-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, F7NGjl7spK/rob+UMFTxQIKoI0wiyLL7qEqA5orjh1UVjAhYQCwTW03c7OuhDP3t mFgjwza0/WCHek+WuAsQKQ== 0000902664-03-001034.txt : 20030806 0000902664-03-001034.hdr.sgml : 20030806 20030806144545 ACCESSION NUMBER: 0000902664-03-001034 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20030630 ITEM INFORMATION: Change in fiscal year FILED AS OF DATE: 20030806 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FANSTEEL INC CENTRAL INDEX KEY: 0000034471 STANDARD INDUSTRIAL CLASSIFICATION: METAL FORGING & STAMPINGS [3460] IRS NUMBER: 361058780 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-08676 FILM NUMBER: 03825984 BUSINESS ADDRESS: STREET 1: NUMBER ONE TANTALUM PL CITY: NORTH CHICAGO STATE: IL ZIP: 60064 BUSINESS PHONE: 7086894900 MAIL ADDRESS: STREET 1: ONE TANTALUM PLACE STREET 2: ONE TANTALUM PLACE CITY: NORTH CHICAGO STATE: IL ZIP: 60064 FORMER COMPANY: FORMER CONFORMED NAME: FANSTEEL METALLURGICAL CORP DATE OF NAME CHANGE: 19731202 8-K 1 srz9235667v1.txt FANSTEEL INC./ FORM 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, 2003 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 02-10109. Pursuant to Bankruptcy Rule 2015 and the United States Trustee's Operating Guidelines and Reporting Requirements for Chapter 11 cases, the Company is obligated to file monthly operating reports with the Bankruptcy Court. In accordance with the Commission's general guidance as set forth in SEC Release No. 349660, the Company is filing copies of its monthly operating reports under cover of Form 8-K in lieu of Forms 10-Q and 10-K. The Company's and each of its U.S. subsidiaries' unconsolidated, unaudited monthly operating reports for the period from June 1, 2003 to June 30, 2003 (the "Operating Reports") are filed as Exhibits 99.1 through 99.8 hereto and incorporated by reference herein. The Company cautions readers not to place undue reliance upon the information contained in the Operating Reports since they contain unaudited information, and are in a format prescribed by the applicable bankruptcy laws. There can be no assurance that the Operating Reports are complete. The Operating Reports also contain information for periods that may be shorter or otherwise different from those contained in the Company's reports pursuant to the Securities Exchange Act of 1934, as amended. Moreover, the Operating Reports and other communications from the Company and its U.S. subsidiaries may include forward-looking statements subject to various assumptions regarding the Company's and its U.S. subsidiaries' operating performance that may not be realized and are subject to significant business, economic and competitive uncertainties and contingencies many of which are beyond the Company's control. Consequently such matters should not be regarded as a representation or warranty by the Company that such matters will be realized or are indicative of the Company's financial condition or operating results for future periods. Actual results for such periods may differ materially from the information contained in the Operating Reports and the Company undertakes no obligation to update or revise the Operating Reports. Item 7. Exhibits. (c) Exhibits.
Exhibit No. Description - ---------- ----------- 99.1 United States Trustee Report of the Company for June 2003 99.2 United States Trustee Report of American Sintered Technologies, Inc. for June 2003 99.3 United States Trustee Report of Custom Technologies Corp. for June 2003 99.4 United States Trustee Report of Escast, Inc. for June 2003 99.5 United States Trustee Report of Fansteel Holdings, Inc. for June 2003 99.6 United States Trustee Report of Phoenix Aerospace Corp. for June 2003 99.7 United States Trustee Report of Washington Manufacturing Co. for June 2003 99.8 United States Trustee Report of Wellman Dynamics Corp. for June 2003
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: August 6, 2003
EXHIBIT 99.1 FANSTEEL INC CASE # 02-10109 (JJF) ---------------- REPORTING PERIOD June 30, 2003 ---------------- 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 7/30/2003 - --------------------------------------- -------------------------------- 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, 2003 ---------------- SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS (MOR-1) CURRENT MONTH CUMULATIVE FILING TO DATE --------------------------------- ------------------------------ ACTUAL PROJECTED ACTUAL PROJECTED -------------- ---------------- ------------- -------------- RECEIPTS - -------- A/R Collections $ 2,795,609 $ 3,510,781 $ 69,178.208 $ 71,120,950 Loans - - - - Sale of Assets - - 2,350,183 2,200,000 InterCompany Transfers 223,520 320,000 2,203,751 3,582,580 Other 395,636 370,053 6,698,071 6,472,110 -------------- --------------- --------------- ------------- Total Receipts 3,414,765 4,200,834 80,430,213 83,375,640 -------------- --------------- --------------- ------------- DISBURSEMENTS - ------------- Net Payroll 650,754 712,387 13,311,183 13,881,627 Payroll Taxes 295,348 303,840 6,331,864 6,440,988 Accounts Payable 1,116,158 2,127,987 31,188,607 35,407,410 Profit Sharing / Pension 119,128 119,119 2,727,586 2,977,900 Insurance 599,608 647,733 10,521,806 11,678,917 Commissions 112,644 107,500 1,906,677 2,416,365 Utilities 100,349 215,495 3,346,192 3,522,433 Leases / Rents 20,655 25,998 532,928 685,841 Bank Service Charges - - - - Loans - - - - Professional Fees-Bankruptcy 754,639 1,209,599 7,801,845 9,341,934 Capital Expenditures 496,561 498,000 982,823 793,300 US Trustee Fees - - 35,250 36,250 Court Costs - - - - -------------- --------------- --------------- ------------- Total disbursements 4,265,844 5,967,657 78,686,760 87,182,964 -------------- --------------- --------------- ------------- NET CASH FLOW $ (851,078) $ (1,766,823) $ 1,743,453 $(3,807,324) - ------------- ============== =============== =============== =============
FANSTEEL INC CASE # 02-10109 (JJF) ---------------- REPORTING PERIOD June 30, 2003 ---------------- BANK RECONCILIATION (MOR-1) (CONT.) Account Book Balance per Books Number Account Type Balance ----------- ------------------ ------------ Petty Cash N/A Petty cash $ 7,367 National City Bank 884096887 Operational 2,382,798 National City - CBCA 18082912 Disbursement (105,760) Corporate Payroll 5300011495 Payroll (1,503) First Midwest Bank 0173906 Petty Cash 1,104 National City Bank 884157627 Blocked 1,114,675 National City Bank 884096879 Payroll - National City Bank 884157643 Benefit Bank - National City Bank 884096908 Health Insurance (14,940) National City Bank 884096772 Operational (98,831) Mellon Bank 1465820 Payroll - National City Bank 884096799 Disbursement - Bank One 261379147 Payroll 4,670 National City Bank 884156747 Disbursements (19,009) Payroll Clearing - Clearing - National City Bank 18081568 Disbursement (86,485) National City Bank 18081576 Payroll - National City Bank 884096780 Operational (54,701) Hancock Bank 01-0101494 Payroll 5,127 Bancorp South 06582837 Operational 3,630 National City 658912591 Payroll 4,355 ----------- $3,142,497 =========== Bank reconciliations are available.
