UNITED STATES BANKRUPTCY COURT
MIDDLE DISTRICT OF TENNESSEE
In re: Case No.: 399-02649 THROUGH 399-02680
---------------------------
SERVICE MERCHANDISE COMPANY, INC. Judge: PAINE
--------------------------------- ----------------------------
Chapter 11
Debtor(s)
MONTHLY OPERATING REPORT FOR PERIOD ENDING October 28, 2001
-------------------
COMES NOW, SERVICE MERCHANDISE COMPANY, INC.
--------------------------------------------------
Debtor-In-Possession, and hereby submits its Monthly Operating Report
for the period commencing October 1, 2001 and ending October 28, 2001
as shown by the report and exhibits consisting of 15 pages and
containing the following as indicated:
X Monthly Reporting Questionnaire (Attachment 1)
---
X Comparative Balance Sheets (Forms OPR-1 & OPR-2)
---
N/A Summary of Accounts Receivable (Form OPR-3)
---
X Schedule of Postpetition Liabilities (Form OPR-4)
---
X Statement of Income (Loss) (Form OPR-5)
---
I declare under penalty of perjury that this report and all the
attachments are true and correct to the best of my knowledge and belief. I also
hereby certify that the original Monthly Operating Report was filed with the
Bankruptcy Court Clerk and a copy delivered to the U.S. Trustee.
Date: 11/19/01 DEBTOR - IN - POSSESSION
--------
By: /s/ Kenneth A. Conway
----------------------------------------
Name and Title: KENNETH A. CONWAY,
VICE PRESIDENT AND
CONTROLLER
---------------------------
Address: 7100 SERVICE MERCHANDISE DRIVE
BRENTWOOD, TENNESSEE 37027
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Telephone No: (615) 660-3340
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Note: Report subject to further verification and account reconciliation
procedures
Page 1
CHAPTER 11
MONTHLY OPERATING REPORT
MONTHLY REPORTING QUESTIONNAIRE
CASE NAME: SERVICE MERCHANDISE COMPANY, INC. et. al.
CASE NUMBER: 399-02649 THROUGH 399-02680
PERIOD: OCTOBER 1, 2001 THROUGH OCTOBER 28, 2001
1. Payroll
WAGES TAXES
OFFICERS TITLE GROSS NET DUE PAID
- --------------------------------------------------------------------------------------------------------------------------------
S. CUSANO CHAIRMAN OF THE BOARD AND CHIEF EXECUTIVE OFFICER $ 57,717.35 $ 36,959.58 $5,147.07 $15,180.07
JANE F. GILMARTIN PRESIDENT AND CHIEF MERCHANDISING OFFICER $196,399.10 $137,417.39 $3,387.78 $55,218.55
C. STEVEN MOORE SENIOR VICE PRESIDENT, CHIEF ADMINISTRATIVE OFFICER,
GENERAL COUNSEL AND SECRETARY $ 27,752.86 $ 18,895.42 $2,108.21 $ 6,477.00
MICHAEL E. HOGREFE SENIOR VICE PRESIDENT AND CHIEF FINANCIAL OFFICER $ 23,902.86 $ 16,493.60 $1,744.62 $ 5,396.33
ERIC A. KOVATS SENIOR VICE PRESIDENT, STORES $ 22,000.46 $ 15,318.27 $1,479.16 $ 4,577.80
KARREN M. PRASIFKA VICE PRESIDENT, ASSISTANT GENERAL COUNSEL $ 16,981.73 $ 11,531.92 $1,343.85 $ 3,967.43
KENNETH A. CONWAY VICE PRESIDENT AND CONTROLLER $ 13,121.02 $ 10,222.96 $ 686.37 $ 2,017.51
JOE M. ELLIOTT VICE PRESIDENT, PROPERTY ADMINISTRATION $ 11,648.48 $ 8,440.46 $ 677.87 $ 1,930.15
KIMBERLY B. SOUTHARD ASSISTANT VICE PRESIDENT, STRATEGIC PLANNING
AND ASSISTANT TREASURER $ 8,864.66 $ 5,900.14 $ 673.79 $ 2,003.91
The following associate received a payment, in accordance with the terms of her
employment agreement, that is included in the amounts above.
