Exhibit 99.1
United States Bankruptcy Court
Eastern District Of Kentucky
Ashland Division
IN RE: CASE NO. 03-10078
DEBTOR(S) CHAPTER 11
Monthly Operating Report For Month Ending August 2, 2003
Comes now Kentucky Electric Steel, Inc., debtor in possession and herby
submits its Monthly Operating Report for the Periods commencing June 29, 2003
and ending August 2, 2003 as shown by the report and exhibits consisting of 28
pages and containing the following, as indicated:
___X____ Monthly Reporting Questionnaire (Attachment 1)
___X____ Comparative Balance Sheets (Forms OPR - 1 & OPR - 2)
___X____ Summary of Accounts Receivable (Form OPR - 3)
___X____ Schedule of Post - Petition Liabilities (Form OPR - 4)
___X____ Statement of Income (Loss) Form OPR - 5)
___X____ Statement of Sources and Uses of Cash (Form OPR - 6)
I declare under penalty of perjury that this report and all attachments
are true and correct to the best of my knowledge and belief. I also hereby
certify that the original Monthly Operating Report was filed with the Bankruptcy
Court Clerk and a copy was delivered to the U.S. Trustee.
Date: August 20, 2003 DEBTOR
By: /s/ William J. Jessie
-----------------------------------------
(Signature)
Name & Title: William J. Jessie, President
-------------------------------
(Print or Type)
Address: US Route 60
------------------------------------
Ashland, KY 41101
---------------------------------------------
Telephone Number: (606) 929 - 1200
----------------------------
Attachment 1 (Page 1)
Chapter 11
Monthly Operating Report
Monthly Reporting Questionnaire
CASE NAME: Kentucky Electric Steel, Inc.
CASE NUMBER: 03-10078
MONTH OF: JULY
1. Payroll - State the amount of all executive wages paid and taxes withheld and
paid (1)
Name and Title of Executive Wages Paid Taxes (2)
---------------------- ---------------------
Gross Net Due Paid
----- --- --- ----
William J. Jessie - $ 17,580 $ 12,122 $ 3,808 $ 3,808
(President and CFO)
- --------------------------------------------------------------------------------------------------------------
William H. Gerak - - - - -
(Vice President of Administration)
- --------------------------------------------------------------------------------------------------------------
Joseph E. Harrison - - - - -
(Vice President of Sales and Marketing)
- --------------------------------------------------------------------------------------------------------------
Jack W. Mehalko - - - - -
(Interim President)
- --------------------------------------------------------------------------------------------------------------
Total Executive Payroll: $ 17,580 $ 12,122 $ 3,808 $ 3,808
-------------------------------------------------------------------
2. Insurance - Is workers' compensation and other insurance in effect? _Yes_ Are
Payments Current? _YES__ If any policy has lapsed, been replaced or renewed,
state so in the schedule below. Attach a copy of the new policy's binder pr
cover page.
Date of
Name of Coverage Expiration Premium Coverage
Type Carrier Amount Policy # Date Amount Pd. Through
- ---- ------- -------- -------- ---------- -------- -----------
Casualty: Primary property coverage policy modified effective July 9, 2003 to
(i) delete business interuption coverage and (ii) delete coverage in
excess of $25,000,000. Insurance policy covering break-down of
boiler and machinery cancelled effective July 9, 2003
Workers Comp. Replaced (see attached replacement policy)
General Liability:
-----------------------------------------------------------
Vehicle:
-----------------------------------------------------------
Other (Specify) Special Accident Policy cancelled effective July 9, 2003
(1) Payroll for executives included salary and retention bonus during the
fiscal month of June.
(2) Taxes include payments made by the employer.
[Kentucky Employers' Mutual Insurance Letterhead]
250 West Main Street, Suite 900
Lexington, Kentucky 40507-1724
859-425-7800 FAX 859-425-7809
www.kemi.com
Effective Date: 07/09/2003
KENTUCKY ELECTRIC STEEL INC
PO BOX 3500
ASHLAND, KY 41105-3500
INFORMATION PAGES
FOR POLICY NUMBER 318038
1. Policy Holder
KENTUCKY ELECTRIC STEEL INC
PO BOX 3500
Ashland, KY 411053500
Agent:
Agency ID: 1588
MARSH USA INC
525 Vine St Ste 1500
Cincinnati, OH 45202
Federal ID: 611244541
Entity type: Corporation
2. Policy Period
Effective: Expires:
- --------- -------
12:01 AM 07/09/2003 12:01 AM 07/09/2004
3. Coverage Limits and Endorsements:
A. Part one of this policy applies only to the Workers' Compensation laws of the
Commonwealth of Kentucky.
B. Part Two of this policy (Employers Liability Insurance) is subject to the
limits of our liability listed below:
Bodily Injury by Accident: $1,000,000 each accident
Bodily Injury by Disease $1,000,000 policy limit
Bodily Injury by Disease $1,000,000 each employee
WC_00_00_01A Page 1 Revision Date: 01/01/2000
[Kentucky Employers' Mutual Insurance Letterhead]
C. This policy includes these endorsements:
- ------------------------------------------------------------------------------
ENDORSEMENT CODE ENDORSEMENT DESCRIPTION
- ------------------------------------------------------------------------------
KEMI 1 Tax Assessment
- ------------------------------------------------------------------------------
KEMI 2 Schedule of Additional Locations
- ------------------------------------------------------------------------------
KEMI 6 Premium Due Date Endorsement
- ------------------------------------------------------------------------------
WC_00_04_06 Premium Discount Endorsement
- ------------------------------------------------------------------------------
WC_00_04_14 Notification of Change in Ownership Endorsement
- ------------------------------------------------------------------------------
WC_89_06_00B Policy General Change Endorsement
- ------------------------------------------------------------------------------
4. Classifications
- ------------------------------------------------------------------------------
- ------------------------------------------------------------------------------
3004-000 IRON OR STEEL; MANUFACTURING; STEEL MAKING - & DRIVERS
- ------------------------------------------------------------------------------
8810-000 CLERICAL OFFICE EMPLOYEES NOC
- ------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------
CLASS RATING AND MANUAL PREMIUM DETAIL EXPOSURE RATE PREMIUM
- ---------------------------------------------------------------------------------------------
KENTUCKY ELECTRIC STEEL INC.
- ---------------------------------------------------------------------------------------------
07/09/2003 - 07/09/2004
- ---------------------------------------------------------------------------------------------
3004-000 0 4.45 $.00
- ---------------------------------------------------------------------------------------------
8810-000 210,000 .31 $651.00
- ---------------------------------------------------------------------------------------------
8810-000 88,400 .31 $274.00
- ---------------------------------------------------------------------------------------------
Total Manual Premium: $925.00
---------------------
- ------------------------------------------------------------------------------------------------------
PREMIUM CALCULATION DETAIL TYPE FACTOR AMOUNT
- ------------------------------------------------------------------------------------------------------
07/09/2003 - 07/09/2004 Total Manual Premium $925.00
- ------------------------------------------------------------------------------------------------------
Employers Liability Limits .040 $37.00
- ------------------------------------------------------------------------------------------------------
Employers Liability Increased Limits $113.00
Balance to Minimum Premium
- ------------------------------------------------------------------------------------------------------
Total Subject Premium $1,075.00
- ------------------------------------------------------------------------------------------------------
Total Modified Premium $1,075.00
- ------------------------------------------------------------------------------------------------------
Final Estimate Total Standard Premium $1,075.00
- ------------------------------------------------------------------------------------------------------
Expense Constant $200.00
- ------------------------------------------------------------------------------------------------------
Estimated Annual Premium $1,275.00
- ------------------------------------------------------------------------------------------------------
Kentucky Special Fund Assessment $146.63
- ------------------------------------------------------------------------------------------------------
Total Amount Due $1,421.63
- ------------------------------------------------------------------------------------------------------
Please contact Center for Assistance at 859-425-7800 or
800-640-5364 with any questions.
- --------------------------------------------------------------------------------
The INFORMATION PAGES and all the forms and endorsements listed on it and
included with it complete this policy. Coverage under this policy is provided by
the Company named on the INFORMATION PAGES. In witness whereof we have executed
and attested this policy.
/s/ Roger O. Pries
- --------------------------------------------------------------------------------
WC_00_00_01A Page 2 Revision Date: 01/01/2000
[Kentucky Employers' Mutual Insurance Letterhead]
250 West Main Street, Suite 900
Lexington, Kentucky 40507-1724
859-425-7800 FAX 859-425-7809
www.kemi.com
Effective Date: 07/08/2003
KENTUCKY ELECTRIC STEEL INC
PO BOX 3500
ASHLAND, KY 41105-3500
ENDORSEMENTS
FOR POLICY NUMBER 318038
KENTUCKY ELECTRIC STEEL INC
POLICY PERIOD 07/09/2003-07/09/2004
KEMI 1
TAX ASSESSMENT
Tax and Assessment Charges - Kentucky
The monies charged the insured for taxes and assessments under the Kentucky
Workmen's Compensation Law are not included as premium under the policy,
pursuant to KRS 342, 122 (6), as now or hereafter amended.
