTPETITION) - - ------------- -------------
6/30/02 1/15/02 ----------- ----------- LIABILITIES (PREPETITION) ------------------------------------------ Secured debt - - Priority debt - - Unsecured debt - - Intercompany payable - - ------------- ------------- TOTAL LIABILITIES (PREPETITION) - - ------------- ------------- TOTAL LIABILITIES - - ------------- ------------- SHAREHOLDERS' EQUITY Common stock - - Capital in excess of par value 725,000 725,000 Equity - unearned compensation - - Minimum pension liability adjustment - - Foreign currency translation adjustment - - Retained earnings - prepetition 427,109 427,109 Retained earnings - postpetition 29,942 - ------------- ------------- TOTAL SHAREHOLDERS' EQUITY 1,182,051 1,152,109 ------------- ------------- TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 1,182,051 $ 1,152,109 ============= =============
PHOENIX AEROSPACE CORP. CASE # 02-10109 (JJF) -------------- REPORTING PERIOD June 30, 2002 -------------- ACCOUNTS RECEIVABLE RECONCILIATION AND AGING (MOR-5) ------------------------------------------------------------------------------- ACCOUNTS RECEIVABLE RECONCILIATION ------------------------------------------------------------------------------- Total Accounts Receivable at the beginning of the reporting period $0 PLUS Amounts billed during the period 0 LESS Amounts collected during the period 0 --------------- Total Accounts Receivable at the end of the reporting period $0 =============== ------------------------------------------------------------------------------- ACCOUNTS RECEIVABLE AGING ------------------------------------------------------------------------------- 0-30 days old 0 31-60 days old 0 61-90 days old 0 91+ days old 0 --------------- Total Accounts Receivable 0 Amount considered uncollectible (bad debt) 0 --------------- Accounts Receivable (Net) at the end of the current period $0 =============== DEBTOR QUESTIONNAIRE ------------------------------------------------------------------------------- MUST BE COMPLETED EACH MONTH. YES NO ------------------------------------------------------------------------------- 1. Have any assets been sold or transferred outside the normal course of business this reporting period? If yes, provide an explanation below. X 2. Have any funds been disbursed from any account other than a debtor in possession account this reporting period? If yes, provide an explanation below. X 3. Have all postpetition tax returns been timely filed? If no, provide an explanation below. X 4. Are workers compensation and general liability and other necessary insurance coverages in effect? If no, provide an explanation below. X EXPLANATIONS: (PLEASE INSERT ROWS IF MORE INFO IS NEEDED OR ATTACHED SEPARATE SCHEDULE.) ------------- 1. 2. 3. 4.
EXHIBIT 99.8 WASHINGTON MANUFACTURING CO. CASE # 02-10109 (JJF) -------------- REPORTING PERIOD June 30, 2002 -------------- MONTHLY OPERATING REPORT DOCUMENT EXPLANATION FORM NO. ATTACHED ATTACHED --------- ---------- -------------- REQUIRED DOCUMENTS Schedule of Cash Receipts and Disbursements MOR 1 Yes No Bank Reconciliations MOR 1 (cont) Available No Copies of bank statements Available No Cash disbursement journals Available No Statement of operations MOR 2 Yes No Balance Sheet MOR 3 Yes No Status of Postpetition Taxes MOR 4 Yes No Copies of payment receipts Available No Copies of tax returns filed during reporting period Available No Summary of Unpaid Postpetition Debts MOR 4 Yes No Listing of aged accounts payable Available No Accounts Receivable Reconciliation and Aging MOR 5 Yes No Debtor Questionnaire MOR 5 Yes No I declare under penalty of perjury (28 U.S.C. Section 1746) that this report and the attached documents are true and correct to the best of my knowledge and belief. /s/ R. Michael McEntee July 22, 2002 --------------------------------------- ---------------------------------- Signature of Authorized Individual Date R. Michael McEntee Vice President --------------------------------------- ---------------------------------- Printed Name of Authorized Individual Title of Authorized Individual
