EXHIBIT 99
UNITED STATES BANKRUPTCY COURT
DISTRICT OF DELAWARE
In Re: Master Graphics, Inc./TN Corp Case Nos. 00-02929 & 00-02928
& Premier Graphics Reporting Period: December, 2000
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 Tab 2 Tab 2
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Bank reconciliation (or copies of debtor's bank reconciliations MOR-1 (CONT) Tab 3 Tab 3
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Copies of bank statements Tab 4 Tab 4
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Cash disbursement journals Tab 5 Tab 5
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Statement of Operations MOR-2 Tab 6 Tab 6
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Balance Sheet MOR-3 Tab 7 Tab 7
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Status of Postpetition Taxes MOR-4 Tab 8 Tab 8
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Copies of IRS Form 6123 or payment receipt Tab 9 Tab 9
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Copies of tax returns filed during reporting period Tab 10 Tab 10
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Summary of Unpaid Postpetition Debts MOR-4 Tab 8 Tab 8
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Listing of aged accounts payable Tab 11 Tab 11
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Accounts Receivable reconciliation and Aging MOR-5 Tab 12 Tab 12
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Debtor Questionnaire MOR-5 Tab 12 Tab 12
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I declare under penalty of perjury (28 U.S.C. Section 1746) that this report and
the attached documents are true and correct to the best of my knowledge and
belief.
__________________________________________ _________________________
Signature of Debtor Date
__________________________________________ _________________________
Signature of Joint Debtor Date
/s/ P. Melvin Henson, Jr. 1/20/01
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Signature of Authorized Individual Date
P. Melvin Henson, Jr. Chief Accounting 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
(9/99)
In Re: Master Graphics, Inc./TN Corp Case Nos. 00-02929 & 00-02928
& Premier Graphics Reporting Period: December, 2000
SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS
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Amounts reported should be per the debtor's books, not the bank statement. The
beginning cash should be the ending cash from the prior month or, if this is the
first report, the amount should be the balance on the date the petition was
filed. The amounts reported in the "CURRENT MONTH-ACTUAL" column must equal the
sum of the four bank account columns. The amounts reported in the "PROJECTED"
columns should be taken from the SMALL BUSINESS INITIAL REPORT (FORM IR-1).
Attach copies of the bank statements and the cash disbursements journal. The
total disbursements listed in the disbursements journal must equal the total
disbursements reported on this page. A bank reconciliation must be attached for
each account. [See MOR-1 (CONT)]
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BANK ACCOUNTS CURRENT MONTH CUMULATIVE FILING TO DATE
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$ 000 OPER. PAYROLL TAX OTHER ACTUAL PROJECTED ACTUAL PROJECTED
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CASH BEGINNING OF MONTH 270 236 0 196 702 (12,735) 2,525 1,682
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RECEIPTS
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CASH SALES 0 0 0 0 0 0 0 0
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ACCOUNTS RECEIVABLE 19,099 0 0 0 19,099 19,317 116,848 112,832
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LOANS AND ADVANCES 0 0 0 0 0 0 0 0
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SALE OF ASSETS 0 0 0 0 0 0 0 2,077
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OTHER (ATTACH LIST) 0 0 0 0 0 0 0 0
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TRANSFERS (FROM DIP ACCTS) (6,728) 6,787 0 (59) 0 0 0 0
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TOTAL RECEIPTS 12,371 6,787 0 (59) 19,099 19,317 116,848 114,909
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DISBURSEMENTS
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NET PAYROLL 0 6,937 0 0 6,937 6,784 41,989 45,624
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PAYROLL TAXES incl incl incl incl incl incl incl incl
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SALES, USE, & OTHER TAXES 0 0 0 0 0 0 0 0
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INVENTORY PURCHASES 6,057 0 0 0 6,057 6,431 46,490 52,737
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SECURED/RENTAL/LEASES 1,231 0 0 0 1,231 1,111 6,882 8,411
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INSURANCE 318 0 0 0 318 106 1,137 430
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ADMINISTRATIVE 1,063 0 0 0 1,063 673 4,101 3,982
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SELLING 118 0 0 0 118 202 1,255 1,053
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OTHER (ATTACH LIST) 3,493 0 0 0 3,493 2,085 16,936 14,729
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OWNER DRAW* 0 0 0 0 0 0 0 0
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TRANSFERS (TO DIP ACCTS) 0 0 0 0 0 0 0 0
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PROFESSIONAL FEES 0 0 0 0 0 0 0 435
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U.S. TRUSTEE QUARTERLY FEES 0 0 0 0 0 0 0 0
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COURT COSTS 0 0 0 0 0 0 0 0
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TOTAL DISBURSEMENTS 12,280 6,937 0 0 19,217 17,392 118,790 127,401
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NET CASH FLOW (RECEIPTS LESS
DISBURSEMENTS) 91 (150) 0 (59) (118) 1,925 (1,942) (12,492)
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CASH-END OF MONTH 361 85 0 137 583 (10,810) 583 (10,810)
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* COMPENSATION TO SOLE PROPRIETORS FOR SERVICES RENDERED TO BANKRUPTCY ESTATE
THE FOLLOWING SECTION MUST BE COMPLETED
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DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES: (FROM CURRENT MONTH ACTUAL COLUMN)
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TOTAL DISBURSEMENTS 19,217
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LESS: TRANSFERS TO DEBTOR IN POSSESSION ACCOUNTS 0
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PLUS: ESTATE DISBURSEMENTS MADE BY OUTSIDE SOURCES (i.e. from escrow accounts) 0
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TOTAL DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES 19,217
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FORM MOR-1
(9/99)
In Re: Master Graphics, Inc./TN Corp Case Nos. 00-02929 & 00-02928
& Premier Graphics Reporting Period: December, 2000
SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS
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Listing of Other Cash Disbursements - $000 Current Cumulative
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Company paid benefit payments 855 4,737
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Shipping/freight payments 947 6,145
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Repair costs 294 1,461
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Utilities 304 1,539
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All others 1,093 3,054
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Total other 3,493 16,936
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In Re: Master Graphics, Inc./TN Corp Case Nos. 00-02929 & 00-02928
& Premier Graphics Reporting Period: December, 2000
STATEMENT OF OPERATIONS - $000
(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/paid.
