SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
--------------------------
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
DATE OF REPORT: August 16, 2001
JORE CORPORATION
000-26889 81-0465233
(Commission File Number) (IRS Employer Identification No.)
A Montana Corporation
45000 Highway 93 South, Ronan, MT 59864
406/676-4900
Item 5. Other Events
JULY 2015 REPORT
- ---------------------
On August 15, 2001 Jore Corporation filed its financial report (Form 2015)
with the U.S. Bankruptcy Court in the District of Montana. This Form 2015
financial report, and required exhibits, is included herein.
PERKINS COIE LLP
Bruce G. ManIntyre
Alan D. Smith
1201 Third Avenue, Suite 4800
Seattle, Washington 98101-3099
(206) 583-8888
(Counsel for Debtor)
UNITED STATES BANKRUPTCY COURT
DISTRICT OF MONTANA
In re
No. 01-31609-11
JORE CORPORATION, a.k.a. JB Tool, LLC,
a.k.a. Jore, Inc.,
Debtor. [No Hearing Required]
Taxpayer ID No. 81-0465223
- --------------------------------------
FINANCIAL REPORT
Jore Corporation, the debtor-in-possession in this case, hereby submits its
Comparative Balance Sheet, Comparative Income Statement, Summary of
Disbursements, Statement(s) of Cash Receipts and Disbursements, Statement of
Aged Receivables, Statement of Aged Post-Petition Payables and Statement of
Operations for the period ending July 31, 2001, in accordance with Rule 2015(b)
of the Local Rules of this Court. Copies of this report have been served via
first class mail, postage prepaid, or via email, to the parties listed on the
attached affidavit of service.
DATED this 15th day of August, 2001.
PERKINS COIE LLP
By /s/ Bruce G. MacIntyre
----------------------------------
Alan D. Smith, WSBA # 24964
Bruce G. MacIntyre, WSBA # 18984
Adriana Rodriguez, WSBA # 30785
Attorneys for Jore Corporation, Debtor
AFFIDAVIT OF SERVICE
STATE OF WASHINGTON )
)
COUNTY OF KING )
/s/ Mary G. Pellegrini , being first duly sworn, states as follows:
---------------------------
On August 15, 2001, I caused the following document:
FINANCIAL REPORT
(1) To be served via regular, first-class U.S. mail on the
following parties;
Scott Clark
Ray, Quinney & Nebeker
79 South Main Street
500 Deseret Building
Salt Lake City, UT 84111-1901
S.E.C.
Attn: Sarah Moyed
Pacific Region Office
5670 Wilshire Blvd., 11th Floor
Los Angeles, CA 90036-3648
(2) To be served via email on the following parties:
Lucy Bassli, Youssef Sneifer
Shulkin Hutton, Inc.
Attorneys for Unsecured Creditors Committee
lbassli@shulkin.com
ysneifer@shulkin.com
Dan McKay
Staff Attorney
Office of the U.S. Trustee
District of Montana
dan.p.mckay@usdoj.gov
Mick Quinlivan
Jore Corporation
mickquinlivan@jorecorporation.com
DATED this 15th day of August, 2001.
/s/ Mary G. Pellegrini
-----------------------------
SUBSCRIBED AND SWORN to before me this 15th day of August, 2001.
/s/ Tammy Chanes
-----------------------------
(Signature of Notary)
_____Tammy Chanes________
-----------------------------
(Print or stamp name of Notary)
NOTARY PUBLIC in and for the
State of Washington, residing at
Auburn
------------------------------
My Commission Expires: 02/29/04
------------------------------
UST-10 COVER SHEET
MONTHLY FINANCIAL REPORT FOR
CORPORATE OR PARTNERSHIP DEBTOR
Case No: 01-31609-11 Report Month/Year July 31, 2001
Debtor: Jore Corporation
Instructions: The debtor's monthly financial report shall include a cover sheet
signed by the debtor and all UST forms and supporting documents. Exceptions, if
allowed, are noted in the checklist below. Failure to comply with the reporting
requirements of Local Bankruptcy Rule 2015-2(a), or the U.S. Trustee's reporting
requirements, is cause for conversion or dismissal of the case.
The debtor submits the following with this monthly financial report: Yes No
UST-12 Comparative Balance Sheet, or debtor's balance sheet. Yes
The debtor's balance sheet, if used, shall include a breakdown of pre-petition
and post-petition liabilities. The breakdown may be provided as a separate
attachment to the debtor's balance sheet.
UST-13 Comparative Income Statement, or debtor's income statement. Yes
UST-14 Summary of Disbursements Yes
UST-14 Statement(s) of Cash Receipts and Disbursements Yes
A continuation sheet shall be completed for each bank account or other source of
funds and shall include a monthly bank statement and all supporting documents
described in the instructions.
UST-15 Statement of Aged Receivables Yes
A detailed accounting of aged receivables shall be provided on, or in an
attachment to, UST-15.
UST-16 Statement of Aged Post-Petition Payables Yes
A detailed accounting of aged post-petition payables shall be provided on, or in
an attachment to UST-16.
UST-17 Statement of Operations Yes
When applicable, UST-17 shall include supporting documents such as an escrow
statement for the sale of real property, an auctioneer's report for property
sold at auction, or a certificate of insurance or copy of debtor's bond for any
change in insurance or bond coverage.