WASHINGTON MANUFACTURING CO. CASE # 02-10109 (JJF) -------------- REPORTING PERIOD June 30, 2002 -------------- SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS (MOR-1) CURRENT MONTH CUMULATIVE FILING TO DATE ----------------------------- ------------------------------ ACTUAL PROJECTED ACTUAL PROJECTED ------------ -------------- ------------ -------------- RECEIPTS -------- A/R Collections $ 1,246,767 $ 1,400,000 $ 7,289,106 $ 7,058,193 Loans - - - - Sale of Assets - - - - InterCompany (187,584) (150,000) (478,446) (460,000) Other - - 2,549 1,176 ------------ ------------ ----------- -------------- Total Receipts 1,059,183 1,250,000 6,813,209 6,599,369 ------------ ------------ ----------- -------------- DISBURSEMENTS ------------- Net Payroll 243,897 259,000 1,616,674 1,653,193 Payroll Taxes 113,080 115,000 791,594 679,404 Accounts Payable 641,484 588,000 3,849,160 3,756,569 Profit Sharing / Pension 25,392 25,000 140,696 100,985 Insurance 52,020 55,000 297,861 303,343 Commissions 68,495 65,800 289,303 319,468 Utilities 8,759 13,000 68,673 77,998 Leases/Rents 5,063 6,000 21,275 34,000 Bank Service Charges - - - - Loans - - - - Professional Fees-Bankruptcy - - - - US Trustee Fees - - - - Court Costs - - - - ------------ ------------ ----------- -------------- Total disbursements 1,158,190 1,126,800 7,075,236 6,924,960 ------------ ------------ ----------- -------------- NET CASH FLOW $ (99,007) $ 123,200 $ (262,027) $ (325,591) ------------- ============ ============ =========== ==============
WASHINGTON MANUFACTURING CO. CASE # 02-10109 (JJF) -------------- REPORTING PERIOD June 30, 2002 -------------- BANK RECONCILIATION (MOR 1 CONTINUED) Account Book Balance per Books Number Account Type Balance ---------- ----------------- ----------- Petty Cash N/A Petty cash $ 575 American National Bank 18080294 Disbursement (178,233) American National Bank 18081290 Payroll - Salaried (4,866) American National Bank 18081304 Payroll - Hourly (56,238) ----------- $ (238,762) =========== Bank reconciliations are available.
WASHINGTON MANUFACTURING CO. CASE # 02-10109 (JJF) -------------- REPORTING PERIOD June 30, 2002 -------------- STATEMENT OF OPERATIONS (MOR-2) Month of CUMULATIVE June 2002 FILING TO DATE -------------- ------------------- Gross Sales $ 1,155,190 $ 7,285,315 Less: Defective mat'l returned 592 (89,360) Sales allowances 53,051 375,051 Cash discounts 18,774 71,414 ------------ ------------- Total sales deductions 72,417 357,105 ------------ ------------- NET SALES 1,082,773 6,928,210 ------------ ------------- Cost of Sales 831,888 5,678,533 ------------ ------------- GROSS PROFIT 250,885 1,249,577 ------------ ------------- Selling, General & Admin. Expense Selling expense 70,267 381,543 General & Admin. expense 77,178 400,880 Corporate Fees 42,000 232,000 ------------ ------------- Total S G & A and Environ. Expense 189,445 1,014,423 ------------ ------------- OPERATING INCOME 61,440 235,154 ------------ ------------- OTHER INCOME (EXPENSE) Other Income (Expense) - - Interest Expense - - ------------ ------------- Other Income (Expense) - - ------------ ------------- INCOME (LOSS) BEFORE REORGANIZATION ITEMS 61,440 235,154 ------------ ------------- REORGANIZATION ITEMS Professional Fees 33,000 165,000 US Trustee Quarterly Fees - - (Gain) Loss from sale of equipment - - Other Reorganization Expenses - - ------------ ------------- Total Reorganization Items 33,000 165,000 ------------ ------------- INCOME (LOSS) BEFORE TAXES 28,440 70,154 Provision for Taxes 10,000 29,000 ------------ ------------- NET INCOME (LOSS) $ 18,440 $ 41,154 ============ =============
