EX-99.2 4 inc.txt GDC INC. DEC. MORS UNITED STATES BANKRUPTCY COURT FOR THE DISTRICT OF DELAWARE In re General DataComm, Inc. Case No. 01-11102 Reporting Period: December 2001 MONTHLY OPERATING REPORT File with Court and submit copy to United States Trustee within 20 days after end of month (Forms are reported in thousands of dollars) Submit copy of report to any official committee appointed in the case. Document Explanation REQUIRED DOCUMENTS Form No. Attached Attached ------------------------------------------------------------------------------- Schedule of Cash Receipts and Disbursements MOR-1 X Bank Reconciliation (or copies of debtor's bank reconciliations MOR-1 (CON'T) X Copies of bank statements X Cash disbursements journals X Statement of Operations MOR-2 X Balance Sheet MOR-3 X Status of Postpetition Taxes MOR-4 X Copies of IRS Form 6123 or payment receipt X Copies of tax returns filed during reporting period N/A Summary of Unpaid Postpetition Debts MOR-4 X Listing of aged accounts payable X Accounts Receivable Reconciliation and Aging MOR-5 X Debtor Questionnaire MOR-5 X 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. --------------------- Signature of Debtor Date --------------------- Signature of Joint Debtor Date /S/ W. G. HENRY 2/27/02 --------------------- --------- Signature of Authorized Individual* Date WILLIAM G. HENRY VP & CFO --------------------- ---------- Printed Name of Authorized Individual Title of Authorized Individual *Authorized individual must be an officer, director or shareholder if debtor is a corporation; a partner if debtor is a partnership; a manager or member if debtor is a limited liability company. FORM MOR (9/99) In re General DataComm, Inc. Case No. 01-11102 Debtor Reporting Period: December 2001 SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS Amounts reported should be per the debtor's books, not the bank statement. The beginning cash should be the ending cash from the prior month or, if this is the first report, the amount should be the balance on the date the petition was filed. The amounts reported in the "CURRENT MONTH - ACTUAL" column must equal the sum of the four bank account columns. The amounts reported in the "PROJECTED" columns should be taken from the SMALL BUSINESS INITIAL REPORT (FORM IR-1) . Attach copies of the bank statements and the cash disbursements journal. The total disbursements listed in the disbursements journal must equal the total disbursements reported on this page. A bank reconciliation must be attached for each account. [See MOR-1 (CON'T)]
BANK ACCOUNTS CURRENT MONTH CUMULATIVE FILING TO DATE ------------- ------------- ------------------------- OPER. PAYROLL TAX OTHER ACTUAL PROJECTED ACTUAL PROJECTED ----------------------------------------------------------- -------------------------- -------------------------- CASH BEGINNING OF MONTH 2,284 6 0 0 2,290 (178) 186 8 ----------------------------------------------------------- -------------------------- -------------------------- RECEIPTS ----------------------------------------------------------- -------------------------- -------------------------- CASH SALES 0 0 0 0 ACCOUNTS RECEIVABLE 2,060 2,060 0 5,974 3,577 LOANS AND ADVANCES 0 5,810 10 5,810 SALE OF ASSETS 0 0 0 0 TRANSFERS FROM OPERATING ACCT 708 708 0 708 1,110 OTHER 746 10 756 0 756 0 TRANSFERS (FROM DIP ACCTS) 696 696 0 950 722 ----------------------------------------------------------- -------------------------- -------------------------- TOTAL RECEIPTS 3,502 718 0 0 4,220 5,810 8,398 11,219 ----------------------------------------------------------- -------------------------- -------------------------- DISBURSEMENTS ----------------------------------------------------------- -------------------------- -------------------------- NET PAYROLL 708 522 1,230 779 1,815 1,600 PAYROLL TAXES 186 186 0 468 0 SALES, USE, & OTHER TAXES 0 118 0 202 INVENTORY PURCHASES 1,951 1,951 2,278 2,664 4,233 SECURED/RENTAL/LEASES 0 10 0 158 INSURANCE 167 167 325 274 635 ADMINISTRATIVE 0 0 0 0 SELLING 0 0 0 0 UTILITIES 0 388 29 534 INTEREST 0 0 0 264 LOAN PAYMENTS 758 758 1,107 758 2,490 OTHER (ATTACH LIST) 282 282 1,000 640 1,409 OWNER DRAW * 0 0 0 0 TRANSFERS (TO DIP ACCTS) 0 0 0 75 PROFESSIONAL