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: April 11, 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 April 11, 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 March 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 11th day of April, 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 March 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: April 11, 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: March, 2002
March 31, 2002
ASSETS
Current assets:
Cash equivalents and investments $162,854
Accounts receivable, net of allowances 5,461,453
Shareholder notes receivable, net of reserves 359,882
Inventory , net 9,573,394
Other current assets 2,897,411
-------------------
Total current assets $18,454,994
-------------------
Property, plant and equipment, net 70,389,988
Intangibles and other long-term assets, net 835,267
-------------------
Total assets $89,680,249
===================
LIABILITIES & SHAREHOLDERS' EQUITY
Current liabilities:
Post Petition:
Operating Line of Credit 29,136,459
Accounts Payable Post Petition 1,829,598
Accrued Expenses Post Petition 2,915,239
Accrued Payroll & Other Post Petition 144,319
Accrued Vacation & Personal Leave Post Petition 147,819
Pre-petition:
Accounts Payable Pre Petition 9,673,288
Accrued Expenses Pre Petition 2,021,438
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 47,355,512
-------------------
Long-term Debt 43,781,859
Deferred Income Tax Liabilities 1,533,332
-------------------
Total Liabilities 92,670,703
-------------------
Shareholders' Equity
Common Stock 41,337,318
Deferred Compensation - Stock Options (22,171)
Deferred Benefits Expense (113,893)
Retained Earnings (44,191,708)
-------------------
Total Shareholders' Equity (2,990,454)
-------------------
Total Liabilities & Shareholders' Equity $89,680,249
===================
Jore Corporation 01-31609-11
INCOME STATEMENT
For the Periods Indicated March, 2002
March-02 Bankruptcy To Date
Revenues
Gross Sales $4,249,672 $55,254,277
Sales Returns, Allow, Disc, Adj (204,732) ($2,971,948)
----------------------------------------
Total Net Revenues 4,044,940 52,282,329
Cost of Sales
Material @ Standard 1,680,160 $21,728,579
Labor @ Standard 432,632 $7,200,079
Overhead @ Standard 168,176 $5,215,622
Product roll-out costs 5,899 $88,696
Over/under applied variances 1,273,878 $6,778,503
Purchase price variance 7,798 ($1,077,760)
Freight 77,350 $1,449,652
Shipping & DC Costs 55,875 $670,892
Assignment Fees 6,043 $18,510
----------------------------------------
Total Cost of Sales 3,707,811 $42,072,775
----------------------------------------
Gross Profit 337,129 10,209,554
Operating Expenses
General & Administrative 199,094 $4,436,411
Sales & Marketing 562,686 $7,420,976
Product Development (1,020) $243,719
----------------------------------------
Total Operating Expenses 760,760 $12,101,105
----------------------------------------
Operating Income / (Loss) (423,631) (1,891,551)
Other (Income) Expenses
Interest Expense 222,097 $2,889,584
Other Expenses (1,316) ($19,029)
Loss on Disposal of Fixed Asset 1,388 ($41,921)
----------------------------------------
Total Other (Income) Expense 222,169 $2,828,634
Non-Recurring Expenses
Bankruptcy Admin 199,386 $3,950,034
Other Expense - Nonrecurring 474 $17,190,292
----------------------------------------
Total Non-Recurring Expenses 199,860 $21,140,326
----------------------------------------
Income before Taxes (845,660) ($25,860,511)
Provision for Income Taxes 0 0
----------------------------------------
----------------------------------------
Net Income (Loss) (845,660) (25,860,511)
========================================
UST-14 Summary of Disbursements Case Number: 01-31609-11
Rule 2015 Report for the Month and Year
of: March, 2002
Statement of Cash Receipts and Disbursements
Account Name: Jore Corporation DIP
----------------------
Summary of All Accounts
March 2002
Operating DIP Accounts Transfer from
Account Name Account # Beginning Balance Cash Receipts Cash Disbursements Line of Credit
- -----------------------------------------------------------------------------------------------------------------------------
DIP Operating Account 495-0029603 (448,919.70) - (1,510,144.41) 1,627,297.21