WASHINGTON MANUFACTURING CO. CASE # 02-10109 (JJF) -------------- REPORTING PERIOD June 30, 2002 -------------- BALANCE SHEET (MOR-3) 6/30/02 1/15/02 ----------- ----------- ASSETS ------------------------------------------ CURRENT ASSETS Unrestricted cash and cash equivalents ($238,762) $ 23,265 Restricted cash and cash equivalents - - Accounts receivable - net 1,122,647 1,161,243 Inventories -net 1,751,463 1,498,330 Other assets - current 507,332 469,960 ------------- ------------- TOTAL CURRENT ASSETS 3,142,680 3,152,798 ------------- ------------- OTHER ASSETS Deferred income taxes 7,697 36,697 Intercompany receivable 9,861,105 9,366,952 Investment in subsidiaries - - Other - - ------------- ------------- TOTAL OTHER ASSETS 9,868,802 9,403,649 ------------- ------------- PROPERTY, PLANT AND EQUIPMENT Land 40,211 40,211 Buildings 1,261,154 1,261,154 Machinery and equipment 4,193,980 4,195,650 ------------- ------------- Total property, plant and equipment 5,495,345 5,497,015 Less: Accum. depreciation and amortization 3,666,134 3,573,615 ------------- ------------- NET PROPERTY, PLANT AND EQUIPMENT 1,829,211 1,923,400 ------------- ------------- TOTAL ASSETS $ 14,840,693 $ 14,479,847 ============= ============= LIABILITIES & SHAREHOLDERS' EQUITY 6/30/02 1/15/02 ------------------------------------------ ---------- ----------- LIABILITIES (POSTPETITION) ------------------------------------------ CURRENT LIABILITIES Current portion of long-term debt $ - $ - Accounts payable 74,876 - Accrued liabilities 481,604 - Accrued income taxes - - Dividends payable - - ------------- ------------- TOTAL CURRENT LIABILITIES 556,480 - ------------- ------------- LONG-TERM DEBT - SECURED - - ------------- ------------- OTHER LIABILITIES Disc. operations and environ. remediation - - Deferred income taxes - - Intercompany payable 15,707 - Long-term pension liability - - ------------- ------------- TOTAL OTHER LIABILITIES 15,707 - ------------- ------------- TOTAL LIABILITIES (POSTPETITION) 572,187 - ------------- -------------
6/30/02 1/15/02 ----------- ----------- LIABILITIES (PREPETITION) ------------------------------------------ Secured debt - - Priority debt 1 - 320,225 Unsecured debt 987,050 919,320 Intercompany payable - - ------------- ------------- TOTAL LIABILITIES (PREPETITION) 987,050 1,239,545 ------------- ------------- TOTAL LIABILITIES 1,559,237 1,239,545 ------------- ------------- SHAREHOLDERS' EQUITY Common stock 1,000 1,000 Capital in excess of par value 2,951,859 2,951,859 Equity - unearned compensation - - Minimum pension liability adjustment - - Foreign currency translation adjustment - - Retained earnings - prepetition 10,287,443 10,287,443 Retained earnings - postpetition 41,154 - ------------- -------------- TOTAL SHAREHOLDERS' EQUITY 13,281,456 13,240,302 ------------- -------------- TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 14,840,693 $ 14,479,847 ============= ============== 1 Priority debts at January 15, 2002 which were related to wages, salaries, commissions, and contributions for employee benefit plans, were paid based on first day motions.