FEES 0 0 0 0 U.S. TRUSTEE QUARTERLY FEES 0 0 0 0 COURT COSTS 0 0 0 0 OUTSTANDING CHECKS 115 40 155 0 155 0 ----------------------------------------------------------- --------------------------- ------------------------ TOTAL DISBURSEMENTS 3,981 748 0 0 4,729 6,005 6,803 11,600 ----------------------------------------------------------- --------------------------- ------------------------ NET CASH FLOW (479) (30) 0 0 (509) (195) 1,595 (381) (RECEIPTS LESS DISBURSEMENTS) ----------------------------------------------------------- --------------------------- ----------------------- CASH - END OF MONTH 1,805 (24) 0 0 1,781 (373) 1,781 (373) ------------------------------------------------------------------------------------------------------------------------ * COMPENSATION TO SOLE PROPRIETORS FOR SERVICES RENDERED TO BANKRUPTCY ESTATE
Reconciliation of Final Cash Balance: General DataComm Inc. MOR: Manual Payroll Account 1 Auto Payroll Account (25) Manual Deposit Account 4 Petty Cash 2 Canada - Bank of Montreal 36 ----- 18 General DataComm Industries MOR: American National Bank 19 Outstanding Checks (155) Bank of New York 1,899 ----- 1,763 ----- Total Cash Reported Above: 1,781 ===== FORM MOR-1 In re General DataComm, Inc. Case No. 01-11102 Debtor Reporting Period: December 2001 BANK RECONCILIATIONS Continuation Sheet for MOR-1 A bank reconciliation must be included for each bank account. The debtor's bank reconciliation may be substituted for this page. Operating Payroll Tax Other # # # # ------------------------------------------------------------------------------ BALANCE PER BOOKS ------------------------------------------------------------------------------ BANK BALANCE (+) DEPOSITS IN TRANSIT (ATTACH LIST) (-) OUTSTANDING CHECKS (ATTACH LIST) OTHER (ATTACH EXPLANATION) ADJUSTED BANK BALANCE * ------------------------------------------------------------------------------ * Adjusted bank balance must equal balance per books ------------------------------------------------------------------------------ DEPOSITS IN TRANSIT Date Amount Date Amount Date Amount Date Amount ------------------------------------------------- CHECKS OUTSTANDING Ck.# Amount Ck.# Amount Ck.# Amount Ck.# Amount ------------------------------------------------ OTHER ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- In re General DataComm, Inc. Case No. 01-11102 Debtor Reporting Period.: December 2001 STATEMENT OF OPERATIONS (Income Statement) The Statement of Operations is to be prepared on an accrual basis. The accrual basis of accounting recognizes revenue when it is realized and expenses when they are incurred, regardless of when cash is actually received or paid. Cumulative REVENUES Month Filing to Date ------------------------------------------------------------------------------- Gross Revenues $4,412 $5,235 Less: Returns and Allowances Net Revenue $4,412 $5,235 ------------------------------------------------------------------------------- COST OF GOODS SOLD ------------------------------------------------------------------------------- Beginning Inventory 5,316 5,291 Add: Purchases 1,382 1,369 Add: Cost of Labor 11 130 Add: Other Costs (attach schedule) -128 511 Less: Ending Inventory 4,926 4,926 Cost of Service 1,655 2,375 ------------------------------------------------------------------------------- Gross Profit 2,757 2,860 ------------------------------------------------------------------------------- OPERATING EXPENSES ------------------------------------------------------------------------------- Advertising 0 1 Auto and Truck Expense Bad Debts Contributions Employee Benefits Programs -10 123 Insider Compensation* Insurance Management Fees/Bonuses Office Expense Pension & Profit-Sharing Plans Repairs and Maintenance 44 66 Rent and Lease Expense 12 Salaries/Commissions/Fees 424 957 Supplies 2 -1 Taxes - Payroll 24 53 Taxes - Real Estate 10 20 Taxes - Other 8 16 Travel and Entertainment 5 21 Utilities -15 77 Other (attach schedule) 525 559 ------------------------------------------------------------------------------- Total Operating Expenses Before Depreciation 1,017 1,904 ------------------------------------------------------------------------------- Depreciation/Depletion/Amortization 