EXHIBIT 99.1
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OFFICE OF THE UNITED STATES TRUSTEE
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- ----------------------------------- ------------------------------------------
In re:
DEBTOR IN POSSESSION INTERIM STATEMENT
OUTSOURCE INTERNATIONAL, INC.
Statement Number: 6
Debtor.
For the Period FROM: November 26, 2001
Chapter 11 Case No.: LA 01-28173-BB TO: December 30, 2001
- ----------------------------------- ------------------------------------------
Annexed hereto is Interim Statement Number 6 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.
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OFFICE of the UNITED STATES TRUSTEE
- -----------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------- ---------------------------------------------
In re OUTSOURCE INTERNATIONAL, INC DEBTOR IN POSSESSION INTERIM STATEMENT
Statement No. 6
Chapter 11 Case No. LA 01-28173 BB For the period FROM: 11/26/2001
TO: 12/30/2001
- --------------------------------------------------------------- ---------------------------------------------
CASH ACTIVITY ANALYSIS (Cash Basis Only)
A. Total Receipts per all Prior Interim Statements $ 103,167,127
B. Less Total Disbursements per all Prior Statements $ 101,416,313
------------------------------
C. Beginning Balance (A less B) $ 1,750,814
D. Receipts during Current Period
Opening Cash Balance Per Bank $ 100
Plus: Available LockBox Receipts $ 20,607,263
Plus: Non A/R Cash Receipts $ 98,741
------------------------------
E. Total Cash Available $ 22,456,919
------------------------------
F. Cash Disbursements/(Voids)
Advertising (newspaper recruiting) 45,309
Auto Maintenance -
Bank Fees 14,916
Bankruptcy Expenses -
BOA - Committee Acountant Acct. 10,000
BOA - Attn. Fees Creditor Acct. 40,000
BOA - Attn. Fees Debtor Acct. 150,017
Benefits (insurance) 262,518
Board of Directors -
Business License -
Capital Expense 13,003
Capital Leases 135,213
CIT - Adequate Protection Payment 168,540
Core Payroll 1,584,812
CitiBank Credit Card Payment -
CSF Payroll & Payroll Tax 257,303
Deposits - Various Vendors -
Dues/ Subscriptions 2,127
Education 1,839
Equipment 246
Expense Reports 152,142
Flex Spending Acct. 3,000
FTB ACH Account -
Garnishments 61,304
Insurance 22,922
IT 21,219
Cash Collateral for Letter of Credit -
Labor Supplies 29,593
Maintenance 13,082
Misc Vendor Prepaid -
Misc Expenses 46,815
Mortgage -
Office Supplies COD 99,491
Operating Leases 94,823
Outside Labor -
Payroll Taxes -
Postage 26,868
Prof. Fees 365,200
Recruiting -
Refund -
Rent Deposit -
Rent 250,938
Retention Account 832,061
Taxes (NonPayroll) 9,701
Service Payroll (Including Taxes) 14,112,621
Telephone 288,849
Third Party Billing (Staffing) -
Transportation 69,567
Travel Advance -
Unemployment Taxes -
Utilities 27,337
Utility Deposits -
Workmans Comp 778,972
------------------------------
Total Disbursements 19,992,346
------------------------------
Closing Available Balance 2,464,573
Outstanding A/P Checks $ 489,104
------------------------------
Ending Bank Balance $ 2,953,677
Unavailable LockBox Receipts 461,845
------------------------------
Total Cash 3,415,522
==============================
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: January 17, 2002 /s/ Carolyn H. Noonan
---------------- ----------------------------
Debtor in Possession
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OFFICE OF THE UNITED STATES TRUSTEE
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- ----------------------------------------------------------
In re OUTSOURCE INTERNATIONAL, INC DEBTOR IN POSSESSION INTERIM STATEMENT
Statement No. 6
FROM: 11/26/2001 Page 1 of 6
Chapter 11 Case No. LA 01-28173-BB TO: 12/30/2001
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----------------------------------------------------------------------
(NEW) (NEW) (NEW)
Medical Insurance
H(a) Funding Accounts Payable Attorney 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 $(239,689) $ -- $ --
B.1 Plus/(Minus) Transfer (to)/from interbank account
(net) All prior Statements $ 242,688 $ 263,145 $400,000
--------------------------------------------------------------------
C. Beginning Balance per Schedule B.2 $ 2,999 $ 263,145 $400,000
(Attach Separate Listing if Necessary)
See Attached Consolidated Statements 1 & 2
D. TOTAL RECEIPTS THIS PERIOD $ -- $ -- $ --
--------------------------------------------------------------------
E. Balance Available (C.2 plus D) $ 2,999 $ 263,145 $400,000
F. Less: Disbursements during Current Period $(128,575) $ -- $ --
(Attach Separate Listing if Necessary)
--------------------------------------------------------------------
F.1 Net position (E minus F) $(125,576) $ 263,145 $400,000
F.2 Other Transactions:
Plus/(Minus) Transfer (to)/from interbank account (net) $ 132,226 $ 829,261 $ 85,021
--------------------------------------------------------------------
G. Ending Balance $ 6,650 $1,092,406 $485,021
--------------------------------------------------------------------
I. Other monies on hand - $10,000.00 in safe at corporate
office for disaster/hurricane preparedness.
(NEW) (NEW)
Attorney Fees Creditor Committee 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 $ 60,000 $10,000 $(8,145)
-------------------------------------------------------------------
C. Beginning Balance per Schedule B.2 $ 60,000 $10,000 $ --
(Attach Separate Listing if Necessary)
See Attached Consolidated Statements 1 & 2
D. TOTAL RECEIPTS THIS PERIOD -- -- $ --
-------------------------------------------------------------------
E. Balance Available (C.2 plus D) $ 60,000 $10,000 $ --
F. Less: Disbursements during Current Period $ -- $ -- $ --
(Attach Separate Listing if Necessary)
-------------------------------------------------------------------
F.1 Net position (E minus F) $ 60,000 $10,000 $ --
F.2 Other Transactions:
Plus/(Minus) Transfer (to)/from interbank account (net) $ 40,000 $ 5,000 $ --
-------------------------------------------------------------------
G. Ending Balance $100,000 $15,000 $ --
-------------------------------------------------------------------
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: January 17, 2002 /s/ Carolyn H. Noonan
---------------- -----------------------
Debtor in Possession
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OFFICE OF THE UNITED STATES TRUSTEE
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- ----------------------------------------------------------
In re OUTSOURCE INTERNATIONAL, INC DEBTOR IN POSSESSION INTERIM STATEMENT
Statement No. 6
FROM: 11/26/2001 Page 2 of 6
Chapter 11 Case No. LA 01-28173-BB TO: 12/30/2001
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(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 $(513,407) $(17,828,506) $ (5,920)
B.1 Plus/(Minus) Transfer (to)/from interbank account
(net) All prior Statements $ 563,508 $ 17,160,963 $ 12,548
------------------------------------------------------------------
C. Beginning Balance per Schedule B.2 $ 51,457 $ 213,320 $ 6,628
(Attach Separate Listing if Necessary)
See Attached Consolidated Statements 1 & 2
D. TOTAL RECEIPTS THIS PERIOD $ -- $ -- $ --
------------------------------------------------------------------
E. Balance Available (C.2 plus D) $ 51,457 $ 213,320 $ 6,628
$(154,268) $ (2,987,085) $ (5,125)
F. Less: Disbursements during Current Period ------------------------------------------------------------------
(Attach Separate Listing if Necessary)
$(102,811) $ (2,773,765) $ 1,504
F.1 Net position (E minus F)
F.2 Other Transactions:
Plus/(Minus) Transfer (to)/from interbank account (net) $ 118,463 $ 3,077,000 $ 3,000
------------------------------------------------------------------
G. Ending Balance $ 15,653 $ 303,235 $ 4,504
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 $ 30,217,632 $ 43,542,514 $ 28,736,287
B. Less Total Disbursements per all Prior Statements $ (446,641) $ (596,827) $ (1,715,392)
B.1 Plus/(Minus) Transfer (to)/from interbank account $(29,712,018) $(43,302,153) $(27,301,302)
(net) All prior Statements ----------------------------------------------------------------
C. Beginning Balance per Schedule B.2 $ 498,622 $ 221,685 $ 126,136
(Attach Separate Listing if Necessary)
See Attached Consolidated Statements 1 & 2
$ 6,258,788 $ 8,324,611 $ 5,645,946
D. TOTAL RECEIPTS THIS PERIOD
----------------------------------------------------------------
E. Balance Available (C.2 plus D) $ 6,757,410 $ 8,546,296 $ 5,772,081
F. Less: Disbursements during Current Period
(Attach Separate Listing if Necessary) $ -- $ -- $ (6,704)
----------------------------------------------------------------
F.1 Net position (E minus F) $ 6,757,410 $ 8,546,296 $ 5,765,377
F.2 Other Transactions:
Plus/(Minus) Transfer (to)/from interbank account (net) $ (6,574,208) $ (8,331,882) $ (5,701,148)
----------------------------------------------------------------
G. Ending Balance $ 183,203 $ 214,414 $ 64,230
I. Other monies on hand - $10,000.00 in safe at corporate
office for disaster/hurricane preparedness.
