UNITED STATES BANKRUPTCY COURT
DISTRICT OF DELAWARE
In re: NutraMax Products, Inc. CASE NO. 00-1838
---------------------------------- REPORTING PERIOD 7/30/00-8/26/00
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.
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DOCUMENT EXPLANATION
REQUIRED DOCUMENTS FORM NO. ATTACHED ATTACHED
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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
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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.
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Signature of Debtor Date
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Signature of Joint Debtor Date
/s/ Dawn E. Larson 9/20/00
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Signature of Authorized Individual* Date
Dawn E. Larson Chief Financial Officer
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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., Debtor CASE NO. 00-1838
REPORTING PERIOD: 8/30/00-8/26/00
This Monthly Operating Report and all such prior reports have been prepared by
Debtor's management from their general ledger and supporting financial systems.
Inadvertent errors and omissions may exist. All financial information contained
in these reports and prior reports has neither been audited or reviewed by
Debtor's Independent Public Accountants. The information may not meet the
standards associated with the disclosure of financial information for publicly
traded companies or set by the AICPA or FASB. The Debtor in Possession reserves
all rights to amend the Monthly Operating Reports as necessary or appropriate.
UNITED STATES BANKRUPTCY COURT
DISTRICT OF DELAWARE
In re NutraMax Products Inc. CASE NO. 00-1838
---------------------------------- REPORTING PERIOD 7/30/00-8/26/00
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)]
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CUMULATIVE
BANK ACCOUNTS CURRENT MONTH FILING TO DATE
OPER. PAYROLL TAX OTHER ACTUAL PROJECTED ACTUAL PROJECTED
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CASH BEGINNING OF MONTH $ - $ 7,966 $ - $ 7,966 - $ 12,410 -
RECEIPTS
CASH SALES $ - $ - -
ACCOUNTS RECEIVABLE 9,276,892 $ 9,276,892 9,929,000 $ 32,888,092 33,326,000
SALE OF ASSETS $ - $ - -
OTHER (ATTACH LIST) 715,511 (1,303,845) $ (588,334) $ 1,199,024 -
TRANSFERS (FROM
DIP ACCTS) 912,286 7,116,347 $ 8,028,633 $ 24,615,438 -
ADVANCES FROM REVOLVER 256,082 $ 256,082 896,000 $ 2,192,321 3,535,000
TOTAL RECEIPTS 10,248,485 912,286 5,812,502 16,973,273 10,825,000 $ 60,894,875 36,861,000
DISBURSEMENTS
PAYROLL & TAXES 1,142,097 765,736 408,167 $ 2,316,000 2,700,000 $ 8,167,732 9,696,000
$ - $ - -
SALES, USE, &
OTHER TAXES $ - $ - -
INVENTORY PURCHASES 1,112,076 3,283,315 $ 4,395,391 5,400,000 $ 19,789,692 18,931,000
SECURED/RENTAL/LEASES 232,000 $ 232,000 179,000 $ 383,748 351,000
OPERATING EXPENSES 2,012,000 $ 2,012,000 2,000,000 $ 7,690,081 6,623,000
ADMINISTRATIVE 3,077 (3,077) $ - $ 20,000 -
SELLING $ - $ - -
LOAN PAYMENTS $ - $ - 95,000
CAPITAL EXPENDITURES 14,000 $ 14,000 50,000 $ 43,311 319,000
OTHER (ATTACH LIST) (37,399) (160,903) $ (198,302) $ (71,206)
