EXHIBIT 99
UNITED STATES BANKRUPTCY COURT
EASTERN DISTRICT OF PENNSYLVANIA
In re: Quad Systems Corporation Case No. 00-35667
------------------------ Reporting Period: 7/01/01 to 7/31/01
Debtor
MONTHLY OPERATING REPORT
File with Court and submit copy to United States Trustee within
20 days after end of month
Submit copy of report to any official committee appointed in this case
Document Explanation
REQUIRED DOCUMENTS Form No. Attached Attached
- -------------------------------------------------------------------------------------------------------------------------------
Schedule of Cash Receipts and Disbursements MOR-1 X
Bank Reconciliation (or copies of debtor's bank reconciliations) MOR-1 (CONT) X
Copies of bank statements X
Cash disbursement journals X
Statement of Operations MOR-2 X
Balance Sheet MOR-3 X
Status of Postpetition Taxes MOR-4 X
Copies of IRS Form 6123 or payment receipt X
Copies of tax returns filed during reporting period X
Summary of Unpaid Postpetition Debts MOR-4 X
Listing of aged accounts payable X
Accounts Receivable Reconciliation and Aging MOR-5 X
Debtor Questionnaire MOR-5 X
I declare under penalty of perjury (28 U.S.C. Section 1746) that this report and
the documents attached are true and correct to the best of my knowledge and
belief.
- ------------------------------------- -------------------------------
Signature of Debtor Date
- ------------------------------------- -------------------------------
Signature of Joint Debtor Date
/s/ Anthony R. Drury August 20, 2001
- ------------------------------------- -------------------------------
Signature of Authorized Individual* Date
Theodore J. Shoneck President
- ------------------------------------- -------------------------------
Printed Name of Authorized Individual Title of Authorized Individual
*Authorized individual must be an officer, director or shareholder if debtor is
a corporation; a partner if debtor is a partnership; a manager or member if
debtor is a limited liability company.
FORM MOR
(9/99)
EXHIBIT 99
UNITED STATES BANKRUPTCY COURT
EASTERN DISTRICT OF PENNSYLVANIA
In re: Quad Systems Corporation Case No. 00-35667
------------------------ Reporting Period: 7/01/01 to 7/31/01
Debtor
SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS
Amounts reported should be per the debtor's books, not the bank statement.
The beginning cash should be the ending cash from the prior month or, if this is
the first report, the amount should be the balance on the date the petition was
filed. The amounts reported in the "CURRENT MONTH - ACTUAL" column must equal
the sum of the four bank account columns. The amounts reportedin the "PROJECTED"
columns should be taken from the SMALL BUSINESS INITIAL REPORT (FORM IR-1).
Attach copies of the bank statements and the cash disbursement journal. The
total disbursements listed in the disbursement journal must equal the total
disbursements reported on this page. A bank reconciliation must be attached for
each account. [See MOR-1 (CON'T)]
CUMULATIVE FILING
BANK ACCOUNTS CURRENT MONTH TO DATE
OPER PAYROLL Canada P/R Lockbox ACTUAL PROJECTED ACTUAL PROJECTED
- -----------------------------------------------------------------------------------------------------------------------------------
Cash Beginning of Month 232,190 64,647 5,813 67,633 370,283 277,400 977,761 977,761
RECEIPTS
Cash Sales
Accounts Receivable - 740,858 740,858 1,215,000 17,439,947 12,258,000
Loans and Advances 475,000 475,000 1,336,000 11,870,000 14,208,000
Sale of Assets 3,137,500 850,000 3,987,500 3,994,300 -
Other (Attach List) 198,792 772,545 971,337 - 1,160,121 -
Transfers (From DIP Accts) 2,290,325 250,000 2,540,325 - 5,460,792 -
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL RECEIPTS 5,902,825 448,792 - 2,363,403 8,715,020 2,551,000 39,925,160 26,466,000
- -----------------------------------------------------------------------------------------------------------------------------------
