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: October 17, 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
SEPTEMBER 2015 REPORT
---------------------
On October 16, 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 August 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 16th day of October, 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 October 16, 2001, I caused the following document:
FINANCIAL REPORT
(1) To be served via regular, first-class U.S. mail on the
following parties;
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
Scott Clark
Ray Quinney & Nebeker
sclark@rqn.com
DATED this 16th day of October, 2001.
/s/ Mary G. Pellegrini
-----------------------------
SUBSCRIBED AND SWORN to before me this 16th day of October, 2001.
/s/ Erin E. Campbell
-----------------------------
(Signature of Notary)
_____Erin E. Campbell________
-----------------------------
(Print or stamp name of Notary)
NOTARY PUBLIC in and for the
State of Washington, residing at
Tacoma
------------------------------
My Commission Expires: 07/09/05
------------------------------
UST-10 COVER SHEET
MONTHLY FINANCIAL REPORT FOR
CORPORATE OR PARTNERSHIP DEBTOR
Case No: 01-31609-11 Report Month/Year September 30, 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: October 16, 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 Case Number: 01-31609-11
BALANCE SHEET Rule 2015 Report for the Month and Year
For the Periods Indicated of: September, 2001
August 31, 2001 September 30, 2001
ASSETS
Current assets:
Cash equivalents and investments ($1,096,652) ($1,288,325)
Accounts receivable, net of allowances 8,331,104 9,163,581
Shareholder notes receivable, net of reserves 355,428 359,882
Inventory , net 17,977,054 22,050,216
Other current assets 5,352,582 4,067,922
--------------------- --------------------
Total current assets 30,919,515 $34,353,277
--------------------- --------------------
Property, plant and equipment, net 77,773,665 77,234,342
Intangibles and other long-term assets, net 1,080,330 1,061,873
--------------------- --------------------
Total assets $109,773,511 $112,649,492
===================== ====================
LIABILITIES & SHAREHOLDERS' EQUITY
Current liabilities:
Post Petition:
Operating Line of Credit 36,916,197 38,948,998
Accounts Payable Post Petition 806,173 1,530,966
Accrued Expenses Post Petition 4,543,955 4,766,887
Accrued Payroll & Other Post Petition 659,419 796,570
Accrued Vacation & Personal Leave Post Petition (22,167) (20,835)
Pre-petition:
Accounts Payable Pre Petition $9,678,165 9,684,062
Accrued Expenses Pre Petition 1,546,356 1,546,147
Accrued Payroll & Other Pre Petition 346,796 344,110
Accrued Vacation & Personal Leave Pre Petition 521,541 521,441
Notes Payable 250,000 250,000
Shareholder Note Payable 353,446 353,446
--------------------- --------------------
Total Current Liabilities 55,599,881 58,721,792
--------------------- --------------------
Long-term Debt 44,683,097 44,465,994
Deferred Income Tax Liabilities 1,534,053 1,533,332
--------------------- --------------------
Total Liabilities 101,817,031 104,721,118
--------------------- --------------------
Shareholders' Equity
Common Stock 41,337,319 41,337,319
Deferred Compensation - Stock Options (22,171) (22,171)
Retained Earnings (33,358,668) (33,386,774)
--------------------- --------------------
Total Shareholders' Equity 7,956,480 7,928,374
--------------------- --------------------
Total Liabilities & Shareholders' Equity $109,773,511 $112,649,492
===================== ====================
Jore Corporation Case Number: 01-31609-11
INCOME STATEMENT Rule 2015 Report for the Month and Year
For the Periods Indicated of: September, 2001
September-01 Bankruptcy To Date
Revenues
Gross Sales $6,963,307 $18,833,547
Sales Returns, Allow, Disc, Adj (396,578) ($987,091)
----------------------------------
Total Net Revenues 6,566,728 $17,846,455
Cost of Sales
Material @ Standard 2,435,622 $6,461,270
Labor @ Standard 1,087,100 $2,750,465
Overhead @ Standard 910,490 $2,250,552
