Exhibit 99.1
UNITED STATES BANKRUPTCY COURT
WESTERN DISTRICT OF PENNSYLVANIA
In re: Carbide Graphite Group, Inc., et al. Case Numbers: 01-0029744 through 01-00297448 MBM
- -------------------------------------------- Reporting Period: May 1 to May 31, 2002
Debtors
MONTHLY OPERATING REPORT
------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
DOCUMENT EXPLANATION
REQUIRED DOCUMENTS FORM NO. ATTACHED ATTACHED
- ---------------------------------------------------------------------------------------------------------------------------------
Schedule of Cash Receipts and Disbursements MOR-1 X
- ---------------------------------------------------------------------------------------------------------------------------------
Bank Reconciliation (or copies of debtor's bank reconciliation) MOR-1 (CON'T) X
- ---------------------------------------------------------------------------------------------------------------------------------
Copies of bank statements X
- ---------------------------------------------------------------------------------------------------------------------------------
Cash disbursements journal 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-5 X
- ---------------------------------------------------------------------------------------------------------------------------------
Listing of aged accounts payable X
- ---------------------------------------------------------------------------------------------------------------------------------
Accounts Receivable Reconciliation and Aging MOR-5 X
- ---------------------------------------------------------------------------------------------------------------------------------
Debtor Questionnaire MOR-6 X
- ---------------------------------------------------------------------------------------------------------------------------------
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.
/s/ William M. Thalman June 25, 2002
- ---------------------------------------- -------------------------
Signature of Debtor Date
William M. Thalman VP - Treasurer
- ---------------------------------------- ---------------------------------
Printed Name of Debtor Title
CARBIDE/GRAPHITE GROUP, INC.
MOR-1
A schedule of cash receipts and disbursements was completed and is available by
request
Bank reconciliations were performed and are available by request
Bank statements are available by request
The cash disbursements by legal entity are listed below
DISBURSEMENTS BY LEGAL ENTITY MAY-02
- -------------------------------------------------- ------------
Legal Entity
The Carbide/Graphite Group, Inc. $ 10,018,833
Seadrift Coke, L.P. $ 4,903,049
Carbon/Graphite International, Inc. (FSC) Less than $15,000
CG Specialty Products Management Corporation Less than $15,000
Carbide/Graphite Management Corporation Less than $15,000
CARBIDE/GRAPHITE GROUP, INC.
MOR-2
CONSOLIDATED STATEMENT OF OPERATIONS
FOR THE MONTH ENDED MAY 31, 2002
(#'S IN '000S)
Sales $ 12,503
Cost of goods sold 12,615
----------
Gross profit (112)
SG&A 827
----------
Operating income before items below (939)
Other compensation -
Other (income) expense, net 469
----------
Operating income/(loss) (1,408)
Non-operating expenses (income):
Special financing costs -
Interest expense 880
Other non-operating (income)/expense -
----------
Income/(loss) before income taxes (2,288)
Provision for income taxes 15
----------
Net income (loss) from continuing operations (2,303)
Extraordinary loss on early extinguishment of debt
net of tax benefit -
----------
Net income (loss) $ (2,303)
==========
Est. earnings per share data:
Income excluding other items $ (0.24)
Income before discontinued operations $ (0.28)
Extraordinary loss $ -
----------
Net income per share $ (0.28)
Weighted average shares 8,331,342
CARBIDE/GRAPHITE GROUP, INC.
MOR-3
CONSOLIDATED BALANCE SHEET AS AT MAY 31, 2002
(#'S IN '000S)
ASSETS
Current assets:
Cash & short term investments $ 47
Marketable securities 0
Accounts receivable
Accounts receivable 30,451
Allowance for doubtful accts (3,440)
---------
Net accounts receivable 27,011
Inventory
Gross inventory 64,102
Obsolescence reserve (770)
Lifo reserve (15,783)
---------
Net inventory 47,549
Prepaid expenses 2,482
Other current assets 3,826
Deferred tax asset 0
---------
Total current assets 80,915
Fixed assets:
Gross 350,874
Accumulated depreciation (241,461)
---------
Net fixed assets 109,413
Other assets 6,514
---------
TOTAL ASSETS $ 196,842
=========
LIABILITIES
Current liabilities:
Trade accounts payable $ 25,955
Overdrafts 0
Other current liabilities 37,677
Debt - Current 135,311
---------
Total current liabilities 198,943
Long-term debt:
Senior notes 0
Line of credit 0
---------
Total long -term debt 0
Long term reserves 15,736
Deferred revenue 1,092
Deferred tax provision 0
---------
TOTAL LIABILITIES 215,771
SHAREHOLDERS' EQUITY
Common stock 99
Additional paid in capital 36,712
Treasury stock, at cost (11,207)
Common stock to be issued under warrants 3,424
Unfunded pension obligation (4,893)
Other comprehensive income 0
Retained earnings (43,064)
---------
TOTAL SHAREHOLDERS' EQUITY (18,929)
---------
TOTAL LIABILITIES AND S.H. EQUITY $ 196,842
=========
THE CARBIDE/GRAPHITE GROUP INC.
