EX-99.2 4 incapr.txt GDC INC. APRIL MOR UNITED STATES BANKRUPTCY COURT FOR THE DISTRICT OF DELAWARE In re General DataComm, Inc. Case No. 01-11102 Reporting Period: April 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 5/23/02 --------------------- --------- 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: April 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 (223) (25) 0 0 (248) 1,671 58 8 ----------------------------------------------------------- -------------------------- -------------------------- RECEIPTS ----------------------------------------------------------- -------------------------- -------------------------- CASH SALES 0 0 0 0 ACCOUNTS RECEIVABLE 957 957 104 2,444 1,829 LOANS AND ADVANCES 0 0 0 0 SALE OF ASSETS 0 0 0 0 TRANSFERS FROM OPERATING ACCT 565 777 1,342 2,024 7,690 13,925 OTHER 0 0 206 139 TRANSFERS (FROM DIP ACCTS) 0 0 0 0 ----------------------------------------------------------- -------------------------- -------------------------- TOTAL RECEIPTS 1,522 777 0 0 2,299 2,128 10,340 15,893 ----------------------------------------------------------- -------------------------- -------------------------- DISBURSEMENTS ----------------------------------------------------------- -------------------------- -------------------------- NET PAYROLL 540 540 0 4,086 75 PAYROLL TAXES 236 236 0 688 0 SALES, USE, & OTHER TAXES 55 55 165 127 525 INVENTORY PURCHASES 131 131 280 978 7,036 SECURED/RENTAL/LEASES 9 9 10 129 35 INSURANCE 74 74 65 572 458 ADMINISTRATIVE 0 0 0 0 SELLING 0 0 0 0 UTILITIES 57 57 97 479 1,161 INTEREST 0 0 0 0 FREIGHT 67 67 68 243 266 LOAN PAYMENTS 0 0 0 0 OTHER (ATTACH LIST) 86 86 44 484 1,423 ADEQUATE PROTECTION 0 0 103 0 CLAIMS AGENTS 6 6 10 12 16 REPAIRS & MAINT. 26 26 22 38 42 TRAVEL 14 14 29 35 54 SECURITY SERVICES 7 0 16 7 31 TEMPORARY LABOR 0 0 0 0 BANK CHARGES 0 0 0 0 OWNER DRAW * 0 0 0 0 TRANSFERS (TO DIP ACCTS) 515 515 659 1,951 1,535 0 0 0 0 PROFESSIONAL FEES 143 143 300 252 1,210 U.S. TRUSTEE QUARTERLY FEES 0 0 0 0 COURT COSTS 0 0 0 0 OUTSTANDING CHECKS 424 424 0 546 0 ----------------------------------------------------------- --------------------------- ------------------------ TOTAL DISBURSEMENTS 1,607 776 0 0 2,383 1,765 10,730 13,867 ----------------------------------------------------------- --------------------------- ------------------------ NET CASH FLOW (85) 1 0 0 (84) 363 (390) 2,026 (RECEIPTS LESS DISBURSEMENTS) ----------------------------------------------------------- --------------------------- ----------------------- CASH - END OF MONTH (308) (24) 0 0 (332) 2,034 (332) 2,034 ------------------------------------------------------------------------------------------------------------------------ * COMPENSATION TO SOLE PROPRIETORS FOR SERVICES RENDERED TO BANKRUPTCY ESTATE
Reconciliation of Final Cash Balance: General DataComm Inc. MOR: Outstanding Checks (401) Manual Payroll Account 2 Auto Payroll Account (26) Manual Deposit Account 11 Petty Cash 0 Canada - Bank of Montreal 82 ----- (332) Total Cash Reported Above: (332) ===== FORM MOR-1 In re General DataComm, Inc. Case No. 01-11102 Debtor Reporting Period: April 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.: April 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 $2,222 14,465 Less: Returns and Allowances 0 Net Revenue $2,222 14,465 ------------------------------------------------------------------------------- COST OF GOODS SOLD ------------------------------------------------------------------------------- Beginning Inventory 5,860 5,291 Add: Purchases 874 6,013 Add: Cost of Labor 30 248 Add: Other Costs (attach schedule) 35 1,382 Less: Ending Inventory 5,539 5,539 Cost of Service 1,260 7,395 ------------------------------------------------------------------------------- Gross Profit 962 7,070 ------------------------------------------------------------------------------- OPERATING EXPENSES ------------------------------------------------------------------------------- Advertising 0 1 Auto and Truck Expense Bad Debts Contributions Employee Benefits Programs 68 429 Insider Compensation* Insurance Management Fees/Bonuses Office Expense Pension & Profit-Sharing Plans Repairs and Maintenance 0 142 Rent and Lease Expense 5 45 Salaries/Commissions/Fees 558 3,438 Supplies 61 66 Taxes - Payroll 15 217 Taxes - Real Estate 10 60 Taxes - Other 68 309 Travel and Entertainment 16 69 Utilities 53 338 Other (attach schedule) 47 590 ------------------------------------------------------------------------------- Total Operating Expenses Before Depreciation 901 5,704 ------------------------------------------------------------------------------- Other Operating Income -73 -73 ------------------------------------------------------------------------------- Depreciation/Depletion/Amortization 0 39 ------------------------------------------------------------------------------- Net Profit (Loss) Before Other Income & Expenses 134 1,327 ------------------------------------------------------------------------------- OTHER INCOME AND EXPENSES ------------------------------------------------------------------------------- Other Income (attach schedule) Interest Expense 481 2,969 Other Expense (attach schedule) -12 -33 ------------------------------------------------------------------------------- Net Profit (Loss) Before Reorganization Items -335 -1,609 ------------------------------------------------------------------------------- REORGANIZATION ITEMS ------------------------------------------------------------------------------- Professional Fees 300 1,750 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 1,750 Income Taxes 3 67 ------------------------------------------------------------------------------- Net Profit (Loss) ($638) ($3,426) ------------------------------------------------------------------------------- *"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: April 2002 STATEMENT OF OPERATIONS - continuation sheet ------------------------------------------------------------------------------- Cumulative BREAKDOWN OF "OTHER" CATEGORY Month Filing to Date ------------------------------------------------------------------------------- Other Costs Other Operational