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Exhibit 99.1
DORSEY TRAILERS, INC. CASE NO. 00-06792
Balance Sheet
As of January 27, 2001
ASSETS
Current assets
Cash
Pre-petition bank accounts $ 34,382
Post-petition bank accounts
Operating 506,483
Payroll 28,332
Tax 28,573
Petty cash 1,180
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Total cash 598,950
Accounts receivable
Pre-petition 447,161
Post-petition 231,428
Allowance for doubtful accounts (17,368)
Other receivable 51,554
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Total accounts receivable 712,775
Inventory
Raw materials 7,001,704
Work-in-process 113,479
Finished goods 438,318
Used trailers 184,919
Inventory reserves (4,948,070)
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Total inventory 2,790,350
Other current assets 91,474
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Total current assets 4,193,549
Property, plant and equipment 6,140,000
Other assets
Note receivable 443,376
Deposits 125,844
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Total other assets 569,220
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Total assets $ 10,902,769
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LIABILITIES AND STOCKHOLDERS' DEFICIT
Current liabilities
Accounts payable Pre-petition $ 16,051,030
Accounts payable Post-petition 133,615
Accrued expenses Pre-petition 4,053,336
Accrued expenses Post-petition 86,764
Revolving line of credit 1,730,362
Other debt 8,180,153
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Total current liabilities 30,235,260
Long-term pension liability Pre-petition 1,600,000
Long-term warranty reserve Pre-petition 516,000
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Total liabilities 32,351,260
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Stockholders' deficit
Preferred stock, $.01 par value, 500,000 shares
authorized; none issued or outstanding --
Common stock, $.01 par value, 30,000,000 shares
authorized, 5,054,049 shares issued and outstanding 50,540
Additional paid-in capital 2,731,378
Accumulated deficit (24,230,409)
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Total stockholders' deficit (21,448,491)
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Total liabilities and stockholders' deficit $ 10,902,769
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DORSEY TRAILERS, INC. CASE NO. 00-06792
Statement of Operations
For the Month Ending January 27, 2001
Sales $ 398,949
Cost of sales 574,022
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Gross loss (175,073)
Selling, general and
administrative expenses 205,393
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Loss from operations (380,466)
Interest expense, net 64,823
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Loss before income taxes (445,289)
Provision for (benefit from) income taxes --
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Net loss $(445,289)
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DORSEY TRAILERS, INC. CASE NO. 00-06792
AGING OF ACCOUNTS PAYABLE AND ACCOUNTS RECEIVABLE
AS OF JANUARY 27, 2001
ACCOUNTS PAYABLE ACCOUNTS
& ACCRUED RECEIVABLE
EXPENSES (PRE & POST-
(POST-PETITION) PETITION)
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Current to 30 days $220,379 $ 55,685
31 to 60 days -- 170,266
61 to 90 days -- 214,440
91 to 120 days -- 166,828
121 days and older -- 71,370
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Total $220,379 $678,589
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DORSEY TRAILERS, INC. CASE NO. 00-06792
OTHER MONIES ON HAND
AS OF JANUARY 27, 2001
Other Monies on hand:
(identify any other monies on hand such as petty cash, etc. and amount)
1 Petty Cash $ 1,180
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DORSEY TRAILERS, INC. CASE NO. 00-06792
STATEMENT OF STATUS OF PAYMENTS
MADE TO SECURED CREDITORS AND LESSORS
FOR THE MONTH ENDING JANUARY 27, 2001
Secured creditors:
1.) Foothill Capital Corp.
Regular contracted payment: $ - per -
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Adequate protection payment offered: $ - per -
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Current period adequate protection payments made by wire: Date Amount
1/4/2001 $ 5,266
1/5/2001 18,353
1/8/2001 18,353
1/8/2001 147,080
1/9/2001 198,248
1/10/2001 31,940
1/11/2001 11,556
1/11/2001 91,137
1/16/2001 2,709
1/16/2001 39,212
1/17/2001 7,123
1/18/2001 8,148
1/18/2001 54,154
1/19/2001 76,951
1/22/2001 21,729
1/23/2001 7,427
1/24/2001 546
1/25/2001 107,253
1/26/2001 5,097
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$ 852,282
Number of Post-petition adequate protection payments not made since filing: # - Amount $ -
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2.) Bankhead Enterprises
Regular contracted payment: $ 89,251 per quarter.
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Adequate protection payment offered: $ - per -
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Check number of current period adequate protection payment - Amount $ -
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Number of Post-petition adequate protection payments not made since filing: # 1 Amount $ 89,251
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3.) Small Business Administration
Regular contracted payment: $ 40,500 per month.
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Adequate protection payment offered: $ - per
Check number of current period adequate protection payment - Amount $ -
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Number of Post-petition adequate protection payments not made since filing: # - Amount $ -
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Note: SBA payments had been deferred until February 3, 2001 per a moratorium granted July 17, 2000.
Lessors whose leases have not been rejected:
None for this period
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DORSEY TRAILERS, INC. CASE NO. 00-6792-WRS
PREPARER'S CERTIFICATE
As the preparer of the foregoing report, I hereby certify under penalty of
perjury that the information contained herein is truthful, complete, and
accurate to the best of my knowledge and belief.
Dated: February 23, 2001 /s/ Allyson V. Turnbull
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Preparer's Signature
/s/ Keith B. Lonergan
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Debtor's Signature
Allyson V. Turnbull, Corporate Controller
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Preparer's name (typed/printed)
1315 Hickman St.
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Preparer's address
Elba, Alabama 36323
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City State Zip
CERTIFICATE OF SERVICE
The undersigned hereby certifies that a copy of the foregoing report has this
date been served on all parties in interest and the bankruptcy administrator by
placing a copy of the sale in the United State mail with sufficient postage
prepaid.
Done this 1st day of March, 2001.
/s/ Cameron A. Metcalf
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Signature
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