The taxes and assessments for such insurance as is afforded by the policy are
determined by the Tax. Assessment Percentage, in the amount and on the effective
date shown, because the company is required to collect taxes and assessments
under the Workmen's Compensation Law.
TAX AND ASSESSMENT PERCENTAGE: 11.50%
TAX AND ASSESSMENT AMOUNT: $146.63
EFFECTIVE DATE: 07/09/2003
Please contact our office at 859-425-7800 or 1-800-640-5364 with any questions.
KEMI_1 Page 1 Revision Date: 01/01/2000
[Kentucky Employers' Mutual Insurance Letterhead]
250 West Main Street, Suite 900
Lexington, Kentucky 40507-1724
859-425-7800 FAX 859-425-7809
www.kemi.com
Effective Date: 07/09/2003
KENTUCKY ELECTRIC STEEL INC
PO BOX 3500
ASHLAND, KY 41105-3500
ENDORSEMENTS
FOR POLICY NUMBER 318038
KENTUCKY ELECTRIC STEEL INC
POLICY PERIOD 07/09/2003-07/09/2004
KEMI 2
GENERAL ENDORSEMENT
SCHEDULE OF WORKPLACES AND TRADING AS NAMES:
KENTUCKY ELECTRIC STEEL, INC
HWY 60 & 164
COALTON KY 41168
KENTUCKY ELECTRIC STEEL INC
PO BOX 3500
ASHLAND, KY 41105-3500
THE FOLLOWING NAMED BUSINESSES ARE INCLUDED IN POLICY COVERAGE:
Please contact our office at 859-425-7800 or 1-800-640-5364 with any questions.
KEMI_2 Page 1 Revision Date: 01/01/2000
[Kentucky Employers' Mutual Insurance Letterhead]
250 West Main Street, Suite 900
Lexington, Kentucky 40507-1724
859-425-7800 FAX 859-425-7809
www.kemi.com
Effective Date: 07/09/2003
KENTUCKY ELECTRIC STEEL INC
PO BOX 3500
ASHLAND, KY 41105-3500
ENDORSEMENTS
FOR POLICY NUMBER 318038
KENTUCKY ELECTRIC STEEL INC
POLICY PERIOD 07/09/2003-07/09/2004
KEMI 6
PREMIUM DUE DATE ENDORSEMENT
THIS ENDORSEMENT IS USED TO AMEND SECTION D OF PART FIVE OF THE POLICY
D. Premium Payments is amended to include the following:
The due date for audit and retroactive premiums is the date of billing.
Please contact our office at 859-425-7800 or 1-800-640-5364 with any questions.
KEMI_6 Page 1 Revision Date: 01/01/2000
[Kentucky Employers' Mutual Insurance Letterhead]
250 West Main Street, Suite 900
Lexington, Kentucky 40507-1724
859-425-7800 FAX 859-425-7809
www.kemi.com
Effective Date: 07/09/2003
KENTUCKY ELECTRIC STEEL INC
PO BOX 3500
ASHLAND, KY 41105-3500
ENDORSEMENTS
FOR POLICY NUMBER 318038
KENTUCKY ELECTRIC STEEL INC
POLICY PERIOD 07/09/2003-07/09/2004
WC 00 04 06
PREMIUM DISCOUNT ENDORSEMENT
The premium for this policy and the policies, if any, listed in Item 3 of the
Schedule may be eligible for a discount. This endorsement shows your estimated
discount in Item 1 or 2 of the Schedule. The final calculation of premium
discount will be determined by our manuals and your premium basis as determined
by audit. Premium subject to retrospective rating is not subject to premium
discount.
Schedule
State First $5000 Next $95000 Next $400000 Balance
Kentucky 0.00% 10.90% 12.60% 14.40%
Please contact our office at 859-425-7800 or 1-800-640-5364 with any questions.
WC_00_04_14 Page 1 Revision Date: 01/01/2000
[Kentucky Employers' Mutual Insurance Letterhead]
250 West Main Street, Suite 900
Lexington, Kentucky 40507-1724
859-425-7800 FAX 859-425-7809
www.kemi.com
Effective Date: 07/09/2003
KENTUCKY ELECTRIC STEEL INC
PO BOX 3500
ASHLAND, KY 41105-3500
ENDORSEMENTS
FOR POLICY NUMBER 318038
KENTUCKY ELECTRIC STEEL INC
POLICY PERIOD 07/09/2003-07/09/2004
WC 00 04 14
NOTIFICATION OF CHANGE IN OWNERSHIP ENDORSEMENT
Experience rating is mandatory for all eligible insureds. The experience rating
modification factor, if any, applicable to this policy, may change if there is a
change in your ownership or in that of one or more of the entities eligible to
be combined with you for experience rating purposes. Change in ownership
includes sales, purchases, other transfers, mergers, consolidations,
dissolutions, formations of a new entity and other changes provided for in the
applicable experience rating plan manual.
You must report any change in ownership to us in writing within 90 days of such
change. Failure to report such changes within this period may result in revision
of the experience rating modification factor used to determine your premium.
Please contact our office at 859-425-7800 or 1-800-640-5364 with any questions.
WC_00_04_14 Page 1 Revision Date: 01/01/2000
[Kentucky Employers' Mutual Insurance Letterhead]
250 West Main Street, Suite 900
Lexington, Kentucky 40507-1724
859-425-7800 FAX 859-425-7809
www.kemi.com
Effective Date: 07/09/2003
KENTUCKY ELECTRIC STEEL INC
PO BOX 3500
ASHLAND, KY 41105-3500
ENDORSEMENTS
FOR POLICY NUMBER 318038
KENTUCKY ELECTRIC STEEL INC
POLICY PERIOD 07/09/2003-07/09/2004
WC 89 06 00B
General Endorsement
It is hereby agreed and understood, effective: 07/09/2003, the above mentioned
policy has been amended by the addition of a manual class. The newly added class
is:
3004-000 IRON OR STEEL; MANUFACTURING; STEEL MAKING - & DRIVERS 0
It is hereby agreed and understood, effective: 07/09/2003, the above mentioned
policy has been amended by the addition of a manual class. The newly added class
is:
8810-000 CLERICAL OFFICE EMPLOYEES NOC 210,000
It is hereby agreed and understood, effective: 07/09/2003, the above mentioned
policy has been amended by the addition of a manual class. The newly added class
is:
8810-000 CLERICAL OFFICE EMPLOYEES NOC 88,400
Please contact our office at 859-425-7800 or 1-800-640-5364 with any questions.
Countersigned By: /s/ Roger O. Pries
Printed Date: 07/15/2003
WC_89_06_00B Page 1 Revision Date: 01/01/2000
Attachment 1 (Page 2)
Chapter 11
Monthly Operating Report
Monthly reporting Questionnaire
CASE NAME: Kentucky Electric Steel, Inc.
CASE NUMBER: 03-10078
MONTH OF: JULY
3. Bank Accounts
Account Type
------------------------------------------------------------------------------------------
Operating Tax Payroll Other Total
--------- --- ------- ------ -----
Bank Name See attached Exhibit A
----------------------------------- --------------------------- ------------
Account #
--------------- ------------------- --------------------------- ------------
Beginning Book
--------------- ------------------- --------------------------- ------------ ------------
Balance
Plus: Deposits
--------------- ------------------- --------------------------- ------------ ------------
Less: Disbursements
--------------- ------------------- --------------------------- ------------ ------------
Other:
--------------- ------------------- --------------------------- ------------ ------------
Transfers
- ----------------------------------- --------------- ------------------- --------------------------- ------------ ------------
Ending Book Balance
--------------- ------------------- --------------------------- ------------ ------------
4. Postpetition Payments - List any postpetition payments to professionals and
payments on prepetition debts in the schedule below (attach separate sheet if
necessary)
Payments To
Professionals (attorneys, accountants, etc.):
Amount Date Check #
------------------- --------------------------- -------------------------
- ----------------------------------- ------------------- --------------------------- -------------------------
- ----------------------------------- ------------------- --------------------------- -------------------------
TOTAL $ -
Prepetition Creditors:
AFCO - Credit Insurance $ 210,815 3-Jul-03 Wire Transfer
- ----------------------------------- ------------------- --------------------------- -------------------------
Revolving line of Credit
(National City & SunTrust) (1) $ (1,438,443) Daily Swept out of Lockbox
- ----------------------------------- ------------------- --------------------------- -------------------------
- ----------------------------------- ------------------- --------------------------- -------------------------
- ----------------------------------- ------------------- --------------------------- -------------------------
- ----------------------------------- ------------------- --------------------------- -------------------------
TOTAL $ (1,227,628)
(1) Represents amount paid on revolving line of credit or escrowed for payment
to senior note holders.