FANSTEEL INC CASE # 02-10109 (JJF) --------------- REPORTING PERIOD June 30, 2003 --------------- STATEMENT OF OPERATIONS (MOR-2) Month of CUMULATIVE June, 2003 FILING TO DATE -------------- ---------------- Gross Sales $ 2,918,311 $ 66,500,335 Less: Defective mat'l returned - 947 Sales allowances - 161,349 Cash discounts 10,430 342,341 -------------- -------------- Total sales deductions 10,430 504,637 -------------- -------------- NET SALES 2,907,881 65,995,698 -------------- -------------- Cost of Sales 2,471,705 63,672,814 -------------- -------------- GROSS PROFIT 436,176 2,322,884 -------------- -------------- Selling, General & Admin. Expense Selling expense 236,488 4,851,638 General & Admin. expense 436,623 10,131,636 Corporate Fees (218,000) (3,633,356) -------------- -------------- Total S G & A and Environ. Expense 455,111 11,349,918 -------------- -------------- OPERATING INCOME (18,935) (9,027,034) -------------- -------------- OTHER INCOME (EXPENSE) Income (Loss) from Investment in Subsidiaries - (968,257) Other Income (Expense) - 10,772,884 Interest Income (Expense) (45,050) (553,864) -------------- -------------- Other Income (Expense) (45,050) 9,250,763 -------------- -------------- INCOME (LOSS) BEFORE REORGANIZATION ITEMS (63,985) 223,729 -------------- -------------- REORGANIZATION ITEMS Professional Fees 457,919 5,698,719 US Trustee Quarterly Fees - 35,250 (Gain) Loss from sale of equipment - - Other Reorganization Expenses - - -------------- -------------- Total Reorganization Items 457,919 5,733,969 -------------- -------------- INCOME (LOSS) BEFORE TAXES (521,904) (5,510,240) Provision for Taxes (37,000) 402,000 -------------- -------------- NET INCOME (LOSS) $ (558,904) $ (5,912,240) ============== ==============
FANSTEEL INC CASE # 02-10109 (JJF) ---------------- REPORTING PERIOD June 30, 2003 ---------------- BALANCE SHEET (MOR-3) 6/30/03 1/15/02 --------------- ------------ ASSETS - ------------------------------------------------- CURRENT ASSETS Unrestricted cash and cash equivalents $ 3,142,497 $ 1,438,344 Restricted cash and cash equivalents - - Accounts receivable - net 7,124,539 14,281,299 Inventories - net 6,353,449 13,747,533 Other assets - current 1,180,650 805,785 --------------- ------------ TOTAL CURRENT ASSETS 17,801,135 30,272,961 --------------- ------------ OTHER ASSETS Deferred income taxes - - Intercompany receivable 36,403,102 35,224,200 Investment in subsidiaries 6,880,855 11,970,175 Other 6,604,648 120,306 --------------- ------------ TOTAL OTHER ASSETS 49,888,605 47,314,681 --------------- ------------ PROPERTY, PLANT AND EQUIPMENT Land 381,348 381,348 Buildings 5,021,497 4,925,497 Machinery and equipment 36,786,843 35,951,210 --------------- ------------ Total property, plant and equipment 42,189,688 41,258,055 Less: Accum. depreciation and amortization 35,708,080 34,547,637 --------------- ------------ NET PROPERTY, PLANT AND EQUIPMENT 6,481,608 6,710,418 --------------- ------------ TOTAL ASSETS $ 74,171,348 $ 84,298,060 =============== ============ LIABILITIES & SHAREHOLDERS' EQUITY 6/30/03 1/15/02 - ------------------------------------------------- --------------- ------------ LIABILITIES (POSTPETITION) - ------------------------------------------------- CURRENT LIABILITIES Current portion of long-term debt $ - $ - Accounts payable 3,315,546 - Accrued liabilities 7,311,956 - Accrued income taxes - - Dividends payable - - --------------- ------------ TOTAL CURRENT LIABILITIES 10,627,502 - --------------- ------------ LONG-TERM DEBT - SECURED - - --------------- ------------ OTHER LIABILITIES Disc. operations and environ. remediation - - Deferred income taxes - - Intercompany payable 2,495,026 - Long-term pension liability 8,278,686 - --------------- ------------ TOTAL OTHER LIABILITIES 10,773,712 - --------------- ------------ TOTAL LIABILITIES (POSTPETITION) 21,401,214 - --------------- ------------
LIABILITIES (PREPETITION) - ------------------------------------------------- Secured debt - - Priority debt (1) 788,863 5,336,367 Unsecured debt 74,048,584 87,314,733 Intercompany payable 26,579,677 27,899,610 --------------- ------------ TOTAL LIABILITIES (PREPETITION) 101,417,124 120,550,710 --------------- ------------ TOTAL LIABILITIES 122,818,338 120,550,710 --------------- ------------ 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 (19,511,003) (13,024,000) Foreign currency translation adjustment - - Retained earnings - prepetition (45,286,892) (45,286,892) Retained earnings - postpetition (5,912,240) - --------------- ------------ TOTAL SHAREHOLDERS' EQUITY (48,646,990) (36,252,650) --------------- ------------ TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 74,171,348 $ 84,298,060 =============== ============ (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, 2003 ---------------- 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 30,843 113,477 123,268 22,052 FICA-Employee 12,080 60,799 69,292 3,587 FICA-Employer 12,081 60,799 69,293 3,587 Unemployment (3,154) 3,621 0 ( 467) Income Tax 0 0 0 0 Foreign Income Tax 0 0 0 0 Other 0 0 0 0 ---------------------------------------------------------- TOTAL FEDERAL TAXES $ 52,850 $ 238,696 $ 261,853 $ 29,693 ---------------------------------------------------------- STATE AND LOCAL TAXES: Withholding 20,586 36,175 33,495 23,266 Unemployment (39,648) 10,055 0 (29,593) Sales 50,522 2,361 1,034 51,849 Income Tax 0 0 0 0 Real Property 153,586 61,707 15,142 200,151 Personal Property 26,768 10,763 0 37,531 Other: Local 0 0 0 0 ---------------------------------------------------------- TOTAL STATE AND LOCAL TAXES $ 211,814 $ 121,061 $ 49,671 $ 283,204 ---------------------------------------------------------- ---------------------------------------------------------- TOTAL POST PETITION TAXES $ 264,664 $ 359,757 $ 311,524 $ 312,897 ==========================================================
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 3,193,812 121,734 0 0 0 3,315,546 Wages Payable 2,168,206 0 0 0 0 2,168,206 Taxes Payable (Other than income) 312,897 0 0 0 0 312,897 Professional Fees 1,286,004 0 0 0 0 1,286,004 Rent/Lease - Building 0 0 0 0 0 0 Rent/Lease - Equipment 0 0 0 0 0 0 Other Accrued Liabilities 3,544,849 0 0 0 0 3,544,849 Income Taxes Payable 0 0 0 0 0 0 Secured Debt 0 0 0 0 0 0 Intercompany Payable 2,495,026 0 0 0 0 2,495,026 Other LT Liabilities 8,278,686 0 0 0 0 8,278,686 ---------------------------------------------------------------------------- TOTAL POSTPETITION DEBTS $21,279,480 $121,734 $0 $0 $0 $21,401,214 ============================================================================
FANSTEEL INC CASE # 02-10109 (JJF) ---------------- REPORTING PERIOD June 30, 2003 ---------------- DETAIL OF POSTPETITION TAXES PAID (MOR-4) - ------------------------------------------------------------------------------------------ Dates Amount Check Nos. Description of Tax State Paid Paid or EFT - ------------------------------------------------------------------------------------------ State Withholding California 06/04/03 2,515 99266 State Withholding California 06/11/03 2,372 99322 State Withholding California 06/18/03 2,354 99364 State Withholding California 06/25/03 2,536 99400 State Withholding Connecticut 06/04/03 1,107 99267 State Withholding Connecticut 06/11/03 1,209 99325 State Withholding Connecticut 06/18/03 1,280 99365 State Withholding Connecticut 06/25/03 1,217 99402 State Withholding Connecticut 06/24/03 37 99428 State Withholding Illinois 06/11/03 1,362 99333 State Withholding Illinois 06/25/03 1,426 99407 State Withholding Kentucky 06/04/03 191 99274 State Withholding Kentucky 06/25/03 119 99409 State Withholding Mississippi 06/11/03 4,253 99339 State Withholding New Jersey 06/11/03 234 99341 State Withholding Oklahoma 06/11/03 1,276 99342 State Withholding Pennsylvania 06/04/03 4,506 99279 State Withholding Pennsylvania 06/18/03 4,429 99355 State Withholding Wisconsin 06/11/03 518 99349 State Withholding Wisconsin 06/25/03 554 99421 Sales Tax - Monthly Mississippi 06/18/03 1,034 99382 FICA & Fed W/H Federal 06/04/03 61,693 EFT FICA & Fed W/H Federal 06/11/03 72,185 EFT FICA & Fed W/H Federal 06/18/03 60,346 EFT FICA & Fed W/H Federal 06/25/03 67,629 EFT Property Taxes (Lake Cty Coll) Illinois 06/18/03 15,142 99380 ------------ TOTAL POST PETITION TAXES PAID $ 311,524 ============
FANSTEEL INC CASE # 02-10109 (JJF) ---------------- REPORTING PERIOD June 30, 2003 ---------------- ACCOUNTS RECEIVABLE RECONCILIATION AND AGING (MOR-5) - ----------------------------------------------------------------------------------------- ACCOUNTS RECEIVABLE RECONCILIATION - ----------------------------------------------------------------------------------------- Total Accounts Receivable at the beginning of the reporting period 7,535,947 PLUS Amounts billed during the period 3,123,209 LESS Amounts collected during the period 2,795,609 ---------------- Total Accounts Receivable at the end of the reporting period $7,863,547 ================ - ----------------------------------------------------------------------------------------- ACCOUNTS RECEIVABLE AGING - ----------------------------------------------------------------------------------------- 0-30 days old 3,500,224 31-60 days old 1,966,202 61-90 days old 972,391 91+ days old 1,424,730 ---------------- Total Accounts Receivable 7,863,547 Amount considered uncollectible (bad debt) 1,238,250 ---------------- Accounts Receivable (Net) at the end of the current period $6,625,297 ================
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, 2003 ---------------- 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 7/30/2003 - ----------------------------------------- ----------------------------------- 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, 2003 ---------------- SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS (MOR-1) CURRENT MONTH CUMULATIVE FILING TO DATE ---------------------------- --------------------------------- ACTUAL PROJECTED ACTUAL PROJECTED ------------ ------------- --------------- -------------- RECEIPTS - -------- A/R Collections $1,002,250 $ 900,000 $ 14,133,372 $ 14,196,257 Loans - - - - Sale of Assets - - - - InterCompany Transfers (54,513) (50,000) (1,240,299) (696,000) Other 504 - 20,580 1,382 ----------- -------------- --------------- -------------- Total Receipts 948,241 850,000 12,913,653 13,501,639 ----------- -------------- --------------- -------------- DISBURSEMENTS - ------------- Net Payroll 91,623 90,000 1,715,581 1,722,788 Payroll Taxes 40,395 37,000 840,563 711,317 Accounts Payable 716,533 699,000 9,200,498 8,116,714 Profit Sharing / Pension - - - - Insurance 2,559 3,000 289,232 381,412 Commissions 27,171 25,000 492,522 450,892 Utilities 26,386 22,000 374,142 455,925 Leases / Rents - - - - Bank Service Charges - - - - Loans - - - - Professional Fees-Bankruptcy - - - - Capital Expenditures 15,400 18,000 22,141 27,000 US Trustee Fees - - 22,750 22,750 Court Costs - - - - ----------- -------------- --------------- -------------- Total disbursements 920,067 894,000 12,957,429 12,888,798 ----------- -------------- --------------- -------------- NET CASH FLOW $ 28,174 $ (44,000) $ (43,776) $ 612,841 - ------------- =========== ============== =============== ==============
AMERICAN SINTERED TECHNOLOGIES, INC. CASE # 02-10109 (JJF) ---------------- REPORTING PERIOD June 30, 2003 ---------------- BANK RECONCILIATION (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 2,842 National City Bank 884096860 Disbursement (28,965) $ - - $ - - --------- $(25,823) ========= Bank reconciliations are available.