10 22 ------------------------------------------------------------------------------- Net Profit (Loss) Before Other Income & Expenses 1,730 934 ------------------------------------------------------------------------------- OTHER INCOME AND EXPENSES ------------------------------------------------------------------------------- Other Income (attach schedule) Interest Expense 649 1,045 Other Expense (attach schedule) 288 311 ------------------------------------------------------------------------------- Net Profit (Loss) Before Reorganization Items 793 -422 ------------------------------------------------------------------------------- REORGANIZATION ITEMS ------------------------------------------------------------------------------- Professional Fees 550 550 U.S. Trustee Quarterly Fees Interest Earned on Accumulated Cash from Chapter 11 (see continuation sheet) Gain (Loss) from Sale of Equipment Other Reorganization Expenses (attach schedule) ------------------------------------------------------------------------------- Total Reorganization Expenses 550 550 Income Taxes 3 45 ------------------------------------------------------------------------------- Net Profit (Loss) $240 ($1,017) ------------------------------------------------------------------------------- *"Insider" is defined in 11 U.S.C. Section 101(31). FORM MOR-2 In re General DataComm, Inc. Case No. 01-11102 Debtor Reporting Period: December 2001 STATEMENT OF OPERATIONS - continuation sheet ------------------------------------------------------------------------------- Cumulative BREAKDOWN OF "OTHER" CATEGORY Month Filing to Date ------------------------------------------------------------------------------- Other Costs Other Operational Expenses Allocated Expense 57 58 Communications 25 -1 Outside Services 381 381 Freight 10 13 Misc. 52 108 ------------------------------------------------------------------------------ 525 559 ------------------------------------------------------------------------------ Other Income ------------------------------------------------------------------------------ Other Expenses 288 311 ------------------------------------------------------------------------------ Other Reorganization Expenses ------------------------------------------------------------------------------- Reorganization Items - Interest Earned on Accumulated Cash from Chapter 11: Interest earned on cash accumulated during the chapter 11 case, which would not have been earned but for the bankruptcy proceeding, should be reported as a reorganization item. FORM MOR-2 (CON'T) (9/99) In re General DataComm, Inc. Case No. 01-11102 Debtor Reporting Period: December 2001 BALANCE SHEET The Balance Sheet is to be completed on an accrual basis only. Pre-petition liabilities must be classified separately from postpetition obligations. ------------------------------------------------------------------------------- BOOK VALUE AT END OF BOOK VALUE ON ASSETS CURRENT REPORTING MONTH PETITION DATE ------------------------------------------------------------------------------- CURRENT ASSETS ------------------------------------------------------------------------------- Unrestricted Cash and Equivalents 18 191 Restricted Cash and Cash Equivalents (see continuation sheet) Accounts Receivable (Net) 5,364 5,609 Notes Receivable Inventories 4,926 5,291 Prepaid Expenses 291 24 Professional Retainers Other Current Assets (attach schedule) 32 284 ------------------------------------------------------------------------------- TOTAL CURRENT ASSETS $10,631 $11,399 ------------------------------------------------------------------------------- PROPERTY AND EQUIPMENT ------------------------------------------------------------------------------- Real Property and Improvements Machinery and Equipment 88,207 92,280 Furniture, Fixtures and Office Equipment Leasehold Improvements Vehicles Less Accumulated Depreciation 87,735 91,095 ------------------------------------------------------------------------------- TOTAL PROPERTY & EQUIPMENT $ 472 $ 1,185 ------------------------------------------------------------------------------- OTHER ASSETS ------------------------------------------------------------------------------- Loans to Insiders* Other