EX-99.2 4 incmar.txt MARCH MORS FOR GDC INC. UNITED STATES BANKRUPTCY COURT FOR THE DISTRICT OF DELAWARE In re General DataComm, Inc. Case No. 01-11102 Reporting Period: March 2002 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 4/24/02 --------------------- --------- 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: March 2002 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 114 13 0 0 127 888 58 8 ----------------------------------------------------------- -------------------------- -------------------------- RECEIPTS ----------------------------------------------------------- -------------------------- -------------------------- CASH SALES 0 0 0 0 ACCOUNTS RECEIVABLE 665 665 659 1,487 1,725 LOANS AND ADVANCES 0 0 0 0 SALE OF ASSETS 0 0 0 0 TRANSFERS FROM OPERATING ACCT 688 697 1,385 1,851 6,348 11,901 OTHER 0 0 206 139 TRANSFERS (FROM DIP ACCTS) 0 0 0 0 ----------------------------------------------------------- -------------------------- -------------------------- TOTAL RECEIPTS 1,353 697 0 0 2,050 2,510 8,041 13,765 ----------------------------------------------------------- -------------------------- -------------------------- DISBURSEMENTS ----------------------------------------------------------- -------------------------- -------------------------- NET PAYROLL 477 477 0 3,546 75 PAYROLL TAXES 220 220 0 452 0 SALES, USE, & OTHER TAXES 38 38 111 72 360 INVENTORY PURCHASES 155 155 230 847 6,756 SECURED/RENTAL/LEASES 85 85 0 120 25 INSURANCE 165 165 133 498 393 ADMINISTRATIVE 0 0 0 0 SELLING 0 0 0 0 UTILITIES 69 69 111 422 1,064 INTEREST 0 0 0 0 FREIGHT 64 64 65 176 198 LOAN PAYMENTS 0 0 0 0 OTHER (ATTACH LIST) 21 21 42 398 1,379 ADEQUATE PROTECTION 103 103 0 103 0 MISC 6 6 6 6 6 REPAIRS & MAINT. 12 12 20 12 20 TRAVEL 21 21 25 21 25 SECURITY SERVICES 7 7 15 7 15 TEMPORARY LABOR 0 0 0 0 BANK CHARGES 0 0 0 0 OWNER DRAW * 0 0 0 0 TRANSFERS (TO DIP ACCTS) 781 781 659 1,436 876 0 0 0 0 PROFESSIONAL FEES 78 78 310 109 910 U.S. TRUSTEE QUARTERLY FEES 0 0 0 0 COURT COSTS 0 0 0 0 OUTSTANDING CHECKS 121 2 123 0 122 0 ----------------------------------------------------------- --------------------------- ------------------------ TOTAL DISBURSEMENTS 1,726 699 0 0 2,425 1,727 8,347 12,102 ----------------------------------------------------------- --------------------------- ------------------------ NET CASH FLOW (373) (2) 0 0 (375) 783 (306) 1,663 (RECEIPTS LESS DISBURSEMENTS) ----------------------------------------------------------- --------------------------- ----------------------- CASH - END OF MONTH (259) 11 0 0 (248) 1,671 (248) 1,671 ------------------------------------------------------------------------------------------------------------------------ * COMPENSATION TO SOLE PROPRIETORS FOR SERVICES RENDERED TO BANKRUPTCY ESTATE
Reconciliation of Final Cash Balance: General DataComm Inc. MOR: Outstanding Checks (283) Manual Payroll Account 2 Auto Payroll Account (27) Manual Deposit Account 10 Petty Cash 0 Canada - Bank of Montreal 50 ----- (248) Total Cash Reported Above: (248) ===== FORM MOR-1 In re General DataComm, Inc. Case No. 01-11102 Debtor Reporting Period: March 2002 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.: March 2002 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 $2,117 12,243 Less: Returns and Allowances 0 Net Revenue $2,117 12,243 ------------------------------------------------------------------------------- COST OF GOODS SOLD ------------------------------------------------------------------------------- Beginning Inventory 5,875 5,291 Add: Purchases 787 5,139 Add: Cost of Labor 28 218 Add: Other Costs (attach schedule) 283 1,347 Less: Ending Inventory 5,860 5,860 Cost of Service 1,113 6,135 ------------------------------------------------------------------------------- Gross Profit 1,004 6,108 ------------------------------------------------------------------------------- OPERATING EXPENSES ------------------------------------------------------------------------------- Advertising 0 1 Auto and Truck Expense Bad Debts Contributions Employee Benefits Programs 60 361 Insider Compensation* Insurance Management Fees/Bonuses Office Expense Pension & Profit-Sharing Plans Repairs and Maintenance 