AMERICAN SINTERED TECHNOLOGIES, INC. CASE # 02-10109 (JJF) ---------------- REPORTING PERIOD June 30, 2003 ---------------- STATEMENT OF OPERATIONS (MOR-2) Month of CUMULATIVE June 2003 FILING TO DATE --------------- ------------------ Gross Sales $ 801,414 $14,626,594 Less: Defective mat'l returned - - Sales allowances - 9,037 Cash discounts 3,413 84,616 --------------- ---------------- Total sales deductions 3,413 93,653 --------------- ---------------- NET SALES 798,001 14,532,941 --------------- ---------------- Cost of Sales 555,326 11,864,520 --------------- ---------------- GROSS PROFIT 242,675 2,668,421 --------------- ---------------- Selling, General & Admin. Expense Selling expense 16,380 917,410 General & Admin. expense 31,855 557,316 Corporate Fees 34,000 276,355 --------------- ---------------- Total S G & A and Environ. Expense 82,235 1,751,081 --------------- ---------------- OPERATING INCOME 160,440 917,340 --------------- ---------------- OTHER INCOME (EXPENSE) Other Income (Expense) - 13,901 Interest Expense - (3,435) --------------- ---------------- Other Income (Expense) - 10,466 --------------- ---------------- INCOME (LOSS) BEFORE REORGANIZATION ITEMS 160,440 927,806 --------------- ---------------- REORGANIZATION ITEMS Professional Fees 31,000 339,250 US Trustee Quarterly Fees - 22,750 (Gain) Loss from sale of equipment - - Other Reorganization Expenses - - --------------- ---------------- Total Reorganization Items 31,000 362,000 --------------- ---------------- INCOME (LOSS) BEFORE TAXES 129,440 565,806 Provision for Taxes 48,000 211,000 --------------- ---------------- NET INCOME (LOSS) $ 81,440 $ 354,806 =============== ================
AMERICAN SINTERED TECHNOLOGIES, INC. CASE # 02-10109 (JJF) ---------------- REPORTING PERIOD June 30, 2003 ---------------- BALANCE SHEET (MOR-3) 6/30/03 1/15/02 ------------ ------------ ASSETS - ------------------------------------------------ CURRENT ASSETS Unrestricted cash and cash equivalents ($25,823) $ 17,953 Restricted cash and cash equivalents - - Accounts receivable - net 1,312,925 894,078 Inventories -net 353,133 549,646 Other assets - current 27,797 7,707 ------------ ------------ TOTAL CURRENT ASSETS 1,668,032 1,469,384 ------------ ------------ OTHER ASSETS Deferred income taxes - - Intercompany receivable 1,288,443 - Investment in subsidiaries - - Other - goodwill 2,207,060 2,207,060 ------------ ------------ TOTAL OTHER ASSETS 3,495,503 2,207,060 ------------ ------------ PROPERTY, PLANT AND EQUIPMENT Land 84,000 84,000 Buildings 848,037 848,037 Machinery and equipment 4,789,746 4,772,863 ------------ ------------ Total property, plant and equipment 5,721,783 5,704,900 Less: Accum. depreciation and amortization 2,784,254 2,058,295 ------------ ------------ NET PROPERTY, PLANT AND EQUIPMENT 2,937,529 3,646,605 ------------ ------------ TOTAL ASSETS $ 8,101,064 $ 7,323,049 ============ ============ LIABILITIES & SHAREHOLDERS' EQUITY 6/30/03 1/15/02 - ------------------------------------------------ ------------- ------------ LIABILITIES (POSTPETITION) - ------------------------------------------------ CURRENT LIABILITIES Current portion of long-term debt $ - $ - Accounts payable 410,697 - Accrued liabilities 354,162 - Accrued income taxes 206,133 - Dividends payable - - ------------ ------------ TOTAL CURRENT LIABILITIES 970,992 - ------------ ------------ LONG-TERM DEBT - SECURED - - ------------ ------------ OTHER LIABILITIES Disc. operations and environ. remediation - - Deferred income taxes - - Intercompany payable 34,454 - Long-term pension liability - - ------------ ------------ TOTAL OTHER LIABILITIES 34,454 - ------------ ------------ TOTAL LIABILITIES (POSTPETITION) 1,005,446 - ------------- ------------
LIABILITIES (PREPETITION) - ------------------------------------------------ Secured debt 1,056,640 1,056,640 Priority debt (1) 154,826 306,530 Unsecured debt 762,537 1,206,760 Intercompany payable 4,381,637 4,367,947 ------------ ------------ TOTAL LIABILITIES (PREPETITION) 6,355,640 6,937,877 ------------ ------------ TOTAL LIABILITIES 7,361,086 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 354,806 - ------------ ------------ TOTAL SHAREHOLDERS' EQUITY 739,978 385,172 ------------ ------------ TOTAL LIABILITIES AND SHAREHOLDERS, EQUITY $ 8,101,064 $ 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, 2003 ---------------- 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 15,114 15,114 0 FICA-Employee 15,298 (5,429) 9,869 0 FICA-Employer 15,298 (5,429) 9,869 0 Unemployment 669 73 0 742 Income Tax 138,133 43,000 0 181,133 Foreign Income Tax 0 0 0 0 Other: 0 0 0 0 ------------------------------------------------------------- TOTAL FEDERAL TAXES $169,398 $47,329 $34,852 $181,875 ------------------------------------------------------------- STATE AND LOCAL TAXES: - --------------------- Withholding 4,394 4,926 5,543 3,777 Unemployment 10,030 1,548 0 11,578 Sales 0 0 0 0 Income Tax 20,000 5,000 0 25,000 Real Property (1,648) 1,807 0 159 Personal Property 0 0 0 0 Other: Describe 0 0 0 0 ------------------------------------------------------------- TOTAL STATE AND LOCAL TAXES $32,776 $13,281 $5,543 $40,514 ------------------------------------------------------------- ------------------------------------------------------------- TOTAL POST PETITION TAXES $202,174 $60,610 $40,395 $222,389 =============================================================
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 410,697 0 0 0 0 410,697 Wages Payable 213,391 0 0 0 0 213,391 Taxes Payable (Other than income) 16,256 0 0 0 0 16,256 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 124,515 0 0 0 0 124,515 Income Taxes Payable 206,133 0 0 0 0 206,133 Secured Debt 0 0 0 0 0 0 Intercompany Payable 34,454 0 0 0 0 34,454 Other LT Liabilities 0 0 0 0 0 0 ---------------------------------------------------------------------------------- TOTAL POSTPETITION DEBTS $1,005,446 $0 $0 $0 $0 $1,005,446 ==================================================================================
AMERICAN SINTERED TECHNOLOGIES, INC. CASE # 02-10109 (JJF) ---------------- REPORTING PERIOD June 30, 2003 ---------------- DETAIL OF POSTPETITION TAXES PAID (MOR-4) - -------------------------------------------------------------------------------- Dates Amount Check Nos. Description of Tax Paid Paid or EFT - -------------------------------------------------------------------------------- FICA and Federal 06/04/03 $18,676 EFT FICA and Federal 06/18/03 16,176 EFT State withholding 06/26/03 1,931 13455 State withholding 06/03/03 1,925 13264 Federal unemployment 06/16/03 1,687 13391 ------------ TOTAL POST PETITION TAXES PAID $40,395 ============
AMERICAN SINTERED TECHNOLOGIES, INC. CASE # 02-10109 (JJF) ---------------- REPORTING PERIOD June 30, 2003 ---------------- ACCOUNTS RECEIVABLE RECONCILIATION AND AGING (MOR-5) - -------------------------------------------------------------------------------- ACCOUNTS RECEIVABLE RECONCILIATION - -------------------------------------------------------------------------------- Total Accounts Receivable at the beginning of the reporting period $1,522,272 PLUS Amounts billed during the period 798,001 LESS Amounts collected during the period 1,002,250 ---------- Total Accounts Receivable at the end of the reporting period $1,318,023 ========== - -------------------------------------------------------------------------------- ACCOUNTS RECEIVABLE AGING - -------------------------------------------------------------------------------- 0-30 days old 955,540 31-60 days old 336,383 61-90 days old 21,296 91+ days old 4,804 ---------- Total Accounts Receivable 1,318,023 Amount considered uncollectible (bad debt) 5,098 ---------- Accounts Receivable (Net) at the end of the current period $1,312,925 ==========
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 ATTACH SEPARATE SCHEDULE.) - ------------ 1. 2. 3. 4.