Product roll-out costs 50,746
Over/under applied variances (559,313) $689,571
Purchase price variance (53,229) ($247,497)
Freight 103,542 $756,832
Shipping & DC Costs 82,829 $252,046
Assignment Fees - $9,291
----------------------------------
Total Cost of Sales 4,057,787 $12,973,276
----------------------------------
Gross Profit 2,508,942 $4,873,180
Operating Expenses
General & Administrative 548,973 $2,266,796
Sales & Marketing 967,046 $2,542,402
Product Development (507) $133,094
----------------------------------
Total Operating Expenses 1,515,512 $4,942,292
----------------------------------
Operating Income / (Loss) 993,430 ($69,112)
Other (Income) Expenses
Interest Expense 326,553 $1,324,310
Other Expenses (2,672) ($28,581)
Loss on Disposal of Fixed Asset 3,217 $3,616
----------------------------------
Total Other (Income) Expense 327,098 $1,299,345
Non-Recurring Expenses
Bankruptcy Admin 334,601 $1,704,787
Other Expense - Nonrecurring 359,837 $11,980,976
----------------------------------
Total Non-Recurring Expenses 694,438 $13,685,763
----------------------------------
Income before Taxes (28,106) ($15,054,220)
Provision for Income Taxes - -
----------------------------------
----------------------------------
Net Income (Loss) (28,106) (15,054,220)
==================================
UST-14 Summary of Disbursements Case Number: 01-31609-11:
Rule 2015 Report for the Month and Year
of: September, 2001
Statement of Cash Receipts and Disbursements
Account Name: Jore Corporation DIP
----------------------
Summary of All Accounts
September, 2001
Operating DIP Accounts
Account Name Account # Beginning Balance Cash Receipts Cash Disbursements
------------------------------------------------------------------------------------------------------------
DIP Operating Account 495-0029603 (1,146,567.30) - (7,150,234.25)
Self-funded Health Insurance Account 5130002180 (65,417.87) - (192,576.04)
Bancontrol Account 003-0082267 (6,381.07) 913,136.54 -
Lock Box Account 5130001216 - 4,353,577.85 -
Payroll Account 5130001935 (6,382.10) - (892,884.87)
Ronan State Bank Investments CD 15767 & 15374 128,976.29 823.18 -
Whitefish Credit Union 817452 1,085.13 3.73 -
Wells Fargo Imprest 2015068521 (1,965.55) - (1,349.20)
---------------------------------------------------
Total Cash Accounts (1,096,652.47) 5,267,541.30 (8,237,044.36)
===================================================
Operating DIP Accounts Transfer from Transfers between Ending Balance
Account Name Account # Line of Credit Accounts Book Adjustments Per Books
-----------------------------------------------------------------------------------------------------------------------------
DIP Operating Account 495-0029603 5,766,615.66 (4,853.27) 1,160,997.79 (1,374,041.37)
Self-funded Health Insurance Account 5130002180 170,155.54 - (775.00) (88,613.37)
Bancontrol Account 003-0082267 (902,290.22) 14,268.40 20,917.00 39,650.65
Lock Box Account 5130001216 (4,339,309.45) (14,268.40) - (0.00)
Payroll Account 5130001935 900,408.76 - 742.62 1,884.41
Ronan State Bank Investments CD 15767 & 15374 - - - 129,799.47
Whitefish Credit Union 817452 - - - 1,088.86
Wells Fargo Imprest 2015068521 - 4,853.27 367.91 1,906.43
--------------------------------------------------------------------
Total Cash Accounts 1,595,580.29 - 1,182,250.32 (1,288,324.92)
====================================================================
UST-14 Summary of Disbursements Case Number: 01-31609-11
Continued Rule 2015 Report for the Month and Year
of: September, 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 date Payment amount Date of court
approval
--------------------------------------------------------------------------------
Spokane Packaging A/P Vendor 9/28/01 363.00 6/28/01
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Damon J. Evans Payroll 8/10/01 700.24 6/28/01
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Maria M Ramos Payroll 9/10/01 692.31 6/28/01
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
NOTE: The bank cleared these checks without our approval.