JANE F. GILMARTIN $156,250.00
Page 2
CHAPTER 11
MONTHLY OPERATING REPORT
MONTHLY REPORTING QUESTIONNAIRE
CASE NAME: SERVICE MERCHANDISE COMPANY, INC. et. al.
CASE NUMBER: 399-02649 THROUGH 399-02680
PERIOD: OCTOBER 1, 2001 THROUGH OCTOBER 28, 2001
2. INSURANCE
COVERAGE POLICY EXPIRATION PREMIUM DATE COVERAGE
TYPE NAME OF CARRIER AMOUNT NUMBER DATE AMOUNT PAID THROUGH
- ---------------------------------------------------------------------------------------------------------------------------------
Property Fireman's Fund Insurance Co $5 Million 01MXI97600751 12/31/01 $685,000 12/31/01
Royal Indemnity Co. $5 Million RHD317182 12/31/01 $ 90,250 12/31/01
Westchester Fire $15 Million 1XA394430-0 12/31/01 $ 64,125 12/31/01
Allianz Insurance Co $12 Million CLP1036568 12/31/01 $ 26,583 12/31/01
TIG Insurance Co $13 Million XPT38844629 12/31/01 $ 28,730 12/31/01
Westchester Fire $20 Million 1XA394429-0 12/31/01 $ 13,500 12/31/01
Allianz Insurance Co $30 Million CLP1036568 12/31/01 $ 20,250 12/31/01
Allianz Insurance Co $25 Million CLP1036568 12/31/01 $ 8,500 12/31/01
Boiler & Machinery Hartford Steam Boiler $10 Million 4914359 12/31/01 $ 9,934 12/31/01
Transit Fireman's Fund Insurance Co $1 Million CCIMG72820 12/31/01 $ 10,000 12/31/01
Ocean Cargo Fireman's Fund Insurance Co $10 Million CR37211 12/31/01 $ 40,000 12/31/01
General Liability Ace American Ins Co $5 Million XSLG20577009 12/31/01 $212,279 12/31/01
Workers' Compensation Pacific Employers Ins Co Statutory WLRC43024516 12/31/01 $136,566 12/31/01
WC Excess Ace American Ins Co Statutory XWC014026 12/31/01 $ 12,108 12/31/01
WC Contractual Indemnity Illinois Union Insurance Co Statutory CTPG20577344 12/31/01 $ 20,500 12/31/01
Auto Pacific Employers Ins Co $1 Million ISAH07968358 12/31/01 $ 33,518 12/31/01
Umbrella Ohio Casualty Group $50 Million BXO52805120 12/31/01 $ 88,250 12/31/01
Excess Liability Zurich American of Illinois $50 Million AEC287610703 12/31/01 $ 30,000 12/31/01
International Ace American Ins Co $1 Million PHF051491 12/31/01 $ 2,500 12/31/01
Punitive Damages Magna Carta Ins. Ltd. $50 Million MCPD201058 12/31/01 $ 40,000 12/31/01
Punitive Damages - Excess Zurich Ins. Co Bermuda Branch $50 Million ZICBB-091 PD 12/31/01 $ 5,000 12/31/01
Directors & Officers Continental Insurance Co $10 Million 300714943 03/01/02 $200,000 03/01/02
Federal Insurance Co $10 Million 81278902-A 03/01/02 $190,000 03/01/02
Royal Insurance Co $10 Million PSF000009 03/01/02 $175,000 03/01/02
Greenwich Ins. Co. $10 Million ELU82217-01 03/01/02 $198,949 03/01/02
Zurich-American Ins. Co. $10 Million DOC3746468-00 03/01/02 $146,704 03/01/02
Kemper Insurance Co $10 Million 3DY00200100 03/01/02 $ 99,110 03/01/02
Crime National Union Fire Ins Co $10 Million 8726439 03/01/02 $ 53,833 03/01/02
Fiduciary National Union Fire Ins Co $10 Million 8726812 03/01/02 $ 25,839 03/01/02
Employment Practices Liability Chubb Insurance Co $5 Million 81278901A 03/01/02 $100,000 03/01/02
National Union Fire Ins Co $5 Million 8727499 03/01/02 $ 70,000 03/01/02
Royal Insurance Co $10 Million PSF000010 03/01/02 $ 85,000 03/01/02
Special Crime Reliance Insurance Co $25 Million NFK1951937 05/01/02 $ 13,458 05/01/02
Page 3
CHAPTER 11
MONTHLY OPERATING REPORT
MONTHLY REPORTING QUESTIONNAIRE
CASE NAME: SERVICE MERCHANDISE COMPANY, INC. ET. AL.
