UNITED STATES BANKRUPTCY COURT
DISTRICT OF DELAWARE
In re: NutraMax Products, Inc. CASE NO. 00-1838
---------------------------------- REPORTING PERIOD 6/4/00-7/1/00
Debtor
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.
- ------------------------------------------------------------------------------
DOCUMENT EXPLANATION
REQUIRED DOCUMENTS FORM NO. ATTACHED ATTACHED
- ------------------------------------------------------------------------------
Schedule of Cash Receipts and
Disbursements MOR-1 X
Bank Reconciliation (or
copies of debtor's bank
reconciliations) MOR-1 (con't) X
Copies of bank statements X
Cash disbursements journals X
Statement of Operations MOR-2 X
Balance Sheet MOR-3 X
Status of Postpetition Taxes MOR-4 X
Copies of IRS Form 6123 or
payment receipt X
Copies of tax returns filed
during reporting period X
Summary of Unpaid Postpetition
Debts MOR-4 X
Listing of aged accounts
payable X
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 documents attached are true and correct to the best of my knowledge
and belief.
- ------------------------------------------------------------------------------
Signature of Debtor Date
- ------------------------------------------------------------------------------
Signature of Joint Debtor Date
/s/ Dawn E. Larson 7/26/00
- ------------------------------------------------------------------------------
Signature of Authorized Individual* Date
Dawn E. Larson Chief Financial Officer
- ------------------------------------------------------------------------------
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.
Form MOR
UNITED STATES BANKRUPTCY COURT
DISTRICT OF DELAWARE
In re: NutraMax Products, Inc. CASE NO. 00-1838
---------------------------------- REPORTING PERIOD 6/4/00-7/1/00
Debtor
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 1R-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)]
- -----------------------------------------------------------------------------------------------------------------------------------
CUMULATIVE
BANK ACCOUNTS CURRENT MONTH FILING TO DATE
OPER. PAYROLL TAX OTHER ACTUAL PROJECTED ACTUAL PROJECTED
- -----------------------------------------------------------------------------------------------------------------------------------
CASH BEGINNING OF MONTH $ 1,262,899 $ 42,591 $ (1,656,713) $ (351,223) $ 7,126 -
RECEIPTS
CASH SALES $ - $ - -
ACCOUNTS RECEIVABLE 7,737,373 $ 7,737,373 7,770,000 $ 15,470,816 15,226,000
SALE OF ASSETS $ - $ - -
OTHER (ATTACH LIST) 1,563 1,566,138 $ 1,567,701 $ 1,567,701 -
TRANSFERS (FROM
DIP ACCTS) 76,620 3,661 5,689,370 $ 5,769,651 $ 9,059,083 -
ADVANCES FROM REVOLVER 826,662 $ 826,662 713,000 $ 1,088,662 2,008,000
TOTAL RECEIPTS 8,642,218 3,661 7,255,508 15,901,387 8,483,000 $ 27,186,262 17,234,000
DISBURSEMENTS
PAYROLL & TAXES 1,865,023 $ 1,865,023 2,309,000 $ 3,706,732 4,686,000
$ - $ - -
SALES, USE, &
OTHER TAXES $ - $ - -
INVENTORY PURCHASES 2,136,409 3,345,541 $ 5,481,950 4,302,000 $ 10,342,301 9,211,000
SECURED/RENTAL/LEASES 64,000 $ 64,000 $ 102,748 -
OPERATING EXPENSES 162,803 2,188,174 $ 2,350,977 1,716,000 $ 3,898,831 3,023,000
ADMINISTRATIVE 5,109 14,891 $ 20,000 $ 20,000 -
SELLING $ - $ - -
