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: December 03, 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
OCTOBER 2015 REPORT
- ---------------------
On November 30, 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. MacIntyre
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 October 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 30th day of November, 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 November 30, 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
John Ostler
John.Ostler@usdoj.gov
Bruce Goodrich
bruce.goodrich@usdoj.gov
DATED this 30th day of November, 2001.
/s/ Mary G. Pellegrini
-----------------------------
SUBSCRIBED AND SWORN to before me this 30th day of November, 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 October 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: November 19, 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 October, 2001
October 31, 2001
ASSETS
Current assets:
Cash equivalents and investments ($1,997,541)
Accounts receivable, net of allowances 15,813,143
Shareholder notes receivable, net of reserves 359,882
Inventory , net 18,139,872
Other current assets 3,423,909
----------------------
Total current assets $35,739,264
----------------------
Property, plant and equipment, net 76,701,847
Intangibles and other long-term assets, net 1,059,190
----------------------
Total assets $113,500,301
======================
LIABILITIES & SHAREHOLDERS' EQUITY
Current liabilities:
Post Petition:
Operating Line of Credit 39,137,811
Accounts Payable Post Petition 2,969,338
Accrued Expenses Post Petition 4,284,026
Accrued Payroll & Other Post Petition 420,306
Accrued Vacation & Personal Leave Post Petition (8,723)
Pre-petition:
Accounts Payable Pre Petition 9,683,111
Accrued Expenses Pre Petition 1,551,795
Accrued Payroll & Other Pre Petition 344,110
Accrued Vacation & Personal Leave Pre Petition 521,541
Notes Payable 250,000
Shareholder Note Payable 353,446
----------------------
Total Current Liabilities 59,506,762
----------------------
Long-term Debt 44,224,417
Deferred Income Tax Liabilities 1,533,332
----------------------
Total Liabilities 105,264,511
----------------------
Shareholders' Equity
Common Stock 41,337,319
Deferred Compensation - Stock Options (22,171)
Retained Earnings (33,079,358)
----------------------
Total Shareholders' Equity 8,235,790
----------------------
Total Liabilities & Shareholders' Equity $113,500,301
======================
Jore Corporation 01-31609-11
INCOME STATEMENT
For the Periods Indicated October, 2001
October-01 Bankruptcy To Date
Revenues
Gross Sales $16,177,814 $35,011,361
Sales Returns, Allow, Disc, Adj (677,094) (1,664,185)
-----------------------------------
Total Net Revenues 15,500,720 17,846,455
Cost of Sales
Material @ Standard 6,994,791 13,456,060
Labor @ Standard 2,098,260 4,848,724
Overhead @ Standard 1,724,750 3,975,302
Product roll-out costs 11,985
Over/under applied variances 206,216 895,787
Purchase price variance (829,772) (1,077,269)
Freight 167,063 923,894
Shipping & DC Costs 131,948 383,994
Assignment Fees - 9,291
-----------------------------------
Total Cost of Sales 10,505,240 12,973,276
-----------------------------------
Gross Profit 4,995,480 4,873,180
Operating Expenses
General & Administrative 655,147 2,921,943
Sales & Marketing 1,683,811 4,226,213
Product Development 48,611 181,705
-----------------------------------
Total Operating Expenses 2,387,568 4,942,292
-----------------------------------
Operating Income / (Loss) 2,607,912 (69,112)
Other (Income) Expenses
Interest Expense 333,166 1,657,476
Other Expenses 8,651 (19,929)
Loss on Disposal of Fixed Asset (45,625) (42,009)
-----------------------------------
Total Other (Income) Expense 296,193 1,299,345
Non-Recurring Expenses
Bankruptcy Admin 396,386 2,101,173
Other Expense - Nonrecurring 1,607,918 13,588,894
-----------------------------------
Total Non-Recurring Expenses 2,004,304 13,685,763
-----------------------------------
Income before Taxes 307,416 (15,054,220)
Provision for Income Taxes 0 0
-----------------------------------
-----------------------------------
Net Income (Loss) 307,416 (15,054,220)
===================================
UST-14 Summary of Disbursements Case Number: 01-31609-11
Rule 2015 Report for the Month and Year
of: October, 2001
tatement of Cash Receipts and Disbursements
Account Name: Jore Corporation DIP
----------------------
Summary of All Accounts
October, 2001
Operating DIP Accounts Transfer from
