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EXHIBIT 99.1
TRANSMITTAL OF FINANCIAL REPORTS AND
CERTIFICATION OF COMPLIANCE WITH
UNITED STATES TRUSTEE OPERATING REQUIREMENTS FOR
THE PERIOD ENDED: OCTOBER 31, 1999
IN RE: : CASE NO.: 99-52111
Chapter 11
: Judge: Marilyn Shea-Stonum
DeVlieg-Bullard, Inc.
Debtor :
:
As debtor in possession, I affirm:
1. That I have reviewed the financial statements attached hereto, consisting of:
X Operating Statement (Form 2)
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X Balance Sheet (Form 3)
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X Summary of Operations (Form 4)
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X Monthly Cash Statement (Form 5)
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X Statement of Compensation (Form 6)
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and that they have been prepared in accordance with normal and customary
accounting practices, and fairly and accurately reflect the debtor's financial
activity for the period stated;
2. That the insurance as described in Section 4 of the Operating Instructions
and Reporting Requirements For Chapter 11 Cases IS/IS NOT in effect; and (if
not, attach written explanation)
3. That all postpetition taxes as described in Sections 1 and 14 of the
Operating Instructions and Reporting Requirements For Chapter 11 cases ARE/ARE
NOT current. (Explain on separate sheet if not true.
4. No professional fees (attorney, accountant, etc.) have been paid without
specific court authorization. Explain on separate sheet if not true.
I hereby certify, under penalty of perjury, that the information provided herein
is true and correct to the best of my information and belief.
Dated: 11-22-99 /s/ W. James Lally
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Debtor in Possession
Vice President - Chief Financial Officer 800-248-8131
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Title Phone
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OPERATING STATEMENT (P&L) TOTAL
(ACCRUAL BASIS)
Debtor: DeVlieg Bullard, Inc. Case No: 99-52111
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Month Ending: 31-Oct-99
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Current Total
Month Since Filing
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Total Revenue/Sales $ 4,789,867 $ 17,149,181
Cost of Sales $ 2,618,367 $ 10,384,045
Amortization $ 298,083 $ 548,083
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Gross Profit $ 1,873,417 $ 6,217,053
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EXPENSES:
Officer Compensation $ 63,761 $ 207,935
Salary Expenses $ 864,840 $ 2,842,301
Employee Benefits & Pensions $ 183,281 $ 559,134
Payroll Taxes $ (6,800) $ 216,487
Other Taxes $ 2,473 $ 34,786
Rent & Lease Expense $ 99,654 $ 442,929
Interest Expense $ 488,868 $ 1,118,868
Insurance $ 2,124 $ 24,372
Automobile & Truck Expense $ 7,279 $ 88,975
Utilities $ 28,921 $ 335,696
Depreciation $ (58,937) $ 243,229
Travel and Entertainment $ 99,963 $ 331,263
Repairs and Maintenance $ 12,376 $ 109,986
Advertising $ 3,361 $ 77,361
Supplies, Office Expenses, etc. $ 59,629 $ 282,863
Other Administrative $ 416,481 $ 1,557,852
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TOTAL EXPENSES: $ 2,267,274 $ 8,474,037
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NET OPERATING PROFIT/(LOSS) $ (393,857) $ (2,256,984)
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Add: Non-Operating Income:
Interest Income $ -- $ --
Other Income $ 3,174,827 $ 3,175,827
Add: Non-Operating Expenses:
Professional Fees $ (230,309) $ (708,309)
Other $ (31,307) $ (73,307)
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NET INCOME/(LOSS) $ 2,519,354 $ 137,227
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Date: 11/22/99 /s/ W. James Lally
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BALANCE SHEET - CONSOLIDATED
Debtor: DeVlieg Bullard, Inc. Case No: 99-52111