DISBURSEMENTS
Net Payroll 41,187 442,162 1,955 485,304 489,000 4,506,246 4,525,000
Payroll Taxes 3,348 35,722 832 39,902 93,000 937,044 996,000
Sales, Use & Other Taxes 19,442 19,442 25,000 141,442 179,000
Inventory Purchases 64,625 64,625 200,000 3,444,625 4,635,000
Secured Rental/Leases 3,329 3,329 80,000 471,329 571,000
Insurance - - 342,000 667,000
Administrative 58,934 1,355 266 170 60,725 115,000 451,946 1,139,000
Selling 55,638 55,638 72,000 621,638 759,000
Other (Attach List) 5,452,893 140,541 5,593,434 1,467,000 24,239,280 15,651,000
Owner Draw*
Transfers (To DIP Accts) 250,000 2,290,325 2,540,325 1,467,000 5,460,792 1,467,000
Professional Fees - - 50,000 50,000
U.S. Trustee Quarterly Fees 10,000 10,000 24,000 24,000
Court Costs
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL DISBURSEMENTS 5,959,396 479,239 3,053 2,431,036 8,872,724 4,018,000 40,690,342 30,663,000
- -----------------------------------------------------------------------------------------------------------------------------------
NET CASH FLOW (56,571) (30,447) (3,053) (67,633) (157,704) (1,467,000) (765,182) (4,197,000)
- -----------------------------------------------------------------------------------------------------------------------------------
CASH - END OF MONTH 175,619 34,200 2,760 - 212,579 (1,189,600) 212,579 (3,219,239)
- -----------------------------------------------------------------------------------------------------------------------------------
*Compensation to sole proprietors for services rendered to bankruptcy estate
Note: In order to be consistent with our Budgets the line above labeled "Net
Payroll" includes the gross salaries. In addition the line above
labeled "Payroll Taxes" also includes all fringe benefit disbursements.
THE FOLLOWING SECTION MUST BE COMPLETED
Disbursements for calculating U.S. Trustee Quarterly Fees (From Current Month Actual Column)
Total Disbursements 8,872,724
Less: Transfers to Debtor in Possession Accounts (2,540,325)
Plus: Estate Disbursements made by outside sources (I.e. from escrow account) -
----------
Total Disbursements for Calculating U.S. Trustee Quarterly Fees 6,332,399
==========
FORM MOR-1
(9/99)
EXHIBIT 99
UNITED STATES BANKRUPTCY COURT
EASTERN DISTRICT OF PENNSYLVANIA
Quad Systems Corporation Case No. 00-35667
Schedule MOR 1 Reporting Period: 7/01/01 to 7/31/01
Continuation Sheet
Current Month Cummulative
Actual Projected Actual Projected
Explanation of Other Income
- ---------------------------
Pre Pet. Voids 7,678 45,178 0
QEL Payments 772,545 772,545 0
Rental of Parking Lot 4,000 0
Misc COBRA pmts/refunds 5,688 39,877 0
Escrow from ADP 198,792 198,792 0
Insurance Claim/Refund 99,729 0
--------- ------- ---------- ----------
Total 971,337 0 1,160,121 0
========= ======= ========== ==========
Explanation of Other Disbursements
- ----------------------------------
Congress Repayments 1,509,051 1,215,000 18,674,897 13,076,000
First Union Loan Repayments 70,000 155,000 535,000 620,000
Interest Expense 139 3,000 21,139 24,000
Commissions 64,244 90,000 603,244 1,232,000
Engineering 0 4,000 5,000 99,000
Samsung Settlement Payment 1,500,000 -- 1,500,000 --
Investment 2,450,000 -- 2,450,000 --
QEL Requirements 0 0 450,000 600,000
--------- --------- ---------- ----------
Total 5,593,434 1,467,000 24,239,280 15,651,000
========= ========= ========== ==========
EXHIBIT 99
UNITED STATES BANKRUPTCY COURT
EASTERN DISTRICT OF PENNSYLVANIA
In re: Quad Systems Corporation Case No. 00-35667
------------------------ Reporting Period: 7/01/01 to 7/31/01
Debtor
STATEMENT OF OPERATIONS
(Income Statement)
The Statement of Operations is to be prepared on an accrual basis. The accrual
basis of accounting recognizes revenue when it is realized and expenses when
they are incurred, regardless of when cash is actually received or paid.
