Exhibit 99.2
MONTHLY OPERATING REPORT
------------------------
THERMADYNE GROUP
Case Nos. 01-52840-399 - 01-528460-399 (BSS)
MONTHLY OPERATING REPORT
THERMADYNE GROUP
(Debtors in Possession)
COMBINED BALANCE SHEET
AS OF FEBRUARY 28, 2003
(in thousands)
(Unaudited)
ASSETS
Current Assets:
Cash and cash equivalents $ 3,331
Accounts receivable, net (Note 3) 39,960
Inventories, net 56,597
Prepaid expenses and other 9,771
---------------
Total current assets 109,659
Property, plant and equipment, at cost, net 37,501
Deferred financing costs, net (553)
Intangibles, at cost, net 6,253
Other assets 3,489
---------------
Total assets $ 156,349
===============
LIABILITIES AND SHAREHOLDERS' DEFICIT
Current Liabilities:
Accounts payable $ 7,428
Accrued and other liabilities 16,696
Accrued interest 2
Income taxes payable 129
Current maturities of long-term obligations (Note 4) 10,763
---------------
Total current liabilities 35,018
Long-term obligations, less current maturities (Note 4) -
Capitalized leases 11,852
Other long-term liabilities (Note 5) 37,888
---------------
Total liabilities 84,758
Liabilities subject to compromise (Note 6) 810,493
Shareholders' equity (deficit):
Common stock 36
Additional paid-in-capital (130,162)
Foreign currency translation (17,907)
Accumulated deficit (484,249)
---------------
Total shareholders' deficit (632,282)
Net equity and advances to/from subsidiaries (185,129)
---------------
Total liabilities and shareholders' deficit $ 156,349
===============
86
THERMADYNE GROUP
Case Nos. 01-52840-399 - 01-528460-399 (BSS)
MONTHLY OPERATING REPORT
THERMADYNE GROUP
(Debtors in Possession)
COMBINED STATEMENT OF OPERATIONS
FOR THE MONTH ENDED FEBRUARY 28, 2003
(in thousands)
(Unaudited)
Net sales $ 23,791
Operating expenses:
Cost of goods sold 15,828
Selling, general and administrative 5,929
Amortization of goodwill -
Amortization of intangibles 50
Net periodic postretirement benefits 96
Special charges (Note 7) -
Reorganization costs (Note 8) 240
---------------
Operating income (loss) 1,648
Other income (expense):
Interest expense (Note 9) (1,421)
Amortization of deferred financing costs (276)
Other, net (196)
---------------
Income (loss) before income tax provision and extraordinary item (245)
Income tax provision (benefit) 8
---------------
Net income (loss) $ (253)
===============
87
THERMADYNE GROUP
Case Nos. 01-52840-399 - 01-528460-399 (BSS)
MONTHLY OPERATING REPORT
THERMADYNE GROUP
(Debtors in Possession)
NET INCOME (LOSS) BY DEBTOR
(in thousands)
(Unaudited)
Month Ended Year-to-Date
Case No. February 28, 2003 February 28, 2003
-------- ----------------- -----------------
Thermadyne Holdings Corporation 01-52840-399 $ (10) $ 20)
Thermadyne Industries, Inc. and 01-52851-399 (4,942) (10,518)
Thermadyne Mfg. LLC 01-52853-399
Victor Equipment Company 01-52858-399 2,812 5,314
Tweco Products, Inc. 01-52856-399 1,213 2,741
Thermal Dynamics Corporation 01-52855-399 784 1,825
C&G Systems, Inc. 01-52842-399 (197) (297)
Thermal Arc, Inc. 01-52854-399 18 39
Stoody Company 01-52847-399 211 409
Thermadyne International Corp. 01-52852-399 (142) (303)
Eliminations - -
-------------- ------------
Combined Debtor Net Income (Loss) (Note 10) $ (253) $ (810)
============== ============
Included in Combined Debtor Net Income (Loss):
Interest expense $ (1,421) $ (2,990)
Reorganization costs (240) (830)
-------------- ------------
$ (1,661) $ (3,820)
============== ============
88
THERMADYNE GROUP
Case Nos. 01-52840-399 - 01-528460-399 (BSS)
MONTHLY OPERATING REPORT
THERMADYNE GROUP
(Debtors in Possession)
COMBINED STATEMENT OF CASH FLOWS
FOR THE MONTH ENDED FEBRUARY 28, 2003
(in thousands)
(Unaudited)
Cash flows provided by (used in) operating activities:
Net income (loss) $ (253)
Adjustments to reconcile net loss to net cash provided by
(used in) operating activities:
Net periodic postretirement benefits 96
Depreciation 799
Amortization of goodwill -
Amortization of other intangibles 50
Non-cash interest expense -
Amortization of deferred financing costs 276
Changes in operating assets and liabilities:
Accounts receivable (570)
Inventory (688)
Prepaid expenses and other (262)
Accounts payable 1,449
Accrued and other liabilities (515)
Accrued interest 2
Income taxes payable 8
Other long-term liabilities (48)
-------------
Total adjustments 597
-------------
Net cash provided by (used in) operating activities 344
Cash flows provided by (used in) investment activities:
Capital expenditures, net (641)
Change in other assets (29)
Net cash used in investing activities (670)
Cash flows provided by (used in) investment activities:
Cange in long-term receivables -
repayment of long-term obligations (13)
Borrowing under DIP credit facility -
Borrowing of other long-term obligations -
Change in accounts receivable securitization (Note 3) -
Financing fees -
Other 668
-------------
Net cash provided by (used in) financing activities 655
-------------
Net increase (decrease) in cash and cash equivalents 329
Cash and cash equivalents at beginning of period 3,002
-------------
Cash and cash equivalents at end of period $ 3,331
=============
89
THERMADYNE GROUP
Case Numbers 01-52840-399 - 01-52860-399 (BSS)
NOTES TO MONTHLY OPERATING REPORT
(In thousands)
(Unaudited)
Basis of Presentation
The monthly operating report of Thermadyne Group ("Thermadyne") only
includes the assets, liabilities and operations of the following
domestic debtors:
Thermadyne Holdings Corporation Case No. 01-52840-399
C&G Systems Holding, Inc. Case No. 01-52841-399
C&G Systems, Inc. Case No. 01-52842-399
Coyne Natural Gas Systems, Inc. Case No. 01-52843-399
Marison Cylinder Company Case No. 01-52844-399
Meco Holding Company Case No. 01-52845-399
Modern Engineering Company, Inc. Case No. 01-52846-399
Stoody Company Case No. 01-52847-399
Tag Realty, Inc. Case No. 01-52848-399
Thermadyne Capital Corp. Case No. 01-52849-399
Thermadyne Cylinder Co. Case No. 01-52850-399
Thermadyne Industries, Inc. Case No. 01-52851-399
Thermadyne International Corp. Case No. 01-52852-399
Thermadyne Mfg. LLC Case No. 01-52853-399
Thermal Arc, Inc. Case No. 01-52854-399
Thermal Dynamics Corporation Case No. 01-52855-399
Tweco Products, Inc. Case No. 01-52856-399
Victor-Coyne International, Inc. Case No. 01-52857-399
Victor Equipment Company Case No. 01-52858-399
Victor Gas Systems, Inc. Case No. 01-52859-399
Wichita Warehouse Corporation Case No. 01-52860-399
Assets and liabilities are stated at their historical cost; thus,
such amounts do not reflect their fair market value.
