Exhibit 99.1
OFFICE OF THE UNITED STATES TRUSTEE
In re:
DEBTOR IN POSSESSION INTERIM STATEMENT
OUTSOURCE INTERNATIONAL, INC.
Statement Number: 5
Debtor.
For the Period FROM: October 29, 2001
Chapter 11 Case No.: LA 01-28173-BB TO: November 25, 2001
Annexed hereto is Interim Statement Number 5 for the above-indicated
chapter 11 debtor ("Debtor").
At the Initial Debtor Interview held by the Office of the United
States Trustee ("OUST"), on June 27, 2001, Debtor apprised the OUST that its
books and records are maintained on a consolidated basis with the other six
affiliated debtor entities which comprise the related filing entities.
Therefore, and by agreement made with the Office of the United States Trustee,
amounts reflected on the annexed Interim Statement represent consolidated cash
receipts and disbursements for all of the bank accounts of the Debtor and its
chapter 11 debtor affiliates ("Debtors"). Additionally, the amounts reflected
on the six affiliated debtor entities represent, by type and amount, the
allocable portion of the Debtor's receipts and disbursements for the reporting
period. The allocable portion was calculated by multiplying the Debtors'
aggregate cash receipts or disbursements by the ratio of this Debtor's net
revenues divided by the aggregate net revenues for all the Debtors. Since
Outsource International, Inc. has no operations of its own and is solely a
holding company, the consolidated receipts and disbursements, for all six
affiliated debtor entities are reflected on the Interim Statement filed
concurrently herewith by OUTSOURCE INTERNATIONAL, INC., Case No. LA 01-
28173-BB.
Also, the disbursement amounts reflected on the annexed Interim
Statement reflect only the checks issued by the Debtors, which cleared the
banks during the reporting period, whereas the check registers reflect all
checks issued by the Debtors during the reporting period. Outstanding checks
represent the difference between the check registers and the disbursement
totals reflected in the Interim Statement.
OFFICE OF THE UNITED STATES TRUSTEE
IN RE OUTSOURCE INTERNATIONAL, INC DEBTOR IN POSSESSION INTERIM STATEMENT
STATEMENT NO. 5
CHAPTER 11 CASE NO. LA 01-28173 BB FOR THE PERIOD FROM: 10/29/2001
TO: 11/25/2001
CASH ACTIVITY ANALYSIS (Cash Basis Only)
A. Total Receipts per all Prior Interim Statements $ 84,899,197
B. Less Total Disbursements per all Prior Statements $ 83,994,304
------------
C. Beginning Balance (A less B) $ 904,893
D. Receipts during Current Period
Opening Cash Balance Per Bank $ 100
Plus: Available LockBox Receipts $ 18,267,930
Plus: Non A/R Cash Receipts $ --
------------
E. Total Cash Available $ 19,172,924
------------
F. Cash Disbursements/(Voids)
Advertising (newspaper recruiting) 21,259
Auto Maintenance 82
Bank Fees 1,874
Bankruptcy Expenses 100,000
BOA - Committee Accountant Acct. 5,000
BOA - Attn. Fees Creditor Acct. 20,000
BOA - Attn. Fees Debtor Acct. 250,000
Benefits (insurance) 76,171
Board of Directors --
Business License 150
Capital Expense 13,362
Capital Leases 137,442
CIT - Adequate Protection Payment 168,540
Core Payroll 1,952,448
CitiBank Credit Card Payment --
CSF Payroll & Payroll Tax 339,979
Deposits - Various Vendors --
Dues/Subscriptions 1,633
Education 2,869
Equipment 253
Expense Reports 158,548
Flex Spending Acct. 3,182
FTB ACH Account --
Garnishments 35,360
Insurance 72,922
IT 36,189
Cash Collateral for Letter of Credit --
Labor Supplies 32,915
Maintenance 19,914
Misc Vendor Prepaid 3,266
Misc Expenses 75,697
Mortgage --
Office Supplies COD 43,999
Operating Leases 21,750
Outside Labor --
Payroll Taxes --
Postage 26,632
Prof. Fees 298,806
Recruiting 10,000
Refund 7,121
Rent Deposit --
Rent 248,347
Retention Account 0
Taxes (NonPayroll) 566,634
Service Payroll (Including Taxes) 11,406,726
Telephone 347,711
Third Party Billing (Staffing) 13,317
Transportation 71,144
Travel Advance --
Unemployment Taxes --
Utilities 22,251
Utility Deposits --
Workmans Comp 808,518
------------
Total Disbursements 17,422,009
------------
Closing Available Balance 1,750,914
Outstanding A/P Checks $ 561,254
------------
Ending Bank Balance $ 2,312,168
Unavailable LockBox Receipts 846,442
------------
Total Cash 3,158,610
============
I, Carolyn Noonan, authorized signatory, declare under penalty of perjury that
the information contained in the above Debtor In Possession Interim Statement
is True and complete to the best of my knowledge.
Dated: December 18, 2001 /s/ Carolyn H. Noonan
----------------- ----------------------------------------------
Debtor in Possession
OFFICE OF THE UNITED STATES TRUSTEE
IN RE OUTSOURCE INTERNATIONAL, INC
DEBTOR IN POSSESSION INTERIM STATEMENT
STATEMENT NO. 5
FROM: 10/29/2001 PAGE 1 OF 6
CHAPTER 11 CASE NO. LA 01-28173-BB TO: 11/25/2001
(NEW) (NEW) (NEW)
Medical Insurance Attorney
H(a) Funding Accounts Payable Debtor Fees
H(a) Bank of America Bank of America Bank of America
H(a) 1233436147 1233736075 1233004407
H(a) Concord, CA Concord, CA Concord, CA
----------------- ---------------- ---------------
CASH ACTIVITY ANALYSIS (CASH BASIS ONLY)
A. Opening Cash Balance Per Bank 06/12/2001 $ -- $ -- $ --
A.1 Plus Total Receipts per all Prior
Interim Statements $ -- $ -- $ --
B. Less Total Disbursements per all
Prior Statements $(137,584) $ -- $ --
B.1 Plus/(Minus) Transfer (to)/from interbank
account (net) All prior Statements $ 144,613 $ 550,000 $150,000
--------- --------- --------
C. Beginning Balance per Schedule B.2 $ 7,029 $ 550,000 $150,000
(Attach Separate Listing if Necessary)
See Attached Consolidated Statements 1 & 2
D. TOTAL RECEIPTS THIS PERIOD $ -- $ -- $ --
--------- --------- --------
E. Balance Available (C.2 plus D) $ 7,029 $ 550,000 $150,000
F. Less: Disbursements during Current Period $(102,105) $ -- $ --
(Attach Separate Listing if Necessary) $ --
Cash Disbursements detail in excess of 2,000 pages,
available on enclosed CD.
--------- --------- --------
F.1 Net position (E minus F) $ (95,076) $ 550,000 $150,000
F.2 Other Transactions:
Plus/(Minus) Transfer (to)/from
interbank account (net) $ 98,075 $(286,855) $250,000
--------- --------- --------
G. Ending Balance $ 2,999 $ 263,145 $400,000
--------- --------- --------
I. Other monies on hand - $10,000.00 in
safe at corporate office for
disaster/hurricane preparedness.
(NEW) (NEW)
Attorney Committee
Fees Creditor Accountant Concentration
Bank of America Bank of America Bank of America
1233004421 1233004402 1233820507
Concord, CA Concord, CA Concord, CA
--------------- --------------- ---------------
CASH ACTIVITY ANALYSIS (CASH BASIS ONLY)
A. Opening Cash Balance Per Bank 06/12/2001 $ -- $ -- $ 8,145
A.1 Plus Total Receipts per all Prior
Interim Statements $ -- $ -- $ --
B. Less Total Disbursements per all
Prior Statements $ -- $ -- $ --
B.1 Plus/(Minus) Transfer (to)/from interbank
account (net) All prior Statements $40,000 $ 5,000 $(8,145)
------- ------- -------
C. Beginning Balance per Schedule B.2 $40,000 $ 5,000 $ --
(Attach Separate Listing if Necessary)
See Attached Consolidated Statements 1 & 2
D. TOTAL RECEIPTS THIS PERIOD $ --
------- ------- -------
E. Balance Available (C.2 plus D) $40,000 $ 5,000 $ --
F. Less: Disbursements during Current Period $ -- $ -- $ --
(Attach Separate Listing if Necessary)
Cash Disbursements detail in excess of 2,000 pages,
available on enclosed CD.
------- ------- -------
F.1 Net position (E minus F) $40,000 $ 5,000 $ --
F.2 Other Transactions:
Plus/(Minus) Transfer (to)/from
interbank account (net) $20,000 $ 5,000 $ --
------- ------- -------
G. Ending Balance $60,000 $10,000 $ --
------- ------- -------
I. Other monies on hand - $10,000.00 in
safe at corporate office for
disaster/hurricane preparedness.
I, Carolyn Noonan, authorized signatory, declare under penalty of
perjury that the information contained in the above Debtor In
Possession Interim Statement is True and complete to the best of my
knowledge.
