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: March 19, 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 March 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 February 28, 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 March, 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 February 28, 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: March 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 Case Number: 01-31609-11
BALANCE SHEET Rule 2015 Report for the Month and Year
For the Periods Indicated of: February 28, 2002 February 28, 2002
February 28, 2002
ASSETS
Current assets:
Cash equivalents and investments ($361,502)
Accounts receivable, net of allowances 4,614,556
Shareholder notes receivable, net of reserves 359,882
Inventory , net 11,110,318
Other current assets 2,946,860
------------------
Total current assets $18,670,114
------------------
Property, plant and equipment, net 71,114,208
Intangibles and other long-term assets, net 833,317
------------------
Total assets $90,617,639
==================
LIABILITIES & SHAREHOLDERS' EQUITY
Current liabilities:
Post Petition:
Operating Line of Credit 29,455,258
Accounts Payable Post Petition 1,723,063
Accrued Expenses Post Petition 3,093,389
Accrued Payroll & Other Post Petition 76,664
Accrued Vacation & Personal Leave Post Petition 103,682
Pre-petition:
Accounts Payable Pre Petition 9,673,288
Accrued Expenses Pre Petition 1,778,685
Accrued Payroll & Other Pre Petition 444,110
Accrued Vacation & Personal Leave Pre Petition 439,796
Notes Payable 250,000
Shareholder Note Payable 353,446
------------------
Total Current Liabilities 47,391,382
------------------
Long-term Debt 43,781,859
Deferred Income Tax Liabilities 1,533,332
------------------
Total Liabilities 92,706,573
------------------
Shareholders' Equity
Common Stock 41,337,319
Deferred Compensation - Stock Options (22,171)
Deferred Benefits Expense (56,680)
Retained Earnings (43,347,402)
------------------
Total Shareholders' Equity (2,088,934)
------------------
Total Liabilities & Shareholders' Equity $90,617,639
==================
Jore Corporation 01-31609-11
INCOME STATEMENT
For the Periods Indicated February, 2002
February-02 Bankruptcy To Date
Revenues
Gross Sales $3,578,317 $51,004,605
Sales Returns, Allow, Disc, Adj (195,340) ($2,767,216)
-------------------------------------
Total Net Revenues 3,382,977 48,237,389
Cost of Sales
Material @ Standard 1,259,767 $20,048,419
Labor @ Standard 383,339 $6,767,447
Overhead @ Standard 116,615 $5,047,446
Product roll-out costs 4,809 $82,797
Over/under applied variances 1,288,169 $5,504,625
Purchase price variance (15,870) ($1,085,558)
Freight 83,126 $1,372,302
Shipping & DC Costs 45,926 $615,017
Assignment Fees 3,736 $12,467
-------------------------------------
Total Cost of Sales 3,169,617 $38,364,964
-------------------------------------
Gross Profit 213,360 9,872,425
Operating Expenses
General & Administrative 231,536 $4,237,317
Sales & Marketing 431,638 $6,858,290
Product Development 7,306 $244,739
-------------------------------------
Total Operating Expenses 670,480 $11,340,345
-------------------------------------
Operating Income / (Loss) (457,120) (1,467,920)
Other (Income) Expenses
Interest Expense 215,966 $2,667,487
Other Expenses (622) ($17,713)
Loss on Disposal of Fixed Asset - ($43,309)
-------------------------------------
Total Other (Income) Expense 215,344 $2,606,465
Non-Recurring Expenses
Bankruptcy Admin 181,333 $3,750,648
Other Expense - Nonrecurring 3,064 $17,189,818
-------------------------------------
Total Non-Recurring Expenses 184,397 $20,940,466
-------------------------------------
Income before Taxes (856,861) ($25,014,851)
Provision for Income Taxes 0 0
-------------------------------------
Net Income (Loss) (856,861) (25,014,851)
=====================================
UST-14 Summary of Disbursements Case Number: 01-31609-11
Rule 2015 Report for the Month and Year
of: February, 2002
Statement of Cash Receipts and Disbursements
Account Name: Jore Corporation DIP
----------------------
Summary of All Accounts
February, 2002
Operating DIP Accounts Transfer from
- ----------------------------------------
Account Name Account # Beginning Balan Cash Receipts Cash Disbursements Line of Credit
- -----------------------------------------------------------------------------------------------------------------------------
DIP Operating Account 495-0029603 (490,282.79) - (1,370,210.29) 1,724,297.61
Self-funded Health Insurance Account 5130002180 (102,777.62) - (90,712.43) 123,277.52
Bancontrol Account 003-0082267 1,215,216.26 3,049,564.69 - (4,543,552.59)
Lock Box Account 5130001216 - 2,220,533.19 - (1,751,567.19)
Payroll Account 5130001935 197,323.98 - (674,842.29) 399,104.52