Unaudited Financial Statements
The accompanying unaudited consolidated financial statements of Thermadyne
have been prepared in accordance with accounting principles generally
accepted in the United States for interim financial information.
Accordingly, they do not include all of the information and footnotes
required by accounting principles generally accepted in the United States
for complete financial statements. In the opinion of management, all
adjustments (consisting of normal recurring accruals) considered necessary
for a fair presentation have been included. Preparation of financial
statements in conformity with generally accepted accounting principles
requires certain estimates and assumptions be made that affect the reported
amounts of assets and liabilities at the date of the financial statements
and the reported amounts of revenues and expenses during the reporting
period. Actual results could differ from those estimates.
Accounts Receivable
On January 31, 2000, Thermadyne Mfg. LLC and certain of its subsidiaries
entered into a trade accounts receivable securitization agreement whereby
it sells on an ongoing basis participation interests in up to $45,000 of
designated accounts receivable. The amount of participation interests sold
under this financing arrangement is subject to change based on the level of
eligible receivables and restrictions on concentrations of receivables. As
90
THERMADYNE GROUP
Case Numbers 01-52840-399 - 01-52860-399 (BSS)
NOTES TO MONTHLY OPERATING REPORT
(In thousands)
(Unaudited)
a result of the Chapter 11 proceedings, the securitization program began
winding down and as of January 4, 2002, all remaining obligations were
repaid in full and the program was terminated.
DIP Borrowing Facility
On November 26, 2001, Thermadyne Mfg. LLC entered into a
Debtor-in-Possession revolving credit facility as the borrower, and all
other debtors as guarantors (the "DIP Facility".) The DIP had an initial
expiration date of November 21, 2002, but was amended on November 19, 2002
to extend the expiration date to May 21, 2003. The DIP Facility provides up
to $50,000 of borrowings, of which up to $15,000 may be used for letters of
credit. As of February 28, 2003, Thermadyne Mfg. LLC had borrowed $10,150
and issued $11,035 in letters of credit under the DIP Facility.
Availability under the DIP facility at February 28, 2003, was $28,815.
Other Long-Term Liabilities
The balance of other long-term liabilities was comprised primarily of
a $26,380 post-retirement benefit obligation.
Liabilities Subject to Compromise
The composition of liabilities subject to compromise was as follows
at February 28, 2003:
Trade accounts payable $ 15,949
Accrued and other liabilities 3,025
Accrued interest 24,809
Accrued income taxes 9,086
Revolving Credit Facility 58,630
Term A Facility (1) 57,886
Term B Facility 108,614
Term C Facility 108,614
Senior subordinated notes, due June 1, 2008 207,000
Debentures, due June 1, 2008 145,066
Subordinated notes, due November 1, 2003 37,060
Junior subordinated notes, due December 15, 2009 33,427
Other long-term liabilities 1,327
Total $ 810,493
(1) Does not include portion of Term A loan denominated in Australian
dollars and euros, which total $23,906 at February 28, 2003.
These obligations are recorded on the books of, and serviced by
two of Thermadyne Industries, Inc.'s foreign subsidiaries.
Special Charges
There were no special charges incurred during February 2003.
Reorganization Costs
Reorganization costs for the month consist primarily of professional
fees and expenses of $222 and $18 of other reorganization costs.
91
THERMADYNE GROUP
Case Numbers 01-52840-399 - 01-52860-399 (BSS)
NOTES TO MONTHLY OPERATING REPORT
(In thousands)
(Unaudited)
Interest Expense
Amount includes expense on pre-petition bank obligations and the DIP
Facility.
Net Income (Loss) by Debtor
Amounts presented on this schedule come from the books and records of each
of the respective Debtors listed. The books and records of Thermadyne
Industries, Inc. and Thermadyne Mfg. LLC are combined and managed together
as one entity. The combined net loss of Thermadyne Industries, Inc. and
Thermadyne Mfg. LLC for the month ended February 28, 2003, includes $1,421
of interest expense, which relates mainly to the DIP Facility and
pre-petition bank obligations. Also included in the combined net loss of
Thermadyne Industries, Inc. and Thermadyne Mfg. LLC for the month ended
February 28, 2003, is $240 of reorganization costs. For the two months
ended February 28, 2003, the combined net loss for Thermadyne Industries,
Inc. and Thermadyne Mfg. LLC includes interest expense of $2,990 and
reorganization costs of $830.
The amounts shown on the line "Eliminations" relates to intercompany
activity among the Debtors as well as activity between the Debtors and
other non-debtor entities that are part of Thermadyne Holdings Corporation.
While intercompany activity is routinely reconciled by the Debtors, it is
not practicable to specifically allocate these amounts among the Debtors.
The following Debtors have no activity and have not been included on the
schedule:
C&G Systems Holding, Inc. Case No. 01-52841-399
Coyne Natural Gas Systems, Inc. Case No. 01-52843-399
Marison Cylinder Company Case No. 01-52844-399
Meco Holding Company Case No. 01-52845-399
Modern Engineering Company, Inc. Case No. 01-52846-399
Tag Realty, Inc. Case No. 01-52848-399
Thermadyne Capital Corp. Case No. 01-52849-399
Thermadyne Cylinder Co. Case No. 01-52850-399
Victor-Coyne International, Inc. Case No. 01-52857-399
Victor Gas Systems, Inc. Case No. 01-52859-399
Wichita Warehouse Corporation Case No. 01-52860-399
92
THERMADYNE GROUP
Case Numbers 01-52840-399 - 01-52860-399 (BSS)
MANAGEMENT'S DISCUSSION OF MONTHLY RESULTS
(In thousands)
Net Sales
- ---------
Net sales for the month of February were $23,791, which compares to $23,664 for
January. The U.S. economy continues to be weak in the early part of 2003.
Cost of Goods Sold
- ------------------
As a percentage of sales, cost of goods sold was 66.5% in February, which
compares to 63.8% for January 2003 and 64.5% for the twelve months ended
December 31, 2002. The increase in February results in part to sales mix.
Selling, General and Administrative Expenses
- --------------------------------------------
Selling, general and administrative ("SG&A") expenses were $5,929 for February.
As a percentage of sales, SG&A was 24.9% in February compared to 25.1% for
January and 24.2% for the twelve months ended December 31, 2002. The increase
from the average for 2002 results mainly from expenses incurred related to
certain operational and marketing initiatives.