EXHIBIT 99.3 CUSTOM TECHNOLOGIES CORP. CASE # 02-10109 (JJF) ----------------- REPORTING PERIOD June 30, 2003 ----------------- MONTHLY OPERATING REPORT DOCUMENT EXPLANATION FORM NO. ATTACHED ATTACHED ------------ ------------- -------------- REQUIRED DOCUMENTS Schedule of Cash Receipts and Disbursements MOR 1 Attached Bank Reconciliations MOR 1 (cont) None Copies of bank statements None Cash disbursement journals None Statement of operations MOR 2 Attached 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 7/30/2003 - ---------------------------------------- --------------------------------- 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, 2003 ----------------- SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS CURRENT MONTH CUMULATIVE FILING TO DATE ------------------------------- ------------------------------- ACTUAL PROJECTED ACTUAL PROJECTED ------------- ------------- -------------- -------------- RECEIPTS - -------- A/R Collections $ - $ - $ - $ - Loans - - - - Sale of Assets - - - - InterCompamy Transfers - - 1,250 1,250 Other - - - - -------------- ------------- -------------- -------------- Total Receipts - - 1,250 1,250 -------------- ------------- -------------- -------------- DISBURSEMENTS - ------------- Net Payroll - - - - Payroll Taxes - - - - Accounts Payable - - - - Profit Sharing / Pension - - - - Insurance - - - - Commissions - - - - Utilities - - - - Leases / Rents - - - - Bank Service Charges - - - - Loans - - - - Professional Fees-Bankruptcy - - - - US Trustee Fees - - 1,250 1,250 Court Costs - - - - -------------- ------------- -------------- -------------- Total disbursements - - 1,250 1,250 -------------- ------------- -------------- -------------- NET CASH FLOW $ - $ - $ - $ - - ------------- ============== ============= ============== ==============
CUSTOM TECHNOLOGIES CORP. CASE # 02-10109 (JJF) ----------------- REPORTING PERIOD June 30, 2003 ----------------- STATEMENT OF OPERATIONS (MOR-2) Month of CUMULATIVE June 2003 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 - - Corporate Fees - (1,250) ------------ ------------- Total S G & A and Environ. Expense - (1,250) ------------ ------------- OPERATING INCOME - 1,250 ------------ ------------- OTHER INCOME (EXPENSE) Income (Loss) from Investment in Subsidiaries - (1,255,380) Interest Expense - - ------------ ------------- Other Income (Expense) - (1,255,380) ------------ ------------- INCOME (LOSS) BEFORE REORGANIZATION ITEMS - (1,254,130) ------------ ------------- REORGANIZATION ITEMS Professional Fees - - US Trustee Quarterly Fees - 1,250 (Gain) Loss from sale of equipment - - Other Reorganization Expenses - - ------------ ------------- Total Reorganization Items - 1,250 ------------ ------------- INCOME (LOSS) BEFORE TAXES - (1,255,380) Provision for Taxes - - ------------ ------------- NET INCOME (LOSS) $ - $ (1,255,380) ============ =============
CUSTOM TECHNOLOGIES CORP. CASE # 02-10109 (JJF) ----------------- REPORTING PERIOD June 30, 2003 ----------------- BALANCE SHEET (MOR-3) 6/30/03 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 38,374,978 39,630,358 Other - - ------------- ------------- TOTAL OTHER ASSETS 39,707,117 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 $ 39,707,117 $ 40,962,497 ============= ============= LIABILITIES & SHAREHOLDERS' EQUITY 6/30/03 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 (1,255,380) - ------------- -------------- TOTAL SHAREHOLDERS' EQUITY 39,707,117 40,962,497 ------------- -------------- TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 39,707,117 $ 40,962,497 ============= ==============
CUSTOM TECHNOLOGIES CORP. CASE # 02-10109 (JJF) ----------------- REPORTING PERIOD June 30, 2003 ----------------- DEBTOR QUESTIONNAIRE (MOR - 5) - ------------------------------------------------------------------------------- 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 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 and 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, 2003 ----------------- 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 7/30/2003 - --------------------------------------- ---------------------------------- 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, 2003 ---------------- SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS (MOR-1) CURRENT MONTH CUMULATIVE FILING TO DATE ------------------------------- ------------------------------- ACTUAL PROJECTED ACTUAL PROJECTED ------------- ------------- -------------- -------------- RECEIPTS - -------- A/R Collections $ 1,594,030 $ 1,622,000 $ 22,743,870 $ 22,152,774 Loans - - - - Sale of Assets - - 29,359 25,000 InterCompany Transfers (296,126) (200,000) (969,660) (500,000) Other - - 7,557 - -------------- ------------- -------------- -------------- Total Receipts 1,297,904 1,422,000 21,811,126 21,677,774 -------------- ------------- -------------- -------------- DISBURSEMENTS - ------------- Net Payroll 75,023 70,732 1,478,373 1,433,570 Payroll Taxes 24,297 25,380 560,349 540,647 Accounts Payable 1,232,725 1,322,288 19,030,015 17,840,300 Profit Sharing / Pension - - 15,128 15,000 Insurance - - 50,624 56,435 Commissions 31,075 36,000 477,950 516,000 Utilities 17,738 8,700 170,223 144,813 Leases / Rents 6,702 7,700 107,375 106,196 Bank Service Charges - - - - Loans - - - - Professional Fees-Bankruptcy - - - - Capital Expenditures 21,072 15,000 132,325 178,000 US Trustee Fees - - 32,250 24,250 Court Costs - - - - -------------- ------------- -------------- -------------- Total disbursements 1,408,633 1,485,800 22,054,611 20,855,211 -------------- ------------- -------------- -------------- NET CASH FLOW $ (110,729) $ (63,800) $ (243,485) $ 822,563 - ------------- ============== ============= ============== ==============
ESCAST, INC CASE # 02-10109 (JJF) ---------------- REPORTING PERIOD June 30, 2003 ---------------- BANK RECONCILIATION (MOR 1 CONTINUED) Account Book Balance per Books Number Account Type Balance - ------------------------------ ------------- ----------------- -------------- Petty Cash N/A Petty cash $ 254 American National Bank 18080278 Disbursement - National City Bank 884096844 Disbursement ($184,572) Bank One 2135-439-0104 Payroll 11,195 Texas Commerce Bank 85808720641 Disbursement 295 Restricted Cash Florida Restricted 34,259 -------------- $ (138,569) ============== Bank reconciliations are available.