KENTUCKY ELECTRIC STEEL, INC.
CASH SUMMARY FOR THE MONTH ENDING AUGUST 2, 2003
EXHIBIT A
Workers Health Cash Collateral Petty Triton/
Compensation Benefits Lockbox General Cash Republic Note
------------ -------- --------------- ------- ---- -------------
Bank Name National City National City National City National City KESI National City
Private Client
Group
Account # 754202055 754202063 754119200 70936836 4090-K001-00-7
98239
Beginning Book Balance $ 100,000 $ 455,000 $ 380,556 $ (7,572,485) $ 400 $ 137,961
Plus: Deposits - - 1,694,885 - - -
Less: Disbursements - 55,477 - 279,702 268 -
Transfers/Other:
Transfers
Transfer to Cash Collateral Lockbox 132 - (132)
Transfer to Bank One Tax Account (20,000)
Transfer to NCB Office Account (25,000)
Other
Paydown on line/fund general account (1,763,145) 1,763,145
--------- --------- --------- ------------ ------ ---------
Ending Book Balance $ 100,000 $ 399,523 $ 312,427 $ (6,134,042) $ 0 $ 137,961
========= ========= ========= ============ ====== =========
Office Salary Hourly Office Zero Balance
Tax/Other Account Payroll Payroll Account Health Benefit
--------- ------- ------- ------- ------- --------------
Bank Name Bank One Bank One Fifth Third Fifth Third National City National City
Account # 626225676 626225320 73404006 73404022 39353008 70937158
626225668
Beginning Book Balance $ 3,788 $ - $ - $ - $ 17,630 $ -
Plus: Deposits - - - - - -
Less: Disbursements 17,205 - - - 36,089 -
Transfers/Other:
Transfers
Transfer to Cash Collateral Lockbox
Transfer to Bank One Tax Account 20,000
Transfer to NCB Office Account 25,000
Other
Paydown on line/fund general account
------- ------- ------- ------- -------- -------
Ending Book Balance $ 6,584 $ - $ - $ - $ 6,541 $ -
======= ======= ======= ======= ======== =======
Zero Balance Lease Payment Health Benefit Professional Total
Workers Comp. Account Disbursement Fees Account All Accounts
------------ ------------- -------------- ------------ ------------
Bank Name National City Fifth Third National City National City
Account # 70999943 73419056 754201570 754201618
Beginning Book Balance $ - $ - $ - $ 100,425 $ (6,376,725)(1)
Plus: Deposits - - - - 1,694,885
Less: Disbursements - - - - 388,741
Transfers/Other:
Transfers
Transfer to Cash Collateral Lockbox -
Transfer to Bank One Tax Account -
Transfer to NCB Office Account -
Other
Paydown on line/fund general account -
------- ------- -------- --------- ------------
Ending Book Balance $ - $ - $ - $ 100,425 $ (5,070,581)
======= ======= ======== ========= ============
(1) The cash summary reconciles to the Monthly Operating Report as follows: June 28, 2003 August 2, 2003
------------- --------------
Cash $ 260,204 $ 251,511
Restricted Cash 935,556 811,950
------------ ------------
Total Cash $ 1,195,760 $ 1,063,461
============ ============
The cash balance per this schedule is as follows:
Total Cash per Above $ (6,376,725) $ (5,070,581)
Less: Amount
Reported as
Line of Credit (7,572,485) (6,134,042)
------------ ------------
Cash Balance $ 1,195,760 $ 1,063,461
============ ============
CASE NAME: Kentucky Electric Steel, Inc.
COMPARATIVE BALANCE SHEET FORM OPR - 1
REV 2/90
CASE NUMBER: 03-10078
MONTH ENDED: JULY
February 5, March 1, March 29, May 3, May 31, June 28, August 2,
2003 2003 2003 2003 2003 2003 2003
----------- ----------- ----------- ----------- ----------- ----------- -----------
ASSETS
CURRENT ASSETS
Other Negotiable instruments
(i.e.. CD's T-Bills) $ -- $ -- $ --
----------- ----------- ----------- ----------- ----------- ----------- -----------
Accounts receivable (See OPR - 3) 9,734,029 8,478,039 5,972,687 2,842,297 2,149,555 1,866,505 169,979
----------- ----------- ----------- ----------- ----------- ----------- -----------
Less allowance for doubtful
accounts -- -- -- -- -- -- --
----------- ----------- ----------- ----------- ----------- ----------- -----------
Inventory, at lower of cost
or market 10,346,543 7,815,001 2,462,067 -- -- -- --
----------- ----------- ----------- ----------- ----------- ----------- -----------
Prepaid expenses and deposits 2,813,034 2,462,924 1,881,542 1,811,666 1,592,967 1,320,071 1,045,001
----------- ----------- ----------- ----------- ----------- ----------- -----------
Investments -- -- -- -- -- -- --
----------- ----------- ----------- ----------- ----------- ----------- -----------
Other: Operating Supplies, rolls,
molds, etc 4,203,699 4,203,699 4,203,699 4,203,699 4,203,699 4,203,699 4,203,699
----------- ----------- ----------- ----------- ----------- ----------- -----------
Cash and Restricted cash 1,092,575 1,931,782 1,291,023 1,433,979 1,475,449 1,195,760 1,063,461
----------- ----------- ----------- ----------- ----------- ----------- -----------
Other Assets 64,794 61,294 60,935 50,953 49,510 49,510 53,411
----------- ----------- ----------- ----------- ----------- ----------- -----------
TOTAL CURRENT ASSETS $28,254,674 $24,952,739 $15,871,953 $10,342,594 $ 9,471,180 $ 8,635,545 $ 6,535,551
----------- ----------- ----------- ----------- ----------- ----------- -----------
PROPERTY PLANT AND EQUIPMENT, $ -- $ -- $ -- $ -- $ -- $ -- $ --
----------- ----------- ----------- ----------- ----------- ----------- -----------
AT COST
Less accumulated depreciation -- -- -- -- -- -- --
----------- ----------- ----------- ----------- ----------- ----------- -----------
NET PROPERTY PLANT AND EQUIPMENT $19,452,338 $19,452,338 $19,452,338 $19,452,338 $19,452,338 $19,354,479 $19,354,479
----------- ----------- ----------- ----------- ----------- ----------- -----------
Other non current assets 307,958 304,232 260,771 260,771 260,771 260,771 260,771
----------- ----------- ----------- ----------- ----------- ----------- -----------
Deferred finance charges 558,815 -- -- -- -- -- --
----------- ----------- ----------- ----------- ----------- ----------- -----------
TOTAL ASSETS $48,573,785 $44,709,309 $35,585,062 $30,055,703 $29,184,289 $28,250,795 $26,150,801
----------- ----------- ----------- ----------- ----------- ----------- -----------
* Itemize if value of "Other Assets" exceed 10% of "Total Assets."