Reorganization Costs
- --------------------
Reorganization costs for January are comprised mainly of professional fees and
expenses of $220 and $18 of other reorganization costs. For the two months ended
February 2003, reorganization costs include $718 of professional fees and
expenses, $78 of U.S. Trustee fees and $34 of other reorganization costs.
Reorganization costs were $9,782 for the year ended December 30, 2002, and
included $9,692 of professional fees and expenses, $1,283 of amortization
expense related to DIP financing fees, $287 of U.S. Trustee fees, $302 paid
under the key employee retention plan, $650 of bank commitment fees, a net
benefit of $(2,963) associated with a lease obligations that were rejected, and
$531 of other reorganization costs.
Interest Expense
- ----------------
Interest expense was $1,421 in February and through two months is $2,990.
Interest expense relates primarily to the DIP Facility and pre-petition bank
obligations.
93
THERMADYNE GROUP
Case Nos. 01-52840-399 - 01-528460-399 (BSS)
MONTHLY OPERATING REPORT
SCHEDULE A - AGING OF TRADE ACCOUNTS RECEIVABLE
(unaudited)
Aging of Consolidated Trade Receivables
Total 0 - 30 Days 30 - 60 Days 60 - 90 Days > 90 Days
-------------------- ------------------ ----------------- ------------------ ---------------
Month: February 28, 2003 $ 42,660,910 $ 29,471,081 $ 4,857,659 $ 2,026,666 $ 6,305,504
% of Total 100.0% 69.1% 11.4% 4.8% 14.8%
Note: Amounts represent gross receivables.
94
THERMADYNE GROUP
Case Nos. 01-52840-399 - 01-528460-399 (BSS)
MONTHLY OPERATING REPORT
SCHEDULE B - SUMMARY OF FIXED ASSETS
(unaudited)
Gross Value Accum. Depreciation Net Book Value
February 28, 2003 February 28, 2003 February 28, 2003
FIXED ASSETS
------------
Building $ 12,679,174 $ (6,028,450) $ 6,650,724
Land 2,560,447 - 2,560,447
Land improvements - - -
Leasehold improvements 592,156 (1,216,182) (624,026)
Autos and Trucks 178,619 (139,910) 38,709
Furniture and fixtures 3,982,451 (5,268,659) (1,286,208)
Machinery and Equipment 54,147,024 (33,677,358) 20,469,666
Computers 9,210,534 (6,250,814) 2,959,720
Tools, dies, etc. 5,664,790 (4,658,958) 1,005,832
Construction in progress 3,212,461 - 3,212,461
Other 3,551,378 (749,224) 2,802,154
----------------- ------------------ -----------------
TOTAL FIXED ASSETS $ 95,779,034 $ (57,989,555) $ 37,789,479
================= ================== =================
95
THERMADYNE GROUP
Case No. 01-52840-399 - 01-52860-399 (BSS)
MONTHLY OPERATING REPORT
SCHEDULE C - POST PETITION DEBT
Lead-in Note to Schedule C
- --------------------------
1. The following Debtors have no information to be included in Schedule C,
and, accordingly, the schedule has been omitted:
C&G SYSTEMS HOLDING INC. Case No. 01-52841-399 (BSS)
COYNE NATURAL GAS SYSTEMS, INC. Case No. 01-52843-399 (BSS)
MARISON CYLINDER COMPANY Case No. 01-52844-399 (BSS)
MECO HOLDINGS COMPANY Case No. 01-52845-399 (BSS)
MODERN ENGINEERING COMPANY, INC. Case No. 01-52846-399 (BSS)
TAG REALTY, INC. Case No. 01-52848-399 (BSS)
THERMADYNE CAPITAL CORP. Case No. 01-52849-399 (BSS)
VICTOR-COYNE INTERNATIONAL, INC. Case No. 01-52857-399 (BSS)
WICHITA WAREHOUSE CORPORATION Case No. 01-52860-399 (BSS)
96
THERMADYNE GROUP
Case No. 01-52840-399 - 01-52860-399 (BSS)
MONTHLY OPERATING REPORT
SCHEDULE C - POST PETITION DEBT
(unaudited)
Post-Petition
February 28, 2003
TRADE ACCOUNTS PAYABLE $ 7,427,068
==================
TAXES PAYABLE
Federal Payroll Taxes $ 373,277
State Payroll Taxes 405,370
Local Payroll Taxes 19,313
Real Estate & Property Taxes 329,572
Other 132,433
------------------
TOTAL TAXES PAYABLE $ 1,259,965
==================
OTHER LIABILITIES
DIP Facility $ 10,150,000
Accrued Interest Payable (801)
Accrued and Other Liabilities 53,475,671
Long-term debt 12,440,660
------------------
TOTAL OTHER LIABILITIES $ 76,065,530
==================
TOTAL POST-PETITION DEBT $ 84,752,563
==================
97
THERMADYNE HOLDINGS CORPORATION
Case No. 01-52840-399 (BSS)
MONTHLY OPERATING REPORT
SCHEDULE C - POST PETITION DEBT
(unaudited)
Post-Petition
February 28, 2003
TRADE ACCOUNTS PAYABLE $ 191,377
==============
TAXES PAYABLE
Federal Payroll Taxes $ -
State Payroll Taxes -
Local Payroll Taxes -
Real Estate & Property Taxes -
Other 128,926
--------------
TOTAL TAXES PAYABLE $ 128,926
==============
OTHER LIABILITIES
DIP Facility $ -
Accrued Interest Payable -
Accrued and Other Liabilities -
Long-term debt -
--------------
TOTAL OTHER LIABILITIES $ -
==============
TOTAL POST-PETITION DEBT $ 320,303
==============
98
C&G SYSTEMS, INC.
Case No. 01-52842-399 (BSS)
MONTHLY OPERATING REPORT
SCHEDULE C - POST PETITION DEBT
(unaudited)
Post-Petition
February 28, 2003
TRADE ACCOUNTS PAYABLE $ 122,429
=================
TAXES PAYABLE
Federal Payroll Taxes $ 5,658
State Payroll Taxes -
Local Payroll Taxes -
Real Estate & Property Taxes -
Other -
TOTAL TAXES PAYABLE $ 5,658
=================
OTHER LIABILITIES
DIP Facility $ -
Accrued Interest Payable -
Accrued and Other Liabilities 114,133
=================
Long-term debt
TOTAL OTHER LIABILITIES $ 114,133
TOTAL POST-PETITION DEBT $ 242,220
=================
99
STOODY COMPANY
Case No. 01-52847-399 (BSS)
MONTHLY OPERATING REPORT
SCHEDULE C - POST PETITION DEBT
(unaudited)
Post-Petition
February 28, 2003
TRADE ACCOUNTS PAYABLE $ 1,001,094
==================
TAXES PAYABLE
Federal Payroll Taxes $ 44,089
State Payroll Taxes 19,778
Local Payroll Taxes 10,449
Real Estate & Property Taxes -
Other 914
------------------
TOTAL TAXES PAYABLE $ 75,230
OTHER LIABILITIES
DIP Facility
Accrued Interest Payable
Accrued and Other Liabilities 518,583
Long-term debt -
------------------
TOTAL OTHER LIABILITIES $ 518,583
==================
TOTAL POST-PETITION DEBT $ 1,594,907
==================
100
THERMADYNE CYLINDER CO.