Dated: December 18, 2001 /s/ Carolyn Noonan
--------------------- -------------------------
DEBTOR IN POSSESSION
OFFICE OF THE UNITED STATES TRUSTEE
IN RE OUTSOURCE INTERNATIONAL, INC
DEBTOR IN POSSESSION INTERIM STATEMENT
STATEMENT NO. 5
FROM: 10/29/2001 PAGE 2 OF 6
CHAPTER 11 CASE NO. LA 01-28173-BB TO: 11/25/2001
(NEW)
H(a) Payroll Payroll Core/Operating
H(a) Bank of America Bank of America Bank of America
H(a) 1233633997 1233833996 1233136172
H(a) Concord, CA Concord, CA Concord, CA
--------------- --------------- ---------------
CASH ACTIVITY ANALYSIS (CASH BASIS ONLY)
A. Opening Cash Balance Per Bank 06/12/2001 $ -- $ 873,395 $ --
A.1 Plus Total Receipts per all Prior
Interim Statements $ 1,356 $ 7,468 $ --
B. Less Total Disbursements per all
Prior Statements $(348,373) $(14,800,763) $(2,597)
B.1 Plus/(Minus) Transfer (to)/from interbank
account (net) All prior Statements $ 408,883 $ 14,231,260 $ 9,365
--------- ------------ -------
C. Beginning Balance per Schedule B.2 $ 61,866 $ 311,360 $ 6,768
(Attach Separate Listing if Necessary)
See Attached Consolidated Statements 1 & 2
D. TOTAL RECEIPTS THIS PERIOD $ -- $ -- $ --
--------- ------------ -------
E. Balance Available (C.2 plus D) $ 61,866 $ 311,360 $ 6,768
F. Less: Disbursements during Current Period $(165,034) $ (3,027,743) $(3,323)
(Attach Separate Listing if Necessary)
Cash Disbursements detail in excess of 2,000 pages,
available on enclosed CD
--------- ------------ -------
F.1 Net position (E minus F) $(103,168) $ (2,716,383) $ 3,446
F.2 Other Transactions:
Plus/(Minus) Transfer (to)/from
interbank account (net) $ 154,625 $ 2,929,703 $ 3,182
--------- ------------ -------
G. Ending Balance $ 51,457 $ 213,320 $ 6,628
--------- ------------ -------
I. Other monies on hand - $10,000.00 in
safe at corporate office for
disaster/hurricane preparedness
LockBox LockBox LockBox
Bank of America LA Bank of America CH Bank of America
1233334412 8188312934 3751598703
Concord, CA Concord, CA Concord, CA
------------------ ------------------ --------------
CASH ACTIVITY ANALYSIS (CASH BASIS ONLY)
A. Opening Cash Balance Per Bank 06/12/2001 $ 439,649 $ 578,151 $ 406,542
A.1 Plus Total Receipts per all Prior
Interim Statements $ 24,225,620 $ 35,829,845 $ 24,029,623
B. Less Total Disbursements per all
Prior Statements $ (446,641) $ (596,827) $ (1,715,392)
B.1 Plus/(Minus) Transfer (to)/from interbank
account (net) All prior Statements $(23,935,512) $(35,513,920) $(22,598,112)
------------ ------------ ------------
C. Beginning Balance per Schedule B.2 $ 283,116 $ 297,249 $ 122,662
(Attach Separate Listing if Necessary)
See Attached Consolidated Statements 1 & 2
D. TOTAL RECEIPTS THIS PERIOD $ 5,992,012 $ 7,712,669 $ 4,706,664
------------ ------------ ------------
E. Balance Available (C.2 plus D) $ 6,275,128 $ 8,009,919 $ 4,829,326
F. Less: Disbursements during Current Period $ -- $ -- $ --
(Attach Separate Listing if Necessary)
Cash Disbursements detail in excess of 2,000 pages,
available on enclosed CD
------------ ------------ ------------
F.1 Net position (E minus F) $ 6,275,128 $ 8,009,919 $ 4,829,326
F.2 Other Transactions:
Plus/(Minus) Transfer (to)/from
interbank account (net) $ (5,776,506) $ (7,788,234) $ (4,703,190)
------------ ------------ ------------
G. Ending Balance $ 498,622 $ 221,685 $ 126,136
------------ ------------ ------------
I. Other monies on hand - $10,000.00 in
safe at corporate office for
disaster/hurricane preparedness
OFFICE OF THE UNITED STATES TRUSTEE
IN RE OUTSOURCE INTERNATIONAL, INC
DEBTOR IN POSSESSION INTERIM STATEMENT
STATEMENT NO. 5
FROM: 10/29/2001 PAGE 3 OF 6
CHAPTER 11 CASE NO. LA 01-28173-BB TO: 11/25/2001
Operating Operating Accounts
H(a) Account Account Payable
H(a) Citizens Bank Citizens Bank Citizens Bank
H(a) 3303116816 3300167983 3399000024
H(a) Manchester, NH Manchester, NH Manchester, NH
--------------- -------------- --------------
CASH ACTIVITY ANALYSIS (CASH BASIS ONLY)
A. Opening Cash Balance Per Bank 06/12/2001 $ 100 $ 19,635 $ --
A.1 Plus Total Receipts per all Prior Interim Statements $ 2,966,471 $ -- $ --
B. Less Total Disbursements per all Prior Statements $ (8,776,091) $ (3,259) $ (1,606)
B.1 Plus/(Minus) Transfer (to)/from
interbank account (net)
All prior Statements $ 7,492,534 $ (16,376) $ 1,606
------------ ------------ ------------
C. Beginning Balance per Schedule B.2 $ 1,683,014 $ -- $ --
(Attach Separate Listing if Necessary)
See Attached Consolidated Statements 1 & 2
D. TOTAL RECEIPTS THIS PERIOD $ -- $ -- $ --
------------ ------------ ------------
E. Balance Available (C.2 plus D) $ 1,683,014 $ -- $ --
F. Less: Disbursements during Current Period $ (1,302,259) $ -- $ --
(Attach Separate Listing if Necessary)
Cash Disbursements detail in excess of 2,000 pages,
available on enclosed CD.
------------ ------------ ------------
F.1 Net position (E minus F) $ 380,755 $ -- $ --
F.2 Other Transactions:
Plus/(Minus) Transfer (to)/from
interbank account (net) $ 1,931,413 $ -- $ --
------------ ------------ ------------
G. Ending Balance $ 2,312,168 $ -- $ --
------------ ------------ ------------
Accounts Accounts
Payable Payable Concentration
Citizens Bank Citizens Bank First Star Bank
3303116832 3399000148 823213004
Manchester, NH Manchester, NH Cincinnati, OH
-------------- -------------- ---------------
CASH ACTIVITY ANALYSIS (CASH BASIS ONLY)
A. Opening Cash Balance Per Bank 06/12/2001 $ 100 $ -- $ 970,445
A.1 Plus Total Receipts per all Prior Interim Statements $ -- $ -- $ --
B. Less Total Disbursements per
all Prior Statements $ (629,844) $ (6,608,776) $ --
B.1 Plus/(Minus) Transfer (to)/from
interbank account (net)
All prior Statements $ 629,744 $ 6,608,776 $ (543,944)
------------ ------------ ------------
C. Beginning Balance per Schedule B.2 $ -- $ -- $ 426,502
(Attach Separate Listing if Necessary)
See Attached Consolidated Statements 1 & 2
D. TOTAL RECEIPTS THIS PERIOD $ -- $ -- $ --
------------ ------------ ------------
E. Balance Available (C.2 plus D) $ -- $ -- $ 426,502
F. Less: Disbursements during Current Period $ -- $ (1,980,644) $ --
(Attach Separate Listing if Necessary)
Cash Disbursements detail in excess of 2,000 pages,
available on enclosed CD.
------------ ------------ ------------
F.1 Net position (E minus F) $ -- $ (1,980,644) $ 426,502
F.2 Other Transactions:
Plus/(Minus) Transfer (to)/from
interbank account (net) $ -- $ 1,980,644 $ (265,275)
------------ ------------ ------------
G. Ending Balance $ -- $ -- $ 161,227
------------ ------------ ------------
I. Other monies on hand - $10,000.00 in safe at corporate office for
disaster/hurricane preparedness.
OFFICE OF THE UNITED STATES TRUSTEE
IN RE OUTSOURCE INTERNATIONAL, INC
DEBTOR IN POSSESSION INTERIM STATEMENT
STATEMENT NO. 5
FROM: 10/29/2001 PAGE 4 OF 6
CHAPTER 11 CASE NO. LA 01-28173-BB TO: 11/25/2001
Concentration Payroll
H(a) Payroll First Tennessee First Tennessee
H(a) First Star Bank Bank Bank
H(a) 823213012 100080412 100196519
H(a) Cincinnati, OH Memphis, TN Memphis, TN
---------------- ---------------- ---------------
CASH ACTIVITY ANALYSIS (CASH BASIS ONLY)
A. Opening Cash Balance Per Bank 06/12/2001 $ -- $ 113,699 $ --
A.1 Plus Total Receipts per all Prior Interim Statements $ -- $ -- $ --
B. Less Total Disbursements per all Prior Statements $(22,373,698) $ (4,478) $ (2,688,084)
B.1 Plus/(Minus) Transfer (to)/from
interbank account (net)
All prior Statements $ 22,373,698 $ (95,908) $ 2,688,084
------------ ------------ ------------
C. Beginning Balance per Schedule B.2 $ -- $ 13,314 $ --
(Attach Separate Listing if Necessary)
See Attached Consolidated Statements 1 & 2
D. TOTAL RECEIPTS THIS PERIOD $ -- $ -- $ --
------------ ------------ ------------
E. Balance Available (C.2 plus D) $ -- $ 13,314 $ --
F. Less: Disbursements during Current Period $ (4,685,363) $ (1,772) $ (504,984)
(Attach Separate Listing if Necessary)
Cash Disbursements detail in excess of 2,000 pages,
available on enclosed CD.