DEBTOR'S CERTIFICATION I certify under penalty of perjury that the information
contained in this monthly financial report are complete, true, and accurate to
the best of my knowledge, information, and belief.
Debtor's Signature: \s\ Mick Quinlivan Date: August 15, 2001
The debtor, or trustee, if appointed, must sign the monthly financial report.
Only an officer or director has authority to sign a financial report for a
corporate debtor and only a general partner has authority to sign a financial
report for a partnership debtor. Debtor's counsel may not sign a financial
report for the debtor.
Jore Corporation 01-31609-11
BALANCE SHEET
For the Periods Indicated July, 2001
June 30, 2001 July 31, 2001
ASSETS
Current assets:
Cash equivalents and investments $150,710 ($1,413,832)
Accounts receivable, net of allowances 4,011,206 5,087,002
Shareholder notes receivable, June 30th net of 346,134 350,825
reserves
Inventory , net 11,488,071 13,476,027
Other current assets 3,708,846 6,326,430
------------ -------------
Total current assets 19,704,967 23,039,517
------------ -------------
Property, plant and equipment, net 78,803,867 78,275,656
Intangibles and other long-term assets, net 1,078,491 1,095,204
------------ -------------
Total assets $99,587,325 $103,197,311
============ =============
LIABILITIES & SHAREHOLDERS' EQUITY
Current liabilities:
Post Petition:
Operating Line of Credit 28,884,473 33,013,964
Accounts Payable Post Petition 4,000 159,435
Accrued Expenses Post Petition 3,097,685 3,202,892
Accrued Payroll & Other Post Petition 214,860 345,060
Accrued Vacation & Personal Leave Post Petition 82,686 72,707
Pre-petition:
Accounts Payable Pre Petition $9,765,190 $9,679,287
Accrued Expenses Pre Petition 1,904,987 1,773,685
Accrued Payroll & Other Pre Petition 127,895 127,895
Accrued Vacation & Personal Leave Pre Petition 360,369 360,369
Notes Payable 250,000 250,000
Shareholder Note Payable 360,355 353,446
------------ -------------
Total Current Liabilities 45,052,500 49,338,741
------------ -------------
Long-term Debt 45,007,450 44,960,934
Deferred Income Tax Liabilities 1,534,053 1,534,053
------------ -------------
Total Liabilities 91,594,003 95,833,727
------------ -------------
Shareholders' Equity
Common Stock 41,337,319 41,337,319
Deferred Compensation - Stock Options (22,171) (22,171)
Retained Earnings (33,321,826) (33,951,564)
------------ -------------
Total Shareholders' Equity 7,993,322 7,363,584
------------ -------------
Total Liabilities & Shareholders' Equity $99,587,325 $103,197,311
============ =============
Jore Corporation Case Number: 01-31609-11
INCOME STATEMENT Rule 2015 Report for the Month
and Year
For the Periods Indicated of: July, 2001
Stub Period May June-01 July-01 Bankruptcy To
23-May 31, 2001 Date
Revenues
Gross Sales $1,011,546 $2,294,620 $2,474,843 $5,781,009
Sales Returns, Allow, Disc, Adj (58,172) (111,114) (173,943) ($343,229)
------------- ----------- ----------- ------------
Total Net Revenues 953,374 2,183,506 2,300,900 5,437,780
Cost of Sales
Material @ Standard 366,082 835,233 872,697 $2,074,012
Labor @ Standard 151,419 353,499 356,109 $861,027
Overhead @ Standard 133,941 276,204 276,422 $686,567
Over/under applied variances 160,238 584,125 427,778 $1,172,141
Purchase price variance (3,335) (42,941) (116,587) ($162,863)
Freight 68,589 139,147 43,816 $251,552
Shipping & DC Costs 57,353 22,195 $79,548
Assignment Fees 4 0 2,632 $2,636
------------- ----------- ----------- ------------
Total Cost of Sales, less 876,938 2,202,620 1,885,062 4,964,620
Writedown
Writedown of Inventory 0
------------- ----------- ----------- ------------
Total Cost of Sales 876,938 2,202,620 1,885,062 4,964,620
------------- ----------- ----------- ------------
Gross Profit 76,436 (19,114) 415,838 473,160
Operating Expenses
General & Administrative 181,751 403,882 395,630 $981,263
Sales & Marketing 82,243 481,426 362,475 $926,144
Product Development 9,337 37,506 37,338 $84,181
------------- ----------- ----------- ------------
Total Operating Expenses 273,331 922,814 795,443 1,991,588
------------- ----------- ----------- ------------
Operating Income / (Loss) (196,895) (941,928) (379,605) (1,518,428)
Other (Income) Expenses
Interest Expense 180,504 698,024 (171,264) $707,264
Other Expenses (450) (16,920) (8,790) ($26,160)
Loss on Disposal of Fixed Asset 0 749 $749
------------- ----------- ----------- ------------
Total Other (Income) Expense 180,054 681,104 (179,305) 681,853
Non-Recurring Expenses
Bankruptcy Admin 36,212 317,012 439,368 $792,592
Other Expense - Nonrecurring 11,871,477 764,606 (9,944) $12,626,139
------------- ----------- ----------- ------------
Total Non-Recurring Expenses 11,907,689 1,081,618 429,424 13,418,731
------------- ----------- ----------- ------------
Income before Taxes (12,284,638) (2,704,650) (629,724) (15,619,012)
Provision for Income Taxes 0 0 0 $0
------------- ----------- ----------- ------------
Net Income (Loss) (12,284,638) (2,704,650) (629,724) (15,619,012)
================================================================
