-----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, HcefCgTtd3XDFzzFhaK3eTcmkbPhc74EnAJ6PAo/lsSQYNpLuEf7g7TvAPMKEL6P xXGM1a+PZlKBPt6yYzkPcA== 0000890096-03-000012.txt : 20030221 0000890096-03-000012.hdr.sgml : 20030221 20030221154339 ACCESSION NUMBER: 0000890096-03-000012 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20021229 ITEM INFORMATION: Other events FILED AS OF DATE: 20030221 FILER: COMPANY DATA: COMPANY CONFORMED NAME: UNIROYAL TECHNOLOGY CORP CENTRAL INDEX KEY: 0000890096 STANDARD INDUSTRIAL CLASSIFICATION: MISCELLANEOUS PLASTIC PRODUCTS [3080] IRS NUMBER: 650341868 STATE OF INCORPORATION: DE FISCAL YEAR END: 0927 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-20686 FILM NUMBER: 03576087 BUSINESS ADDRESS: STREET 1: TWO N TAMIAMI TRAIL STREET 2: STE 900 CITY: SARASOTA STATE: FL ZIP: 34236-5568 BUSINESS PHONE: 9413662100 8-K 1 form8kdec02.txt FORM8KDEC02 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 or earliest event reported) November 25, 2002 UNIROYAL TECHNOLOGY CORPORATION (Exact name of registrant as specified in its charter) Delaware (State of other jurisdiction of incorporation) 0-20686 65-0341868 (Commission File Number) (IRS Employer Identification No.) 602 Sarasota Quay Sarasota, Florida 34236 - -------------------------------------- --------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (941) 362-1808 -------------- (Former name or former address, if changed since last report.) Item 5. Other Events As reported in the Company's Current Report on Form 8-K filed on August 27, 2003, Uniroyal Technology Corporation and all of its fourteen subsidiaries (collectively, the "Debtors") filed for reorganization under the United States Bankruptcy Code with the U.S. Bankruptcy Court for the District of Delaware (the "Bankruptcy Court") on August 25, 2002. The Debtors filed with the Bankruptcy Court their required consolidated Monthly Operating Report for the month of December 2002 in a form prescribed by the office of the United States Trustee of the Department of Justice for the District of Delaware. Exhibit 99.1 to this Current Report on Form 8-K contains the text of the Monthly Operating Report required to be filed with the Bankruptcy Court. Item 7. Exhibits 99.1 Monthly Operating Report filed with the Bankruptcy Court for the Month of December 2002. SIGNATURE Pursuant to the requirements of Section 13 or 15(d) of the Securities Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. UNIROYAL TECHNOLOGY CORPORATION Date: February 21, 2003 By: /s/ George J. Zulanas, Jr. ---------------------------- George J. Zulanas, Jr., Executive Vice President, Treasurer and Chief Financial Officer EX-99 2 exhibitdec.txt EXHIBIT 99.1 DEC 02 Exhibit 99.1 United States Bankruptcy Court District of Delaware In re: Uniroyal Technology Corporation Case No. 02-12471 Consolidation Reporting Period: Dec 02 MONTHLY OPERATING REPORT File with Court and submit copy to United States Trustee within 20 days after end of month Submit Copy of report to any official committee appointed in the case. REQUIRED DOCUMENTS Form No. Document Explanation Attached Attached Schedule of Cash Receipts and Disbursements MOR-1 X Bank Reconciliation (or copies of debtor's bank reconciliations) MOR-1 X Copies of bank statements X Cash disbursements journals Statement of Operations MOR-2 X Balance Sheet MOR-3 X Status of Post Petition Taxes MOR-4 X Copies of IRS Form 6123 or payment receipt Copies of tax returns filed during reporting period Summary of Unpaid Post Petition Debts MOR-4 X Listing of aged accounts payable 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 - ------------------------------------- ------------------------ Signature of Authorized Individual* Date - ------------------------------------- ------------------------ 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. In re Uniroyal Technology Corporation Case No. 02-12471 Consolidation Debtor Reporting Period: Dec 02 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)] CURRENT MONTH CUMULATIVE TO DATE ACTUAL PROJECTED ACTUAL PROJECTED CASH BEGINNING OF MONTH 427 - 645 - Receipts Cash Sales - - - - Accounts Receivable 3,818 4,092 14,256 17,725 Loans and Advances 4,867 - 6,214 - Medical 1 - 78 - Sale of Assets - - - - Other (Attach