-----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, Bmft/xCGSBqZnsJV2C7YjzTS3e8Vol3IOpK+/H2KgFC6f0oAvkk8VZEBrshl14IR ET1R+OtDMKMusqGLR26SmQ== 0000890096-03-000020.txt : 20030624 0000890096-03-000020.hdr.sgml : 20030624 20030624150223 ACCESSION NUMBER: 0000890096-03-000020 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030330 ITEM INFORMATION: Other events FILED AS OF DATE: 20030624 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: 03755042 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 form8kmar03.txt FORM8KMAR2003 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) February 24, 2003 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.) 3401 Cragmont Dr Tampa, Florida 33619 - -------------------------------------- --------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (813) 630-9100 -------------- (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 March 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 March 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: June 24, 2003 By: /s/ George J. Zulanas, Jr. ---------------------------- George J. Zulanas, Jr., Executive Vice President, Treasurer and Chief Financial Officer EX-99 2 exhibitmar03.txt EXHIBIT 99.1 MARCH 2003 Exhibit 99.1 All numbers reported in thousands(000). United States Bankruptcy Court District of Delaware In re: Uniroyal Technology Corporation Case No. 02-12471 Consolidation Reporting Period: Mar 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 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: Mar 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 794 0 645 0 Receipts Cash Sales 0 0 0 0 Accounts Receivable 4,006 4,745 23,963 26,757 Loans and Advances 4,829 0 13,596 0 Medical 15 0 118 0 Sale of Assets 220 600 6,561 6,941 Other (Attach List) 280 350 280 350 Transfers (From DIP Accts) 11,477 0 62,764 0 Total Receipts 20,827 5,695 107,282 34,048 Disbursements Payroll and Taxes 1,622 1,522 9,957 9,650 Inventory Purchases 1,613 2,686 11,653 13,502 Medical 647 222 1,530 1,488 Sales, Use & Other Taxes 2 460 22 460 Secured/Rental/Leases 96 98 653 653 Utilities 226 141 1,044 1,159 Insurance 214 145 1,323 1,557 Repairs & Maintenance 28 15 142 109 Outside Services 199 114 1,232 1,073 Administrative 44 184 356 613 Selling 59 -7 364 475 Other (Attach List) 0 304 277 1,279 Change in Other -385 0 -645 0 Transfers (To DIP Accts) 14,733 0 77,036 0 Professional Fees 768 0 1,223 0 US Trustee Quarterly Fees 41 0 46 0 Court Costs 0 0 0 0 Total Disbursements 19,907 5,884 106,213 32,018 Net Cash Flow 920 -189 1,069 2,030 CASH END OF MONTH 1,714 1,714 THE FOLLOWING SECTION MUST BE COMPLETED DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES (FROM CURRENT MONTH ACTUAL COLUMN) TOTAL DISBURSEMENTS $19,907 Less: Transfers to Debtor in Possession Accounts $14,733 Plus: Estate disbursements made by outside sources (i.e. from escrow accounts) TOTAL DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES $5,174 In Consolidated re____________________________ Case No. Debtor Reporting Period: Mar 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 3,478 23,274 Less: Returns and allowances -77 8 Net Revenue 3,555 23,266 COST OF GOODS SOLD Beginning Inventory 0 0 Add: Purchases 0 0 Add: Cost of Labor 0 0 Add: Other Costs (attach schedule) 