UST-14 Summary of Disbursements Case Number: 01-31609-11
Rule 2015 Report for the Month and Year
of: July, 2001
Statement of Cash Receipts and Disbursements
Account Name: Jore Corporation DIP
----------------------
Summary of All Accounts
June 2001
Operating DIP Accounts
- ---------------------------------------- Transfer from
Account Name Account # Beginning Balance Cash Receipts Cash Disbursements Line of Credit
- -------------------------------------------------------------------------------------------------------------------------------
DIP Operating Account 495-0029603 (630,235.09) - (5,588,094.88) 4,721,547.46
General Account - closed 5130001224 - - - -
Self-funded Health Insurance Account 5130002180 (69,567.43) - (18,352.03) 13,547.52
Bancontrol Account 003-0082267 21,438.22 857,469.00 (1,147,593.91) -
Lock Box Account 5130001216 - 300,176.29 - -
Payroll Account 5130001935 (13,253.07) - (548,078.53) 541,989.82
Ronan State Bank - closed 725562 - - - -
Ronan State Bank Investments CD 15767 & 15374 127,907.12 415.26 - -
Whitefish Credit Union 817452 1,077.30 3.73 - -
Wells Fargo Investments - closed 5130001885 - - - -
Mountain West Investments - closed 340005651 - - - -
M&I Bank Petty Cash - closed 6151508 - - - -
Wells Fargo Imprest 2015068521 287.10 - (5,115.57) -
Reclassification of O/S Checks to Current Liab. 713,056.00 - - -
----------------------------------------------------------------------
----------------------------------------------------------------------
Total Cash Accounts 150,710.15 1,158,064.28 (7,307,234.92) 5,277,084.80
======================================================================
Operating DIP Accounts
- ---------------------------------------- Transfers between Ending Balance
Account Name Account # Accounts Book Adjustments Per Books
- ----------------------------------------------------------------------------------------------------------
DIP Operating Account 495-0029603 (4,344.87) - (1,501,127.38)
General Account - closed 5130001224 - - -
Self-funded Health Insurance Account 5130002180 - 16,459.81 (57,912.13)
Bancontrol Account 003-0082267 300,176.29 (976.22) 30,513.38
Lock Box Account 5130001216 (300,176.29) - -
Payroll Account 5130001935 - - (19,341.78)
Ronan State Bank - closed 725562 - - -
Ronan State Bank Investments CD 15767 & 15374 - - 128,322.38
Whitefish Credit Union 817452 - - 1,081.03
Wells Fargo Investments - closed 5130001885 - - -
Mountain West Investments - closed 340005651 - - -
M&I Bank Petty Cash - closed 6151508 - - -
Wells Fargo Imprest 2015068521 4,344.87 5,115.57 4,631.97
Reclassification of O/S Checks to Current Liab. - (713,056.00) -
-------------------------------------------------
-------------------------------------------------
Total Cash Accounts 0.00 (692,456.84) (1,413,832.53)
=================================================
UST-14 Summary of Disbursements Case Number: 01-31609-11
Continued Rule 2015 Report for the Month and Year
of: July, 2001
Account Name: Jore Corporation DIP
---------------------------
Summary of All Accounts
Payments on Pre-Petition Unsecured Debt (requires court approval)
Did the debtor, or another party on behalf of the debtor, make any payments
during this reporting month on pre-petition unsecured debt? Yes ___x No_ If yes,
list each payment.
Payee's name Nature of payment Payment datePayment amount Date of court approval
- ----------------------------------------------------------------------------------------------------------
Sherri Marquart Garnishment 7/9/01 250.00 6/28/01
- ----------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------
Wendy Allik Payroll 7/2/01 562.64 6/28/01
- ----------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------
Various Self-funded Insurance providers 7/3/01 1,223.24 6/28/01
- ----------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------
North Carolina Department
of Revenue Payroll Income Tax Withholding 7/30/01 359.13 6/28/01
- ----------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------
St. Luke Hospital Self-funded Insurance providers 7/10/01 677.42 6/28/01
- ----------------------------------------------------------------------------------------------------------
Payments to Attorneys and Other Professionals (requires court approval)
Did the debtor, or another party on behalf of the debtor, make any payments
during this reporting month to a professional such as an attorney, accountant,
realtor, appraiser, auctioneer, business consultant, or other professional
person? Yes ___ No _x__ If yes, list each payment.
Payee's name Nature of payment Payment datePayment amount Date of court approval
- --------------------------------------------------------------------------------
N/A
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Payments to an Officer, Director, Partner, or Other Insider of the Debtor
Did the debtor, or another party on behalf of the debtor, make any payments
during this reporting month to an officer, director, partner, or other insider
of the debtor? Yes ___ No _x__ if yes, list each payment.