Ronan State Bank Investments CD 15767 & 15374 131,240.85 -
Whitefish Credit Union 817452 - - - -
Wells Fargo Imprest 2015068521 3,891.06 - - -
--------------------------------------------------------------------
Total Cash Accounts 954,611.74 5,270,097.88 (2,135,765.01) (4,048,440.13)
====================================================================
Operating DIP Accounts Transfers between Ending Balance
- ----------------------------------------
Account Name Account # Accounts Book Adjustment Per Books
- ------------------------------------------------------------------------------------------------------------
DIP Operating Account 495-0029603 - (312,724.23) (448,919.70)
Self-funded Health Insurance Account 5130002180 - 8,995.30 (61,217.23)
Bancontrol Account 003-0082267 468,966.00 (32,222.79) 157,971.57
Lock Box Account 5130001216 (468,966.00) - -
Payroll Account 5130001935 - (66,055.10) (144,468.89)
Ronan State Bank Investments CD 15767 & 15374 - 131,240.85
Whitefish Credit Union 817452 - - -
Wells Fargo Imprest 2015068521 - - 3,891.06
---------------------------------------------------
Total Cash Accounts - (402,006.82) (361,502.34)
===================================================
UST-14 Summary of Disbursements Case Number: 01-31609-11
Continued Rule 2015 Report for the Month and Year
of: February, 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's name Nature of payment Payment datePayment amount Date of court approval
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Payments to Attorneys and Other Professionals (requires court approval)
Did the debtor, or another party on behalf of the debtor, make any payments
during this reporting month to a professional such as an attorney, accountant,
realtor, appraiser, auctioneer, business consultant, or other professional
person? Yes __ No _X__ If yes, list each payment.
Payee's name Nature of payment Payment 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 X___ No ___ if yes, list each payment.
Payee's name Nature of payment Payment datePayment amount Date of court approval
- --------------------------------------------------------------------------------
Employees held priority claims for vacation earned in the 90 days prior to
fil2/1/02The De81,745.00rFirsteDayhOrdersire amount as pre-petition. The
employee's were allowed to take this amount up through January of 2002. This is
the amount now adjusted as expensed that has been taken by the employees. These
amounts were excluded from claims.
UST - 14, Continuation Sheet Case Number: Case Number:
Rule 2015 Report for the Month and Year
of: February, 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 (490,282.79)
----------------------------------
Total Cash Receipts -
Cash Disbursements
Date Check # Payee $ Amount
-------------------------------------------------------------------------------
----------------------------------
Total Disbursements (1,370,210.29)
Transfers from Line of Credit
Transfers from Line of Credit 1,724,297.61
----------------------------------
Total Transfers From Line of Credit 1,724,297.61
Transfers Between Accounts
----------------------------------
Total Transfers Between Accounts -
Book Adjustments
-------------------
Book Adjustments (312,724.23)
Ending Book Balance (448,919.70)
===================
Bank Adjustments
-------------------
296,581.19
Balance in DIP Operating Account per 02/28/02 (152,338.51)
Bank Statement =============
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: February, 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 (102,777.62)
-----------------------
Total Cash Receipts -
Cash Disbursements
Date Check # Payee Description $ Amount
- --------------------------------------------------------------------------------
Various Release of Group of Checks (312.80)
Various Release of Group of Checks (72,560.81)
Various Release of Group of Checks $ (16,190.63)
$ (1,648.19)
-------------------------
Total Disbursements (90,712.43)
Transfers
Transfers from Line of Credit 123,277.52
------------------------
Total Transfers 123,277.52
Transfers Between Accounts
------------------------
Total Transfers Between Accounts -
Book Adjustments
rvs 1/18 check run posted twice 8,995.30
------------
Total Book Adjustments 8,995.30
Ending Book Balance (61,217.23)
=============
Bank Adjustments 61,217.23
------------
Balance in Self-funded Health Insurance Acct per 0.00
02/28/02 Bank Statement =============
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: February, 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 1,215,216.26
Total A/R Trade Cash Recipts 3,027,545.83
Total Other Cash Receipts 22,018.86
----------------------------
Total Cash Receipts 3,049,564.69
Cash Disbursements
Date Check # Payee Description $ Amount