CASE NUMBER: 399-02649 THROUGH 399-02680
PERIOD: OCTOBER 1, 2001 THROUGH OCTOBER 28, 2001
3. BANK ACCOUNTS
TOTAL CASH AND CASH EQUIVALENTS
CASH IN STORES AND HOME OFFICE
HOME OFFICE $ 4,950
RETAIL SAFE FUNDS 1,772,496
CORPORATE ACCOUNTS 2,127,389
STORE DEPOSITORY ACCOUNTS
FIRST TENNESSEE 589,946
KEY NATIONAL BANK 236,087
FLEET BOSTON 317,478
FIRST UNION 2,217,391
BANK ONE LOUISIANA 261,810
ABN - AMRO BANK 115,845
COMERICA BANK 124,040
AM SOUTH 237,149
BANK OF AMERICA 168,799
BANK OF OKLAHOMA 109,600
CHASE BANK OF TEXAS 693,235
SINGLE STORE DEPOSITORY ACCOUNTS 216,954
WELLS FARGO BANK 40,150
BANK ONE, IN 103,187
PNC BANK 393,760
OAK BROOK BANK 478,035
CREDIT CARD CASH ACCOUNTS (SALES PROCESSED BY CREDIT CARD COMPANY) 6,276,228
OTHER DEPOSITORY ACCOUNTS
SERVICE MERCHANDISE - MUSCULAR DYSTROPHY ASSOC. 85,324
OTHER CASH ACCOUNTS 572,704
-----------
TOTAL CASH PER GENERAL LEDGER $17,142,557
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Page 4
CHAPTER 11
MONTHLY OPERATING REPORT
MONTHLY REPORTING QUESTIONNAIRE
CASE NAME: SERVICE MERCHANDISE COMPANY, INC. ET. AL.
CASE NUMBER: 399-02649 THROUGH 399-02680
PERIOD: OCTOBER 1, 2001 THROUGH OCTOBER 28, 2001
RECEIPTS AND DISBURSEMENTS
(DOLLARS IN THOUSANDS)
ACTUAL ACTUAL ACTUAL ACTUAL TOTAL
Monday 10/01/01 10/08/01 10/15/01 10/22/01 10/01/01
Sunday 10/07/01 10/14/01 10/21/01 10/28/01 10/28/01
-------- -------- -------- -------- ---------
Receipts:
Sales receipts $ 10,198 $ 12,943 $ 12,268 $ 15,302 $ 50,711
Miscellaneous receipts 1,088 654 -- 849 2,591
-------- -------- -------- -------- ---------
Total available collections 11,286 13,597 12,268 16,151 53,302
Disbursements:
Merchandise disbursements 15,699 16,542 21,167 21,440 74,848
Non-merchandise disbursements 15,021 10,169 12,590 12,684 50,464
-------- -------- -------- -------- ---------
Total disbursements 30,720 26,711 33,757 34,124 125,312
-------- -------- -------- -------- ---------
Net receipts/(disbursements) $(19,434) $(13,114) $(21,489) $(17,973) $ (72,010)
======== ======== ======== ======== =========
Page 5
CHAPTER 11
MONTHLY OPERATING REPORT
MONTHLY REPORTING QUESTIONNAIRE
CASE NAME: SERVICE MERCHANDISE COMPANY, INC. ET. AL.
CASE NUMBER: 399-02649 THROUGH 399-02680
PERIOD: OCTOBER 1, 2001 THROUGH OCTOBER 28, 2001
ROLLING REVISED CASH FLOW FORECAST
(DOLLARS IN THOUSANDS)
ACTUAL ACTUAL FORECAST FORECAST
10/28/01 11/11/01 11/25/01 12/30/01
-------- -------- -------- --------
Ending total revolver balance $304,196 $335,393 $349,966 $ 95,414
Term loan 60,000 60,000 60,000 60,000
Standby letters of credit 23,572 24,416 23,416 21,310
Trade letters of credit 19,800 16,651 21,128 29,503
-------- -------- -------- --------
Total extensions of credit 407,568 436,460 454,510 206,227
Borrowing base 505,602 504,022 511,527 369,507
-------- -------- -------- --------
Availability $ 98,034 $ 67,562 $ 57,017 $163,280
======== ======== ======== ========
Page 6
CHAPTER 11
MONTHLY OPERATING REPORT
MONTHLY REPORTING QUESTIONNAIRE
CASE NAME: SERVICE MERCHANDISE COMPANY, INC. et. al.