- ------------------------------------------------------------------------------------------------------------------------------------
OFFICE OF THE UNITED STATES TRUSTEE
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- ----------------------------------------------------------
In re OUTSOURCE INTERNATIONAL, INC DEBTOR IN POSSESSION INTERIM STATEMENT
Statement No. 6
FROM: 11/26/2001 Page 3 of 6
Chapter 11 Case No. LA 01-28173-BB TO: 12/30/2001
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H(a) Operating Account Operating Account Accounts 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 $(10,078,350) $ (3,259) $(1,606)
B.1 Plus/(Minus) Transfer (to)/from interbank account (net)
All prior Statements $ 9,423,947 $(16,376) $ 1,606
-------------------------------------------------------------
C. Beginning Balance per Schedule B.2 $ 2,312,168 $ -- $ --
(Attach Separate Listing if Necessary)
See Attached Consolidated Statements 1 & 2
D. TOTAL RECEIPTS THIS PERIOD
$ 0 $ -- $ --
E. Balance Available (C.2 plus D) -------------------------------------------------------------
$ 2,312,168 $ -- $ --
F. Less: Disbursements during Current Period
(Attach Separate Listing if Necessary) $ (1,325,533) $ -- $ --
F.1 Net position (E minus F) -------------------------------------------------------------
$ 986,635 $ -- $ --
F.2 Other Transactions:
Plus/(Minus) Transfer (to)/from interbank account (net)
$ 1,967,043 $ -- $ --
G. Ending Balance -------------------------------------------------------------
$ 2,953,678 $ -- $ --
-------------------------------------------------------------
I. Other monies on hand - $10,000.00 in safe at corporate
office for disaster/hurricane preparedness.
Accounts Payable Accounts 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) $(8,589,420) $ --
B.1 Plus/(Minus) Transfer (to)/from interbank account (net)
All prior Statements $ 629,744 $ 8,589,420 $(809,219)
------------------------------------------------------------
C. Beginning Balance per Schedule B.2 $ -- $ -- $ 161,227
(Attach Separate Listing if Necessary)
See Attached Consolidated Statements 1 & 2
D. TOTAL RECEIPTS THIS PERIOD
$ -- $ -- $ --
E. Balance Available (C.2 plus D) ------------------------------------------------------------
$ -- $ -- $ 161,227
F. Less: Disbursements during Current Period
(Attach Separate Listing if Necessary) $ -- $(1,846,854) $ (10,605)
F.1 Net position (E minus F) ------------------------------------------------------------
$ -- $(1,846,854) $ 150,622
F.2 Other Transactions:
Plus/(Minus) Transfer (to)/from interbank account (net)
$ -- $ 1,846,854 $ 343,673
G. Ending Balance ------------------------------------------------------------
$ -- $ -- $ 494,295
------------------------------------------------------------
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. 6
FROM: 11/26/2001 Page 4 of 6
Chapter 11 Case No. LA 01-28173-BB TO: 12/30/2001
- ----------------------------------------------------------
CASH ACTIVITY ANALYSIS (Cash Basis Only)
------------------------------------------------------------
H(a) Payroll Concentration Payroll
H(a) First Star Bank First Tennessee Bank First Tennessee Bank
H(a) 823213012 100080412 100196519
H(a) Cincinnati, OH Memphis, TN Memphis, TN
-----------------------------------------------------------
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 $(27,059,061) $ (6,250) $(3,193,068)
B.1 Plus/(Minus) Transfer (to)/from interbank account (net)
All prior Statements $ 27,059,061 $ (99,991) $ 3,193,068
-----------------------------------------------------------
C. Beginning Balance per Schedule B.2 $ -- $ 7,459 $ --
(Attach Separate Listing if Necessary)
See Attached Consolidated Statements 1 & 2
D. TOTAL RECEIPTS THIS PERIOD $ -- $ -- $ --
-----------------------------------------------------------
E. Balance Available (C.2 plus D)
$ -- $ 7,459 $ --
F. Less: Disbursements during Current Period
(Attach Separate Listing if Necessary) $ (5,324,099) $ (1,479) $ (590,034)
-----------------------------------------------------------
F.1 Net position (E minus F)
$ (5,324,099) $ 5,980 $ (590,034)
F.2 Other Transactions:
Plus/(Minus) Transfer (to)/from interbank account (net) $ 5,324,099 $ 18,366 $ 590,034
-----------------------------------------------------------
G. Ending Balance $ -- $ 24,346 $ --
-----------------------------------------------------------
I. Other monies on hand - $10,000.00 in safe at corporate
office for disaster/hurricane preparedness.
