CASE NAME: ACCRUAL BASIS
CASE: 2/13/95
JUDGE:
UNITED STATES BANKRUPTCY COURT
NORTHERN DISTRICT OF TEXAS
MONTHLY OPERATING REPORTS
MONTH ENDING: JUNE 30, 2002
IN ACCORDANCE WITH TITLE 28, SECTION 1746, OF THE UNITED STATES CODE, I DECLARE
UNDER PENALTY OF PERJURY I HAVE EXAMINED THE FOLLOWING MONTHLY OPERATING REPORT
(ACCURAL BASIS-1THROUGH ACCURAL BASIS-7) AND THE ACCOMPANYING ATTACHMENTS AND,
TO THE BEST OF MY KNOWLEDGE, THESE DOCUMENTS ARE TRUE, CORRECT AND COMPLETE.
DECLARATION OF THE PREPARER (OTHER THAN RESPONSIBLE PARTY): IS BASED ON ALL
INFORMATION OF WHICH PREPARER HAS ANY KNOWLEDGE.
RESPONSIBLE PARTY:
Chief Financial Officer
- --------------------------------------- -----------------------------------
ORIGINAL SIGNATURE OF RESPONSIBLE PARTY TITLE
James C. Williams July 19, 2002
- --------------------------------------- -----------------------------------
PRINTED NAME OF RESPONSIBLE PARTY DATE
PREPARER:
Chief Fianacial Officer
- --------------------------------------- -----------------------------------
ORIGINAL SIGNATURE OF PREPARER TITLE
James C. Williams July 19, 2002
- --------------------------------------- -----------------------------------
PRINTED NAME OF PREPARER DATE
CASE NAME: Alford Refrigerated Warehouses, Inc. ACCRUAL BASIS-1
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CASE NUMBER: 01-39776-BJH-11
COMPARATIVE BALANCE SHEET
ASSETS SCHEDULE MONTH MONTH MONTH
AMOUNT
Apr. 2002 May 2002 June 2002
- -------------------------------------- ---------------------- ------------------ --------------------- ---------------------
1. UNRESTRICTED CASH 397,191 441,962 450,767
2. RESTRICTED CASH
3. TOTAL CASH 397,191 441,962 450,767
4. ACCOUNTS RECEIVABLE, NET 483,871 405,586 510,025
- -------------------------------------- ---------------------- ------------------ --------------------- ---------------------
5. INVENTORY
6. NOTES RECEIVABLE
7. PREPAID EXPENSES 354,389 313,233 268,992
8. OTHER (ATTACH LIST)
9. TOTAL CURRENT ASSETS 1,235,451 1,160,781 1,229,784
- -------------------------------------- ---------------------- ------------------ --------------------- ---------------------
10. PROPERTY, PLANT, & EQUIPMENT 7,570,735 7,570,735 7,570,735
11. LESS:ACCUMULATED 3,099,517 3,139,453 3,178,716
DEPRECIATION/DEPLETION
12. NET PROPERTY, PLANT & EQUIPMENT 4,471,218 4,431,282 4,392,019
- -------------------------------------- ---------------------- ------------------ --------------------- ---------------------
13. DUE FROM INSIDERS (541,669) (696,336) (851,003)
14. OTHER ASSETS - NET OF 253,979 251,190 248,401
15. OTHER (ATTACH LIST) 126,276 175,996 175,996
16. TOTAL ASSETS 5,545,255 5,322,913 5,195,197
- -------------------------------------- ---------------------- ------------------ --------------------- ---------------------
POST PETITION LIABILITIES
17. ACCOUNTS PAYABLE 413,436 490,282 595,352
18. TAXES PAYABLE 150,307 172,607 194,907
19. NOTES PAYABLE 225,305 196,859 168,479
20. PROFESSIONAL FEES
21. SECURED DEBT
22. OTHER (ATTACH LIST) 650 688 738
23. TOTAL POSTPETITION LIABILITIES 789,698 860,436 959,476
- -------------------------------------- ---------------------- ------------------ --------------------- ---------------------
PREPETITION LIABILITIES
24. SECURED DEBT 4,709,055 4,692,772 4,671,821
25. PRIORITY DEBT 60,090 60,090 60.090
26. UNSECURED DEBT 3,087,862 3,087,862 3,087,862
27. OTHER (ATTACH LIST) 849,441 849,441 849,441