CASE NUMBER: 399-02649 THROUGH 399-02680
PERIOD: OCTOBER 1, 2001 THROUGH OCTOBER 28, 2001
4. Payments to Professionals October 1, 2001 through October 28, 2001
VENDOR # VENDOR NAME CHECK AMT. CHECK DATE CHECK #
- -------------------------------------------------------------------------------------------------------------------
99329 Aegis Property Tax Solutions $ 16,126.87 10/01/01 50054585
102914 Ernst and Young, LLP $ 2,766.00 10/04/01 50054852
86237 Brusniak, Clement, Harrison and McCool, PC $ 250.00 10/05/01 50054984
99329 Aegis Property Tax Solutions $ 14,831.25 10/05/01 50054989
57117 Deloitte and Touche $ 4,195.00 10/08/01 50055158
57117 Deloitte and Touche $ 86,950.00 10/09/01 50055243
2642 Waller, Lansden, Dortch and Davis $ 2,030.56 10/12/01 50055492
67017 Barkley and Thompson $ 3,786.78 10/12/01 50055535
84740 Taft, Stettinius and Hollister $ 88.00 10/12/01 50055538
96221 Holt and Babington $ 336.97 10/12/01 50055539
96684 Sherbow and Mitchell, PC $ 1,131.48 10/12/01 50055540
48779 Loss, Pavone and Orel $ 187.50 10/15/01 50055642
99104 Jay Alix and Associates $ 8,931.99 10/15/01 B0025911
99459 Robert L Berger and Associates $ 13,411.45 10/18/01 B0025962
57117 Deloitte and Touche $ 90,674.00 10/25/01 50056867
101232 E & Y Capital Advisors $141,609.00 10/25/01 B0026036
95384 Deloitte and Touche, LLP $ 10,336.08 10/26/01 50056950
101606 Service Real Estate Venture $ 1,327.93 10/26/01 B0026042
101993 Rothschild, Inc. $ 86,582.21 10/26/01 B0026043
98378 Skadden, Arps, Meagher and Flom $459,799.00 10/26/01 B0026048
99104 Jay Alix and Associates $ 6,903.55 10/26/01 B0026049
99391 Otterbourg, Steindler, Houston and Rosen,PC $ 94,100.03 10/26/01 B0026050
99444 Sitrick and Company, Inc. $ 2,974.42 10/26/01 B0026051
99454 Harwell, Howard, Hyne, Gabbert and Manner, PC $ 21,194.91 10/26/01 B0026052
Page 7
FORM OPR - 1 AND 2
SERVICE MERCHANDISE COMPANY, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(DEBTOR-IN-POSSESSION)
(IN THOUSANDS)
OCTOBER 28, SEPTEMBER 30,
2001 2001
----------- -------------
ASSETS
Current Assets:
Cash and cash equivalents $ 17,143 $ 17,760
Accounts receivable 7,116 7,895
Inventories 540,175 483,632
Prepaid Expenses 15,804 12,365
----------- -----------
TOTAL CURRENT ASSETS 580,238 521,652
----------- -----------
PROPERTY AND EQUIPMENT
Owned assets, net of accumulated depreciation 344,566 346,148
Capitalized leases, net of accumulated amortization 10,571 10,705
----------- -----------
TOTAL PROPERTY AND EQUIPMENT 355,137 356,853
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Other assets and deferred charges 35,803 36,296
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TOTAL ASSETS $ 971,178 $ 914,801
=========== ===========
LIABILITIES AND SHAREHOLDERS' (DEFICIT) EQUITY
Liabilities Not Subject To Compromise
Current Liabilities:
Notes payable to banks $ 304,196 $ 231,312
Accounts payable 65,964 66,646
Accrued expenses 88,901 88,189
State & local sales tax 7,544 9,110