Assets (attach schedule) 0 124 ------------------------------------------------------------------------------- TOTAL OTHER ASSETS $ 0 $ 124 ------------------------------------------------------------------------------- TOTAL ASSETS $11,103 $12,708 ------------------------------------------------------------------------------- BOOK VALUE AT END OF BOOK VALUE ON LIABILITIES AND OWNER EQUITY CURRENT REPORTING MONTH PETITION DATE ------------------------------------------------------------------------------- LIABILITIES NOT SUBJECT TO COMPROMISE (Postpetition) ------------------------------------------------------------------------------- Accounts Payable -118 0 Taxes Payable (refer to FORM MOR-4) Wages Payable 112 Notes Payable Rent/Leases - Building/Equipment Secured Debt/Adequate Protection Payments Professional Fees 550 Amounts Due to Insiders* 3 Other Postpetition Liabilities (attach schedule) 434 ------------------------------------------------------------------------------- TOTAL POSTPETITION LIABILITIES $981 $0 ------------------------------------------------------------------------------- LIABILITIES SUBJECT TO COMPROMISE (Pre-Petition) ------------------------------------------------------------------------------- Secured Debt Priority Debt Unsecured Debt (1) 252,851 253,987 ------------------------------------------------------------------------------- TOTAL PRE-PETITION LIABILITIES (1) $252,851 $253,987 ------------------------------------------------------------------------------- TOTAL LIABILITIES $253,832 $253,987 ------------------------------------------------------------------------------- OWNER EQUITY ------------------------------------------------------------------------------- Capital Stock 7,588 7,588 Additional Paid-In Capital 72,915 72,915 Partners' Capital Account Owner's Equity Account Retained Earnings - Pre-Petition -322,215 -322,215 Retained Earnings - Post-Petition -1,017 Adjustments to Owner Equity (attach schedule)- FCT 0 433 Postpetition Contributions (Distributions) (Draws) (attach schedule) ------------------------------------------------------------------------------- NET OWNER EQUITY ($242,729) ($241,279) ------------------------------------------------------------------------------- TOTAL LIABILITIES AND OWNERS' EQUITY $ 11,103 $ 12,708 ============================================================================== *"Insider" is defined in 11 U.S.C. Section 101(31). FORM MOR-3 (1) Includes intercompany payables of $213,880 in current month and $216,848 as of peition date. In re: General DataComm, Inc. Case No. 01-11102 Debtor Reporting Period: December 2001 BALANCE SHEET - continuation sheet -------------------------------------------------------------------------------- BOOK VALUE AT END OF BOOK VALUE ON ASSETS CURRENT REPORTING MONTH PETITION DATE -------------------------------------------------------------------------------- Other Current Assets Tax Receivable 173 384 Other -141 -100 ------------------------------------------------------------------------------- Other Assets Other Long Term Assets 0 124 ------------------------------------------------------------------------------- BOOK VALUE AT END OF BOOK VALUE ON LIABILITIES AND OWNER EQUITY CURRENT REPORTING MONTH PETITION DATE ------------------------------------------------------------------------------- Other Postpetition Liabilities Accrued Taxes 158 Accrued Income Tax 180 Other 96 Adjustments to Owner Equity Postpetition Contributions (Distributions) (Draws) ------------------------------------------------------------------------------- Restricted Cash: Cash that is restricted for a specific use and not available to fund operations. Typically, restricted cash is segregated into a separate account, such as an escrow account. FORM MOR-3 (CON'T) (9/99) In re General DataComm, Inc. Case No. 01-11102 Debtor Reporting Period: December 2001 STATUS OF POSTPETITION TAXES The beginning tax liability should be the ending liability from the prior month or, if this is the first report, the amount should be zero. Attach photocopies of IRS Form 6123 or payment receipt to verify payment or deposit of federal payroll taxes. Attach photocopies of any tax returns filed during the reporting period.
