-----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, GUkvjaIMGYTPCddENfOVryPSlYinWSMddzRr+jXthY0tJj++xgVTM5EUDtABCi8g cAxS1cIgp0ykYN/DBiPFCg== 0000890096-03-000015.txt : 20030408 0000890096-03-000015.hdr.sgml : 20030408 20030408163537 ACCESSION NUMBER: 0000890096-03-000015 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030126 ITEM INFORMATION: Other events FILED AS OF DATE: 20030408 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: 03642937 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 form8kjan03.txt FORM 8K JAN 03 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) December 30, 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, 2002, 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 January 2003 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 January 2003. 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: April 8, 2003 By: /s/ George J. Zulanas, Jr. ---------------------------- George J. Zulanas, Jr., Executive Vice President, Treasurer and Chief Financial Officer EX-99 3 exhibitjan.txt EXHIBIT 99.1 JAN 03 Exhibit 99.1 United States Bankruptcy Court District of Delaware In re: Uniroyal Technology Corporation Case No. 02-12471 Consolidation Reporting Period: Jan 03 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 Authroized 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 Consolidation Case No. 02-12471 Debtor Reporting Period: Jan 03 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 417 - 645 - Receipts Cash Sales - - - - Accounts Receivable 3,313 2,880 17,569 18,650 Loans and Advances 1,492 - 7,706 - Medical 25 - 103 - Sale of Assets 6,341 6,341 6,341 6,341 Other (Attach List) - - - - Transfers (From DIP Accts) 15,627 - 43,899 - Total Receipts 26,798 9,221 75,618 24,991 Disbursements Payroll and Taxes 895 1,120 7,105 6,908 Inventory Purchases 1,817 1,616 8,555 8,797 Medical 75 197 789 1,069 Sales, Use & Other Taxes 1 - 2 - Secured/Rental/Leases 96 98 458 457 Utilities 207 154 649 906 Insurance 207 123 957 996 Repairs & Maintenance 39 12 73 82 Outside Services 273 164 843 852 Administrative 24 84 350 349 Selling 41 64 250 422 Other (Attach List) 30 70 316 763 Change in Other (164) - (432) - Transfers (To DIP Accts) 22,876 - 55,550 - Professional Fees - - - - US Trustee Quarterly Fees - - - - Court Costs - - - - Total Disbursements 26,417 3,702 75,465 21,601 Net Cash Flow 381 5,519 153 3,390 CASH END OF MONTH 798 798 THE FOLLOWING SECTION MUST BE COMPLETED DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES (FROM CURRENT MONTH ACTUAL COLUMN) TOTAL DISBURSEMENTS $26,417 Less: Transfers to Debtor in Possession Accounts $22,876 Plus: Estate disbursements made by outside sources (i.e. from escrow accounts) TOTAL DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES $ 3,541 In Consolidated Case No. re____________________________ Debtor Reporting Period: Jan 2003 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 2,874 17,370 Less: Returns and allowances (48) 62 Net Revenue 2,922 17,308 COST OF GOODS SOLD Beginning Inventory - - Add: Purchases - - Add: Cost of Labor - - Add: Other Costs (attach schedule) 2,849 14,590 Less: Ending Inventory - - Cost of Goods Sold 2,849 14,590 Gross Profit 73 2,718 OPERATING EXPENSES Marketing 25 133 Bad Debts - - Contributions - 45 Employee Training & Relocation - 15 Insider Compensation* - - Insurance 82 512 Corporate Services - - Office Expense 7 51 Repairs and Maintenance 3 23 Rent and Lease Expense 13 221 Salaries/Commissions/Fees 429 2,184 Supplies (6) 17 Outside Services 55 338 Taxes - Real Estate & Property 9 62 Taxes - Other - (11) Travel and Entertainment 29 209 Utilities 27 146 Other (attach schedule) 11 90 Total Operating Expenses Before Depreciation 684 4,035 Depreciation/Depletion/Amortization 738 4,611 Net Profit (Loss) Before Other Income & Expenses (1,349) (5,928) OTHER INCOME AND EXPENSES Other Income (attach schedule) 3,907 5,046 Interest Expense 100 476 Other Expense (attach schedule) 187 2,562 Net Profit (Loss) Before Reorganization Items 2,271 (3,920) 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) 826 2,165 Total Reorganization Expenses 826 2,165 Income Taxes (29) (157) Net Profit (Loss) 1,474 (5,928) In Re: Consolidated Case No. Debtor Reporting Period: Jan 03 STATEMENT OF OPERATIONS (Continuation Sheet) Cumulative BREAKDOWN OF "OTHER" CATEGORY Month Filing to Date Other Costs Variable Cost Of Goods Sold 1,798 9,485 Direct Manufacturing Period 891 4,195 R & D 160 910 Total 2,849 14,590 Other Operational Expenses Bank & Loan Charges 8 74 Royalty Expense 1 4 Discounts Lost 1 3 Rounding 1 9 Total 11 90 Other