Payee's name Nature of payment Payment datePayment amount Date of court approval
- -------------------------------------------------------------------------------
N/A
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
UST - 14, Continuation Sheet Case Number: 01-31609-11
Rule 2015 Report for the Month and Year
of: July, 2001
Statement of Cash Receipts and Disbursements
Account Name: Jore Corporation
DIP Operating Account
Account Number:495-0029603
Depository: Wells Fargo
Cash Receipts
Date Source Description $ Amount Balance
- -------------------------------------------------------------------------------
1 Beginning Cash Balance (630,235.09)
---------------------------
2 Total Cash Receipts -
Cash Disbursements
3 Total Disbursements (5,588,094.88)
4 Transfers from Line of Credit
7/31/01 Transfers from Line of Credit 4,721,547.46
---------------------------
Total Transfers From Line of Credit 4,721,547.46
4 Transfers Between Accounts
7/19/01 Transfer to Wells Fargo Imprest (2,088.91)
7/23/01 Transfer to Wells Fargo Imprest (2,255.96)
---------------------------
Total Transfers Between Accounts (4,344.87)
Book Adjustments
---------------------------
Total Book Adjustments -
5 Ending Book Balance (1,501,127.38)
=================
7/2/01-07/05/01 LOC sweeps not included in July je.
Correct in August 577,675.97
Outstanding Checks 390,653.68
Wire Transfers in Transit 23,167.86
Sweep funds in-transit (93,174.47)
-----------------
Balance in DIP Operating Account per 7/31/01 Bank Statement (602,804.34)
=================
See exhibit 99 - Copy of Current Months Bank Statement
UST - 14, Continuation Sheet Case Number: 01-31609-11
Rule 2015 Report for the Month and Year
of: July, 2001
Statement of Cash Receipts and Disbursements
Account Name: Jore Corporation
Self-funded Health Insurance
Account Number:5130002180
Depository: Wells Fargo
Cash Receipts
Date Source Description $ Amount Balance
- --------------------------------------------------------------------------------
1 Beginning Cash Balance (69,567.43)
---------------------------
2 Total Cash Receipts -
Cash Disbursements
Date Check # Payee Description $ Amount
- --------------------------------------------------------------------------------
7/05/01 Various Release of Group of Checks (5,250.37)
7/19/01 Various Release of Group of Checks (13,101.66)
---------------------------
3 Total Disbursements (18,352.03)
4 Transfers
7/6/01 Transfers from Line of Credit 299.75
7/9/01 Transfers from Line of Credit 306.40
7/13/01 Transfers from Line of Credit $3,072.44
7/17/01 Transfers from Line of Credit $1,133.48
7/18/01 Transfers from Line of Credit 521.95
7/19/01 Transfers from Line of Credit 522.50
7/23/01 Transfers from Line of Credit 677.42
7/30/01 Transfers from Line of Credit 6,238.58
7/31/01 Transfers from Line of Credit 775.00
---------------------------
Total Transfers 13,547.52
4 Transfers Between Accounts
---------------------------
Total Transfers Between Accounts -
Book Adjustments
7/31/01 Rvs JE from June-6/18/01 Insurance billing 11,799.04
7/31/01 Rvs JE from June-6/21/01 Insurance billing 4,660.77
---------------------------
Total Book Adjustments 16,459.81
5 Ending Book Balance (57,912.13)
============
Book Adjustments to be recorded in August
Correction to 7/1/01-07/05/01 sweeps 1,960.74
Outstanding Checks 56,015.89
Bank Adjustments
Sweep funds in-transit (775.00)
Sweep from July 2 recorded in August 710.50
-------------
Balance in Self-funded Health Insurance Acct per
7/31/01 Bank Statement 0.00
=============
See exhibit 99 - Copy of Current Months Bank Statement
UST - 14, Continuation Sheet Case Number: 01-31609-11
Rule 2015 Report for the Month and Year
of: July, 2001
Statement of Cash Receipts and Disbursements
Account Name: Jore Corporation
Bancontrol Account
Account Number:003-0082267
Depository: Wells Fargo
Cash Receipts
Date Source Description $ Amount Balance
- --------------------------------------------------------------------------------
1 Beginning Cash Balance 21,438.22
7/31/01 Total A/R Trade Cash Recipts 750,081.90
Total Other Cash Receipts 107,387.10
-----------------------------
2 Total Cash Receipts 857,469.00
Cash Disbursements
Date Check # Payee Description $ Amount
- --------------------------------------------------------------------------------
------------------------------
3 Total Disbursements -
4 Transfers
7/31/01 Transfers to Line of Credit (1,147,593.91)
------------------------------
Total Transfers (1,147,593.91)
4 Transfers Between Accounts
7/10/01 Transfer from Account 5130001216
Lockbox 300,176.29
------------------------------
Total Transfers Between Accounts 300,176.29
Book Adjustments
7/31/01 Reconciling Lock Box previous month (976.22)
Total Book Adjustments (976.22)
5 Ending Book Balance 30,513.38
================
Book Adjustments to be done in August