Case No. 01-52850-399 (BSS)
MONTHLY OPERATING REPORT
SCHEDULE C - POST PETITION DEBT
(unaudited)
Post-Petition
February 28, 2003
TRADE ACCOUNTS PAYABLE $ -
================
TAXES PAYABLE
Federal Payroll Taxes $ -
State Payroll Taxes -
Local Payroll Taxes -
Real Estate & Property Taxes -
Other -
----------------
TOTAL TAXES PAYABLE $ -
================
OTHER LIABILITIES
DIP Facility $ -
Accrued Interest Payable -
Accrued and Other Liabilities 351
Long-term debt -
----------------
TOTAL OTHER LIABILITIES $ 351
================
TOTAL POST-PETITION DEBT $ 351
================
101
THERMADYNE INDUSTRIES, INC.
Case No. 01-52851-399 (BSS)
MONTHLY OPERATING REPORT
SCHEDULE C - POST PETITION DEBT
(unaudited)
Post-Petition
February 28, 2003
TRADE ACCOUNTS PAYABLE $ 981,120
================
TAXES PAYABLE
Federal Payroll Taxes $ 171,559
State Payroll Taxes 59,122
Local Payroll Taxes 5,860
Real Estate & Property Taxes 3,139
Other -
----------------
TOTAL TAXES PAYABLE $ 239,680
================
OTHER LIABILITIES
DIP Facility $ -
Accrued Interest Payable -
Accrued and Other Liabilities 45,397,583
Long-term debt 12,440,660
----------------
TOTAL OTHER LIABILITIES $ 57,838,243
================
TOTAL POST-PETITION DEBT $ 59,059,043
================
102
THERMADYNE INTERNATIONAL CORP.
Case No. 01-52852-399 (BSS)
MONTHLY OPERATING REPORT
SCHEDULE C - POST PETITION DEBT
(unaudited)
Post-Petition
February 28, 2003
TRADE ACCOUNTS PAYABLE $ 19,886
================
TAXES PAYABLE
Federal Payroll Taxes $ -
State Payroll Taxes -
Local Payroll Taxes -
Real Estate & Property Taxes -
Other -
----------------
TOTAL TAXES PAYABLE $ -
================
OTHER LIABILITIES
DIP Facility $ -
Accrued Interest Payable -
Accrued and Other Liabilities 573,492
Long-term debt -
----------------
TOTAL OTHER LIABILITIES $ 573,492
================
TOTAL POST-PETITION DEBT $ 593,378
================
103
THERMADYNE MFG. LLC
Case No. 01-52853-399 (BSS)
MONTHLY OPERATING REPORT
SCHEDULE C - POST PETITION DEBT
(unaudited)
Post-Petition
February 28, 2003
TRADE ACCOUNTS PAYABLE $ -
===============
TAXES PAYABLE
Federal Payroll Taxes
State Payroll Taxes
Local Payroll Taxes
Real Estate & Property Taxes
Other
TOTAL TAXES PAYABLE $ -
===============
OTHER LIABILITIES
DIP Facility $ 10,150,000
Accrued Interest Payable (801)
Accrued and Other Liabilities -
Long-term debt -
---------------
TOTAL OTHER LIABILITIES $ 10,149,199
===============
TOTAL POST-PETITION DEBT $ 10,149,199
===============
104
THERMAL ARC, INC.
Case No. 01-52854-399 (BSS)
MONTHLY OPERATING REPORT
SCHEDULE C - POST PETITION DEBT
(unaudited)
Post-Petition
February 28, 2003
TRADE ACCOUNTS PAYABLE $ 670,929
===============
TAXES PAYABLE
Federal Payroll Taxes $ 22,609
State Payroll Taxes 9,763
Local Payroll Taxes 3,004
Real Estate & Property Taxes -
Other 1,126
---------------
TOTAL TAXES PAYABLE $ 36,502
===============
OTHER LIABILITIES
DIP Facility $ -
Accrued Interest Payable -
Accrued and Other Liabilities 1,222,623
Long-term debt -
---------------
TOTAL OTHER LIABILITIES $ 1,222,623
===============
TOTAL POST-PETITION DEBT $ 1,930,054
===============
105
THERMAL DYNAMICS CORPORATION
Case No. 01-52855-399 (BSS)
MONTHLY OPERATING REPORT
SCHEDULE C - POST PETITION DEBT
(unaudited)
Post-Petition
February 28, 2003
TRADE ACCOUNTS PAYABLE $ 968,285
===============
TAXES PAYABLE
Federal Payroll Taxes $ -
State Payroll Taxes -
Local Payroll Taxes -
Real Estate & Property Taxes -
Other -
---------------
TOTAL TAXES PAYABLE $ -
===============
OTHER LIABILITIES
DIP Facility $ -
Accrued Interest Payable -
Accrued and Other Liabilities 496,323
===============
Long-term debt -
---------------
TOTAL OTHER LIABILITIES $ 496,323
TOTAL POST-PETITION DEBT $ 1,464,608
===============
106
TWECO PRODUCTS, INC.
Case No. 01-52856-399 (BSS)
MONTHLY OPERATING REPORT
SCHEDULE C - POST PETITION DEBT
(unaudited)
Post-Petition
February 28, 2003
TRADE ACCOUNTS PAYABLE $ 1,328,927
===============
TAXES PAYABLE
Federal Payroll Taxes $ 28,141
State Payroll Taxes 1,060
Local Payroll Taxes -
Real Estate & Property Taxes 214,738
Other 1,467
---------------
TOTAL TAXES PAYABLE $ 245,406
===============
OTHER LIABILITIES
DIP Facility -
Accrued Interest Payable -
Accrued and Other Liabilities 1,991,682
Long-term debt -
---------------
TOTAL OTHER LIABILITIES 1,991,682
===============
TOTAL POST-PETITION DEBT $ 3,566,015
===============
107
VICTOR EQUIPMENT COMPANY
Case No. 01-52858-399 (BSS)
MONTHLY OPERATING REPORT
SCHEDULE C - POST PETITION DEBT
(unaudited)
Post-Petition
February 28, 2003
TRADE ACCOUNTS PAYABLE $ 2,143,021
=============
TAXES PAYABLE
Federal Payroll Taxes 101,221
State Payroll Taxes 315,647
Local Payroll Taxes -
Real Estate & Property Taxes 111,695
-------------
Other
TOTAL TAXES PAYABLE $ 528,563
=============
OTHER LIABILITIES
DIP Facility -
Accrued Interest Payable -
Accrued and Other Liabilities 2,993,612
Long-term debt -
-------------
TOTAL OTHER LIABILITIES $ 2,993,612
=============
TOTAL POST-PETITION DEBT $ 5,665,196
=============
108
VICTOR GAS SYSTEMS, INC.