Payroll ACH Payroll Concentration
First Tennessee Bank First Tennessee Bank First Union National Bank
100380734 101829397 2080000373357
Memphis, TN Memphis, TN Deerfield Beach, FL
----------------------------------------------------------------------
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 all Prior Statements $ (16) $(4,987,794) $ (80,315)
B.1 Plus/(Minus) Transfer (to)/from interbank account (net)
All prior Statements $(878) $ 5,024,534 $(240,835)
----------------------------------------------------------------
C. Beginning Balance per Schedule B.2 $ -- $ 36,740 $ 89,947
(Attach Separate Listing if Necessary)
See Attached Consolidated Statements 1 & 2
D. TOTAL RECEIPTS THIS PERIOD $ -- $ -- $ --
----------------------------------------------------------------
E. Balance Available (C.2 plus D)
$ -- $ 36,740 $ 89,947
F. Less: Disbursements during Current Period
(Attach Separate Listing if Necessary) $ -- $(1,167,539) $ (8,151)
----------------------------------------------------------------
F.1 Net position (E minus F)
$ -- $(1,130,799) $ 81,796
F.2 Other Transactions:
Plus/(Minus) Transfer (to)/from interbank account (net) $ -- $ 1,149,244 $ 138,240
----------------------------------------------------------------
G. Ending Balance $ -- $ 18,446 $ 220,035
----------------------------------------------------------------
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. 6
FROM: 11/26/2001 Page 5 of 6
Chapter 11 Case No. LA 01-28173-BB TO: 12/30/2001
- ----------------------------------------------------------
CASH ACTIVITY ANALYSIS (Cash Basis Only)
-----------------------------------------------------------
H(a) Payroll Payroll
H(a) First Union National Bank First Union National Bank
H(a) 2079940007435 207009940011586
H(a) Deerfield Beach, FL Deerfield Beach, FL
-----------------------------------------------------------
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 $(7,977,520) $(3,107,735)
B.1 Plus/(Minus) Transfer (to)/from interbank account
(net) All prior Statements $ 7,977,520 $ 3,107,735
----------------------------------------------------
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) ----------------------------------------------------
$ -- $ --
F. Less: Disbursements during Current Period
(Attach Separate Listing if Necessary) $(1,338,694) $ (497,067)
F.1 Net position (E minus F)
F.2 Other Transactions: ----------------------------------------------------
Plus/(Minus) Transfer (to)/from interbank account (net) $(1,338,694) $ (497,067)
G. Ending Balance $ 1,338,694 $ 497,067
----------------------------------------------------
I. Other monies on hand - $10,000.00 in safe at corporate $ -- $ --
office for disaster/hurricane preparedness. ----------------------------------------------------
Concentration Payroll
Michigan National Bank Michigan National Bank
5961844940 2770710164
Livonia, MI Livonia, MI
----------------------------------------------------------
A. Opening Cash Balance Per Bank 06/12/2001 $ 66,832 $ 1
A.1 Plus Total Receipts per all Prior Interim Statements $ 764 $ --
B. Less Total Disbursements per all Prior Statements $(11,835) $(2,151,854)
B.1 Plus/(Minus) Transfer (to)/from interbank account
(net) All prior Statements $ 31,510 $ 2,151,853
----------------------------------------------------------
C. Beginning Balance per Schedule B.2 $ 87,271 $ --
(Attach Separate Listing if Necessary)
See Attached Consolidated Statements 1 & 2
D. TOTAL RECEIPTS THIS PERIOD $ -- $ --
E. Balance Available (C.2 plus D) ----------------------------------------------------------
$ 87,271 $ --
F. Less: Disbursements during Current Period
(Attach Separate Listing if Necessary) $ (1,943) $ (277,045)
F.1 Net position (E minus F)
F.2 Other Transactions: ----------------------------------------------------------
Plus/(Minus) Transfer (to)/from interbank account (net) $ 85,327 $ (277,045)
G. Ending Balance $(21,045) $ 277,045
----------------------------------------------------------
I. Other monies on hand - $10,000.00 in safe at corporate $ 64,282 $ --
office for disaster/hurricane preparedness. ----------------------------------------------------------
Payroll Payroll Taxes
Michigan National Bank Michigan National Bank
2770710420 6856302242
Livonia, MI Livonia, MI
----------------------------------------------------
A. Opening Cash Balance Per Bank 06/12/2001 $ 1 $ 697,525
A.1 Plus Total Receipts per all Prior Interim Statements $ -- $ --
B. Less Total Disbursements per all Prior Statements $(2,495) $(13,536,265)
B.1 Plus/(Minus) Transfer (to)/from interbank account
(net) All prior Statements $ 2,494 $ 12,964,876
------------------------------------------------
C. Beginning Balance per Schedule B.2 $ -- $ 126,136
(Attach Separate Listing if Necessary)
See Attached Consolidated Statements 1 & 2
D. TOTAL RECEIPTS THIS PERIOD $ -- $ --
E. Balance Available (C.2 plus D) ------------------------------------------------
$ -- $ 126,136
F. Less: Disbursements during Current Period
(Attach Separate Listing if Necessary) $ -- $ (2,616,871)
F.1 Net position (E minus F)
F.2 Other Transactions: ------------------------------------------------
Plus/(Minus) Transfer (to)/from interbank account (net) $ -- $ (2,490,735)
G. Ending Balance $ -- $ 2,599,894
------------------------------------------------
I. Other monies on hand - $10,000.00 in safe at corporate $ -- $ 109,159
office for disaster/hurricane preparedness. ------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
OFFICE OF THE UNITED STATES TRUSTEE
- ------------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------
In re OUTSOURCE INTERNATIONAL, INC DEBTOR IN POSSESSION INTERIM STATEMENT
Statement No. 6
FROM: 11/26/2001 Page 6 of 6
Chapter 11 Case No. LA 01-28173-BB TO: 12/30/2001
- ----------------------------------------------------------
----------------------------------------------------------------------
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 $ (22,041) $(429,175) $(2,044,248)
B.1 Plus/(Minus) Transfer (to)/from interbank account (net)
All prior Statements $ (34,112) $ 429,175 $ 2,044,248
----------------------------------------------------------------
C. Beginning Balance per Schedule B.2 $ 98,556 $ -- $ --
(Attach Separate Listing if Necessary)
See Attached Consolidated Statements 1 & 2
D. TOTAL RECEIPTS THIS PERIOD $ -- $ -- $ --
----------------------------------------------------------------
E. Balance Available (C.2 plus D) $ 98,556 $ -- $ --
F. Less: Disbursements during Current Period $ (1,711) $ (1,051) $ (1,053)
(Attach Separate Listing if Necessary)
----------------------------------------------------------------
F.1 Net position (E minus F) $ 96,845 $ (1,051) $ (1,053)
F.2 Other Transactions:
Plus/(Minus) Transfer (to)/from interbank account (net) $ (96,845) $ 1,051 $ 1,053
----------------------------------------------------------------
G. Ending Balance $ -- $ -- $ --
----------------------------------------------------------------
I. Other monies on hand - $10,000.00 in safe at corporate
office for disaster/hurricane preparedness.