28. TOTAL PREPETITION LIABILITIES 8,706,448 8,690,165 8,669,214
29. TOTAL LIABILITIES 9,496,146 9,550,601 9,628,690
- -------------------------------------- ---------------------- ------------------ --------------------- ---------------------
EQUITY
30. PREPETITION OWNER'S EQUITY (2,726,032) (2,726,032) (2,726,032)
31. POSTPETITION CUMULATIVE PROFIT OR (1,224,859) (1,501,656) (1,707,461)
(LOSS)
32. DIRECT CHARGES TO EQUITY
33. TOTAL EQUITY (3,950,891) (4,227,688) (4,433,493)
- -------------------------------------- ---------------------- ------------------ --------------------- ---------------------
34. TOTAL LIABILITIES & OWNERS' EQUITY 5,545,255 5,322,913 5,195,197
Case Name: Alford Refrigerated Warehouses, Inc. MOR-1
Case No: 01-39776-BJH-11
April '02 May '02 June '02
14. Capitalized Professional Fees $ 253,979 $ 251,190 $ 248,401
net of Amortization
15. Investment in Subsidiaries $ 10 $ 10 $ 10
Deposits 126,266 175,986 175,986
------------ ---------- ----------
$ 126,276 $ 175,996 $ 175,996
22. Deferred Revenue $ 650 $ 688 $ 738
27. Deferred Income Taxes $ 697,039 $ 697,039 $ 697,039
Deferred Revenue 152,402 152,402 152,402
------------ ---------- ----------
$ 849,441 $ 849,441 $ 849,441
CASE NAME: Alford Refrigerated Warehouses, Inc. ACCRUAL BASIS-2
------------------------------------
CASE NUMBER: 01-39776-BJH-11
INCOME STATEMENT
- ------------------------------------------ ---------------------- ------------------- ----------------------- ------------------
REVENUES MONTH MONTH MONTH QUARTER
TOTAL
April, 2002 May, 2002 June 2002
1. GROSS REVENUES 360,783 402,376 411,989 1,175,148
2. LESS: RETURNS & DISCOUNTS
3. NET REVENUE 360,783 402,376 411,989 1,175,148
COSTS OF GOODS SOLD
4. MATERIAL
5. DIRECT LABOR
6. DIRECT OVERHEAD
7. TOTAL COST OF GOODS SOLD
8. GROSS PROFIT 360,783 402,376 411,989 1,175,148
OPERATING EXPENSES
9. OFFICER / INSIDER COMPENSATION 17,588 18,580 16,315 52,483
10. SELLING & MARKETING
11. GENERAL & ADMINISTRATIVE 356,392 445,280 388,164 1,189,836
12. RENT & LEASE 154,667 154,667 154,667 464,001
13. OTHER (ATTACH LIST)
14. TOTAL OPERATING EXPENSES 528,647 618,527 559,146 1,706,320
15. INCOME BEFORE NON-OPERATING (167,864) (216,151) (147,157) (531,172)
INCOME & EXPENSE
OTHER INCOME & EXPENSE
16. NON-OPERATING INCOME (ATTACH LIST)
17. NON-OPERATING EXPENSE (ATTACH LIST)
18. INTEREST EXPENSE 17,835 16,671 16,596 51,102
19. DEPRECIATION / DEPLETION 39,970 39,936 39,263 119,169
20. AMORITIZATION 2,789 2,789 2,789 8,367
21. OTHER (ATTACH LIST)
22. NET OTHER INCOME & EXPENSES 60,594 59,396 58,648 178,638
REORGANIZATION EXPENSES
23. PROFESSIONAL FEES
24. U.S. TRUSTEE FEES 4,500 1,250 5,750
25. OTHER (ATTACH LIST)
26. TOTAL REORGANIZATION EXPENSES 4,500 1,250 5,750
27. INCOME TAX
28. NET PROFIT (LOSS) (232,958) (276,797) (205,805) (715,560)
CASE NAME: Alford Refrigerated Warehouses, Inc. ACCRUAL BASIS-3
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CASE NUMBER: 01-39776-BJH-11
CASH RECEIPTS AND MONTH MONTH MONTH QUARTER
DISBURSEMENTS TOTAL
April, 2002 May, 2002 June, 2002
1. CASH - BEGINNING OF MONTH 288,711 397,191 441,962 288,711
RECEIPTS FROM OPERATORS
2. CASH SALES 3,593 2,717 2,232 8,542
COLLECTIONS OF ACCOUNTS RECEIVABLE
3. PREPETITION 6,778 11,167 17,945
4. POSTPETITION 406,760 466,902 312,752 1,186,414
5. TOTAL OPERATING RECEIPTS 417,131 480,786 314,984 1,212,901
NON-OPERATING RECEIPTS
6. LOANS & ADVANCES (ATTACH LIST)
7. SALE OF ASSETS