Current maturities capitalized leases 100 99
----------- -----------
TOTAL CURRENT LIABILITIES 466,705 395,356
----------- -----------
Page 8
FORM OPR - 1 AND 2
SERVICE MERCHANDISE COMPANY, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(DEBTOR-IN-POSSESSION)
(IN THOUSANDS)
OCTOBER 28, SEPTEMBER 30,
2001 2001
----------- -------------
Long-Term Liabilities:
Long-term debt 60,000 60,000
Capitalized lease obligations 2,312 2,321
Liabilities Subject To Compromise:
Accrued restructuring costs 42,068 42,068
Capitalized lease obligations 19,491 19,767
Long-term debt 407,051 408,470
Accounts payable 199,211 198,522
Accrued expenses 94,140 93,195
----------- -----------
Total Liabilities Subject To Compromise 761,961 762,022
TOTAL LIABILITIES 1,290,978 1,219,699
----------- -----------
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS' (DEFICIT) EQUITY
Common stock 49,935 49,935
Additional paid-in-capital 5,881 5,881
Deferred compensation (115) (125)
Accumulated other comprehensive loss (1,941) (1,941)
Retained (deficit) earnings (373,560) (358,648)
----------- -----------
TOTAL SHAREHOLDERS' (DEFICIT) EQUITY (319,800) (304,898)
TOTAL LIABILITIES AND SHAREHOLDERS' (DEFICIT) EQUITY $ 971,178 $ 914,801
=========== ===========
Page 9
CHAPTER 11
MONTHLY OPERATING REPORT
CASE NAME: SERVICE MERCHANDISE COMPANY, INC. et. al.
CASE NUMBER: 399-02649 THROUGH 399-02680
PERIOD: OCTOBER 1, 2001 THROUGH OCTOBER 28, 2001
SUMMARY OF ACCOUNTS RECEIVABLE
MONTH ENDED: OCTOBER 28, 2001
FORM OPR-3 NOT APPLICABLE
Page 10
CHAPTER 11
MONTHLY OPERATING REPORT
MONTHLY REPORTING QUESTIONNAIRE
CASE NAME: SERVICE MERCHANDISE COMPANY, INC. et. Al.
CASE NUMBER: 399-02649 THROUGH 399-02680
PERIOD: OCTOBER 1, 2001 THROUGH OCTOBER 28, 2001
SCHEDULE OF POST PETITION LIABILITIES-ACCOUNTS PAYABLE
Month Ended: 10/28/2001
FORM OPR-4
TOTAL
--------
Trade Accounts Payable (Merchandise) $ 65,964
TOTAL
--------
Expense & other payables $ 88,901
Page 11
CHAPTER 11
MONTHLY OPERATING REPORT
MONTHLY REPORTING QUESTIONNAIRE
CASE NAME: SERVICE MERCHANDISE COMPANY, INC. et. al.
CASE NUMBER: 399-02649 THROUGH 399-02680
PERIOD: OCTOBER 1, 2001 THROUGH OCTOBER 28, 2001
SCHEDULE OF POST PETITION LIABILITIES
FORM OPR-4
(Dollars in Thousands)
DATE DATE TOTAL
TAXES PAYABLE INCURRED DUE DUE
Federal income tax ** Various Various $ 8,293
State income tax Various Various (250)
-------
SUBTOTAL $ 8,043
-------
Sales/use tax SUBTOTAL * Various Various $ 8,307
-------
Personal property tax * Various Various $ 2,549
Real estate taxes * Various Various 13,198
Inventory taxes * Various Various --
Gross receipts/bus licenses * Various Various 252
Franchise taxes * Various Various 375
-------
SUBTOTAL $16,374
-------
TOTAL TAXES PAYABLE $32,724
=======
* liability included in accrued expenses on OPR-2
** tax reserve
Page 12
CHAPTER 11
MONTHLY OPERATING REPORT
MONTHLY REPORTING QUESTIONNAIRE
CASE NAME: SERVICE MERCHANDISE COMPANY, INC. ET. AL.