(NEW) (NEW)
H(a) Totals
H(a) Concentration C/D
H(a) Key Bank Key Bank
H(a) 769081017022 440997600257
----------------------------------------------------------
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 $ -- $ -- $ 105,472,493
B. Less Total Disbursements per all Prior Statements $ (520) $(285,046) $(105,544,097)
B.1 Plus/(Minus) Transfer (to)/from interbank account (net)
All prior Statements $ 3,988 $ 285,046 $ 107,648
----------------------------------------------------------
C. Beginning Balance per Schedule B.2 $ 3,468 $ -- $ 4,776,964
(Attach Separate Listing if Necessary)
See Attached Consolidated Statements 1 & 2
D. TOTAL RECEIPTS THIS PERIOD $ -- $ -- $ 20,229,344
$ --
----------------------------------------------------------
E. Balance Available (C.2 plus D) $ 3,468 $ -- $ 25,006,308
F. Less: Disbursements during Current Period $ -- $(334,369) $ (18,625,854)
(Attach Separate Listing if Necessary)
----------------------------------------------------------
F.1 Net position (E minus F) $ 3,468 $(334,369) $ 6,380,454
F.2 Other Transactions:
Plus/(Minus) Transfer (to)/from interbank account (net) $ 8,431 $ 334,369 $ 0
----------------------------------------------------------
G. Ending Balance $ 11,899 $ -- $ 6,380,454
----------------------------------------------------------
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 6
For the Period FROM: 11/26/2001 Page 1 of 3
Chapter 11 Case No. LA 01-28173-BB TO: 12/30/2001
- ---------------------------------------------------------- ----------------------------------------------------------------------
CONSOLIDATED
1. Profit and Loss Statement (Accrual Basis Only)
A. Related to Business Operations:
Gross Sales $ 16,978,123
Less: Sales Returns & Discounts (91,775)
------------
Net Sales $ 16,886,348
Less: Cost of Goods Sold: 13,324,063
------------
Gross Profit $3,562,285
Other Operating Revenues --
Less: Operating Expenses --
Officer Compensation 110,664
Salaries and Wages--Other Employees 1,853,223
------------
Total Salaries and Wages 1,963,887
Employee Benefits and Pensions 153,209
Payroll Taxes 144,185
Real Estate Taxes 6,472
Federal and State Income Taxes --
------------
Total Taxes 150,657
Rent and Lease Exp. (Real Property and Personal Property) 253,986
Interest Expense (Mortgage, Loan, etc) 208,794
Insurance 43,422
Automobile Expense 67,379
Utilities (Gas, Electric, Water, Telephone, etc.) 230,254
Depreciation and Amortization 441,883
Repairs and Maintenance 12,703
Advertising 35,674
Supplies, Office Expenses, Photocopies, etc. 143,387
Bad Debts 109,842
Misc Op Exp (T&E,relo,rep,meet,recruit,bank/collect fees,lic/tax) 204,837
------------
Total Operating Expenses 1,752,163
------------
Net Gain/Loss from Business Operations (457,631)
B. Not Related to Business Operations:
Income:
Interest Income 8,966
Other Non-Operating Revenues (vndg mach commiss, lawsuit adj, restit) 16
Gross Proceeds on Sale of Assets 700
Less: Original Cost of Assets plus Expenses of Sale 2,270
Net Gain/Loss on Sale of Assets (1,569)
------------
Total Non-Operating Income 7,413
ACCOUNTING & AUDITING FEES 15,000
LEGAL FEES 132,258
OTHER PROF./CONSULT FEES 83,172
Other Non-Operating Expenses (Specify) --
------------
Total Non-Operating Expenses 230,430
----------
NET INCOME/LOSS FOR PERIOD $ (680,648)
==========
DEBTOR IN POSSESSION OPERATING REPORT NO: 6 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 169,822.25 16,890,230.93
Overdue 46 - 60 Days 59,386.18 1,805,195.44
Overdue 61 - 90 Days 27,005.72 671,097.82
Overdue: 91 - 150 Days 124,226.50 448,205.43
Overdue: 151 - 179 Days 108,752.24 84,828.75
Overdue: >=180 Days 145,684.21 827,233.58
TOTAL 634,877.10 20,297,624.69
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 December 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: $11,749,677.65
Gross Sales for Period Subject to Sales Tax: $172,914.83
Post-Petition
Taxes Still
Date Paid Amount Paid* (NOTE 1) Owing
------------------------------------------------------------
Federal Payroll and Withholding Taxes Various $1,692,375.60 $464,129.25 (NOTE 2)
State Payroll and Withholding Taxes (NOTE 3) Various $ 635,407.52 $463,896.48 (NOTE 2)
State Sales and Use Taxes 12/24/01 $ 9,070.57 $ 8,780.63 (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 December from
November + amounts due in December
from December. (NOTE 2) Payment is
due in January. (NOTE 3) Includes
local taxes.
5. Insurance Coverage: Carrier/ Amount Policy Premium
SEE ATTACHED RIDER 5 AT LA01-28173-BB Agent of Expiration Paid Through
Name Coverage Date Date
----------------------------------------------------
Worker's Compensation
Liability
Fire and Extended Coverage
Property
Theft
Life (Beneficiary:_______________)
Vehicle
Other (Specify):
DEBTOR IN POSSESSION OPERATING REPORT NO: 6 Page 3 of 3
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 $ 130,843 (estimate)
Akerman, Senterfitt General Counsel $ 12,661 (estimate)
DeBellas Investment Advisor $ 9,066 (estimate)
Bankruptcy Management Corp Bankruptcy Consultant $ 180,406 (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
- ------------------------------------------------------------------------------------------------
9/30/01 55,657 500 10/26/2001 500 218239 0
12/30/01 To be calculated To be paid by
and paid by 1/31/02 1/31/02
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: January 17, 2002
/s/ Carolyn H. Noonan
------------------------------------------
Debtor in Possession or Trustee
RIDER 3 - STATUS OF PAYMENTS TO SECURED CREDITORS AND LESSORS
OUTSOURCE INTERNATIONAL, INC.
