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: January 31, 2002
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
DECEMBER 2015 REPORT
- ---------------------
On January 31, 2002 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 December 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 31st day of January, 2002.
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
UST-10 COVER SHEET
MONTHLY FINANCIAL REPORT FOR
CORPORATE OR PARTNERSHIP DEBTOR
Case No: 01-31609-11 Report Month/Year December 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\ Kelly Grove Date: January 31, 2002
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
BALANCE SHEET
For the Periods Indicated
December 31, 2001
ASSETS
Current assets:
Cash equivalents and investments ($507,356)
Accounts receivable, net of allowances 3,676,811
Shareholder notes receivable, net of reserves 359,882
Inventory , net 13,404,442
Other current assets 2,585,528
--------------------
Total current assets $19,519,307
--------------------
Property, plant and equipment, net 72,550,482
Intangibles and other long-term assets, net 833,317
--------------------
Total assets $92,903,106
====================
LIABILITIES & SHAREHOLDERS' EQUITY
Current liabilities:
Post Petition:
Operating Line of Credit 30,438,037
Accounts Payable Post Petition 1,319,548
Accrued Expenses Post Petition 3,150,326
Accrued Payroll & Other Post Petition 227,103
Accrued Vacation & Personal Leave Post Petition (57,917)
Pre-petition:
Accounts Payable Pre Petition 9,673,288
Accrued Expenses Pre Petition 1,582,935
Accrued Payroll & Other Pre Petition 440,110
Accrued Vacation & Personal Leave Pre Petition 521,541
Notes Payable 250,000
Shareholder Note Payable 353,446
--------------------
Total Current Liabilities 47,898,418
--------------------
Long-term Debt 43,670,584
Deferred Income Tax Liabilities 1,533,332
--------------------
Total Liabilities 93,102,334
--------------------
Shareholders' Equity
Common Stock 41,337,319
Deferred Compensation - Stock Options (22,171)
Retained Earnings (41,514,376)
--------------------
Total Shareholders' Equity (199,228)
--------------------
Total Liabilities & Shareholders' Equity $92,903,106
====================
Jore Corporation 01-31609-11
INCOME STATEMENT
For the Periods Indicated December, 2001
December-01 Bankruptcy To Date
Revenues
Gross Sales $2,591,055 $43,882,114
Sales Returns, Allow, Disc, Adj (314,189) ($2,334,348)
-------------------------------------
Total Net Revenues 2,276,866 41,547,766
Cost of Sales
Material @ Standard 1,068,062 $17,491,953
Labor @ Standard 364,417 $5,965,792
Overhead @ Standard 268,280 $4,804,191
Product roll-out costs 11,439 $70,300
Over/under applied variances 633,004 $3,098,373
Purchase price variance (7,802) ($1,040,824)
Freight 73,170 $1,225,905
Shipping & DC Costs 64,422 $529,318
Assignment Fees - $9,291
-------------------------------------
Total Cost of Sales 2,474,992 $32,154,301
-------------------------------------
Gross Profit (198,126) 9,393,465
Operating Expenses
General & Administrative 461,065 $3,737,853
Sales & Marketing 664,915 $6,034,676
Product Development 17,920 $223,397
-------------------------------------
Total Operating Expenses 1,143,900 $9,995,925
-------------------------------------
Operating Income / (Loss) (1,342,026) (602,460)
Other (Income) Expenses
Interest Expense 249,044 $2,209,391
Other Expenses 2,853 ($16,504)
Loss on Disposal of Fixed Asset - ($42,609)
-------------------------------------
Total Other (Income) Expense 251,897 $2,150,278
Non-Recurring Expenses
Bankruptcy Admin 473,976 $3,242,334
Other Expense - Nonrecurring 3,430,898 $17,186,754
-------------------------------------
Total Non-Recurring Expenses 3,904,874 $20,429,088
-------------------------------------
--------------------
Income before Taxes (5,498,797) ($23,181,826)
Provision for Income Taxes 0 0
-------------------------------------
-------------------------------------
Net Income (Loss) (5,498,797) (23,181,826)
=====================================
UST-14 Summary of Disbursements Case Number: 01-31609-11
Rule 2015 Report for the Month and Year
of: December, 2001
Statement of Cash Receipts and Disbursements
Account Name: Jore Corporation DIP
----------------------
Summary of All Accounts
Transfer from
Account # Beginning Balance Cash Receipts Cash Disbursements Line of Credit
- --------------------------------------------------------------------------------
495-0029603 (1,106,823.83) - (3,185,565.99) 3,486,731.85
5130002180 (76,293.39) - (30,883.48) 55,005.79
003-0082267 156,133.55 2,007,037.90 - (2,199,748.40)
5130001216 - - - -
5130001935 (99,208.78) - (518,941.41) 593,702.97
CD 15767 & 15374 130,598.15 642.70
817452 1,092.33 3.73 - -
2015068521 1,981.54 - (980.65) -
----------------------------------------------------------------
(992,520.43) 2,007,684.33 (3,736,371.53) 1,935,692.21
================================================================
Transfers between Ending Balance
Account # Accounts Book Adjustment Per Books
- ------------------------------------------------------------------------
495-0029603 (2,565.75) 101,917.46 (706,306.26)
5130002180 - (18,560.91) (70,731.99)
003-0082267 74,526.03 119,363.89 157,312.97
5130001216 (74,526.03) - (74,526.03)
5130001935 - 1,684.83 (22,762.39)
CD 15767 & 15374 - 131,240.85
817452 - (1,096.06) -
2015068521 2,565.75 324.42 3,891.06
------------------------------------------------------
- 203,633.63 (581,881.79)
======================================================
UST-14 Summary of Disbursements Case Number: 01-31609-11
Continued Rule 2015 Report for the Month and Year
of: December, 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 ___ No_X_ If
yes, list each payment.