Income Administration Fees 24 123 Medical Expense Clearing 77 1,115 Gain On Fixed Assets 1 7 Gain On Sale Of Sterling Semiconductor, Inc 3,803 3,803 Misc Income 2 (2) Total 3,907 5,046 Other Expenses Idle Facility Cost 86 523 Loss On Fixed Assets - 1,172 Retiree Medical 24 95 Medical Expense Clearing 77 784 Misc Expense - (12) Total 187 2,562 Other Reoganization Expenses Legal 470 1,159 Financial Advisors 98 306 Auditors & Admin 59 103 Public Relations - (12) Committees Fees 196 602 Other 3 7 Total 826 2,165 In re: Consolidated Case No. Debtor Reporting Period: Jan 03 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 798 645 Restricted Cash and Cash Equivalents (see continuation sheet) - - Accounts Receivable, Net 5,053 4,880 Notes Receivable - - Inventories 10,568 10,130 Prepaid Expenses 1,598 1,725 Professional Retainers - - Other Current Assets (attach schedule) 645 395 TOTAL CURRENT ASSETS 18,662 17,775 PROPERTY AND EQUIPMENT Real property and Improvements 5,622 5,622 Machinery and Equipment 56,340 66,984 Furniture, Fixtures and Office Equipment 5,334 6,082 Leasehold Improvements 10,515 13,778 Vehicles 13 13 Constrution In Process 986 1,802 Less: Accumulated Depreciation 34,543 36,065 TOTAL PROPERTY AND EQUIPMENT 44,267 58,216 OTHER ASSETS Loans to Insiders* - - Other Assets (attach schedule) 17,501 17,473 TOTAL ASSETS 80,430 93,464 LIABILITIES NOT SUBJECT TO COMPROMISE (Postpetition) Accounts Payable 4,555 2,756 Taxes Payable (Refer to FORM MOR-4) 1,151 1,108 Wages Payable 2,030 1,870 Debt - Secured 2,354 6,643 Accrued Benefits & Withholdings 962 1,238 Retiree Medical 6,000 5,704 Professional Fees 1,673 5 Amounts Due to Insiders* - - InterCompany - - Other Postpetition Liabilities (attach schedule) 997 1,414 TOTAL POSTPETITION LIABILITIES 19,722 20,738 LIABILITIES SUBJECT TO COMPROMISE Secured Debt - - Priority Debt - - Unsecured Debt 57,140 63,249 TOTAL PREPETITION LIABILITIES 57,140 63,249 TOTAL LIABILITIES 76,862 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 (5,909) - Adjustments to Shareholders' Equity (attach schedule) (37,354) (37,354) Postpetition Contributions (Distributions)/ (Draws) (attach schedule) - - Net Shareholders' Equity 3,568 9,477 Total Liabilities and Shareholders' Equity 80,430 93,464 *"Insider" is defined in 11 U.S.C. Section 101(31). In re: Consolidated Case No. Debtor Reporting Period: Jan 03 BALANCE SHEET Continuation Sheet Book Value at Book Value End of Curent on Petition ASSETS Reporting Month Date Other Current Assets Other Current Receivables 645 395 Securities Owned - - Current Deferred Tax Asset - - Other Current Assets - - Total 645 395 Other Assets Investment In Affiliates - - L/T Receivables - - L/T Investments 1,016 1,010 Patents / Trademarks / Goodwill 14,313 14,392 Loan Costs 357 1 L/T Deferred Tax Asset - - Other L/T Assets 1,815 2,070 Total 17,501 17,473 Book Value at Book Value End of Curent on Petition LIABILITIES AND SHAREHOLDERS' EQUITY Reporting Month Date Other Postpetition Liabilities Accrued Interest 47 26 Accrued EPA - - Accrued Repl. & Adj. - - Accrued Other Expenses 368 196 Accrued Longevity 284 289 Other Liabilities 298 903 Total 997 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: Jan 03 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 265 (30) - 235 Other - - - - Total Federal Taxes 265 (30) - 235 State and Local Withholding - - - - Sales 4 - - 4 Franchise 12 5 - 17 Income (10) - 1 (11) Real Property - - - - Personal Property 858 55 7 906 Other - - - - Total State and Local 864 60 8 916 Total Taxes 1,129 30 8 1,151
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 2,046 114 299 423 (26) 2,856 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 276 - - - - 276 Other 1,423 - - - - 1,423 Total Postpetition Accounts Payable 3,745 114 299 423 (26) 4,555
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: Jan 03 ACCOUNTS RECEIVABLE RECONCILIATION AND AGING Accounts Receivable Reconciliation Amount Total Accounts Receivable at the beginning of the reporting period 5,965 + Amounts billed during the period. 3,104 - -Amounts collected during the period. 3,413 Total Accounts Receivable at the end of the reporting period 5,656 Accounts Receivable Aging Amount 0-30 days old 3,962 31-60 days old 1,069 61-90 days old 38 91+ days old 587 Total Accounts Receivable 5,656 Allowance 323 Other -280 Accounts Receivable (Net) 5,053 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. Yes 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 Sterling Semiconductor, Inc. was sold to Dow Corning Enterprizes on January 23, 2003. -----END PRIVACY-ENHANCED MESSAGE-----