WASHINGTON MANUFACTURING CO. CASE # 02-10109 (JJF) -------------- REPORTING PERIOD June 30, 2002 -------------- STATUS OF POST PETITION TAXES (MOR-4) --------------------------------------------------------------------------------------------- Tax Liability Beginning Amt. Withheld Amount at end of FEDERAL TAXES: Tax Liability or Amt of Tax Paid Current Month --------------------------------------------------------------------------------------------- Withholding 9,735 37,077 37,900 8,912 FICA-Employee 7,260 26,880 27,739 6,401 FICA-Employer 7,260 27,260 27,739 6,781 Unemployment 522 141 0 663 Income Tax 0 0 0 0 Foreign Income Tax 0 0 0 0 Other: 0 0 0 0 ------------------------------------------------------------------ TOTAL FEDERAL TAXES $24,777 $91,358 $93,378 $22,757 ------------------------------------------------------------------ STATE AND LOCAL TAXES: ---------------------- Withholding 21,970 13,970 19,702 16,238 Unemployment 8,503 4,309 0 12,812 Sales 905 355 0 1,260 Income Tax 0 0 0 0 Real Property 44,931 4,448 0 49,379 Personal Property 0 0 0 0 Other: Describe 0 0 0 0 ------------------------------------------------------------- TOTAL STATE AND LOCAL TAXES $76,309 $23,082 $19,702 $79,689 ------------------------------------------------------------- ------------------------------------------------------------- TOTAL POST PETITION TAXES $101,086 $114,440 $113,080 $102,446 =============================================================
SUMMARY OF UNPAID POSTPETITION DEBT (MOR-4) ----------------------------------------------------------------------------------------------------------------------------------- Number of Days Past Due ------------------------------------------------------------------------------------------------- Current 30 days 31-60 days 61-90 days over 90 days Total ----------------------------------------------------------------------------------------------------------------------------------- Accounts Payable 74,876 0 0 0 0 74,876 Wages Payable 224,112 0 0 0 0 224,112 Taxes Payable (Other than income) 102,446 0 0 0 0 102,446 Professional Fees 0 0 0 0 0 0 Rent/Lease - Building 0 0 0 0 0 0 Rent/Lease - Equipment 0 0 0 0 0 0 Other Accrued Liabilities 155,046 0 0 0 0 155,046 Income Taxes Payable 0 0 0 0 0 0 Secured Debt 0 0 0 0 0 0 Intercompany Payable 15,707 0 0 0 0 15,707 Other LT Liabilities 0 0 0 0 0 0 ------------------------------------------------------------------------------------------------ TOTAL POSTPETITION DEBTS $572,187 $0 $0 $0 $0 $572,187 ================================================================================================
WASHINGTON MANUFACTURING CO. CASE # 02-10109 (JJF) -------------- REPORTING PERIOD June 30, 2002 -------------- DETAIL OF POSTPETITION TAXES PAID (MOR-4) -------------------------------------------------------------------------------- Dates Amount Check Nos. Description of Tax Paid Paid or EFT -------------------------------------------------------------------------------- FWT Weekly 37,900 EFT FICA-ER Weekly 27,739 EFT FICA-EE Weekly 27,739 EFT State Withholding IA 06/12/02 19,702 2050,1931 -------- TOTAL POST PETITION TAXES PAID $113,080 ========
WASHINGTON MANUFACTURING CO. CASE # 02-10109 (JJF) -------------- REPORTING PERIOD June 30, 2002 -------------- ACCOUNTS RECEIVABLE RECONCILIATION AND AGING (MOR-5) ------------------------------------------------------------------------------- ACCOUNTS RECEIVABLE RECONCILIATION ------------------------------------------------------------------------------- Total Accounts Receivable at the beginning of the reporting period $1,294,115 PLUS Amounts billed during the period 1,155,505 LESS Amounts collected during the period 1,246,767 ------------ Total Accounts Receivable at the end of the reporting period $1,202,853 ============ ------------------------------------------------------------------------------- ACCOUNTS RECEIVABLE AGING ------------------------------------------------------------------------------- 0-30 days old 851,978 31-60 days old 235,690 61-90 days old 46,655 91+ days old 68,530 --------------- Total Accounts Receivable 1,202,853 Amount considered uncollectible (bad debt) 80,182 --------------- Accounts Receivable (Net) at the end of the current period $1,122,671 =============== DEBTOR QUESTIONNAIRE ------------------------------------------------------------------------------- MUST BE COMPLETED EACH MONTH. YES NO ------------------------------------------------------------------------------- 1. Have any assets been sold or transferred outside the normal course of business this reporting period? If yes, provide an explanation below. NO 2. Have any funds been disbursed from any account other than a debtor in possession account this reporting period? If yes, provide an explanation below NO 3. Have all postpetition tax returns been timely filed? If no, provide an explanation below. YES 4. Are workers compensation and general liability and other necessary insurance coverages in effect? If no, provide an explanation below. YES EXPLANATIONS: (PLEASE INSERT ROWS IF MORE INFO IS NEEDED OR ATTACHED SEPARATE SCHEDULE.) ------------- 1. 2. 3. 4.