- --------------------------------------------------------------------------------
----------------------------
Total Disbursements -
Transfers
Transfers to Line of Credit (4,543,552.59)
----------------------------
Total Transfers (4,543,552.59)
Transfers Between Accounts
Zero Balance Account Transfer 468,966.00
from 5130001216
----------------------------
Total Transfers Between Accounts 468,966.00
Book Adjustments
stop pymt - chuck lucy (180.23)
record jan wire out of lockbox, not dip account (32,042.56)
------------
Total Book Adjustments (32,222.79)
Ending Book Balance 157,971.57
==============
Jan zba trx to lockbox (45.00)
Transfers not made to lockbox due to cash collateral order. (137,329.03)
correction to feb sweeps 30,552.06
--------------
Balance in Bancontrol Account per 02/28/02 Bank Statement 51,149.60
==============
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: February, 2002
Statement of Cash Receipts and Disbursements
Account Name: Jore Corporation
Lock Box Account
Account Number5130001216
Depository: Wells Fargo
Cash Receipts
Date Source Description $ Amount Balance
- --------------------------------------------------------------------------------
Beginning Cash Balance -
Total A/R Trade Cash Recipts 2,220,533.19
---------------------------
Total Cash Receipts 2,220,533.19
Cash Disbursements
Date Check # Payee Description $ Amount
- --------------------------------------------------------------------------------
---------------------------
Total Disbursements -
Transfers
Sweep to Line of Credit (1,751,567.19)
---------------------------
Total Transfers (1,751,567.19)
Transfers Between Accounts
Zero Balance Account Transfer to 30082267 (468,966.00)
---------------------------
Total Transfers Between Accounts (468,966.00)
Book Adjustments
---------------
Total Book Adjustments -
------------
Ending Book Balance 0.00
============
Bank Adjustments
------------
Balance in Lock Box Account per 02/28/02 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: February, 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 197,323.98
----------------------------
Total Cash Receipts -
Cash Disbursements
Date Check # Payee Description $ Amount
- --------------------------------------------------------------------------------
Checks (671,596.44)
adp fees (3,245.85)
----------------------------
Total Disbursements (674,842.29)
Transfers
Transfers from Line of Credit 399,104.52
----------------------------
Total Transfers 399,104.52
Transfers Between Accounts
----------------------------
Total Transfers Between Accounts -
Book Adjustments
Total Book Adjustments (66,055.10)
Ending Book Balance (144,468.89)
===================
Total Bank Adjustments (18,017.97)
-------------------
Balance in Payroll Account per 02/28/02 Bank Statement (162,486.86)
===================
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: February, 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 645.05
-
------------------
Balance in Ronan State Bank Investments Account per
02/28/02 Bank Statement 131,885.90
==================
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: February, 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 02/28/02 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: Feb-02
UST-15, Statement of Aged Receivables
Total Due (0-30 Days) (31-60 Days) (61-90 Days) (91 & Over) Amount Not
Collectable
Post-Petition Receivables
$4,928,490.51 $334,737.03 ($266,635.88) $354,979.18 $243,975.57 $0.00
Pre-Petition Receivables
- --------------------------------------------------------------------------------
$22,628.37 $0.00 $35,035.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
$4,951,118.88 $334,737.03 ($266,635.88) $354,979.18 $243,975.57 $35,035.00
================================================================================
Accounts Receivable Reconciliation
1. Opening Balance 1/31/02 $5,967,920.12
2. Sales on Account this Month $3,572,484.78
2a. Adjustments ($874,790.33)
--------------
3. Balance (add lines 1, 2, & 2a) 2/28/02 $8,665,614.57
--------------
4. Amounts Collected on Receivables ($3,070,001.09)
--------------
5. Closing Balance 2/28/02 $5,595,613.48
==============
Reserved for Uncollectible accounts ($142,252.63)
Reserved for Sales Alllowance, Returns, ($838,804.80)
Promo accounts
--------------
Per Balance Sheet 2/28/02 $4,614,556.05
==============
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. The collectables are being reviewed on a weekly basis. Adjustments will be
made when payments are received.
Does the debtor have any accounts receivable due from an officer, director,
partner, or other insider of the debtor?
On the Balance sheet in a separate line item there are Notes Receivable from
Shareholders. The totals are not reflected in the above A/R aging.