- ----------------------------------------
Account Name Account # Beginning Balance Cash Receipts Cash Disbursements Line of Credit
- ------------------------------------------------------------------------------------------------------------------------------
DIP Operating Account 495-0029603 (1,374,041.37) 103,000.00 (7,437,255.84) 6,445,591.02
Self-funded Health Insurance Account 5130002180 (88,613.37) - (66,123.39) 66,735.89
Bancontrol Account 003-0082267 39,650.65 2,440,667.23 - (2,424,967.21)
Lock Box Account 5130001216 - 5,391,140.71 - (5,310,171.85)
Payroll Account 5130001935 1,884.41 - (1,635,906.66) 1,411,625.12
Ronan State Bank Investments CD 15767 & 15374 129,799.47 335.59 - -
Whitefish Credit Union 817452 1,088.86 3.73 - -
Wells Fargo Imprest 2015068521 1,906.43 - (381.82) -
---------------------------------------------------------------------
Total Cash Accounts (1,288,324.92) 7,935,147.26 (9,139,667.71) 188,812.97
=====================================================================
Operating DIP Accounts Transfers between Ending Balance
- ----------------------------------------
Account Name Account # Accounts Book Adjustment Per Books
- ----------------------------------------------------------------------------------------------------------
DIP Operating Account 495-0029603 (1,693.07) 295,409.92 (1,968,989.34)
Self-funded Health Insurance Account 5130002180 - 15,903.28 (72,097.59)
Bancontrol Account 003-0082267 80,968.86 (490.10) 135,829.43
Lock Box Account 5130001216 (80,968.86) - 0.00
Payroll Account 5130001935 - (3,095.76) (225,492.89)
Ronan State Bank Investments CD 15767 & 15374 - - 130,135.06
Whitefish Credit Union 817452 - - 1,092.59
Wells Fargo Imprest 2015068521 1,693.07 (1,236.14) 1,981.54
--------------------------------------------------
Total Cash Accounts (0.00) 306,491.20 (1,997,541.20)
==================================================
UST-14 Summary of Disbursements Case Number: 01-31609-11
Continued Rule 2015 Report for the Month and Year
of: October, 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
- --------------------------------------------------------------------------------------------------
Kentucky Revenue Cabinet State Income Tax W/held 10/3/01 949.73 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 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 name Nature of payment Payment date Payment amount Date of court approval
- ----------------------------------------------------------------------------
N/A
- ----------------------------------------------------------------------------
- ----------------------------------------------------------------------------
- ----------------------------------------------------------------------------
- ----------------------------------------------------------------------------
- ----------------------------------------------------------------------------
- ----------------------------------------------------------------------------
UST - 14, Continuation Sheet Case Number: Case Number:
Rule 2015 Report for the Month and Year
of: October, 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 (1,374,041.37)
10/9/01 Deposit for sale of plane 103,000.00
----------------------
Total Cash Receipts 103,000.00
Cash Disbursements
Date Check # Payee $ Amount
----------------------------------------------------------------
10/1/01 Various Various (394,744.02)
10/2/01 Various Various 12,305.26
10/3/01 Various Various (627,601.29)
10/4/01 Various Various (70,213.97)
10/5/01 Various Various (604,476.49)
10/8/01 Various Various (667,357.38)
10/9/01 Various Various (264,426.69)
10/10/01 Various Various (774,467.10)
10/11/01 Various Various (24,262.73)
10/12/01 Various Various (83,879.55)
10/15/01 Various Various (62,139.92)
10/16/01 Various Various (280,073.03)
10/17/01 Various Various (121,158.05)
10/18/01 Various Various (225,349.18)
10/19/01 Various Various (458,899.10)
10/22/01 Various Various (50,302.12)
10/23/01 Various Various 0.00
10/24/01 Various Various (625,480.18)
10/25/01 Various Various (108,779.60)
10/26/01 Various Various (74,813.46)
10/29/01 Various Various (221,572.03)
10/30/01 Various Various (1,035,750.05)
10/31/01 Various Various (297,036.54)
10/31/01 Sept LOC int taken in Oct (324,992.01)
pre-petition transactions (949.73)
unused sept fee taken in oct (361.10)
401(k) wire (15,598.25)
401(k) wire (15,747.63)
401(k) wire (15,225.07)
client analysis service chg (3,904.83)
----------------------
Total Disbursements (7,437,255.84)
Transfers from Line of Credit