Bank Charges for the month of July (22.72)
Sweep not recorded in July (3,366.35)
Sweep in transit 24,715.00
Sweep not recorded in July (20,663.57)
Transfer unindentified in bank (246.55)
-----------------
Balance in Bancontrol Account per 7/31/01 Bank Statement 30,929.19
=================
See exhibit 99 - Copy of Current Months Bank Statement
UST - 14, Continuation Sheet Case Number: 01-31609-11
Rule 2015 Report for the Month and Year
of: July, 2001
Statement of Cash Receipts and Disbursements
Account Name: Jore Corporation
Lock Box Account
Account Number:5130001216
Depository: Wells Fargo
Cash Receipts
Date Source Description $ Amount Balance
- --------------------------------------------------------------------------------
Beginning Cash Balance -
7/31/01 Total A/R Trade Cash Recipts 300,176.29
-----------------------------
Total Cash Receipts 300,176.29
Cash Disbursements
Date Check # Payee Description $ Amount
- --------------------------------------------------------------------------------
-----------------------------
Total Disbursements -
Transfers
-----------------------------
Total Transfers -
Transfers Between Accounts
7/19/01 Transfer to Account 30082267
Bancontrol Account (300,176.29)
-----------------------------
Total Transfers Between Accounts (300,176.29)
Book Adjustments
-----------------------------
Total Book Adjustments -
------------------
Ending Book Balance 0.00
==================
Bank Adjustments
------------------
Balance in Lock Box Account per 7/31/01 Bank Statement 0.00
==================
See exhibit 99 - Copy of Current Months Bank Statement
UST - 14, Continuation Sheet Case Number: 01-31609-11
Rule 2015 Report for the Month and Year
of: July, 2001
Statement of Cash Receipts and Disbursements
Account Name: Jore Corporation
Payroll Account
Account Number:5130001935
Depository: Wells Fargo
Cash Receipts
Date Source Description $ Amount Balance
- --------------------------------------------------------------------------------
1 Beginning Cash Balance (13,253.07)
-----------------------------
2 Total Cash Receipts -
Cash Disbursements
Date Check # Payee Description $ Amount
- --------------------------------------------------------------------------------
Checks (164,768.45)
Direct Deposits (187,556.06)
Direct Deposits (195,754.02)
-----------------------------
3 Total Disbursements (548,078.53)
4 Transfers
7/31/01 Transfers from Line of Credit 541,989.82
-----------------------------
Total Transfers 541,989.82
4 Transfers Between Accounts
-----------------------------
Total Transfers Between Accounts -
Book Adjustments
-----------------------------
Total Book Adjustments -
5 Ending Book Balance (19,341.78)
===============
Outstanding Checks 3,395.11
Bank Adjustments (362.54)
Sweeps not recorded in gl 9,384.69
Pre-petition ck cleared bank August book adjustment (562.64)
Sweep in Transit (6,028.31)
7/31/01 dd reversal shown in bank August book adjustment 1,355.48
7/31/01 cks 98170 and 98171 not recorded in gl until August (519.25)
----------------
Balance in Payroll Account per 7/31/01 Bank Statement (12,679.24)
================
See exhibit 99 - Copy of Current Months Bank Statement
UST - 14, Continuation Sheet Case Number: 01-31609-11
Rule 2015 Report for the Month and Year
of: July, 2001
Statement of Cash Receipts and Disbursements
Account Name: Jore Corporation
RSB Investments
Account Number:CD 15767 & 15374
Depository: Wells Fargo
Cash Receipts
Date Source Description $ Amount Balance
- --------------------------------------------------------------------------------
1 Beginning Cash Balance 127,907.12
-----------------------------
2 Interest Income 415.26
Cash Disbursements
Date Check # Payee Description $ Amount
- --------------------------------------------------------------------------------
-----------------------------
3 Total Disbursements -
4 Transfers
----------------------------
Total Transfers -
4 Transfers Between Accounts
-----------------------------
Total Transfers Between Accounts -
Book Adjustments
-----------------------------
Total Book Adjustments -
5 Ending Book Balance 128,322.38
==================
Sweep funds in-transit -
------------------
Balance in Ronan State Bank Investments
Account per 7/31/01 Bank Statement 128,322.38
==================
See exhibit 99 - Copy of Current Months Bank Statement
UST - 14, Continuation Sheet Case Number: 01-31609-11
Rule 2015 Report for the Month and Year
of: July, 2001
Statement of Cash Receipts and Disbursements
Account Name: Jore Corporation
Whitefish Credit Union
Account Number:817452
Depository: Whitefish Credit Union
Cash Receipts
Date Source Description $ Amount Balance
- --------------------------------------------------------------------------------
1 Beginning Cash Balance 1,077.30
------------------------------
2 Accrued Interst as of 7/31/01 3.73