Payee's name Nature of payment Payment datePayment amount Date of court approval
- -----------------------------------------------------------------------------
N/A
- -----------------------------------------------------------------------------
- -----------------------------------------------------------------------------
- -----------------------------------------------------------------------------
- -----------------------------------------------------------------------------
- -----------------------------------------------------------------------------
- -----------------------------------------------------------------------------
- -----------------------------------------------------------------------------
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: Case Number:
Rule 2015 Report for the Month and Year
of: December, 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 (1,106,823.83)
---------------------------------
Total Cash Receipts -
Cash Disbursements
Date Check # Payee $ Amount
---------------------------------------------------------------------------
12/5/01 Various Various (3,681.77)
12/6/01 Various Various (208,154.99)
12/7/01 Various Various (523,322.57)
12/10/01Various Various (1,337.70)
12/11/01Various Various (111,184.67)
12/12/01Various Various (11,299.39)
12/13/01Various Various (791,556.62)
12/14/01Various Various (414.15)
12/17/01Various Various (300,899.34)
12/18/01Various Various (593.12)
12/19/01Various Various (1,058.11)
12/20/01Various Various (138,831.75)
12/21/01Various Various (156,042.92)
12/24/01Various Various (785,089.60)
12/31/01Various Various 151,618.92
Nov interest on LOC (301,819.01)
nov/dec unused fee on LOC (1,059.22)
edgerton - reclass to txfers 2,565.75
401(k) wire
bank charges (3,405.73)
---------------------------------
Total Disbursements (3,185,565.99)
Transfers from Line of Credit
12/31Transfers from Line of Credit 3,486,731.85
---------------------------------
Total Transfers From Line of Credit 3,486,731.85
Transfers Between Accounts
12/31to1jore-edgerton (2,565.75)
---------------------------------
Total Transfers Between Accounts (2,565.75)
Book Adjustments
------------
Book Adjustments 101,917.46
Ending Book Balance (706,306.26)
============
555,122.36
Balance in DIP Operating Account per 12/31/01 Bank Statement (151,183.90)
================================================================
Attach Copy of Current Months Bank Statement (0.00)
UST - 14, Continuation Sheet Case Number:Case Number:
Rule 2015 Report for the Month and Year
of: December, 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 (76,293.39)
----------------------------
Total Cash Receipts -
Cash Disbursements
Date Check # Payee Description $ Amount
- --------------------------------------------------------------------------------
12/11/01 Various Release of Group of Checks (14,118.52)
12/11/01 Various Release of Group of Checks (271.80)
12/17/01 Various Release of Group of Checks (16,493.16)
----------------------------
Total Disbursements (30,883.48)
Transfers
Transfers from Line of Credit 55,005.79
----------------------------
Total Transfers 55,005.79
Transfers Between Accounts
----------------------------
Total Transfers Between Accounts -
Book Adjustments
11/28/01 check run released in December (18,560.91)
------------
Total Book Adjustments (18,560.91)
Ending Book Balance (70,731.99)
================
Bank Adjustments 70,731.99
----------------
Balance in Self-funded Health Insurance Acct per
12/31/01 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: December, 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 156,133.55
Total A/R Trade Cash Recipts 1,973,155.97
Total Other Cash Receipts 33,881.93
------------------------------------
Total Cash Receipts 2,007,037.90
Cash Disbursements
Date Check # Payee Description $ Amount
- --------------------------------------------------------------------------------
Total Disbursements -
Transfers
Transfers to Line of Credit (2,199,748.40)
------------------------------------
Total Transfers (2,199,748.40)
Transfers Between Accounts
12/31/01 Zero Balance Account Transfer
from 5130001216 74,526.03
------------------------------------
Total Transfers Between Accounts 74,526.03
Book Adjustments
additional cash receipt recorded as journal
entry in december 119,363.89
--------------
--------------
Total Book Adjustments 119,363.89
Ending Book Balance 157,312.97
==================
Deposits per bank but not recorded on g/l
------------------
Balance in Bancontrol Account per 12/31/01 Bank Statement 157,312.97
==================
Attach Copy of Current Months Bank Statement
UST - 14, Continuation Sheet Case Number01-31609-11
Rule 2015 Report for the Month and Year
of: December, 2001
Statement of Cash Receipts and Disbursements
Account NamJore Corporation
Lock Box Account
Account Nu5130001216