CASE NO. LA 01-28173BB
CONSOLIDATED
FREQUENCY OF NEXT
PAYMENTS PER AMOUNT OF PAYMENT POST-PETITION PAYMENTS
CREDITOR/LESSOR CONTRACT/LEASE EACH PAYMENT DUE NOT MADE **
- ----------------------------------------------------------------------------------------------------------------------------
ABELCO DISCOUNT (7,228,652.00) 0 (7,228,652.00)
ABLECO TERM LOAN A quarterly 500,000.00 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 01/04/02 1 207.76
CIT REVOLVER daily 17,496,455.60 Variable Daily 0 17,496,455.60
CITICORP VENDOR FINANCE INC. monthly 560.74 01/09/02 1 560.74
CITICORP VENDOR FINANCE INC. monthly 308.69 01/09/02 1 308.69
CITICORP VENDOR FINANCE INC. monthly 380.04 01/09/02 1 380.04
COMERICA BANK monthly 1,021.66 01/24/02 6 6,129.96
COPYCO INC. monthly 461.42 Note 1 1 461.42
COPYCO INC. monthly 421.16 Note 1 1 421.16
DE LAGE LANDEN FINANCIAL SERVICES monthly 197.09 01/11/02 1 197.09
DE LAGE LANDEN FINANCIAL SERVICES monthly 133.33 01/13/02 1 133.33
DE LAGE LANDEN FINANCIAL SERVICES monthly 188.57 01/11/02 1 188.57
DE LAGE LANDEN FINANCIAL SERVICES monthly 125.28 01/13/02 1 125.28
DeLage Landen Fin Svcs (was Bancone) monthly 5,914.80 01/01/02 1 5,914.80
FIDELITY LEASING INC. aka CITICAPITAL monthly 114.95 01/15/02 1 114.95
FLEET BUSINESS CREDIT CORPORATION monthly 94.62 01/08/02 1 94.62
FLEET BUSINESS CREDIT CORPORATION monthly 60.76 01/08/02 1.6 97.22
FLEET BUSINESS CREDIT CORPORATION monthly 93.77 01/08/02 1.6 150.03
FLEET BUSINESS CREDIT CORPORATION monthly 57.79 01/08/02 1.6 92.46
FLEET BUSINESS CREDIT CORPORATION monthly 93.86 01/08/02 1.6 150.18
FLEET BUSINESS CREDIT CORPORATION monthly 57.79 01/08/02 1.6 92.46
FLEET BUSINESS CREDIT CORPORATION monthly 93.86 01/08/02 1.6 150.18
FLEET BUSINESS CREDIT CORPORATION monthly 93.86 01/08/02 1.6 150.18
FLEET BUSINESS CREDIT CORPORATION monthly 94.23 01/08/02 1.6 150.77
FLEET BUSINESS CREDIT CORPORATION monthly 94.42 01/08/02 1.6 151.07
FLEET BUSINESS CREDIT CORPORATION monthly 14.50 01/08/02 1.6 23.20
FLEET BUSINESS CREDIT CORPORATION monthly 11.46 01/08/02 1.6 18.34
FLEET BUSINESS CREDIT CORPORATION monthly 93.08 01/08/02 1.6 148.93
FLEET BUSINESS CREDIT CORPORATION monthly 70.04 01/08/02 1.6 112.06
FLEET BUSINESS CREDIT CORPORATION monthly 94.67 01/08/02 1.6 151.47
FLEET BUSINESS CREDIT CORPORATION monthly 76.81 01/08/02 1.6 122.90
FLEET BUSINESS CREDIT CORPORATION monthly 94.67 01/08/02 1.6 151.47
FLEET BUSINESS CREDIT CORPORATION monthly 94.67 01/08/02 1.6 151.47
FLEET BUSINESS CREDIT CORPORATION monthly 85.33 01/08/02 1.6 136.53
FLEET BUSINESS CREDIT CORPORATION monthly 70.54 01/08/02 1.6 112.86
FLEET BUSINESS CREDIT CORPORATION monthly 144.93 01/08/02 1.6 231.89
FLEET BUSINESS CREDIT CORPORATION monthly 153.74 01/08/02 1.6 245.98
FLEET BUSINESS CREDIT CORPORATION monthly 86.13 01/08/02 1.6 137.81
FLEET BUSINESS CREDIT CORPORATION monthly 94.66 01/08/02 1.6 151.46
FLEET BUSINESS CREDIT CORPORATION monthly 117.62 01/08/02 1.6 188.19
FLEET BUSINESS CREDIT CORPORATION monthly 96.70 01/08/02 1.6 154.72
FLEET BUSINESS CREDIT CORPORATION monthly 356.15 01/08/02 1.6 569.84
FLEET BUSINESS CREDIT CORPORATION monthly 356.15 01/08/02 1.6 569.84
FLEET BUSINESS CREDIT CORPORATION monthly 356.15 01/08/02 1.6 569.84
FLEET BUSINESS CREDIT CORPORATION monthly 89.31 01/08/02 1.6 142.90
FLEET BUSINESS CREDIT CORPORATION monthly 62.12 01/08/02 1.6 99.39
FLEET BUSINESS CREDIT CORPORATION monthly 68.79 01/08/02 1.6 110.06
FLEET BUSINESS CREDIT CORPORATION monthly 68.79 01/08/02 1.6 110.06
FLEET BUSINESS CREDIT CORPORATION monthly 12.22 01/08/02 1.6 19.55
FLEET BUSINESS CREDIT CORPORATION monthly 107.28 01/08/02 1.6 171.65
FLEET BUSINESS CREDIT CORPORATION monthly 85.33 01/08/02 1.6 136.53
FLEET BUSINESS CREDIT CORPORATION monthly 94.67 01/08/02 1.6 151.47
FLEET BUSINESS CREDIT CORPORATION monthly 70.14 01/08/02 1.6 112.22
FLEET BUSINESS CREDIT CORPORATION monthly 181.63 01/08/02 1.6 290.61
FLEET BUSINESS CREDIT CORPORATION monthly 68.79 01/08/02 1.6 110.06
FLEET BUSINESS CREDIT CORPORATION monthly 94.67 01/08/02 1.6 151.47
FLEET BUSINESS CREDIT CORPORATION monthly 41.92 01/08/02 1.6 67.07
FLEET BUSINESS CREDIT CORPORATION monthly 76.17 01/08/02 1.6 121.87
FLEET BUSINESS CREDIT CORPORATION monthly 93.16 01/08/02 1.6 149.06
FLEET BUSINESS CREDIT CORPORATION monthly 105.80 01/08/02 1.6 169.28
FLEET BUSINESS CREDIT CORPORATION monthly 107.28 01/08/02 1.6 171.65
FLEET BUSINESS CREDIT CORPORATION monthly 93.16 01/08/02 1.6 149.06
RIDER 3 - STATUS OF PAYMENTS TO SECURED CREDITORS AND LESSORS
OUTSOURCE INTERNATIONAL, INC.
CASE NO. LA 01-28173BB
CONSOLIDATED
FREQUENCY OF NEXT
PAYMENTS PER AMOUNT OF PAYMENT POST-PETITION PAYMENTS
CREDITOR/LESSOR CONTRACT/LEASE EACH PAYMENT DUE NOT MADE **
- ----------------------------------------------------------------------------------------------------------------------------
FLEET BUSINESS CREDIT CORPORATION monthly 120.07 01/08/02 1.6 192.11
FLEET BUSINESS CREDIT CORPORATION monthly 109.09 01/08/02 1.6 174.54
FLEET BUSINESS CREDIT CORPORATION monthly 14.33 01/08/02 1.6 22.93
FLEET BUSINESS CREDIT CORPORATION monthly 212.83 01/08/02 1.6 340.53
FLEET BUSINESS CREDIT CORPORATION monthly 86.37 01/08/02 1.6 138.19
FLEET BUSINESS CREDIT CORPORATION monthly 86.57 01/08/02 1.6 138.51
FLEET BUSINESS CREDIT CORPORATION monthly 86.37 01/08/02 1.6 138.19
FLEET BUSINESS CREDIT CORPORATION monthly 86.37 01/08/02 1.6 138.19
FLEET BUSINESS CREDIT CORPORATION monthly 86.17 01/08/02 1.6 137.87
FLEET BUSINESS CREDIT CORPORATION monthly 82.91 01/08/02 1.6 132.66
FLEET BUSINESS CREDIT CORPORATION monthly 84.60 01/08/02 1.6 135.36