Cash Disbursements
Date Check # Payee Description $ Amount
- --------------------------------------------------------------------------------
------------------------------
3 Total Disbursements -
4 Transfers
------------------------------
Total Transfers -
4 Transfers Between Accounts
------------------------------
Total Transfers Between Accounts -
Book Adjustments
------------------------------
Total Book Adjustments -
5 Ending Book Balance 1,081.03
===============
Interest Accrual not recrded in Bank Statement (3.73)
---------------
Balance in Whitefish Credit Union Account per
7/31/01 Bank Statement 1,077.30
===============
See exhibit 99 - Copy of Current Months Bank Statement
UST - 14, Continuation Sheet Case Number: 01-31609-11
Rule 2015 Report for the Month and Year
of: July, 2001
Statement of Cash Receipts and Disbursements
Account Name: Jore Corporation
Wisconsin Imprest
Account Number:2015068521
Depository: Wells Fargo
Cash Receipts
Date Source Description $ Amount Balance
- --------------------------------------------------------------------------------
1 Beginning Cash Balance 287.10
------------------------------
2 Total Cash Receipts -
Cash Disbursements
Date Check # Payee Description $ Amount
- --------------------------------------------------------------------------------
7/11/01 Various Release of Group of Checks (781.96)
7/13/01 Various Release of Group of Checks (238.20)
7/17/01 Various Release of Group of Checks (464.77)
7/20/01 Various Release of Group of Checks (3,270.72)
7/29/01 Various Release of Group of Checks (197.37)
7/31/01 Various Release of Group of Checks (162.55)
------------------------------
3 Total Disbursements (5,115.57)
4 Transfers
------------------------------
Total Transfers -
4 Transfers Between Accounts
7/19/01 Wire Transfer from Jore General Account 2,088.91
7/23/01 Wire Transfer from Jore General Account 2,255.96
------------------------------
Total Transfers Between Accounts 4,344.87
Book Adjustments
Book Adjustment to be recorded in August disb 5,115.57
------------------------------
Total Book Adjustments 5,115.57
5 Ending Book Balance 4,631.97
==============
Book Adjustments to be corrected in August (3,418.62)
Outstanding Checks 2,753.75
Wire Transfer Fees to be recorded in August (22.00)
Other Reconciling Item (21.50)
--------------
Balance in Petty Cash Account per 7/31/01 Bank Statement 3,923.60
==============
See exhibit 99 - Copy of Current Months Bank Statement
Case Number: 01-31609-11
Rule 2015 Report for the Month and Year
of: July, 2001
UST-15, Statement of Aged Receivables
Post-Petition Receivables
Total Due (0-30 Days) (31-60 Days) (61-90 Days) (91 & Over) Amount Considered
Uncollectible
- --------------------------------------------------------------------------------
4,927,516 4,892,174 40,377 (5,036) - (19,427)
- --------------------------------------------------------------------------------
Pre-Petition Receivables (See Attached Schedule)
- --------------------------------------------------------------------------------
533,116 123,600 169,191 110,311 130,014 73,269
- --------------------------------------------------------------------------------
Totals
5,460,633 5,015,775 209,568 105,276 130,014 53,841
================================================================================
Accounts Receivable Reconciliation
1. Opening Balance 6/30/01 4,421,047
2. Sales on Account this Month 2,474,843
2a. Adjustments (384,999)
----------------
3. Balance (add lines 5, 6 & 6a) 7/31/01 6,510,891
----------------
4. Amounts Collected on Receivables (1,050,258)
----------------
5. Closing Balance 7/31/01 - 5,460,633
================
Reserved for Uncollectible accounts (see attached) (74,344)
Reserved for Sales Alllowance, Returns, Promo accounts (299,285)
(see attached)
----------------
Per Balance Sheet 7/31/01 5,087,003
================
Explain what efforts the debtor made during this reporting month to collect
receivables over 60 days past due?
1. Contacted customers that required additional proof of delivery on payments
past due which were provided to get payments scheduled. Customers have paid on
some of these and they are looking at the remainder should be receiving payments
soon. This has been normal course of business with some of the larger retailers
the Company sells to.
2. A few of our customers have not paid due to the Chapter 11 Bankruptcy, we
having been working with them and should be receiving payment from them soon.
3. The collectables are being reviewed on a weekly basis. Adjustments will be
made when payments are received.
Does the debtor have any accounts receivable due from an officer, director,
partner, or other insider of the debtor?
On the Balance sheet in a separate line item there are Notes Receivable from
Shareholders. The totals are not reflected in the above A/R aging.