LOAN PAYMENTS $ - 56,000 $ - 95,000
OTHER (ATTACH LIST) 42,742 41,808 (107,431) $ (22,881) 100,000 $ 23,311 219,000
$ - $ - -
OWNER DRAW* $ - $ - -
TRANSFERS (TO
DIP ACCTS) 5,693,031 76,620 $ 5,769,651 $ 9,059,083 -
$ - $ - -
PROFESSIONAL FEES 17,000 $ 17,000 $ 35,938 -
U.S. TRUSTEE
QUARTERLY FEES $ - $ - -
COURT COSTS $ - $ - -
TOTAL DISBURSEMENTS 9,905,117 41,808 - 5,598,795 15,545,720 8,483,000 $ 27,188,944 17,234,000
NET CASH FLOW (1,262,899) (38,147) - 1,656,713 $ 355,667 - (2,682) -
(RECEIPTS LESS
DISBURSEMENTS)
CASH - END OF MONTH - 4,444 - - $ 4,444 $ - 4,444 -
- -----------------------------------------------------------------------------------------------------------------------------------
<FN>
* COMPENSATION TO SOLE PROPRIETORS FOR SERVICES RENDERED TO BANKRUPTCY
ESTATE
------------
-
------------
</FN>
THE FOLLOWING SECTION MUST BE COMPLETED
- -----------------------------------------------------------------------------------------------------------------------------------
DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES: (FROM CURRENT MONTH ACTUAL COLUMN)
TOTAL DISBURSEMENTS 15,545,720
LESS: TRANSFERS TO DEBTOR IN POSSESSION ACCOUNTS 5,769,651
PLUS: ESTATE DISBURSEMENTS MADE BY OUTSIDE SOURCES (ie, from escrow accounts)
TOTAL DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES 9,776,069
- -----------------------------------------------------------------------------------------------------------------------------------
Form MOR-1
OTHER DETAIL
Receipts:
Adjustment made to reclass
negative cash balance to
AP 1,563 - 1,566,138 1,567,701
=================================== ===========
Disbursements:
Variance between closing
BS and opening BS 41,419 41,419
To dispose of Optopics 41,590 41,590
Variance between G/L &
manual records 1,323 (107,431) (106,108)
Old item 218 218
TOTAL 42,742 41,808 (107,431) (22,881)
=================================== ===========
Note: For the Operating and the Other/Disbursements Account, the source for
the expense categorization is a manual log kept by the Treasurer. All receipts
data is from G/L entries as are Transfers to DIP Accounts and Payroll and Taxes.
test
cash flow line (1,262,899) (38,147) 0 1,656,713 355,667.00 1,618,566
receipts-disb (1,262,899) (38,147) 0 1,656,713 355,667.00 1,618,566
var 0 0 0 0 0.00 0.00
Form MOR-1
In re: NutraMax Products, Inc. CASE NO. 00-1838
---------------------------------- REPORTING PERIOD 06/04/00-07/01/00
Debtor
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 FILING
REVENUES MONTH TO DATE
- --------------------------------------------------------------------------------
Gross Revenues $ 9,444,678.00 $ 19,101,279.00
Less: Returns and Allowances $ 257,245.00 $ 637,898.00
Net Revenue $ 9,187,433.00 $ 18,463,381.00
COST OF GOODS SOLD
Beginning Inventory $ 15,730,531.00 $ 31,131,244.00
Add: Purchases $ 4,138,563.00 $ 8,843,264.00
Add: Cost of Labor $ 1,142,376.00 $ 2,134,965.00
Add: Other Costs (attach schedule) $ 3,285,942.00 $ 5,185,097.00
Less: Ending Inventory $ 16,089,375.00 $ 31,819,906.00
Cost of Goods Sold $ 8,208,037.00 $ 15,474,664.00
Gross Profit $ 979,396.00 $ 2,988,717.00
CORPORATE GENERAL & ADMINISTRATIVE
EXPENSES