REVENUES Month Cumulative Filing to Date
- -------- ----- -------------------------
Gross Revenues $ 655,216 $ 17,472,412
Less: Returns and Allowances -- --
---------- ------------
Net Revenue 655,216 17,472,412
========== ==========
COST OF GOODS SOLD
Beginning Inventory 8,721,326 15,046,970
Add: Purchases 1,065,497 4,895,468
Add: Cost of Labor 5,825 396,512
Add: Other Costs (attach schedule) 31,324 1,628,768
Less: Ending Inventory 9,572,364 9,572,364
Cost of Goods Sold 251,608 12,395,354
Gross Profit 403,608 5,077,058
Advertising -- 50,467
Auto and Truck Expense -- --
Bad Debts -- 52,000
Contributions -- --
Employee Benefit Programs -- 161,360
Insider Compensation* -- --
Insurance (202) 317,434
Management Fees/Bonuses -- --
Office Expense 9,240 100,577
Pension & Profit-Sharing Plans -- --
Repairs and Maintenance 477 54,962
Rent and Lease Expense -- 388,216
Salaries/Commissions/Fees 242,094 3,426,098
Supplies 3,867 2,005
Taxes - Payroll 45,844 382,316
Taxes - Real Estate -- 12,401
Taxes - Other 103,562 97,891
Travel and Entertainment (1,220) 382,323
Utilities (976) 146,296
Other (attach schedule) 276,265 877,203
Total Operating Expenses Before Depreciation 678,951 6,451,549
Depreciation/Depletion/Amortization 269,423
Net Profit (Loss) Before Other Income & Expenses (275,343) (1,643,914)
---------- ------------
OTHER INCOME AND EXPENSES
Other Income (attach schedule) 3,083,596 12,583,906
Interest Expense 4,763 535,521
Other Expense (attach schedule) 4,020,000 4,020,000
Net Profit (Loss) Before Reorganization Items (1,216,510) 6,384,471
---------- ------------
REORGANIZATION ITEMS --
Professional Fees 750,000 800,000
U.S. Trustee Quarterly Fees 10,000 24,000
Interest Earned on Accumulated Cash from Chapter 11
(see continuation sheet) (3,715) (3,715)
(Gain)/Loss from Sale of Equipment 5,508,396 5,509,232
Other Reorganization Expenses (attach schedule) 2,175,000 2,175,000
Total Reorganization Expenses 8,439,681 8,504,517
Income Taxes (175,754)
Net Profit (Loss) (9,656,191) (1,944,292)
========== ==========
*"Insider" is defined in 11 U.S.C. Section 101(31).
FORM MOR-2
(9/99)
EXHIBIT 99
UNITED STATES BANKRUPTCY COURT
EASTERN DISTRICT OF PENNSYLVANIA
In re: Quad Systems Corporation Case No. 00-35667
------------------------ Reporting Period: 7/01/01 to 7/31/01
Debtor
STATEMENT OF OPERATIONS - continuation sheet
Cumulative
BREAKDOWN OF OTHER CATEGORY Month Filing to Date
- --------------------------------------------------------------------------------
Other Costs
Overhead Absorption 21,086 1,429,192
Service Labor Costs 13,504 409,337
Warranty Costs 16,161 513,758
Non-Inventory Reserve Expenses (19,427) (723,519)
Total 31,324 1,628,768
Other Operational Expenses
Freight 2,765 73,665
Bank Charges & LOC Fees 252,204 394,348
Professional Fees 21,296 153,351
Patent Royalties -- 255,839
--------- ----------
Total 276,265 877,203
========= ==========
Other Income
Dividend /Forgiveness of
Intercompany Debt from Subsidiaries 3,083,596 12,564,682
Gain Realized by liquidation of
Quad Foreign Sales (Subsidiary) 19,224
--------- ----------
Total 3,083,596 12,583,906
========= ==========
Other Expenses
Loss realized by liquidation of
Hitech(subsidiary) 4,020,000 4,020,000
--------- ----------
Total 4,020,000 4,020,000
Other Reorganization Expenses
Settlement payment to Samsung 1,500,000 1,500,000
Severance Expense 500,000 500,000
Retention Expense 175,000 175,000
--------- ----------
Total 2,175,000 2,175,000
========= ==========
Other Expenses
Other Reorganization Expenses
Reorganization Items - Interest Earned on Accumulated Cash from Chapter 11:
Interest earned on cash accumulated during the chapter 11 case, which would not
have been earned but for the bankruptcy proceeding, should be reported as a
reorganization item.