3,810 21,276 Less: Ending Inventory 0 0 Cost of Goods Sold 3,810 21,276 Gross Profit -255 1,990 OPERATING EXPENSES Marketing 11 169 Bad Debts 0 0 Contributions 0 45 Employee Training & Relocation 1 17 Insider Compensation* 0 0 Insurance 76 664 Corporate Services 0 0 Office Expense 15 71 Repairs and Maintenance 3 30 Rent and Lease Expense 16 250 Salaries/Commissions/Fees 414 2,958 Supplies 9 18 Outside Services 103 510 Taxes - Real Estate & Property 9 80 Taxes - Other 6 -5 Travel and Entertainment 45 295 Utilities 42 219 Other (attach schedule) 34 141 Total Operating Expenses Before Depreciation 784 5,462 Depreciation/Depletion/Amortization 737 6,086 Net Profit (Loss) Before Other Income & Expenses -1,776 -9,558 OTHER INCOME AND EXPENSES Other Income (attach schedule) 209 5,357 Interest Expense 85 636 Other Expense (attach schedule) 977 3,735 Net Profit (Loss) Before Reorganization Items -2,629 -8,572 REORGANIZATION ITEMS Professional Fees 0 0 U.S. Trustee Quarterly Fees 0 0 Interest Earned on Accumulated Cash from Chapter 11 (see continuation sheet) 0 0 Gain (Loss) from Sale of Equipment 0 0 Other Reorganization Expenses (attach schedule) 120 2,895 Total Reorganization Expenses 120 2,895 Income Taxes -80 -266 Net Profit (Loss) -2,669 -11,201 In Re: Consolidated Case No. Debtor Reporting Period: Mar 03 STATEMENT OF OPERATIONS (Continuation Sheet) Cumulative BREAKDOWN OF "OTHER" CATEGORY Month Filing to Date Other Costs Variable Cost Of Goods Sold 2,832 14,371 Direct Manufacturing Period 862 5,761 R & D 116 1,144 Total 3,810 21,276 Other Operational Expenses Bank & Loan Charges 32 125 Royalty Expense 1 6 Discounts Lost 3 9 Rounding -2 1 Total 34 141 Other Income Administration Fees 70 233 Medical Expense Clearing 216 1,405 Gain On Fixed Assets 0 -5 Gain On Sale Of Sterling Semiconductor, Inc 138 3,920 Misc Income 1 -1 Total 425 5,552 Other Expenses Idle Facility Cost 111 708 Loss On Fixed Assets 842 2,014 Retiree Medical 24 142 Medical Expense Clearing 216 1,074 Lease Expense 0 0 Misc Expense 0 -8 Total 1,193 3,930 Other Reorganization Expenses Legal 12 1,495 Financial Advisors 66 515 Auditors & Admin 1 114 Public Relations 0 -12 Committees Fees 38 710 Other 3 73 Total 120 2,895 In re: Consolidated Case No. Debtor Reporting Period: Mar 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 1,714 645 Restricted Cash and Cash Equivalents (see continuation sheet) 0 0 Accounts Receivable, Net 4,975 4,880 Notes Receivable 0 0 Inventories 9,592 10,130 Prepaid Expenses 2,061 1,725 Professional Retainers 0 0 Other Current Assets (attach schedule) 183 395 TOTAL CURRENT ASSETS 18,525 17,775 PROPERTY AND EQUIPMENT Real property and Improvements 5,093 5,622 Machinery and Equipment 56,348 66,984 Furniture, Fixtures and Office Equipment 5,345 6,082 Leasehold Improvements 10,515 13,778 Vehicles 13 13 Constrution In Process 962 1,802 Less: Accumulated Depreciation 35,925 36,065 TOTAL PROPERTY AND EQUIPMENT 42,351 58,216 OTHER ASSETS Loans to Insiders* 0 0 Other Assets (attach schedule) 15,860 17,473 TOTAL ASSETS 76,736 93,464 LIABILITIES NOT SUBJECT TO COMPROMISE (Postpetition) Accounts Payable 5,250 2,756 Taxes Payable (Refer to FORM MOR-4) 958 1,108 Wages Payable 1,345 1,870 Debt - Secured 5,566 6,643 Accrued Benefits & Withholdings 827 1,238 Retiree