$ - $ - -
OWNER DRAW* $ - $ - -
TRANSFERS (TO
DIP ACCTS) 8,028,634 - $ 8,028,634 $ 24,615,439 -
$ - $ - -
PROFESSIONAL FEES 27,000 $ 27,000 496,000 $ 95,938 846,000
U.S. TRUSTEE
QUARTERLY FEES $ - $ 12,750 -
COURT COSTS $ - $ - -
TOTAL DISBURSEMENTS 10,248,485 765,736 - 5,812,502 16,826,723 10,825,000 $ 60,747,485 36,861,000
NET CASH FLOW - 146,550 - - $ 146,550 - 147,390 -
(RECEIPTS LESS
DISBURSEMENTS)
CASH END OF MONTH - 154,516 - - $ 154,516 $ - 159,800 -
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<FN>
* COMPENSATION TO SOLE PROPRIETORS FOR SERVICES RENDERED TO BANKRUPTCY
ESTATE
------------
-
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</FN>
THE FOLLOWING SECTION MUST BE COMPLETED
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DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES: (FROM CURRENT MONTH ACTUAL COLUMN)
TOTAL DISBURSEMENTS 16,826,723
LESS TRANSFERS TO DEBTOR IN POSSESSION ACCOUNTS 8,028,634
PLUS ESTATE DISBURSEMENTS MADE BY OUTSIDE SOURCES (ie, from escrow accounts)
TOTAL DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES 8,798,089
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Form MOR-1(2)
OTHER DETAIL
Receipts:
Adjustment made to reverse
prior period neg balance
reclassed to AP (47,816) - (1,739,542)(1,787,358.00)
Adjustments made to reclass
negative cash balance to
AP 736,327 - 333,364 1,096,691
Stopped checks - - 102,333 102,333
TOTAL 715,511 - 1,303,845 (588,334)
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Disbursements:
Variance between G/L &
manual records (37,399) (160,903) (198,302)
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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 0 146,550 0 0 146,550.00 146,550
receipts - disb 0 146,550 0 0 146,550.00 146,550
var 0 0 0 0 0.00 0.00
Form MOR-1(2)
In re: NutraMax Products, Inc. Case No. 00-1838
---------------------------------- Reporting Period: 07/30/00-8/26/00
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.
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BOOK VALUE AT END OF
CURRENT REPORTING BOOK VALUE ON
ASSETS MONTH PETITION DATE
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CURRENT ASSETS
Unrestricted Cash and Equivalents $ 83,454.00 $ 1,000,229.00
Restricted Cash and Cash
Equivalents (see continuation
sheet) $ 276,331.00 $ 792,103.00
Accounts Receivable (Net) $ 14,342,561.00 $ 11,016,161.00
Notes Receivable - -
Inventories $ 17,017,300.00 $ 15,400,713.00
Prepaid Expenses $ 6,739,505.00 $ 1,268,263.00
Professional Retainers - -
Other Current Assets (attach
schedule) $ 682,625.00 $ 705,643.00
TOTAL CURRENT ASSETS $ 39,141,776.00 $ 30,183,112.00
PROPERTY AND EQUIPMENT
Real Property and Improvements $ 11,478,211.00 $ 11,477,757.00
Machinery and Equipment $ 44,833,001.00 $ 44,790,150.00
Furniture, Fixtures, and
Office Equipment $ 2,928,402.00 $ 2,897,200.00
Leasehold Improvements $ 2,922,238.00 $ 2,922,238.00
Vehicles $ 120,610.00 $ 120,610.00
Less Accumulated Depreciation $ 37,568,540.00 $ 36,705,379.00
TOTAL PROPERTY & EQUIPMENT $ 24,713,922.00 $ 25,502,576.00
OTHER ASSETS
Loans to Insiders* $ - $ -
Other Assets (attach schedule) $ 96,080.00 $ (17,227.00)