------------ ------------ ------------
F.1 Net position (E minus F) $ (4,685,363) $ 11,542 $ (504,984)
F.2 Other Transactions:
Plus/(Minus) Transfer (to)/from
interbank account (net) $ 4,685,363 $ (4,083) $ 504,984
------------ ------------ ------------
G. Ending Balance $ -- $ 7,459 $ --
------------ ------------ ------------
Payroll ACH Payroll Concentration
First Tennessee First Tennessee First Union
Bank Bank National Bank
100380734 101829397 2080000373357
Memphis, TN Memphis, TN Deerfield Beach, FL
-------------- -------------- --------------------
CASH ACTIVITY ANALYSIS (CASH BASIS ONLY)
A. Opening Cash Balance Per Bank 06/12/2001 $ 894 $ -- $ 411,098
A.1 Plus Total Receipts per all Prior Interim Statements $ -- $ -- $ --
B. Less Total Disbursements per $ (16) $ (3,497,565) $ (70,803)
all Prior Statements
B.1 Plus/(Minus) Transfer (to)/from
interbank account (net) $ (878) $ 3,515,784 $ (170,476)
All prior Statements ------------ ------------ ------------
$ -- $ 18,219 $ 169,818
C. Beginning Balance per Schedule B.2
(Attach Separate Listing if Necessary)
See Attached Consolidated Statements 1 & 2
D. TOTAL RECEIPTS THIS PERIOD $ -- $ -- $ --
------------ ------------ ------------
E. Balance Available (C.2 plus D) $ -- $ 18,219 $ 169,818
F. Less: Disbursements during Current Period $ -- $ (1,490,229) $ (9,512)
(Attach Separate Listing if Necessary)
Cash Disbursements detail in excess of 2,000 pages,
available on enclosed CD.
------------ ------------ ------------
F.1 Net position (E minus F) $ -- $ (1,472,011) $ 160,306
F.2 Other Transactions:
Plus/(Minus) Transfer (to)/from
interbank account (net) $ -- $ 1,508,751 $ (70,359)
------------ ------------ ------------
G. Ending Balance $ -- $ 36,740 $ 89,947
------------ ------------ ------------
I. Other monies on hand - $10,000.00 in safe at corporate office for
disaster/hurricane preparedness.
OFFICE OF THE UNITED STATES TRUSTEE
IN RE OUTSOURCE INTERNATIONAL, INC
DEBTOR IN POSSESSION INTERIM STATEMENT
STATEMENT NO. 5
FROM: 10/29/2001 PAGE 5 OF 6
CHAPTER 11 CASE NO. LA 01-28173-BB TO: 11/25/2001
Payroll Payroll Concentration
H(a) First Union First Union Michigan National
H(a) National Bank National Bank Bank
H(a) 2079940007435 207009940011586 5961844940
H(a) Deerfield Beach, FL Deerfield Beach, FL Livonia, MI
------------------- -------------------- -----------------
CASH ACTIVITY ANALYSIS (CASH BASIS ONLY)
A. Opening Cash Balance Per Bank 06/12/2001 $ -- $ -- $ 66,832
A.1 Plus Total Receipts per all Prior Interim Statements $ -- $ -- $ 764
B. Less Total Disbursements per all Prior Statements $ (6,799,738) $ (2,691,215) $ (9,244)
B.1 Plus/(Minus) Transfer (to)/from
interbank account (net)
All prior Statements $ 6,799,738 $ 2,691,215 $ 59,762
------------ ------------ ------------
C. Beginning Balance per Schedule B.2 $ -- $ -- $ 118,114
(Attach Separate Listing if Necessary)
See Attached Consolidated Statements 1 & 2
D. TOTAL RECEIPTS THIS PERIOD $ -- $ -- $ --
------------ ------------ ------------
E. Balance Available (C.2 plus D) $ -- $ -- $ 118,114
F. Less: Disbursements during Current Period $ (1,177,782) $ (416,520) $ (2,591)
(Attach Separate Listing if Necessary)
Cash Disbursements detail in excess of 2,000 pages,
available on enclosed CD.
------------ ------------ ------------
F.1 Net position (E minus F) $ (1,177,782) $ (416,520) $ 115,523
F.2 Other Transactions:
Plus/(Minus) Transfer (to)/from
interbank account (net) $ 1,177,782 $ 416,520 $ (28,252)
------------ ------------ ------------
G. Ending Balance $ -- $ -- $ 87,271
------------ ------------ ------------
Payroll Payroll Payroll Taxes
Michigan National Michigan National Michigan National
Bank Bank Bank
2770710164 2770710420 6856302242
Livonia, MI Livonia, MI Livonia, MI
----------------- ----------------- -----------------
CASH ACTIVITY ANALYSIS (CASH BASIS ONLY)
A. Opening Cash Balance Per Bank 06/12/2001 $ 1 $ 1 $ 697,525
A.1 Plus Total Receipts per all Prior Interim Statements $ -- $ -- $ --
B. Less Total Disbursements per
all Prior Statements $ (1,882,532) $ (2,495) $(11,007,720)
B.1 Plus/(Minus) Transfer (to)/from
interbank account (net)
All prior Statements $ 1,882,531 $ 2,494 $ 10,394,876
------------ ------------ ------------
C. Beginning Balance per Schedule B.2 $ -- $ -- $ 84,681
(Attach Separate Listing if Necessary)
See Attached Consolidated Statements 1 & 2
D. TOTAL RECEIPTS THIS PERIOD $ -- $ -- $ --
------------ ------------ ------------
E. Balance Available (C.2 plus D) $ -- $ -- $ 84,681
F. Less: Disbursements during Current Period $ (269,322) $ -- $ (2,528,546)
(Attach Separate Listing if Necessary)
Cash Disbursements detail in excess of 2,000 pages,
available on enclosed CD.
------------ ------------ ------------
F.1 Net position (E minus F) $ (269,322) $ -- $ (2,443,864)
F.2 Other Transactions:
Plus/(Minus) Transfer (to)/from
interbank account (net) $ 269,322 $ -- $ 2,570,000
------------ ------------ ------------
G. Ending Balance $ -- $ -- $ 126,136
------------ ------------ ------------
I. Other monies on hand - $10,000.00 in safe at corporate office for
disaster/hurricane preparedness.
OFFICE OF THE UNITED STATES TRUSTEE
IN RE OUTSOURCE INTERNATIONAL, INC
DEBTOR IN POSSESSION INTERIM STATEMENT
STATEMENT NO. 5
FROM: 10/29/2001 PAGE 6 OF 6
CHAPTER 11 CASE NO. LA 01-28173-BB TO: 11/25/2001
H(a) Concentration Payroll Payroll
H(a) Norwest Bank Norwest Bank Norwest Bank
H(a) 5058061791 8012703781 8012703799
H(a) Colorado Springs, CO Colorado Springs, CO Colorado Springs, CO
--------------------- --------------------- --------------------
CASH ACTIVITY ANALYSIS (CASH BASIS ONLY)
A. Opening Cash Balance Per Bank 06/12/2001 $ 154,709 $ -- $ --
A.1 Plus Total Receipts per all Prior Interim Statements $ -- $ -- $ --
B. Less Total Disbursements per all Prior Statements $ (18,464) $ (409,601) $ (1,977,712)
B.1 Plus/(Minus) Transfer (to)/from
interbank account (net)
All prior Statements $ (76,357) $ 409,601 $ 1,977,712
------------ ------------ ------------
C. Beginning Balance per Schedule B.2 $ 59,888 $ -- $ --
(Attach Separate Listing if Necessary)
See Attached Consolidated Statements 1 & 2
D. TOTAL RECEIPTS THIS PERIOD $ -- $ -- $ --
------------ ------------ ------------
E. Balance Available (C.2 plus D) $ 59,888 $ -- $ --
F. Less: Disbursements during Current Period $ (3,578) $ (19,574) $ (66,536)
(Attach Separate Listing if Necessary)
Cash Disbursements detail in excess of 2,000 pages,
available on enclosed CD.
------------ ------------ ------------
F.1 Net position (E minus F) $ 56,310 $ (19,574) $ (66,536)
F.2 Other Transactions:
Plus/(Minus) Transfer (to)/from
interbank account (net) $ 42,246 $ 19,574 $ 66,536
------------ ------------ ------------
G. Ending Balance $ 98,556 $ -- $ --
------------ ------------ ------------
(NEW) (NEW)
Concentration C/D
Key Bank Key Bank
769081017022 440997600257 Totals
-------------- ------------ --------------
CASH ACTIVITY ANALYSIS (CASH BASIS ONLY)
A. Opening Cash Balance Per Bank 06/12/2001 $ -- $ -- $ 4,740,920
A.1 Plus Total Receipts per all Prior Interim Statements $ -- $ -- $ 87,061,148
B. Less Total Disbursements per
all Prior Statements $ -- $ -- $(87,501,116)
B.1 Plus/(Minus) Transfer (to)/from
interbank account (net)
All prior Statements $ -- $ -- $ 107,648
------------ ------------ ------------
C. Beginning Balance per Schedule B.2 $ -- $ -- $ 4,408,600
(Attach Separate Listing if Necessary)
See Attached Consolidated Statements 1 & 2
D. TOTAL RECEIPTS THIS PERIOD $ -- $ -- $ 18,411,346
--
------------ ------------ ------------
E. Balance Available (C.2 plus D) $ -- $ -- $ 22,819,945
F. Less: Disbursements during Current Period $ (520) $ (285,046) $(18,042,982)
(Attach Separate Listing if Necessary)
Cash Disbursements detail in excess of 2,000 pages,
available on enclosed CD.