Advertising/Trade Shows $ 111,466.00 $ 269,348.00
Auto and Truck Expense $ - $ 1,434.00
Bad Debts $ 83,000.00 $ 167,000.00
Contributions $ 100.00 $ 304.00
Employee Benefits Programs $ 38,134.00 $ 74,324.00
Insider Compensation* $ - $ 165,081.00
Insurance $ 10,209.00 $ 20,418.00
Management Fees/Bonuses $ 68,532.00 $ 115,822.00
Office Expense $ 11,232.00 $ 17,126.00
Pension & Profit Sharing Plans $ - $ -
Repairs and Maintenance $ 11,635.00 $ 22,128.00
Rent and Lease Expense $ 95,475.00 $ 140,797.00
Salaries/Commissions/Fees $ 665,549.00 $ 963,014.00
Supplies $ 4,765.00 $ 6,343.00
Taxes - Payroll $ 29,734.00 $ 42,581.00
Taxes - Real Estate $ - $ -
Taxes - Other $ 4,750.00 $ 9,528.00
Travel and Entertainment $ 38,256.00 $ 56,724.00
Utilities $ 9,583.00 $ 13,588.00
Other (attach schedule) $ 585,718.00 $ 1,277,785.00
Total Operating Expenses Before
Depreciation $ 1,768,138.00 $ 3,363,345.00
Depreciation/Depletion/Amortization $ 11,479.00 $ 24,184.00
Net Profit (Loss) Before Other
Income & Expenses $ (800,221.00) $ (398,812.00)
OTHER INCOME AND EXPENSES
Other Income (attach schedule) $ - $ 5,092.00
Interest Expense $ 635,707.00 $ 1,389,120.00
Other Expense (attach schedule)
Net Profit (Loss) Before
Reorganization Items $ (1,435,928.00) $ (1,782,840.00)
REORGANIZATION ITEMS
Professional Fees $ 454,806.00 $ 591,426.00
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) $ - $ -
Total Reorganization Expenses $ 454,806.00 $ 591,426.00
Income Taxes $ 453.00 $ 603.00
Net Profit (Loss) $ (1,891,187.00) $ (2,374,869.00)
* "Insider" is defined in 11 U.S.C. Section 101(31)
Form MOR-2
In re: NutraMax Products, Inc. CASE NO. 00-1838
---------------------------------- REPORTING PERIOD 06/04/00-07/01/00
Debtor
STATEMENT OF OPERATIONS - continuation sheet
- --------------------------------------------------------------------------------
CUMULATIVE FILING
BREAKDOWN OF "OTHER" CATEGORY MONTH TO DATE
- --------------------------------------------------------------------------------
OTHER COSTS
QA/QC & Manufacturing Overhead $ 3,285,942 $ 5,185,097
OTHER OPERATIONAL EXPENSES
Material Handling $ - $ 923
Outside Labor $ 19,342 $ 71,034
Dues & Subscriptions $ - $ 1,299
Licenses & Fees $ - $ 849
Miscellaneous $ 7,279 $ 94,478
Prof. Services $ 4,729 $ 6,043
Freight/Out $ 463,619 $ 946,058
Royalties $ 26,000 $ 53,000
Recruiting Fees $ - $ 23,295
Bank Service Fees $ - $ 3,845
Other prof. fees $ 64,749 $ 76,961
Total other $ 585,718 $ 1,277,785
OTHER INCOME
Interest Income $ - 5092
OTHER EXPENSES
OTHER REORGANIZATION EXPENSES
- --------------------------------------------------------------------------------
REORGANIZATION ITEMS - INTEREST EARNED ON ACCUMULATED CASH FROM CHAPTER 11:
Interest earned on cash accumulated during the chapter 11 case, which would
not have been earned but for the bankruptcy proceeding, should be reported
as a reorganization item.
Form MOR-2 (CONT)
In re: NutraMax Products, Inc. CASE NO. 00-1838
---------------------------------- REPORTING PERIOD 06/04/00-07/01/00
Debtor
BALANCE SHEET
The Balance Sheet is to be completed on an accrual basis only. Pre-petition
liabilities must be classified separately from postpetition obligations.