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 date Payment 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 date Payment 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: September, 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 $ Amount Balance
-------------------------------------------------------------------------------
Beginning Cash Balance (1,146,567.30)
------------------------------------
Total Cash Receipts -
Cash Disbursements
Date Check # Payee $ Amount
-------------------------------------------------------------------------------
------------------------------------
Total Disbursements (7,150,234.25)
Transfers from Line of Credit
9/30/01 Transfers from Line of Credit 5,766,615.66
------------------------------------
Total Transfers From Line of Credit 5,766,615.66
Transfers Between Accounts
8/29/01 Transfer to Wells Fargo Imprest-Edgerton (4,853.27)
------------------------------------
Total Transfers Between Accounts (4,853.27)
Book Adjustments
Book Adjustments 1,160,997.79
Ending Book Balance (1,374,041.37)
======================
Bank Adjustments 1,145,647.09
----------------------
Balance in DIP Operating Account per 9/30/01 Bank Statement (228,394.28)
======================
See Copy of Current Months Bank Statement
UST - 14, Continuation Sheet Case Number: 01-31609-11
Rule 2015 Report for the Month and Year
of: September, 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
------------------------------------------------------------------------------
Beginning Cash Balance (65,417.87)
-------------------------
Total Cash Receipts -
Cash Disbursements
Date Check # Payee Description $ Amount
-------------------------------------------------------------------------------
9/13/01 Various Release of Group of Checks (2,685.65)
9/10/01 Various Release of Group of Checks (138,984.36)
9/21/01 Various Release of Group of Checks (35,765.66)
9/4/01 Various Release of Group of Checks (15,140.37)
-------------------------
Total Disbursements (192,576.04)
Transfers
9/30/01Transfers from Line of Credit 170,155.54
-------------------------
Total Transfers 170,155.54
Transfers Between Accounts
-------------------------
Total Transfers Between Accounts -
Book Adjustments
9/30/01RVS duplicate 08/01 sweep (775.00)
-------------------------
Total Book Adjustments (775.00)
Ending Book Balance (88,613.37)
===============
Bank Adjustments 82,636.17
---------------
Balance in Self-funded Health Insurance Acct per 9/30/01
Bank Statement (5,977.20)
===============
See Copy of Current Months Bank Statement
UST - 14, Continuation Sheet Case Number: 01-31609-11
Rule 2015 Report for the Month and Year
of: September, 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
-------------------------------------------------------------------------------
Beginning Cash Balance (6,381.07)
Total A/R Trade Cash Recipts 826,601.24
Total Other Cash Receipts 86,535.30
-----------------------
Total Cash Receipts 913,136.54
Cash Disbursements
Date Check # Payee Description $ Amount
-------------------------------------------------------------------------------
-----------------------
Total Disbursements -
Transfers
Transfers to Line of Credit (902,290.22)
-----------------------
Total Transfers (902,290.22)
Transfers Between Accounts
9/10/01 Zero Balance Account Transfer from 5130001216 14,268.40
-----------------------
Total Transfers Between Accounts 14,268.40
Book Adjustments
(3,798.00)
24,715.00
----------------------
----------------------
Total Book Adjustments 20,917.00
Ending Book Balance 39,650.65
==================
9/30/01 Deposit in transit (490.10)
9/30/01 Reconciling difference 0.30
Balance in Bancontrol Account per 9/30/01 Bank Statement 39,160.55