Case No. 01-52859-399 (BSS)
MONTHLY OPERATING REPORT
SCHEDULE C - POST PETITION DEBT
(unaudited)
Post-Petition
February 28, 2003
TRADE ACCOUNTS PAYABLE $ -
=============
TAXES PAYABLE
Federal Payroll Taxes $ -
State Payroll Taxes -
Local Payroll Taxes -
Real Estate & Property Taxes -
Other -
-------------
TOTAL TAXES PAYABLE $ -
=============
OTHER LIABILITIES
DIP Facility $ -
Accrued Interest Payable -
Accrued and Other Liabilities 167,289
Long-term debt -
TOTAL OTHER LIABILITIES $ 167,289
=============
TOTAL POST-PETITION DEBT $ 167,289
=============
109
THERMADYNE GROUP
Case No. 01-52840-399 - 01-52860-399 (BSS)
MONTHLY OPERATING REPORT
SCHEDULE D - SIGNIFICANT ITEMS
Lead-in Notes to Schedule D
1. The following Debtors have no information to be included in Schedule
D, and, accordingly, the schedule has been omitted:
C&G SYSTEMS HOLDING INC. Case No. 01-52841-399 (BSS)
COYNE NATURAL GAS SYSTEMS, INC. Case No. 01-52843-399 (BSS)
MARISON CYLINDER COMPANY Case No. 01-52844-399 (BSS)
MECO HOLDINGS COMPANY Case No. 01-52845-399 (BSS)
MODERN ENGINEERING COMPANY, INC. Case No. 01-52846-399 (BSS)
TAG REALTY, INC. Case No. 01-52848-399 (BSS)
THERMADYNE CAPITAL CORP. Case No. 01-52849-399 (BSS)
THERMADYNE CYLINDER CO. Case No. 01-52850-399 (BSS)
VICTOR-COYNE INTERNATIONAL, INC. Case No. 01-52857-399 (BSS)
VICTOR GAS SYSTEMS, INC. Case No. 01-52859-399 (BSS)
WICHITA WAREHOUSE CORPORATION Case No. 01-52860-399 (BSS)
2. Thermadyne Holdings Corporation (Case No. 01-52840-399 (BSS)) has a
global insurance program. Accordingly, information regarding insurance
coverage is only included on Schedule D for Thermadyne Holdings
Corporation.
3. Key officers are the same for all of the Debtors, and are employees of
Thermadyne Industries, Inc. (Case No. 01-52851-399 (BSS)). Information
for section 4 of Schedule D, "Compensation Payments", is only included
on Schedule D of Thermadyne Industries, Inc.
4. Payments to professionals (section 5) are made by Thermadyne Mfg. LLC
(Case No. 01-52853-399 (BSS)) on behalf of all of the Debtors.
110
THERMADYNE HOLDINGS CORPORATION
Case No. 01-52840-399 (BSS)
MONTHLY OPERATING REPORT
SCHEDULE D - SIGNIFICANT ITEMS
--------------------------------------------------------------------------------------------
Carrier/ Agent Amount of Deductibles/ Policy Date
-------------- --------- ------------ ------ ----
Premium
-------
1. INSURANCE COVERAGE Name Coverage SIR Expiration Date Paid
---- -------- --- --------------- ----
Through
-------
Ocean Cargo/War Risks (1) American Home Assur. $ 1,500,000 $ 25,000 8/1/2003 8/1/2003
Auto (2) Pacific Employers 1,000,000 100,000 8/1/2003 8/1/2003
Workers' Comp/Employer's Liability ACE (Pacific Employers) 1,000,000 250,000 8/1/2003 8/1/2003
General Liability - products (2) Pacific Employers 1,000,000 500,000 8/1/2003 8/1/2003
General Liability - non-products (2) Pacific Employers 1,000,000 5,000 8/1/2003 8/1/2003
Umbrella (1) National Union 25,000,000 10,000 8/1/2003 8/1/2003
Excess Umbrella (1) Gulf, Ohio Casualty 50,000,000 - 8/1/2003 8/1/2003
Property (global) (1) American Home Assur. 75,000,000 250,000 8/1/2003 8/1/2003
Special Risk - Fiduciary (1) Gulf N/A N/A 8/1/2003 8/1/2003
Special Risk - Crime (1) Gulf N/A N/A 8/1/2003 8/1/2003
Special Risk - Special risk (1) Gulf 15,000,000 - 8/1/2003 8/1/2003
Fiduciary Liability (1) Gulf 15,000,000 15,000 8/1/2003 8/1/2003
Commercial Crime (1) Gulf, Zurich 15,000,000 250,000 8/1/2003 8/1/2003
Foreign G/L, P/L, A/L (Excess) (1) Winterthur 1,000,000 10,000 8/1/2003 8/1/2003
Directors & Officers - Primary (1) Gulf 20,000,000 250,000 5/21/2003 5/21/2003
Aircraft Products (1) Global Aerospace 10,000,000 - 8/1/2003 8/1/2003
Other (Specify)
---------------------------------------------------------------------------------------------
Notes:
(1) Covers Thermadyne Holdings Corporation and all Debtors.
(2) Covers Thermadyne Holdings Corporation, Thermadyne Industries, Inc.,
Thermal Dynamics Corporation, Tweco Products, Inc., Victor Equipment
Company, C&G Systems, Inc., Stoody Company, Thermal Arc, Inc. Victor Gas
Systems, Inc. and Modern Engineering Company, Inc.
--------------------------------------------------------------------------------------
2. STATEMENT OF PAYMENTS Payee AmountPaid TotalPaid Description
TO SECURED CREDITORS ----- ---------- --------- -----------
None
--------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------
3. TAX PAYMENTS MADE THIS MONTH Date Paid Amount Paid Post-Petition Taxes Still Unpaid
(not accruals) --------- ----------- --------------------------------
Federal Payroll W/H Taxes
Federal Unemployment Taxes
State Payroll W/H Taxes
State Unemployment Taxes
City/Local Payroll W/H Taxes
State Sales and Use Taxes
Other (specify) Feb-03 460.00
--------------------------------------------------------------------------------------
4. COMPENSATION PAYMENTS MADE THIS MONTH See Thermadyne Industries, Inc.
(not accruals) Case No. 01-52840-399 (BSS)
5. PAYMENTS MADE THIS MONTH TO See Thermadyne Mfg. LLC
PROFESSIONALS (not accruals) Case No. 01-52853-399 (BSS)
111
--------------------------------------------------------------------------------------
6. RECORD OF DISBURSEMENT AND PAYMENT OF Period Ending Total Total Disb. Quarterly Fee Date Amount Check
PAYMENT OF QUARTERLY FEES ------------- ----- ----------- ------------- ---- ------ -----
Disbursements For Quarter Paid Paid Number
------------- ----------- ---- ---- ------
January 31, 2003 $ - $ -
February 28, 2003 $ - $ - Quarterly fee paid by Thermadyne Industries.