List) - - - 25 Transfers (From DIP Accts) 8,389 - 28,272 - Total Receipts 17,075 4,092 48,820 17,750 Disbursements Payroll and Taxes 1,915 1,842 6,210 6,581 Inventory Purchases 1,625 1,826 6,738 7,311 Medical 114 275 714 775 Sales, Use & Other Taxes - - 1 - Secured/Rental/Leases 81 77 362 429 Utilities 173 212 442 737 Insurance 316 316 750 734 Repairs & Maintenance 9 13 34 62 Outside Services 155 185 570 754 Administrative 53 84 326 364 Selling 30 101 209 334 Other (Attach List) 39 65 286 1,174 Change in Other (64) - (268) - Transfers (To DIP Accts) 12,639 - 32,674 - Professional Fees - - - - US Trustee Quarterly Fees - - - - Court Costs - - - - Total Disbursements 17,085 4,996 49,048 19,255 Net Cash Flow (10) (904) (228) (1,505) CASH END OF MONTH 417 417 THE FOLLOWING SECTION MUST BE COMPLETED DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES (FROM CURRENT MONTH ACTUAL COLUMN) TOTAL DISBURSEMENTS $17,085 Less: Transfers to Debtor in Possession Accounts $12,639 Plus: Estate disbursements made by outside sources (i.e. from escrow accounts) TOTAL DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES $ 4,446 In Consolidated Case No. re____________________________ Debtor Reporting Period: Dec 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 2,879 14,496 Less: Returns and allowances 24 110 Net Revenue 2,855 14,386 COST OF GOODS SOLD Beginning Inventory - - Add: Purchases - - Add: Cost of Labor - - Add: Other Costs (attach schedule) 2,595 11,741 Less: Ending Inventory - - Cost of Goods Sold 2,595 11,741 Gross Profit 260 2,645 OPERATING EXPENSES Marketing 31 108 Bad Debts - - Contributions - - Employee Training & Relocation 1 12 Insider Compensation* - - Insurance 115 477 Corporate Services - - Office Expense 9 44 Repairs and Maintenance 5 20 Rent and Lease Expense 30 128 Salaries/Commissions/Fees 432 1,758 Supplies 2 23 Outside Services 89 280 Taxes - Real Estate & Property 18 53 Taxes - Other - (11) Travel and Entertainment 39 183 Utilities 52 152 Other (attach schedule) 40 79 Total Operating Expenses Before Depreciation 863 3,306 Depreciation/Depletion/Amortization 931 3,873 Net Profit (Loss) Before Other Income & Expenses (1,534) (4,534) OTHER INCOME AND EXPENSES Other Income (attach schedule) 103 1,139 Interest Expense 87 376 Other Expense (attach schedule) 1,308 2,375 Net Profit (Loss) Before Reorganization Items (2,826) (6,146) REORGANIZATION ITEMS Professional Fees - - 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) 141 1,339 Total Reorganization Expenses 141 1,339 Income Taxes (27) (128) Net Profit (Loss) (2,940) (7,357) In Re: Consolidated Case No. Debtor Reporting Period: Dec 02 STATEMENT OF OPERATIONS (Continuation Sheet) Cumulative BREAKDOWN OF "OTHER" CATEGORY Month Filing to Date Other Costs Variable Cost Of Goods Sold 1,978 7,687 Direct Manufacturing Period 411 3,304 R & D 206 750 Total 2,595 11,741 Other Operational Expenses Bank & Loan Charges 40 66 Royalty Expense 1 3 Discounts Lost - 2 Rounding (1) 8 Total 40 79 Other Income Administration Fees 33 99 Medical Expense Clearing 69 1,038 Gain On Fixed Assets - 6 Misc Income 1 (4) Total 103 1,139 Other Expenses Idle Facility Cost 30 437 Loss On Fixed Assets 1,184 1,172 Retiree Medical 24 71 Medical Expense Clearing 69 707 Misc Expense 1 (12) Total 1,308 2,375 Other Reorganization Expenses Legal (10) 689 Financial Advisors 50 208 Auditors & Admin 10 44 Public Relations - (12) Committees Fees 91 406 Other - 4 Total 141 1,339 In re: Consolidated Case No. Debtor Reporting Period: Dec 02 BALANCE SHEET The Balance Sheet is to be completed on an accrual basis only. Pre-petition liabilities must be classified separately from postpetition obligations. ASSETS Book Value at Book Value End of Current on Petition Reporting Month Date CURRENT ASSETS Unrestricted Cash and Equivalents 417 645 Restricted Cash and Cash Equivalents (see continuation sheet) - - Accounts Receivable, Net 5,302 4,880 Notes Receivable - - Inventories 11,502 10,130 Prepaid Expenses 1,707 1,725 Professional Retainers - - Other Current Assets (attach schedule) 383 395 TOTAL CURRENT ASSETS 19,311 17,775 PROPERTY AND EQUIPMENT Real property and Improvements 5,622 5,622 Machinery and Equipment 66,163 66,984 Furniture, Fixtures and Office Equipment 5,420 6,082 