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Cumulative
REVENUES Month Filing to Date
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Gross Revenues 15,366 116,058
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Less: Returns and Allowances 0 0
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Net Revenue 15,366 116,058
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COSTS OF GOODS SOLD
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Beginning Inventory 10,339 12,828
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Add: Purchases 5,790 44,811
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Add: Cost of Labor 3,625 25,311
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Add: Other Costs (attach schedule) 4,069 23,161
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Less: Ending Inventory 9,998 9,998
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Cost of Goods Sold 13,825 96,113
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Gross Profit 1,541 19,945
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OPERATING EXPENSES
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Advertising 7 116
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Auto and Truck Expense 25 232
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Bad Debts 98 1,002
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Contributions 13 32
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Employee Benefits Programs 76 1,369
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Insider Compensation * 785 4,663
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Insurance 57 335
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Management Fees/Bonuses 0 0
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Office Expense 17 67
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Pension & Profit-Sharing Plans 0 0
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Repairs and Maintenance 0 0
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Salaries/Commissions/Fees 1,809 11,617
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Supplies 36 200
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Taxes - Payroll 145 971
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Taxes - Real Estate 59 340
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Taxes - Other 0 0
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Travel and Entertainment 71 376
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Utilities 102 615
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Other (attach schedule) 344 2,104
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Total Operating Expenses Before Depreciation 3,644 24,039
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Depreciation/Depletion/Amortization 202 1,432
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Asset Impairment 0 2,887
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Net Profit (Loss) Before Other Income & Expenses (2,305) (8,413)
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OTHER INCOME AND EXPENSES
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Other Income (attach schedule) 91 1,001
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Interest Expense 661 3,745
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Other Expense (attach schedule) 7 16
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Net profit (Loss) before Reorganization Items (2,882) (11,173)
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REORGANIZATION ITEMS
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Professional Fees 882 5,768
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U.S. Trustee Quarterly Fees 0 33
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Interest Earned on Accumulated Cash from Chapter 11 (see continuation sheet) 0 0
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Gain (Loss) from Sale of Equipment 0 0
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Other Reorganization Expenses (attach schedule) 1,601 7,634
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Total Reorganization Expenses 2,484 13,435
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Income Taxes 0 0
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Net Profit (Loss) (5,366) (24,608)
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* "Insider" is defined in 11 U.S.C. Section 101(31). FORM MOR-2
(9/99)
In Re: Master Graphics, Inc./TN Corp Case Nos. 00-02929 & 00-02928
& Premier Graphics Reporting Period: December, 2000
STATEMENT OF OPERATIONS - $000 - continuation sheet
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BREAKDOWN OF OTHER CATEGORY Month Cumulative Filing to Date
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Other Costs
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Payroll tax on factory labor 304 1,714
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Benefits on factory labor 381 2,188
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Factory depreciation 583 3,338
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Factory rent and lease 812 4,440
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Utilities 292 1,748
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Factory supplies 305 2,274
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Shipping/delivery costs 426 1,924
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Repair costs 306 2,100
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All others 660 3,435
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Totals 4,069 23,161
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Other Operational Expenses
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Professional fees - non-reorganization related 191 765
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Computer expenses 30 483
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All other administration 39 420
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All other selling 84 436
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Totals 344 2,104
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Other Income
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Purchase discounts 30 231
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All other 61 770
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Totals 91 1,001
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Other Expenses
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Loss on sale of assets 7 16
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Other Reorganization Expenses
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Interest income (22) (211)
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Retention/Incentive plan accrual 1,098 2,942