EXHIBIT 99.9 WELLMAN DYNAMICS CORP. CASE # 02-10109 (JJF) -------------- REPORTING PERIOD June 30, 2002 -------------- MONTHLY OPERATING REPORT DOCUMENT EXPLANATION FORM NO. ATTACHED ATTACHED -------------- ----------- ------------- REQUIRED DOCUMENTS Schedule of Cash Receipts and Disbursements MOR 1 Yes No Bank Reconciliations MOR 1 (cont) Available No Copies of bank statements Available No Cash disbursement journals Available No Statement of operations MOR 2 Yes No Balance Sheet MOR 3 Yes No Status of Postpetition Taxes MOR 4 Yes No Copies of payment receipts Available No Copies of tax returns filed during reporting period Available No Summary of Unpaid Postpetition Debts MOR 4 Yes No Listing of aged accounts payable Available No Accounts Receivable Reconciliation and Aging MOR 5 Yes No Debtor Questionnaire MOR 5 Yes No I declare under penalty of perjury (28 U.S.C. Section 1746) that this report and the attached documents are true and correct to the best of my knowledge and belief. /s/ R. Michael McEntee July 22, 2002 --------------------------------------- ----------------------------------- Signature of Authorized Individual Date R. Michael McEntee Vice President --------------------------------------- ----------------------------------- Printed Name of Authorized Individual Title of Authorized Individual
WELLMAN DYNAMICS CORP. CASE # 02-10109 (JJF) -------------- REPORTING PERIOD June 30, 2002 -------------- SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS (MOR-1) CURRENT MONTH CUMULATIVE FILING TO DATE ------------------------------- --------------------------------- ACTUAL PROJECTED ACTUAL PROJECTED ------------- ------------- ------------- ---------------- RECEIPTS -------- A/R Collections $ 1,317,190 $ 2,196,405 $ 12,485,991 $ 12,495,444 Loans - - - - Sale of Assets - - - - InterCompany Transfer 728,232 (150,000) 184,207 468,420 Other - - - - ------------- ------------- ------------ ------------- Total Receipts 2,045,422 2,046,405 12,670,198 12,963,864 ------------- ------------- ------------ ------------- DISBURSEMENTS ------------- Net Payroll 442,734 435,122 2,757,373 2,814,070 Payroll Taxes 210,818 275,312 1,399,458 1,517,125 Accounts Payable 1,025,170 851,334 7,300,346 5,283,534 Profit Sharing / Pension 35,346 28,000 137,620 1,656,717 Insurance 4,744 162,706 917,067 704,591 Commissions 58,969 55,000 276,071 529,858 Utilities 57,354 62,408 239,049 245,725 Leases / Rents 40,236 39,559 78,090 147,501 Bank Service Charges - - - - Loans - - - 74,620 Professional Fees-Bankruptcy - - - - US Trustee Fees - - - - Court Costs - - - - ------------- ------------- ------------ ------------- Total disbursements 1,875,370 1,909,441 13,105,075 12,973,742 ------------- ------------- ------------ ------------- NET CASH FLOW $ 170,052 $ 136,963 $ (434,876) $ (9,877) ------------- ============= ============== ============ ==============
WELLMAN DYNAMICS CORP. CASE # 02-10109 (JJF) -------------- REPORTING PERIOD June 30, 2002 -------------- BANK RECONCILIATION (MOR 1 CONTINUED) Account Book Balance per Books Number Account Type Balance ------------ --------------- ---------- Petty Cash N/A Petty cash $ 1,000 Iowa State Savings Bank 18082912 Payroll $ 9,000 National City Bank 884096828 Disbursement $ (190,031) ---------- $ (180,031) ========== Bank reconciliations are available.