10/31/01 Transfers from Line of Credit 6,445,591.02
----------------------
Total Transfers From Line of Credit 6,445,591.02
Transfers Between Accounts
10/23/01 Transfer to Wells Fargo-Edgerton (1,693.07)
----------------------
Total Transfers Between Accounts (1,693.07)
Book Adjustments
rvs payroll transaction 295,046.92
ap chk 65527 cleared 363.00
--------------------
Book Adjustments 295,409.92
Ending Book Balance (1,968,989.34)
====================
10/01/01 MT St Tax Pymt not on a/p (24,605.18)
o/s checks 1,505,508.27
Wire tsf to Invensys Building Service (2,638.68)
that cleared, but was voided on a/p
voided checks 74,102.43
10/10/01 Wells Wire voided on ap (24,605.18)
but cleared the bank-check#5120
CHK#12238 voided on ap but cleared bank (76.94)
Bank Adjustments 1,527,684.72
--------------------
Balance in DIP Operating Account per 10/31/01 Bank (441,304.62)
====================
Attach Copy of Current Months Bank Statement
UST - 14, Continuation Sheet Case Number: Case Number:
Rule 2015 Report for the Month and Year
of: October, 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 (88,613.37)
---------------------
Total Cash Receipts -
Cash Disbursements
Date Check # Payee Description $ Amount
-------------------------------------------------------------------------------
Total Disbursements (66,123.39)
Transfers
10/31/0Transfers from Line of Credit 66,735.89
---------------------
Total Transfers 66,735.89
Transfers Between Accounts
---------------------
Total Transfers Between Accounts -
Book Adjustments
---------------------
Total Book Adjustments 15,903.28
Ending Book Balance (72,097.59)
===========
Bank Adjustments 60,009.01
-----------
Balance in Self-funded Health Insurance Acct per 10/31/01
Bank Statement (12,088.58)
===========
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: October, 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 39,650.65
Total A/R Trade Cash Recipts 2,337,572.43
Total Other Cash Receipts 103,094.80
-------------------------------
Total Cash Receipts 2,440,667.23
Cash Disbursements
Date Check # Payee Description $ Amount
--------------------------------------------------------------------------------------------
-------------------------------
Total Disbursements -
Transfers
Transfers to Line of Credit (2,424,967.21)
-------------------------------
Total Transfers (2,424,967.21)
Transfers Between Accounts
10/9/01 Zero Balance Account Transfer from 5130001216 47,462.94
10/26/01 Zero Balance Account Transfer from 5130001216 298.86
10/29/01 Zero Balance Account Transfer from 5130001216 1,074,093.74
10/31/01 Zero Balance Account Transfer from 5130001216 80,248.55
10/10/01 Zero Balance Account Transer to 5130001216 (47,041.49)
10/30/01 Zero Balance Account Transer to 5130001216 (1,074,093.74)
-------------------------------
Total Transfers Between Accounts 80,968.86
Book Adjustments
10/31/01 (490.10)
-------------
Total Book Adjustments (490.10)
Ending Book Balance 135,829.43
==================
10/31/01 Deposit in Transit (6,670.36)
Balance in Bancontrol Account per 10/31/01 Bank Statement 129,159.07
==================
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: October, 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 5,391,140.71
--------------------------
Total Cash Receipts 5,391,140.71
Cash Disbursements
Date Check # Payee Description $ Amount
----------------------------------------------------------------------------------------------------------------
--------------------------
Total Disbursements -
Transfers
10/31/01 Sweep to Line of Credit (5,310,171.85)
--------------------------
Total Transfers (5,310,171.85)
Transfers Between Accounts
10/9/01 Zero Balance Account Transfer to 30082267 (47,462.94)
10/26/01 Zero Balance Account Transfer to 30082267 (1,074,093.74)
10/29/01 Zero Balance Account Transfer to 30082267 (298.86)
10/10/01 Zero Balance Account Transfer to 30082267 (80,248.55)
10/30/01 Zero Balance Account Transfer from 30082267 47,041.49
Zero Balance Account Transfe1 from 30082267 1,074,093.74
--------------------------
Total Transfers Between Accounts (80,968.86)
Book Adjustments
--------------
Total Book Adjustments -
------------
Ending Book Balance 0.00
============
Bank Adjustments
------------
Balance in Lock Box Account per 10/31/01 Bank Statement 0.00
============
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: October, 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 1,884.41
-----------------------
Total Cash Receipts -
Cash Disbursements
Date Check # Payee Description $ Amount