FORM OPR - 2
CASE NAME: Kentucky Electric Steel, Inc. REV 2/90
COMPARATIVE BALANCE SHEET
CASE NUMBER: 03-10078 MONTH ENDED: JULY
February 5, March 1, March 29, May 3, May 31, June 28, August 2,
2003 2003 2003 2003 2003 2003 2003
----------- ----------- ----------- ----------- ----------- ----------- -----------
LIABILITIES
POST PETITION LIABILITIES $ 204,746 $ 702,564 $ 947,405 $ 1,111,679 $ 1,303,592 $ 1,115,613 $ 1,237,138
----------- ----------- ----------- ----------- ----------- ----------- -----------
PRE PETITION LIABILITIES
----------- ----------- ----------- ----------- ----------- ----------- -----------
Priority Debt 2,629,975 2,592,107 2,098,489 2,068,489 2,068,489 2,068,489 2,108,489
----------- ----------- ----------- ----------- ----------- ----------- -----------
Secured Debt 30,530,705 27,658,910 23,544,655 19,613,859 19,021,483 19,032,152 17,593,708
----------- ----------- ----------- ----------- ----------- ----------- -----------
Unsecured Debt 9,426,688 9,433,310 8,691,905 8,301,017 8,301,017 8,133,037 7,922,222
----------- ----------- ----------- ----------- ----------- ----------- -----------
TOTAL PRE PETITION
LIABILITIES $42,587,368 $39,684,328 $34,335,049 $29,983,364 $29,390,988 $29,233,678 $27,624,419
----------- ----------- ----------- ----------- ----------- ----------- -----------
TOTAL LIABILITIES $42,792,114 $40,386,892 $35,282,454 $31,095,043 $30,694,580 $30,349,291 $28,861,557
----------- ----------- ----------- ----------- -----------
SHAREHOLDERS' EQUITY
(DEFICIT)
PREFERRED STOCK $ -- $ -- $ --
----------- ----------- ----------- ----------- ----------- ----------- -----------
COMMON STOCK 50,516 50,516 50,516 50,516 50,516 50,516 50,516
----------- ----------- ----------- ----------- ----------- ----------- -----------
PAID-IN CAPITAL 15,817,342 15,817,342 15,817,342 15,817,342 15,817,342 15,817,342 15,817,342
----------- ----------- ----------- ----------- ----------- ----------- -----------
TREASURY STOCK (4,309,397) (4,309,397) (4,309,397) (4,309,397) (4,309,397) (4,309,397) (4,309,397)
----------- ----------- ----------- ----------- ----------- ----------- -----------
RETAINED EARNINGS
----------- ----------- ----------- ----------- ----------- ----------- -----------
Through filing date (5,776,790) (5,776,790) (5,776,790) (5,776,790) (5,776,790) (5,776,790) (5,776,790)
----------- ----------- ----------- ----------- ----------- ----------- -----------
Post filing date -- (1,459,254) (5,479,063) (6,821,011) (7,291,962) (7,880,167) (8,492,427)
----------- ----------- ----------- ----------- ----------- ----------- -----------
TOTAL SHAREHOLDERS' EQUITY $ 5,781,671 $ 4,322,417 $ 302,608 $(1,039,340) $(1,510,291) $(2,098,496) $(2,710,756)
----------- ----------- ----------- ----------- ----------- ----------- -----------
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY
$48,573,785 $44,709,309 $35,585,062 $30,055,703 $29,184,289 $28,250,795 $26,150,801
----------- ----------- ----------- ----------- ----------- ----------- -----------
CASE NAME: Kentucky Electric Steel, Inc. FORM OPR - 3
REV 2/90
SUMMARY OF ACCOUNTS RECEIVABLE
CASE NUMBER: 03-10078 MONTH ENDED: JUNE
(1) (1) (1) (1)
TOTAL CURRENT 1 - 30 DAYS 31 - 60 DAYS OVER 60 DAYS
PAST DUE PAST DUE PAST DUE
----------- ---------- ----------- ----------- -----------
DATE OF FILING: FEBRUARY 5, 2003 $ 10,089,029 $7,974,031 $ 1,611,266 $ 479,232 $ 24,500
- ---------------------------------------------- ------------ ---------- ----------- ----------- -----------
Allowance for doubtful accounts $ (355,000)
----------- ---------- ----------- ----------- -----------
Net accounts receivable $ 9,734,029
===========
MONTH: FEBRUARY - (March 1) $ 8,848,039 $6,254,947 $ 2,046,099 $ 435,313 $ 111,680
------------------------ ----------- ---------- ----------- ----------- -----------
Allowance for doubtful accounts $ (370,000)
----------- ---------- ----------- ----------- -----------
Net accounts receivable $ 8,478,039
===========
MONTH: MARCH - (March 29) $ 6,357,687 $2,637,537 $ 2,788,675 $ 684,222 $ 247,253
------------------------- ----------- ---------- ----------- ----------- -----------
Allowance for doubtful accounts $ (385,000)
----------- ---------- ----------- ----------- -----------
Net accounts receivable $ 5,972,687
===========
MONTH: April - (May 3) $ 3,227,297 $ 758,907 $ 1,156,614 $ 637,812 $ 673,964
------------------------- ----------- ---------- ----------- ----------- -----------
Allowance for doubtful accounts $ (385,000)
----------- ---------- ----------- ----------- -----------
Net accounts receivable $ 2,842,297
===========
MONTH: May - (May 31) $ 2,464,555 $ 215,802 $ 98,441 $ 1,176,753 $ 973,560
------------------------- ----------- ---------- ----------- ----------- -----------
Allowance for doubtful accounts $ (315,000)
----------- ---------- ----------- ----------- -----------
Net accounts receivable $ 2,149,555
===========
MONTH: June - (June 28) $ 2,011,505 $ 22,750 $ - $ 72,901 $ 1,915,853
------------------------- ----------- ---------- ----------- ----------- -----------
Allowance for doubtful accounts $ (145,000)
----------- ---------- ----------- ----------- -----------
Net accounts receivable $ 1,866,505
===========
MONTH: July - (August 2) $ 214,979 $ - $ - $ - $ 214,979
------------------------- ----------- ---------- ----------- ----------- -----------
Allowance for doubtful accounts $ (45,000)
----------- ---------- ----------- ----------- -----------
Net accounts receivable $ 169,979
===========
NOTE: Total accounts receivable net of allowance for doubtful accounts shown
here must agree to Form OPR - 1.
(1) The Company sells to customers on various terms including 30
days, 45 days and 60 days. The aging reports are prepared
showing current, 1 - 30 days past due, 31 - 60 days past due and
over 60 days past due.
CASE NAME: Kentucky Electric Steel, Inc. FORM OPR - 4
REV 2/90
SUMMARY OF POST PETITION LIABILITIES
CASE NUMBER: 03-10078 MONTH ENDED: JULY
DATE DATE TOTAL AMOUNT 0 - 30 31 - 60 61 - 90 OVER
INCURRED DUE DUE DAYS DAYS DAYS 90 DAYS
-------- -------- ------------ --------- --------- --------- ---------
TAXES PAYABLE
Federal Income Tax
-------- -------- ------------ --------- --------- --------- ---------
FICA - Employer's Share
-------- -------- ------------ --------- --------- --------- ---------
FICA - Employee's Share
-------- -------- ------------ --------- --------- --------- ---------
Unemployment Tax
-------- -------- ------------ --------- --------- --------- ---------
Sales Tax
-------- -------- ------------ --------- --------- --------- ---------
Property Tax
-------- -------- ------------ --------- --------- --------- ---------
TOTAL TAXES PAYABLE $ 147,952 $ 147,952 $ - $ - $ -
-------- -------- ------------ --------- --------- --------- ---------
POSTPETITION SECURED DEBT See attached Exhibit B
-------- -------- ------------ --------- --------- --------- ---------
POSTPETITION UNSECURED DEBT
-------- -------- ------------ --------- --------- --------- ---------
ACCRUED INTEREST PAYABLE
-------- -------- ------------ --------- --------- --------- ---------
TRADE ACCOUNTS PAYABLE & OTHER:
(list separately)
Total Trade & Other Accounts Payable $ 1,089,186 $ 525,953 $ 109,466 $ 109,466 $ 344,301
---------------------------------------- -------- -------- ------------ --------- --------- --------- ---------
See attached Exhibit C
---------------------------------------- -------- -------- ------------ --------- --------- --------- ---------
---------------------------------------- -------- -------- ------------ --------- --------- --------- ---------
---------------------------------------- -------- -------- ------------ --------- --------- --------- ---------
---------------------------------------- -------- -------- ------------ --------- --------- --------- ---------
---------------------------------------- -------- -------- ------------ --------- --------- --------- ---------
TOTALS $ 1,237,138 $ 673,905 $ 109,466 $ 109,466 $ 344,301
-------- -------- ------------ --------- --------- --------- ---------
Attach separate page if necessary.
Note: Total postpetition liabilities shown here must agree with the
same item as shown on Form OPR-2.
EXHIBIT B
KENTUCKY ELECTRIC STEEL, INC.
SUMMARY OF POST PETITION LIABILITIES - TAXES PAYABLE
AUGUST 2, 2003
DATE DATE TOTAL 0-30 31-60 61-90 OVER
INCURRED DUE DUE DAYS DAYS DAYS 90 DAYS
-------- ---- --------- ---------- --------- --------- ---------
TAXES PAYABLE
Sales Tax
July 08/02/03 08/25/03 7,952 7,952 - - -
Property Tax
2003 Prop. Tax Accrual (6 months) 02/05/03 12/31/03 120,000 120,000 - - -
Kentucky license Tax (5 months) 02/05/03 Various 12,500 12,500 - - -
Deleware Franchise Tax (5 months) 02/05/03 Various 7,500 7,500 - - -
--------- ---------- --------- --------- ---------
TOTAL TAXES PAYABLE $ 147,952 $ 147,952 $ - $ - $ -
========= ========= ========= ========= =========
POSTPETITION SECURED DEBT - - - - -
POSTPETITION UNSECURED DEBT - - - - -
ACCRUED INTEREST PAYABLE - - - - -
EXHIBIT C
KENTUCKY ELECTRIC STEEL, INC.