WELLMAN DYNAMICS CORP. CASE # 02-10109 (JJF) -------------- REPORTING PERIOD June 30, 2002 -------------- STATEMENT OF OPERATIONS (MOR-2) MONTH OF CUMULATIVE June, 2002 FILING TO DATE -------------- ---------------- Gross Sales $ 2,744,707 $14,833,840 Less: Defective mat'l returned - - Sales allowances 46,795 496,114 Cash discounts 4,140 21,967 ------------ ----------- Total sales deductions 50,935 518,081 ------------ ----------- NET SALES 2,693,772 14,315,759 ------------ ----------- Cost of Sales 2,347,760 13,162,674 ------------ ----------- GROSS PROFIT 346,012 1,153,085 ------------ ----------- Selling, General & Admin. Expense Selling expense 66,340 428,304 General & Admin. expense 52,359 358,145 Corporate Fees 83,000 460,000 ------------ ----------- Total S G & A and Environ. Expense 201,699 1,246,449 ------------ ----------- OPERATING INCOME 144,313 (93,364) ------------ ----------- OTHER INCOME (EXPENSE) Other Income (Expense) - 100 Interest Expense - - ------------ ----------- Other Income (Expense) - 100 ------------ ----------- INCOME (LOSS) BEFORE REORGANIZATION ITEMS 144,313 (93,264) ------------ ----------- REORGANIZATION ITEMS Professional Fees 66,000 330,000 US Trustee Quarterly Fees - - (Gain) Loss from sale of equipment - - Other Reorganization Expenses - - ------------ ----------- Total Reorganization Items 66,000 330,000 ------------ ----------- INCOME (LOSS) BEFORE TAXES 78,313 (423,264) Provision for Taxes 28,000 (139,000) ------------ ----------- NET INCOME (LOSS) $ 50,313 $ (284,264) ============ ============
WELLMAN DYNAMICS CORP. CASE # 02-10109 (JJF) -------------- REPORTING PERIOD June 30, 2002 -------------- BALANCE SHEET (MOR-3) 6/30/02 1/15/02 ASSETS -------------- -------------- -------------------------------------------------- CURRENT ASSETS Unrestricted cash and cash equivalents ($180,031) $ 254,845 Restricted cash and cash equivalents - - Accounts receivable - net 4,602,724 2,712,548 Inventories -net 4,959,464 6,262,631 Other assets - current 218,187 227,047 ------------- ------------- TOTAL CURRENT ASSETS 9,600,344 9,457,071 ------------- ------------- OTHER ASSETS Deferred income taxes 1,058,242 919,242 Intercompany receivable 13,573,066 13,580,933 Investment in subsidiaries - - Other 563 563 ------------- ------------- TOTAL OTHER ASSETS 14,631,871 14,500,738 ------------- ------------- PROPERTY, PLANT AND EQUIPMENT Land 233,419 233,419 Buildings 3,931,795 3,931,795 Machinery and equipment 9,950,574 9,944,774 ------------- ------------- Total property, plant and equipment 14,115,788 14,109,988 Less: Accum. depreciation and amortization 12,397,742 12,262,052 ------------- ------------- NET PROPERTY, PLANT AND EQUIPMENT 1,718,046 1,847,936 ------------- ------------- TOTAL ASSETS $ 25,950,261 $ 25,805,745 ============= ============= LIABILITIES & SHAREHOLDERS' EQUITY 6/30/02 1/15/02 -------------------------------------------------- -------------- ------------- LIABILITIES (POSTPETITION) -------------------------------------------------- CURRENT LIABILITIES Current portion of long-term debt $ - $ - Accounts payable 528,982 - Accrued liabilities 1,538,202 - Accrued income taxes - - Dividends payable - - ------------- ------------- TOTAL CURRENT LIABILITIES 2,067,184 - ------------- ------------- LONG-TERM DEBT - SECURED - - ------------- ------------- OTHER LIABILITIES Disc. operations and environ. remediation - - Deferred income taxes - - Intercompany payable 176,340 - Long-term pension liability - - ------------- ------------- TOTAL OTHER LIABILITIES 176,340 - ------------- ------------- TOTAL LIABILITIES (POSTPETITION) 2,243,524 - ------------- -------------
