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: February 15, 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 February 15, 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 January 31, 2002, in accordance with Rule
2015(b) of the Local Rules of this Court. Copies of this report have been served
via first class mail, postage prepaid, or via email, to the parties listed on
the attached affidavit of service.
DATED this 15th day of February, 2002.
PERKINS COIE LLP
By /s/ Adriana Rodriguez
----------------------------------
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 January 31, 2002
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: February 15, 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
January 31, 2002
ASSETS
Current assets:
Cash equivalents and investments $954,612
Accounts receivable, net of allowances 4,410,764
Shareholder notes receivable, net of reserves 359,882
Inventory , net 12,248,129
Other current assets 2,778,684
------------------
Total current assets $20,752,071
------------------
Property, plant and equipment, net 71,826,041
Intangibles and other long-term assets, net 833,317
------------------
Total assets $93,411,429
==================
LIABILITIES & SHAREHOLDERS' EQUITY
Current liabilities:
Post Petition:
Operating Line of Credit 31,283,165
Accounts Payable Post Petition 1,466,788
Accrued Expenses Post Petition 2,977,052
Accrued Payroll & Other Post Petition 635,242
Accrued Vacation & Personal Leave Post Petition (15,320)
Pre-petition:
Accounts Payable Pre Petition 9,673,288
Accrued Expenses Pre Petition 1,792,042
Accrued Payroll & Other Pre Petition 444,110
Accrued Vacation & Personal Leave Pre Petition 521,541
Notes Payable 250,000
Shareholder Note Payable 353,446
------------------
Total Current Liabilities 49,381,354
------------------
Long-term Debt 43,672,134
Deferred Income Tax Liabilities 1,533,332
------------------
Total Liabilities 94,586,820
------------------
Shareholders' Equity
Common Stock 41,337,319
Deferred Compensation - Stock Options (22,171)
Retained Earnings (42,490,540)
------------------
Total Shareholders' Equity (1,175,392)
------------------
Total Liabilities & Shareholders' Equity $93,411,429
==================
Jore Corporation 01-31609-11
INCOME STATEMENT
For the Periods Indicated January, 2002
January-02 Bankruptcy To Date
Revenues
Gross Sales $3,544,174 $47,426,288
Sales Returns, Allow, Disc, Adj (237,528) ($2,571,876)
-------------------------------------
Total Net Revenues 3,306,646 44,854,412
Cost of Sales
Material @ Standard 1,296,699 $18,788,652
Labor @ Standard 418,316 $6,384,108
Overhead @ Standard 126,640 $4,930,831
Product roll-out costs 7,688 $77,988
Over/under applied variances 1,118,083 $4,216,456
Purchase price variance (28,864) ($1,069,688)
Freight 63,271 $1,289,176
Shipping & DC Costs 39,773 $569,091
Assignment Fees (560) $8,731
-------------------------------------
Total Cost of Sales 3,041,046 $32,154,301
-------------------------------------
Gross Profit 265,600 12,700,111
Operating Expenses
General & Administrative 267,928 $4,005,781
Sales & Marketing 391,976 $6,426,652
Product Development 14,036 $237,433
-------------------------------------
Total Operating Expenses 673,940 $10,669,865
-------------------------------------
Operating Income / (Loss) (408,340) 2,030,246
Other (Income) Expenses
Interest Expense 242,130 $2,451,521
Other Expenses (587) ($17,091)
Loss on Disposal of Fixed Asset (700) ($43,309)
-------------------------------------
Total Other (Income) Expense 240,843 $2,391,121
Non-Recurring Expenses
Bankruptcy Admin 326,981 $3,569,315
Other Expense - Nonrecurring - $17,186,754
-------------------------------------
Total Non-Recurring Expenses 326,981 $20,756,069
-------------------------------------
-------------------------------------
Income before Taxes (976,164) ($24,157,990)
Provision for Income Taxes 0 0
-------------------------------------
-------------------------------------
Net Income (Loss) (976,164) (24,157,990)
=====================================
UST-14 Summary of Disbursements Case Number: 01-31609-11
Rule 2015 Report for the Month and Year
of: January, 2002
Statement of Cash Receipts and Disbursements
Account Name: Jore Corporation DIP
----------------------
Summary of All Accounts
December, 2001
Operating DIP Accounts
- ---------------------------------------- Transfer from
Account Name Account # Beginning Balance Cash Receipts Cash Disbursements Line of Credit
- ----------------------------------------------------------------------------------------------------------------------------------
DIP Operating Account 495-0029603 (703,937.51) - (1,513,752.83) 1,729,776.30
Self-funded Health
Insurance Account 5130002180 (70,731.99) - (64,570.78) 32,525.15
Bancontrol Account 003-0082267 157,312.97 2,245,983.43 - (1,454,135.71)
Lock Box Account 5130001216 - 692,966.15 - (426,910.58)
Payroll Account 5130001935 (22,762.39) - (554,551.54) 536,961.07
Ronan State Bank Investments CD 15767 & 15374 131,240.85 -
Whitefish Credit Union 817452 - - - -
Wells Fargo Imprest 2015068521 3,891.06 - - -
-------------------------------------------------------------------------
Total Cash Accounts (504,987.01) 2,938,949.58 (2,132,875.15) 418,216.23
=========================================================================
Operating DIP Accounts
- ---------------------------------------- Transfers between Ending Balance