FORM MOR-2 (CONT)
(9/99)
EXHIBIT 99
UNITED STATES BANKRUPTCY COURT
EASTERN DISTRICT OF PENNSYLVANIA
In re: Quad Systems Corporation Case No. 00-35667
------------------------ Reporting Period: 7/01/01 to 7/31/01
Debtor
BALANCE SHEET
The Balance Sheet is to be completed on an accrual basis only. Pre-petition
liabilities must be classified separately from postpetition obligations.
BOOK VALUE
AT END OF BOOK VALUE
CURRENT ON
REPORTING PETITION
ASSETS MONTH DATE
- --------------------------------------------------------------------------------
CURRENT ASSETS
Unrestricted Cash and Equivalents 2,626,619 161,799
Restricted Cash and Cash Equivalents
(see continuation sheet) 37,149 815,962
Accounts Receivable (Net) 1,570,705 3,130,385
Notes Receivable -- --
Inventories -- 15,046,970
Prepaid Expenses 91,601 433,952
Professional Retainers -- --
Other Current Assets (attach schedule) 552,414 (325,421)
----------- -----------
TOTAL CURRENT ASSETS 4,878,488 19,263,647
=========== ==========
PROPERTY AND EQUIPMENT
Real Property and Improvements -- 276,575
Machinery and Equipment -- 2,124,028
Furniture, Fixtures and Office Equipment -- 3,210,503
Leasehold Improvements -- 330,078
Vehicles -- 30,594
Less Accumulated Depreciation -- 4,324,223
----------- -----------
TOTAL PROPERTY & EQUIPMENT -- 1,647,555
=========== ==========
OTHER ASSETS
Loans to Insiders*
Other Assets (attach schedule) 7,168,110 1,054,423
TOTAL OTHER ASSETS 7,168,110 1,054,423
=========== ==========
TOTAL ASSETS 12,046,598 21,965,625
=========== ==========
BOOK VALUE
AT END OF BOOK VALUE
CURRENT ON
REPORTING PETITION
LIABILITIES AND OWNER EQUITY MONTH DATE
- ------------------------------------------------------------------------------------------
LIABILITIES NOT SUBJECT TO COMPROMISE (Postpetition)
Accounts Payable 38,956 8,246,757
Taxes Payable (refer to FORM MOR-4) 452,702 370,167
Wages Payable 702,854 671,333
Notes Payable -- --
Rent/Leases - Building/Equipment -- 220,133
Secured Debt / Adequate Protection Payments -- 6,317,257
Professional Fees 750,000 --
Amounts Due to Insiders* -- --
Other Postpetition Liabilities (attach schedule) 442,315 3,861,109
----------- -----------
TOTAL POSTPETITION LIABILITIES 2,386,827 19,686,756
=========== ===========
LIABILITIES SUBJECT TO COMPROMISE (Pre-Petition)
Secured Debt
Priority Debt 182,489 --
Unsecured Debt 9,142,705 --
----------- -----------
TOTAL PRE-PETITION LIABILITIES 9,325,194 --
=========== ===========
TOTAL LIABILITIES 11,712,021 19,686,756
=========== ===========
OWNER EQUITY
Capital Stock 135,531 135,531
Additional Paid-In Capital 24,733,708 24,733,708
Partners' Capital Account -- --
Owner's Equity Account --
Retained Earnings - Pre-Petition (22,590,370) (22,590,370)
Retained Earnings - Postpetition (1,944,292) --
Adjustments to Owner Equity (attach schedule) --
Postpetition Contributions
(Distributions) (Draws) (attach schedule) -- --
----------- -----------
NET OWNER EQUITY 334,577 2,278,869
----------- -----------