==================
Attach Copy of Current Months Bank Statement
UST - 14, Continuation Sheet Case Number: 01-31609-11
Rule 2015 Report for the Month and Year
of: September, 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 -
Total A/R Trade Cash Recipts 4,353,577.85
-------------------------
Total Cash Receipts 4,353,577.85
Cash Disbursements
Date Check # Payee Description $ Amount
-------------------------------------------------------------------------------
-------------------------
Total Disbursements -
Transfers
9/30/01 Sweep to Line of Credit ($4,339,309.45)
-------------------------
Total Transfers ($4,339,309.45)
Transfers Between Accounts
9/10/01 Zero Balance Account Transfer (14,268.40)
-------------------------
Total Transfers Between Accounts (14,268.40)
Book Adjustments
-------------------------
Total Book Adjustments -
------------
Ending Book Balance (0.00)
============
Bank Adjustments
------------
Balance in Lock Box Account per 9/30/01 Bank Statement (0.00)
============
See Copy of Current Months Bank Statement
UST - 14, Continuation Sheet Case Number: 01-31609-11
Rule 2015 Report for the Month and Year
of: September, 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
-------------------------------------------------------------------------------
Beginning Cash Balance (6,382.10)
-----------------------
Total Cash Receipts -
Cash Disbursements
Date Check # Payee Description $ Amount
-------------------------------------------------------------------------------
Checks (386,677.67)
Direct Deposits (255,305.76)
Direct Deposits (250,901.44)
-----------------------
Total Disbursements (892,884.87)
Transfers
Transfers from Line of Credit 900,408.76
-----------------------
Total Transfers 900,408.76
Transfers Between Accounts
-----------------------
Total Transfers Between Accounts -
Book Adjustments
Adjustment to sweep journal entries 622.62
Adjustment to payroll entry 120.00
-
-----------------------
Total Book Adjustments 742.62
Ending Book Balance 1,884.41
=================
Outstanding Checks 5,182.25
Bank Adjustments (1,835.72)
Sept checks paid in Oct (5,723.95)
-----------------
Balance in Payroll Account per 9/30/01 Bank Statement (493.01)
=================
See Copy of Current Months Bank Statement
UST - 14, Continuation Sheet Case Number: 01-31609-11
Rule 2015 Report for the Month and Year
of: September, 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
-------------------------------------------------------------------------------
Beginning Cash Balance 128,976.29
-----------------------
Interest Income 823.18
Cash Disbursements
Date Check # Payee Description $ Amount
-------------------------------------------------------------------------------
-----------------------
Total Disbursements -
Transfers
-----------------------
Total Transfers -
Transfers Between Accounts
-----------------------
Total Transfers Between Accounts -
Book Adjustments
-----------------------
Total Book Adjustments -
Ending Book Balance 129,799.47
==================
-
------------------
Balance in Ronan State Bank Investments Account per 9/30/01
Bank Statement 129,799.47
==================
See Copy of Current Months Bank Statement
UST - 14, Continuation Sheet Case Number: Case Number:
Rule 2015 Report for the Month and Year
of: of:
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
-------------------------------------------------------------------------------
Beginning Cash Balance 1,085.13
----------------------------
Accrued Interest 3.73
Cash Disbursements
Date Check # Payee Description $ Amount
-------------------------------------------------------------------------------
----------------------------
Total Disbursements -