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Month Ending: 31-Oct-99
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ASSETS: CURRENT MONTH PRIOR MONTH AT FILING
- ------- ------------- ----------- ---------
Cash $ 735,908 $ 183,559 $ 330,000
Inventory $ 31,552,736 $ 34,838,646 $ 36,580,500
Accounts Receivable $ 11,038,554 $ 13,378,013 $ 11,660,000
Insider Receivables $ 7,000 $ 7,000 $ 7,000
Land and Buildings $ 3,071,592 $ 3,061,480 $ 3,061,000
Furniture, Fixtures, & Equip. $ 14,047,236 $ 20,945,905 $ 20,946,000
Accumulated Depreciation $(11,348,618) $ (17,107,990) $ (16,811,000)
Other: Prepaid $ 2,261,221 $ 2,424,804 $ 1,964,000
Other: Intangibles $ 43,576,812 $ 44,043,593 $ 44,431,500
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TOTAL ASSETS: $ 94,942,441 $ 101,775,010 $ 102,169,000
============ ============= =============
LIABILITIES:
POSTPETITION LIABILITIES
Accounts Payable $ 1,077,220 $ 641,000 $ --
Wages and Salaries $ 320,469 $ 355,000 $ --
Taxes Payable $ 3,000 $ 6,000 $ --
Other Accrued $ 425,000 $ 505,767 $ --
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TOTAL POSTPETITION LIABILITIES $ 1,825,689 $ 1,507,767 $ --
============ ============= =============
SECURED LIABILITIES:
Subject to Postpetition
Collateral or Financing Order $ 24,028,354 $ 27,168,620 $ 26,678,000
All Other Secured Liab. $ 1,046,808 $ 1,047,000 $ 1,047,000
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TOTAL SECURED LIABILITIES: $ 25,075,162 $ 28,215,620 $ 27,725,000
============ ============= =============
PREPETITION LIABILITIES
Taxes and Other Priority Liab. $ 2,115,482 $ 2,073,000 $ 2,247,000
Unsecured Liabilities $ 68,407,475 $ 68,761,000 $ 68,171,000
Other: Insider Payable $ 3,317,000 $ 3,317,000 $ 3,317,000
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TOTAL PREPETITION LIAB. $ 73,839,957 $ 74,151,000 $ 73,735,000
============ ============= =============
EQUITY:
Owners Capital $ 10,619,813 $ 16,765,000 $ 16,765,000
Retained Earnings-Pre Pet. $(16,285,564) $ (16,286,000) $ (16,056,000)
Retained Earnings-Post Pet. $ (132,616) $ (2,578,377) $ --
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TOTAL EQUITY: $ (5,798,367) $ (2,099,377) $ 709,000
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TOTAL LIABILITIES
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AND EQUITY: $ 94,942,441 $ 101,775,010 $ 102,169,000
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Date: 11/22/99 /s/ W. James Lally
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SUMMARY OF OPERATIONS - CONSOLIDATED
Debtor: DeVlieg Bullard, Inc. Case No: 99-52111
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Month Ending: 31-Oct-99
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SCHEDULE OF POSTPETITION TAXES PAYABLE
BEGINNING ACCRUED/ PAYMENTS/ ENDING
BALANCE WITHHELD DEPOSITS BALANCE
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INCOME TAXES WITHHELD:
Federal: $ -- $193,112 $193,112 $ --
State: $ -- $ 41,764 $ 41,764 $ --
Local: $ -- $ 6,047 $ 6,047 $ --
FICA WITHHELD: $ -- $105,296 $105,296 $ --
EMPLOYERS FICA: $ -- $105,296 $105,296 $ --
UNEMPLOYMENT TAX:
Federal: $ 4,000 $ 114 $ 114 $ 4,000
State: $(63,000) $ 1,053 $ 1,053 $(63,000)
SALES, USE & EXCISE TAXES: $ (2,000) $ -- $ 208 $ (2,208)
PROPERTY TAXES: $ 53,000 $ -- $ -- $ 53,000
WORKERS' COMPENSATION $ 32,000 $ -- $ -- $ 32,000
OTHER: $ -- $ -- $ -- $ --
-------- -------- -------- --------
TOTALS: $ 24,000 $452,682 $452,890 $ 23,792
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AGING OF ACCOUNTS RECEIVABLE
AND POSTPETITION ACCOUNTS PAYABLE
Age in Days 0-30 OVER 30 OVER 60
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Post Petition Accounts Payable $ 557,360 $ 425,700 $ 94,160
Accounts Receivable $ 5,146,850 $ 2,672,372 $ 3,279,824
For all postpetition accounts payable over 30 days old, please attach a
sheet listing each such account, to whom the account is owed, the date the
account was opened, and the reason for non-payment of the account.