TOTAL LIABILITIES AND OWNERS EQUITY 12,046,598 21,965,625
=========== ===========
BOOK VALUE
AT END OF BOOK VALUE
CURRENT ON
REPORTING PETITION
LIABILITIES AND OWNER EQUITY MONTH DATE
- ------------------------------------------------------------------------------------------
LIABILITIES NOT SUBJECT TO COMPROMISE (Postpetition)
Accounts Payable 80,861 8,246,757
Taxes Payable (refer to FORM MOR-4) 368,626 370,167
Wages Payable 274,164 671,333
Notes Payable -- --
Rent/Leases - Building/Equipment 105,280 220,133
Secured Debt / Adequate Protection Payments 507,765 6,317,257
Professional Fees -- --
Amounts Due to Insiders* -- --
Other Postpetition Liabilities (attach schedule) 2,030,866 3,861,109
---------- ----------
TOTAL POSTPETITION LIABILITIES 3,367,562 19,686,756
========== ==========
LIABILITIES SUBJECT TO COMPROMISE (Pre-Petition)
Secured Debt
Priority Debt 182,489 --
Unsecured Debt 9,142,382 --
---------- ----------
TOTAL PRE-PETITION LIABILITIES 9,324,871 --
---------- ----------
TOTAL LIABILITIES 12,692,433 19,686,756
========== ==========
OWNER EQUITY
Capital Stock 135,531 135,531
Additional Paid-In Capital 24,733,708 24,733,708
Partners' Capital Account -- --
Owner's Equity Account --
Retained Earnings - Pre-Petition (22,590,370) (22,590,370)
Retained Earnings - Postpetition 7,711,899 --
Adjustments to Owner Equity (attach schedule) -- --
Postpetition Contributions (Distributions)
(Draws) (attach schedule) -- --
---------- ----------
NET OWNER EQUITY 9,990,768 2,278,869
---------- ----------
TOTAL LIABILITIES AND OWNERS EQUITY 22,683,201 21,965,625
========== ==========
*"Insider" is defined in 11 U.S.C. Section 101(31).
FORM MOR-3
(9/99)
EXHIBIT 99
UNITED STATES BANKRUPTCY COURT
EASTERN DISTRICT OF PENNSYLVANIA
In re: Quad Systems Case No. 00-35667
------------ Reporting Period: 7/01/01 to 7/31/01
Debtor
BALANCE SHEET - continuation sheet
BOOK VALUE
AT END OF BOOK VALUE
CURRENT ON
REPORTING PETITION
ASSETS MONTH DATE
- --------------------------------------------------------------------------
Other Current Assets
Accts Rec - Misc 240,572 537
Temp. Empl Advances -- 43,891
Permanent Advances -- 921
Deposits 35,952 40,437
Interco - Current 275,890 (411,207)
Other Assets
Acquisition Costs - QEL -- 8,598
Patent Costs -- 1,977
Invest - Hitech/QSM 5,831 4,026,831
Invest - QEL 2,500,000 2,500,000
Interco - Long Term -- (10,145,262)
Invest - QSL 4,662,279 4,662,279
BOOK VALUE
AT END OF BOOK VALUE
CURRENT ON
REPORTING PETITION
LIABILITIES AND OWNER EQUITY MONTH DATE
- ------------------------------------------------------------------------
Other Postpetition Liabilities
Deferred Revenue -- 1,151,531
Customer Deposits 41,468 416,644
Accrued Expenses 67,073 1,872,647
Commission Payable 333,774 420,287
Postpetition Contributions (Distributions) (Draws)
Restricted Cash: cash that is restricted for a specific use and not available to
fund operations. Typically, restricted cash is segregated into a separate
account, such as an escrow account.