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Write off debt discount 0 4,227
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Other 526 676
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Totals 1,601 7,634
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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
(9/99)
Master Graphics
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MOR Insider Reporting - December
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October Salary Expenses Rents Totals Due From Due To
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Argus 65,556 0 0 65,556 0 5,260
B&M 65,040 0 0 65,040 39,500 1,740
Columbia 23,292 0 32,327 55,619 0 10,262
Eagle Direct 28,846 2,177 16,550 47,573 0 3,737
Golden Rule 25,309 3,628 58,333 87,270 8,313 8,521
Harper 6,731 2,340 26,604 35,675 0 6,007
Hederman 5,800 387 28,750 34,937 2,385 11,995
Jones 28,046 2,734 11,100 41,880 0 280
Lithograph 11,706 0 0 11,706 0 0
McQuiddy 19,934 4,237 0 24,171 0 16,170
Phillips 9,132 95 9,750 18,977 7,772 0
Phoenix 3,077 0 0 3,077 0 962
Stephenson 34,423 0 15,000 49,423 414 67,053
Sutherland 22,161 0 0 22,161 0 0
Thomasson 18,347 676 8,333 27,356 8,749 0
White Arts/TPC 52,140 31,716 0 83,856 78,890 48,210
Woods 30,600 97 0 30,697 0 0
Corporate 53,000 27,000 0 80,000 0 0
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Totals 503,140 75,087 206,747 784,974 146,023 180,197
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rent 0 26,019
exp reimbursements/other 27,633 111,089
full court press 34,264 43,089
r. mckinney draw 39,500 0
remark 44,626 5,002
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146,023 185,199
In Re: Master Graphics, Inc./TN Corp Case Nos. 00-02929 & 00-02928
& Premier Graphics Reporting Period: December, 2000
BALANCE SHEET - $000
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
ASSETS OF CURRENT BOOK VALUE ON
REPORTING MONTH PETITION DATE
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CURRENT ASSETS
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Unrestricted Cash and Equivalents 583 (626)
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Restricted Cash and Cash Equivalents (see continuation sheet) 0 0
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Accounts Receivable (Net) 40,293 40,771
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Notes Receivable 85 89
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Inventories 9,998 12,828
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Prepaid Expenses 2,468 3,842
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Professional Retainers 234 603
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Other Current Assets (attach schedule) 249 282
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TOTAL CURRENT ASSETS 53,910 57,789
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PROPERTY AND EQUIPMENT
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Real Property and Improvements 6,017 6,118
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Machinery and Equipment 76,941 78,088
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Furniture, Fixtures and Office Equipment 3,044 3,689
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Leasehold Improvements 1,567 1,770
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Vehicles 1,066 1,203
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Less Accumulated Depreciation (24,940) (21,102)
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TOTAL PROPERTY & EQUIPMENT 63,695 69,766
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OTHER ASSETS
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Loans to Insiders* 0 0
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Other Assets (attach schedule) 8,269 8,780
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TOTAL OTHER ASSETS 8,269 8,780
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TOTAL ASSETS 125,874 136,335
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BOOK VALUE AT END
OF CURRENT BOOK VALUE ON
LIABILITIES AND OWNER EQUITY REPORTING MONTH PETITION DATE
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LIABILITIES NOT SUBJECT TO COMPROMISE (Postpetition)
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Accounts Payable 7,128 0
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Taxes Payable (refer to FORM MOR-4) (482) 0
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Wages Payable 4,491 0
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Notes Payable 0 0
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Rent / Leases - Building/Equipment 377 0
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Secured Debt / Adequate Protection Payments 0 0
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Professional Fees 0 0
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Amounts Due to Insiders* 185 0
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Other Postpetition Liabilities (refer to FORM MOR-4) 11,262 0
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TOTAL POSTPETITION LIABILITIES 22,961 0
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LIABILITIES SUBJECT TO COMPROMISE (Pre-Petition)
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Secured Debt 59,190 59,190
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Priority Debt 0 0
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Unsecured Debt 191,209 199,901
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TOTAL PRE-PETITION LIABILITIES 250,399 259,091
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TOTAL LIABILITIES 273,360 259,091
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OWNER EQUITY
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Capital Stock 8 8
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Additional Paid-In Capital 39,803 39,858
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Partner's capital Account 0 0
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Owner's Equity Account 0 0
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Retained Earnings - Pre-Petition (162,622) (162,622)
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Retained Earnings - Postpetition (24,674) 0
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Adjustments to Owner Equity (attach schedule) 0 0
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Postpetition Contributions (Distributions) (Draws) (attach schedule) 0 0
---------------------------------------------
NET OWNER EQUITY (147,486) (122,756)
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TOTAL LIABILITIES AND OWNERS EQUITY 125,874 136,335
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* "Insider" is defined in 11 U.S.C. Section 101(31). FORM MOR-3
(9/99)