- --------------------------------------------------------------------------------
BOOK VALUE AT END OF
CURRENT REPORTING BOOK VALUE ON
ASSETS MONTH PETITION DATE
- --------------------------------------------------------------------------------
CURRENT ASSETS
Unrestricted Cash and Equivalents $ 229,138.00 $ 1,000,229.00
Restricted Cash and Cash
Equivalents (see continuation
sheet) $ 276,331.00 $ 792,103.00
Accounts Receivable (Net) $ 13,095.508.00 $ 11,016,161.00
Notes Receivable
Inventories $ 16,089,375.00 $ 15,400,713.00
Prepaid Expenses $ 5,812,172.00 $ 1,268,263.00
Professional Retainers
Other Current Assets (attach
schedule) $ 708,053.00 $ 705,643.00
TOTAL CURRENT ASSETS $ 36,210,577.00 $ 30,183,112.00
PROPERTY AND EQUIPMENT
Real Property and Improvements $ 11,477,557.00 $ 11,477,757.00
Machinery and Equipment $ 44,816,316.00 $ 44,790,150.00
Furniture, Fixtures, and
Office Equipment $ 2,886,165.00 $ 2,897,200.00
Leasehold Improvements $ 2,922,238.00 $ 2,922,238.00
Vehicles $ 120,610.00 $ 120,610.00
Less Accumulated Depreciation $ 37,069,103.00 $ 36,705,379.00
TOTAL PROPERTY & EQUIPMENT $ 25,153,783.00 $ 25,502,576.00
OTHER ASSETS
Loans to Insiders*
Other Assets (attach schedule) $ 66,061.00 $ (17,227.00)
TOTAL OTHER ASSETS $ 66,061.00 $ (17,227.00)
TOTAL ASSETS $ 61,430,421.00 $ 55,668,462.00
- --------------------------------------------------------------------------------
BOOK VALUE AT END OF
CURRENT REPORTING BOOK VALUE ON
LIABILITIES AND OWNER EQUITY MONTH PETITION DATE
- --------------------------------------------------------------------------------
LIABILITIES NOT SUBJECT TO
COMPROMISE (POSTPETITION)
Accounts Payable $ 5,633,926.00
Taxes Payable (refer to
Form MOR-4) $ 103,500.00
Wages Payable $ 1,119,457.00
Notes Payable $ 33,924,213.00
Rent/Leases - Building/
Equipment
Secured Debt/Adequate
Protection Payments $ 1,323,456.00
Professional Fees $ 759,676.00 $ 765,232.00
Amounts Due to Insiders*
Other Postpetition Liabilities
(attach schedule) $ 4,138,717.00 $ 1,617,415.00
TOTAL POSTPETITION LIABILITIES $ 47,002,945.00 $ 2,382,647.00
LIABILITIES SUBJECT TO
COMPROMISE (Pre-Petition)
Secured Debt $ 43,781,770.00 $ 77,623,015.00
Priority Debt $ 1,371,989.00 $ 3,346,223.00
Unsecured Debt $ 24,168,361.00 $ 25,136,522.00
TOTAL PRE-PETITION LIABILITIES $ 69,322,120.00 $ 106,105,760.00
TOTAL LIABILITIES $ 116,325,065.00 $ 108,488,407.00
OWNER EQUITY
Capital Stock $ 7,359.00 $ 7,359.00
Additional Paid-In Capital $ 7,015,215.00 $ 7,015,215.00
Partners' Capital Account
Owner's Equity Account
Retained Earnings - Pre-petition $ (59,540,146.00) $ (59,540,146.00)
Retained Earnings - Postpetition $ (2,374,869.00)
Adjustments to Owner Equity
(attach schedule) $ (2,203.00) $ (302,373.00)
Postpetition Contributions
(Distributions) (Draws)
(attach schedule)
NET OWNER EQUITY $ (54,894,644.00) $ (52,819,945.00)
TOTAL LIABILITIES AND OWNERS'
EQUITY $ 61,430,421.00 $ 55,668,462.00
- --------------------------------------------------------------------------------
* "Insider" is defined in 11 U.S.C. Section 101(31)
Form MOR-3
In re: NutraMax Products, Inc. CASE NO. 00-1838
---------------------------------- REPORTING PERIOD 06/04/00-07/01/00
Debtor
BALANCE SHEET - continuation sheet
- --------------------------------------------------------------------------------
BOOK VALUE AT END OF
CURRENT REPORTING BOOK VALUE ON
ASSETS MONTH PETITION DATE
- --------------------------------------------------------------------------------
OTHER CURRENT ASSETS
Employee Loans $ 2,294.00 $ 4,980.00
Payroll Exchange $ (11,230.00) $ (26,463.00)
Other Misc. Current Assets $ 8,936.00 $ 727,126.00
$ 708,053.00 $ 705,643.00
OTHER ASSETS
Deposits $ 66,061.00 $ (17,227.00)
- --------------------------------------------------------------------------------
BOOK VALUE AT END OF
CURRENT REPORTING BOOK VALUE ON
LIABILITIES AND OWNER EQUITY MONTH PETITION DATE
- --------------------------------------------------------------------------------
OTHER POSTPETITION LIABILITIES
accrued freight $ 264,302.00
accrued employee benefits $ 1,217,877.00
accrued misc. expenses $ 942,729.00
Restructuring Reserve $ 198,584.00 $ 114,604.00
Unearned Income Reserve $ 881,826.00 $ 881,826.00
Deferred Rent Reserve $ 165,308.00 $ 156,634.00
Discontinued Operations Reserve $ 323,542.00 $ 340,549.00
Relocation Reserve $ 144,549.00 $ 123,802.00
TOTAL OTHER LIABILITIES $ 4,138,717.00 $ 1,617,415.00
ADJUSTMENTS TO OWNER EQUITY
Treasury Stock $ (302,373.00) $ (302,373.00)
Dissolution of Optopics $ 300,170.00
$ (2,203.00) $ (302,373.00)
POSTPETITION CONTRIBUTIONS
(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.