Expenses Allocated Expense -90 -89 Communications 0 41 Outside Services 62 463 Freight 11 27 Misc. 64 148 ------------------------------------------------------------------------------ ------------------------------------------------------------------------------ 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: April 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 -332 191 Restricted Cash and Cash Equivalents (see continuation sheet) Accounts Receivable (Net) 3,342 5,609 Notes Receivable Inventories 5,539 5,291 Prepaid Expenses 986 24 Professional Retainers Other Current Assets (attach schedule) 295 284 ------------------------------------------------------------------------------- TOTAL CURRENT ASSETS $9,830 $11,399 ------------------------------------------------------------------------------- PROPERTY AND EQUIPMENT ------------------------------------------------------------------------------- Real Property and Improvements Machinery and Equipment 88,215 92,280 Furniture, Fixtures and Office Equipment Leasehold Improvements Vehicles Less Accumulated Depreciation 87,354 91,095 ------------------------------------------------------------------------------- TOTAL PROPERTY & EQUIPMENT $ 861 $ 1,185 ------------------------------------------------------------------------------- OTHER ASSETS ------------------------------------------------------------------------------- Loans to Insiders* Other Assets (attach schedule) 0 124 ------------------------------------------------------------------------------- TOTAL OTHER ASSETS $ 0 $ 124 ------------------------------------------------------------------------------- TOTAL ASSETS $10,691 $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 768 0 Taxes Payable (refer to FORM MOR-4) Wages Payable 0 Notes Payable Rent/Leases - Building/Equipment Secured Debt/Adequate Protection Payments Professional Fees 955 Amounts Due to Insiders* Other Postpetition Liabilities (attach schedule) 790 ------------------------------------------------------------------------------- TOTAL POSTPETITION LIABILITIES $2,513 $0 ------------------------------------------------------------------------------- LIABILITIES SUBJECT TO COMPROMISE (Pre-Petition) ------------------------------------------------------------------------------- Secured Debt Priority Debt Unsecured Debt (1) 252,955 253,987 ------------------------------------------------------------------------------- TOTAL PRE-PETITION LIABILITIES (1) $252,955 $253,987 ------------------------------------------------------------------------------- TOTAL LIABILITIES $255,468 $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 -3,065 Adjustments to Owner Equity (attach schedule)- FCT 0 433 Postpetition Contributions (Distributions) (Draws) (attach schedule) ------------------------------------------------------------------------------- NET OWNER EQUITY ($244,777) ($241,279) ------------------------------------------------------------------------------- TOTAL LIABILITIES AND OWNERS' EQUITY $ 10,691 $ 12,708 =============================================================================== *"Insider" is defined in 11 U.S.C. Section 101(31). FORM MOR-3 (1) Includes vendor prepayments made but not yet removed from the Accounts Payable system. In re: General DataComm, Inc. Case No. 01-11102 Debtor Reporting Period: April 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 -182 -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 318 Accrued Tax 224 Accrued Payroll 154 Accrued Sales Commission 94 --- Total 790 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: April 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 0 103 103 4/3, 4/5, 4/10, 4/17, 4/24 EFT 0 FICA-Employee 0 49 49 4/3, 4/5, 4/10, 4/17, 4/25 EFT 0 FICA-Employer 0 49 49 4/3, 4/5, 4/10, 4/17, 4/26 EFT 0 Unemployment 0 1 1 4/3, 4/5, 4/10, 4/17, 4/27 EFT 0 Income 0 0 0 0 Other: 0 0 0 0 --------------------------------------------------------------------------------------------------- Total Federal Taxes 0 201 201 0 --------------------------------------------------------------------------------------------------- State and Local --------------------------------------------------------------------------------------------------- Withholding 0 25 25 4/3, 4/5, 4/10, 4/17, 4/27 EFT 0 Sales 4 (5) (8) - EFT (9) Excise 0 0 0 0 Unemployment 0 10 10 4/3, 4/5, 4/10, 4/17, 4/27 EFT 0 Real Property 77 50 0 127 Personal Property 212 32 0 - 244 Other: 28 6 0 - 34 ---------------------------------------------------------------------------------------------------- Total State and Local 321 118 27 396 ---------------------------------------------------------------------------------------------------- Total Taxes 321 319 228 396 ----------------------------------------------------------------------------------------------------
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: April 2002 ACCOUNTS RECEIVABLE RECONCILIATION AND AGING ------------------------------------------------------------------------------- Accounts Receivable Reconciliation Amount -------------------------------------------------------------------------------- Total Accounts Receivable at the beginning of the reporting period 6,445 + Amounts billed during the period 2,423 - Amounts collected during the period -2,465 -------------------------------------------------------------------------------- Total Accounts Receivable at the end of the reporting period 6,403 -------------------------------------------------------------------------------- Accounts Receivable Aging Amount -------------------------------------------------------------------------------- 0 - 30 days old 4,011 31 - 60 days old 417 61 - 90 days old -50 91+ days old 2,025 Total Accounts Receivable 6,403 Amount considered uncollectible (Bad Debt) 556 Additional Reserves 2,505 Accounts Receivable (Net) 3,342 -------------------------------------------------------------------------------- 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, general liability and other necessary insurance coverages in effect? If no, provide an explanation below. X -------------------------------------------------------------------------------- FORM MOR-5 (9/99)