Leasehold Improvements 12,620 13,778 Vehicles 13 13 Constrution In Process 1,594 1,802 Less: Accumulated Depreciation 38,291 36,065 TOTAL PROPERTY AND EQUIPMENT 53,141 58,216 OTHER ASSETS Loans to Insiders* - - Other Assets (attach schedule) 17,556 17,473 TOTAL ASSETS 90,008 93,464 LIABILITIES NOT SUBJECT TO COMPROMISE (Postpetition) Accounts Payable 4,638 2,756 Taxes Payable (Refer to FORM MOR-4) 1,129 1,108 Wages Payable 1,888 1,870 Debt - Secured 8,178 6,643 Accrued Benefits & Withholdings 973 1,238 Retiree Medical 5,903 5,704 Professional Fees 1,177 5 Amounts Due to Insiders* - - InterCompany - - Other Postpetition Liabilities (attach schedule) 1,571 1,414 TOTAL POSTPETITION LIABILITIES 25,457 20,738 LIABILITIES SUBJECT TO COMPROMISE Secured Debt - - Priority Debt - - Unsecured Debt 62,431 63,249 TOTAL PREPETITION LIABILITIES 62,431 63,249 TOTAL LIABILITIES 87,888 83,987 SHAREHOLDERS' EQUITY Capital Stock 327 327 Additional Paid-in-Capital 112,291 112,291 Partners' Capital Account - - Owner's Equity Account - - Retained Earnings - Pre-petition (65,787) (65,787) Retained Earnings - Post-petition (7,357) - Adjustments to Shareholders' Equity (attach schedule) (37,354) (37,354) Postpetition Contributions (Distributions)/ (Draws) (attach schedule) - - Net Shareholders' Equity 2,120 9,477 Total Liabilities and Shareholders' Equity 90,008 93,464 *"Insider" is defined in 11 U.S.C. Section 101(31). In re: Consolidated Case No. Debtor Reporting Period: Dec 02 BALANCE SHEET Continuation Sheet Book Value at Book Value End of Current on Petition ASSETS Reporting Month Date Other Current Assets Other Current Receivables 383 395 Securities Owned - - Current Deferred Tax Asset - - Other Current Assets - - Total 383 395 Other Assets Investment In Affiliates - - L/T Receivables - - L/T Investments 1,016 1,010 Patents / Trademarks / Goodwill 14,328 14,392 Loan Costs 289 1 L/T Deferred Tax Asset - - Other L/T Assets 1,923 2,070 Total 17,556 17,473 Book Value at Book Value End of Current on Petition LIABILITIES AND SHAREHOLDERS' EQUITY Reporting Month Date Other Postpetition Liabilities Accrued Interest 47 26 Accrued EPA - - Accrued Repl. & Adj. - - Accrued Other Expenses 298 196 Accrued Longevity 289 289 Other Liabilities 937 903 Total 1,571 1,414 Adjustments to Shareholders' Equity Treasury Stock (37,354) (37,354) Postpetition Contribution (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. In re Consolidated Case No. Debtor Reporting Period: Dec 02 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 or Amount Date Check No. Tax Liability Accrued Paid Paid or EFT Liability Federal Withholding - - - - FICA-Employee - - - - FICA-Employer - - - - Unemployment - - - - Income 292 (27) - 265 Other - - - - Total Federal Taxes 292 (27) - 265 State and Local Withholding - - - - Sales 4 - - 4 Franchise 7 5 - 12 Income (86) - (76) (10) Real Property - - - - Personal Property 842 16 - 858 Other - - - - Total State and Local 767 21 (76) 864 Total Taxes 1,059 (6) (76) 1,129
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 2,039 302 777 366 9 3,493 Wages payable - - - - - - Taxes payable - - - - - - Rent/Leases-Building - - - - - - Rent/Leases-Equipment - - - - - - Secured Debt/Adequate Protection Payments - - - - - - Professional Fees - - - - - - Amounts Due to Insiders* - - - - - - Other A/P Clearings 229 - - - - 229 Other 916 - - - - 916 Total Postpetition Accounts Payable 3,184 302 777 366 9 4,638
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). In Re: Consolidated Case No. Debtor Reporting Period: Dec 02 ACCOUNTS RECEIVABLE RECONCILIATION AND AGING Accounts Receivable Reconciliation Amount Total Accounts Receivable at the beginning of the reporting period 6,206 + Amounts billed during the period. 3,470 - -Amounts collected during the period. 3,711 Total Accounts Receivable at the end of the reporting period 5,965 Accounts Receivable Aging Amount 0-30 days old 4,370 31-60 days old 855 61-90 days old 210 91+ days old 530 Total Accounts Receivable 5,965 Allowance 353 Other -310 Accounts Receivable (Net) 5,302 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, general liability and other necessary insurance coverages in effect? If no, provide an explanation below. Yes -----END PRIVACY-ENHANCED MESSAGE-----