Account Name Account # Accounts Book Adjustments Per Books
- -------------------------------------------------------------------------------------------------------
DIP Operating Account 495-0029603 - (2,368.75) (490,282.79)
Self-funded Health
Insurance Account 5130002180 - - (102,777.62)
Bancontrol Account 003-0082267 266,055.57 - 1,215,216.26
Lock Box Account 5130001216 (266,055.57) - -
Payroll Account 5130001935 - 237,676.84 197,323.98
Ronan State Bank Investments CD 15767 & 15374 - 131,240.85
Whitefish Credit Union 817452 - - -
Wells Fargo Imprest 2015068521 - - 3,891.06
-------------------------------------------------
Total Cash Accounts - 235,308.09 954,611.74
=================================================
UST-14 Summary of Disbursements Case Number: 01-31609-11
Continued Rule 2015 Report for the Month and Year
of: January, 2002
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 name Nature of payment Payment date Payment 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 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: January, 2002
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 (703,937.51)
-------------------------------
Total Cash Receipts -
Cash Disbursements
Date Check # Payee $ Amount
- --------------------------------------------------------------------------------
------------------------------
Total Disbursements (1,513,752.83)
Transfers from Line of Credit
Transfers from Line of Credit 1,729,776.30
--------------------------------
Total Transfers From Line of Credit 1,729,776.30
Transfers Between Accounts
--------------------------------
Total Transfers Between Accounts -
Book Adjustments
--------------------
Book Adjustments (2,368.75)
Ending Book Balance (490,282.79)
====================
Bank Adjustments
--------------------
422,875.85
Balance in DIP Operating Account per 01/31/02
Bank Statement (67,406.94)
====================
Attach Copy of Current Months Bank Statement (0.00)
UST - 14, Continuation Sheet Case Number: 01-31609-11
Rule 2015 Report for the Month and Year
of: January, 2002
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 (70,731.99)
-----------------------------
Total Cash Receipts -
Cash Disbursements
Date Check # Payee Description $ Amount
- --------------------------------------------------------------------------------
Various Release of Group of Checks (8,995.30)
Various Release of Group of Checks (23,089.36)
Various Release of Group of Checks (32,486.12) ( 32,486.12)
-----------------------------
Total Disbursements (64,570.78)
Transfers
Transfers from Line of Credit 32,525.15
-----------------------------
Total Transfers 32,525.15
Transfers Between Accounts
-----------------------------
Total Transfers Between Accounts -
Book Adjustments
------------
Total Book Adjustments -
Ending Book Balance (102,777.62)
=================
o/s checks 102,658.62
Bank Adjustments 102,658.62
-----------------
Balance in Self-funded Health Insurance Acct per
01/31/02 Bank Statement (119.00)
=================
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: January, 2002
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 157,312.97
Total A/R Trade Cash Recipts 2,156,246.96
Total Other Cash Receipts 89,736.47
----------------------------
Total Cash Receipts 2,245,983.43
Cash Disbursements
Date Check # Payee Description $ Amount
- --------------------------------------------------------------------------------
-----------------------------
Total Disbursements -
Transfers
Transfers to Line of Credit (1,454,135.71)
-----------------------------
Total Transfers (1,454,135.71)
Transfers Between Accounts
Zero Balance Account Transfer from 5130001216 266,055.57
-----------------------------
Total Transfers Between Accounts 266,055.57
Book Adjustments
---------------
Total Book Adjustments -
Ending Book Balance 1,215,216.26
==================
Deposits per bank but not recorded on g/l
Transfers not made to lockbox due to cash collateral order. (1,136,909.26)
------------------
Balance in Bancontrol Account per 1/31/02 Bank Statement 78,307.00
==================
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: January, 2002
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 692,966.15
---------------------------
Total Cash Receipts 692,966.15
Cash Disbursements
Date Check # Payee Description $ Amount
- --------------------------------------------------------------------------------
----------------------------
Total Disbursements -
Transfers
Sweep to Line of Credit (426,910.58)
----------------------------
Total Transfers (426,910.58)
Transfers Between Accounts
Zero Balance Account Transfer to 30082267 (266,055.57)
----------------------------
Total Transfers Between Accounts (266,055.57)
Book Adjustments
---------------
Total Book Adjustments -
-------------
Ending Book Balance 0.00
=============
Bank Adjustments
-------------
Balance in Lock Box Account per 1/31/02 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: January, 2002
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 (22,762.39)
---------------------------
Total Cash Receipts -
Cash Disbursements
Date Check # Payee Description $ Amount
- --------------------------------------------------------------------------------
Checks (551,729.34)
adp fees (2,822.20)
---------------------------
Total Disbursements (554,551.54)
Transfers
Transfers from Line of Credit 536,961.07
---------------------------
Total Transfers 536,961.07