March 31, 2003 $ - $ -
--------------------------------------------------------------------------------------
112
C&G SYSTEMS, INC.
Case No. 01-52842-399 (BSS)
MONTHLY OPERATING REPORT
SCHEDULE D - SIGNIFICANT ITEMS
1. INSURANCE COVERAGE See Thermadyne Holdings Corporation
Case No. 01-52840-399 (BSS)
-------------------------------------------------------------------------
2. STATEMENT OF PAYMENTS TO SECURED Payee Amount Paid Total Paid Description
----- ----------- ---------- -----------
None.
-------------------------------------------------------------------------
-------------------------------------------------------------------------
3. TAX PAYMENTS MADE THIS MONTH Date Paid Amount Paid Post-Petition Taxes Still Unpaid
(NOT ACCRUALS) --------- ----------- --------------------------------
Federal Payroll W/H Taxes 2/5, 2/19 $ 21,076 $ -
Federal Unemployment Taxes - -
State Payroll W/H Taxes 2/3, 2/18 1,947 -
State Unemployment Taxes - -
City/Local Payroll W/H Taxes - -
State Sales and Use Taxes - -
Other (specify) - -
-------------------------------------------------------------------------
4. COMPENSATION PAYMENTS MADE See Thermadyne Industries, Inc.
THIS MONTH (not accruals) Case No. 01-52840-399 (BSS)
5. PAYMENTS MADE THIS MONTH TO See Thermadyne Mfg. LLC
PROFESSIONALS (not accruals) Case No. 01-52853-399 (BSS)
-------------------------------------------------------------------------------------------
6. RECORD OF DISBURSEMENT AND Period Ending Total Total Disb. Quarterly Fee Date Amount Check
PAYMENT OF QUARTERLY FEES ------------- ----- ----------- ------------- ---- ------ -----
Disbursements For Quarter Paid Paid Number
------------- ----------- ---- ---- ------
January 31, 2003 $345,935.22 $ 345,935.22 Quarterly fee paid by Thermadyne
February 28, 2003 $285,501.33 $ 631,436.55 Industries.
March 31, 2003 $ 631,436.55
-------------------------------------------------------------------------------------------
113
STOODY COMPANY
Case No. 01-52847-399 (BSS)
MONTHLY OPERATING REPORT
SCHEDULE D - SIGNIFICANT ITEMS
1. INSURANCE COVERAGE See Thermadyne Holdings Corporation
Case No. 01-52840-399 (BSS)
--------------------------------------------------------------------------------
2. STATEMENT OF PAYMENTS TO SECURED Payee Amount Paid Total Description
----- ----------- ----- -----------
Paid
----
None.
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
3. TAX PAYMENTS MADE THIS MONTH Date Paid Amount Paid Post-Petition Taxes Still
(NOT ACCRUALS) --------- ----------- -------------------------
Unpaid
------
Federal Payroll W/H Taxes 2/5, 2/19 $ 66,533 $ 44,089 as of 2/28/03
Federal Unemployment Taxes - 4,276 as of 2/28/03
State Payroll W/H Taxes 2/12, 2/26 13,052 5,925 as of 2/28/03
State Unemployment Taxes - 13,853 as of 2/28/03
City/Local Payroll W/H Taxes 2/10/2003 5,925 10,449 as of 2/28/03
State Sales and Use Taxes 2/18/2003 1,252 914 as of 2/28/03
--------------------------------------------------------------------------------
Other (specify)
4. COMPENSATION PAYMENTS MADE See Thermadyne Industries, Inc.
THIS MONTH (not accruals) Case No. 01-52840-399 (BSS)
5. PAYMENTS MADE THIS MONTH TO PROFESSIONALS See Thermadyne Mfg. LLC
(not accruals) Case No. 01-52853-399 (BSS)
--------------------------------------------------------------------------------
6. RECORD OF DISBURSEMENT AND PAYMENT OF Period Ending Total Total Disb. Quarterly Fee Amount Check
QUARTERLY FEES ------------- ----- ----------- ------------- ------- -----
Disbursements For Quarter Date
------------- ----------- ----
January 31, 2003 $1,625,212.99 $1,625,212.99
February 28, 2003 $1,414,371.96 Quarterly fee paid by
$3,039,584.95 Thermadyne Industries.
March 31, 2003 $3,039,584.95
-------------------------------------------------------------------------------
114
THERMADYNE INDUSTRIES, INC.
Case No. 01-52851-399 (BSS)
MONTHLY OPERATING REPORT
SCHEDULE D - SIGNIFICANT ITEMS
1. INSURANCE COVERAGE See Thermadyne Holdings Corporation
Case No. 01-52840-399 (BSS)
-------------------------------------------------------------------------------
2. STATEMENT OF PAYMENTS TO SECURED CREDITORS Payee Amount Paid Total Paid Description
----- ----------- ---------- -----------
None.
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
3. TAX PAYMENTS MADE THIS MONTH Date Paid Amount Paid Post-Petition Taxes Still
--------- ----------- -------------------------
(not accruals) Unpaid
------
Federal Payroll W/H Taxes 2/4, 2/17 $ 179,809.08
Federal Unemployment Taxes - 10,173.73
State Payroll W/H Taxes 2/4, 2/17 11,311.46 28,747.48
State Unemployment Taxes 2/4, 2/17 300.08 42,093.43
City/Local Payroll W/H Taxes - 1,476.81
State Sales and Use Taxes - -
Franchise taxes, state income taxes - -
Other (specify) - -
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
4. COMPENSATION PAYMENTS MADE Wages Expenses Total Date of Court Order
THIS MONTH (not accruals) ----- -------- ----- -------------------
Authorizing Pymt.