-------------------------------------------------------------------------------
Checks (770,865.29)
10/1/01 Direct Deposits (295,046.92)
10/15/01 Direct Deposits (287,611.98)
(282,382.47)
-----------------------
Total Disbursements (1,635,906.66)
Transfers
10/31/01Transfers from Line of Credit 1,411,625.12
-----------------------
Total Transfers 1,411,625.12
Transfers Between Accounts
-----------------------
Total Transfers Between Accounts -
Book Adjustments
10/31/01Adjustment made in October (3,095.76)
-
--------------
Total Book Adjustments (3,095.76)
Ending Book Balance (225,492.89)
==============
Outstanding Checks 86,847.81
Bank Adjustments 588.62
Oct Checks paid in Nov (2,591.61)
Deposit in Transit 5,849.09
--------------
Balance in Payroll Account per 10/31/01 Bank Statement (134,798.98)
==============
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: October, 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 129,799.47
-------------------------
Interest Income 335.59
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 130,135.06
================
-
----------------
Balance in Ronan State Bank Investments Account per
10/31/01 Bank Statement 130,135.06
================
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: October, 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
- --------------------------------------------------------------------------------
Beginning Cash Balance 1,088.86
--------------------------
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 1,092.59
============
Interest Accrual not recrded in Bank Statement (14.92)
------------
Balance in Whitefish Credit Union Accunt per
10/31/01 Bank Statement 1,077.67
============
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: October, 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 1,906.43
--------------------------
Total Cash Receipts -
Cash Disbursements
Date Check # Payee Description $ Amount
- --------------------------------------------------------------------------------
10/2/01 Various Pre-Paid Inventory (25.00)
10/8/01 Various Pre-Paid Inventory (356.82)
--------------------------
Total Disbursements (381.82)
Transfers
--------------------------
Total Transfers -
Transfers Between Accounts
10/23/01 Wire Transfer from Jore General Account 1,693.07
--------------------------
Total Transfers Between Accounts 1,693.07
Book Adjustments
Record September checking activity (1,236.14)
--------------------------
Total Book Adjustments (1,236.14)
Ending Book Balance 1,981.54
==============
Bank Adjustments (864.11)
Outstanding checks 159.92
Wire Transfer Fees to be recorded in October (11.00)
Bank Fees (5.00)
--------------
Balance in Petty Cash Account per 10/31/01 Bank Statement 1,261.35
==============
Case Number: 01-31609-11
Rule 2015 Report for the Month and Year
of: October, 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
- --------------------------------------------------------------------------------
18,359,852 18,101,992 116,034 88,040 53,786 8,068
- --------------------------------------------------------------------------------
Pre-Petition Receivables (See Attached Schedule)
- -------------------------------------------------------------------------------
99,266 - - 20,193 79,073 72,000
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
Totals
18,459,119 18,101,992 116,034 108,233 132,859 80,068
================================================================================
Accounts Receivable Reconciliation
1. Opening Balance 9/31/01 10,591,451
2. Sales on Account this Month 16,175,165
2a. Adjustments (656,081)
--------------
3. Balance (add lines 5, 6 & 6a) 10/31/01 26,110,535
--------------
4. Amounts Collected on Receivables (7,651,415)
--------------
5. Closing Balance 10/31/01 (1.30) 18,459,120
==============
Reserved for Uncollectible accounts (see attached) (129,679)
Reserved for Sales Alllowance, Returns, Promo accounts
(see attached) (2,516,298)
--------------
Per Balance Sheet 10/31/01 15,813,142
==============
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.
Some of these customers have paid, are working with the other customers to get
them paid.
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.
6. Home Depot USA prepaid some invoices and we have not received a list of what
invoices have been prepaid, so the over 90 days and 61-90 have increased until
we receive the next payment from Home Depot, I do have confirmation that some of
these old invoices will be paid on the next payment from Home Depot.