------------ ------------ ------------
F.1 Net position (E minus F) $ (520) $ (285,046) $ 4,776,964
F.2 Other Transactions:
Plus/(Minus) Transfer (to)/from
interbank account (net) $ 3,989 $ 285,046 $ (0)
------------ ------------ ------------
G. Ending Balance $ 3,468 $ -- $ 4,776,964
------------ ------------ ------------
I. Other monies on hand - $10,000.00 in safe at corporate office for
disaster/hurricane preparedness.
OFFICE OF THE UNITED STATES TRUSTEE
- --------------------------------------------------------------------------------
IN RE: OUTSOURCE INTERNATIONAL, INC. DEBTOR IN POSSESSION OPERATING REPORT
DEBTOR
CONSOLIDATED 5 PAGE 1 OF 3
CHAPTER 11 CASE NO: LA 01-28173-BB FOR THE PERIOD FROM: 10/29/2001
TO: 11/25/2001
- --------------------------------------------------------------------------------
CONSOLIDATED
1. PROFIT AND LOSS STATEMENT (ACCRUAL BASIS ONLY)
A. RELATED TO BUSINESS OPERATIONS:
GROSS SALES $14,535,316
LESS: SALES RETURNS & DISCOUNTS (109,474)
-----------
NET SALES $14,425,842
LESS: COST OF GOODS SOLD: 11,499,417
-----------
GROSS PROFIT $ 2,926,425
OTHER OPERATING REVENUES --
LESS: OPERATING EXPENSES --
OFFICER COMPENSATION 93,946
SALARIES AND WAGES--OTHER EMPLOYEES 2,105,152
-----------
TOTAL SALARIES AND WAGES 2,199,098
EMPLOYEE BENEFITS AND PENSIONS 115,868
PAYROLL TAXES 160,786
REAL ESTATE TAXES 4,472
FEDERAL AND STATE INCOME TAXES 4,000
-----------
TOTAL TAXES 169,258
RENT AND LEASE EXP. (REAL PROPERTY AND PERSONAL PROPERTY) 263,972
INTEREST EXPENSE (MORTGAGE, LOAN, ETC) 172,196
INSURANCE 42,838
AUTOMOBILE EXPENSE 69,754
UTILITIES (GAS, ELECTRIC, WATER, TELEPHONE, ETC.) 213,542
DEPRECIATION AND AMORTIZATION 445,687
REPAIRS AND MAINTENANCE 14,257
ADVERTISING 13,217
SUPPLIES, OFFICE EXPENSES, PHOTOCOPIES, ETC. 106,018
BAD DEBTS 192,845
Misc Op Exp (T&E,relo,rep,meet,recruit,bank/collect
fees,lic/tax) 250,540
-----------
TOTAL OPERATING EXPENSES 1,784,865
-----------
NET GAIN/LOSS FROM BUSINESS OPERATIONS (1,342,663)
B. NOT RELATED TO BUSINESS OPERATIONS:
INCOME:
INTEREST INCOME 8,987
OTHER NON-OPERATING REVENUES (VNDG MACH COMMISS,
LAWSUIT ADJ, RESTIT) 486
GROSS PROCEEDS ON SALE OF ASSETS 0
LESS: ORIGINAL COST OF ASSETS PLUS EXPENSES OF SALE 21,241
NET GAIN/LOSS ON SALE OF ASSETS (21,241)
-----------
TOTAL NON-OPERATING INCOME (11,768)
EXPENSES NOT RELATED TO BUSINESS OPERATIONS:
ACCOUNTING & AUDITING FEES 15,000
LEGAL FEES 968,364
OTHER PROF./CONSULT FEES (425,812)
OTHER NON-OPERATING EXPENSES (SPECIFY) --
-----------
TOTAL NON-OPERATING EXPENSES 557,551
------------
NET INCOME/LOSS FOR PERIOD $(1,911,983)
============
DEBTOR IN POSSESSION OPERATING REPORT NO: 5 Page 2 of 3
2. Aging of Accounts Payable and Accounts Receivable (Exclude
pre-petition accounts payable):
CONSOLIDATED: Accounts Payable Accounts Receivable
- ------------- ---------------- -------------------
Current Under 46 Days 139,234.60 19,000,808.58
Overdue 46 - 60 Days 9,094.87 2,072,636.65
Overdue 61 - 90 Days 98,859.06 684,262.15
Overdue: 91 - 150 Days 300,224.85 263,538.80
Overdue: 151 - 179 Days 92,623.20 70,120.69
Overdue: >=180 Days 208.70 412,463.26
TOTAL 640,245.28 22,503,830.13
3. Statement of Status of Payments to Secured Creditors and Lessors:
Frequency Post-Petition
of Payments per Amount Next Payments Not Made*
Creditor/ Contract/Lease of Each Payment
Lessor (i.e. Mo., Qtr.) Payment Due Number Amount
- -------------------- ---------------- ------- ------- ----------- ---------
SEE ATTACHED RIDER 3
- -------------------- ---------------- ------- ------- ----------- ---------
- -------------------- ---------------- ------- ------- ----------- ---------
- -------------------- ---------------- ------- ------- ----------- ---------
- -------------------- ---------------- ------- ------- ----------- ---------
* Explanation for Non-Payment: In accordance with bankruptcy code
section 365(D)(10), during the month of August, debtor began paying the amounts
due under the personal property leases for August, although not all August
payments were made during the August reporting period. For the November
reporting period, the debtor is current and intends to remain current going
forward on personal property lease payments pending the decision to assume or
reject the personal property leases.
4. Tax Liability: SEE ATTACHED RIDER 4*
Gross Payroll Expense for Period: $12,529,416.80
Gross Sales for Period Subject to Sales Tax: $173,785.00
Post-Petition
Taxes Still
Date Paid Amount Paid * (NOTE 1) Owing
----------------- --------------------- -------------------
Federal Payroll and Withholding Taxes Various $2,138,486.98 $160,410.52 (NOTE 2)
State Payroll and Withholding Taxes (NOTE 3) Various $ 182,839.16 $555,146.73 (NOTE 2)
State Sales and Use Taxes November 20, 2001 $ 10,406.00 $ 9,071.00 (NOTE 2)
Real Property Taxes N/A N/A N/A
* Attach photocopies of depository receipts from taxing authorities or
financial institutions to verify that such deposits or payments have
been made. (NOTE 1) Returns provided regularly to UST, payments
generally via ACH. Payment includes amounts due in November from
October + amounts due in November from November. (NOTE 2) Payment is
due in December. (NOTE 3) Includes local taxes.
5. Insurance Coverage: SEE ATTACHED RIDER 5 AT LA01-28173-BB
Carrier/ Amount Policy Premium
Agent of Expiration Paid Through
Name Coverage Date Date
-------- -------- ---------- -----------
Worker's Compensation
-------- -------- ---------- -----------
Liability
-------- -------- ---------- -----------
Fire and Extended Coverage
-------- -------- ---------- -----------
Property
-------- -------- ---------- -----------
Theft
-------- -------- ---------- -----------
Life (Beneficiary:_______________)
-------- -------- ---------- -----------
Vehicle
-------- -------- ---------- -----------
Other (Specify):
-------- -------- ---------- -----------
Revised April 1989 OPERATING REPORT UST-4
Page 3 of 3
DEBTOR IN POSSESSION OPERATING REPORT NO: 5
6. Questions:
A. Has the Debtor in Possession provided compensation to any officers,
directors, shareholders or other principals without the approval of
the Office of the United States Trustee?
Yes Explain:
------- -------------------------------------------------
X No
------
B. Has the Debtor in Possession, subsequent to the filing of the
petition, made any payments on its pre-petition unsecured debt, except
as have been authorized by the Court?
Yes Explain:
------- -------------------------------------------------
X No
------
7. Statement of Unpaid Professional Fees (Post-Petition Amounts Only)
CONSOLIDATED
State Type of Total Post-
Professional Petition Amount
Name of Professional (Attorney/Accountant/etc.) Unpaid
- -------------------- -------------------------- ---------------
KTBS Bankruptcy Counsel $160,000 (estimate)
Akerman, Senterfitt General Counsel $ 76,382 (estimate)
DeBellas Investment Advisor $ 15,572 (estimate)
Bankruptcy Management Corp Bankruptcy Consultant $170,407 (estimate)
8. Narrative Report of Significant Events and Events out of the Ordinary
Course of Business (Attach separate sheet if necessary)
See attached Rider 6 at LA 01-28173BB.