Transfers Between Accounts
---------------------------
Total Transfers Between Accounts -
Book Adjustments
Total Book Adjustments 237,676.84
Ending Book Balance 197,323.98
==================
Total Bank Adjustments (198,451.83)
------------------
Balance in Payroll Account per 01/31/02 Bank Statement (1,127.85)
==================
(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: January, 2002
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 131,240.85
------------------------
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
===============
Interest recorded by bank 293.24
-
---------------
Balance in Ronan State Bank Investments Account per
01/31/02 Bank Statement 131,534.09
===============
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: January, 2002
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 3,891.06
---------------------------
Total Cash Receipts -
Cash Disbursements
Date Check # Payee Description $ Amount
- --------------------------------------------------------------------------------
Various
----------------------------
Total Disbursements -
Transfers
----------------------------
Total Transfers -
Transfers Between Accounts
Wire Transfer from Jore General Account
----------------------------
Total Transfers Between Accounts -
Book Adjustments
------------
Total Book Adjustments -
Ending Book Balance 3,891.06
================
Total Bank Adjustments
Balance in Petty Cash Account per 1/31/02 Bank Statement 3,891.06
================
Attach Copy of Current Months Bank Statement
Case Number: 01-31609-11
Rule 2015 Report for the Month and Year
of: Jan-02
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
- --------------------------------------------------------------------------------
5,967,919 4,078,756 1,001,690 577,373 125,433 184,666
- --------------------------------------------------------------------------------
Pre-Petition Receivables
- --------------------------------------------------------------------------------
35,035 - 35,035
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
6,002,954 4,078,756 1,001,690 577,373 125,433 219,701
================================================================================
Accounts Receivable Reconciliation
1. Opening Balance 12/31/01 $6,229,252.89
2. Sales on Account this Month $3,527,180.91
2a. Adjustments ($1,205,246.24)
--------------
3. Balance (add lines 1, 2, & 2a) 1/31/02 $8,551,187.56
--------------
4. Amounts Collected on Receivables ($2,583,267.44)
--------------
5. Closing Balance 1/31/02 $5,967,920.12
==============
Reserved for Uncollectible accounts (see attached) ($151,971.72)
Reserved for Sales Alllowance, Returns, Promo accounts ($1,405,183.97)
--------------
Per Balance Sheet 1/31/02 $4,410,764.43
==============
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: January, 2002
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 33,623.27 17,818.08 51,357.57 83.78
FICA/Medicare-Employee 17,597.86 7,694.93 25,736.62 (443.83)
FICA/Medicare-Employer 17,597.86 7,694.93 25,094.77 198.02
Unemployment 14,760.19 4,075.04 14,122.62 4,712.61
-
State Taxes -
All States (3,958.70) 20,023.87 34,968.62 (18,903.45)
State Unemployment 61,629.63 9,279.01 48,012.34 22,896.30
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 $ 8,543
===================
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: January, 2002
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 $1,319,548.13
2. New payables added 1/01/02 thru 1/31/02 $1,714,351.38
3. Less payments made 1/01/02 thru 1/31/02 ($1,567,111.66)
4. Balance for aging as of 1/31/02 $1,466,787.85
Statement of Postpetition Payments on Executory Contracts & Leases
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
Entity Paid Total amount of Total amount of Total Post
Payments Due payments made petition
delinquency
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
BLACKFOOT COMMUNICATIONS $ 17,129.08 $ 17,129.08
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
C&C LAND $ - $ -
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
CANADIAN DETAILING $ 1,140.63 $ 1,140.63
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
MISSION VALLEY POWER $ 39,581.55 $ 39,581.55
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
MISSOULA ELECTRIC COOPERATIVE $ 981.49 $ 981.49
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
MONTANA POWER COMPANY $ 1,569.70 $ 1,569.70
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
PROFESSIONAL RETAIL MERCHANDISE $ 20,596.83 $ 20,596.83
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
ROBERT SCHRODER $ 2,696.16 $ 2,696.16
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
SCOTTDALE RETAIL SERVICES $ 13,056.79 $ 13,056.79
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
VERIZON NORTH $ 419.85 $ 419.85
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
BOBROW PALUMBO $ 26,970.00 $ 26,970.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Total $ 124,142.08 $ 124,142.08 $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
- --------------------------------------------------------------------------------
- ------------------------------------------------------------------------------
- ------------------------------------------------------------------------------
AMERICAN EQUIPMENT LEASING $ -
- ------------------------------------------------------------------------------
- ------------------------------------------------------------------------------