Transfers
----------------------------
Total Transfers -
Transfers Between Accounts
----------------------------
Total Transfers Between Accounts -
Book Adjustments
----------------------------
Total Book Adjustments -
Ending Book Balance 1,088.86
==================
Interest Accrual not recrded in Bank Statement (11.19)
------------------
Balance in Whitefish Credit Union Accunt per 9/30/01
Bank Statement 1,077.67
==================
UST - 14, Continuation Sheet Case Number: 01-31609-11
Rule 2015 Report for the Month and Year
of: September, 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
-------------------------------------------------------------------------------
Beginning Cash Balance (1,965.55)
--------------------------
Total Cash Receipts -
Cash Disbursements
Date Check # Payee Description $ Amount
-------------------------------------------------------------------------------
9/5/01 Various Pre-Paid Inventory (810.50)
9/18/01 Various Pre-Paid Inventory (538.70)
--------------------------
Total Disbursements (1,349.20)
Transfers
--------------------------
Total Transfers -
Transfers Between Accounts
9/4/01 Wire Transfer from Jore General Account 2,554.16
9/27/01 Wire Transfer from Jore General Account 2,299.11
--------------------------
Total Transfers Between Accounts 4,853.27
Book Adjustments
Record August checking activity 367.91
--------------------------
Total Book Adjustments 367.91
Ending Book Balance 1,906.43
==================
Bank Adjustments 190.06
Outstanding checks 146.25
Wire Transfer Fees to be recorded in September (22.00)
Bank Fees (55.00)
------------------
Balance in Petty Cash Account per 9/30/01 Bank Statement 2,165.74
==================
See Copy of Current Months Bank Statement
Case Number: 01-31609-11
Rule 2015 Report for the Month and Year
of: September, 2001
UST-15, Statement of Aged Receivables
Total Due (0-30 Days) (31-60 Days) (61-90 Days) (91 & Over) Amount Considered Uncollectible
Post-Petition Receivables
--------------------------------------------------------------------------------------------------
10,473,395 5,704,818 4,658,638 85,160 24,780 6,200
--------------------------------------------------------------------------------------------------
Pre-Petition Receivables (See Attached Schedule)
--------------------------------------------------------------------------------------------------
118,055 - 20,193 11,636 86,225 64,670
--------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
Totals 10,591,450 5,704,818 4,678,831 96,796 111,005 70,870
==================================================================================================
Accounts Receivable Reconciliation
1. Opening Balance 8/31/01 9,016,015
2. Sales on Account this Month 6,944,644
2a. Adjustments (189,029)
---------------
3. Balance (add lines 5, 6 & 6a) 9/30/01 15,771,630
---------------
4. Amounts Collected on Receivables (5,180,179)
---------------
5. Closing Balance 9/30/01 (1.00) 10,591,451
===============
Reserved for Uncollectible accounts (see attached) (102,527)
Reserved for Sales Alllowance, Returns, Promo accounts
(see attached) (1,325,344)
---------------
Per Balance Sheet 9/30/01 9,163,580
===============
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.
4. In August we transferred $134,305.55 to a Non-Trade Receivable Account as
this is the total amount of prepetition Account Receivables for Black & Decker,
Vermont American Magna, and Aronson Campbell. These customers have pre-petition
balances in Accounts Payable and would like to have these amounts offset.
5. MT Synergy had a balance on AR of $82,872.14, this balance has been
transferred to a Loans Receivable account, they are being set up on a payment
plan.