-----------------
Karl Wyss 55,376.38 18,341.59 $ 73,717.97 11/19/2001
Jim Tate 26,335.27 5,420.11 31,755.38 11/19/2001
Mike Mahoney 22,977.97 8,561.00 31,538.97 11/19/2001
Jim Delaney 18,406.67 1,946.46 20,353.13 11/19/2001
Robert Maddox 14,766.23 - 14,766.23 11/19/2001
Patty Williams 13,000.00 549.30 13,549.30 11/19/2001
Doug Muzzey 12,211.54 3,238.29 15,449.83 11/19/2001
John Boisvert 14,515.38 5,456.87 19,972.25 11/19/2001
Ozzie Ricci 17,401.81 2,905.69 20,307.50 11/19/2001
194,991.25 46,419.31 241,410.56
-------------------------------------------------------------------------------
5. PAYMENTS MADE THIS MONTH TO See Thermadyne Mfg. LLC
PROFESSIONALS (not accruals) Case No. 01-52853-399 (BSS)
-------------------------------------------------------------------------------
6. RECORD OF DISBURSEMENT AND PAYMENT OF Period Ending Total Total Disb. Quarterly Date Amount Check
QUARTERLY FEES ------------- ----- ----------- --------- ----- ------ -----
Disbursements For Quarter Fee Paid Paid
------------- ----------- --- ---- ----
January 31, 2003 $ 3,625,536.66 $ 3,625,536.66 $79,750.00 $79,750.00
February 28, 2003 $ 2,334,244.55 $ 5,959,781.21
March 31, 2003 $ - $ 5,959,781.21
-------------------------------------------------------------------------------
115
THERMADYNE INTERNATIONAL CORP.
Case No. 01-52852-399 (BSS)
MONTHLY OPERATING REPORT
SCHEDULE D - SIGNIFICANT ITEMS
1. INSURANCE COVERAGE See Thermadyne Holdings Corporation
Case No. 01-52840-399 (BSS)
-------------------------------------------------------------------------------
2. STATEMENT OF PAYMENTS TO SECURED CREDITORS Payee Amount Paid Total Paid Description
----- ----------- ---------- -----------
None.
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
3. TAX PAYMENTS MADE THIS MONTH (not accruals) Date Paid Amount Paid Post-Petition Taxes Still Unpaid
--------- ----------- --------------------------------
Federal Payroll W/H Taxes
Federal Unemployment Taxes None.
State Payroll W/H Taxes
State Unemployment Taxes
City/Local Payroll W/H Taxes
State Sales and Use Taxes
Other (specify)
-------------------------------------------------------------------------------
4. COMPENSATION PAYMENTS MADE See Thermadyne Industries, Inc.
THIS MONTH (not accruals) Case No. 01-52840-399 (BSS)
5. PAYMENTS MADE THIS MONTH TO See Thermadyne Mfg. LLC
PROFESSIONALS (not accruals) Case No. 01-52853-399 (BSS)
-------------------------------------------------------------------------------
6. RECORD OF DISBURSEMENT AND Period Ending Total Total Disb. Quarterly Date Amount Check
PAYMENT OF QUARTERLY FEES ------------- ----- ----------- --------- ---- ------ -----
Disbursements For Quarter Fee Paid Paid Number
------------- ----------- --- ---- ---- ------
January 31, 2003 $ 173,567.72 $ 173,567.72
February 28, 2003 $ 90,803.11 $ 264,370.83 Quarterly fee paid by
March 31, 2003 $ - $ 264,370.83 Thermadyne Industries.
--------------------------------------------------------------------------------
116
THERMADYNE MFG. LLC
Case No. 01-52853-399 (BSS)
MONTHLY OPERATING REPORT
SCHEDULE D - SIGNIFICANT ITEMS
1. INSURANCE COVERAGE See Thermadyne Holdings Corporation
Case No. 01-52840-399 (BSS)
--------------------------------------------------------------------------------
2. STATEMENT OF PAYMENTS TO SECURED CREDITORS Payee Amount Paid Total Paid Description
ABM Amro $ 1,125,034.53 Interest on bank debt
ABM Amro 51,313.89 Interest on DIP agreement
ABM Amro 16,808.98 DIP commitment FEE
ABM Amro 31,111.48 L/C and fronting fees - DIP
ABM Amro 3,273.65 L/C fees on old facility
ABM Amro - Agency fees
----------------
$ 1,227,542.53
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
3. TAX PAYMENTS MADE THIS MONTH Date Paid Amount Paid Post-Petition Taxes Still Unpaid
(not accruals) --------- ----------- --------------------------------
Federal Payroll W/H Taxes
Federal Unemployment Taxes None.
State Payroll W/H Taxes
State Unemployment Taxes
City/Local Payroll W/H Taxes
State Sales and Use Taxes
Other (specify)
--------------------------------------------------------------------------------
4. COMPENSATION PAYMENTS MADE See Thermadyne Industries, Inc.
THIS MONTH (not accruals) Case No. 01-52840-399 (BSS)
--------------------------------------------------------------------------------
5. PAYMENTS MADE THIS MONTH TO Name Date of Pymt Amount Date of Court Order
PROFESSIONALS (not accruals) ---- ------------ ------ -------------------
Authorizing Pymts
Weil Gotchal Various $ 135,024.35
Note: Payments to professionals were Husch & Eppenberg Various -
made on behalf of all Debtors. Bryan Cave Various 41,767.70
PWC/FTI Various 44,724.08
Berlack Israels Various -
Policano & Manzo Various -
Clifford Chance Various -
Houlihan & Lockey Various -
Brown, Rudnick Various -
Armstrong, Teasdale Various -
Rothschild, Inc. Various -
Buck Consultants Various -
Axin Veltrop Various -
Ernst & Young Various -
--------------
$221,516.13
--------------------------------------------------------------------------------
117
-----------------------------------------------------------------------------------------------
6. RECORD OF DISBURSEMENT AND Period Ending Total Total Disb. Quarterly Date Amount Check
PAYMENT OF QUARTERLY FEES ------------- ----- ----------- --------- ---- ------ -----
Disbursements For Quarter Fee Paid Number
------------- ----------- --- ---- ------
January 31, 2003 $ 6,251,020.71 $ 6,251,020.71
February 28, 2003 $ 4,575,181.19 $ 10,826,201.90 Quarterly fee paid by Thermadyne
March 31, 2003 $ - $ 10,826,201.90 Industries.
-----------------------------------------------------------------------------------------------
118
THERMAL ARC, INC.
Case No. 01-52854-399 (BSS)
MONTHLY OPERATING REPORT
SCHEDULE D - SIGNIFICANT ITEMS
1. INSURANCE COVERAGE See Thermadyne Holdings Corporation
Case No. 01-52840-399 (BSS)
--------------------------------------------------------------------------------
2. STATEMENT OF PAYMENTS TO SECURED CREDITORS Payee Amount Paid Total Description
----- ----------- ----- -----------
Paid
None.
