PCD (PCDIQ) 8-K/A Other events

UNITED STATES BANKRUPTCY COURT

EASTERN DISTRICT OF MASSACHUSETTS

CASE NO:

03-12309

IN RE:

WELLS-CTI, INC

JUDGE:

Kenner

CHAPTER 11

DEBTOR(S)

MONTHLY OPERATING REPORT FOR MONTH ENDING

MARCH 29, 2003

COMES NOW,

Debtor-in-possession, and hereby submits its Monthly Operating Report for the period commencing

FEB 23, 2003

and ending

MARCH 29, 2003

as shown by the report and exhibits consisting

of

9

pages and containing the following, as indicated:

XXXXX

Monthly Reporting Questionnaire (Attachment 1)

XXXXX

Comparative Balance Sheets (Forms OPR-1 & OPR-2)

XXXXX

Summary of Accounts Receivable (Form OPR-3)

XXXXX

Schedule of Post-petition Liabilities (From OPR-4)

XXXXX

Income Statement (Form OPR-5)

XXXXX

Statement of Sources and Uses of Cash (Form OPR-6)

I declare under penalty of perjury that this report and all attachments are true and correct to the best

of my knowledge and belief.

Date:

15-Apr-03

DEBTOR(S)-IN-POSSESSION

By:

/s/ John J. Sheehan III

(Signature)

(Signature)

Name & Title:

JOHN J. SHEEHAN III

(Print or type)

Address:

2 TECHNOLOGY DRIVE

PEABODY, MA 01960

Telephone No.:

(978) 532-8800

ATTACHMENT 1 (Page 1)

CHAPTER 11

MONTHLY OPERATING REPORT

MONTHLY REPORT QUESTIONNAIRE

CASE NAME:

WELLS-CTI, INC

CASE NUMBER:

03-12309

MONTH OF:

MARCH 2003

1.

Payroll:

State the amount of all executive wages paid and taxes withheld and paid

Name and Title

Wages Paid

Taxes Withheld

of Executive

Gross

Net

Due

Paid

JEFFREY A. FARNSWORTH

22,779.00

18,013.56

3,939.29

3,939.29

TOTAL EXECUTIVE PAYROLL

22,779.00

18,013.56

3,939.29

3,939.29

2.

Insurance:

Is worker's compensation and other insurance in effect?

YES

Are payments

current?

YES

If any policy has lapsed, been replaced or renewed, state so

in the schedule below. Attach a copy of the new policy's binder or cover page.

Date

Carrier

Coverage

Expiration

Premium

Coverage

Type

Name

Amount

Policy #

Date

Amounts

Pd. Thru

Homeowners

Rental Property

Liability

Vehicle

Workers

Compensation

Other

						ATTACHMENT 1 (Page 2)
							REV. 1/92
CHAPTER 11
MONTHLY OPERATING REPORT
MONTHLY REPORT QUESTIONNAIRE
CASE NAME:			WELLS-CTI, INC
CASE NUMBER:			03-12309
MONTH OF:			MARCH 2003
3.	Bank Accounts:		ACCOUNT TYPE
			Operating	Corp	Payroll		Other	Total
	Bank Name		SEE ATTACHED
	Account #
	BEGINNING BOOK BALANCE
	PLUS: Deposits
	LESS: Disbursements
	Other:
	Transfers In (Out)
	ENDING BANK BALANCE
4.	Post-petition payments: List any post-petition payments to professionals and payments onpre-petition debts in the schedule below (attach separate sheet if necessary).
	Payments To/On				Amount		Date	Check #
	Professionals (attorneys,
	accountants, etc.):
		NONE
		Pre-petition debts:

WELLS-CTI, INC
ATTACHMENT TO CHAPTER 11 MONTHLY OPERATING REPORT
FOR THE PERIOD 3/22/03 - 3/29/03
TOTAL COLLECTIONS	276,474.56
TOTAL DISBURSEMENTS	90,784.10