Case Number: 01-31609-11
Rule 2015 Report for the Month and Year
of: February, 2002
UST-16, Statement of Post Petition Payables
Part A - Taxes
Type of tax (1) Unpaid post- (2) Post-petition (3) Post-petition (4)Unpaid post-
petition taxes taxes accrued this tax payments made taxes at end of
from prior month (new this reporting reporting month
reporting month obligations) month
- -------------------------------------------------------------------------------------------------
Federal Taxes
Employee withholding taxes 81.50 18,047.62 641.85 17,487.27
FICA/Medicare-Employee 12,842.56 14,567.10 25,589.44 1,820.22
FICA/Medicare-Employer 47.84 1,772.38 1,820.22
Unemployment 4,712.61 610.81 5,323.42
-
State Taxes -
All States (19,497.31) 37,259.73 12,794.72 4,967.70
State Unemployment 23,201.02 1,606.59 6,400.00 18,407.61
-------------------
Total Unpaid Post-Petition Taxes $ 49,826
===================
Case Number: 01-31609-11
Rule 2015 Report for the Month and Year
of: February, 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 $1,466,787.85
2 New payables added 2/01/02 thru 2/28/02 $1,729,900.43
3 Less payments made 2/01/02 thru 2/28/02 ($1,473,625.58)
4 Balance for aging as of 2/28/02 $1,723,062.70
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 $ - $ -
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
C&C LAND $ - $ -
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
CANADIAN DETAILING $ 1,235.47 $ 1,235.47
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
MISSION VALLEY POWER $ 34,000.20 $ 34,000.20
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
MISSOULA ELECTRIC COOPERATIVE $ 1,753.52 $ 1,753.52
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
MONTANA POWER COMPANY $ 1,835.49 $ 1,835.49
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
PROFESSIONAL RETAIL MERCHANDISE $ 15,915.60 $ 15,915.60
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
ROBERT SCHRODER $ - $ -
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
SCOTTDALE RETAIL SERVICES $ 7,111.32 $ 7,111.32
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
VERIZON NORTH $ 337.13 $ 337.13
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
BOBROW PALUMBO $ 13,618.10 $ 13,618.10
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Total $ 75,806.83 $ 75,806.83 $0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
UST-16, Statement of Postpetition Payables
Part C - Estimated Professional Fees
Schedule of Payments to Professionals (Attorney, accountant, appraiser,
consultant, etc) February 28, 2002
Type of Professional Amount of Fees & expenses Fees & expenses Total fees and
retainer (if from prior added this expenses at
applicable) months month month end
- ----------------------------------------------------------------------------------------------
Perkins Coie (Debtor Attorney) - 1,712,774 (172,689) 1,540,085
Glass & Associates (Management Consultants- 1,133,669 159,503 1,293,172
Dye & Moe (Debtor Attorney) 57,011 10,727 67,738
US Trustee 54,692 (25,275) 29,417
Trustee's Council - - -
Shulkin (Creditors' Committee Council) - 90,103 54,494 144,597
Creditors' Committee other professional - 2,830 60,893 63,723
Christensen Connor Johnson 284,039 (74,848) 209,192
Hilco Appraisal Services 61,430 (7,797) 53,633
Wells Fargo 171,786 177,306 349,092
-------------------------------------------------------------------
$ - $ 3,568,334 $ 182,314 $ 3,750,648
===================================================================
Reference Court order dated 6/28/01 allowing interim billings of 80% of
professional fees and 100% of expenses.
Professional fees accrued in each month 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: February, 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
February 267 31
Employees added 0 0
Employees resigned/terminated -9 -3
-----------------------------------
Number employees at end of month 258 28
===================================
Gross Monthly Payroll and Taxes $ 553,807
----------------
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 February 28, 2002
Narrative Report
Sales for the month of February 2002 were $3.6 million, a 180% increase over the
same period in 2001. The top three customers had dramatic increases in sales
over the prior year, attributable to higher than expected sell through at the
retail level. At March 14th, there were 900k on order for future sales. It is
anticipated that March 2002 sales will meet or exceed the budget. The Company
has already sold more this year than the prior year's 1st quarter. The Company
will potentially exceed it's highest first quarter in history.
February 's gross profit was 6.0% compared to a plan of 3.9% due to higher sales
volume and lower than expected fixed costs. Selling and Marketing costs were
higher than budget primarily due to the higher volume of sales. Several of the
costs in Selling and Marketing are directly related to sales such as
commissions, brand fees, and advertising, and as sales increase, this line item
will also increase. General & Administrative costs were lower than budget as
most of the company's non-Bankruptcy legal needs have subsided. Operating
Expenses were 18.7% of Sales versus a prior year of 39.7% and a plan of 26.5%.
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.
Year to Date Earnings before interest, taxes, depreciation and amortization
(EBITDA) is currently at positive $584k versus a plan of negative $209k and
versus a prior year of negative $700k.
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. The February
number includes adjustments from prior periods as a more complete analysis was
performed to true up the accruals to the actual amounts.
The Debtor was unable to secure a plan of reorganization in time for the
February 22nd deadline. Several motions to convert the case to a Chapter 7 were
filed at that time. At the March 4, 2002 hearing the two main creditors in the
case, GECC and Wells Fargo requested that they have more time to work out a plan
of reorganization. It was agreed that those motions would be heard at the next
scheduled court date of April 2, 2002. The Debtor continues to work with the
creditors on a plan of reorganization.
(C) Exhibits
Exhibit Number Description
99.K Wells Fargo Debtor In Possession Bank
Statement Ending 02/28/02
99.K Wells Fargo Self-Funded Insurance Bank
Statement Ending 02/28/02
99.K Wells Fargo Bancontrol Bank Statement
ending 02/28/02
99.K Wells Fargo Lockbox Bank Statement
Ending 02/28/02
99.K Wells Fargo Payroll Bank Statement
Ending 02/28/02
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
March 15, 2002 By: /s/ Kelly Grove
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Kelly Grove
Controller