FORM MOR-3 (CONT)
(9/99)
EXHIBIT 99
UNITED STATES BANKRUPTCY COURT
EASTERN DISTRICT OF PENNSYLVANIA
In re: Quad Systems Corporation Case No. 00-35667
------------------------ Reporting Period: 7/01/01 to 7/31/01
Debtor
STATUS OF POSTPETITION TAXES
The beginning tax liability should be the ending liability from the prior month
or, if this is the first report, the amount should be zero. Attach photocopies
of IRS Form 6123 or payment receipt to verify payment or deposit of federal
payroll taxes Attach photocopies of any tax returns filed during the reporting
period
Amount
Beginning Withheld or Amount Check No. Ending Tax
Tax Liability Accrued Paid Date Paid or EFT Liability
- -----------------------------------------------------------------------------------------------------------------------------------
Federal
Withholding - 75,924 75,924 6/8, 6/22 ADP EFT -
FICA-Employee - 37,837 37,837 7/6, 7/20 ADP EFT -
FICA-Employer - 37,537 35,537 7/6, 7/20 ADP EFT -
Unemployment - 16 16 7/6, 7/20 ADP EFT -
Income - 3,400 3,400 7/12 170183/170178 -
Other: Tax Accounting Accrual
Only from prior years 352,702 - - 352,702
--------- ------- ------- ------ ------- ---------
Total Federal Taxes 352,702 148,174 148,174 - - 352,702
--------- ------- ------- ------ ------- ---------
State and Local
Withholding - 19,267 19,267 7/6,7/20 ADP EFT -
Sales 15,924 100,016 15,940 7/27,7/16 CA EFT/137154, 100,000
155,170235
Excise - 102 102 7/12 170,195 -
Unemployment - 306 306 7/6,7/20 ADP EFT -
Real Property - -
Other: Canadian P/R Taxes - 832 832 7/6,7/20 ADP EFT -
--------- ------- ------- ------ ------- ---------
Total State and Local 15,924 120,523 36,447 100,000
--------- ------- ------- ------ ------- ---------
Total Taxes 368,626 268,697 184,621 452,702
--------- ------- ------- ------ ------- ---------
SUMMARY OF UNPAID POSTPETITION DEBTS
Attach aged listing of accounts payable.
Number of Days Past Due
-------------------------------------------------------------
Current 0-30 31-60 61-90 Over 90 Total
------- ---- ----- ----- ------- -----
Accounts Payable 716 734 226 37,280 38,956
Wages Payable 702,854 702,854
Taxes Payable 452,702 452,702
Rent/Leases-Building - -
Rent/Leases-Equipment - -
Secured Debt/Adequate Protection Payments - -
Professional Fees 750,000 750,000
Amounts due to Insiders* - -
Other: -
Other: -
--------- ----- ------ ------ ------- ---------
Total Postpetition Debts 1,906,272 734 226 37,280 1,905,556
========= ===== ====== ====== ======= =========
Explain how and when the Debtor intends to pay any past due postpetition debts.
Note: above Taxes Payable in Past Due Column represents an prior year accounting
accrual only. It does not represent an actual payment due.
Note: Some Sales Taxes Paid are CA monthly estimate and NJ return was filed
*"Insider" is defined in 11 U.S.C. Section 101(31).
FORM MOR-4
(9/99)
EXHIBIT 99
UNITED STATES BANKRUPTCY COURT
EASTERN DISTRICT OF PENNSYLVANIA
In re: Quad Systems Corporation Case No. 00-35667
------------------------ Reporting Period: 7/01/01 to 7/31/01
Debtor
ACCOUNTS RECEIVABLE RECONCILIATION AND AGING
Accounts Receivable Reconciliation Amount
- ---------------------------------- ------
Total Accounts Receivable at the beginning of the reporting period 2,016,143
+ Amounts billed during the period 1,431,976
- - Amounts collected during the period 1,657,414
Total Accounts Receivable at the end of the reporting period 1,790,705
Accounts Receivable Aging
- -------------------------
0 - 30 days old 613,184
31 - 60 days old 994,158
61 - 90 days old 51,608
91+ days old 131,755
Total Accounts Receivable 1,790,705
Amount considered uncollectible (Bad Debt) (220,000)
Accounts Receivable (Net) 1,570,705
Note: the Accounts Receivable collections include the application of customer
deposits received in prior periods
FORM MOR-5
(9/99)
EXHIBIT 99
UNITED STATES BANKRUPTCY COURT
EASTERN DISTRICT OF PENNSYLVANIA
In re: Quad Systems Corporation Case No. 00-35667
------------------------ Reporting Period: 7/01/01 to 7/31/01
Debtor
DEBTOR QUESTIONNAIRE
Must be completed each month Yes No
1. Have any assets been sold or transferred outside the normal course of
business this reporting period? If yes, provide an explanation below. X
2. Have any funds been disbursed from any account other than a debtor in
possession account this reporting period? If yes, provide an explanation below. X
3. Have all postpetition tax returns been timely filed? If no, provide an
explanation below. X
4. Are workers compensation, general liability and other necessary insurance
coverages in effect? If no, provide an explanation below. X
- --------------------------------------------------------------------------------
1. Sale of selected assets to Tyco as approved by the court.
- --------------------------------------------------------------------------------
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FORM MOR-5
(9/99)