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
3. TAX PAYMENTS MADE THIS MONTH (not accruals) Date Paid Amount Paid Post-Petition Taxes Still
--------- ----------- -------------------------
Unpaid
------
Federal Payroll W/H Taxes 2/4/03, 2/19/03 $ 33,383 $ 20,281
Federal Unemployment Taxes - 2,328
State Payroll W/H Taxes 2/4/03, 2/19/03 4,478 2,837
State Unemployment Taxes - 6,926
City/Local Payroll W/H Taxes 2/4/03 4,653 3,004
State Sales and Use Taxes - 1,126
Other (specify) - -
--------------------------------------------------------------------------------
4. COMPENSATION PAYMENTS MADE THIS MONTH See Thermadyne Industries, Inc.
(not accruals) Case No. 01-52840-399 (BSS)
5. PAYMENTS MADE THIS MONTH TO PROFESSIONALS See Thermadyne Mfg. LLC
(not accruals) Case No. 01-52853-399 (BSS)
---------------------------------------------------------------------------------
6. RECORD OF DISBURSEMENT AND PAYMENT OF Period Ending Total Total Disb. Quarterly Fee Date Amount Check
------------- ----- ----------- -------------- ---- ----- -----
QUARTERLY FEES Disbursements For Quarter Paid Paid Number
------------- ----------- --------- ------
January 31, 2003 $ 1,367,522.61 $1,367,522.61
February 28, 2003 $ 858,770.83 $2,226,293.44 Quarterly fee paid by Thermadyne
March 31, 2003 $ - $2,226,293.44 Industries.
--------------------------------------------------------------------------------
119
THERMAL DYNAMICS CORPORATION
Case No. 01-52855-399 (BSS)
MONTHLY OPERATING REPORT
SCHEDULE D - SIGNIFICANT ITEMS
1. INSURANCE COVERAGE See Thermadyne Holdings Corporation
Case No. 01-52840-399 (BSS)
--------------------------------------------------------------------------------
2. STATEMENT OF PAYMENTS TO SECURED Payee Amount Paid Total Description
Paid
None.
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
3. TAXPAYMENTSMADETHISMONTH DatePaid AmountPaid Post-PetitionTaxesStillUnpaid
(not accruals) -------- ---------- -----------------------------
FederalPayrollW/HTaxes 2/13,2/27 $ 226,560 $ -
FederalUnemploymentTaxes $ - -
StatePayrollW/HTaxes 2/13,2/27 $ 8,130 -
StateUnemploymentTaxes - -
City/LocalPayrollW/HTaxes - -
StateSalesandUseTaxes - -
Other(specify) - -
--------------------------------------------------------------------------------
4. COMPENSATION PAYMENTS MADE THIS MONTH See Thermadyne Industries, Inc.
(not accruals) Case No. 01-52840-399 (BSS)
5. PAYMENTS MADE THIS MONTH TO PROFESSIONALS See Thermadyne Mfg. LLC
(not accruals) Case No. 01-52853-399 (BSS)
6. RECORD OF DISBURSEMENT AND --------------------------------------------------------------------------------
PAYMENT OF QUARTERLY FEES Period Ending Total Total Disb. Quarterly Fee Date Amount Check
------------- ----- ----------- -------------- ---- ----- -----
Disbursements For Quarter Paid Paid Number
------------- ----------- --------- ------
January 31, 2003 $ 3,074,499.57 $3,074,499.57
February 28, 2003 $ 2,272,850.12 $5,347,349.69 Quarterly fee paid by Thermadyne
March 31, 2003 $ - $5,347,349.69 Industries.
--------------------------------------------------------------------------------
120
TWECO PRODUCTS, INC.
Case No. 01-52856-399 (BSS)
MONTHLY OPERATING REPORT
SCHEDULE D - SIGNIFICANT ITEMS
1. INSURANCE COVERAGE See Thermadyne Holdings Corporation
Case No. 01-52840-399 (BSS)
--------------------------------------------------------------------------------
2. STATEMENT OF PAYMENTS TO SECURED Payee Amount Paid Total Paid Description
----- ----------- ---------- -----------
None.
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
3. TAX PAYMENTS MADE THIS MONTH Date Paid Amount Paid Post-Petition Taxes Still Unpaid
(not accruals) --------- ----------- --------------------------------
Federal Payroll W/H Taxes 2/05/03 & 2/19/03 $ 155,850
Federal Unemployment Taxes
State Payroll W/H Taxes 2/05/03 & 2/20/03 20,951
State Unemployment Taxes
City/Local Payroll W/H Taxes
State Sales and Use Taxes 2/26/2003 216
Other (specify)
--------------------------------------------------------------------------------
4. COMPENSATION PAYMENTS MADE See Thermadyne Industries, Inc.
THIS MONTH (not accruals) Case No. 01-52840-399 (BSS)
5. PAYMENTS MADE THIS MONTH TO See Thermadyne Mfg. LLC
PROFESSIONALS (not accruals) Case No. 01-52853-399 (BSS)
6. RECORD OF DISBURSEMENT AND
PAYMENT OF QUARTERLY FEES --------------------------------------------------------------------------------
Period Ending Total Total Disb. Quarterly Fee Date Amount Check
------------- ----- ----------- -------------- ---- ----- -----
Disbursements For Quarter Paid Paid Number
------------- ----------- --------- ------
January 31, 2003 $ 3,027,420.30 $3,027,420.30
February 28, 2003 $ 2,580,839.46 $5,608,259.76 Quarterly fee paid by Thermadyne
March 31, 2003 $ - $5,608,259.76 Industries.
--------------------------------------------------------------------------------
121
VICTOR EQUIPMENT COMPANY
Case No. 01-52858-399 (BSS)
MONTHLY OPERATING REPORT
SCHEDULE D - SIGNIFICANT ITEMS
1. INSURANCE COVERAGE See Thermadyne Holdings Corporation
Case No. 01-52840-399 (BSS)
--------------------------------------------------------------------------------
2. STATEMENT OF PAYMENTS TO SECURED Payee Amount Paid Total Paid Description
----- ----------- ---------- -----------
None.
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
3. TAX PAYMENTS MADE THIS MONTH Date Paid Amount Paid Post-Petition Taxes Still Unpaid
(not accruals) --------- ----------- --------------------------------
Federal Payroll W/H Taxes Weekly $ 479,475 $
-
Federal Unemployment Taxes -
-
State Payroll W/H Taxes 2/21/2003 669
-
State Unemployment Taxes -
-
City/Local Payroll W/H Taxes -
-
State Sales and Use Taxes 2/21/2003 1,799
-
Other (specify) -
-
----------------------------------------------------------------------------------
4. COMPENSATION PAYMENTS MADE See Thermadyne Industries, Inc.
THIS MONTH (not accruals) Case No. 01-52840-399 (BSS)
5. PAYMENTS MADE THIS MONTH TO See Thermadyne Mfg. LLC
PROFESSIONALS (not accruals) Case No. 01-52853-399 (BSS)
6. RECORD OF DISBURSEMENT AND
PAYMENT OF QUARTERLY FEES
----------------------------------------------------------------------------------
Period Ending Total Total Disb. Quarterly Fee Date Amount Check
------------- ----- ----------- -------------- ---- ----- -----
Disbursements For Quarter Paid Paid Number
------------- ----------- --------- ------
January 31, 2003 $ 6,936,957 $ 6,936,956.94
February 28, 2003 $ 6,669,242 $13,606,199.00 Quarterly fee paid by Thermady
March 31, 2003 $ - $13,606,199.00 Industries.
----------------------------------------------------------------------------------
122