Medical 5,991 5,704 Professional Fees 1,133 5 Amounts Due to Insiders* 0 0 InterCompany 0 0 Other Postpetition Liabilities (attach schedule) 1,004 1,414 TOTAL POSTPETITION LIABILITIES 22,074 20,738 LIABILITIES SUBJECT TO COMPROMISE Secured Debt 0 0 Priority Debt 0 0 Unsecured Debt 56,367 63,249 TOTAL PREPETITION LIABILITIES 56,367 63,249 TOTAL LIABILITIES 78,441 83,987 SHAREHOLDERS' EQUITY Capital Stock 327 327 Additional Paid-in-Capital 112,291 112,291 Partners' Capital Account 0 0 Owner's Equity Account 0 0 Retained Earnings - Pre-petition -65,787 -65,787 Retained Earnings - Post-petition -11,182 0 Adjustments to Shareholders' Equity (attach schedule) -37,354 -37,354 Postpetition Contributions (Distributions) /(Draws) (attach schedule) 0 0 Net Shareholders' Equity -1,705 9,477 Total Liabilities and Shareholders' Equity 76,736 93,464 *"Insider" is defined in 11 U.S.C. Section 101(31). In re: Consolidated Case No. Debtor Reporting Period: Mar 03 BALANCE SHEET Continuation Sheet Book Value at Book Value End of Current on Petition ASSETS Reporting Month Date Other Current Assets Other Current Receivables 183 395 Securities Owned 0 0 Current Deferred Tax Asset 0 0 Other Current Assets 0 0 Total 183 395 Other Assets Investment In Affiliates 0 0 L/T Receivables 0 0 L/T Investments 0 1,010 Patents / Trademarks / Goodwill 14,281 14,392 Loan Costs 255 1 L/T Deferred Tax Asset 0 0 Other L/T Assets 1,324 2,070 Total 15,860 17,473 Book Value at Book Value End of Current on Petition LIABILITIES AND SHAREHOLDERS' EQUITY Reporting Month Date Other Postpetition Liabilities Accrued Interest 33 26 Accrued EPA 0 0 Accrued Repl. & Adj. 0 0 Accrued Other Expenses 421 196 Accrued Longevity 259 289 Other Liabilities 291 903 Total 1,004 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: Mar 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 0 0 0 0 FICA-Employee 0 0 0 0 FICA-Employer 0 0 0 0 Unemployment 0 0 0 0 Income 206 -81 0 125 Other 0 0 0 0 Total Federal Taxes 206 -81 0 125 State and Local Withholding 0 0 0 0 Sales 5 0 1 4 Franchise 22 17 0 39 Income -9 0 0 -9 Real Property 0 0 0 0 Personal Property 925 106 232 799 Other 0 0 0 0 Total State and Local 943 123 233 833 Total Taxes 1,149 42 233 958
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 2588 206 646 154 49 3,643 Wages payable 0 0 0 0 0 0 Taxes payable 0 0 0 0 0 0 Rent/Leases-Building 0 0 0 0 0 0 Rent/Leases-Equipment 0 0 0 0 0 0 Secured Debt/Adequate Protection Payments 0 0 0 0 0 0 Professional Fees 0 0 0 0 0 0 Amounts Due to Insiders* 0 0 0 0 0 0 Other A/P Clearings 0 0 0 0 0 0 Other 1,607 0 0 0 0 1,607 Total Postpetition Accounts Payable 4,195 206 646 154 49 5,250
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: Mar 03 ACCOUNTS RECEIVABLE RECONCILIATION AND AGING Accounts Receivable Reconciliation Amount Total Accounts Receivable at the beginning of the reporting period 5,733 + Amounts billed during the period. 3,520 - -Amounts collected during the period. 3,819 Total Accounts Receivable at the end of the reporting period 5,434 Accounts Receivable Aging Amount 0-30 days old 3,860 31-60 days old 608 61-90 days old 344 91+ days old 622 Total Accounts Receivable 5,434 Allowance 346 Other -113 Accounts Receivable (Net) 4,975 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-----