9. Quarterly Fees: (This Fee MUST be paid to the United States Trustee
every calendar quarter)
Quarterly Total Quarterly
Period Disbursements Quarterly Date Amount Check Fee Still
Ending for Quarter Fee Paid Paid No. Owing
--------- ------------- --------- ---- ------ ----- ---------
9/30/2001 0 250 10/26/2001 250 218238 0
- --------------------- ----------------------- ---------------- --------------- ------------- ----------- ---------------
- --------------------- ----------------------- ---------------- --------------- ------------- ----------- ---------------
- --------------------- ----------------------- ---------------- --------------- ------------- ----------- ---------------
- --------------------- ----------------------- ---------------- --------------- ------------- ----------- ---------------
- --------------------- ----------------------- ---------------- --------------- ------------- ----------- ---------------
- --------------------- ----------------------- ---------------- --------------- ------------- ----------- ---------------
I, Carolyn H. Noonan, the Vice President, Controller and Assistant Secretary of
Outsource International, Inc., debtor in this chapter 11 case, declare under
penalty of perjury that the information contained in the above Debtor in
Possession Operating Report is true and complete to the best of my knowledge.
Dated: December 18, 2001
/s/ Carolyn H. Noonan
----------------------------------
Debtor in Possession or Trustee
Revised April 1989 OPERATING REPORT UST-4
Rider 3 - Status of Payments to Secured Creditors and Lessors
Outsource International, Inc.
Case No. LA 01-28173BB
Consolidated
FREQUENCY OF
PAYMENTS PER AMOUNT OF NEXT PAYMENT POST-PETITION
CREDITOR/LESSOR CONTRACT/LEASE EACH PAYMENT DUE PAYMENTS NOT MADE **
- --------------- -------------- ------------ ------------ ------------------------
ABELCO DISCOUNT (7,228,652.00) 0 (7,228,652.00)
ABLECO TERM LOAN A quarterly 500,000.00 10/31/01 0 500,000.00
ABLECO TERM LOAN B balloon 8,549,980.58 08/15/03 0 8,549,980.58
ADVANTA BUSINESS SERVICES CORP monthly 207.76 12/04/01 1 207.76
CIT REVOLVER daily 17,496,455.60 Variable Daily 0 17,496,455.60
CITICORP VENDOR FINANCE INC monthly 560.74 12/09/01 1 560.74
CITICORP VENDOR FINANCE INC monthly 308.69 12/09/01 1 308.69
CITICORP VENDOR FINANCE INC monthly 380.04 12/09/01 1 380.04
COMERICA BANK monthly 1,021.66 12/24/01 6 6,129.96
COPYCO INC N/A 461.42 Note 1 1 461.42
COPYCO INC N/A 421.16 Note 1 1 421.16
DE LAGE LANDEN FINANCIAL SERVICES monthly 197.09 12/11/01 1 197.09
DE LAGE LANDEN FINANCIAL SERVICES monthly 133.33 12/13/01 1 133.33
DE LAGE LANDEN FINANCIAL SERVICES monthly 188.57 12/11/01 1 188.57
DE LAGE LANDEN FINANCIAL SERVICES monthly 125.28 12/13/01 1 125.28
DeLage Landen Fin Svcs (was Bancone) monthly 5,914.80 12/01/01 1 5,914.80
FIDELITY LEASING INC. aka CITICAPITAL monthly 114.95 12/15/01 1 114.95
FLEET BUSINESS CREDIT CORPORATION monthly 94.62 12/08/01 1 94.62
FLEET BUSINESS CREDIT CORPORATION monthly 60.76 12/08/01 1.6 97.22
FLEET BUSINESS CREDIT CORPORATION monthly 93.77 12/08/01 1.6 150.03
FLEET BUSINESS CREDIT CORPORATION monthly 57.79 12/08/01 1.6 92.46
FLEET BUSINESS CREDIT CORPORATION monthly 93.86 12/08/01 1.6 150.18
FLEET BUSINESS CREDIT CORPORATION monthly 57.79 12/08/01 1.6 92.46
FLEET BUSINESS CREDIT CORPORATION monthly 93.86 12/08/01 1.6 150.18
FLEET BUSINESS CREDIT CORPORATION monthly 93.86 12/08/01 1.6 150.18
FLEET BUSINESS CREDIT CORPORATION monthly 94.23 12/08/01 1.6 150.77
FLEET BUSINESS CREDIT CORPORATION monthly 94.42 12/08/01 1.6 151.07
FLEET BUSINESS CREDIT CORPORATION monthly 14.50 12/08/01 1.6 23.20
FLEET BUSINESS CREDIT CORPORATION monthly 11.46 12/08/01 1.6 18.34
FLEET BUSINESS CREDIT CORPORATION monthly 93.08 12/08/01 1.6 148.93
FLEET BUSINESS CREDIT CORPORATION monthly 70.04 12/08/01 1.6 112.06
FLEET BUSINESS CREDIT CORPORATION monthly 94.67 12/08/01 1.6 151.47
FLEET BUSINESS CREDIT CORPORATION monthly 76.81 12/08/01 1.6 122.90
FLEET BUSINESS CREDIT CORPORATION monthly 94.67 12/08/01 1.6 151.47
FLEET BUSINESS CREDIT CORPORATION monthly 94.67 12/08/01 1.6 151.47
FLEET BUSINESS CREDIT CORPORATION monthly 85.33 12/08/01 1.6 136.53
FLEET BUSINESS CREDIT CORPORATION monthly 70.54 12/08/01 1.6 112.86
FLEET BUSINESS CREDIT CORPORATION monthly 144.93 12/08/01 1.6 231.89
FLEET BUSINESS CREDIT CORPORATION monthly 153.74 12/08/01 1.6 245.98
FLEET BUSINESS CREDIT CORPORATION monthly 86.13 12/08/01 1.6 137.81
FLEET BUSINESS CREDIT CORPORATION monthly 94.66 12/08/01 1.6 151.46
FLEET BUSINESS CREDIT CORPORATION monthly 117.62 12/08/01 1.6 188.19
FLEET BUSINESS CREDIT CORPORATION monthly 96.70 12/08/01 1.6 154.72
FLEET BUSINESS CREDIT CORPORATION monthly 356.15 12/08/01 1.6 569.84
FLEET BUSINESS CREDIT CORPORATION monthly 356.15 12/08/01 1.6 569.84
FLEET BUSINESS CREDIT CORPORATION monthly 356.15 12/08/01 1.6 569.84
FLEET BUSINESS CREDIT CORPORATION monthly 89.31 12/08/01 1.6 142.90
FLEET BUSINESS CREDIT CORPORATION monthly 62.12 12/08/01 1.6 99.39
FLEET BUSINESS CREDIT CORPORATION monthly 68.79 12/08/01 1.6 110.06
FLEET BUSINESS CREDIT CORPORATION monthly 68.79 12/08/01 1.6 110.06
FLEET BUSINESS CREDIT CORPORATION monthly 12.22 12/08/01 1.6 19.55
FLEET BUSINESS CREDIT CORPORATION monthly 107.28 12/08/01 1.6 171.65
FLEET BUSINESS CREDIT CORPORATION monthly 85.33 12/08/01 1.6 136.53
FLEET BUSINESS CREDIT CORPORATION monthly 94.67 12/08/01 1.6 151.47
FLEET BUSINESS CREDIT CORPORATION monthly 70.14 12/08/01 1.6 112.22
FLEET BUSINESS CREDIT CORPORATION monthly 181.63 12/08/01 1.6 290.61
FLEET BUSINESS CREDIT CORPORATION monthly 68.79 12/08/01 1.6 110.06
FLEET BUSINESS CREDIT CORPORATION monthly 94.67 12/08/01 1.6 151.47
FLEET BUSINESS CREDIT CORPORATION monthly 41.92 12/08/01 1.6 67.07
FLEET BUSINESS CREDIT CORPORATION monthly 76.17 12/08/01 1.6 121.87
FLEET BUSINESS CREDIT CORPORATION monthly 93.16 12/08/01 1.6 149.06
1
Rider 3 - Status of Payments to Secured Creditors and Lessors
Outsource International, Inc.