8. OTHER (ATTACH LIST)
9. TOTAL NON-OPERATING RECEIPTS
10. TOTAL RECEIPTS 417,131 480,786 314,984 1,212,901
11. TOTAL CASH AVAILABLE 705,842 877,977 756,946 1,501,612
OPERATING DISBURSEMENTS
12. NET PAYROLL 88,982 113,829 87,181 289,992
13. PAYROLL TAXES PAID 48,184 38,819 35,315 122,318
14. SALES, USE & OTHER TAXES PAID
15. SECURED / RENTAL / LEASE 62,978 23,694 86,672
16. UTILITIES 39,235 79,976 33,068 152,279
17. INSURANCE 70,892 47,555 42,301 160,748
18. INVENTORY PURCHASES
19. VEHICLE EXPENSES
20. TRAVEL 190 165 332 687
21. ENTERTAINMENT
22. REPAIRS & MAINTENANCE 34,072 45,111 55,512 134,695
23. SUPPLIES 1,783 8,827 1,756 12,366
24. ADVERTISING
25. OTHER (ATTACH LIST) 25,313 33,005 27,020 85,338
26. TOTAL OPERATING DISBURSEMENTS 308,651 430,265 306,179 1,045,095
REORGANIZATION EXPENSES
27. PROFESSIONAL FEES
28. U.S. TRUSTEE FEES 5,750 5,750
29. OTHER (ATTACH LIST)
30. TOTAL REORGANIZATION EXPENSES 5,750 5,750
31. TOTAL DISBURSEMENTS 308,651 436,015 306,179 1,050,845
32. NET CASH FLOW 397,191 441,962 450,767 450,767
33. CASH - END OF MONTH 397,191 441,962 450,767 450,767
Case Name: Alford Refrigerated Warehouses, Inc. MOR-3
Case No: 01-39776-BJH-11
Apr. 02 May 02 June 02
25. Bank Charges $ 204 $ 256 $ 255
Licenses & Fees 53 75 0
Employee withholdings for Child Support,
Irs Levy, 401(K), Credit Union,
Medical Premiums 25,056 32,674 26,765
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$25,313 $33,005 $27,020
CASE NAME: Alford Refrigerated Warehouses, Inc. ACCRUAL BASIS-4
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CASE NUMBER: 01-39776-BJH-11
ACCOUNTS RECEIVABLE AGING SCHEDULE MONTH MONTH MONTH
AMOUNT
April, 2002 May, 2002 June, 2002
1. 0 - 30 284,329 241,627 338,868
2. 31 - 60 34,837 38,137 39,874
3. 61 - 90 18,090 4,368 6,993
4. 91 + 56,923 31,762 34,599
5. TOTAL ACCOUNTS RECEIVABLE 394,179 315,894 420,334
6. AMOUNT CONSIDERED UNCOLLECTABLE
7. ACCOUNTS RECEIVABLE, NET 394,179 315,894 420,334
AGING OF POSTPETITION TAXES AND PAYABLES MONTH: June, 2002
-----------
TAXES PAYABLE 0 - 30 DAYS 31 - 60 DAYS 61 - 90 DAYS 91+ TOTAL
DAYS
1. FEDERAL 31,470 31,470
2. STATE
3. LOCAL 22,300 22,300 22,300 96,537 163,437
4. OTHER (ATTACH LIST)
5. TOTAL TAXES PAYABLE 22,300 22,300 22,300 128,007 194,907
6. ACCOUNTS PAYABLE 41,409 0 0 216 41,625
STATUS OF POSTPETITION TAXES MONTH: June, 2002
-----------
FEDERAL *BEGINNING TAX AMOUNT WITHHELD AND OR AMOUNT ENDING TAX
LIABILITY ACCRUED PAID LIABILITY
1. WITHHOLDING**
2. FICA - EMPLOYEE**
3. FICA- EMPLOYER**
4. UNEMPLOYMENT
5. INCOME 31,470 31,470
6. OTHER (ATTACH LIST)
- ------------------------------------------ --------------------------- -------------------------------- ------------- ----------
7. TOTAL FEDERAL TAXES 31,470 31,470
STATE AND LOCAL
8. WITHHOLDING
9. SALES
10. EXCISE
11. UNEMPLOYMENT
12. REAL PROPERTY 141,137 22,300 163,437
13. PERSONAL PROPERTY
14. OTHER (ATTACH LIST)
15. TOTAL STATE AND LOCAL 141,137 22,300 163,437
- ------------------------------------------ --------------------------- -------------------------------- ------------- ----------
16. TOTAL TAXES 172,607 22,300 194,907
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<FN>
* The beginning tax liability should represent the liability from the prior
month or, if this is the first operating report, this amount should be zero
** Attach photocopies of IRS Form 6123 or your FTD coupon and payment receipt to
verify payment or deposit.