TOTAL OTHER ASSETS $ 96,080.00 $ (17,227.00)
TOTAL ASSETS $ 63,951,778.00 $ 55,668,462.00
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BOOK VALUE AT END OF
CURRENT REPORTING BOOK VALUE ON
LIABILITIES AND OWNER EQUITY MONTH PETITION DATE
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LIABILITIES NOT SUBJECT TO
COMPROMISE (POSTPETITION)
Accounts Payable $ 5,626,786.00 $ -
Taxes Payable (refer to $
Form MOR-4) $ 172,685.00 $ -
Wages Payable $ 1,066,748.00 $ -
Notes Payable $ 35,027,871.00 $ -
Rent/Leases - Building/
Equipment - $ -
Secured Debt/Adequate
Protection Payments $ 2,652,655.00 $ -
Professional Fees $ 754,462.00 $ 765,232.00
Amounts Due to Insiders* $ - $ -
Other Postpetition Liabilities
(attach schedule) $ 5,144,564.00 $ 1,617,415.00
TOTAL POSTPETITION LIABILITIES $ 50,445,771.00 $ 2,382,647.00
LIABILITIES SUBJECT TO
COMPROMISE (Pre-Petition)
Secured Debt $ 43,727,409.00 $ 77,623,015.00
Priority Debt $ 1,553,715.00 $ 3,346,223.00
Unsecured Debt $ 24,294,892.00 $ 25,136,522.00
TOTAL PRE-PETITION LIABILITIES $ 69,576,016.00 $ 106,105,760.00
TOTAL LIABILITIES $ 120,021,787.00 $ 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 $ (3,250,065.00)
Adjustments to Owner Equity
(attach schedule) $ (302,373.00) $ (302,373.00)
Postpetition Contributions
(Distributions) (Draws)
(attach schedule) $ - $ -
NET OWNER EQUITY $ (56,070,010.00) $ (52,819,945.00)
TOTAL LIABILITIES AND OWNERS'
EQUITY $ 63,951,778.00 $ 55,668,462.00
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* "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: 07/30/00-8/26/00
Debtor
BALANCE SHEET - continuation sheet
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BOOK VALUE AT END OF
CURRENT REPORTING BOOK VALUE ON
ASSETS MONTH PETITION DATE
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OTHER CURRENT ASSETS
EMPLOYEE LOANS $ 2,116.00 $ 4,980.00
PAYROLL EXCHANGE $ (36,481.00) $ (26,463.00)
OTHER CURRENT ASSETS $ 727,126.00 $ 727,126.00
REFUNDABLE INCOME TAXES $ (10,136.00) -
OTHER ASSETS
RENT& UTILITY DEPOSITS $ 96,080.00 $ (17,227.00)
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BOOK VALUE AT END OF
CURRENT REPORTING BOOK VALUE ON
LIABILITIES AND OWNER EQUITY MONTH PETITION DATE
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OTHER POSTPETITION LIABILITIES
ACCRUED INSURANCE $ 1,354,384.00 $ -
OTHER ACCRUED EXPENSES $ 515,828.00 $ -
ACCRUED FREIGHT $ 161,262.00 $ -
ACCRUED EMPLOYEE RELOCATION
& RECRUITING $ 55,000.00 $ 123,802.00
ACCRUED COMMISSIONS $ 389,920.00 $ -
ACCRUED ROYALTIES $ 18,026.00 $ -
ACCRUED 401K PLAN $ 107,558.00 $ -
ACCRUED STATE EXCISE TAX $ 3,255.00 $ -
ACCRUED PROMOTION & DEVELOPMENT $ 106,216.00 $ -
RESTRUCTURING RESERVE $ 1,059,958.00 $ 114,604.00
UNEARNED INCOME $ 881,826.00 $ 881,826.00
DEFERRED RENT $ 173,982.00 $ 156,634.00
DISCONTINUED OPERATIONS $ 317,349.00 $ 340,549.00
ADJUSTMENTS TO OWNER EQUITY
TREASURY STOCK $ 302,373.00 $ 302,373.00
POSTPETITION CONTRIBUTIONS
(DISTRIBUTIONS)(DRAWS)
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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: 07/30/00-8/26/00
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.