WELLS-CT, INC	FORMS OPR-1 & OPR-2
BALANCE SHEET
AS AT MARCH 29, 2003
ASSETS:
Cash & Cash Equivlent		1,955
Accounts Receivable - Trade		1,169,391
Accounts Receivable - Other		-
Inventory		1,443,653
Prepaid Expenses		123,220
Total Current Assets		2,738,219
Plant, Property, & Equip. - Gross		16,200,184
Accm/Depr		12,528,308
Total Fixed Assets		3,671,876
Deposits		33,422
Investments		200,000
Other Assets		-
Total Other Assets		233,422
TOTAL ASSETS		6,643,517
LIABILITIES & EQUITY
Total Debt		41,584,610
Accounts Payable		234,350
Accrued Expenses		1,756,174
Total Current Liab.		43,575,134
Other Liab.		-
Total Liabilities		43,575,134
EQUITY
Common Stock/PIC		70,157,595
Beginning R/E		(106,806,091)
Current Earnings		(283,121)
Total Equity		(36,931,617)
TOTAL LIAB. & EQUITY		6,643,517

CASE NAME:		WELLS-CTI, INC					FORM OPR - 3
				SUMMARY OF ACCOUNTS RECEIVABLE
CASE NUMBER:			03-12309
				MONTH ENDED:	Mar-03
					0 - 30	31 - 60	61 - 90	OVER
				TOTAL	DAYS	DAYS	DAYS	90 DAYS
DATE OF FILING:			21-Mar-03
				1,331,961	773,653	404,886	26,075	127,347
Allowance for doubtful accounts				(60,570)
				1,271,391
MONTH:	29-Mar-03			1,229,962	700,451	379,069	109,671	40,771
Allowance for doubtful accounts				(60,570)
				1,169,392
MONTH:
Allowance for doubtful accounts
MONTH:
Allowance for doubtful accounts
MONTH:
Allowance for doubtful accounts
MONTH:
Allowance for doubtful accounts
MONTH:
Allowance for doubtful accounts

CASE NAME:

WELLS-CTI, INC

FORM OPR - 4

SCHEDULE OF POST PETITION LIABILITIES

CASE NUMBER:

03-12309

MONTH ENDED:

MARCH 2003

DATE

DATE

TOTAL

0-30

31-60

61-90

OVER

INCURRED

DUE

DUE

DAYS

DAYS

DAYS

90 DAYS

TAXES PAYABLE:

Federal Income Taxes

6,872

FICA - Employer's share

5,144

FICA - Employee's share

5,144

Unemployment Tax

8

State Income Tax - PREPETITION

1,533

State Sales & Use Tax

State Income Tax W/H

Personal Property Tax - PREPETITION

52,431

TOTAL TAXES PAYABLE

PREPETITION SECURED DEBT

41,584,610

PREPETITION UNSECURED DEBT

331,081

ACCRUED INTEREST PAYABLE

1,447,589

TRADE ACCOUNTS PAYABLE & OTHER:

(list separately*)

Vendor Payables-Post Petition

w/e 3/29

Various

57,510

Accrued Wages - Post Petition

w/e 3/29

3/31/03

17,797

Other Accruals (GAAP)

65,415

TOTALS

43,575,134

*Attach separate page if necessary.

Note: Total post petition liabilities shown here must agree with the same item as shown on Form OPR-2 of this report.

WELLS-CTI, INC	FORM OPR-5
INCOME STATEMENT
FOR THE MONTH OF MARCH 2003
Total Sales	706,347
Cost Of Sales	444,289
Gross Margin	262,058
Selling/General/Administrative	290,669
Operating Profit	(28,611)
Other Exp/(Income)	(47,752)
Pretax Income/(Loss)	19,141
Taxes	-
Net Income/(Loss)	19,141

WELLS-CTI, INC			FORM OPR-6
CASH FLOWS
MONTH OF MARCH 2003
SOURCES:
Net Income from Operations		19,141
Depreciation and Amortization		132,407
	TOTAL	151,548
APPLICATIONS:
Accounts Receivable		127,978
Inventory		(69,399)
Capital Equipment		36,566
Accounts Payable		(54,634)
Other Working Capital		138,728
	TOTAL	179,238
NET CASH FLOW		(27,690)
BEGINNING CASH		29,645
ENDING CASH		1,955
OTHER WORKING CAPITAL
Prepaid Assets		14,474
Intercompany		(313,359)
Other Assets		(34,886)
Accrued Expenses/Payroll		472,499
	TOTAL	138,728