EX-99.1 3 j9174801ex99-1.txt EXHIBIT 99.1 Exhibit 99.1 UNITED STATES BANKRUPTCY COURT WESTERN DISTRICT OF PENNSYLVANIA In re: Carbide Graphite Group, Inc., et al. Case Numbers: 01-0029744 through 01-00297448 MBM -------------------------------------------- Reporting Period: September 21 - October 31, 2001 Debtors AMENDED MONTHLY OPERATING REPORT -------------------------------- ------------------------------------------------------------------------------------------------------------------------------------ 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 reconciliation) MOR-1 (CON'T) X ------------------------------------------------------------------------------------------------------------------------------------ Copies of bank statements X ------------------------------------------------------------------------------------------------------------------------------------ Cash disbursements journal 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 X ------------------------------------------------------------------------------------------------------------------------------------ Summary of Unpaid Postpetition Debts MOR-5 X ------------------------------------------------------------------------------------------------------------------------------------ Listing of aged accounts payable X ------------------------------------------------------------------------------------------------------------------------------------ Accounts Receivable Reconciliation and Aging MOR-5 X ------------------------------------------------------------------------------------------------------------------------------------ Debtor Questionnaire MOR-6 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. /s/ William M. Thalman 11/28/01 --------------------------------------------------------------------------------- ----------------- Signature of Debtor Date William M. Thalman V.P. - Treasurer --------------------------------------------------------------------------------- ------------------------------------ Printed Name of Debtor Title
CARBIDE/GRAPHITE GROUP, INC. MOR-1 A schedule of cash reciepts and disbursements was completed and is available by request Bank reconciliations were performed and are available by request Bank statements are available by request The cash disbursements by legal entity is listed below
DISBURSEMENTS BY LEGAL ENTITY ----------------------------------------------------------- LEGAL ENTITY SEPTEMBER 21-30 OCTOBER The Carbide/Graphite Group, Inc. $ 1,177,912.11 $ 10,075,730.08 Seadrift Coke, L.P. $ $ 1,124,885.00 $ 4,353,381.30 Carbon/Graphite International, Inc. (FSC) less than $15,000 less than $15,000 CG Specialty Products Management Corporation less than $15,000 less than $15,000 Carbide/Graphite Management Corporation less than $15,000 less than $15,000
CARBIDE/GRAPHITE GROUP, INC. MOR-2 CONSOLIDATED STATEMENT OF OPERATIONS FOR THE MONTHS ENDED (#'S IN '000S)
9/30/2001 10/31/2001 Sales 13,441 14,263 Cost of goods sold 14,596 14,412 ----------- ----------- Gross profit (1,155) (149) SG&A 940 964 ----------- ----------- Operating income before items below (2,095) (1,113) Other compensation -- -- Other (income) expense, net -- 400 ----------- ----------- Operating income/(loss) (2,095) (1,513) Non-operating expenses (income): Special financing costs -- -- Interest expense 1,093 1,030 Other non-operating (income)/expense -- -- ----------- ----------- Income/(loss) before income taxes (3,188) (2,543) Provision for income taxes (1,116) (890) ----------- ----------- Net income (loss) from continuing operations (2,072) (1,653) Extraordinary loss on early extinguishment of debt net of tax benefit -- -- ----------- ----------- Net income (loss) (2,072) (1,653) =========== =========== Est. earnings per share data: Income excluding other items $ (0.25) $ (0.17) Income before discontinued operations $ (0.25) $ (0.20) Extraordinary loss $ -- $ -- ----------- ----------- Net income per share $ (0.25) $ (0.20) Weighted average shares 8,331,342 8,331,342
CARBIDE/GRAPHITE GROUP, INC. MOR-3 CONSOLIDATED BALANCE SHEET (#'S IN '000S)
