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: Apr 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 Case No. 02-12471
Consolidation
Debtor Reporting Period: Apr 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 1,714 0 645 0
Receipts
Cash Sales 0 0 0 0
Accounts Receivable 2,869 3,016 26,832 28,563
Loans and Advances -198 0 13,398 0
Medical 31 0 149 0
Sale of Assets 85 85 6,646 7,252
Other (Attach List) 219 0 499 0
Transfers (From DIP Accts) 8,550 0 71,747 0
Total Receipts 11,556 3,101 119,271 35,815
Disbursements
Payroll and Taxes 785 1,107 10,742 10,580
Inventory Purchases 1,532 1,215 13,185 13,727
Medical 211 261 1,741 1,999
Sales, Use & Other Taxes 1 0 23 330
Secured/Rental/Leases 96 118 749 441
Utilities 251 150 1,295 1,309
Insurance 113 145 1,436 1,702
Repairs & Maintenance 19 12 161 466
Outside Services 103 54 1,335 1,123
Administrative 38 68 394 681
Selling 41 40 405 515
Other (Attach List) 389 8 666 657
Change in Other 416 0 -229 0
Transfers (To DIP Accts) 8,417 0 85,448 0
Professional Fees 53 0 1,709 2,866
US Trustee Quarterly Fees 0 0 51 0
Court Costs 0 0 0 0
Total Disbursements 12,465 3,178 119,111 36,396
Net Cash Flow -909 -77 160 -581
CASH END OF MONTH 805 805
THE FOLLOWING SECTION MUST BE COMPLETED
DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES (FROM CURRENT MONTH
ACTUAL COLUMN)
TOTAL DISBURSEMENTS $12,465
Less: Transfers to Debtor in Possession Accounts $8,417
Plus: Estate disbursements made by outside sources
(i.e. from escrow accounts)
TOTAL DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES $4,048
In Consolidated
re____________________________ Case No.
Debtor Reporting Period: Apr 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 2,658 25,932
Less: Returns and allowances 27 35
Net Revenue 2,631 25,897
COST OF GOODS SOLD
Beginning Inventory 0 0
Add: Purchases 0 0
Add: Cost of Labor 0 0
Add: Other Costs (attach schedule) 2,326 23,602
Less: Ending Inventory 0 0
Cost of Goods Sold 2,326 23,602
Gross Profit 305 2,295
OPERATING EXPENSES
Marketing 10 179
Bad Debts 240 240
Contributions 0 45
Employee Training & Relocation 0 17
Insider Compensation* 0 0
Insurance 76 740
Corporate Services 0 0
Office Expense -2 69
Repairs and Maintenance 18 48
Rent and Lease Expense 12 262
Salaries/Commissions/Fees 351 3,309
Supplies 3 21
Outside Services 67 577
Taxes - Real Estate & Property 9 89
Taxes - Other 0 -5
Travel and Entertainment 36 331
Utilities 28 247
Other (attach schedule) 30 171
Total Operating Expenses Before Depreciation 878 6,340
Depreciation/Depletion/Amortization 737 6,823
Net Profit (Loss) Before Other Income & Expenses -1,310 -10,868
OTHER INCOME AND EXPENSES
Other Income (attach schedule) 285 5,837
Interest Expense 129 765
Other Expense (attach schedule) 354 4,284
Net Profit (Loss) Before Reorganization Items -1,508 -10,080
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) 440 3,335
Total Reorganization Expenses 440 3,335
Income Taxes -70 -336
Net Profit (Loss) -1,878 -13,079
In Re: Consolidated Case No.
Debtor Reporting Period: Apr 03
STATEMENT OF OPERATIONS
(Continuation Sheet)
Cumulative
BREAKDOWN OF "OTHER" CATEGORY Month Filing to Date
Other Costs
Variable Cost Of Goods Sold 1,669 16,040
Direct Manufacturing Period 581 6,342
R & D 76 1,220
Total 2,326 23,602
Other Operational Expenses
Bank & Loan Charges 13 138
Royalty Expense 1 7
Discounts Lost 2 11
Rounding 14 15
Total 30 171
Other Income
Administration Fees 2 235
Medical Expense Clearing 192 1,597
Gain On Fixed Assets 0 -5
Gain On Sale Of Sterling Semiconductor, Inc 43 3,963
Misc Income 48 47
Total 285 5,837
Other Expenses
Idle Facility Cost 52 760
Loss On Fixed Assets 0 2,014
Retiree Medical -48 94
Medical Expense Clearing 192 1,266
Lease Expense 160 160
Misc Expense -2 -10
Total 354 4,284
Other Reoganization Expenses
Legal 206 1,701
Financial Advisors 75 590
Auditors & Admin 14 128
Public Relations 0 -12
Committees Fees 144 854
Other 1 74
Total 440 3,335
In re: Consolidated Case No.