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AMOUNT
BEGINNING TAX WITHHELD AMOUNT CHECK NO. ENDING TAX
LIABILITY OR ACCRUED PAID DATE PAID OR EFT LIABILITY
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FEDERAL
Withholding $ - $ 266,276 $ 266,276 see attached $ -
FICA-Employee $ - $ 96,583 $ 96,583 see attached $ -
FICA-Employer $ - $ 97,002 $ 97,002 see attached $ -
Unemployment $ - $ 1,513 $ 1,513 see attached $ -
Income $ - $ (103) $ (103) see attached $ -
Other:_____________ $ - $ 302 $ 302 see attached $ -
Total Federal Taxes $ - $ 461,573 $ 461,573 $ - $ -
STATE AND LOCAL
Withholding $ - $ 58,313.00 $ - see attached
Sales $ - - $ - see attached
Excise $ - - $ - see attached
Unemployment $ - $ 8,276.00 $ - see attached
Real Property $ 136,000 $ 53,711.00 $ 36,026 various $ 153,685
Personal Property $ -
Other Franchise Tax $ 14,250 $ 4,750.00 $ - $ 19,000
Total State and
Local $ 150,250 $ 125,050 $ 36,026 $ - $ - $ 172,685
TOTAL TAXES $ 150,250 $ 586,623 $ 497,599 $ - $ - $ 172,685
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SUMMARY OF UNPAID POSTPETITION DEBTS
Attach aged listing of accounts payable.
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NUMBER OF DAYS PAST DUE
==========================================================
Current 0-30 31-60 61-90 Over 90 Total
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Accounts Payable $ 5,626,786
Wages Payable $ 1,066,748
Taxes Payable $ 172,685
Rent/Leases-Building
Rent/Leases-
Equipment
Secured Debt/Adequate
Protection Payments $ 2,652,655
Professional Fees $ 754,462
Amounts Due to
Insiders*
Other:______________ $ 40,172,435
Other:______________
TOTAL POSTPETITION
DEBTS $ 50,445,771 $ - $ - $ - $ -
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Explain how and when the Debtor intends to pay any past-due postpetition debts.
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<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: 07/30/00-8/26/00
Debtor
ACCOUNTS RECEIVABLE RECONCILIATION AND AGING
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Accounts Receivable Reconciliation Amount
- -------------------------------------------------------------------------------
Total Accounts Receivable at the
beginning of the reporting period $15,317,010.00
+ Amounts billed during the period $10,711,733.00
- - Amounts collected during the period $ 9,276,892.00
Total Accounts Receivable at the end of
the reporting period $16,751,851.00
Accounts Receivable Aging
0-30 days old $15,497,872.00
31-60 days old $ 1,047,790.00
61-90 days old $ 94,776.00
91+ days old $ 111,413.00
Total Accounts Receivable $16,751,851.00
Amount considered uncollectible (Bad Debt) ($ 2,409,290.00)
Accounts Receivable (Net) $14,342,561.00
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DEBTOR QUESTIONNAIRE
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Yes No
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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
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Form MOR-5
In re: NutraMax Products, Inc. Case No. 00-1838
---------------------------------- Reporting Period: 07/30/00-8/26/00
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.