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: October, 2001
UST-16, Statement of Post Petition Payables
Part A - Taxes
(1) Unpaid post- (2)Post-petition (3)Post-petition (4)Unpaid post-
petition taxes taxes accrued tax payments made petition taxes at
from prior report- this month this reporting end of reporting
ing month (new obligations) month month
Type of tax
- --------------------------------------------------------------------------------------------
Federal Taxes
Employee withholding taxes 116,037.17 159,767.79 220,049.02 55,755.94
FICA/Medicare-Employee 84,777.41 119,679.11 163,034.41 41,422.11
FICA/Medicare-Employer 84,777.41 119,679.11 163,034.41 41,422.11
Unemployment 11,244.74 5,140.92 7,670.90 8,714.76
-
State Taxes -
Dept. of Revenue WI (1,262.65) 3,401.68 5,913.19 (3,774.16)
Dept. of Revenue CA 99.08 152.92 198.15 53.85
Dept. of Revenue MT 36,829.24 77,719.23 47,209.84 67,338.63
Dept. of Revenue ILL 212.32 135.35 - 347.67
Dept. of Revenue GA - 348.37 - 348.37
Dept. of Labor & Indu N/a N/a N/a N/a
Unemployment WI 811.33 324.59 636.33 499.59
Unemployment MT 43,976.99 16,863.42 30,867.01 29,973.40
Unemployment CA 8.09 (1.08) 249.15 (242.14)
Empl. Security Dept. N/a N/a N/a N/a
Employee Disability Tax CA 31.16 47.77 62.31 16.62
-
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 $ 241,877
===================
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: October, 2001
UST-16, Statement of Postpetition Payables
Part B - Other Payables
Reconciliation of Post-Petition Payables (excluding taxes and professional fees)
Closing balance from prior month $ 1,527,972
New payables added 10/01/01 thru 10/31/01 $ 4,228,409
Less payments made 10/01/01 thru 10/31/01 $ (2,757,468)
Balance for aging as of 10/31/01 $ 2,998,913
Statement of Postpetition Payments on Executory Contracts & Leases
Entity Paid Total amount of Total amount of Total Post
Payments due payments made petition
delinquency
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
AFCO INSURANCE PREMIUM FINANCE $ 15,531.63 $ 15,531.63 0
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
BLACKFOOT COMMUNICATIONS $ 4,969.59 $ 4,969.59 0
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
C&C LAND $ 14,069.60 $ 14,069.60 0
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
CANADIAN DETAILING $ 436.26 $ 436.26 0
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
MISSION VALLEY POWER $ 76,602.03 $ 76,602.03 0
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
MISSOULA ELECTRIC COOPERATIVE $ 1,108.16 $ 1,108.16 0
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
MONTANA POWER COMPANY $ 139.13 $ 139.13 0
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
PROFESSIONAL RETAIL MERCHANDISE $ 20,848.36 $ 20,848.36 0
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
ROBERT SCHRODER $ 1,131.58 $ 1,131.58 0
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
SCOTTDALE RETAIL SERVICES $ 7,969.03 $ 7,969.03 0
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
VERIZON NORTH $ 332.01 $ 332.01 0
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
BOBROW PALUMBO $ 13,488.65 $ 13,488.65 0
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Total $ 156,626.03 $ 156,626.03 0
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Statement of Postpetition Payments to Secured Creditors
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Entity Paid Total amount of Total amount of Total Post
Payments due payments made petition
delinquency
- --------------------------------------------------------------------------------
AMERICAN EQUIPMENT LEASING $ 8,009.75 $ 8,009.75 0
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
ASSOCIATES LEASING $ 25,000.00 $ 25,000.00 0
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
CITI VENDOR FINANCE $ 1,547.33 $ 1,547.33
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
GE CAPITAL $ 29,591.48 $ 29,591.48
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
PEOPLES $ 3,500.00 $ 3,500.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
SAFECO $ 28,940.33 $ 28,940.33
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
RONAN STATE BANK $ 8,454.73 $ 8,454.73 0
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
FIRST SECURITY BANK $ 34,174.78 $ 34,174.78 0
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
KEY CORP LEASING $ 108,383.78 $ 108,383.78 0
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Total $ 247,602.18 $ 247,602.18 0
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Case Number: 01-31609-11
Rule 2015 Report for the Month and Year
of: October, 2001
UST-16, Statement of Postpetition Payables
Part C - Estimated Professional Fees
Schedule of Payments to Professionals (Attorney, accountant, appraiser,
