United States Bankruptcy Court
District of Delaware
In re: Uniroyal Technology Corporation Case No. 02-12471
Consolidation Reporting Period: Oct 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: Oct 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 679 - 645 -
Receipts
Cash Sales - - - -
Accounts Receivable 3,219 3,746 6,933 8,014
Loans and Advances 537 - 854 -
Medical 14 - 52 -
Sale of Assets - - - -
Other (Attach List) - 25 - 25
Transfers (From DIP Accts) 3,911 - 6,703 -
Total Receipts 7,681 3,771 14,542 8,039
Disbursements
Payroll and Taxes 1,177 1,192 2,814 2,685
Inventory Purchases 1,719 1,771 3,569 3,952
Medical 186 150 341 400
Sales, Use & Other Taxes 1 - 1 -
Secured/Rental/Leases 132 84 207 198
Utilities 90 186 102 369
Insurance 110 123 401 434
Repairs & Maintenance 2 20 2 20
Outside Services 81 167 241 352
Administrative 132 84 175 173
Selling 47 64 122 141
Other (Attach List) 79 244 129 569
Change in Other (277) - (606) -
Transfers (To DIP Accts) 4,528 - 7,336 -
Professional Fees - - - -
US Trustee Quarterly Fees - - - -
Court Costs - - - -
Total Disbursements 8,007 4,085 14,834 9,293
Net Cash Flow (326) (314) (292) (1,254)
CASH END OF MONTH 353 353
*COMPENSATION TO SOLE PROPRIETORS FOR SERVICES RENDERED TO BANKRUPTCY ESTATE
THE FOLLOWING SECTION MUST BE COMPLETED
DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES (FROM CURRENT MONTH
ACTUAL COLUMN)
TOTAL DISBURSEMENTS $ 8,007
Less: Transfers to Debtor in Possession Accounts $ 4,528
Plus: Estate disbursements made by outside sources
(i.e. from escrow accounts)
TOTAL DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES $ 3,479
Consolidated Case No.
In re____________________________
Debtor
Reporting Period: Oct 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 3,563 7,979
Less: Returns and allowances 26 30
Net Revenue 3,537 7,949
COST OF GOODS SOLD
Beginning Inventory - -
Add: Purchases - -
Add: Cost of Labor - -
Add: Other Costs (attach schedule) 2,898 6,216
Less: Ending Inventory - -
Cost of Goods Sold 2,898 6,216
Gross Profit 639 1,733
OPERATING EXPENSES
Marketing 28 35
Bad Debts - -
Contributions - -
Employee Training & Relocation - 3
Insider Compensation* - -
Insurance 120 242
Corporate Services - -
Office Expense 11 28
Repairs and Maintenance 3 12
Rent and Lease Expense 47 77
Salaries/Commissions/Fees 478 887
Supplies 6 15
Outside Services 51 98
Taxes - Real Estate & Property 13 17
Taxes - Other - (11)
Travel and Entertainment 41 103
Utilities 21 62
Other (attach schedule) 20 28
Total Operating Expenses Before Depreciation 839 1,596
Depreciation/Depletion/Amortization 952 1,990
Net Profit (Loss) Before Other Income & Expenses (1,152) (1,853)
OTHER INCOME AND EXPENSES
Other Income (attach schedule) 365 920
Interest Expense 84 198
Other Expense (attach schedule) 358 919
Net Profit (Loss) Before Reorganization Items (1,229) (2,050)
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) 367 859
Total Reorganization Expenses 367 859
Income Taxes 118 (62)
Net Profit (Loss) (1,714) (2,847)
In Re: Consolidated Case No.
Debtor
Reporting Period: Oct 02
STATEMENT OF OPERATIONS
(Continuation Sheet)
Cumulative
BREAKDOWN OF "OTHER" CATEGORY Month Filing to Date
Other Costs
Variable Cost Of Goods Sold 1,822 4,055
Direct Manufacturing Period 931 1,806
R & D 145 355
Total 2,898 6,216
Other Operational Expenses
Bank & Loan Charges 11 18
Royalty Expense 1 2
Discounts Lost 2 2
Rounding 6 6
Total 20 28
Other Income
Administration Fees 33 50
Medical Expense Clearing 332 868
Gain On Fixed Assets - 6
Misc Income - (4)
Total 365 920
Other Expenses
Idle Facility Cost 357 380
Loss On Fixed Assets (13) (12)
Retiree Medical 24 24
Medical Expense Clearing - 537
Misc Expense (10) (10)
Total 358 919
Other Reorganization Expenses
Legal 183 489
Financial Advisors 54 108
Auditors & Admin - 27
Public Relations - -
Committees Fees 130 235
Other - -
Total 367 859
In re: Consolidated Case No.