DepositoryWells Fargo
Cash Receipts
Date Source Description $ Amount Balance
- --------------------------------------------------------------------------------
Beginning Cash Balance -
Total A/R Trade Cash Recipts 4,904,602.05
----------------------------------
Total Cash Receipts 4,904,602.05
Cash Disbursements
Date Check # Payee Description $ Amount
- --------------------------------------------------------------------------------
Total Disbursements -
Transfers
Sweep to Line of Credit (4,830,076.02)
------------------------------------
Total Transfers (4,830,076.02)
Transfers Between Accounts
Zero Balance Account Transfer to 30082267 (74,526.03)
------------------------------------
Total Transfers Between Accounts (74,526.03)
Book Adjustments
-----------
Total Book Adjustments -
---------
Ending Book Balance 0.00
=========
Bank Adjustments
---------
Balance in Lock Box Account per 12/31/01 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: December, 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 (99,208.78)
-------------------------------
Total Cash Receipts -
Cash Disbursements
Date Check # Payee Description $ Amount
- --------------------------------------------------------------------------------
Checks (138,427.16) (138.53)
12/10/01 Direct Deposits (201,395.51)
12/21/01 Direct Deposits (179,118.74)
-------------------------------
Total Disbursements (518,941.41)
Transfers
12/31/01 Transfers from Line of Credit 593,702.97
-------------------------------
Total Transfers 593,702.97
Transfers Between Accounts
-------------------------------
Total Transfers Between Accounts -
Book Adjustments
Record November make-up checks 1,684.83
-
--------------
Total Book Adjustments 1,684.83
Ending Book Balance (22,762.39)
=================
Total Bank Adjustments 22,762.39
-----------------
Balance in Payroll Account per 12/31/01 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: December, 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 130,598.15
--------------------------------
Interest Income 642.70
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 131,240.85
==================
-
------------------
Balance in Ronan State Bank Investments
Account per 12/31/01 Bank Statement 131,240.85
==================
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: December, 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 1,092.33
------------------------------
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
writeoff account (1,096.06)
--------------
Total Book Adjustments (1,096.06)
Ending Book Balance 0.00
==================
Interest Accrual not recrded in Bank Statement -
------------------
Balance in Whitefish Credit Union Accunt
per 12/31/01 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: December, 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 1,981.54
----------------------------
Total Cash Receipts -
Cash Disbursements
Date Check # Payee Description $ Amount
-------------------------------------------------------------------------------
Various (980.65)
-------------------------------
Total Disbursements (980.65)
Transfers
-------------------------------
Total Transfers -
Transfers Between Accounts
Wire Transfer from Jore General Account 2,565.75
-------------------------------
Total Transfers Between Accounts 2,565.75
Book Adjustments
--------------
Total Book Adjustments 324.42
Ending Book Balance 3,891.06
==================
Total Bank Adjustments -2796.01
Balance in Petty Cash Account per 12/31/01 Bank Statement 1,095.05
==================
Attach Copy of Current Months Bank Statement
Case Number: 01-31609-11
Rule 2015 Report for the Month and Year
of: December, 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
- --------------------------------------------------------------------------------
6,316,313 3,573,774 2,433,297 122,818 221,458
- --------------------------------------------------------------------------------
Pre-Petition Receivables
-------------------------------------------------------------------------------
35,035 - 35,035
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Totals
6,351,348 3,573,774 2,433,297 122,818 221,458 35,035
================================================================================
Accounts Receivable Reconciliation
1. Opening Balance 11/30/01 $11,256,793.42
2. Sales on Account this Month $2,602,130.11
2a. Adjustments ($652,541.05)
--------------
3. Balance (add lines 1, 2, & 2a) 12/31/01 $13,206,382.48
--------------
4. Amounts Collected on Receivables ($6,977,129.59)
--------------
5. Closing Balance 12/31/01 $6,229,252.89
==============
Reserved for Uncollectible accounts (see attached) ($182,840.72)
Reserved for Sales Alllowance, Returns, Promo accounts ($2,369,600.97)
--------------
Per Balance Sheet 12/31/01 $3,676,811.20
==============
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.