CASE NUMBER: 399-02649 THROUGH 399-02680
PERIOD: OCTOBER 1, 2001 THROUGH OCTOBER 28, 2001
SCHEDULE OF POST PETITION LIABILITIES
FORM OPR-4
(DOLLARS IN THOUSANDS)
DATE TOTAL DUE
INCURRED DATE DUE (10/28/01 BALANCE)
-------------------------------------------------------------------------
POST PETITION SECURED DEBT
Revolver borrowings 04/14/00 04/14/04 $ 304,196
Facility standby letters of credit 04/14/00 04/14/04 23,572
Facility trade letters of credit 04/14/00 04/14/04 19,800
Term loans 04/14/00 04/14/04 60,000
---------
TOTAL EXTENSIONS OF CREDIT $ 407,568
=========
ACCRUED INTEREST PAYABLE $ 1,189
=========
Page 13
FORM OPR-5 SERVICE MERCHANDISE COMPANY, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(DEBTOR-IN-POSSESSION)
(IN THOUSANDS)
ACTIVITY ACTIVITY ACTIVITY YTD ACTIVITY YTD
OCTOBER 1, 2001 OCTOBER 2, 2000 JANUARY 1, 2001 JANUARY 3, 2000
THROUGH THROUGH THROUGH THROUGH
OCTOBER 28, 2001 OCTOBER 29, 2000 OCTOBER 28, 2001 OCTOBER 29, 2000
---------------- ---------------- ---------------- ----------------
Net Sales $ 48,296 $ 73,531 $ 684,943 $ 1,108,447
Costs of merchandise sold and buying
and occupancy expense 37,038 57,080 507,194 877,547
-------- -------- --------- -----------
Gross margin after cost of merchandise
sold and buying and occupancy expenses 11,258 16,451 177,749 230,900
Selling, General and Administrative Expenses:
Net Employment Expense 11,854 18,002 137,063 237,976
Net Advertising 1,456 6,947 40,070 61,482
Banking and Other Fees 814 1,048 12,749 15,881
Real Estate and Other Taxes 1,770 1,719 18,714 19,148
Supplies 1,086 1,441 6,763 9,511
Communication and Equipment 311 373 3,185 3,904
Travel 271 863 3,336 5,556
UCC and Other Services (788) (702) (4,086) (7,392)
Legal and Professional 373 446 3,425 3,285
Sales and Shipping 39 71 1,010 1,096
Insurance 401 339 4,287 3,872
Miscellaneous 45 62 527 (10)
Credit Card Services (3) (54) (22,039) (500)
-------- -------- --------- -----------
Total Selling, General and Administrative Expenses 17,629 30,555 205,004 353,809
Other expense/(income), net (1) (2) 1,383 (14,793)
Page 14
FORM OPR-5 SERVICE MERCHANDISE COMPANY, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(DEBTOR-IN-POSSESSION)
(IN THOUSANDS)
ACTIVITY ACTIVITY ACTIVITY YTD ACTIVITY YTD
OCTOBER 1, 2001 OCTOBER 2, 2000 JANUARY 1, 2001 JANUARY 3, 2000
THROUGH THROUGH THROUGH THROUGH
OCTOBER 28, 2001 OCTOBER 29, 2000 OCTOBER 28, 2001 OCTOBER 29, 2000
---------------- ---------------- ---------------- ----------------
Restructuring charge (credit) -- 97 -- (2,428)
Depreciation and amortization 3,126 3,033 34,200 32,384
-------- -------- --------- -----------
Earnings (loss) before interest, reorganization
items, and income tax (9,496) (17,232) (62,838) (138,072)
Interest expense - debt 3,062 3,274 31,769 30,196
Interest expense - capitalized leases 248 283 2,610 2,976
-------- -------- --------- -----------
Earnings (loss) before reorganization items,
and income tax (12,806) (20,789) (97,217) (171,244)
Reorganization Items:
Severance -- -- -- 9,423
Legal and Professional 1,659 1,997 20,334 32,363
Miscellaneous 206 197 2,330 2,341
Loss (Gain) on Disposal of Assets 16 2,149 1,094 (3,057)
Close Store Charges 225 (142) 246 320
-------- -------- --------- -----------
Total Reorganization Items 2,106 4,201 24,004 41,390
Earnings (loss) before income tax (14,912) (24,990) (121,221) (212,634)
Income tax benefit -- -- -- --
Cumulative Effect of Change in
Accounting Principles -- -- -- --
-------- -------- --------- -----------
Net earnings (loss) $(14,912) $(24,990) $(121,221) $ (212,634)
======== ======== ========= ===========
Page 15