ESCAST, INC CASE # 02-10109 (JJF) ---------------- REPORTING PERIOD June 30, 2003 ---------------- STATEMENT OF OPERATIONS (MOR-2) Month of CUMULATIVE June, 2003 FILING TO DATE -------------- -------------- Gross Sales $ 1,730,683 $ 24,879,961 Less: Defective mat'l returned - 19,900 Sales allowances 2,729 23,290 Cash discounts 5,870 152,123 ------------- ------------- Total sales deductions 8,599 195,313 ------------- ------------- NET SALES 1,722,084 24,684,648 ------------- ------------- Cost of Sales 1,310,717 19,526,647 ------------- ------------- GROSS PROFIT 411,367 5,158,001 ------------- ------------- Selling, General & Admin. Expense Selling expense 56,250 1,042,716 General & Admin. expense 55,711 1,007,768 Corporate Fees 56,000 837,500 ------------- ------------- Total S G & A and Environ. Expense 167,961 2,887,984 ------------- ------------- OPERATING INCOME 243,406 2,270,017 ------------- ------------- OTHER INCOME (EXPENSE) Income (Loss) from Investment in Subsidiaries - 171,737 Interest Expense - - ------------- ------------- Other Income (Expense) - 171,737 ------------- ------------- INCOME (LOSS) BEFORE REORGANIZATION ITEMS 243,406 2,441,754 ------------- ------------- REORGANIZATION ITEMS Professional Fees 52,000 612,750 US Trustee Quarterly Fees - 32,250 (Gain) Loss from sale of equipment - - Other Reorganization Expenses - - ------------- ------------- Total Reorganization Items 52,000 697,000 ------------- ------------- INCOME (LOSS) BEFORE TAXES 191,406 1,744,754 Provision for Taxes 71,002 606,329 ------------- ------------- NET INCOME (LOSS) $ 120,404 $ 1,138,425 ============= =============
ESCAST, INC CASE # 02-10109 (JJF) ---------------- REPORTING PERIOD June 30, 2003 ---------------- BALANCE SHEET (MOR-3) 6/30/03 1/15/02 ------------- ----------- ASSETS - ----------------------------------------------------- CURRENT ASSETS Unrestricted cash and cash equivalents ($172,828) $ 104,916 Restricted cash and cash equivalents 34,259 - Accounts receivable - net 2,844,780 956,901 Inventories -net 1,126,601 1,085,331 Other assets - current - 72,557 ------------- ----------- TOTAL CURRENT ASSETS 3,832,812 2,219,705 ------------- ----------- OTHER ASSETS Deferred income taxes - 575,991 Intercompany receivable 1,526,838 316,912 Investment in subsidiaries 2,790,894 2,619,157 Other 6,307 - ------------- ----------- TOTAL OTHER ASSETS 4,324,039 3,512,060 ------------- ----------- PROPERTY, PLANT AND EQUIPMENT Land 68,653 68,653 Buildings 96,949 84,942 Machinery and equipment 4,410,997 4,300,918 ------------- ----------- Total property, plant and equipment 4,576,599 4,454,513 Less: Accum. depreciation and amortization 2,156,139 1,952,364 ------------- ----------- NET PROPERTY, PLANT AND EQUIPMENT 2,420,460 2,502,149 ------------- ----------- TOTAL ASSETS $10,577,311 $ 8,233,914 ============= =========== LIABILITIES & SHAREHOLDERS' EQUITY 6/30/03 1/15/02 - ----------------------------------------------------- ------------- ----------- LIABILITIES (POSTPETITION) - ----------------------------------------------------- CURRENT LIABILITIES Current portion of long-term debt $ - $ - Accounts payable 545,522 - Accrued liabilities 355,278 - Accrued income taxes 523,676 - Dividends payable - - ------------- ----------- TOTAL CURRENT LIABILITIES 1,424,476 - ------------- ----------- LONG-TERM DEBT - SECURED - - ------------- ----------- OTHER LIABILITIES Disc. operations and environ. remediation - - Deferred income taxes - - Intercompany payable 240,266 - Long-term pension liability - - ------------- ----------- TOTAL OTHER LIABILITIES 240,266 - ------------- ----------- TOTAL LIABILITIES (POSTPETITION) 1,664,742 - ------------- -----------
LIABILITIES (PREPETITION) - ----------------------------------------------------- Secured debt - - Priority debt 1 - 116,378 Unsecured debt 1,120,021 1,463,413 Intercompany payable 839,825 839,825 ------------- ----------- TOTAL LIABILITIES (PREPETITION) 1,959,846 2,419,616 ------------- ----------- TOTAL LIABILITIES 3,624,588 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 1,138,425 - ------------- ----------- TOTAL SHAREHOLDERS' EQUITY 6,952,723 5,814,298 ------------- ----------- TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 10,577,311 $ 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, 2003 ---------------- 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 1,557 10,646 10,960 1,243 FICA-Employee 0 6,323 6,323 0 FICA-Employer 104 6,323 6,311 116 Unemployment 96 (51) 5 40 Income Tax 456,319 67,357 0 523,676 Foreign Income Tax 0 0 0 0 Other: 0 0 0 0 ------------------------------------------------------------------- TOTAL FEDERAL TAXES $458,076 $ 90,598 $23,599 $525,075 ------------------------------------------------------------------- STATE AND LOCAL TAXES: - ---------------------- Withholding 876 648 648 876 Unemployment 528 (327) 50 151 Sales 2,026 (2,026) 0 0 Income Tax 0 0 0 0 Real Property 3,638 1 0 3,639 Personal Property 0 0 0 0 Other: Describe 0 0 0 0 ------------------------------------------------------------------- TOTAL STATE AND LOCAL TAXES $7,068 ($1,704) $698 $4,666 ------------------------------------------------------------------- ------------------------------------------------------------------- TOTAL POST PETITION TAXES $465,144 $ 88,894 $24,297 $529,741 ===================================================================
- ---------------------------------------------------------------------------------------------------------------------------- Number of Days Past Due ------------------------------------------------------------------------------------------- Current 30 days 31-60 days 61-90 days over 90 days Total - ---------------------------------------------------------------------------------------------------------------------------- Accounts Payable 545,522 0 0 0 0 552,522 Wages Payable 190,601 0 0 0 0 190,601 Taxes Payable (Other than income) 6,065 0 0 0 0 6,065 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 158,612 0 0 0 0 158,612 Income Taxes Payable 523,676 0 0 0 0 523,676 Secured Debt 0 0 0 0 0 0 Intercompany Payable 240,266 0 0 0 0 240,266 Other LT Liabilities 0 0 0 0 0 0 ------------------------------------------------------------------------------------------- TOTAL POSTPETITION DEBTS $1,664,742 $0 $0 $0 $0 $1,664,742 ===========================================================================================
ESCAST, INC CASE # 02-10109 (JJF) ---------------- REPORTING PERIOD June 30, 2003 ---------------- 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 24,297 EFT each week. --------- TOTAL POST PETITION TAXES PAID $24,297 =========
ESCAST, INC CASE # 02-10109 (JJF) ---------------- REPORTING PERIOD June 30, 2003 ---------------- ACCOUNTS RECEIVABLE RECONCILIATION AND AGING (MOR-5) - --------------------------------------------------------------------------------------------- ACCOUNTS RECEIVABLE RECONCILIATION - --------------------------------------------------------------------------------------------- Total Accounts Receivable at the beginning of the reporting period $ 2,723,931 PLUS Amounts billed during the period 1,709,339 LESS Amounts collected during the period 1,594,030 ------------ Total Accounts Receivable at the end of the reporting period $ 2,839,240 ============ - --------------------------------------------------------------------------------------------- ACCOUNTS RECEIVABLE AGING - --------------------------------------------------------------------------------------------- 0-30 days old 2,812,170 31-60 days old 24,752 61-90 days old 1,009 91+ days old 1,309 ------------ Total Accounts Receivable 2,839,240 Amount considered uncollectible (bad debt) 13,842 ------------ Accounts Receivable (Net) at the end of the current period $ 2,825,398 ============
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, 2003 ----------------- 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 7/30/2003 - ---------------------------------------- ------------------------------ 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, 2003 ---------------- 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 - - 1,250 1,250 Other - - - - ----------- ------------ ----------- ------------- Total Receipts - - 1,250 1,250 ----------- ------------ ----------- ------------- DISBURSEMENTS - ------------- Net Payroll - - - - Payroll Taxes - - - - Accounts Payable - - - - Profit Sharing / Pension - - - - Insurance - - - - Commissions - - - - Utilities - - - - Leases / Rents - - - - Bank Service Charges 18 18 311 311 Loans - - - - Professional Fees-Bankruptcy - - - - US Trustee Fees - - 1,250 1,250 Court Costs - - - - ----------- ------------ ----------- ------------- Total disbursements 18 18 1,561 1,561 ----------- ------------ ----------- ------------- NET CASH FLOW $ (18) $ (18) $ (311) $ (311) - ------------- =========== ============ =========== =============
FANSTEEL HOLDINGS, INC CASE # 02-10109 (JJF) ---------------- REPORTING PERIOD June 30, 2003 ---------------- BANK RECONCILIATION (MOR 1 CONTINUED) Account Book Balance per Books Number Account Type Balance ------------ --------------- ---------- Wilmington Trust Company 2477-7626 Operational $ 574 - - ---------- $ 574 ========== Bank reconciliations are available.