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: December, 2001
UST-16, Statement of Post Petition Payables
Part A - Taxes
Type of tax (1) Unpaid post- (2)Post-petition (3)Post-petitions (4)Unpaid post-
petition taxes taxes accrued tax payments made petition taxes at
from prior report- this month (new this reporting end of reporting
ing month obligations) month month
- ---------------------------------------------------------------------------------------------------
Federal Taxes
Employee withholding taxes 42,995.88 65,223.44 74,596.05 33,623.27
FICA/Medicare-Employee 25,366.45 32,110.96 39,879.55 17,597.86
FICA/Medicare-Employer 25,366.45 32,110.96 39,879.55 17,597.86
Unemployment 14,827.78 436.39 503.98 14,760.19
-
State Taxes -
Dept. of Revenue WI (3,432.02) 2,457.10 2,984.39 (3,959.31)
Dept. of Revenue CA 132.58 198.03 198.03 132.58
Dept. of Revenue MT 38,488.82 7,311.63 48,177.39 (2,376.94)
Dept. of Revenue ILL 475.34 175.14 58.25 592.23
Dept. of Revenue GA 387.08 387.08 -
Dept. of Labor & Indu N/a N/a N/a N/a
Unemployment WI 2,356.99 (139.69) 2,217.30
Unemployment MT 58,120.91 1,676.80 59,797.71
Unemployment CA (492.37) (492.37)
Empl. Security Dept. N/a N/a N/a N/a
Employee Disability Tax CA 16.62 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 $ 139,507
===================
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:
Rule 2015 Report for the Month and Year
of: December, 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 $2,003,383.93
2 New payables added 12/01/01 thru 12/31/01 $1,997,506.07
3 Less payments made 12/01/01 thru 12/31/01 ($2,681,341.87)
4 Balance for aging as of 12/31/01 $1,319,548.13
Statement of Postpetition Payments on Executory Contracts & Leases
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Entity Paid Total amount of Total amount of Total Post
Payments Due payments made petition
delinquency
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
$ - $ - $0.00
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
BLACKFOOT COMMUNICATIONS $ 5,106.48 $ - $5,106.48
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
C&C LAND $ 28,138.00 $ 28,138.00 $0.00
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
CANADIAN DETAILING $ 1,140.63 $ - $1,140.63
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
MISSION VALLEY POWER $ 53,350.84 $ 53,350.84 $0.00
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
MISSOULA ELECTRIC COOPERATIVE $ 981.49 $ - $981.49
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
MONTANA POWER COMPANY $ 720.20 $ 720.20 $0.00
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
PROFESSIONAL RETAIL MERCHANDISE $ 15,811.78 $ - $15,811.78
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
ROBERT SCHRODER $ 2,452.19 $ - $2,452.19
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
SCOTTDALE RETAIL SERVICES $ 9,797.09 $ - $9,797.09
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
VERIZON NORTH $ 383.00 $ 383.00 $0.00
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
BOBROW PALUMBO $ 20,290.07 $20,290.07
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Total $ 138,171.77 $ 82,592.04 $0.00
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Statement of Postpetition Payments to Secured Creditors
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Entity Paid Total amount of Total amount of Total Post
Payments Due payments made petition
delinquency
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- --------------------------------------------------------------------------------
AMERICAN EQUIPMENT LEASING $ 8,009.50 $ 8,009.50 $0.00
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ASSOCIATES LEASING $ 25,000.00 $ - $25,000.00
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CITI VENDOR FINANCE $ 31,939.00 $ 31,939.00
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GE CAPITAL $ 52,326.34 $ 52,326.34
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PEOPLES $ 3,500.00 $ - $3,500.00
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SAFECO $ 57,880.33 $ - $57,880.33
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RONAN STATE BANK $ 8,454.73 $ 8,454.73 $0.00
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FIRST SECURITY BANK $ 34,174.78 $ 34,174.78 $0.00
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KEY CORP LEASING $ 14,056.00 $ 14,056.00 $0.00
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Total $ 235,340.68 $ 148,960.35 $0.00
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Rule 2015 Report for the Month and Year
of: December, 2001
UST-16, Statement of Postpetition Payables
Part C - Estimated Professional Fees
Schedule of Payments to Professionals (Attorney, accountant, appraiser,
consultant, etc) December 31, 2001
Type of Professional Fees and expense Fees and expenses Total fees and
from prior added this expenses at
months month month end
- --------------------------------------------------------------------------------
Perkins Coie (Debtor
Attorney) 1,068,688 426,683 1,495,371
Glass & Associates
(Management Consultant-) 979,753 136,949 1,116,702
Dye & Moe (Debtor Attorney) 43,370 6,405 49,775
US Trustee 37,750 10,000 47,750
Trustee's Council - - -
Shulkin (Creditors'
Committee Council) 67,438 11,228 78,666
Creditors' Committee
other professional - 2,471 2,471
Christensen Connor Johnson 183,060 64,926 247,986
Hilco Appraisal Services 53,633 - 53,633
Wells Fargo 149,981 - 149,981
---------------------------------------------------------
Totals $ 2,583,673 $ 658,661 $ 3,242,334
=========================================================
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: December, 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 No
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.