Debtor Reporting Period: Apr 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 805 645
Restricted Cash and Cash Equivalents
(see continuation sheet) 0 0
Accounts Receivable, Net 4,622 4,880
Notes Receivable 0 0
Inventories 9,180 10,130
Prepaid Expenses 1,939 1,725
Professional Retainers 0 0
Other Current Assets (attach schedule) 178 395
TOTAL CURRENT ASSETS 16,724 17,775
PROPERTY AND EQUIPMENT
Real property and Improvements 4,963 5,622
Machinery and Equipment 56,488 66,984
Furniture, Fixtures and Office Equipment 5,345 6,082
Leasehold Improvements 10,515 13,778
Vehicles 13 13
Constrution In Process 986 1,802
Less: Accumulated Depreciation 36,617 36,065
TOTAL PROPERTY AND EQUIPMENT 41,693 58,216
OTHER ASSETS
Loans to Insiders* 0 0
Other Assets (attach schedule) 15,753 17,473
TOTAL ASSETS 74,170 93,464
LIABILITIES NOT SUBJECT TO COMPROMISE (Postpetition)
Accounts Payable 4,288 2,756
Taxes Payable (Refer to FORM MOR-4) 1,037 1,108
Wages Payable 1,698 1,870
Debt - Secured 5,713 6,643
Accrued Benefits & Withholdings 782 1,238
Retiree Medical 5,644 5,704
Professional Fees 1,277 5
Amounts Due to Insiders* 0 0
InterCompany 0 0
Other Postpetition Liabilities (attach schedule) 964 1,414
TOTAL POSTPETITION LIABILITIES 21,403 20,738
LIABILITIES SUBJECT TO COMPROMISE
Secured Debt 0 0
Priority Debt 0 0
Unsecured Debt 56,350 63,249
TOTAL PREPETITION LIABILITIES 56,350 63,249
TOTAL LIABILITIES 77,753 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 -13,060 0
Adjustments to Shareholders' Equity (attach
schedule) -37,354 -37,354
Postpetition Contributions (Distributions)
/(Draws) (attach schedule) 0 0
Net Shareholders' Equity -3,583 9,477
Total Liabilities and Shareholders' Equity 74,170 93,464
*"Insider" is defined in 11 U.S.C. Section 101(31).
In re: Consolidated Case No.
Debtor Reporting Period: Apr 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 178 395
Securities Owned 0 0
Current Deferred Tax Asset 0 0
Other Current Assets 0 0
Total 178 395
Other Assets
Investment In Affiliates 0 0
L/T Receivables 0 0
L/T Investments 0 1,010
Patents / Trademarks / Goodwill 14,265 14,392
Loan Costs 204 1
L/T Deferred Tax Asset 0 0
Other L/T Assets 1,284 2,070
Total 15,753 17,473
Book Value at Book Value
End of Curent 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 412 196
Accrued Longevity 229 289
Other Liabilities 290 903
Total 964 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: Apr 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 125 -69 0 56
Other 0 0 0 0
Total Federal Taxes 125 -69 0 56
State and Local
Withholding 0 0 0 0
Sales 4 1 0 5
Franchise 39 5 0 44
Income -9 88 0 79
Real Property 0 0 0 0
Personal Property 799 54 0 853
Other 0 0 0 0
Total State and Local 833 148 0 981
Total Taxes 958 79 0 1,037
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 2,011 571 441 288 68 3,379
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 909 0 0 0 0 909
Total Postpetition Accounts Payable 2,920 571 441 288 68 4,288
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: Apr 03
ACCOUNTS RECEIVABLE RECONCILIATION AND AGING
Accounts Receivable Reconciliation Amount
Total Accounts Receivable at the beginning of the reporting period 5,434
+ Amounts billed during the period. 2,687
- -Amounts collected during the period. 2,790
Total Accounts Receivable at the end of the reporting period 5,331
Accounts Receivable Aging Amount
0-30 days old 3,574
31-60 days old 702
61-90 days old 207
91+ days old 848
Total Accounts Receivable 5,331
Allowance 599
Other -110
Accounts Receivable (Net) 4,622
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.