FANSTEEL HOLDINGS, INC CASE # 02-10109 (JJF) ---------------- REPORTING PERIOD June 30, 2003 ---------------- STATEMENT OF OPERATIONS (MOR-2) Month of CUMULATIVE June, 2003 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 217 8,714 Corporate Fees - (1,250) --------------- ----------------- Total S G & A and Environ. Expense 217 7,464 --------------- ----------------- OPERATING INCOME (217) (7,464) --------------- ----------------- OTHER INCOME (EXPENSE) Income (Loss) from Investment in Subsidiaries - (1,427,117) Interest Expense - - --------------- ----------------- Other Income (Expense) - (1,427,117) --------------- ----------------- INCOME (LOSS) BEFORE REORGANIZATION ITEMS (217) (1,434,581) --------------- ----------------- REORGANIZATION ITEMS Professional Fees - - US Trustee Quarterly Fees - 1,250 (Gain) Loss from sale of equipment - - Other Reorganization Expenses - - --------------- ----------------- Total Reorganization Items - 1,250 --------------- ----------------- INCOME (LOSS) BEFORE TAXES (217) (1,435,831) Provision for Taxes - - --------------- ----------------- NET INCOME (LOSS) $ (217) $ (1,435,831) =============== =================
FANSTEEL HOLDINGS, INC CASE # 02-10109 (JJF) ---------------- REPORTING PERIOD June 30, 2003 ---------------- BALANCE SHEET (MOR-3) 6/30/03 1/15/02 ------------- -------------- ASSETS - ---------------------------------------------- CURRENT ASSETS Unrestricted cash and cash equivalents $ 574 $ 885 Restricted cash and cash equivalents - - Accounts receivable - net - - Inventories -net - - Other assets - current - - ------------- -------------- TOTAL CURRENT ASSETS 574 885 ------------- -------------- OTHER ASSETS Deferred income taxes - - Intercompany receivable - - Investment in subsidiaries 35,876,225 37,303,342 Other - - ------------- -------------- TOTAL OTHER ASSETS 35,876,225 37,303,342 ------------- -------------- 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 $ 35,876,799 $ 37,304,227 ============= ============== LIABILITIES & SHAREHOLDERS' EQUITY 6/30/03 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 5,973 - Long-term pension liability - - ------------- -------------- TOTAL OTHER LIABILITIES 5,973 - ------------- -------------- TOTAL LIABILITIES (POSTPETITION) 5,973 - ------------- --------------
LIABILITIES (PREPETITION) - ---------------------------------------------- Secured debt - - Priority debt - 1,000 Unsecured debt - - Intercompany payable 30,857,357 30,853,927 ------------- -------------- TOTAL LIABILITIES (PREPETITION) 30,857,357 30,854,927 ------------- -------------- TOTAL LIABILITIES 30,863,330 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 6,449,300 6,449,300 Retained earnings - postpetition (1,435,831) - ------------- -------------- TOTAL SHAREHOLDERS' EQUITY 5,013,469 6,449,300 ------------- -------------- TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 35,876,799 $ 37,304,227 ============= ==============
FANSTEEL HOLDINGS, INC CASE # 02-10109 (JJF) ---------------- REPORTING PERIOD June 30, 2003 ---------------- 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 5,973 0 0 0 0 5,973 Other LT Liabilities 0 0 0 0 0 0 -------------------------------------------------------------------------------------- TOTAL POSTPETITION DEBTS $5,973 $0 $0 $0 $0 $5,973 ======================================================================================
FANSTEEL HOLDINGS, INC CASE # 02-10109 (JJF) ---------------- REPORTING PERIOD June 30, 2003 ---------------- 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 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 99.6 PHOENIX AEROSPACE CORP. CASE # 02-10109 (JJF) ----------------- REPORTING PERIOD June 30, 2003 ----------------- 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) 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 7/30/2003 - -------------------------------------------- ------------------------------ 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, 2003 ----------------- 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 - - 1,250 1,250 Other - - - - -------------- ------------- -------------- -------------- Total Receipts - - 1,250 1,250 -------------- ------------- -------------- -------------- DISBURSEMENTS - ------------- Net Payroll - - - - Payroll Taxes - - - - Accounts Payable - - - - Profit Sharing / Pension - - - - Insurance - - - - Commissions - - - - Utilities - - - - Leases / Rents - - - - Bank Service Charges - - - - Loans - - - - Professional Fees-Bankruptcy - - - - US Trustee Fees - - 1,250 1,250 Court Costs - - - - -------------- ------------- -------------- -------------- Total disbursements - - 1,250 1,250 -------------- ------------- -------------- -------------- NET CASH FLOW $ - $ - $ - $ - - ------------- ============== ============= ============== ==============
PHOENIX AEROSPACE CORP. CASE # 02-10109 (JJF) ----------------- REPORTING PERIOD June 30, 2003 ----------------- STATEMENT OF OPERATIONS (MOR-2) Month of CUMULATIVE June, 2003 FILING TO DATE -------------- ---------------- Gross Sales $ - $ - Less: Defective mat'l returned - - Sales allowances - - Cash discounts - - Total sales deductions ------------ --------------- - - ------------ --------------- NET SALES - - ------------ --------------- Cost of Sales (5,245) (95,076) ------------ --------------- GROSS PROFIT 5,245 95,076 ------------ --------------- Selling, General & Admin. Expense Selling expense - - General & Admin. expense - - Corporate Fees - (1,250) ------------ --------------- Total S G & A and Environ. Expense - (1,250) ------------ --------------- OPERATING INCOME 5,245 96,326 ------------ --------------- OTHER INCOME (EXPENSE) Other Income (Expense) - - Interest Expense - - ------------ --------------- Other Income (Expense) - - ------------ --------------- INCOME (LOSS) BEFORE REORGANIZATION ITEMS 5,245 96,326 ------------ --------------- REORGANIZATION ITEMS Professional Fees - - US Trustee Quarterly Fees - 1,250 (Gain) Loss from sale of equipment - - Other Reorganization Expenses - - ------------ --------------- Total Reorganization Items - 1,250 ------------ --------------- INCOME (LOSS) BEFORE TAXES 5,245 95,076 Provision for Taxes - - ------------ --------------- NET INCOME (LOSS) $ 5,245 $ 95,076 ============ ===============
PHOENIX AEROSPACE CORP. CASE # 02-10109 (JJF) ----------------- REPORTING PERIOD June 30, 2003 ----------------- BALANCE SHEET (MOR-3) 6/30/03 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 576,000 471,000 Investment in subsidiaries - - Other - - ------------- ------------- TOTAL OTHER ASSETS 576,000 471,000 ------------- ------------- 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 53,616 43,891 ------------- ------------- NET PROPERTY, PLANT AND EQUIPMENT 671,384 681,109 ------------- ------------- TOTAL ASSETS $ 1,247,384 $ 1,152,109 ============= ============= LIABILITIES & SHAREHOLDERS' EQUITY 6/30/03 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 199 - Long-term pension liability - - ------------- ------------- TOTAL OTHER LIABILITIES 199 - ------------- ------------- TOTAL LIABILITIES (POSTPETITION) 199 - ------------- -------------
LIABILITIES (PREPETITION) - ------------------------------------------ Secured debt - - Priority debt - - Unsecured debt - - Intercompany payable - - ------------- ------------- TOTAL LIABILITIES (PREPETITION) - - ------------- ------------- TOTAL LIABILITIES 199 - ------------- ------------- 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 95,076 - ------------- ------------- TOTAL SHAREHOLDERS' EQUITY 1,247,185 1,152,109 ------------- ------------- TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 1,247,384 $ 1,152,109 ============= =============
PHOENIX AEROSPACE CORP. CASE # 02-10109 (JJF) ----------------- REPORTING PERIOD June 30, 2003 ----------------- 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 WASHINGTON MANUFACTURING CO. CASE # 02-10109 (JJF) ----------------- REPORTING PERIOD June 30, 2003 ----------------- 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 7/30/2003 - --------------------------------------- ---------------------------------- 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, 2003 ---------------- SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS (MOR-1) CURRENT MONTH CUMULATIVE FILING TO DATE ----------------------------- ------------------------------ ACTUAL PROJECTED ACTUAL PROJECTED ------------ -------------- ------------ -------------- RECEIPTS - -------- A/R Collections $ 928,662 $ 1,050,000 $ 18,449,747 $ 18,944,216 Loans - - - - Sale of Assets - - - - InterCompany 34,397 (70,000) 926,904 (480,000) Other 2,697 - 48,261 1,176 ------------ ------------ ----------- -------------- Total Receipts 965,756 980,000 19,424,912 18,465,392 ------------ ------------ ----------- -------------- DISBURSEMENTS - ------------- Net Payroll 195,512 191,000 4,289,701 4,401,193 Payroll Taxes 107,017 97,000 2,241,218 2,053,904 Accounts Payable 591,332 610,000 10,538,809 9,323,812 Profit Sharing / Pension 26,756 26,000 424,917 375,985 Insurance - 4,000 685,286 600,343 Commissions 52,436 52,000 795,476 833,468 Utilities 12,453 15,000 252,656 224,498 Leases/Rents 1,152 4,000 65,800 70,000 Bank Service Charges - - - - Loans - - 4,358 - Professional Fees-Bankruptcy - - - - Capital Expenditures - - 220,975 362,000 US Trustee Fees - - 31,750 23,750 Court Costs - - - - ------------ ------------ ----------- -------------- Total disbursements 986,657 999,000 19,550,945 18,268,953 ------------ ------------ ----------- -------------- NET CASH FLOW $ (20,901) $ (19,000) $ (126,033) $ 196,439 - ------------- ============ ============ =========== ==============
WASHINGTON MANUFACTURING CO. CASE # 02-10109 (JJF) ---------------- REPORTING PERIOD June 30, 2003 ---------------- BANK RECONCILIATION (MOR 1 CONTINUED) Account Book Balance per Books Number Account Type Balance ---------- ----------------- ----------- US Bank 1 964 5603 8997 Payroll - Hourly $ 100 US Bank 1 964 5603 8005 Payroll - Salaried 100 Petty Cash Petty Cash 421 National City 884096836 Disbursement-AP (103,389) - - ----------- $ (102,768) =========== Bank reconciliations are available.