Debtor Reporting Period: Oct 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 353 645
Restricted Cash and Cash Equivalents
(see continuation sheet) - -
Accounts Receivable, Net 6,009 4,880
Notes Receivable - -
Inventories 10,718 10,130
Prepaid Expenses 1,605 1,725
Professional Retainers - -
Other Current Assets (attach schedule) 389 395
TOTAL CURRENT ASSETS 19,074 17,775
PROPERTY AND EQUIPMENT
Real property and Improvements 5,622 5,622
Machinery and Equipment 66,955 66,984
Furniture, Fixtures and Office Equipment 5,484 6,082
Leasehold Improvements 13,709 13,778
Vehicles 13 13
Construction In Process 1,585 1,802
Less: Accumulated Depreciation 37,259 36,065
TOTAL PROPERTY AND EQUIPMENT 56,109 58,216
OTHER ASSETS
Loans to Insiders* - -
Other Assets (attach schedule) 17,724 17,473
TOTAL ASSETS 92,907 93,464
LIABILITIES NOT SUBJECT TO COMPROMISE (Postpetition)
Accounts Payable 4,752 2,756
Taxes Payable (Refer to FORM MOR-4) 1,087 1,108
Wages Payable 2,298 1,870
Debt - Secured 6,738 6,643
Accrued Benefits & Withholdings 861 1,238
Retiree Medical 5,798 5,704
Professional Fees 850 5
Amounts Due to Insiders* - -
InterCompany - -
Other Postpetition Liabilities (attach schedule) 1,512 1,414
TOTAL POSTPETITION LIABILITIES 23,896 20,738
LIABILITIES SUBJECT TO COMPROMISE
Secured Debt - -
Priority Debt - -
Unsecured Debt 62,381 63,249
TOTAL PREPETITION LIABILITIES 62,381 63,249
TOTAL LIABILITIES 86,277 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 (2,847) -
Adjustments to Shareholders' Equity
(attach schedule) (37,354) (37,354)
Postpetition Contributions (Distributions)/(Draws)
(attach schedule) - -
Net Shareholders' Equity 6,630 9,477
Total Liabilities and Shareholders' Equity 92,907 93,464
*"Insider" is defined in 11 U.S.C. Section 101(31).
In re: Consolidated Case No.
Debtor Reporting Period: Oct 2002
BALANCE SHEET
Continuation Sheet
Book Value at Book Value
End of Current on Petition
ASSETS Reporting Month Date
Other Current Assets
Other Current Receivables 389 395
Securities Owned - -
Current Deferred Tax Asset - -
Other Current Assets - -
Total 389 395
Other Assets
Investment In Affiliates - -
L/T Receivables - -
L/T Investments 1,016 1,010
Patents / Trademarks / Goodwill 14,360 14,392
Loan Costs 352 1
L/T Deferred Tax Asset - -
Other L/T Assets 1,996 2,070
Total 17,724 17,473
Book Value at Book Value
End of Current on Petition
LIABILITIES AND SHAREHOLDERS' EQUITY Reporting Month Date
Other Postpetition Liabilities
Accrued Interest 43 -
Accrued EPA - -
Accrued Repl. & Adj. - -
Accrued Other Expenses 268 222
Accrued Longevity 289 289
Other Liabilities 912 903
Total 1,512 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: Oct 2002
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 212 118 - 330
Other - - - -
Total Federal Taxes 212 118 - 330
State and Local
Withholding - - - -
Sales 4 1 - 5
Franchise 9 5 - 14
Income (84) - - (84)
Real Property - - - -
Personal Property 796 47 20 823
Other (1) - - (1)
Total State and Local 724 53 20 757
Total Taxes 936 171 20 1,087
SUMMARY OF UNPAID POSTPETITION DEBTS
Attach aged listing of accounts payable
Number of Days From Invoice Date
Current 0-30 31-60 61-90 Over 90 Total
Accounts payable - 2,968 116 10 104 3,198
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 208 - - - - 208
Other 1,346 - - - - 1,346
Total Postpetition Accounts Payable 1,554 2,968 116 10 104 4,752
Explain how and when the Debtor intends to pay any past-due postpetition debts.
Expected to be paid down through operational cash flow as soon as possible.
*"Insider" is defined in 11 U.S.C. Section 101(31).
In Re: Consolidated Case No.
Debtor Reporting Period: Oct 2002
ACCOUNTS RECEIVABLE RECONCILIATION AND AGING
Accounts Receivable Reconciliation Amount
Total Accounts Receivable at the beginning of the reporting period 6,040
+ Amounts billed during the period. 3,303
- -Amounts collected during the period. 3,227
Total Accounts Receivable at the end of the reporting period 6,116
Accounts Receivable Aging Amount
0-30 days old 4,817
31-60 days old 822
61-90 days old 53
91+ days old 424
Total Accounts Receivable 6,116
Allowance 381
Other 274
Accounts Receivable (Net) 6,009
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