0 142 Rent and Lease Expense 3 40 Salaries/Commissions/Fees 654 2,880 Supplies 2 5 Taxes - Payroll 52 202 Taxes - Real Estate 10 50 Taxes - Other 80 241 Travel and Entertainment 13 53 Utilities 58 285 Other (attach schedule) -5 543 ------------------------------------------------------------------------------- Total Operating Expenses Before Depreciation 927 4,803 ------------------------------------------------------------------------------- Depreciation/Depletion/Amortization 2 39 ------------------------------------------------------------------------------- Net Profit (Loss) Before Other Income & Expenses 75 1,266 ------------------------------------------------------------------------------- OTHER INCOME AND EXPENSES ------------------------------------------------------------------------------- Other Income (attach schedule) Interest Expense 498 2,488 Other Expense (attach schedule) 10 -21 ------------------------------------------------------------------------------- Net Profit (Loss) Before Reorganization Items -433 -1,201 ------------------------------------------------------------------------------- REORGANIZATION ITEMS ------------------------------------------------------------------------------- Professional Fees 300 1,450 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 300 1,450 Income Taxes 3 64 ------------------------------------------------------------------------------- Net Profit (Loss) ($736) ($2,715) ------------------------------------------------------------------------------- *"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: March 2002 STATEMENT OF OPERATIONS - continuation sheet ------------------------------------------------------------------------------- Cumulative BREAKDOWN OF "OTHER" CATEGORY Month Filing to Date ------------------------------------------------------------------------------- Other Costs Other Operational Expenses Allocated Expense -115 1 Communications 0 41 Outside Services 20 401 Freight 0 16 Misc. 90 314 ------------------------------------------------------------------------------ ------------------------------------------------------------------------------ Other Income ------------------------------------------------------------------------------ Other Expenses (Income) -31 Life insurance claim on former CEO ------------------------------------------------------------------------------ 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: March 2002 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 -248 191 Restricted Cash and Cash Equivalents (see continuation sheet) Accounts Receivable (Net) 3,865 5,609 Notes Receivable Inventories 5,860 5,291 Prepaid Expenses 395 24 Professional Retainers Other Current Assets (attach schedule) 211 284 ------------------------------------------------------------------------------- TOTAL CURRENT ASSETS $10,083 $11,399 ------------------------------------------------------------------------------- PROPERTY AND EQUIPMENT ------------------------------------------------------------------------------- Real Property and Improvements Machinery and Equipment 88,209 92,280 Furniture, Fixtures and Office Equipment Leasehold Improvements Vehicles Less Accumulated Depreciation 87,369 91,095 ------------------------------------------------------------------------------- TOTAL PROPERTY & EQUIPMENT $ 840 $ 1,185 ------------------------------------------------------------------------------- OTHER ASSETS ------------------------------------------------------------------------------- Loans to Insiders* Other Assets (attach schedule) 4 124 ------------------------------------------------------------------------------- TOTAL OTHER ASSETS $ 4 $ 124 ------------------------------------------------------------------------------- TOTAL ASSETS $10,927 $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 (1) 122 0 Taxes Payable (refer to FORM MOR-4) Wages Payable 0 Notes Payable Rent/Leases - Building/Equipment Secured Debt/Adequate Protection Payments Professional Fees 899 Amounts Due to Insiders* Other Postpetition Liabilities (attach schedule) 757 ------------------------------------------------------------------------------- TOTAL POSTPETITION LIABILITIES $1,778 $0 ------------------------------------------------------------------------------- LIABILITIES SUBJECT TO COMPROMISE (Pre-Petition) ------------------------------------------------------------------------------- Secured Debt Priority Debt Unsecured Debt (1) 253,275 253,987 ------------------------------------------------------------------------------- TOTAL PRE-PETITION LIABILITIES (1) $253,275 $253,987 ------------------------------------------------------------------------------- TOTAL LIABILITIES $255,053 $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 -2,414 Adjustments to Owner Equity (attach schedule)- FCT 0 433 Postpetition Contributions (Distributions) (Draws) (attach schedule) ------------------------------------------------------------------------------- NET OWNER EQUITY ($244,126) ($241,279) ------------------------------------------------------------------------------- TOTAL LIABILITIES AND OWNERS' EQUITY $ 10,927 $ 12,708 =============================================================================== *"Insider" is defined in 11 U.S.C. Section 101(31). FORM MOR-3 (1) Includes vendor prepaymens made but not yet removed from the Accounts Payable system. In re: General DataComm, Inc. Case No. 01-11102 Debtor Reporting Period: March 2002 BALANCE SHEET - continuation sheet -------------------------------------------------------------------------------- BOOK VALUE AT END OF BOOK VALUE ON ASSETS CURRENT REPORTING MONTH PETITION DATE -------------------------------------------------------------------------------- Other Current Assets Tax Receivable 477 384 Other -266 -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 Interest 249 Accrued Tax 227 Accrued Payroll 176 Accrued Sales Commission 105 --- Total 757 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: March 2002 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 90 90 2/6; 2/13; 2/20; 2/27 EFT 0 FICA-Employee 0 48 48 2/6; 2/13; 2/20; 2/28 EFT 0 FICA-Employer 0 48 48 2/6; 2/13; 2/20; 2/28 EFT 0 Unemployment 0 1 1 2/6; 2/13; 2/20; 2/28 EFT 0 Income 0 0 0 0 Other: 0 0 0 0 ---------------------------------------------------------------------------------------------------- Total Federal Taxes 0 187 187 0 ---------------------------------------------------------------------------------------------------- State and Local ---------------------------------------------------------------------------------------------------- Withholding 0 22 22 2/6; 2/13; 2/20; 2/28 EFT 0 Sales (11) 0 15 - EFT 4 Excise 0 0 0 0 Unemployment 0 11 11 2/6; 2/13/ 2/20; 2/28 EFT 0 Real Property 112 28 17 157 Personal Property 180 45 0 - 225 Other: 24 6 0 - 30 ---------------------------------------------------------------------------------------------------- Total State and Local 305 112 65 416 ---------------------------------------------------------------------------------------------------- Total Taxes 305 299 252 416 ----------------------------------------------------------------------------------------------------
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: March 2002 ACCOUNTS RECEIVABLE RECONCILIATION AND AGING ------------------------------------------------------------------------------- Accounts Receivable Reconciliation Amount -------------------------------------------------------------------------------- Total Accounts Receivable at the beginning of the reporting period 6,978 + Amounts billed during the period 2,241 - Amounts collected during the period -2,774 -------------------------------------------------------------------------------- Total Accounts Receivable at the end of the reporting period 6,445 -------------------------------------------------------------------------------- Accounts Receivable Aging Amount -------------------------------------------------------------------------------- 0 - 30 days old 4,309 31 - 60 days old -6 61 - 90 days old 317 91+ days old 1,824 Total Accounts Receivable 6,444 Amount considered uncollectible (Bad Debt) 552 Additional Reserves 2,027 Accounts Receivable (Net) 3,865 -------------------------------------------------------------------------------- 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 April 2002. FORM MOR-5 (9/99)