</FN>
CASE NAME: Alford Refrigerated Warehouses, Inc. ACCRUAL BASIS-5
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CASE NUMBER: 01-39776-BJH-11 MONTH: June, 2002
----------------------------------- -----------
The debtor in possession must complete the reconciliation below for each bank
account, including all general, payroll and tax accounts, as well as all savings
and investment accounts, money market accounts, certificates of deposit,
government obligations, etc. Accounts with restricted funds should be identified
by placing an asterisk next to the account number. Attach additional sheets if
necessary.
BANK RECONCILIATIONS Account #1 Account #2 Account #3
--------------- --------------- ------------
A. BANK Comerica Comerica Comerica
B. ACCOUNT NUMBER 1880803067 1880803091 1880803026 Total
C. PURPOSE (TYPE) DIP Cash DIP
Collateral
1. BALANCE PER BANK STATEMENT 90,997 29,126 40,911
2. ADD: TOTAL DEPOSITS NOT CREDITED
3. SUBTRACT: OUTSTANDING CHECKS 212 19,652
4. OTHER RECONCILING ITEMS
5. MONTH END BALANCE PER ITEMS 90,785 9,474 40,911
6. NUMBER OF LAST CHECK WRITTEN 40298 60300 1034
INVESTMENT ACCOUNTS Account #1 Account #2 Account #3
--------------- -----------------
BANK, ACCOUNT NAME & NUMBER DATE OF TYPE OF PURCHASE CURRENT
PURCHASE INSTRUMENT PRICE VALUE
7. ACCOUNT NUMBER
8. PURPOSE (TYPE):
9. BALANCE PER BANK STATEMENT
10. ADD: TOTAL DEPOSITS NOT CREDITED
11. TOTAL INVESTMENTS
CASH
12. CURRENCY ON HAND
13. TOTAL CASH - END OF MONTH
CASE NAME: Alford Refrigerated Warehouses, Inc. ACCRUAL BASIS-5
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CASE NUMBER: 01-39776-BJH-11 MONTH: June, 2002
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The debtor in possession must complete the reconciliation below for each bank
account, including all general, payroll and tax accounts, as well as all savings
and investment accounts, money market accounts, certificates of deposit,
government obligations, etc. Accounts with restricted funds should be identified
by placing an asterisk next to the account number. Attach additional sheets if
necessary.
BANK RECONCILIATIONS Account #4 Account #5 Account #6
--------------- --------------- -----------------
A. BANK Comerica Comerica
B. ACCOUNT NUMBER 1880803075 1880803083 Total
C. PURPOSE (TYPE) GE Cash Coll. FWCS Cash
1. BALANCE PER BANK STATEMENT 301,327 7,376 469,737
2. ADD: TOTAL DEPOSITS NOT CREDITED
3. SUBTRACT: OUTSTANDING CHECKS 1,674 21,538
4. OTHER RECONCILING ITEMS
5. MONTH END BALANCE PER ITEMS 299,653 7,376 448,199
6. NUMBER OF LAST CHECK WRITTEN 1083 30002
INVESTMENT ACCOUNTS Account #4 Account #5 Account #6
--------------- -----------------
BANK, ACCOUNT NAME & NUMBER DATE OF TYPE OF PURCHASE CURRENT
PURCHASE INSTRUMENT PRICE VALUE
7. ACCOUNT NUMBER
8. PURPOSE (TYPE):
9. BALANCE PER BANK STATEMENT
10. ADD: TOTAL DEPOSITS NOT CREDITED
11. TOTAL INVESTMENTS
CASH
12. CURRENCY ON HAND 2,568
13. TOTAL CASH - END OF MONTH 450,767
CASE NAME: Alford Refrigerated Warehouses, Inc. ACCRUAL BASIS-6
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CASE NUMBER: 01-39776-BJH-11 MONTH: June, 2002
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PAYMENTS TO INSIDERS AND PROFESSIONALS
OF THE TOTAL DISBURSEMENTS SHOWN FOR THE MONTH, LIST THE AMOUNT PAID TO INSIDERS
(AS DEFINED IN SECTION 101 (31) (A)-(F) OF THE U.S. BANKRUPTCY CODE) AND TO
PROFESSIONALS. ALSO, FOR PAYMENTS TO INSIDERS, IDENTIFY THE TYPE OF COMPENSATION
PAID (e.g. SALARY, BONUS, COMMISSIONS, INSURANCE, HOUSING ALLOWANCE, TRAVEL, CAR
ALLOWANCE ETC). ATTACH ADDITIONAL SHEETS IF NECESSARY.