LIABILITIES (PREPETITION) -------------------------------------------------- Secured debt - - Priority debt 1 - 1,814,744 Unsecured debt 3,668,853 3,668,853 Intercompany payable - - ------------- ------------- TOTAL LIABILITIES (PREPETITION) 3,668,853 5,483,597 ------------- ------------- TOTAL LIABILITIES 5,912,377 5,483,597 ------------- ------------- SHAREHOLDERS' EQUITY Common stock 1,000 1,000 Capital in excess of par value 15,939,486 15,939,486 Equity - unearned compensation - - Minimum pension liability adjustment - - Foreign currency translation adjustment - - Retained earnings - prepetition 4,381,662 4,381,662 Retained earnings - postpetition (284,264) - ------------- ------------- TOTAL SHAREHOLDERS' EQUITY 20,037,884 20,322,148 ------------- ------------- TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 25,950,261 $ 25,805,745 ============= ============= 1 Priority debts at January 15, 2002 which were related to wages, salaries, commissions, and contributions for employee benefit plans, were paid based on first day motions.
WELLMAN DYNAMICS CORP. CASE # 02-10109 (JJF) -------------- REPORTING PERIOD June 30, 2002 -------------- STATUS OF POST PETITION TAXES (MOR-4) ----------------------------------------------------------------------------------------------- Tax Liability Beginning Amt. Withheld Amount at end of FEDERAL TAXES: Tax Liability or Amt of Tax Paid Current Month ----------------------------------------------------------------------------------------------- Withholding 15,362 80,509 71,695 24,176 FICA-Employee 12,456 58,203 52,081 18,578 FICA-Employer 12,456 58,203 52,081 18,578 Unemployment 2,805 (548) 0 2,257 Income Tax 0 0 0 0 Foreign Income Tax 0 0 0 0 Other: 0 0 0 0 -------------------------------------------------------------- TOTAL FEDERAL TAXES $43,078 $196,367 $175,856 $63,589 -------------------------------------------------------------- STATE AND LOCAL TAXES: --------------------- Withholding 22,115 32,773 34,962 19,926 Unemployment 28,511 10,525 0 39,036 Sales 0 0 0 0 Income Tax 0 0 0 0 Real Property 51,305 6,100 0 57,405 Personal Property 0 0 0 0 Other: Describe 0 0 0 0 -------------------------------------------------------------- TOTAL STATE AND LOCAL TAXES $101,931 $49,398 $34,962 $116,367 -------------------------------------------------------------- -------------------------------------------------------------- TOTAL POST PETITION TAXES $145,009 $245,765 $210,818 $179,956 ==============================================================
SUMMARY OF UNPAID POSTPETITION DEBT (MOR-4) --------------------------------------------------------------------------------------------------------------- Number of Days Past Due --------------------------------------------------------------------------------- Current 30 days 31-60 days 61-90 days over 90 days Total --------------------------------------------------------------------------------------------------------------- Accounts Payable 528,982 0 0 0 0 528,982 Wages Payable 814,517 0 0 0 0 814,517 Taxes Payable (Other than income) 179,956 0 0 0 0 179,956 Professional Fees 44,485 0 0 0 0 44,485 Rent/Lease - Building 0 0 0 0 0 0 Rent/Lease - Equipment 0 0 0 0 0 0 Other Accrued Liabilities 499,244 0 0 0 0 499,244 Income Taxes Payable 0 0 0 0 0 0 Secured Debt 0 0 0 0 0 0 Intercompany Payable 176,340 0 0 0 0 176,340 Other LT Liabilities 0 0 0 0 0 0 --------------------------------------------------------------------------------- TOTAL POSTPETITION DEBTS $2,243,524 $0 $0 $0 $0 $2,243,524 =================================================================================