FLEET BUSINESS CREDIT CORPORATION monthly 84.60 01/08/02 1.6 135.36
FLEET BUSINESS CREDIT CORPORATION monthly 84.60 01/08/02 1.6 135.36
FLEET BUSINESS CREDIT CORPORATION monthly 57.74 01/08/02 1.6 92.38
FLEET BUSINESS CREDIT CORPORATION monthly 949.04 01/08/02 1.6 1,518.46
FLEET BUSINESS CREDIT CORPORATION monthly 429.15 01/08/02 1.6 686.64
FLEET BUSINESS CREDIT CORPORATION monthly 92.40 01/08/02 1.6 147.84
FLEET BUSINESS CREDIT CORPORATION monthly 175.45 01/08/02 1.6 280.72
FLEET BUSINESS CREDIT CORPORATION monthly 71.21 01/08/02 1.6 113.94
FLEET BUSINESS CREDIT CORPORATION monthly 70.21 01/08/02 1.6 112.34
FLEET BUSINESS CREDIT CORPORATION monthly 61.69 01/08/02 1.6 98.70
FLEET BUSINESS CREDIT CORPORATION monthly 109.24 01/08/02 1.6 174.78
FLEET BUSINESS CREDIT CORPORATION monthly 100.97 01/08/02 1.6 161.55
FLEET BUSINESS CREDIT CORPORATION monthly 70.54 01/08/02 1.6 112.86
FLEET BUSINESS CREDIT CORPORATION monthly 35.27 01/08/02 1.6 56.43
FLEET BUSINESS CREDIT CORPORATION monthly 101.44 01/08/02 1.6 162.30
FLEET BUSINESS CREDIT CORPORATION monthly 50.72 01/08/02 1.6 81.15
FLEET BUSINESS CREDIT CORPORATION monthly 70.21 01/08/02 1.6 112.34
FLEET BUSINESS CREDIT CORPORATION monthly 70.48 01/08/02 1.6 112.77
FLEET BUSINESS CREDIT CORPORATION monthly 35.27 01/08/02 1.6 56.43
FLEET BUSINESS CREDIT CORPORATION monthly 101.44 01/08/02 1.6 162.30
FLEET BUSINESS CREDIT CORPORATION monthly 50.72 01/08/02 1.6 81.15
FLEET BUSINESS CREDIT CORPORATION monthly 70.21 01/08/02 1.6 112.34
FLEET BUSINESS CREDIT CORPORATION monthly 100.97 01/08/02 1.6 161.55
FLEET BUSINESS CREDIT CORPORATION monthly 100.97 01/08/02 1.6 161.55
FLEET BUSINESS CREDIT CORPORATION monthly 70.87 01/08/02 1.6 113.39
FLEET BUSINESS CREDIT CORPORATION monthly 96.23 01/08/02 1.6 153.97
FLEET BUSINESS CREDIT CORPORATION monthly 204.20 01/08/02 1.6 326.72
FLEET BUSINESS CREDIT CORPORATION monthly 96.23 01/08/02 1.6 153.97
FLEET BUSINESS CREDIT CORPORATION monthly 96.23 01/08/02 1.6 153.97
FLEET BUSINESS CREDIT CORPORATION monthly 96.67 01/08/02 1.6 154.67
FLEET BUSINESS CREDIT CORPORATION monthly 96.23 01/08/02 1.6 153.97
FLEET BUSINESS CREDIT CORPORATION monthly 49.34 01/08/02 1.6 78.94
FLEET BUSINESS CREDIT CORPORATION monthly 96.67 01/08/02 1.6 154.67
FLEET BUSINESS CREDIT CORPORATION monthly 103.10 01/08/02 1.6 164.96
FLEET BUSINESS CREDIT CORPORATION monthly 96.23 01/08/02 1.6 153.97
FLEET BUSINESS CREDIT CORPORATION monthly 96.23 01/08/02 1.6 153.97
FLEET BUSINESS CREDIT CORPORATION monthly 96.67 01/08/02 1.6 154.67
FLEET BUSINESS CREDIT CORPORATION monthly 71.63 01/08/02 1.6 114.61
FLEET BUSINESS CREDIT CORPORATION monthly 71.61 01/08/02 1.6 114.58
FLEET BUSINESS CREDIT CORPORATION monthly 71.61 01/08/02 1.6 114.58
FLEET BUSINESS CREDIT CORPORATION monthly 71.63 01/08/02 1.6 114.61
FLEET BUSINESS CREDIT CORPORATION monthly 70.21 01/08/02 1 70.21
FLEET BUSINESS CREDIT CORPORATION monthly 53,352.75 01/08/02 1.6 85,364.40
FLEET LEASING CORPORATION monthly 498.56 Note 1 1 498.56
FLEET LEASING CORPORATION monthly 446.84 01/21/02 1 446.84
FLEET LONG TERM NOTE balloon 5,343,262.23 08/15/04 0 5,343,262.23
GATX CAPITAL monthly 89.75 01/01/02 1.6 143.60
GATX CAPITAL monthly 47.92 01/01/02 1.6 76.67
GATX CAPITAL monthly 90.20 01/01/02 1.6 144.32
GATX CAPITAL monthly 90.23 01/01/02 1.6 144.37
GATX CAPITAL monthly 77.73 01/01/02 1.6 124.37
GATX CAPITAL monthly 85.57 01/01/02 1.6 136.91
GATX CAPITAL monthly 78.52 01/01/02 1.6 125.63
RIDER 3 - STATUS OF PAYMENTS TO SECURED CREDITORS AND LESSORS
OUTSOURCE INTERNATIONAL, INC.
CASE NO. LA 01-28173BB
CONSOLIDATED
FREQUENCY OF NEXT
PAYMENTS PER AMOUNT OF PAYMENT POST-PETITION PAYMENTS
CREDITOR/LESSOR CONTRACT/LEASE EACH PAYMENT DUE NOT MADE **
- ----------------------------------------------------------------------------------------------------------------------------
GATX CAPITAL monthly 3,356.30 01/01/02 1.6 5,370.08
GATX CAPITAL monthly 4,861.75 01/01/02 1.6 7,778.80
GATX CAPITAL monthly 136.37 01/01/02 1.6 218.19
GATX CAPITAL monthly 696.64 01/01/02 1.6 1,114.62
GATX CAPITAL monthly 90.10 01/01/02 1.6 144.16
GATX CAPITAL monthly 89.75 01/01/02 1.6 143.60
GATX CAPITAL monthly 90.12 01/01/02 1.6 144.19
GE CAPITAL monthly 165.87 01/15/02 1 165.87
GE CAPITAL monthly 116.72 01/23/02 1 116.72
GE CAPITAL monthly 206.17 01/23/02 1 206.17
GE CAPITAL monthly 242.20 01/23/02 1 242.20
GE CAPITAL monthly 159.54 01/23/02 1 159.54
GE CAPITAL monthly 44.36 01/08/02 1 44.36
GE CAPITAL monthly 925.42 01/08/02 0.6 555.25
GE CAPITAL monthly 423.09 01/12/02 1 423.09
GE CAPITAL monthly 233.82 01/06/02 1 233.82
GE CAPITAL monthly 233.82 01/06/02 1 233.82
GE CAPITAL monthly 243.40 01/19/02 1 243.40
GE CAPITAL monthly 233.84 01/06/02 1 233.84
GE CAPITAL monthly 182.02 01/30/02 1 182.02
GE CAPITAL monthly 140.80 01/01/02 1 140.80
GE CAPITAL monthly 132.02 01/30/02 1 132.02
GE CAPITAL monthly 224.41 Note 1 1 224.41
HEWLETT PACKARD monthly 15,200.76 01/01/02 1.6 24,321.22
HEWLETT PACKARD monthly 29,622.82 01/01/02 1.6 47,396.51
HEWLETT-PACKARD monthly 3,968.44 01/01/02 1.6 6,349.50
IOS CAPITAL formerly Ikon Capital monthly 170.30 01/29/02 1 170.30
IOS CAPITAL formerly Ikon Capital monthly 211.08 01/29/02 1 211.08
IOS CAPITAL formerly Ikon Capital monthly 211.08 01/29/02 1 211.08
IOS CAPITAL formerly Ikon Capital monthly 211.08 01/29/02 1 211.08
IOS CAPITAL formerly Ikon Capital monthly 211.08 01/29/02 1 211.08
KYOCERA MITA AMERICA INC monthly 233.82 Note 2 1 233.82
KYOCERA MITA AMERICA INC monthly 233.82 Note 2 1 233.82
KYOCERA MITA AMERICA INC monthly 233.84 Note 2 1 233.84