Case No. LA 01-28173BB
Consolidated
FREQUENCY OF
PAYMENTS PER AMOUNT OF NEXT PAYMENT POST-PETITION
CREDITOR/LESSOR CONTRACT/LEASE EACH PAYMENT DUE PAYMENTS NOT MADE **
- --------------- -------------- ------------ ------------ ------------------------
FLEET BUSINESS CREDIT CORPORATION monthly 105.80 12/08/01 1.6 169.28
FLEET BUSINESS CREDIT CORPORATION monthly 107.28 12/08/01 1.6 171.65
FLEET BUSINESS CREDIT CORPORATION monthly 93.16 12/08/01 1.6 149.06
FLEET BUSINESS CREDIT CORPORATION monthly 120.07 12/08/01 1.6 192.11
FLEET BUSINESS CREDIT CORPORATION monthly 109.09 12/08/01 1.6 174.54
FLEET BUSINESS CREDIT CORPORATION monthly 14.33 12/08/01 1.6 22.93
FLEET BUSINESS CREDIT CORPORATION monthly 212.83 12/08/01 1.6 340.53
FLEET BUSINESS CREDIT CORPORATION monthly 86.37 12/08/01 1.6 138.19
FLEET BUSINESS CREDIT CORPORATION monthly 86.57 12/08/01 1.6 138.51
FLEET BUSINESS CREDIT CORPORATION monthly 86.37 12/08/01 1.6 138.19
FLEET BUSINESS CREDIT CORPORATION monthly 86.37 12/08/01 1.6 138.19
FLEET BUSINESS CREDIT CORPORATION monthly 86.17 12/08/01 1.6 137.87
FLEET BUSINESS CREDIT CORPORATION monthly 82.91 12/08/01 1.6 132.66
FLEET BUSINESS CREDIT CORPORATION monthly 84.60 12/08/01 1.6 135.36
FLEET BUSINESS CREDIT CORPORATION monthly 84.60 12/08/01 1.6 135.36
FLEET BUSINESS CREDIT CORPORATION monthly 84.60 12/08/01 1.6 135.36
FLEET BUSINESS CREDIT CORPORATION monthly 57.74 12/08/01 1.6 92.38
FLEET BUSINESS CREDIT CORPORATION monthly 949.04 12/08/01 1.6 1,518.46
FLEET BUSINESS CREDIT CORPORATION monthly 429.15 12/08/01 1.6 686.64
FLEET BUSINESS CREDIT CORPORATION monthly 92.40 12/08/01 1.6 147.84
FLEET BUSINESS CREDIT CORPORATION monthly 175.45 12/08/01 1.6 280.72
FLEET BUSINESS CREDIT CORPORATION monthly 71.21 12/08/01 1.6 113.94
FLEET BUSINESS CREDIT CORPORATION monthly 70.21 12/08/01 1.6 112.34
FLEET BUSINESS CREDIT CORPORATION monthly 61.69 12/08/01 1.6 98.70
FLEET BUSINESS CREDIT CORPORATION monthly 109.24 12/08/01 1.6 174.78
FLEET BUSINESS CREDIT CORPORATION monthly 100.97 12/08/01 1.6 161.55
FLEET BUSINESS CREDIT CORPORATION monthly 70.54 12/08/01 1.6 112.86
FLEET BUSINESS CREDIT CORPORATION monthly 35.27 12/08/01 1.6 56.43
FLEET BUSINESS CREDIT CORPORATION monthly 101.44 12/08/01 1.6 162.30
FLEET BUSINESS CREDIT CORPORATION monthly 50.72 12/08/01 1.6 81.15
FLEET BUSINESS CREDIT CORPORATION monthly 70.21 12/08/01 1.6 112.34
FLEET BUSINESS CREDIT CORPORATION monthly 70.48 12/08/01 1.6 112.77
FLEET BUSINESS CREDIT CORPORATION monthly 35.27 12/08/01 1.6 56.43
FLEET BUSINESS CREDIT CORPORATION monthly 101.44 12/08/01 1.6 162.30
FLEET BUSINESS CREDIT CORPORATION monthly 50.72 12/08/01 1.6 81.15
FLEET BUSINESS CREDIT CORPORATION monthly 70.21 12/08/01 1.6 112.34
FLEET BUSINESS CREDIT CORPORATION monthly 100.97 12/08/01 1.6 161.55
FLEET BUSINESS CREDIT CORPORATION monthly 100.97 12/08/01 1.6 161.55
FLEET BUSINESS CREDIT CORPORATION monthly 70.87 12/08/01 1.6 113.39
FLEET BUSINESS CREDIT CORPORATION monthly 96.23 12/08/01 1.6 153.97
FLEET BUSINESS CREDIT CORPORATION monthly 204.20 12/08/01 1.6 326.72
FLEET BUSINESS CREDIT CORPORATION monthly 96.23 12/08/01 1.6 153.97
FLEET BUSINESS CREDIT CORPORATION monthly 96.23 12/08/01 1.6 153.97
FLEET BUSINESS CREDIT CORPORATION monthly 96.67 12/08/01 1.6 154.67
FLEET BUSINESS CREDIT CORPORATION monthly 96.23 12/08/01 1.6 153.97
FLEET BUSINESS CREDIT CORPORATION monthly 49.34 12/08/01 1.6 78.94
FLEET BUSINESS CREDIT CORPORATION monthly 96.67 12/08/01 1.6 154.67
FLEET BUSINESS CREDIT CORPORATION monthly 103.10 12/08/01 1.6 164.96
FLEET BUSINESS CREDIT CORPORATION monthly 96.23 12/08/01 1.6 153.97
FLEET BUSINESS CREDIT CORPORATION monthly 96.23 12/08/01 1.6 153.97
FLEET BUSINESS CREDIT CORPORATION monthly 96.67 12/08/01 1.6 154.67
FLEET BUSINESS CREDIT CORPORATION monthly 71.63 12/08/01 1.6 114.61
FLEET BUSINESS CREDIT CORPORATION monthly 71.61 12/08/01 1.6 114.58
FLEET BUSINESS CREDIT CORPORATION monthly 71.61 12/08/01 1.6 114.58
FLEET BUSINESS CREDIT CORPORATION monthly 71.63 12/08/01 1.6 114.61
FLEET BUSINESS CREDIT CORPORATION monthly 70.21 12/08/01 1 70.21
FLEET BUSINESS CREDIT CORPORATION monthly 53,352.75 12/08/01 1.6 85,364.40
FLEET LEASING CORPORATION N/A 498.56 Note 1 1 498.56
FLEET LEASING CORPORATION monthly 446.84 12/21/01 1 446.84
FLEET LONG TERM NOTE balloon 5,343,262.23 08/15/04 0 5,343,262.23
FORD MOTOR CREDIT monthly 492.14 12/05/01 1 492.14
2
Rider 3 - Status of Payments to Secured Creditors and Lessors
Outsource International, Inc.
Case No. LA 01-28173BB
Consolidated
FREQUENCY OF
PAYMENTS PER AMOUNT OF NEXT PAYMENT POST-PETITION
CREDITOR/LESSOR CONTRACT/LEASE EACH PAYMENT DUE PAYMENTS NOT MADE **
- --------------- -------------- ------------ ------------ ------------------------
FORD MOTOR CREDIT monthly 488.72 12/06/01 1 488.72
FORD MOTOR CREDIT monthly 506.38 12/02/01 1 506.38
FORD MOTOR CREDIT monthly 506.38 12/02/01 1 506.38
FORD MOTOR CREDIT monthly 506.38 12/02/01 1 506.38
GATX CAPITAL monthly 89.75 12/01/01 1.6 143.60
GATX CAPITAL monthly 47.92 12/01/01 1.6 76.67
GATX CAPITAL monthly 90.20 12/01/01 1.6 144.32
GATX CAPITAL monthly 90.23 12/01/01 1.6 144.37
GATX CAPITAL monthly 77.73 12/01/01 1.6 124.37
GATX CAPITAL monthly 85.57 12/01/01 1.6 136.91
GATX CAPITAL monthly 78.52 12/01/01 1.6 125.63
GATX CAPITAL monthly 3,356.30 12/01/01 1.6 5,370.08
GATX CAPITAL monthly 4,861.75 12/01/01 1.6 7,778.80
GATX CAPITAL monthly 136.37 12/01/01 1.6 218.19
GATX CAPITAL monthly 696.64 12/01/01 1.6 1,114.62
GATX CAPITAL monthly 90.10 12/01/01 1.6 144.16
GATX CAPITAL monthly 89.75 12/01/01 1.6 143.60
GATX CAPITAL monthly 90.12 12/01/01 1.6 144.19
GE CAPITAL monthly 165.87 12/15/01 1 165.87
GE CAPITAL monthly 116.72 12/23/01 1 116.72
GE CAPITAL monthly 206.17 12/23/01 1 206.17
GE CAPITAL monthly 242.20 12/23/01 1 242.20
GE CAPITAL monthly 159.54 12/23/01 1 159.54
GE CAPITAL monthly 44.36 12/08/01 1 44.36
GE CAPITAL monthly 925.42 12/08/01 0.6 555.25
GE CAPITAL monthly 423.09 12/12/01 1 423.09
GE CAPITAL monthly 233.82 12/06/01 1 233.82
GE CAPITAL monthly 233.82 12/06/01 1 233.82
GE CAPITAL monthly 243.40 12/19/01 1 243.40
GE CAPITAL monthly 233.84 12/06/01 1 233.84
GE CAPITAL monthly 182.02 12/30/01 1 182.02
GE CAPITAL monthly 140.80 12/01/01 1 140.80
GE CAPITAL monthly 132.02 12/30/01 1 132.02
GE CAPITAL monthly 224.41 Note 1 1 224.41
HEWLETT PACKARD monthly 15,200.76 12/01/01 1.6 24,321.22
HEWLETT PACKARD monthly 29,622.82 12/01/01 1.6 47,396.51
HEWLETT-PACKARD monthly 3,968.44 11/01/01 1.6 6,349.50
IOS CAPITAL formerly Ikon Capital monthly 170.30 11/29/01 1 170.30
IOS CAPITAL formerly Ikon Capital monthly 211.08 11/29/01 1 211.08
IOS CAPITAL formerly Ikon Capital monthly 211.08 11/29/01 1 211.08
IOS CAPITAL formerly Ikon Capital monthly 211.08 11/29/01 1 211.08
IOS CAPITAL formerly Ikon Capital monthly 211.08 11/29/01 1 211.08
KYOCERA MITA AMERICA INC N/A 233.82 Note 2 1 233.82
KYOCERA MITA AMERICA INC N/A 233.82 Note 2 1 233.82
KYOCERA MITA AMERICA INC N/A 233.84 Note 2 1 233.84
LOOKOUT LEASING CO monthly 105.00 12/28/01 0.6 63.00
LOOKOUT LEASING CO monthly 105.00 12/28/01 1 105.00
MARLIN LEASING CORPORATION monthly 187.68 11/10/01 0.3 15.12
MARLIN LEASING CORPORATION monthly 492.17 11/10/01 1 492.17
MICRON/FLEET LEASING monthly 857.17 11/01/01 1 857.17
MICRON/FLEET LEASING monthly 276.09 11/01/01 1 276.09
MICRON/FLEET LEASING monthly 106.53 11/01/01 1 106.53
MICRON/FLEET LEASING monthly 126.75 11/11/01 1 126.75
MICRON/FLEET LEASING monthly 71.08 11/11/01 1 71.08
MICRON/FLEET LEASING monthly 73.88 11/11/01 1 73.88
MICRON/FLEET LEASING monthly 71.79 11/15/01 1 71.79
MICRON/FLEET LEASING monthly 71.26 11/01/01 1 71.26
MICRON/FLEET LEASING monthly 58.65 11/15/01 1 58.65
MONROE BANK monthly 559.91 12/02/01 1 559.91
NTFC CAPITAL CORP monthly 117.16 CURRENT 0.1 15.12
OLD KENT BANK a/k/a HELLER FINANCIAL monthly 856.65 12/24/01 2 1,713.30
3
Rider 3 - Status of Payments to Secured Creditors and Lessors
Outsource International, Inc.