Date: 11/22/99 /s/ W. James Lally
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DEVLIEG - NOTES TO MONTHLY OPERATING REPORTS
Debtor: DeVlieg Bullard, Inc. Case No: 99-52111
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Month Ending: 31-Oct-99
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ACCOUNTS DUE PAST 30 DAYS
VENDOR DATE AMOUNT REASON
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Argus Management 08/11 -09/28 $ 15,617.88 Waiting on Court Approval
AT&T 9/11, 9/15 $ 11,935.45 Timing of Invoice Receipt
OCE 2-Sep $ 1,053.03 Timing of Invoice Receipt
DV Associates 1-Sep $ 25,000.00 Timing of Invoice Receipt
DeLage 7/22-9/22 $ 2,227.91 Timing of Invoice Receipt
James Rokakis 20-Sep $ 180,994.74 Timing of Invoice Receipt
GPU Energy 15-Sep $ 4,717.29 Timing of Invoice Receipt
Safety-Kleen 9/24, 9/30 $ 1,962.06 Timing of Invoice Receipt
C.E. Bradley 9/1-9/14 $ 15,000.00 Timing of Invoice Receipt
CT Corp. 1-Sep $ 12,480.00 Timing of Invoice Receipt
HDH 14-Sep $ 28,516.00 Resolving COBRA issues
Stanwich 9/1-9/22 $ 45,339.13 Timing of Invoice Receipt
American Financial 20-Jul $ 2,450.00 Timing of Invoice Receipt
Buckley-Owens 30-Jul $ 20,500.00 Timing of Invoice Receipt
Comp-Management 11-Aug $ 3,350.00 Timing of Invoice Receipt
Sandusky Cty Treasurer 31-Aug $ 2,710.19 Timing of Invoice Receipt
Tax Collector 18-Aug $ 1,972.82 Timing of Invoice Receipt
Misc. <$1,000.00 $ 9,451.63 Timing of Invoice Receipt
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$ 385,278.13
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MONTHLY CASH STATEMENT - CONSOLIDATED
Debtor: DeVlieg Bullard, Inc. Case No: 99-52111
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Month Ending: 31-Oct-99
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Cash Activity Analysis (Cash Basis Only)
General Payroll Tax Cash Collection
Account Account Account Account
------- ------- ------- -------
A. Beginning Balance $ 182,855 $ 256,000 $ -- $ --
B. Receipts $12,331,000 $1,350,500 $ -- $ --
C. Balance Available $12,513,855 $1,606,500 $ -- $ --
D. Less Disbursements $12,031,955 $1,352,500 $ -- $ --
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E. Ending Balance $ 481,900 $ 254,000 $ -- $ --
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(PLEASE ATTACH COPIES OF MOST RECENT RECONCILED BANK STATEMENTS FROM EACH
ACCOUNT)
GENERAL ACCOUNT:
1. Depository Name & Location
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2. Account Number
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see attached schedule: DeVlieg Other Accounts
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PAYROLL ACCOUNT:
1. Depository Name & Location
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2. Account Number
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see attached schedule: DeVlieg Other Accounts
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TAX ACCOUNT:
1. Depository Name & Location
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2. Account Number
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Other Monies on Hand (Specify type and location) (I.e. CD's, petty cash)
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see attached schedule: DeVlieg Other Accounts
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Date: 11/22/99 /s/ W. James Lally
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DEVLIEG OTHER ACCOUNTS
Debtor: DeVlieg Bullard, Inc. Case No: 99-52111
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Month Ending: 31-Oct-99
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SERVICES GROUP
GENERAL ACCOUNT:
1. Depository Name & Location National City Bank
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2. Account Number 628513872 & 628513933
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PAYROLL ACCOUNT:
1. Depository Name & Location National City Bank
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2. Account Number 628520554
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Other Monies on Hand (Specify type and location) (I.e. CD's, petty cash)
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POWERMATIC
GENERAL ACCOUNT:
1. Depository Name & Location Closed w/sale
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2. Account Number
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PAYROLL ACCOUNT:
1. Depository Name & Location Closed w/Sale
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2. Account Number
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Other Monies on Hand (Specify type and location) (I.e. CDs, petty cash)
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TOOLING SYSTEMS DIVISION
GENERAL ACCOUNT:
1. Depository Name & Location National City Bank
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2. Account Number 628520925
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PAYROLL ACCOUNT:
1. Depository Name & Location National City Bank
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2. Account Number 628520562
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Other Monies on Hand (Specify type and location) (I.e. CD's, petty cash)
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