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CUMULATIVE FILING
REVENUES MONTH TO DATE
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Gross Revenues $ 10,785,467.00 $ 38,536,991.00
Less: Returns and Allowances $ 404,493.00 $ 1,328,508.00
Net Revenue $ 10,380,974.00 $ 37,208,483.00
COST OF GOODS SOLD
Beginning Inventory $ 17,009,903.00 $ 64,230,522.00
Add: Purchases $ 4,563,983.00 $ 17,845,457.00
Add: Cost of Labor $ 1,200,634.00 $ 4,335,496.00
Add: Other Costs (attach schedule) $ 2,453,959.00 $ 9,732,944.00
Less: Ending Inventory $ 17,017,300.00 $ 65,847,109.00
Cost of Goods Sold $ 8,211,179.00 $ 30,297,310.00
Gross Profit $ 2,169,795.00 $ 6,911,173.00
OPERATING EXPENSES $ $
Advertising $ 65,828.00 $ 268,361.00
Auto and Truck Expense $ 224.00 $ 224.00
Bad Debts $ 83,000.00 $ 330,000.00
Contributions $ 2,500.00 $ 2,804.00
Employee Benefits Programs $ 17,548.00 $ 106,278.00
Insider Compensation* $ 82,104.00 $ 528,305.00
Insurance $ 29,209.00 $ 78,836.00
Management Fees/Bonuses $ 47,290.00 $ 205,402.00
Office Expense $ 14,837.00 $ 40,691.00
Pension & Profit Sharing Plans $ - $ -
Repairs and Maintenance $ 8,070.00 $ 40,695.00
Rent and Lease Expense $ 50,094.00 $ 239,537.00
Salaries/Commissions/Fees $ 382,165.00 $ 1,544,925.00
Supplies $ 5,130.00 $ 19,979.00
Taxes - Payroll $ 18,273.00 $ 85,596.00
Taxes - Real Estate $ - $ -
Taxes - Other $ 7,710.00 $ 21,988.00
Travel and Entertainment $ 43,469.00 $ 85,038.00
Utilities $ 3,796.00 $ 23,892.00
Other (attach schedule) $ 730,811.00 $ 2,694,777.00
Total Operating Expenses Before
Depreciation $ 1,592,058.00 $ 6,320,328.00
Depreciation/Depletion/Amortization $ 11,479.00 $ 47,142.00
Net Profit (Loss) Before Other
Income & Expenses $ 566,258.00 $ 543,703.00
OTHER INCOME AND EXPENSES
Other Income (attach schedule) $ - $ 5,092.00
Interest Expense $ 613,996.00 $ 2,620,332.00
Other Expense (attach schedule) $ - $ -
Net Profit (Loss) Before
Reorganization Items $ (47,738.00) $ (2,071,527.00)
REORGANIZATION ITEMS
Professional Fees $ 212,122.00 $ 1,007,912.00
U.S. Trustee Quarterly Fees $ - $ 12,750.00
Interest Earned on Accumulated Cash
from Chapter 11 (see continuation
sheet) $ - $ -
Gain (Loss) from Sale of Equipment $ - $ -
Other Reorganization Expenses
(attach schedule) $ 214,943.00 $ 457,443.00
Total Reorganization Expenses $ 427,065.00 $ 1,478,105.00
Income Taxes $ - $ 603.00
Net Profit (Loss) $ (474,803.00) $ (3,550,235.00)
* "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: 07/30/00-8/26/00
Debtor
STATEMENT OF OPERATIONS - continuation sheet
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CUMULATIVE FILING
BREAKDOWN OF "OTHER" CATEGORY MONTH TO DATE
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OTHER COSTS
MFG,QA/QC,G&A 2,453,959.00 9,732,944.00
OTHER OPERATIONAL EXPENSES
OUTSIDE LABOR $ 32,128.00 119,946.00
PROFESSIONAL SERVICES $ 20,758.00 29,874.00
RUBBISH REMOVAL $ 291.00 581.00
TELEPHONE/TELECOMMUNICATION $ 363,342.00 462,577.00
FREIGHT OUT $ 433,550.00 1,786,501.00
LICENSES & Fees $ 3,561.00 9,664.00
RECRUITMENT $ 68,715.00 104,078.00
ROYALTIES $ 27,000.00 106,000.00
MISCELLANEOUS $ 1,433.00 96,589.00
BANK SERVICE CHARGES $ 2,233.00 13,225.00
OTHER PROFESSIONAL
FEES/RESTRUCTURING $ 106,617.00 289,296.00
MATERIAL HANDLING $ 2,636.00 5,810.00
DUES & Subscriptions $ 379.00 2,468.00
TRAINING AND EDUCATION $ 2,290.00 -
OTHER INCOME
INTEREST INCOME $ - $5,092.00
OTHER EXPENSES
OTHER REORGANIZATION EXPENSES
CIP DIP LOAN FEE AMORTIZATION $ 214,943.00 $457,443.00
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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)