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: September, 2001
UST-16, Statement of Post Petition Payables
Part A - Taxes
Type of tax (1) Unpaid post- (2)Post-petition (3)Post-petition (4)Unpaid post
petition taxes taxes accrued this tax payments made petition taxes at
from prior report- month (new this reporting end of reporting
ing month obligations) month month
Federal Taxes
Employee withholding taxes 87,159.42 145,705.33 116,827.58 116,037.17
FICA/Medicare-Employee 66,221.46 108,578.48 90,022.53 84,777.41
FICA/Medicare-Employer 66,221.46 108,578.48 90,022.53 84,777.41
Unemployment 6,284.92 4,959.82 11,244.74
-
State Taxes -
Dept. of Revenue WI 3,296.16 3,259.14 7,817.95 (1,262.65)
Dept. of Revenue CA 696.50 101.81 699.23 99.08
Dept. of Revenue MT 28,714.39 46,509.36 38,394.51 36,829.24
Dept. of Revenue ILL 97.79 114.53 - 212.32
Dept. of Labor & Industries N/a N/a N/a N/a
Unemployment WI 534.64 276.69 - 811.33
Unemployment MT 27,791.86 16,185.13 - 43,976.99
Unemployment CA 3.47 4.62 - 8.09
Empl. Security Dept. N/a N/a N/a N/a
Employee Disability Tax CA 255.30 (33.17) 190.97 31.16
-
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 $ 377,542
===================
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: September, 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 $ 806,173
2 New payables added 09/01/01 thru 09/30/01 $ 7,517,273
3 Less payments made 09/01/01 thru 9/30/01 $ (6,795,474)
4 Balance for aging as of 09/30/01 $ 1,527,972
Statement of Postpetition Payments on Executory Contracts & Leases
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Entity Paid Total amount of Total amount of Total Post-
Payments Due Payments Made petition
delinquency
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AFCO INSURANCE PREMIUM FINANCE $ 15,532.00 $ 15,532.00 0
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BLACKFOOT COMMUNICATIONS $ 6,583.00 $ 6,583.00 0
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C&C LAND $ 1,409.60 $ 1,409.60 0
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CANADIAN DETAILING $ 462.87 $ 462.87 0
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MISSION VALLEY POWER $ 61,555.70 $ 61,555.70 0
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MISSOULA ELECTRIC COOPERATIVE $ 818.70 $ 818.70 0
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MONTANA POWER COMPANY $ 56.89 $ 56.89 0
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PROFESSIONAL RETAIL MERCHANDISE $ 21,482.57 $ 21,482.57 0
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ROBERT SCHRODER $ 1,117.66 $ 1,117.66 0
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SCOTTDALE RETAIL SERVICES $ 2,739.44 $ 2,739.44 0
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VERIZON NORTH $ 351.66 $ 351.66 0
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BOBROW PALUMBO $ 6,681.22 $ 6,681.22 0
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Total $ 118,791.31 $ 118,791.31 0
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Statement of Postpetition Payments to Secured Creditors
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Entity Paid Total amount of Total amount of Total Post-
Payments Due Payments Made petition
delinquency
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AMERICAN EQUIPMENT LEASING $ 8,009.25 $ 8,009.25 0
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ASSOCIATES LEASING $ 25,000.00 $ 25,000.00 0
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RONAN STATE BANK $ 8,454.73 $ 8,454.73 0
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FIRST SECURITY BANK $ 34,174.78 $ 34,174.78 0
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KEY CORP LEASING $ 90,160.33 $ 90,160.33 0
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Total $ 165,799.09 $ 165,799.09 0
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Case Number: 01-31609-11
Rule 2015 Report for the Month and Year
of: September, 2001
UST-16, Statement of Postpetition Payables
Part C - Estimated Professional Fees
Schedule of Payments to Professionals (Attorney, accountant, appraiser,
consultant, etc)
Type of Professional Amount of Retainer Fees and Fees and Total fees
(if applicable) expenses expenses and expenses
from prior added this at month end
months month
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Perkins Coie (Debtor Attorney) - 542,025 43,000 585,025
Glass & Associate (Management Consultants 608,157 173,778 781,935
Dye & Moe (Debtor Attorney) 21,515 1,000 22,515
US Trustee 8,000 10,000 18,000
Trustee's Council - - -
Shulkin (Creditors' Committee Council) 140,000 (90,000) 50,000
Creditors' Committee other professi-nal - -
Christensen Connor Johnson 34,239 23,000 57,239
Hilco Appraisal Services 16,250 18,416 34,666
Wells Fargo 150,000 150,000
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Totals $ - $ 1,370,186 $ 329,194 $ 1,699,380
========================================================
Note: 1 Reference Court order dated 6/28/01 allowing interim billings of 80% of
professional fees and 100% of expenses.
Note: 2 This schedule's balance is $5407.00 less than Income Statement
Bankruptcy to Date Total due to a reclass needed to move expense from bankruptcy
account to professional services account.