LOOKOUT LEASING CO. monthly 105.00 01/28/02 0.6 63.00
LOOKOUT LEASING CO. monthly 105.00 01/28/02 1 105.00
MARLIN LEASING CORPORATION monthly 187.68 01/10/02 0.3 15.12
MARLIN LEASING CORPORATION monthly 492.17 01/10/02 1 492.17
MICRON/FLEET LEASING monthly 857.17 01/10/02 1 857.17
MICRON/FLEET LEASING monthly 276.09 01/10/02 1 276.09
MICRON/FLEET LEASING monthly 106.53 01/10/02 1 106.53
MICRON/FLEET LEASING monthly 126.75 01/11/02 1 126.75
MICRON/FLEET LEASING monthly 71.08 01/11/02 1 71.08
MICRON/FLEET LEASING monthly 73.88 01/11/02 1 73.88
MICRON/FLEET LEASING monthly 71.79 01/15/02 1 71.79
MICRON/FLEET LEASING monthly 71.26 01/01/02 1 71.26
MICRON/FLEET LEASING monthly 58.65 01/15/02 1 58.65
MONROE BANK monthly 559.91 01/01/02 1 559.91
NTFC CAPITAL CORP monthly 117.16 Note 1 0.1 15.12
OLD KENT BANK a/k/a HELLER FINANCIAL monthly 856.65 01/24/02 2 1,713.30
PANASONIC COMMUNICATIONS & SYS monthly 102.77 Note 2 1 102.77
PITNEY BOWES monthly 50.16 Note 1 1 50.16
PITNEY BOWES CREDIT CORPORATIO quarterly 86.39 N/A 1 86.39
PITNEY BOWES CREDIT CORPORATIO monthly 211.23 01/16/02 1 211.23
PITNEY BOWES CREDIT CORPORATIO monthly 458.43 01/07/02 1 458.43
PITNEY BOWES CREDIT CORPORATIO quarterly 117.45 01/06/02 1 117.45
SAXON BUSINESS SYSTEMS INC. monthly 370.47 Note 1 1 370.47
TOSHIBA EASY LEASE monthly 32.90 Note 1 1 32.90
U.S. FINANCIAL monthly 698.89 01/28/02 1.4 998.89
UNITED LEASING ASSOCIATES monthly 155.28 01/01/02 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.
RIDER 4
P/R Tax Department
2001 POST-PETITION TAX REPORTING
PAYROLL TAX LIABILITIES FOR PERIOD 12/01/01 THROUGH 12/31/01
TOTAL
TAXABLE DEC 2001 DEC 2001 NOV 2001 FEDERAL TAXES
GROSS FEDERAL TAXES FEDERAL TAXES FEDERAL TAXES PAID IN
PAYROLL ENTITIES PAYROLL EXP DUE (INCL. FUTA)* PD IN DEC 2001 PD IN DEC 2001 DEC 2001
- ------------------------------------------------------------------------------------------------------------------------------------
Outsource Int'l of America, Inc. 1,804,298.39 329,544.67 (287,177.71) (17,178.33) (304,356.04)
Synadyne III, Inc. 2,721,202.21 599,171.80 (447,791.62) (54,299.57) (502,091.19)
Guardian Employer West LLC 4,926,020.78 583,592.34 (432,327.11) (40,583.40) (472,910.51)
Guardian Employer East LLC 2,298,156.27 483,785.51 (364,668.63) (48,349.23) (413,017.86)
- ----------------------------------------------------------------------------------------------------------------------------------
TOTALS - ALL ENTITIES $11,749,677.65 $1,996,094.32 $(1,531,965.07) $(160,410.53) $(1,692,375.60)
============================================================================================
NOV 2001 SWT
DEC 2001 & DEFERRED TOTAL
FEDERAL TAXES STATE TAXES DEC 2001 SUTA PD IN STATE TAXES
STILL OWED, DUE STATE TAXES DEC 2001 PD IN DEC 2001,
PAYROLL ENTITIES INCL. FUTA (INCL. SUTA)** PD IN DEC 2001 (SEE NOTE 1.) INCL. SUTA
- ---------------------------------------------------------------------------------------------------------------------------
Outsource Int'l of America, Inc. 42,366.96 24,831.56 0.00 (46,040.12) (46,040.12)
Synadyne III, Inc. 151,380.18 251,269.21 (38,287.65) (271,820.16) (310,107.81)
Guardian Employer West LLC 151,265.23 155,465.46 (44,007.76) (141,366.62) (185,374.38)
Guardian Employer East LLC 119,116.88 102,562.07 (4,308.69) (82,212.39) (86,521.08)
- ------------------------------------------------------------------------------------------------------------------------
TOTALS - ALL ENTITIES $464,129.25 $534,128.30 $(86,604.10) $(541,439.29) $(628,043.39)
==================================================================================
NOV 2001
STATE TAXES DEC 2001 DEC 2001 LOCAL TAXES TOTAL LOCAL
STILL OWED, LOCAL LOCAL TAXES PD IN DEC 2001 LOCAL TAXES TAXES
PAYROLL ENTITIES INCL. SUTA TAXES DUE PD IN DEC 2001 (SEE NOTE 2.) PD IN DEC 2001 STILL OWED
- ---------------------------------------------------------------------------------------------------------------------------------
Outsource Int'l of America, Inc. 24,831.56 0.00 0.00 0.00 0.00 0.00
Synadyne III, Inc. 215,591.09 0.00 0.00 0.00 0.00 0.00
Guardian Employer West LLC 114,080.67 4,937.50 0.00 (856.00) (856.00) 4,937.50
Guardian Employer East LLC 98,373.38 7,375.94 (1,293.66) (5,214.47) (6,508.13) 6,082.28
- ---------------------------------------------------------------------------------------------------------------------------------
TOTALS - ALL ENTITIES $452,876.70 $12,313.44 $(1,293.66) $(6,070.47) $(7,364.13) $11,019.78
==============================================================================================
OUTSOURCE GUARDIAN GUARDIAN ALL
INT'L OF SYNADYNE EMPLOYER EMPLOYER PAYROLL
PAYROLL TAX SUMMARY: AMERICA, INC. III, INC. WEST, LLC EAST, LLC ENTITIES
------------- ------------- ------------- ------------- --------------
Dec 2001 Taxable gross payroll expense $1,804,298.39 $2,721,202.21 $4,926,020.78 $2,298,156.27 $11,749,677.65
Total Nov 2001 Fed, State &
Local Taxes Paid In Dec 2001 (63,218.45) (326,119.73) (182,806.02) (135,776.09) (707,920.29)
Total Dec 2001 Fed, State
& Local Taxes Due $ 354,376.23 $ 850,441.01 $ 743,995.30 $ 593,723.52 $ 2,542,536.06
LESS Dec 2001 Taxes Paid In Dec 2001 (287,177.71) (486,079.27) (476,334.87) (370,270.98) (1,619,862.83)
Total Dec 2001 Taxes Still Owed At
End Of Period $ 67,198.52 $ 364,361.74 $ 267,660.43 $ 223,452.54 $ 922,673.23
============= ============= ============= ============= ==============
FUTA & SUTA SUMMARY:
* 4th Qtr 2001 FUTA Tax Incl. In
Federal Tax Liability Above $ 20,519.79 $ 47,115.81 $ 72,157.05 $ 41,624.56 $ 181,417.21