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 December 289 42
Employees added 1 0
Employees resigned/terminated -19 -10
------------------------------
Number employees at end of month 271 32
==============================
Gross Monthly Payroll and Taxes $ 724,785
----------------
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 December 31, 2001
Narrative Report
Gross sales for the month of December 2001 were $2.6 million, down from the
prior year's December by 44%. The fourth quarter had an overall increase over
the prior year by 15%. Gross sales were down $200 thousand for the year. Two
major customers had overall increases in sales while one major customer's sales
remained relatively flat, despite an overall downturn in the economy. Jore's
business is significantly seasonal, were 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 $779,000 at December 31, 2001. It is anticipated January 2002
sales will exceed the prior year's January sales levels by approximately 32%.
December's 2001 gross profit, was down due to lower than expected orders and
higher operating costs while in Chapter 11. Selling and marketing costs
decreased from the previous month as related brand fees, commissions, and
advertising decreased with sales in December.
Interest expense is comprised of interest on the Company's debtor-in-possession
facility. The Company is not accruing interest expense on its long-term debt.
Bankruptcy administration expenses include amounts paid or due to professionals,
primarily legal counsel of the interested parties in Jore's bankruptcy case. The
current DIP facility limits payments to professionals to $100,000.
Nonrecurring expenses in December include $2.8 million in write-offs of
Deposits, Machine prepayments, and related labor costs capitalized to those
items. It is anticipated that those items would not be pursued by a potential
purchaser to complete payment and take delivery of those pieces of equipment. It
also includes $400,000 in reserves against property that was foreclosed upon in
the Bankruptcy. In addition there were $200,000 in Financing Costs that were
capitalized in prior years.
The initial DIP financing agreement with the Bank Group, Wells Fargo and Harris
Bank, expired on December 28, 2001. Due to the Bank Group's concerns about the
Company's expected borrowing needs for the first quarter of the calendar year,
the DIP financing agreement was not immediately extended. In mid-December the
Company petitioned the Court and obtained an interim cash-collateral order
allowing it to operate while it continued negotiations with the Bank Group. The
Bank Group subsequently agreed to renew the DIP financing and the parties have
agreed to a budget through March 16, 2002. The budget was filed with the
Bankruptcy Court on January 18, 2002 and was approved at a hearing on January
30. By January 18, the Company had received and accepted a letter of intent from
Pentair (Porter Cable Brand) to purchase Jore Corporation and a term sheet from
General Electric Credit Corporation ("GECC") to restructure the Company. The
Company has submitted the letter of intent and the term sheet to the Bankruptcy
Court and requested an expetited schedule for seeking creditor approval of one
or the other proposals. If the request is granted, plans of reorganization based
around these two competing offers will be noticed to the creditors in
mid-February.
(C) Exhibits
Exhibit Number Description
99.K Wells Fargo Debtor In Possession Bank
Statement Ending 12/31/01
99.K Wells Fargo Self-Funded Insurance Bank
Statement Ending 12/31/01
99.K Wells Fargo Bancontrol Bank Statement
ending 12/31/01
99.K Wells Fargo Lockbox Bank Statement
Ending 12/31/01
99.K Wells Fargo Payroll Bank Statement
Ending 12/31/01
99.K Ronan State Bank Time Certificate
Statements
99.K Wells Fargo Debtor In Possesion Bank
Statement - Edgerton Ending
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
January 31, 2002 By: /s/ Kelly Grove
------------------
Kelly Grove
Controller