ASSOCIATES LEASING $ -
- ------------------------------------------------------------------------------
- ------------------------------------------------------------------------------
CITI VENDOR FINANCE $ -
- ------------------------------------------------------------------------------
- ------------------------------------------------------------------------------
GE CAPITAL $ -
- ------------------------------------------------------------------------------
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PEOPLES $ -
- ------------------------------------------------------------------------------
- ------------------------------------------------------------------------------
SAFECO $ -
- ------------------------------------------------------------------------------
- ------------------------------------------------------------------------------
RONAN STATE BANK $ -
- ------------------------------------------------------------------------------
- ------------------------------------------------------------------------------
FIRST SECURITY BANK $ -
- ------------------------------------------------------------------------------
- ------------------------------------------------------------------------------
KEY CORP LEASING $ -
- ------------------------------------------------------------------------------
- ------------------------------------------------------------------------------
Total $ - $ - $0.00
- ------------------------------------------------------------------------------
- ------------------------------------------------------------------------------
Case Number: 01-31609-11
Rule 2015 Report for the Month and Year
of: January, 2002
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
from prior added this expenses at
months month month end
- --------------------------------------------------------------------------------
Perkins Coie (Debtor Attorney) - 1,495,371 217,403 1,712,774
Glass & Associates (Management
Consultant-) 1,116,702 16,967 1,133,669
Dye & Moe (Debtor Attorney) 49,775 7,237 57,011
US Trustee 47,750 6,942 54,692
Trustee's Council - - -
Shulkin (Creditors' Committee
Council) - 78,666 11,437 90,103
Creditors' Committee other
professional - 2,471 359 2,830
Christensen Connor Johnson 247,986 36,053 284,039
Hilco Appraisal Services 53,633 7,797 61,430
Wells Fargo 149,981 21,805 171,786
--------------------------------------------------------
Totals $ - $ 3,242,334 $ 326,000 $ 3,568,334
========================================================
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 January 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: January, 2002
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 January 267 31
Employees added 0 0
Employees resigned/terminated 0 0
--------------------------------------
Number employees at end of month 267 31
======================================
Gross Monthly Payroll and Taxes $ 662,197
----------------
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.
Case No. 01-31609-11
Jore Corporation
Rule 2015 Report for the month ending January 31, 2002
Narrative Report
Sales for the month of January 2002 were $3.5 million, a 40% increase over the
same period in 2001. The top three customers had overall increases in sales over
the prior year, some being attributable to moving forward sales orders from
future months, but most are attributable to higher than expected sell through at
the retail level. The Company's backlog of unfilled sales orders was $1.2
million at January 31, 2002. It is anticipated that February 2002 sales will
exceed the prior year's sales levels by an equal amount.
January's gross profit was 7.5% compared to a plan of 4.5% due to lower than
expected costs in production. Many of the salaried personnel in overhead and
administrative positions were working in the production area to get orders
shipped. Selling and Marketing costs were lower than budget primarily due to the
sales mix in relation to license brand fees. General & Administrative costs were
lower than budget due to reallocation of wages to the packaging and assembly
cost center in cost of goods sold.
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.
On February 5th a ruling was issued from the U.S. Bankruptcy Court denying the
breakup fees requested by the debtor. On February 6th, the previously submitted
offer by Pentair was withdrawn. Porter Cable had made it clear they would not
continue with their efforts without breakup fees to cover their due diligence
costs in the event they were overbid. Currently GE Capital is moving forward
with its own plan of reorganization. Based on a hearing on February 11th, the
court extended the period to file a disclosure statement to February 22nd. This
new disclosure statement will contain the GE plan. The next scheduled court date
will be March 4th to review the disclosure statement and plan of reorganization.
(C) Exhibits
Exhibit Number Description
99.K Wells Fargo Debtor In Possession Bank
Statement Ending 01/31/02
99.K Wells Fargo Self-Funded Insurance Bank
Statement Ending 01/31/02
99.K Wells Fargo Bancontrol Bank Statement
ending 01/31/02
99.K Wells Fargo Lockbox Bank Statement
Ending 01/31/02
99.K Wells Fargo Payroll Bank Statement
Ending 01/31/02
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
February 15, 2002 By: /s/ Kelly Grove
------------------
Kelly Grove
Controller