consultant, etc) October 31, 2001
Amount of Fees and Fees and Total fees and
retainer expenses expenses expenses at
(if applicable) from prior added this month end
Type of Professional months month
- --------------------------------------------------------------------------------
Perkins Coie (Debtor
Attorney) - 585,025 239,663 824,688
Glass & Associates
(Management
Consultant-) - 781,935 84,818 866,753
Dye & Moe (Debtor
Attorney) - 22,515 8,855 31,370
US Trustee - 18,000 9,750 27,750
Trustee's Council - - - -
Shulkin (Creditors' Committee
Council) - 50,000 (2,062) 47,938
Creditors' Committee
other professional - - - -
Christensen Connor Johnson - 57,239 41,821 99,060
Hilco Appraisal Services - 34,666 18,967 53,633
Wells Fargo - 150,000 (19) 149,981
----------------------------------------------------------
Totals $ - $ 1,699,380 $ 401,793 $ 2,101,173
==========================================================
Note: 1 Reference Court order dated 6/28/01 allowing interim billings of 80% of
professional fees and 100% of expenses.
Note: 3 Professional fees accrued in October 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: October, 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. Sale of Cessna
Aircraft. See attached copies of Court Documents, Sale
Agreement and Aircraft Bill of Sale. Received $103,000 on
sell of Aircraft.
Sale of Racking $50.00 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 No
renew or 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 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 October 295 469
Employees added 12
Employees resigned/terminated -5 -266
-----------------------------
Number employees at end of month 302 203
=============================
Gross Monthly Payroll and Taxes $1,938,964
----------------
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.
Case No. 01-31609-11
Jore Corporation
Rule 2015 Report for the month ending October 31, 2001
Narrative Report
Gross sales for the month of October 2001 were $16.2 million, or 132% 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 $3 million at October 31, 2001.
October's 2001 gross profit, at 31% of gross sales, was lower than the previous
month due to sales mix. October revenues included a higher mix of large sets for
the holiday season.
Operating expenses for the month of October 2001 increased 58% from the previous
month from increased cooperative advertising, and new customer acquisition
costs. Sales and marketing expenses were 10% of gross sales for the month of
October, and 12% of gross sales since the Chapter 11 filing.
Interest expense increased slightly in October to $333,000 due to higher average
bank borrowings under the Company's debtor-in-possession facility. The Company
expects borrowings under this facility will begin to decline in November.
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.
Accounts receivable increased to $15.8 million at the end of October from $9.2
million one month earlier from October high sales volume. Inventories decreased
to $18.1 million at the end of October and are expected to continue to decline
through the remainder of this year as the Company has completed the majority of
its manufacturing requirements for the year. Other current assets declined from
draw-downs of supplier pre-payments. Post-petition liabilities increased from
increasing production levels, and additional supplier terms. Long-term debt
decreased from adequate assurance payments in October.
On October 4, 2001, the Company received court approval to increase its debtor
in possession financing facility to a maximum of $41.4 million. On November 8,
2001 the Company filed a motion with the Bankruptcy Court to approve the sale of
substantially all of its assets to NCA Tool Holdings for approximately $61
million payable in cash and notes and the assumption of certain post petition
liabilities. 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. The Company has
requested a hearing date of December 13, 2001 for the Court to approve the sale
and amended Plan of Reorganization.
(C) Exhibits
Exhibit Number Description
99.K Wells Fargo Debtor In Possession Bank
Statement Ending 10/31/01
99.K Wells Fargo Self-Funded Insurance Bank
Statement Ending 10/31/01
99.K Wells Fargo Bancontrol Bank Statement
ending 10/31/01
99.K Wells Fargo Lockbox Bank Statement
Ending 10/31/01
99.K Wells Fargo Payroll Bank Statement
Ending 10/31/01
99.K Ronan State Bank Time Certificate
Statements
99.K Wells Fargo Debtor In Possesion Bank
Statement - Edgerton Ending 10/9/01 &
11/9/01
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
November 30, 2001 By: /s/ Mick Quinlivan
------------------
Mick Quinlivan
Chief Financial Officer