Case No. LA 01-28173BB
Consolidated
FREQUENCY OF
PAYMENTS PER AMOUNT OF NEXT PAYMENT POST-PETITION
CREDITOR/LESSOR CONTRACT/LEASE EACH PAYMENT DUE PAYMENTS NOT MADE **
- --------------- -------------- ------------ ------------ ------------------------
PANASONIC COMMUNICATIONS & SYS N/A 102.77 Note 2 1 102.77
PITNEY BOWES N/A 50.16 Note 1 1 50.16
PITNEY BOWES CREDIT CORPORATIO Tax pyt 86.39 N/A 1 86.39
PITNEY BOWES CREDIT CORPORATIO monthly 211.23 12/16/01 1 211.23
PITNEY BOWES CREDIT CORPORATIO monthly 458.43 12/07/01 1 458.43
PITNEY BOWES CREDIT CORPORATIO quarterly 117.45 12/06/01 1 117.45
SAXON BUSINESS SYSTEMS INC N/A 370.47 Note 1 1 370.47
TOSHIBA EASY LEASE N/A 32.90 Note 1 1 32.90
U.S. FINANCIAL monthly 698.89 12/28/01 1.4 998.89
UNITED LEASING ASSOCIATES monthly 155.28 12/01/01 2 310.56
** These amounts are also included in the Accounts Payable aging in
question #2. Fractions represent partial months unpaid.
Note 1: No further invoices received, or due. Amounts represent June and/or
July invoices. See explanation on Operating Report for further explanation.
Note 2: Vendors no longer servicing these leases. Both Kyocera and Panasonic
are being serviced through GE CAPITAL and are reflected on schedule as such on
a go-forward basis.
4
RIDER 4 - PAYROLL TAX LIABILITIES FOR PERIOD 11/01/01 THROUGH 11/30/01
NOV 2001 OCT 2001
NOV 2001 FEDERAL FEDERAL
TAXABLE GROSS FEDERAL TAXES TAXES PD IN TAXES
PAYROLL ENTITIES PAYROLL EXP DUE (SEE NOTE 1.) NOV 2001 PD IN NOV 2001
--------------- ----------------- -------------- --------------
Outsource Int'l of America, Inc. 2,139,171.01 324,207.47 (307,029.15) (84,502.57)
--------------- -------------- -------------- ------------
Synadyne III, Inc. 2,900,819.26 527,824.64 (473,525.08) (167,193.89)
--------------- -------------- -------------- ------------
Guardian Employer West LLC 5,205,542.97 509,410.22 (468,826.82) (165,557.21)
--------------- -------------- -------------- ------------
Guardian Employer East LLC 2,283,883.56 406,141.32 (357,792.09) (114,060.18)
--------------- -------------- -------------- ------------
TOTALS - ALL ENTITIES $ 12,529,416.80 $ 1,767,583.65 $(1,607,173.13) $(531,313.85)
=============== ============== ============== ============
TOTAL
FEDERAL NOV 2001 OCT 2001 STATE
TAXES NOV 2001 STATE TAXES TAXES PD IN
PAID IN FEDERAL STATE PD IN NOV 2001
PAYROLL ENTITIES NOV 2001 TAXES STILL OWED TAXES DUE NOV 2001 (SEE NOTE 2.)
---------------- ---------------- -------------- ------------- -------------
Outsource Int'l of America, Inc. (391,531.72) 17,178.32 169.00 0.00 (153.00)
---------------- -------------- -------------- ------------- -------------
Synadyne III, Inc. (640,718.97) 54,299.56 46,485.35 (39,448.86) (11,612.09)
---------------- -------------- -------------- ------------- -------------
Guardian Employer West LLC (634,384.03) 40,583.40 56,957.35 (48,142.77) (28,239.25)
---------------- -------------- -------------- ------------- -------------
Guardian Employer East LLC (471,852.27) 48,349.23 36,881.74 (5,006.08) (40,578.12)
---------------- -------------- -------------- ------------- -------------
TOTALS - ALL ENTITIES $ (2,138,486.98) $ 160,410.52 $ 140,493.44 $ (92,597.71) $ (80,582.46)
================ ============== ============== ============= =============
TOTAL NOV 2001
STATE TAXES STATE LOCAL OCT 2001 LOCAL
PD IN TAXES STILL NOV 2001 TAXES TAXES PD IN
NOV 2001, OWED, INCL. LOCAL PD IN NOV 2001
PAYROLL ENTITIES INCL. SUTA SUTA TAXES DUE NOV 2001 (SEE NOTE 3.)
-------------- ------------- ----------- ----------- -----------
Outsource Int'l of America, Inc. (153.00) 46,040.12 0.00 0.00 0.00
-------------- -------------- ------------ ------------ ------------
Synadyne III, Inc. (51,060.95) 275,761.56 0.00 0.00 0.00
-------------- -------------- ------------ ------------ ------------
Guardian Employer West LLC (76,382.02) 144,254.80 856.00 0.00 (1,058.75)
-------------- -------------- ------------ ------------ ------------
Guardian Employer East LLC (45,584.20) 82,742.62 6,499.35 (1,007.72) (7,592.52)
-------------- -------------- ------------ ------------ ------------
TOTALS - ALL ENTITIES $ (173,180.17) $ 548,799.10 $ 7,355.35 $ (1,007.72) $ (8,651.27)
============== ============== ============ ============ ============
TOTAL
LOCAL LOCAL
TAXES TAXES
PD IN STILL
PAYROLL ENTITIES NOV 2001 OWED
------------ ------------
Outsource Int'l of America, Inc. 0.00 0.00
------------ ------------
Synadyne III, Inc. 0.00 0.00
------------ ------------
Guardian Employer West LLC (1,058.75) 856.00
------------ ------------
Guardian Employer East LLC (8,600.24) 5,491.63
------------ ------------
TOTALS - ALL ENTITIES $ (9,658.99) $ 6,347.63
============ ============
OUTSOURCE GUARDIAN GUARDIAN
INT'L OF SYNADYNE EMPLOYER EMPLOYER ALL PAYROLL
PAYROLL TAX SUMMARY: AMERICA, INC. III, INC. WEST, LLC EAST, LLC ENTITIES
-------------- ------------- ------------ ------------- --------------
NOV 2001 TAXABLE GROSS PAYROLL EXPENSE $2,139,171.01 $2,900,819.26 $5,205,542.97 $2,283,883.56 $12,529,416.80
TOTAL OCT 2001 FED, STATE & LOCAL TAXES
PAID IN NOV 2001 (84,655.57) (178,805.98) (194,855.21) (162,230.82) (620,547.58)
TOTAL NOV 2001 FED, STATE & LOCAL TAXES DUE $ 324,376.47 $ 574,309.99 $ 567,223.57 $ 449,522.41 $ 1,915,432.44
LESS NOV 2001 TAXES PAID IN NOV 2001 (307,029.15) (512,973.94) (516,969.59) (363,805.89) (1,700,778.56)
TOTAL NOV 2001 TAXES STILL OWED AT
END OF PERIOD $ 17,347.32 $ 61,336.05 $ 50,253.98 $ 85,716.52 $ 214,653.88
============= ============= ============= ============= ==============
NOTE 1.
DIFFERENCES BETWEEN 11/01 - 11/30/01 FWT REPORTS
AND WHAT IS REPORTED HERE:
TOTAL FWT DUE PER REPORTS 11/01 - 11/30/01
(CORE & SERVICE) $ 394,137.32 $ 571,726.94 $ 568,364.99 $ 449,016.73 $ 1,983,245.98
LESS 11/01/01 CORE P/R RETENTION BONUS
ACCRUED TO 10/31/01 (58,749.93) (26,171.49) (51,350.43) (30,691.53) (166,963.38)
LESS 11/30/01 SERVICE P/R ACCRUED
TO 12/01/01 (11,178.43) (17,417.06) (7,604.34) (12,183.88) (48,383.71)
LESS SUPPLEMENTAL P/R ADJUSTMENTS
(CORE P/R) (1.49) (313.75) -- -- (315.24)
ADJUSTED TOTAL NOV 2001 FEDERAL TAXES DUE $ 324,207.47 $ 527,824.64 $ 509,410.22 $ 406,141.32 $ 1,767,583.65
============= ============= ============= ============= ==============
NOTE 2.