WASHINGTON MANUFACTURING CO. CASE # 02-10109 (JJF) ---------------- REPORTING PERIOD June 30, 2003 ---------------- STATEMENT OF OPERATIONS (MOR-2) Month of CUMULATIVE June 2003 FILING TO DATE -------------- ----------------- Gross Sales $ 814,583 $ 18,926,473 Less: Defective mat'l returned 2,600 (64,609) Sales allowances 35,750 798,270 Cash discounts 9,412 181,461 ------------ ------------- Total sales deductions 47,762 915,122 ------------ ------------- NET SALES 766,821 18,011,351 ------------ ------------- Cost of Sales 808,708 15,326,302 ------------ ------------- GROSS PROFIT (41,887) 2,685,049 ------------ ------------- Selling, General & Admin. Expense Selling expense 56,759 1,029,835 General & Admin. expense 74,990 1,180,007 Corporate Fees 52,000 796,000 ------------ ------------- Total S G & A and Environ. Expense 183,749 3,005,842 ------------ ------------- OPERATING INCOME (225,636) (320,793) ------------ ------------- OTHER INCOME (EXPENSE) Other Income (Expense) (1) (9,848) Interest Expense - - ------------ ------------- Other Income (Expense) (1) (9,848) ------------ ------------- INCOME (LOSS) BEFORE REORGANIZATION ITEMS (225,637) (330,641) ------------ ------------- REORGANIZATION ITEMS Professional Fees 47,000 613,250 US Trustee Quarterly Fees - 31,750 (Gain) Loss from sale of equipment - - Other Reorganization Expenses - - ------------ ------------- Total Reorganization Items 47,000 645,000 ------------ ------------- INCOME (LOSS) BEFORE TAXES (272,637) (975,641) Provision for Taxes (94,000) (327,000) ------------ ------------- NET INCOME (LOSS) $ (178,637) $ (648,641) ============ =============
WASHINGTON MANUFACTURING CO. CASE # 02-10109 (JJF) ---------------- REPORTING PERIOD June 30, 2003 ---------------- BALANCE SHEET (MOR-3) 6/30/03 1/15/02 ----------- ----------- ASSETS - ------------------------------------------ CURRENT ASSETS Unrestricted cash and cash equivalents ($102,768) $ 23,265 Restricted cash and cash equivalents - - Accounts receivable - net 1,150,255 1,161,243 Inventories - net 1,689,194 1,498,330 Other assets - current 565,930 469,960 ------------- ------------- TOTAL CURRENT ASSETS 3,302,611 3,152,798 ------------- ------------- OTHER ASSETS Deferred income taxes 253,718 36,697 Intercompany receivable 9,523,702 9,366,952 Investment in subsidiaries - - Other - - ------------- ------------- TOTAL OTHER ASSETS 9,777,420 9,403,649 ------------- ------------- PROPERTY, PLANT AND EQUIPMENT Land 40,211 40,211 Buildings 1,261,154 1,261,154 Machinery and equipment 4,411,704 4,195,650 ------------- ------------- Total property, plant and equipment 5,713,069 5,497,015 Less: Accum. depreciation and amortization 3,867,846 3,573,615 ------------- ------------- NET PROPERTY, PLANT AND EQUIPMENT 1,845,223 1,923,400 ------------- ------------- TOTAL ASSETS $ 14,925,254 $ 14,479,847 ============= ============= LIABILITIES & SHAREHOLDERS' EQUITY 6/30/03 1/15/02 - ------------------------------------------ ---------- ----------- LIABILITIES (POSTPETITION) - ------------------------------------------ CURRENT LIABILITIES Current portion of long-term debt $ - $ - Accounts payable 133,959 - Accrued liabilities 607,601 - Accrued income taxes - - Dividends payable - - ------------- ------------- TOTAL CURRENT LIABILITIES 741,560 - ------------- ------------- LONG-TERM DEBT - SECURED - - ------------- ------------- OTHER LIABILITIES Disc. operations and environ. remediation - - Deferred income taxes - - Intercompany payable 1,083,654 - Long-term pension liability - - ------------- ------------- TOTAL OTHER LIABILITIES 1,083,654 - ------------- ------------- TOTAL LIABILITIES (POSTPETITION) 1,825,214 - ------------- -------------
LIABILITIES (PREPETITION) - ------------------------------------------ Secured debt - - Priority debt (1) - 320,225 Unsecured debt 508,379 919,320 Intercompany payable - - ------------- ------------- TOTAL LIABILITIES (PREPETITION) 508,379 1,239,545 ------------- ------------- TOTAL LIABILITIES 2,333,593 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 (648,641) - ------------- -------------- TOTAL SHAREHOLDERS' EQUITY 12,591,661 13,240,302 ------------- -------------- TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 14,925,254 $ 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, 2003 ---------------- 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 29,094 29,094 0 FICA-Employee 0 22,167 22,167 0 FICA-Employer 274 22,943 22,692 525 Unemployment 0 143 143 0 Income Tax 0 0 0 0 Foreign Income Tax 0 0 0 0 Other: 0 0 0 0 -------------------------------------------------------------- TOTAL FEDERAL TAXES $274 $74,347 $74,096 $525 -------------------------------------------------------------- STATE AND LOCAL TAXES: - ---------------------- Withholding 0 13,147 13,147 0 Unemployment 21 19,774 19,774 21 Sales 1,852 643 0 2,495 Income Tax 0 0 0 0 Real Property 48,185 4,600 0 52,785 Personal Property 0 0 0 0 Other: Describe 0 0 0 0 ------------------------------------------------------------- TOTAL STATE AND LOCAL TAXES $50,058 $38,164 $32,921 $55,301 ------------------------------------------------------------- ------------------------------------------------------------- TOTAL POST PETITION TAXES $50,332 $112,511 $107,017 $55,826 =============================================================
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 133,959 0 0 0 0 133,959 Wages Payable 413,965 0 0 0 0 413,965 Taxes Payable (Other than income) 55,826 0 0 0 0 55,826 Professional Fees 0 0 0 0 0 0 Rent/Lease - Building 0 0 0 0 0 0 Rent/Lease - Equipment 18,831 0 0 0 0 18,831 Other Accrued Liabilities 118,979 0 0 0 0 118,979 Deferred Income Taxes Payable 0 0 0 0 0 0 Secured Debt 0 0 0 0 0 0 Intercompany Payable 1,083,654 0 0 0 0 1,083,654 Other LT Liabilities 0 0 0 0 0 0 ------------------------------------------------------------------------------------------------- TOTAL POSTPETITION DEBTS $1,825,214 $0 $0 $0 $0 $1,825,214 =================================================================================================
WASHINGTON MANUFACTURING CO. CASE # 02-10109 (JJF) ---------------- REPORTING PERIOD June 30, 2003 ---------------- DETAIL OF POSTPETITION TAXES PAID (MOR-4) - ---------------------------------------------------------------------------------- Dates Amount Check Nos. Description of Tax Paid Paid or EFT - ---------------------------------------------------------------------------------- FWT-2040015100 Weekly 29,094 EFT to ADP FICA-2040025100-Employee Weekly 22,167 EFT to ADP FICA-2040035100-Employer Weekly 22,692 EFT to ADP FUI-2042605100 Weekly 143 EFT to ADP SWT-IA-2041155100 Weekly 12,750 EFT to ADP SUI-SC-2042405100 Weekly EFT to ADP SWT-SC-2041405100 Weekly EFT to ADP SUI-IA-2042155100 Weekly 19,774 EFT to ADP SWT-IL-2041135100 Weekly 397 EFT to ADP Real Estate Taxes-2060015100 Twice Yearly -------- TOTAL POST PETITION TAXES PAID $107,017 ========
WASHINGTON MANUFACTURING CO. CASE # 02-10109 (JJF) ---------------- REPORTING PERIOD June 30, 2003 ---------------- ACCOUNTS RECEIVABLE RECONCILIATION AND AGING (MOR-5) - ------------------------------------------------------------------------------- ACCOUNTS RECEIVABLE RECONCILIATION - ------------------------------------------------------------------------------- Total Accounts Receivable at the beginning of the reporting period $1,258,593 PLUS Amounts billed during the period 772,921 LESS Amounts collected during the period 928,662 ------------ Total Accounts Receivable at the end of the reporting period $1,102,852 ============ - ------------------------------------------------------------------------------- ACCOUNTS RECEIVABLE AGING - ------------------------------------------------------------------------------- 0-30 days old 775,035 31-60 days old 174,198 61-90 days old 62,900 91+ days old 90,719 --------------- Total Accounts Receivable 1,102,852 Amount considered uncollectible (bad debt) 30,910 --------------- Accounts Receivable (Net) at the end of the current period $1,071,942 =============== 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 99.8 WELLMAN DYNAMICS CORP. CASE # 02-10109 (JJF) ---------------- REPORTING PERIOD June 30, 2003 ---------------- 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 7/30/2003 - --------------------------------------- ----------------------------------- 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, 2003 ----------------- SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS (MOR-1) CURRENT MONTH CUMULATIVE FILING TO DATE ------------------------------- ------------------------------- ACTUAL PROJECTED ACTUAL PROJECTED ------------- ------------- ------------- -------------- RECEIPTS - -------- A/R Collections $ 1,313,065 $ 1,135,912 $ 33,098,652 $ 33,893,120 Loans - - - - Sale of Assets - - - - InterCompany Transfer 158,280 - (1,207,537) (381,580) Other 4,634 - 43,059 - ------------- ------------- ------------ ------------- Total Receipts 1,475,979 1,935,912 31,934,172 33,511,540 ------------- ------------- ------------ ------------- DISBURSEMENTS - ------------- Net Payroll 325,751 302,999 7,023,717 7,267,604 Payroll Taxes 482,016 142,415 3,948,619 3,768,395 Accounts Payable 539,274 681,238 16,795,239 14,332,874 Profit Sharing / Pension 21,775 21,775 384,191 1,945,792 Insurance 4,539 8,239 2,051,783 1,964,308 Commissions 27,645 27,645 635,048 906,907 Utilities 49,252 48,603 990,354 1,050,285 Leases / Rents 33,931 34,070 500,836 620,668 Bank Service Charges - - - - Loans - - - 74,620 Professional Fees-Bankruptcy - - - - Capital Expenditures - 30,000 - 30,000 US Trustee Fees - - 38,250 30,250 Court Costs - - - - ------------- ------------- ------------ ------------- Total disbursements 1,484,183 1,296,984 32,368,037 31,991,703 ------------- ------------- ------------ ------------- NET CASH FLOW $ (8,204) $ (161,072) $ (433,863) $ 1,519,836 - ------------- ============= ============== ============ ==============