Case Number: 01-31609-11
Rule 2015 Report for the Month and Year
of: July, 2001
UST-16, Statement of Post Petition Payables
Part A - Taxes
July
(1) Unpaid post (2) Post-petition (3) Post (4) Unpaid post
petition taxes taxes accrued this petition tax petition taxes at
from prior month (new payments made end of reporting
Type of tax reporting month obligations) this month month
- ----------------------------------------------------------------------------------------------------
Federal Taxes
Employee withholding taxes 31,005.23 86,494.79 72,292.30 45,207.72
FICA/Medicare-Employee 22,890.50 68,500.21 55,861.13 35,529.58
FICA/Medicare-Employer 22,890.50 68,500.21 55,861.13 35,529.58
Unemployment 1,356.90 1,821.12 1,271.37 1,906.65
-
State Taxes -
Dept. of Revenue WI 903.17 3,285.22 1,847.44 2,340.95
Dept. of Revenue CA - 404.87 - 404.87
Dept. of Revenue MT 10,466.76 29,569.46 24,679.75 15,356.47
Dept. of Labor & Industries N/a N/a N/a N/a
Unemployment WI 142.06 317.70 126.54 333.22
Unemployment MT 9,414.51 10,714.27 8,590.12 11,538.66
Empl. Security Dept. N/a N/a N/a N/a
-
Other Taxes -
Local city/county N/a N/a N/a N/a
Gambling N/a N/a N/a N/a
Personal property - - - -
Real Property - - - -
Other - - - -
-------------------
Total Unpaid Post-Petition Taxes $ 148,148
===================
Delinquent Tax Reports and Tax Payments
Taxing agency Tax reporting period Report due date Payment due date Amount due
- --------------------------------------------------------------------------------
N/A
Explain the reason for any delinquent tax reports or tax payments:
Case Number: 01-31609-11
Rule 2015 Report for the Month and Year
of: July, 2001
UST-16, Statement of Postpetition Payables
Part B - Other Payables
Reconciliation of Post-Petition Payables (excluding taxes and professional fees)
1. Closing balance from prior month 4,000
5. New payables added 07/01/01 thru 07/31/01 5,339,782
6. Less payments made 07/01/2001 thru 07/31/01 (5,186,601)
7. Balance for aging as of 07/31/01 157,181
2. Statement of Postpetition Payments on Executory Contracts & Leases
Entity Paid Total amount of Total amount Total Post
Payments Due of payments petition
made delinquency
AFCO INSURANCE PREMIUM FINANCE $15,536.63 $15,536.63 0
BLACKFOOT COMMUNICATIONS $4,327.84 $4,327.84 0
BOBROW PALUMBO $3,759.01 $3,759.01 0
BROWNING-FERRIS INDUSTRIES $85.00 $85.00 0
C&C LAND INC $14,069.60 $14,069.60 0
CHRISTENSEN CONNER JOHNSON KINDNESS $8,999.00 $8,999.00 0
CHRYSLER FINANCIAL CO LLC-CFO $47,849.48 $47,849.48 0
CITY OF MISSOULA $274.04 $274.04 0
FLATHEAD DISPOSAL $1,473.00 $1,473.00 0
HOINESS LABAR $16,363.75 $16,363.75 0
MCGUIRE, THOMAS $1,671.43 $1,671.43 0
MEGA TOOLS LTD $837.00 $837.00 0
MISSION VALLEY POWER $56,000.00 $56,000.00 0
MONTANA POWER COMPANY $43.14 $43.14 0
MOUNTAIN AIR INSURANCE SERVICES INC $2,375.00 $2,375.00 0
PORTER CABLE $13,264.31 $13,264.31 0
PREMIUM FINANCING SPECIALISTS, INC. $1,311.99 $1,311.99 0
PROFESSIONAL SERVICES $5,804.13 $5,804.13 0
SCOTTDALE RETAIL SERVICES INC $1,862.91 $1,862.91 0
SEABURY & SMITH/MARSH ADVANTAGE AME $13,818.76 $13,818.76 0
THE BEANSTALK GROUP $112,500.00 $112,500.00 0
-------------------------------------------
Totals $322,226.02 $322,226.02 0
===========================================
3. Statement of Postpetition Payments to Secured Creditors
Entity Paid Total amount of Total amount Total Post
Payments Due of payments petition
made delinquency
AMERICAN EQUIPMENT LEASING $8,009.75 $8,009.75 0
ASSOCIATES LEASING $25,000.00 $25,000.00 0
RONAN STATE BANK $18,788.22 $18,788.22 0
-------------------------------------------
Totals $51,797.97 $51,797.97 -
===========================================
Case Number: 01-31609-11
Rule 2015 Report for the Month and Year
of: July, 2001
UST-16, Statement of Postpetition Payables
Part C - Estimated Professional Fees
Schedule of Payments to Professionals (Attorney, accountant, appraiser,
consultant, etc) Jul-01
Amount of Fees and Fees and Total fees and
Type of Professional retainer expenses from expenses added expenses at
(Nature of service) (if applicable) prior months this month month end
- ---------------------------------------------------------------------------------------------
Perkins Coie (Debtor Attorney) - 178,439 60,000 238,439
Glass & Associates (Management Consultant-) 148,218 111,048 259,266
Dye & Moe (Debtor Attorney) 7,246 7,246
US Trustee 8,000 8,000
Trustee's Council - - - -
Shulkin (Creditors' Committee Council) - 56,250 45,000 101,250
Creditors' Committee other professional - - - -
Christensen Connor Johnson 840 1,648 2,488
---------------------------------------------------------
Totals $ - $ 391,747 $ 224,942 $ 616,689
=========================================================
Note: Reference Court order dated 6/28/01 allowing interim billings of 80% of
professional fees and 100% of expenses.
Note 2: Professional fees accrued in July are based upon estimates and may be
different than actual fees and expenses. Estimates will be adjusted to actuals
upon receipt of invoices.
Case Number: 01-31609-11
Rule 2015 Report for the Month and Year
of: July, 2001
UST-17, Statement of Operations
INSTRUCTIONS: Answer each question fully and attach additional sheets if
necessary to provide a complete response.
Yes No
Question 1 - Sale of Debtor's Assets. Did the debtor, or another Yes
party on behalf of the debtor, sell, transfer, or otherwise
dispose of any of the debtor's assets during the reporting month?
Include only sales out of the ordinary course. If yes, identify
each asset, date of court approval for the sale, method of
disposition, and gross and net sale proceeds received. If real
property was sold, attach a copy of the closing statement. If
assets were sold at auction, attach a copy of the auctioneer's
report. See Attachment
Question 2 - Financing. During the reporting month, did the No
debtor receive any funds from an outside funding source? If yes,
indicate the source of funds, date paid to debtor, dollar amount,
and date of court approval.