** 4th Qtr 2001 SUTA Tax Incl. In
State Tax Liability Above $ 24,599.74 $ 207,159.03 $ 102,895.62 $ 73,741.47 $ 408,395.86
Note 1
Differences Between Prior Period
SWT & SUTA accruals and what was
actually paid:
Prior period SWT/SUTA still owed $ 46,040.12 $ 275,761.56 $ 144,254.80 $ 82,742.62 $ 548,799.10
11/01/01 SWT accrued to 10/31/01
(Core P/R Retention Bonus) -- (2,609.53) (2,622.97) (120.00) (5,352.50)
11/30/01 SWT accrued to 12/01/01
(Service P/R) -- (1,319.65) (275.97) (416.94) (2,012.56)
Quarterly SWT accrued as monthly in
error (RE: OH - SYN III) -- (12.22) -- -- (12.22)
SWT not accrued prior period in error -- -- 10.76 6.71 17.47
Total prior period SWT/SUTA paid $ 46,040.12 $ 271,820.16 $ 141,366.62 $ 82,212.39 $ 541,439.29
============= ============= ============= ============= ==============
RIDER 5 - INSURANCE COVERAGE
CONSOLIDATED
OUTSOURCE INTERNATIONAL INC
CONSOLIDATED
INSURANCE SCHEDULE OF COVERAGE
AS OF 12/30/01
LIMITS/ PREMIUM
COVERAGE DEDUCTIBLES TERM COMPANY PAID TO
- -----------------------------------------------------------------------------------------------------------------------------------
WORKERS' COMPENSATION Statutory 01/01/01 - 01/01/02 Zurich 1/31/02
EMPLOYERS LIABILITY renewed in Jan 02
Each Accident 1,000,000 new policy
Disease - Each Employee 1,000,000 1/1/02-12/31/02
Disease - Policy Limit 1,000,000
Deductible 250,000
DEDUCTIBLE PROTECTION POLICY 01/01/01 - 01/01/02 Zurich 1/31/02
renewed in Jan 02
new policy
(WC, GL, AL) 1/1/02-12/31/02
ERRORS & OMISSIONS 01/01/01 - 01/01/02 National Union Fire Ins 1/31/02
Each Accident 1,000,000 paid $3,474 to
Aggregate Limit 2,000,000 extend to 1/31/02
Deductible 50,000
GENERAL LIABILITY 01/01/01 - 01/01/02 Zurich 1/31/02
Policy Aggregate 25,000,000 renewed in Jan 02
Location Aggregate 2,000,000 new policy
Products/Completed Ops. 2,000,000 1/1/02-12/31/02
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 1/31/02
Bodily Injury & Property Damage 1,000,000
Uninsured/Underinsured 1,000,000
Personal Injury Protection Statutory
Medical Payments - each person 2,000 renewed in Jan 02
Hired & Non-Owned Auto 1,000,000 new policy
Deductible 100,000 1/1/02-12/31/02
AUTO PHYSICAL DAMAGE 01/01/01 - 01/01/02 Zurich 1/31/02
renewed in Jan 02
Deductible-Collision 1,000 new policy
Deductible-Other Than Collision 1,000 1/1/02-12/31/02
UMBRELLA LIABILITY 01/01/01 - 01/01/02 National Union Fire Ins Co 1/31/02
of Pittsburgh, PA
Each Occurrence 35,000,000 renewed in Jan 02
General Aggregate 35,000,000 new policy
Products/Completed Ops. 35,000,000 1/1/02-12/31/02
Deductible 10,000
EMPLOYMENT PRACTICES LIABILITY 01/01/01 - 01/01/02 Lexington Ins 1/15/02
Each Insured Event 5,000,000 paid $9,003.15 to
Total Aggregate Policy Paid Limit 10,000,000 extend to 1/15/02
Deductible 50,000
EMPLOYMENT PRACTICES LIABILITY-TAIL COVERAGE Extended Reporting Lexington Ins 4/8/03
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 1/31/02
of Pittsburgh, PA
Endorsements: paid $656 to extend
Fl Amendatory Cancellation - Non Renewal to 1/31/02
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 4/8/06
Period of Pittsburgh, PA
Basic Form with following Endorsements:
FL Amendatory Cancellation - Non Renewal 4/8/00-4/8/06
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
COMMERCIAL PROPERTY Per Schedule on
File with carrier 7/1/01-7/1/2002 The St. Paul 7/1/02
RIDER 5 - INSURANCE COVERAGE
CONSOLIDATED
OUTSOURCE INTERNATIONAL INC
CONSOLIDATED
INSURANCE SCHEDULE OF COVERAGE
AS OF 12/30/01
LIMITS/ PREMIUM
COVERAGE DEDUCTIBLES TERM COMPANY PAID TO
- -----------------------------------------------------------------------------------------------------------------------------------
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. 7/29/02
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. 12/31/01
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 1/31/02
renewed in Jan 02
new policy
aggregate 2,000,000 1/1/02-12/31/02
BASIC LIFE AND AD&D Life: 2 x annual 8/1/01-4/1/02 UNUM Life Ins Co 12/31/01
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 8/1/01-4/1/02 UNUM Life Ins Co 12/31/01
earnings, max $10k
monthly until age 65
or disabled
BUSINESS TRAVEL ACCIDENT INSURANCE Directors, Officers, 8/1/01-4/1/03 UNUM Life Ins Co. 4/1/03
Managers 3 x annual
earnings max $1m;
all else 1 x annual
earnings max $150k.
CIGNA EMPLOYEE MEDICAL COVERAGE
(SELF INSURED) $75,000 per person 8/1/01-4/1/02 Cigna 1/31/02
stop loss
CIGNA DENTAL INSURANCE (SELF INSURED) $1,500 per person 8/1/01-4/1/02 Cigna 1/31/02
stop loss
RIDER 6 - SIGNIFICANT EVENTS
CONSOLIDATED
OUTSOURCE INTERNATIONAL, INC.
CASE NO. LA 01-28173BB
During the December, 2001 reporting period, the following significant events
took place:
- - As reported in November, a "Letter of Intent" was signed on 11/27/01. The
Asset Purchase agreement between Cerberus and OSI and its subsidiaries was
approved by the US Bankruptcy Court on 1/8/02 with an effective date
sometime in late January 2002.
- - A motion was filed on 12/27/01 to revise the schedule of contracts and
leases to be assumed, assigned and sold, including amounts to be cured
thereunder, pursuant to debtor's motion to sell substantially all of their
assets. The hearing was held 1/8/02.
- - The General Liability, Umbrella, Auto, Workers Comp, and Liquor Liability
insurance policy was renewed with a new policy period 1/1/02-12/31/02. EPL
policy was extended to 1/15/02. Fiduciary and E&O (errors and omissions)
policies were extended to 1/31/02.
- - 13 employees were terminated on 1/4/02 as part of a reduction in force in
order to reduce costs.