SUMMARY OF POST PETITION LIABILITIES - TRADE ACCOUNTS PAYABLES AND OTHERS
AUGUST 2, 2003
DATE DATE TOTAL 0-30 31-60 61-90 OVER
Accounts Payable INCURRED DUE DUE DAYS DAYS DAYS 90 DAYS
---------------- --------- -------- ----------- --------- -------- --------- ---------
Trade Accounts Payable
Cannonsburg Water District 07/31/03 08/25/03 188 188 - - -
IKON Office Solutions 07/31/03 08/09/03 19 19 - - -
Ceridian Employer Services 07/30/03 08/09/03 53 53 - - -
Core Risk Services 08/02/03 09/01/03 663 663 - - -
The Wackenhut Corporation 07/27/03 08/26/03 1,051 1,051 - - -
The Wackenhut Corporation 08/02/03 09/01/03 1,000 1,000 - - -
Earle M Jorgensen Co. 03/21/03 TBD 6,576 6,576 - - -
Ryerson Tull Various TBD 4,170 4,170 - - -
The Reserves Network 08/02/03 09/01/03 1,600 1,600 - - -
CSX 04/04/03 04/19/03 25,000 - - - 25,000
American Electric Power 08/02/03 08/14/03 18,000 18,000
----------- --------- -------- --------- ---------
TRADE ACCOUNTS PAYABLE $ 58,320 $ 33,320 $ - $ - $ 25,000
----------- --------- -------- --------- ---------
Other
Accrued Professional Fees Various TBD $ 383,167 $ 383,167 $ - $ - $ -
Accrued sales leaseback transaction Various TBD 647,698 109,466 109,466 109,466 319,301
----------- --------- -------- --------- ---------
OTHER ACCOUNTS PAYABLE $ 1,030,866 $ 492,633 $109,466 $ 109,466 $ 319,301
----------- --------- -------- --------- ---------
----------- --------- -------- --------- ---------
TOTAL ACCOUNTS PAYABLE $ 1,089,186 $ 525,953 $109,466 $ 109,466 $ 344,301
----------- --------- -------- --------- ---------
CASE NAME: Kentucky Electric Steel, Inc. FORM OPR - 5
REV 2/90
STATEMENT OF INCOME (LOSS)
CASE NUMBER: 03-10078 MONTH ENDED: JULY
FILING
FEBRUARY MARCH APRIL MAY JUNE JULY TO DATE
----------- ----------- ----------- ---------- ---------- ---------- -----------
NET REVENUE (INCOME) $ 2,600,739 $ 2,370,145 $ 1,782,455 $ 65,869 $ 32,531 $ -- $ 6,851,739
----------- ----------- ----------- ---------- ---------- ---------- -----------
COST OF GOODS SOLD
Materials -- -- -- -- -- -- --
----------- ----------- ----------- ---------- ---------- ---------- -----------
Labor - Direct -- -- -- -- -- -- --
----------- ----------- ----------- ---------- ---------- ---------- -----------
Manufacturing Overhead -- -- -- -- -- -- --
----------- ----------- ----------- ---------- ---------- ---------- -----------
TOTAL COST OF
GOODS SOLD (3,089,476) (6,532,328) (2,521,368) (310,114) (315,408) (389,439) (13,158,133)
----------- ----------- ----------- ---------- ---------- ---------- -----------
GROSS PROFIT -- -- -- -- -- -- --
----------- ----------- ----------- ---------- ---------- ---------- -----------
OPERATING EXPENSES -- -- -- -- -- -- --
----------- ----------- ----------- ---------- ---------- ---------- -----------
Selling and Marketing -- -- -- -- -- -- --
----------- ----------- ----------- ---------- ---------- ---------- -----------
General and Administrative (370,304) (393,192) (600,050) (226,351) (208,446) (224,470) (2,022,813)
----------- ----------- ----------- ---------- ---------- ---------- -----------
Other: -- -- -- -- -- -- --
----------- ----------- ----------- ---------- ---------- ---------- -----------
TOTAL OPERATING
EXPENSES $ (370,304) $ (393,192) $ (600,050) $ (226,351) $ (208,446) $ (224,470) $(2,022,813)
INCOME BEFORE INTEREST,
DEPRECIATION TAXES OR
EXTRAORDINARY EXPENSES $ (859,041) $(4,555,375) $(1,338,963) $ (470,596) $ (491,323) $ (613,909) $(8,329,207)
----------- ----------- ----------- ---------- ---------- ---------- -----------
INTEREST EXPENSE (2,060) (2,403) (2,987) (2,403) (2,403) (3,004) (15,260)
----------- ----------- ----------- ---------- ---------- ---------- -----------
MISCELLANEOUS -- -- 2 2,048 (94,479) 4,653 (87,776)
----------- ----------- ----------- ---------- ---------- ---------- -----------
DEPRECIATION -- -- -- -- -- -- --
----------- ----------- ----------- ---------- ---------- ---------- -----------
INCOME TAX EXPENSE (BENEFIT) -- -- -- -- -- -- --
----------- ----------- ----------- ---------- ---------- ---------- -----------
WRITE-OFF OF DEFERRED
FINANCING FEE (545,404) -- -- -- -- -- (545,404)
----------- ----------- ----------- ---------- ---------- ---------- -----------
WRITE-OFF OF OTHER DEFERRED
CHARGES (52,749) -- -- -- -- -- (52,749)
----------- ----------- ----------- ---------- ---------- ---------- -----------
EXTRAORDINARY INCOME
(EXPENSE)(1) -- 537,969 -- -- -- -- 537,969
----------- ----------- ----------- ---------- ---------- ---------- -----------
NET INCOME (LOSS) $(1,459,254) $(4,019,809) $(1,341,948) $ (470,951) $ (588,205) $ (612,260) $(8,492,427)
=========== =========== =========== ========== ========== ========== ===========
(1) Amount is a non-cash item representing the write-off of unrecognized
gain on sale and leaseback transaction.
CASE NAME: Kentucky Electric Steel, Inc. FORM OPR - 6
REV 2/90
STATEMENT OF SOURCES AND USES OF CASH
CASE NUMBER: 03-10078 MONTH ENDED: JULY
FILING
FEBRUARY MARCH APRIL MAY JUNE JULY TO DATE
----------- ----------- ----------- ---------- ---------- ---------- -----------
SOURCES OF CASH
Income (Loss) From Operations $(1,459,254) $(4,019,809) $(1,341,948) $ (470,951) $ (588,205) $ (612,260) $(8,492,427)
----------- ----------- ----------- ---------- ---------- ---------- -----------
Add: Depreciation, Amortization
& Other Non-Cash Items 558,815 (537,969) -- -- -- -- 20,846
----------- ----------- ----------- ---------- ---------- ---------- -----------
CASH GENERATED FROM OPERATIONS (900,439) (4,557,778) (1,341,948) (470,951) (588,205) (612,260) (8,471,581)
----------- ----------- ----------- ---------- ---------- ---------- -----------
Add: Decrease in Assets:
Accounts Receivable 1,259,490 2,505,711 3,140,372 694,185 283,050 1,692,625 9,575,433
----------- ----------- ----------- ---------- ---------- ---------- -----------
Inventory 2,531,542 5,352,934 2,462,067 -- -- -- 10,346,543
----------- ----------- ----------- ---------- ---------- ---------- -----------
Prepaid Expenses & Deposits 350,110 581,381 69,875 218,699 272,896 275,070 1,768,031
----------- ----------- ----------- ---------- ---------- ---------- -----------
Property, Plant & Equipment -- -- -- -- 97,859 -- 97,859
----------- ----------- ----------- ---------- ---------- ---------- -----------
Other: Change in Other
Long-Tem Assets 3,726 43,461 -- -- -- -- 47,187
----------- ----------- ----------- ---------- ---------- ---------- -----------
Increase in Liabilities:
Pre Petition Liabilities -- -- -- -- -- -- --
----------- ----------- ----------- ---------- ---------- ---------- -----------
Post Petition Liabilities 497,818 244,841 164,274 191,913 -- 121,525 1,220,371
----------- ----------- ----------- ---------- ---------- ---------- -----------
TOTAL SOURCES OF CASH (A) $ 3,742,247 $ 4,170,550 $ 4,494,641 $ 633,846 $ 65,600 $1,476,960 $14,583,844
----------- ----------- ----------- ---------- ---------- ---------- -----------
USES OF CASH
Increase in Assets:
Accounts Receivable $ -- $ -- $ -- $ -- $ -- $ -- $ --
----------- ----------- ----------- ---------- ---------- ---------- -----------
Inventory -- -- -- -- -- -- --
----------- ----------- ----------- ---------- ---------- ---------- -----------
Prepaid Expenses & Deposits -- -- -- -- -- -- --
----------- ----------- ----------- ---------- ---------- ---------- -----------
Property, Plant & Equipment -- -- -- -- -- -- --
----------- ----------- ----------- ---------- ---------- ---------- -----------
Other accured expenses -- --
----------- ----------- ----------- ---------- ---------- ---------- -----------
Decrease in Liabilities:
Pre Petition Liabilities $ 2,903,040 $ 4,811,310 $ 4,351,685 $ 592,376 $ 157,310 $1,609,259 $14,424,980
----------- ----------- ----------- ---------- ---------- ---------- -----------
Post Petition Liabilities -- 187,979 187,979
----------- ----------- ----------- ---------- ---------- ---------- -----------
TOTAL USES OF CASH (B) $ 2,903,040 $ 4,811,310 $ 4,351,685 $ 592,376 $ 345,289 $1,609,259 $14,612,959
----------- ----------- ----------- ---------- ---------- ---------- -----------
NET SOURCE (USE) OF CASH (A-B=NET) $ 839,207 $ (640,760) $ 142,956 $ 41,470 $ (279,689) $ (132,299) $ (29,114)
----------- ----------- ----------- ---------- ---------- ---------- -----------
CASH - BEGINNING BALANCE (See OPR-1) $ 1,092,575 $ 1,931,782 $ 1,291,022 $1,433,979 $1,475,449 $1,195,760 $ 1,092,575
----------- ----------- ----------- ---------- ---------- ---------- -----------
CASH - ENDING BALANCE (See OPR-1) $ 1,931,782 $ 1,291,022 $ 1,433,979 $1,475,449 $1,195,760 $1,063,461 $ 1,063,461
=========== =========== =========== ========== ========== ========== ===========
CASE NAME: Kentucky Electric Steel, Inc.