Form MOR-3 (CONT)
In re: NutraMax Products, Inc. CASE NO. 00-1838
---------------------------------- REPORTING PERIOD 06/04/00-07/01/00
Debtor
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.
- --------------------------------------------------------------------------------------------------------
AMOUNT
BEGINNING TAX WITHHELD AMOUNT CHECK NO. ENDING TAX
LIABILITY OR ACCRUED PAID DATE PAID OR EFT LIABILITY
- --------------------------------------------------------------------------------------------------------
FEDERAL
Withholding $ - $ 360,817 $ 360,817 see attached $ - $ -
FICA-Employee $ - $ 134,392 $ 134,392 see attached $ -
FICA-Employer $ - $ 134,404 $ 134,404 see attached $ -
Unemployment $ - $ 3,815 $ 3,815 see attached $ -
Income $ - $ -
Other Disability tax $ - $ 352 $ 352 see attached $ -
Total Federal Taxes $ - $ 633,780 $ 633,780 $ - $ - $ -
STATE AND LOCAL
Withholding $ - $ 76,654 $ 76,654 see attached $ -
Sales $ - $ -
Excise $ - $ -
Unemployment $ - $ 15,476 $ 15,476 see attached $ -
Real Property $ 45,000.00 $ 49,000 $ 94,000
Personal Property $ - $ -
Other franchise tax $ 4,750.00 $ 4,750 $ 9,500
Total State and
Local $ 49,750.00 $ 145,880 $ 92,130 $ - $ - $ 103,500
TOTAL TAXES $ 49,750.00 $ 779,660 $ 725,910 $ - $ - $ 103,500
- --------------------------------------------------------------------------------------------------------
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 $ 5,633,926 $ 5,633,926
Wages Payable $ 1,119,457 $ 1,119,457
Taxes Payable $ 103,500 $ 103,500
Rent/Leases-Building $ -
Rent/Leases-
Equipment $ -
Secured Debt/Adequate
Protection Payments $ 1,323,456 $ 1,323,456
Professional Fees $ 759,676 $ 759,676
Amounts Due to
Insiders* $ -
Other See MOR-3 (CONT) $ 4,138,717 $ 4,138,717
Other Notes Payable $ 33,924,213 $33,924,213
TOTAL POSTPETITION
DEBTS $ 47,002,945 $ - $ - $ - $ - $47,002,945
- --------------------------------------------------------------------------------------------------------
Explain how and when the Debtor intends to pay any past-due postpetition debts.
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<FN>
* "Insider" is defined in 11 U.S.C. Section 101(31)
</FN>
Form MOR-4
In re: NutraMax Products, Inc. CASE NO. 00-1838
---------------------------------- REPORTING PERIOD 06/04/00-07/01/00
Debtor
ACCOUNTS RECEIVABLE RECONCILIATION AND AGING
- -------------------------------------------------------------------------------
Accounts Receivable Reconciliation Amount
- -------------------------------------------------------------------------------
Total Accounts Receivable at the
beginning of the reporting period $14,005,419
+ Amounts billed during the period $ 9,031,558
- - Amounts collected during the period $ 7,737,373
Total Accounts Receivable at the end of
the reporting period $15,299,604
Accounts Receivable Aging
0-30 days old $13,155,260
31-60 days old $ 1,518,354
61-90 days old $ 273,855
91+ days old $ 352,135
Total Accounts Receivable $15,299,604
Amount considered uncollectible (Bad Debt) $ 2,204,096
Accounts Receivable (Net) $13,095,508
- -------------------------------------------------------------------------------
DEBTOR QUESTIONNAIRE
- -------------------------------------------------------------------------------
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. X
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. X
3. Have all postpetition tax returns been timely filed? If
no, provide an explanation below. X
4. Are workers' compensation, general liability, and other
necessary insurance coverages in effect? If no, provide
an explanation below. X
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
Form MOR-5