Question 3 - Insider Loans. During the reporting month, did the No
debtor receive any funds from an officer, director, partner, or
other insider of the debtor? If yes, indicate the source of
funds, date paid to debtor, dollar amount, and date of court
approval.
Question 4 - Insurance and Bond Coverage. Did the debtor renew or No
replace any insurance policies during this reporting month? If
yes, attach a certificate of insurance for each renewal or change
in coverage.
Were any of the debtor's insurance policies canceled or otherwise No
terminated for any reason during the reporting month? If yes,
explain.
Were any claims made during this reporting month against the No
debtor's bond? (Answer "No" if the debtor is not required to have
a bond.) If yes, explain.
Question 5 - Personnel Changes. Complete the following:
Full-time Part-time and Temp
Number of employees at beginning of month July 273 61
Employees added 17 160
Employees resigned/terminated -8 -25
-------------------------------
Number employees at end of month 282 196
===============================
Gross Monthly Payroll and Taxes $1,307,227
------------
Question 6 - Significant Events. Explain any significant new developments during
the reporting month. See narrative.
Question 7 - Case Progress. Explain what progress the debtor made during the
reporting month toward confirmation of a plan reorganization. See narrative.
WHERE TO FILE A MONTHLY FINANCIAL REPORT: The debtor is required to file its
monthly report with the U.S. Bankruptcy Court, and to serve copies of such
report on the U.S. Trustee, and on each member of any committees elected or
appointed to the Bankruptcy Code and to their authorized agents.
File the original Send a copy to each of the following:
United States Bankruptcy Court Office of the United States Trustee
P.O. Box 689 P.O. Box 3509
Butte, MT 59703 Great Falls, MT 59403
If applicable, each member of any committees elected
or appointed, and to their authorized agents.
Debtor's counsel.
Following is the information and descriptions for
the vehicles sold and the purchasers. The order date is July 24th, 2001.
The details of each vehicle are as follows:
1999 Dodge Dump Truck with plow - Purchaser is Stan Walchuk
VIN # - 3B6MF3668XM519922
Loan - Chrysler Financial #00001431 and Wells Fargo (2nd position)
for Operating Line of Credit
Principal Balance Owing: $28,712.17
May 15, 2001 Payoff Amount: 29,261.12
1999 Dodge Truck - Purchaser is Robert Snyder
VIN #1B7KF23W7XJ527606
Loan - Chrysler Financial #00000981 and Wells Fargo (2nd position)
for Operating Line of Credit
Principal Balance Owing: $ Unknown at this point
May 15, 2001 Payoff Amount: 18,568.94
Case No. 01-31609-11
Jore Corporation
Rule 2015 Report for the month ending July 31, 2001
Narrative Report
Gross sales for the month of July 2001 were $2.5 million, or approximately 8%
more than the previous month. Jore's business is significantly seasonal, where
approximately 75 percent of annual sales are shipped in the third and fourth
quarters of the year.
July 2001 gross profit, at 17% of gross sales, was significantly improved over
previous months of the year due to increasing production volumes and favorable
purchase price variances.
Operating expenses for the month of July 2001 decreased 14% from the previous
month mostly due to the timing of cooperative advertising arrangements. Sales
and marketing expenses are expected to increase in future months as additional
advertising costs are incurred.
Interest expense was negative in the month of July due to the reversal of
interest recorded as due in previous months for undersecured debt. Based on the
Company's existing asset appraisals, this interest will not be required to be
paid to the lenders.
Bankruptcy administration expenses include significant estimates to date based
on Jore's budget. Expenses will be adjusted when actual bills are received.
Nonrecurring expenses were negative in July due to a reclassification of
previous month's expenses.
Pre-petition accounts payable and pre-petition accrued expenses decreased in
July from the prior month mostly due to the filing of amended schedules with the
Bankruptcy Court.
On July 23, 2001, the Bankruptcy Court approved additional debtor-in-possession
financing for Jore. The additional financing is needed for working capital
purposes for new business acquired by Jore.
As of the date of this filing, Jore has received a letter of intent for the
purchase of substantially all of its assets. Jore anticipates filing the Sale
Motion, requesting Court approval of the asset purchase agreement, in September.
Jore has filed a motion requesting shortened time for establishing overbid
procedures and approving break-up fees.
(C) Exhibits
Exhibit Number Description
99.K Wells Fargo Debtor In Possession Bank
Statement Ending 7/31/01
99.K Wells Fargo Self-Funded Insurance Bank
Statement Ending 7/31/01
99.K Wells Fargo Bancontrol Bank Statement
ending 7/31/01
99.K Wells Fargo Lockbox Bank Statement
Ending 7/31/01
99.K Wells Fargo Payroll Bank Statement
Ending 7/31/01
99.K Ronan State Bank Time Certificate
Statements
99.K Wells Fargo Debtor In Possession
Edgerton WI Bank Statement Ending
7/10/01 & 8/8/01
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized. JORE CORPORATION
August 15, 2001 By: /s/ Mick Quinlivan
------------------
Mick Quinlivan
Chief Financial Officer