CASE NUMBER: 03-10078
CASH DISBURSEMENT DETAIL
Date Payee Amount
----------------- ---------------------------------------------- -------------
Account #754202063
7/1/2003 Post Petition Health Benefit Claims $ 39,227
7/1/2003 Employee Health Insurance Stipends 16,250
------------
$ 55,477
------------
Account #70936836 & 98239
7/2/2003 National City Bank - Bank Fees $ 1,285
7/3/2003 AFCO Credit 210,815
7/9/2003 American Electric Power 15,943
7/9/2003 Acorn Energy Services Inc 585
7/9/2003 Alltel 103
7/9/2003 AT&T 19
7/9/2003 AT&T 2,767
7/9/2003 Browning Ferris Ind 73
7/9/2003 Cannonsburg Water District 295
7/9/2003 Ceridian Employer Services 117
7/9/2003 Core Risk Services 666
7/9/2003 Kentucky Employers' 1,422
7/9/2003 Nations Rent 1,616
7/9/2003 The Reserves Network 2,076
7/9/2003 The Wackenhut Corporation 2,144
7/11/2003 AT&T 4,471
7/11/2003 Business Wire 787
7/11/2003 Green Valley Landfill 997
7/11/2003 IOS Capital 261
7/11/2003 Kentucky Society Of CPAs 180
7/11/2003 The Reserves Network 858
7/12/2003 Alltel 208
7/12/2003 Ashland Office Supply 106
7/12/2003 AT&T 395
7/12/2003 Ceridian Employer Services 292
7/12/2003 IOS Capital 1,611
7/12/2003 The Wackenhut Corporation 1,328
7/18/2003 Ashland Office Supply 153
7/18/2003 At&T Wireless Service 517
7/18/2003 Ceridian Employer Services 92
7/18/2003 IKON Office Solutions 727
7/18/2003 American Electric Power 209
7/18/2003 Lightyear Communications 661
7/18/2003 Professional Maintenance 618
7/18/2003 The Reserves Network 798
7/25/2003 BHE Environmental Inc 805
7/25/2003 Business Wire 637
7/25/2003 Columbia Gas Of Kentucky 21
7/25/2003 Federal Express Corp 53
7/25/2003 Mark Grimm 54
7/25/2003 IOS Capital 794
7/25/2003 The Reserves Network 798
7/25/2003 Smith Bros Plumbing Co 130
7/25/2003 Storage On The Spot Inc. 106
7/25/2003 The Wackenhut Corporation 1,069
7/25/2003 United Parcel Service 16
7/25/2003 Xerox Corp 100
7/25/2003 Bank Analysis Charges 562
8/1/2003 Alltel 231
8/1/2003 Alltel 103
8/1/2003 AT&T 19
8/1/2003 AT&T 1,053
8/1/2003 Green Valley Landfill 483
8/1/2003 Mark Grimm 51
8/1/2003 IBM Corporation 2,275
8/1/2003 IKON Office Solutions 707
8/1/2003 Prudential Securities Inc. 21
8/1/2003 The Reserves Network 798
8/1/2003 The Wackenhut Corporation 1,089
8/1/2003 United Parcel Service 16
8/1/2003 U.S. Trustee 10,000
7/31/2003 IBM Auto Wire 2,275
Various FedEx 243
------------
$ 279,702
------------
Petty Cash
Various Mark Grimm Expense Reimbursement $ 223
Various Miscellaneous Petty Cash Expenditures 44
------------
$ 268
------------
Account 626225676 & 626225668
7/11/2003 Bank Service Charge - June $ 64
7/17/2003 Transfer 941 P/R Taxes Hourly Deposit # 1 794
7/17/2003 Transfer 941 P/R Taxes Hourly Deposit # 1 2,703
7/17/2003 Transfer 941 P/R Taxes Hourly Deposit # 1 794
7/17/2003 Transfer KIT Withholding 652
7/17/2003 Ky. Treasurer - Sales & Use Tax 7,952
7/17/2003 Transfer KIT Withholding 32
7/17/2003 Transfer 941 P/R Taxes Hourly Deposit # 2 57
7/17/2003 Transfer 941 P/R Taxes Hourly Deposit # 2 41
7/17/2003 Transfer 941 P/R Taxes Hourly Deposit # 2 57
7/18/2003 Transfer 941 P/R Taxes Hourly Deposit # 3 588
7/18/2003 Transfer 941 P/R Taxes Hourly Deposit # 3 2,378
7/18/2003 Transfer 941 P/R Taxes Hourly Deposit # 3 588
7/21/2003 Transfer 941 P/R Taxes Hourly Deposit # 3 503
------------
$ 17,205
------------
CASE NAME: Kentucky Electric Steel, Inc.
CASE NUMBER: 03-10078
CASH DISBURSEMENT DETAIL
Date Payee Amount
----------------- ---------------------------------------------- ------------
Account # 39353008
6/30/2003 Salary Payroll $ 10,822
7/2/2003 William Gerak 1,813
7/7/2003 William Gerak 625
7/7/2003 Ashland Winco 338
7/15/2003 U.S. Postmaster 412
7/15/2003 Salary Payroll 10,810
7/16/2003 West Virginia State Tax Department 324
7/18/2003 Salary Payroll 616
7/23/2003 Joe Harrison 1,188
7/31/2003 Salary Payroll 8,806
8/1/2003 West Virginia State Tax Department 324
8/1/2003 Metlife 12
------------
$ 36,089
------------
------------
TOTAL $ 388,741
============
CASE NAME: Kentucky Electric Steel, Inc.