DIFFERENCES BETWEEN PRIOR PERIOD SWT & SUTA
ACCRUALS AND WHAT WAS ACTUALLY PAID:
PRIOR PERIOD SWT/SUTA STILL OWED $ 46,024.12 $ 280,337.16 $ 161,277.42 $ 91,347.32 $ 578,986.02
LESS 3RD QTR 2001 SUTA PAYMENTS UNPAID AS
OF 11/30/01 (45,871.12) (268,725.07) (135,440.22) (50,866.96) (500,903.37)
11/01/01 TAXES ACCRUED TO 10/31/01 (RE: CORE
RETENTION BONUS) -- -- 2,402.05 97.76 2,499.81
TOTAL PRIOR PERIOD SWT/SUTA PAID $ 153.00 $ 11,612.09 $ 28,239.25 $ 40,578.12 $ 80,582.46
============= ============= ============= ============= ==============
NOTE 3. Difference between prior period
local tax accrual and what was
actually paid:
EAST LLC Prior period local tax accrual $ 7,563.87
+ 11/01/01 Core P/R Columbus, OH CIWT
accrued to 10/31/01 payment 28.65
Total prior period local tax paid $ 7,592.52
============
Rider 5 - Insurance Coverage
CONSOLIDATED
OUTSOURCE INTERNATIONAL INC
CONSOLIDATED
INSURANCE SCHEDULE OF COVERAGE
AS OF 11/25/01
Limits/ Premium
Coverage Deductibles Term Company Paid to
- -------- ----------- -------------------- ------- -------
WORKERS' COMPENSATION Statutory 01/01/01 - 01/01/02 Zurich 11/30/2001
EMPLOYERS LIABILITY
Each Accident 1,000,000
Disease - Each Employee 1,000,000
Disease - Policy Limit 1,000,000
Deductible 250,000
- ------------------------------------------------------------------------------------------------------------------------------------
DEDUCTIBLE PROTECTION POLICY 01/01/01 - 01/01/02 Zurich 11/30/2001
(WC, GL, AL)
- ------------------------------------------------------------------------------------------------------------------------------------
ERRORS & OMISSIONS 01/01/01 - 01/01/02 National Union Fire Ins 1/1/2002
Each Accident 1,000,000
Aggregate Limit 2,000,000
Deductible 50,000
- ------------------------------------------------------------------------------------------------------------------------------------
GENERAL LIABILITY 01/01/01 - 01/01/02 Zurich 11/30/2001
Policy Aggregate 25,000,000
Location Aggregate 2,000,000
Products/Completed Ops. 2,000,000
Each Occurrence 1,000,000
Personal & Advertising Injury 1,000,000
Fire Damage - Any One Fire 1,000,000
Medical - Any One Person 10,000
Employee Benefits (Claims Made) 1,000,000
Employee Benefits (Aggregate) 2,000,000
Retroactive Date (1/01/99)
Deductible 50,000
- ------------------------------------------------------------------------------------------------------------------------------------
AUTO LIABILITY 01/01/01 - 01/01/02 Zurich 1/1/2002
Bodily Injury & Property Damage 1,000,000
Unisured/Underinsured 1,000,000
Personal Injury Protection Statutory
Medical Payments - each person 2,000
Hired & Non-Owned Auto 1,000,000
Deductible 100,000
- ------------------------------------------------------------------------------------------------------------------------------------
AUTO PHYSICAL DAMAGE 01/01/01 - 01/01/02 Zurich 1/1/2002
Deductible-Collision 1,000
Deductible-Other Than Collision 1,000
- ------------------------------------------------------------------------------------------------------------------------------------
UMBRELLA LIABILITY 01/01/01 - 01/01/02 National Union Fire Ins Co 1/1/2002
of Pittsburgh, PA
Each Occurrence 35,000,000
General Aggregate 35,000,000
Products/Completed Ops. 35,000,000
Deductible 10,000
- ------------------------------------------------------------------------------------------------------------------------------------
EMPLOYMENT PRACTICES LIABILITY 01/01/01 - 01/01/02 Lexington Ins 1/1/2002
Each Insured Event 5,000,000
Total Aggregate Policy Paid Limit 10,000,000
Deductible 50,000
- ------------------------------------------------------------------------------------------------------------------------------------
EMPLOYMENT PRACTICES LIABILITY-TAIL
COVERAGE Extended Reporting Lexington Ins 4/8/2003
Period
Each Insured Event 5,000,000 4/8/00-4/8/03
Total Aggregate Policy Paid Limit 10,000,000
- ------------------------------------------------------------------------------------------------------------------------------------
FIDUCIARY LIABILITY 5,000,000 01/01/01 - 01/01/02 National Union Fire Ins Co 1/1/2002
of Pittsburgh, PA
Endorsements:
Fl Amendatory Cancellation -
Non Renewal
Multiemployer Extension
(Syn Sav & Inv)
Amend Discovery Clause to
bilateral election
Amend notification requirement
run-off Endorsement for Synadyne
Deductible 10,000
- ------------------------------------------------------------------------------------------------------------------------------------
FIDUCIARY LIABILITY-TAIL COVERAGE 5,000,000 Extended Reporting National Union Fire Ins Co 4/8/2006
Period of Pittsburgh, PA
Basic Form with following Endorsements: 4/8/00-4/8/06
FL Amendatory Cancellation - Non Ren
Multiemployer Extension (Syn Sav & Inv)
Option for Two Year Discovery (150%)
Notice of Claims to Risk or Counsel Defense
outside Limits for Addl. Prem.
Deductible 10,000
- ------------------------------------------------------------------------------------------------------------------------------------
Rider 5 - Insurance Coverage
CONSOLIDATED
OUTSOURCE INTERNATIONAL INC
CONSOLIDATED
INSURANCE SCHEDULE OF COVERAGE
AS OF 11/25/01
Limits/ Premium
Coverage Deductibles Term Company Paid to
- -------- ----------- -------------------- ------- -------
COMMERCIAL PROPERTY Per Schedule on 7/1/01-7/1/2002 The St. Paul 7/1/2002
File with carrier
- ------------------------------------------------------------------------------------------------------------------------------------
DIFFERENCE IN CONDITIONS 5,000,000 LOSS LIMIT 10/18/01 - 10/18/02 Essex 10/18/02
(paid on
11/1/01)
- ------------------------------------------------------------------------------------------------------------------------------------
CRIME-FIDELITY 7/29/99-7/29/02 National Union Fire Ins. Co. 7/29/2002
Insured's Fidelity Coverage 2,000,000
Client's Fidelity Coverage 2,000,000
Computer Fraud 2,000,000
Loss Inside premises/Loss Outside premises 2,000,000
Counterfeit Currency/Depositors Forgery 2,000,000
Deductible Per Occurrence 100,000
Aggregate Deductible 300,000
- ------------------------------------------------------------------------------------------------------------------------------------
DIRECTORS & OFFICERS 20,000,000 10/23/01-10/23/02 National Union Fire Ins. Co. 11/30/2001
Deductible-SEC & Y2K 150,000
Deductible-All Other 75,000
- ------------------------------------------------------------------------------------------------------------------------------------
LIQUOR LIABILITY PER EACH EVENT 1,000,000 3/31/01-1/1/02 Zurich 1/1/2002
aggregate 2,000,000
- ------------------------------------------------------------------------------------------------------------------------------------
BASIC LIFE AND AD&D Life: 2 x annual 8/1/01-4/1/02 UNUM Life Ins Co 11/30/2001
salary max $500k w/out
good health evidence, max
$750k w/good health
evidence AD&D: 2 x annual
earnings max $500k or $750k
if evidence of insurability
for life insurance was
approved.
- ------------------------------------------------------------------------------------------------------------------------------------
LONG TERM DISABILITY 60% of monthly earnings, 8/1/01-4/1/02 UNUM Life Ins Co 11/30/2001
max $10k monthly until (PAID
age 65 or disabled 12/3/01)
- ------------------------------------------------------------------------------------------------------------------------------------
BUSINESS TRAVEL ACCIDENT
INSURANCE Directors, Officers, 8/1/01-4/1/03 UNUM Life Ins Co 4/1/2003
Managers 3 x annual earnings
max $1 m; all else 1 x annual
earnings max $150k.
- ------------------------------------------------------------------------------------------------------------------------------------
CIGNA EMPLOYEE MEDICAL COVERAGE
(SELF INSURED) $75,000 per person stop loss 8/1/01-4/1/02 Cigna 11/30/2001
(PAID
12/3/01)
- ------------------------------------------------------------------------------------------------------------------------------------
CIGNA DENTAL INSURANCE
(SELF INSURED) $1,500 per person stop loss 8/1/01-4/1/02 Cigna 11/30/2001
(PAID
12/3/01)
- ------------------------------------------------------------------------------------------------------------------------------------
RIDER 6 - SIGNIFICANT EVENTS
CONSOLIDATED
OUTSOURCE INTERNATIONAL, INC.
CASE NO. LA 01-28173BB
During the November, 2001 reporting period, the following significant events
took place:
- - Assumed franchisee contracts and seven real estate leases on
11/21/2001.
- - The Creditors' Committee meeting was moved from 12/7/01 to 1/18/02.
- - A "Letter of Intent was signed on 11/27/01.
- - Directors & Officers insurance was renewed and financing approved. An
initial payment of $50,000 was made on 11/21/2001 and $200,000 was
financed over 9 months with payment #1 of 9 due 12/23/01.
- - OSI signed a stipulation with Ford Motor Credit on 12/4/01 to return 5
vans.
- - Proof of Claims bar date set for 1/28/02, and advertised in The Wall
Street Journal.