Note: 3 Professional fees accrued in September 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: September, 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 Yes
another 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.
We sold three sections of pallet racking for $300.00 to
Larry Bartels of NAPA in Ronan, MT 59864.
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 No
the 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 Yes
renew or replace any insurance policies during this
reporting month? If yes, attach a certificate of insurance
for each renewal or change in coverage.
Renewed D&O insurance coverage to 11-23-01. No certificate
available.
Were any of the debtor's insurance policies canceled or No
otherwise 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 September 292 324
Employees added 11 274
Employees resigned/terminated -8 -129
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Number employees at end of month 295 469
===========================
Gross Monthly Payroll and Taxes $1,664,974
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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 originl 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.
Case No. 01-31609-11
Jore Corporation
Rule 2015 Report for the month ending September 30, 2001
Narrative Report
Gross sales for the month of September 2001 were $7.0 million, or approximately
14% more than the previous month. All of the increased sales is to the Company's
largest three customers. Jore's business is significantly seasonal, where 75
percent of annual sales are shipped in the third and fourth quarters of the
year. The Company's backlog of unfilled sales orders was $13 million at
September 30, 2001.
September's 2001 gross profit, at 36% of gross sales, was significantly improved
over previous months of the year due to increasing production volumes and
efficiencies.
Operating expenses for the month of September 2001 increased 6% from the
previous month from increased cooperative advertising, and new customer
acquisition costs for Lowe's. Sales and marketing expenses are expected to
increase in future months along with increased sales.
Interest expense increased to $327,000 for the for the month of September due to
higher average bank borrowings under the Company's debtor-in-possession
facility. The Company expects borrowings under this facility will exceed $40
million at the end of October, then begin to decline over the remainder of the
year. Interest expense on the Company's long-term debt is not accruing currently
because, based on recent asset appraisals, it will not be required to be paid to
the lenders.
Bankruptcy administration expenses include amounts paid or due to professionals,
primarily legal counsel of the interested parties in Jore's bankruptcy case.
These expenses are expected to decline slightly in future months as the case
progresses to plan confirmation. Nonrecurring expenses in September include
employee overtime premiums, expedited freight charges, and purchase price
variances. These costs were incurred because of liquidity limitations earlier
this year, and generally would not have been incurred in the normal course of
business.
Inventories increased to more than $22 million at the end of September to meet
seasonal sales demand. Other current assets declined from draw-downs of supplier
pre-payments. Post-petition liabilities increased from increasing production
levels, and additional supplier terms. Pre-petition liabilities remained
approximately level from August to September. Long-term debt decreased from
adequate assurance payments in September.
On September 28, 2001, the Company received a non-binding offer to sell
substantially all of its assets for cash and notes payable, and the assumption
of certain post-petition liabilities. The price is subject to change pending the
completion of due diligence which is expected in late October. The transaction
is expected to be implemented through a sale under section 363 of the Bankruptcy
Code, and will be subject to higher and better offers under the Bankruptcy
Code-authorized bidding process. Bidding procedures were approved the the
Bankruptcy Court in early September.
The Company expects to file an amended disclosure statement with the Bankruptcy
Court in mid-October.
(C) Exhibits
Exhibit Number Description
99.K Wells Fargo Debtor In Possession Bank
Statement Ending 9/30/01
99.K Wells Fargo Self-Funded Insurance Bank
Statement Ending 9/30/01
99.K Wells Fargo Bancontrol Bank Statement
ending 9/30/01
99.K Wells Fargo Lockbox Bank Statement
Ending 9/30/01
99.K Wells Fargo Payroll Bank Statement
Ending 9/30/01
99.K Ronan State Bank Time Certificate
Statements
99.K Wells Fargo Debtor In Possesion Bank
Statement - Edgerton Ending 10/9/01
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
October 16, 2001 By: /s/ Mick Quinlivan
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Mick Quinlivan
Chief Financial Officer