WELLMAN DYNAMICS CORP. CASE # 02-10109 (JJF) -------------- REPORTING PERIOD June 30, 2002 -------------- DETAIL OF POSTPETITION TAXES PAID (MOR-4) ---------------------------------------------------------------------------- Dates Amount Check Nos. Description of Tax Paid Paid or EFT ---------------------------------------------------------------------------- SWCC - Ia W/H 06/06/02 $6,646 110851 SWCC - Ia W/H 06/21/02 5,292 111015 STATE INCOME TAX 06/10/02 13,094 77043 STATE INCOME TAX 06/25/02 9,929 56820 FIT PAYMENT 06/05/02 9,390 78707723 FICM-FICA PAYMENT 06/05/02 15,511 78707723 FIT PAYMENT 06/12/02 27,461 79284780 FICM-FICA PAYMENT 06/12/02 38,877 79284780 FIT PAYMENT 06/19/02 9,875 80255339 FICM-FICA PAYMENT 06/19/02 15,038 80255339 FIT PAYMENT 06/26/02 24,970 80841847 FICM-FICA PAYMENT 06/26/02 34,735 80841847 ----------- TOTAL POST PETITION TAXES PAID $210,818 ===========
WELLMAN DYNAMICS CORP. CASE # 02-10109 (JJF) -------------- REPORTING PERIOD June 30, 2002 -------------- ACCOUNTS RECEIVABLE RECONCILIATION AND AGING (MOR-5) ------------------------------------------------------------------------------------------ ACCOUNTS RECEIVABLE RECONCILIATION ------------------------------------------------------------------------------------------ Total Accounts Receivable at the beginning of the reporting period $3,348,652 PLUS Amounts billed during the period 2,733,712 LESS Amounts collected during the period 1,317,190 --------------- Total Accounts Receivable at the end of the reporting period $4,765,174 =============== ------------------------------------------------------------------------------------------ ACCOUNTS RECEIVABLE AGING ------------------------------------------------------------------------------------------ 0-30 days old 2,869,557 31-60 days old 1,546,239 61-90 days old 191,636 91+ days old 157,742 --------------- Total Accounts Receivable 4,765,174 Amount considered uncollectible (bad debt) 179,671 --------------- Accounts Receivable (Net) at the end of the current period $4,585,503 =============== DEBTOR QUESTIONNAIRE ------------------------------------------------------------------------------------------ MUST BE COMPLETED EACH MONTH. YES NO ------------------------------------------------------------------------------------------ 1. Have any assets been sold or transferred outside the normal course of business this reporting period? If yes, provide an explanation below. no 2. Have any funds been disbursed from any account other than a debtor in possession account this reporting period? If yes, provide an explanation below. No 3. Have all postpetition tax returns been timely filed? If no, provide an explanation below. yes 4. Are workers compensation and general liability and other necessary insurance coverages in effect? If no, provide an explanation below. yes EXPLANATIONS: (PLEASE INSERT ROWS IF MORE INFO IS NEEDED OR ATTACHED SEPARATE SCHEDULE.) ------------- 1. 2. 3. 4.