CASE NUMBER: 03-10078
CASH RECEIPTS DETAIL
Date Payee Amount
----------- -------------------------------------------- -----------
Account #754119200
7/2/2003 Aztec Trailer Sales $ 1,569
7/2/2003 Brennan Steel Inc 5,892
7/2/2003 Harbor Steel & Supply Corp 4,320
7/2/2003 Harbor Steel & Supply Corp 3,680
7/2/2003 Hunterspoint Steel Co 8,420
7/2/2003 Central Steel And Wire Co Il 2,202
7/2/2003 Earl M. Jorgensen - Rochester 1,836
7/2/2003 Earl M Jorgenson 666
7/2/2003 Earle M Jorgensen Co (EMJ) 1,408
7/2/2003 Earle M Jorgensen Co (EMJ) 60
7/2/2003 Earle M Jorgensen Co (EMJ) 4,801
7/2/2003 Earle M Jorgensen Co (EMJ) 10,830
7/2/2003 Earle M Jorgensen Co (EMJ) 99
7/2/2003 Earle M Jorgensen Co (EMJ) 645
7/2/2003 Earle M Jorgensen Co (EMJ) 1,969
7/2/2003 Earle M Jorgensen Co (EMJ) 1,655
7/2/2003 Earle M Jorgensen Co (EMJ) 1,670
7/2/2003 Earle M Jorgensen Co (EMJ) 2,714
7/2/2003 Earle M Jorgensen Co (EMJ) 2,694
7/2/2003 Earle M Jorgensen Co (EMJ) 1,405
7/2/2003 Earle M Jorgensen Co (EMJ) 2,694
7/2/2003 Earle M Jorgensen Co (EMJ) 1,294
7/2/2003 Quanex Corporation 2
7/7/2003 Leeco Steel Products Inc 2,528
7/7/2003 Wilton Precision Steel 5,327
7/9/2003 Leeco Steel Products Inc 2,528
7/9/2003 Pro Trade 29,868
7/11/2003 Ashland Fabricating And Weldin 1,358
7/11/2003 Ashland Fabricating And Weldin 1,010
7/11/2003 Ashland Fabricating And Weldin 1,508
7/11/2003 Aztec Trailer Sales 1,569
7/15/2003 Niagara Cold Drawn Corp 1,456
7/15/2003 Niagara Cold Drawn Corp 6,812
7/15/2003 Niagara Cold Drawn Corp 8,434
7/15/2003 Niagara Cold Drawn Corp 7,739
7/15/2003 Niagara Cold Drawn Corp 6,318
7/15/2003 Niagara Cold Drawn Corp 7,428
7/15/2003 Niagara Cold Drawn Corp 4,869
7/15/2003 Niagara Cold Drawn Corp 1,486
7/15/2003 Niagara Cold Drawn Corp 5,052
7/15/2003 Niagara Cold Drawn Corp 7,174
7/15/2003 Niagara Cold Drawn Corp 7,162
7/15/2003 Niagara Cold Drawn Corp 1,963
7/15/2003 Niagara Cold Drawn Corp 2,228
7/15/2003 Niagara Cold Drawn Corp 6,447
7/15/2003 Niagara Cold Drawn Corp 15,399
7/15/2003 Niagara Cold Drawn Corp 13,346
7/15/2003 Niagara Cold Drawn Corp 16,119
7/15/2003 Niagara Cold Drawn Corp 12,980
7/15/2003 Niagara Cold Drawn Corp 758
7/15/2003 Niagara Cold Drawn Corp 13,211
7/15/2003 Niagara Cold Drawn Corp 13,301
CASE NAME: Kentucky Electric Steel, Inc.
CASE NUMBER: 03-10078
CASH RECEIPTS DETAIL
Date Payee Amount
----------- -------------------------------------------- -----------
7/15/2003 Niagara Cold Drawn Corp 8,266
7/15/2003 Niagara Cold Drawn Corp 13,082
7/15/2003 Niagara Cold Drawn Corp 14,375
7/15/2003 Niagara Cold Drawn Corp 14,465
7/15/2003 Niagara Cold Drawn Corp 14,170
7/15/2003 Niagara Cold Drawn Corp 15,339
7/15/2003 Niagara Cold Drawn Corp 16,284
7/15/2003 Niagara Cold Drawn Corp 15,912
7/15/2003 Niagara Cold Drawn Corp 14,851
7/15/2003 Niagara Cold Drawn Corp 15,879
7/15/2003 Niagara Cold Drawn Corp 13,237
7/15/2003 Niagara Cold Drawn Corp 15,768
7/15/2003 Niagara Cold Drawn Corp 7,432
7/15/2003 Niagara Cold Drawn Corp 14,979
7/15/2003 Niagara Cold Drawn Corp 14,791
7/15/2003 Niagara Cold Drawn Corp 6,156
7/15/2003 Niagara Cold Drawn Corp 15,768
7/15/2003 Niagara Cold Drawn Corp 8,592
7/15/2003 Niagara Cold Drawn Corp 14,791
7/15/2003 Niagara Cold Drawn Corp 4,289
7/15/2003 Niagara Cold Drawn Corp 5,895
7/15/2003 Niagara Cold Drawn Corp 7,675
7/15/2003 Niagara Cold Drawn Corp 6,198
7/15/2003 Niagara Cold Drawn Corp 2,546
7/15/2003 Niagara Cold Drawn Corp 6,508
7/15/2003 Niagara Cold Drawn Corp 1,972
7/15/2003 Niagara Cold Drawn Corp 8,331
7/15/2003 Niagara Cold Drawn Corp 14,170
7/15/2003 Niagara Cold Drawn Corp 5,970
7/15/2003 Niagara Cold Drawn Corp 3,552
7/15/2003 Niagara Cold Drawn Corp 6,431
7/15/2003 Niagara Cold Drawn Corp 5,668
7/15/2003 Niagara Cold Drawn Corp 1,333
7/15/2003 Niagara Cold Drawn Corp 5,739
7/15/2003 Niagara Cold Drawn Corp 14,759
7/15/2003 Niagara Cold Drawn Corp 5,980
7/15/2003 Niagara Cold Drawn Corp 1,372
7/15/2003 Niagara Cold Drawn Corp 1,473
7/15/2003 Niagara Cold Drawn Corp 9,307
7/15/2003 Niagara Cold Drawn Corp 4,775
7/15/2003 Niagara Cold Drawn Corp 13,839
7/15/2003 Niagara Cold Drawn Corp 14,846
7/15/2003 Niagara Cold Drawn Corp 12,179
7/15/2003 Niagara Cold Drawn Corp 3,086
7/15/2003 Niagara Cold Drawn Corp 8,446
7/15/2003 Niagara Cold Drawn Corp 8,446
7/15/2003 Niagara Cold Drawn Corp 2,575
7/15/2003 Niagara Cold Drawn Corp 10,938
7/15/2003 Niagara Cold Drawn Corp 15,017
7/15/2003 Niagara Cold Drawn Corp 7,359
7/15/2003 Niagara Cold Drawn Corp 2,912
7/15/2003 Niagara Cold Drawn Corp 5,458
7/15/2003 Niagara Cold Drawn Corp 6,505
CASE NAME: Kentucky Electric Steel, Inc.
CASE NUMBER: 03-10078
CASH RECEIPTS DETAIL
Date Payee Amount
----------- -------------------------------------------- -----------
7/15/2003 Niagara Cold Drawn Corp 5,474
7/15/2003 Niagara Cold Drawn Corp 17,661
7/15/2003 Niagara Cold Drawn Corp 2,886
7/15/2003 Niagara Cold Drawn Corp 1,909
7/15/2003 Niagara Cold Drawn Corp 2,411
7/15/2003 Niagara Cold Drawn Corp 6,630
7/15/2003 Niagara Cold Drawn Corp 13,073
7/15/2003 Niagara Cold Drawn Corp 4,559
7/15/2003 Niagara Cold Drawn Corp 7,499
7/15/2003 Niagara Cold Drawn Corp 3,143
7/15/2003 Niagara Cold Drawn Corp 6,971
7/15/2003 Niagara Cold Drawn Corp 6,404
7/15/2003 Niagara Cold Drawn Corp 4,959
7/15/2003 Niagara Cold Drawn Corp 13,323
7/15/2003 Niagara Cold Drawn Corp 4,548
7/15/2003 Niagara Cold Drawn Corp 1,378
7/15/2003 Niagara Cold Drawn Corp 4,080
7/15/2003 Niagara Cold Drawn Corp 1,583
7/15/2003 Niagara Cold Drawn Corp 5,540
7/15/2003 Niagara Cold Drawn Corp 5,295
7/15/2003 Niagara Cold Drawn Corp 13,415
7/15/2003 Niagara Cold Drawn Corp 14,716
7/15/2003 Niagara Cold Drawn Corp 2,053
7/15/2003 Niagara Cold Drawn Corp 10,275
7/15/2003 Niagara Cold Drawn Corp 8,694
7/15/2003 Niagara Cold Drawn Corp 2,955
7/15/2003 Niagara Cold Drawn Corp 6,702
7/15/2003 Niagara Cold Drawn Corp 15,262
7/15/2003 Niagara Cold Drawn Corp 11,148
7/15/2003 Niagara Cold Drawn Corp 3,052
7/15/2003 Niagara Cold Drawn Corp 11,119
7/15/2003 Niagara Cold Drawn Corp 2,955
7/15/2003 Niagara Cold Drawn Corp 2,660
7/15/2003 Niagara Cold Drawn Corp 12,394
7/15/2003 Niagara Cold Drawn Corp 15,662
7/15/2003 Niagara Cold Drawn Corp 2,955
7/15/2003 Niagara Cold Drawn Corp 2,202
7/15/2003 Niagara Cold Drawn Corp 6,512
7/15/2003 Niagara Cold Drawn Corp 15,452
7/15/2003 Niagara Cold Drawn Corp 2,962
7/15/2003 Niagara Cold Drawn Corp 10,490
7/15/2003 Niagara Cold Drawn Corp 6,386
7/15/2003 Niagara Cold Drawn Corp 7,119
7/15/2003 Niagara Cold Drawn Corp 1,574
7/15/2003 Niagara Cold Drawn Corp 10,448
7/15/2003 Niagara Cold Drawn Corp 15,768
7/15/2003 Niagara Cold Drawn Corp 5,268
7/15/2003 Niagara Cold Drawn Corp 16,061
7/15/2003 Niagara Cold Drawn Corp 15,363
7/15/2003 Niagara Cold Drawn Corp 13,345
7/15/2003 Niagara Cold Drawn Corp 13,735
7/15/2003 Niagara Cold Drawn Corp 13,937
7/15/2003 Niagara Cold Drawn Corp 2,822
CASE NAME: Kentucky Electric Steel, Inc.