---------------------------------------------------------------------------------------------------- Beginning Amount Ending Tax Withheld Amount Date Check No. Tax Liability or Accrued Paid Paid or EFT Liability ---------------------------------------------------------------------------------------------------- Federal ---------------------------------------------------------------------------------------------------- Withholding 0 88 88 12/5, 12/12, 12/19, 12/26 EFT 0 FICA-Employee 0 38 38 12/5, 12/12, 12/19, 12/26 EFT 0 FICA-Employer 0 38 38 12/5, 12/12, 12/19, 12/26 EFT 0 Unemployment 0 0 0 12/5, 12/12, 12/19, 12/26 EFT 0 Income 0 0 0 0 Other: 0 0 0 0 ---------------------------------------------------------------------------------------------------- Total Federal Taxes 0 164 164 0 ---------------------------------------------------------------------------------------------------- State and Local ---------------------------------------------------------------------------------------------------- Withholding 0 21 21 12/5, 12/12, 12/19, 12/26 EFT 0 Sales 0 0 0 12/5, 12/12, 12/19, 12/26 EFT 0 Excise 0 0 0 12/5, 12/12, 12/19, 12/26 EFT 0 Unemployment 0 1 1 12/5, 12/12, 12/19, 12/26 EFT 0 Real Property 0 0 0 0 Personal Property 0 0 0 0 Other: 0 0 0 0 ---------------------------------------------------------------------------------------------------- Total State and Local 0 22 22 0 ---------------------------------------------------------------------------------------------------- Total Taxes 0 186 186 0 ----------------------------------------------------------------------------------------------------
SUMMARY OF UNPAID POSTPETITION DEBTS Attach aged listing of accounts payable. ------------------------------------------------------------------------------- Number of Days Past Due -------------------------------------------------- Current 0-30 31-60 61-90 Over 90 Total ------------------------------------------------------------------------------- Accounts Payable Wages Payable Taxes Payable Rent/Leases-Building Rent/Leases-Equipment Secured Debt/Adequate Protection Payments Professional Fees Amounts Due to Insiders* Other: Other: ------------------------------------------------------------------------------- Total Postpetition Debts ------------------------------------------------------------------------------- Explain how and when the Debtor intends to pay any past-due postpetition debts. ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- *"Insider" is defined in 11 U.S.C. Section 101(31). FORM MOR-4 (9/99) In re General DataComm, Inc. Case No. 01-11102 Debtor Reporting Period: December 2001 ACCOUNTS RECEIVABLE RECONCILIATION AND AGING ------------------------------------------------------------------------------- Accounts Receivable Reconciliation Amount -------------------------------------------------------------------------------- Total Accounts Receivable at the beginning of the reporting period 5,345 + Amounts billed during the period 4,880 - Amounts collected during the period -2,178 -------------------------------------------------------------------------------- Total Accounts Receivable at the end of the reporting period 8,047 -------------------------------------------------------------------------------- Accounts Receivable Aging Amount -------------------------------------------------------------------------------- 0 - 30 days old 5,883 31 - 60 days old 774 61 - 90 days old 373 91+ days old 1,017 Total Accounts Receivable 8,047 Amount considered uncollectible (Bad Debt) 555 Additional Reserves 2,128 Accounts Receivable (Net) 5,364 -------------------------------------------------------------------------------- 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(A) 4. Are workers compensation, general liability and other necessary insurance coverages in effect? If no, provide an explanation below. X -------------------------------------------------------------------------------- (A) There is a pre-petition property tax return which was originally due on November 1, 2001. The Company intends to file this return in February/March 2002 timeframe. FORM MOR-5 (9/99)