WELLMAN DYNAMICS CORP. CASE # 02-10109 (JJF) ---------------- REPORTING PERIOD June 30, 2003 ---------------- 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 10,961 National City Bank 884096828 Disbursement (190,979) - ---------- Bank reconciliations are available. $ (179,018) ==========
WELLMAN DYNAMICS CORP. CASE # 02-10109 (JJF) ----------------- REPORTING PERIOD June 30, 2003 ----------------- STATEMENT OF OPERATIONS (MOR-2) Month of CUMULATIVE June 2003 FILING TO DATE -------------- ---------------- Gross Sales $ 1,302,741 $33,451,662 Less: Defective mat'l returned - - Sales allowances 50,309 950,085 Cash discounts 575 44,221 ------------ ----------- Total sales deductions 50,884 994,306 ------------ ----------- NET SALES 1,251,857 32,457,356 ------------ ----------- Cost of Sales 1,229,222 30,896,048 ------------ ----------- GROSS PROFIT 22,635 1,561,308 ------------ ----------- Selling, General & Admin. Expense Selling expense 42,515 978,207 General & Admin. expense 66,134 978,932 Corporate Fees 76,000 1,414,000 ------------ ----------- Total S G & A and Environ. Expense 184,649 3,371,139 ------------ ----------- OPERATING INCOME (162,014) (1,809,831) ------------ ----------- OTHER INCOME (EXPENSE) Other Income (Expense) - 100 Interest Expense - - ------------ ----------- Other Income (Expense) - 100 ------------ ----------- INCOME (LOSS) BEFORE REORGANIZATION ITEMS (162,014) (1,809,731) ------------ ----------- REORGANIZATION ITEMS Professional Fees 69,000 1,101,750 US Trustee Quarterly Fees - 38,250 (Gain) Loss from sale of equipment - - Other Reorganization Expenses - - ------------ ----------- Total Reorganization Items 69,000 1,140,000 ------------ ----------- INCOME (LOSS) BEFORE TAXES (231,014) (2,949,731) Provision for Taxes (78,000) (988,000) ------------ ----------- NET INCOME (LOSS) $ (153,014) $ (1,961,731) ============ ============
WELLMAN DYNAMICS CORP. CASE # 02-10109 (JJF) ----------------- REPORTING PERIOD June 30, 2003 ----------------- BALANCE SHEET (MOR-3) 6/30/03 1/15/02 ASSETS -------------- -------------- - -------------------------------------------------- CURRENT ASSETS Unrestricted cash and cash equivalents ($179,018) $ 254,845 Restricted cash and cash equivalents - - Accounts receivable - net 2,309.062 2,712,548 Inventories -net 3,619,373 6,262,631 Other assets - current 352,271 227,047 ------------- ------------- TOTAL CURRENT ASSETS 6,101,688 9,457,071 ------------- ------------- OTHER ASSETS Deferred income taxes 923,802 919,242 Intercompany receivable 14,788,470 13,580,933 Investment in subsidiaries - - Other 872,263 563 ------------- ------------- TOTAL OTHER ASSETS 16,584,535 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 12,654,536 12,262,052 ------------- ------------- NET PROPERTY, PLANT AND EQUIPMENT 1,461,252 1,847,936 ------------- ------------- TOTAL ASSETS $ 24,147,475 $ 25,805,745 ============= ============= LIABILITIES & SHAREHOLDERS' EQUITY 6/30/03 1/15/02 - -------------------------------------------------- -------------- ------------- LIABILITIES (POSTPETITION) - -------------------------------------------------- CURRENT LIABILITIES Current portion of long-term debt $ - $ - Accounts payable 586,662 - Accrued liabilities 1,774,170 - Accrued income taxes - - Dividends payable - - ------------- ------------- TOTAL CURRENT LIABILITIES 2,360,832 - ------------- ------------- LONG-TERM DEBT - SECURED - - ------------- ------------- OTHER LIABILITIES Disc. operations and environ. remediation 1,166,000 - Deferred income taxes - - Intercompany payable - - Long-term pension liability - - ------------- ------------- TOTAL OTHER LIABILITIES 1,166,000 - ------------- ------------- TOTAL LIABILITIES (POSTPETITION) 3,526,832 - ------------- -------------
LIABILITIES (PREPETITION) - -------------------------------------------------- Secured debt - - Priority debt 1 - 1,814,744 Unsecured debt 5,511,226 6,919,853 Intercompany payable - - ------------- ------------- TOTAL LIABILITIES (PREPETITION) 5,511,226 8,734,597 ------------- ------------- TOTAL LIABILITIES 9,038,058 8,734,597 ------------- ------------- 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 1,130,662 1,130,662 Retained earnings - postpetition (1,961,731) - ------------- ------------- TOTAL SHAREHOLDERS' EQUITY 15,109,417 17,071,148 ------------- ------------- TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 24,147,475 $ 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, 2003 ----------------- 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 7,280 54,274 51,676 9,878 FICA-Employee 9,021 39,526 36,780 11,766 FICA-Employer 9,021 39,526 36,780 11,766 Unemployment 1,952 216 0 2,168 Income Tax 0 0 0 0 Foreign Income Tax 0 0 0 0 Other: 0 0 0 0 -------------------------------------------------------------- TOTAL FEDERAL TAXES $27,273 $133,541 $125,236 $35,578 -------------------------------------------------------------- STATE AND LOCAL TAXES: - --------------------- Withholding 13,989 23,417 24,967 12,439 Unemployment 31,159 12,729 0 43,888 Sales 0 0 0 0 Income Tax 0 0 0 0 Real Property 88,215 8,020 0 96,235 Personal Property 0 0 0 0 Other: Describe 0 0 0 0 -------------------------------------------------------------- TOTAL STATE AND LOCAL TAXES $133,363 $44,166 $24,967 $152,562 -------------------------------------------------------------- -------------------------------------------------------------- TOTAL POST PETITION TAXES $160,636 $177,707 $150,203 $188,140 ==============================================================
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 586,662 0 0 0 0 586,662 Wages Payable 642,936 0 0 0 0 642,936 Taxes Payable (Other than income) 188,140 0 0 0 0 188,140 Professional Fees 59,155 0 0 0 0 59,155 Rent/Lease - Building 0 0 0 0 0 0 Rent/Lease - Equipment 0 0 0 0 0 0 Other Accrued Liabilities 883,939 0 0 0 0 883,939 Income Taxes Payable 0 0 0 0 0 0 Secured Debt 0 0 0 0 0 0 Intercompany Payable 0 0 0 0 0 0 Other LT Liabilities 1,166,000 0 0 0 0 1,166,000 --------------------------------------------------------------------------------- TOTAL POSTPETITION DEBTS $3,526,832 $0 $0 $0 $0 $3,526,832 =================================================================================
WELLMAN DYNAMICS CORP. CASE # 02-10109 (JJF) ----------------- REPORTING PERIOD June 30, 2003 ----------------- DETAIL OF POSTPETITION TAXES PAID (MOR-4) - ---------------------------------------------------------------------------- Dates Amount Check Nos. Description of Tax Paid Paid or EFT - ---------------------------------------------------------------------------- SWCC - Ia W/H 06/10/03 $2,340 114359 SWCC - Ia W/H 06/25/03 2,439 114515 Iowa W/H 06/10/03 11,649 10748 Iowa W/H 06/25/03 8,539 45087 FIT PAYMENT 06/04/03 7,281 17855671 FICM-FICA PAYMENT 06/04/03 10,474 17855671 FIT PAYMENT 06/11/03 18,612 18555952 FICM-FICA PAYMENT 06/11/03 25,758 18555952 FIT PAYMENT 06/18/03 6,940 19434363 FICM-FICA PAYMENT 06/18/03 10,649 19434363 FIT PAYMENT 06/25/03 18,843 19998075 FICM-FICA PAYMENT 06/25/03 26,679 19998075 ----------- TOTAL POST PETITION TAXES PAID $150,203 ===========
WELLMAN DYNAMICS CORP. CASE # 02-10109 (JJF) ----------------- REPORTING PERIOD June 30, 2003 ----------------- ACCOUNTS RECEIVABLE RECONCILIATION AND AGING (MOR-5) - ------------------------------------------------------------------------------------------ ACCOUNTS RECEIVABLE RECONCILIATION - ------------------------------------------------------------------------------------------ Total Accounts Receivable at the beginning of the reporting period $2,583,073 PLUS Amounts billed during the period 1,192,572 LESS Amounts collected during the period 1,313,065 --------------- Total Accounts Receivable at the end of the reporting period $2,462,580 =============== - ------------------------------------------------------------------------------------------ ACCOUNTS RECEIVABLE AGING - ------------------------------------------------------------------------------------------ 0-30 days old 2,032,272 31-60 days old 106,971 61-90 days old 37,471 91+ days old 285,866 --------------- Total Accounts Receivable 2,462,580 Amount considered uncollectible (bad debt) 154,612 --------------- Accounts Receivable (Net) at the end of the current period $2,307,968 =============== 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.
-----END PRIVACY-ENHANCED MESSAGE-----