INSIDERS
NAME TYPE OF PAYMENT AMOUNT PAID TOTAL PAID TO DATE
1.J.C. Williams Salary 8,981 71,822
2.K.R. McGinnis Salary 7,334 58,883
3.J.Y. Robichaud Salary 0 26,000
4.
5.
6. TOTAL PAYMENTS TO INSIDERS 16,315 156,705
PROFESSIONALS
NAME DATE OF COURT AMOUNT AMOUNT TOTAL TOTAL
ORDER AUTHORIZING APPROVED PAID PAID TO INCURRED
PAYMENT DATE & UNPAID*
1.
2.
3.
4.
5.
6. TOTAL PAYMENTS TO PROFESSIONALS 0 0 0 0
<FN>
* INCLUDE ALL FEES INCURRED, BOTH APPROVED AND UNAPPROVED
</FN>
POSTPETITION STATUS OF SECURED NOTES, LEASES PAYABLE AND ADEQUATE PROTECTION PAYMENTS
NAME OF CREDITOR SCHEDULED MONTHLY AMOUNTS PAID TOTAL UNPAID
PAYMENTS DUE DURING MONTH POSTPETITION
1.AFCO 0 0 0
2.Cananwill, Inc. 10,325 10,325 0
3.Republic Group 2,351 2,351 2,331
4.
5.
6. TOTAL PAYMENTS TO PROFESSIONALS 12,676 2,331
CASE NAME: Alford Refrigerated Warehouses, Inc. ACCRUAL BASIS-7
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CASE NUMBER: 01-39776-BJH-11 MONTH: June, 2002
----------------------------------- -----------
QUESTIONNAIRE YES NO
1. Have any assets been sold or transferred outside the normal course of business this reporting period? X
2. Have any funds been disbursed from any account other than a debtor in possession account? X
3. Are any postpetition receivables (accounts, notes, or loans) due from related parties? X
4. Have any payments been made on prepetition liabilities this reporting period? X
5. Have any postpetition loans been received by the debtor from any party? X
6. Are any postpetition payroll taxes past due? X
7. Are any postpetition state or federal income taxes past due? X
8. Are any postpetition real estate taxes past due? X
9. Are any other postpetition taxes past due? X
10. Are any amounts owed to postpetition creditors delinquent? X
11. Have any prepetition taxes been paid during the reporting period? X
12. Are any wages payments past due? X
If the answer to any of the above questions is "yes," provide a detailed
explanation of each item. Attach additional sheets if necessary.
INSURANCE YES NO
1.ARE WORKER'S COMPENSATION, GENERAL LIABILITY AND OTHER NECESSARY INSURANCE COVERAGES IN X
EFFECT?
2.ARE ALL PREMIUM PAYMENTS PAID CURRENT? X
3.PLEASE ITEMIZE POLICIES BELOW.
If the answer to any of the above questions is "NO," or if any policies have
been cancelled or not renewed during this reporting period, provide an
explanation below. Attach additional sheets if necessary.
INSTALLMENT PAYMENTS
TYPE OF POLICY CARRIER PERIOD COVERED PAYMENT AMOUNT AND
FREQUENCY
Property Chubb 03/22/02-03/22/03 $170,073 per year
Excess Property Westchester/Commonwealth 03/22/02-03/22/03 $102,359 per year
Boiler & Machinery Travelers 03/22/02-03/22/03 $10,061 per year
CGL Republic 08/01/01-08/01/02 $19,912 per year
Commercial Umbrella Republic 08/01/01-08/01/02 $6,329 per year
Worker' Compensation United National 09/12/01-09/12/02 $113,924 per year
Case Name: Alford Refrigerated Warehouses, Inc. MOR-7
Case No: 01-39776-BJH-11
4. Payments have been made for insurance financing installments. Payments are
detailed on MOR-6.