DEBTOR
CASE # 01-29744-MBM
STATUS OF POSTPETITION TAXES
REPORT PERIOD - MAY 2002
Beginning Amount Ending
Tax Withheld or Amount Date Check No. Tax
Liability Accrued Paid Paid or EFT Liability
-------------------------------------------------------------------------------------------------
FEDERAL
Withholding 0.00 388,072.78 60,317.99 5/3/2002 ** 0.00
35,804.89 5/14/2002 **
62,879.17 5/16/2002 **
60,944.67 5/17/2002 **
39,202.74 5/29/2002 **
67,654.56 5/31/2002 **
61,268.76 6/3/2002 **
FICA - Employee 0.00 219,687.06 35,687.52 5/3/2002 ** 0.00
20,774.80 5/14/2002 **
33,218.31 5/16/2002 **
36,109.67 5/17/2002 **
22,423.21 5/29/2002 **
39,039.12 5/31/2002 **
32,434.43 6/3/2002 **
FICA - Employer 0.00 220,075.62 35,770.77 5/3/2002 ** 0.00
20,929.57 5/14/2002 **
33,218.22 5/16/2002 **
36,157.21 5/17/2002 **
22,526.36 5/29/2002 **
39,039.15 5/31/2002 **
32,434.34 6/3/2002 **
Unemployment 903.55 340.49 0.00 1,244.04
Income 0.00 0.00 0.00
Other:
Total Federal Taxes 903.55 828,175.95 827,835.46 1,244.04
STATE AND LOCAL
Withholding 271.68 112,122.98 111,851.30 See Attached 543.36 (1)
Sales 0.00 21,743.33 7,903.00 5/16/2002 305279 0.00
6,462.04 EFT 78301/83704
7,378.29 5/17/2002 502933
Excise 0.00 0.00 0.00 0.00
Unemployment 252,114.88 6,200.97 243,411.74 See Attached 14,904.11 (2)
Real Property 0.00 0.00
Personal Property 0.00 0.00
Other:
Total State and Local Taxes 252,386.56 140,067.28 133,594.63 15,447.47
Total Taxes 253,290.11 968,243.23 961,430.09 16,691.51
** ADP Statement of Deposits Attached
(1)SIT Due MISS 543.36
(2)SUI Due KY 3,168.58
NY 2,335.61
NC 2.60
PA 9,397.33
--------
14,904.12
SEADRIFT COKE L.P.
DEBTOR
CASE # 01-29744-MBM
STATUS OF POSTPETITION TAXES
REPORT PERIOD - MAY 2002
Beginning Amount Ending
Tax Withheld or Amount Check No. Tax
Liability Accrued Paid or EFT Liability
---------------------------------------------------------------------------------------------
FEDERAL
Withholding - 53,918.29 26,837.88 5/14/2002 ** -
27,080.41 5/29/2002 **
-
FICA - Employee - 32,885.96 16,439.46 5/14/2002 ** -
16,446.50 5/29/2002 **
-
FICA - Employer 0.01 32,885.87 16,439.39 5/14/2002 ** 0.01
16,446.48 5/29/2002 **
-
Unemployment 2.74 - - ** 2.74
Income -
Other:
Total Federal Taxes 2.75 119,690.12 119,690.12 2.75
STATE AND LOCAL
Withholding - -
Sales - 2,847.06 2,847.06 5/15/2002 41823 -
Excise - -
Unemployment - 170.85 - ** 170.85
Real Property - -
Personal Property - -
Other: - -
Total State and Local Taxes - 3,017.91 2,847.06 170.85
Total Taxes 2.75 122,708.03 122,537.18 173.60
** ADP Statement of Deposits Attached
MOR-5
THE CARBIDE/GRAPHITE GROUP, INC.
CONSOLIDATED ACCOUNTS PAYABLE AGING
MAY 31, 2002
TOTAL 0 - 30 DAYS 31 - 60 DAYS 61 - 90 DAYS 91 - 120 DAYS PRE-PETITION
- ----------------------------------------------------------------------------------------------------------------------
$ 23,100,454 $ 755,698 $ 1,493,632 $ 108,600 $ 20,388 $20,722,136
- ----------------------------------------------------------------------------------------------------------------------
A summary of unpaid post petition debts has been completed and is available upon
request
THE CARBIDE/GRAPHITE GROUP, INC.
CONSOLIDATED ACCOUNTS RECEIVABLE AGING
MAY 31, 2002
0 - 30 DAYS 31 - 60 DAYS 61 - 90 DAYS 91 - 120 DAYS OVER 120 DAYS
TOTAL OUTSTANDING OUTSTANDING OUTSTANDING OUTSTANDING OUTSTANDING
- ----------------------------------------------------------------------------------------------------------------------
$ 25,005,636 $10,665,454 $ 7,082,246 $ 2,396,982 $ 1,812,338 $ 3,048,615
- ----------------------------------------------------------------------------------------------------------------------
An accounts receivable reconciliation has been completed and is available upon
request.
THE CARBIDE/GRAPHITE GROUP, INC.
MOR-6
DEBTOR QESTIONNAIRE
MAY 31, 2002
<Table>
<Caption>
- --------------------------------------------------------------------------------------------------------
Yes No
- --------------------------------------------------------------------------------------------------------
1. Have any assets been sold or transferred outside the normal course of
business this reporting period? If yes, provide and 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 and
explanation below. X
- --------------------------------------------------------------------------------------------------------
3. Have all postpetition tax returns been timely filed? If no, provide
and explanation below. X
- --------------------------------------------------------------------------------------------------------
4. Are workers compensation, general liability and other necessary insurance
coverages in effect? If no, provide an explanation below. X
- --------------------------------------------------------------------------------------------------------
</Table>