9/30/2001 10/31/2001 ASSETS ------ Current assets: Cash & short term investments $ 2,450 $ 3,129 Marketable securities 0 0 Accounts receivable Accounts receivable 33,456 32,801 Allowance for doubtful accts (2,530) (2,550) --------- --------- Net accounts receivable 30,926 30,251 Inventory Gross inventory 63,100 60,837 Obsolescence reserve (983) (941) Lifo reserve (15,282) (15,282) --------- --------- Net inventory 46,835 44,614 Prepaid expenses 1,203 3,627 Other current assets 4,010 5,212 Deferred tax asset 4,987 4,987 --------- --------- Total current assets 90,411 91,820 Fixed assets: Gross 350,711 351,040 Accumulated depreciation (233,135) (234,321) --------- --------- Net fixed assets 117,576 116,719 Other assets 23,306 24,177 --------- --------- TOTAL ASSETS $ 231,293 $ 232,716 ========= ========= LIABILITIES ----------- Current liabilities: Trade accounts payable $ 22,564 $ 25,083 Overdrafts 0 0 Other current liabilities 19,073 19,609 --------- --------- Total current liabilities 41,637 44,692 Long-term debt: Senior notes 0 0 Line of credit 128,681 128,681 --------- --------- Total long -term debt 128,681 128,681 Long term reserves 15,632 15,647 Deferred revenue 2,088 2,076 Deferred tax provision 0 0 --------- --------- TOTAL LIABILITIES 188,038 191,096 SHAREHOLDERS' EQUITY -------------------- Common stock 99 99 Additional paid in capital 36,712 36,712 Treasury stock, at cost (11,207) (11,207) Common stock to be issued under warrants 3,424 3,424 Unfunded pension obligation (4,893) (4,893) Other comprehensive income (18) 0 Retained earnings 19,138 17,485 --------- --------- TOTAL SHAREHOLDERS' EQUITY 43,255 41,620 --------- --------- TOTAL LIABILITIES AND S.H. EQUITY $ 231,293 $ 232,716 ========= =========
THE CARBIDE/GRAPHITE GROUP INC. MOR-4 STATUS OF POSTPETITION TAXES REPORT PERIOD - OCTOBER, 2001 Copies of payroll tax verification attached Copies of tax returns filed during the period from September 21, 2001 through October 31, 2001 are attached
Beginning Amount Ending Tax Withheld or Amount Date Check No. Tax Liability Accrued Paid Paid or EFT Liability ------------------------------------------------------------------------------------------------ FEDERAL Withholding - 408,878.88 91,081.13 10/5/2001 ** 71,620.62 119,228.82 10/16/2001 ** 80,920.96 10/19/2001 ** 46,027.35 10/30/2001 ** FICA - Employee - 201,204.76 47,314.71 10/5/2001 ** 30,996.39 55,864.47 10/16/2001 ** 42,734.38 10/19/2001 ** 24,294.81 10/30/2001 ** FICA - Employer - 202,996.29 48,349.15 10/5/2001 ** 30,396.28 56,061.47 10/16/2001 ** 43,677.47 10/19/2001 ** 24,511.92 10/30/2001 ** Unemployment - - Income - - Other: Total Federal Taxes - 813,079.93 680,066.64 133,013.29 STATE AND LOCAL Withholding - 112,847.70 112,847.70 Sales - - Excise - - - Unemployment - 14,134.36 14,134.36 Real Property - - Personal Property - - Other: Total State and Local Taxes 126,982.06 - 126,982.06 Total Taxes 940,061.99 680,066.64 259,995.35
** ADP Statement of Deposits Attached SEADRIFT COKE L.P. MOR-4 STATUS OF POSTPETITION TAXES REPORT PERIOD - OCTOBER, 2001 Copies of payroll tax verification attached Copies of tax returns filed during the period from September 21, 2001 through October 31, 2001 are attached
Beginning Amount Ending Tax Withheld or Amount Date Check No. Tax Liability Accrued Paid Paid or EFT Liability ------------------------------------------------------------------------------------------------ FEDERAL Withholding - 66,010.46 33,493.56 10/16/2001 ** - 32,516.90 10/30/2001 ** FICA - Employee - 35,277.63 17,816.02 10/16/2001 ** - 17,461.61 10/30/2001 ** FICA - Employer - 35,277.65 17,816.04 10/16/2001 ** - 17,461.61 10/30/2001 ** Unemployment - 23.24 23.24 Income - Other: Total Federal Taxes - 136,588.98 136,565.74 223,122.00 23.24 STATE AND LOCAL Withholding - Sales - Excise - Unemployment - 33.28 33.28 Real Property - Personal Property - Other: - Total State and Local Taxes - 33.28 - - 33.28 Total Taxes - 136,622.26 136,565.74 223,122.00 56.52
** ADP Statement of Deposits Attached MOR-5 THE CARBIDE/GRAPHITE GROUP, INC. CONSOLIDATED ACCOUNTS PAYABLE AGING OCTOBER 31, 2001
TOTAL 0 - 30 DAYS 31 - 60 DAYS PRE-PETITION -------------------------------------------------------------------------------------- 20,787,535 1,468,264 266,737 19,052,535 --------------------------------------------------------------------------------------
A summary of unpaid post petition debts has been completed and is available upon request THE CARBIDE/GRAPHITE GROUP, INC. CONSOLIDATED ACCOUNTS RECEIVABLE AGING OCTOBER 31, 2001
0 - 30 DAYS 31 - 60 DAYS 61 - 90 DAYS 91 - 120 DAYS OVER 120 DAYS TOTAL OUTSTANDING OUTSTANDING OUTSTANDING OUTSTANDING OUTSTANDING ----------------------------------------------------------------------------------------------------------------------------------- $28,692,280 $14,766,313 $5,817,767 $3,173,095 $1,528,094 $3,407,011 -----------------------------------------------------------------------------------------------------------------------------------
An accounts receivable reconciliation has been completed and is available upon request. THE CARBIDE/GRAPHITE GROUP, INC. MOR-6 DEBTOR QESTIONNAIRE OCTOBER 31, 2001
--------------------------------------------------------------------------------------------------------- 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 ----------------------------------------------------------------------------------------------------------