CASE NUMBER: 03-10078
CASH RECEIPTS DETAIL
Date Payee Amount
----------- -------------------------------------------- -----------
7/15/2003 Niagara Cold Drawn Corp 14,320
7/15/2003 Niagara Cold Drawn Corp 13,102
7/15/2003 Niagara Cold Drawn Corp 6,397
7/15/2003 Niagara Cold Drawn Corp 5,623
7/15/2003 Niagara Cold Drawn Corp 2,938
7/15/2003 Niagara Cold Drawn Corp 2,051
7/15/2003 Niagara Cold Drawn Corp 8,844
7/15/2003 Niagara Cold Drawn Corp 2,822
7/15/2003 Niagara Cold Drawn Corp 2,822
7/15/2003 Niagara Cold Drawn Corp 1,697
7/15/2003 Niagara Cold Drawn Corp 7,849
7/15/2003 Niagara Cold Drawn Corp 6,250
7/15/2003 Niagara Cold Drawn Corp 6,387
7/15/2003 Niagara Cold Drawn Corp 7,059
7/15/2003 Niagara Cold Drawn Corp 3,590
7/15/2003 Niagara Cold Drawn Corp 2,567
7/15/2003 Niagara Cold Drawn Corp 6,387
7/15/2003 Niagara Cold Drawn Corp 6,013
7/15/2003 Niagara Cold Drawn Corp 1,328
7/15/2003 Niagara Cold Drawn Corp 2,253
7/15/2003 Niagara Cold Drawn Corp 2,411
7/15/2003 Niagara Cold Drawn Corp 1,485
7/15/2003 Niagara Cold Drawn Corp 2,566
7/15/2003 Niagara Cold Drawn Corp 843
7/15/2003 Niagara Cold Drawn Corp 1,904
7/15/2003 Niagara Cold Drawn Corp 6,170
7/15/2003 Niagara Cold Drawn Corp 7,259
7/15/2003 Niagara Cold Drawn Corp 924
7/15/2003 Niagara Cold Drawn Corp 6,222
7/15/2003 Niagara Cold Drawn Corp 6,493
7/15/2003 Niagara Cold Drawn Corp 6,897
7/15/2003 Niagara Cold Drawn Corp 6,110
7/15/2003 Niagara Cold Drawn Corp 7,262
7/15/2003 Niagara Cold Drawn Corp 7,262
7/15/2003 Niagara Cold Drawn Corp 6,971
7/15/2003 Niagara Cold Drawn Corp 7,512
7/15/2003 Niagara Cold Drawn Corp 891
7/15/2003 Niagara Cold Drawn Corp 2,449
7/15/2003 Niagara Cold Drawn Corp 864
7/15/2003 Niagara Cold Drawn Corp 4,357
7/15/2003 Niagara Cold Drawn Corp 6,939
7/15/2003 Niagara Cold Drawn Corp 8,007
7/15/2003 Niagara Cold Drawn Corp 1,902
7/15/2003 Niagara Cold Drawn Corp 1,466
7/15/2003 Niagara Cold Drawn Corp 9,637
7/15/2003 Niagara Cold Drawn Corp 3,798
7/15/2003 Niagara Cold Drawn Corp 2,114
7/15/2003 Niagara Cold Drawn Corp 2,556
7/15/2003 Niagara Cold Drawn Corp 3,641
7/15/2003 Niagara Cold Drawn Corp 3,876
7/15/2003 Niagara Cold Drawn Corp 2,109
7/15/2003 Niagara Cold Drawn Corp 1,273
7/15/2003 Niagara Cold Drawn Corp 2,527
CASE NAME: Kentucky Electric Steel, Inc.
CASE NUMBER: 03-10078
CASH RECEIPTS DETAIL
Date Payee Amount
----------- -------------------------------------------- -----------
7/15/2003 Niagara Cold Drawn Corp 2,601
7/15/2003 Niagara Cold Drawn Corp 5,693
7/15/2003 Niagara Cold Drawn Corp 679
7/15/2003 Niagara Cold Drawn Corp 5,003
7/15/2003 Niagara Cold Drawn Corp 1,204
7/15/2003 Niagara Cold Drawn Corp 764
7/15/2003 Niagara Cold Drawn Corp 2,056
7/15/2003 Niagara Cold Drawn Corp 2
7/15/2003 Niagara Cold Drawn Corp 3,154
7/15/2003 Niagara Cold Drawn Corp 5,138
7/15/2003 Niagara Cold Drawn Corp 6,544
7/15/2003 Niagara Cold Drawn Corp 7,255
7/15/2003 Niagara Cold Drawn Corp 6,802
7/15/2003 Niagara Cold Drawn Corp 15,426
7/15/2003 Niagara Cold Drawn Corp 7,348
7/15/2003 Niagara Cold Drawn Corp 6,726
7/15/2003 Niagara Cold Drawn Corp 1,780
7/15/2003 Niagara Cold Drawn Corp 5,823
7/15/2003 Niagara Cold Drawn Corp 6,827
7/15/2003 Niagara Cold Drawn Corp 6,941
7/15/2003 Niagara Cold Drawn Corp 1,342
7/15/2003 Niagara Cold Drawn Corp 1,594
7/15/2003 Niagara Cold Drawn Corp 2,843
7/15/2003 Niagara Cold Drawn Corp 2,411
7/15/2003 Niagara Cold Drawn Corp 8,099
7/15/2003 Niagara Cold Drawn Corp 7,800
7/15/2003 Niagara Cold Drawn Corp 12,449
7/15/2003 Niagara Cold Drawn Corp 5,500
7/15/2003 Niagara Cold Drawn Corp 4,131
7/15/2003 Niagara Cold Drawn Corp 2,693
7/15/2003 Niagara Cold Drawn Corp 3,053
7/15/2003 Niagara Cold Drawn Corp 891
7/15/2003 Niagara Cold Drawn Corp 8,419
7/15/2003 Niagara Cold Drawn Corp 892
7/15/2003 Niagara Cold Drawn Corp 4,836
7/15/2003 Niagara Cold Drawn Corp 1,049
7/15/2003 Niagara Cold Drawn Corp 2,379
7/15/2003 Niagara Cold Drawn Corp 383
7/15/2003 Niagara Cold Drawn Corp 3,209
7/15/2003 Niagara Cold Drawn Corp 13,537
7/15/2003 Niagara Cold Drawn Corp 7,787
7/15/2003 Niagara Cold Drawn Corp 5,036
7/15/2003 Niagara Cold Drawn Corp 11,902
7/15/2003 Niagara Cold Drawn Corp 7,112
7/15/2003 Niagara Cold Drawn Corp 1,049
7/15/2003 Niagara Cold Drawn Corp 1,270
7/15/2003 Niagara Cold Drawn Corp 5,782
7/15/2003 Niagara Cold Drawn Corp 1,684
7/15/2003 Niagara Cold Drawn Corp 2,421
7/15/2003 Niagara Cold Drawn Corp 3,744
7/16/2003 Landoll Corp 1,121
7/16/2003 Landoll Corp 2,287
7/16/2003 Landoll Corp 1,457
CASE NAME: Kentucky Electric Steel, Inc.
CASE NUMBER: 03-10078
CASH RECEIPTS DETAIL
Date Payee Amount
----------- -------------------------------------------- -----------
7/16/2003 Landoll Corp 4,096
7/16/2003 Leeco Steel Products Inc 2,528
7/16/2003 Reliance Trailer Co. Llc 5,000
7/24/2003 Amtex Steel Inc 4,201
7/24/2003 Amtex Steel Inc 3,397
7/24/2003 Oneal Steel Inc 8,552
7/24/2003 Aztec Trailer Sales 1,569
7/24/2003 Compass Group 20
7/24/2003 American Express Travel 601
7/29/2003 Reliance Trailer Co. LLC 5,000
7/29/2003 ERB Roberts Inc 1,500
8/1/2003 Ryerson Tull 1
8/1/2003 Lamar Companies 750
8/1/2003 Ashland Emergency Medical 301
8/1/2003 Commonwealth Of Kentucky 59
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TOTAL $ 1,694,885
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