Self-funded Health Insurance Account 5130002180 (61,217.23) - - 29,936.72
Bancontrol Account 003-0082267 157,971.57 2,931,273.87 - (2,857,323.47)
Lock Box Account 5130001216 - 1,332,720.49 - (1,332,720.49)
Payroll Account 5130001935 (144,468.89) - (580,243.16) 881,290.05
Ronan State Bank Investments CD 15767/15374 131,240.85 -
Whitefish Credit Union 817452 - - - -
Wells Fargo Imprest 2015068521 3,891.06 - - -
--------------------------------------------------------------------
Total Cash Accounts (361,502.34) 4,263,994.36 (2,090,387.57) (1,651,519.98)
====================================================================
Operating DIP Accounts Transfers between Ending Balance
Account Name Account # Accounts Book Adjustments Per Books
- ----------------------------------------------------------------------------------------------------------
DIP Operating Account 495-0029603 - - (331,766.90)
Self-funded Health Insurance Account 5130002180 - - (31,280.51)
Bancontrol Account 003-0082267 - - 231,921.97
Lock Box Account 5130001216 - - -
Payroll Account 5130001935 - 2,270.06 158,848.06
Ronan State Bank Investments CD 15767/15374 - 131,240.85
Whitefish Credit Union 817452 - - -
Wells Fargo Imprest 2015068521 - - 3,891.06
---------------------------------------------------
Total Cash Accounts - 2,270.06 162,854.53
===================================================
UST-14 Summary of Disbursements Case Number: 01-31609-11
Continued Rule 2015 Report for the Month and Year
of: March, 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 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 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 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: March, 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 (448,919.70)
-----------------------------------
Total Cash Receipts -
Cash Disbursements
Date Check # Payee $ Amount
- ---------------------------------------------------------------------------
----------------------------------
Total Disbursements (1,510,144.41)
Transfers from Line of Credit
Transfers from Line of Credit 1,627,297.21
----------------------------------
Total Transfers From
Line of Credit 1,627,297.21
Transfers Between Accounts
----------------------------------
Total Transfers Between Accounts -
Book Adjustments
-------------------
Book Adjustments -
Ending Book Balance (331,766.90)
===================
Bank Adjustments
-------------------
328,070.40
Balance in DIP Operating Account per
03/31/02 Bank Statement (3,696.50)
===================
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: March, 2002
Statement of Cash Receipts and Disbursements
Account Name:Jore Corporation
Self-funded Health Insurance
Account Numb5130002180
Depository: Wells Fargo
Cash Receipts
Date Source Description $ Amount Balance
- --------------------------------------------------------------------------------
Beginning Cash Balance (61,217.23)
------------------------------
Total Cash Receipts -
Cash Disbursements
Date Check # Payee Description $ Amount
- --------------------------------------------------------------------------------
Various Release of Group of Checks
Various Release of Group of Checks
Various Release of Group of Checks
------------------------------
Total Disbursements -
Transfers
Transfers from Line of Credit 29,936.72
------------------------------
Total Transfers 29,936.72
Transfers Between Accounts
------------------------------
Total Transfers Between Accounts -
Book Adjustments
-------------
Total Book Adjustments -
Ending Book Balance (31,280.51)
=================
o/s checks 31,280.51
Bank Adjustments 31,280.51
-----------------
Balance in Self-funded Health Insurance Acct per
03/31/02 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: March, 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 157,971.57
Total A/R Trade Cash Recipts 2,931,273.87
Total Other Cash Receipts
---------------------------
Total Cash Receipts 2,931,273.87
Cash Disbursements
Date Check # Payee Description $ Amount
- --------------------------------------------------------------------------------
---------------------------
Total Disbursements -
Transfers
Transfers to Line of Credit (2,857,323.47)
---------------------------
Total Transfers (2,857,323.47)
Transfers Between Accounts
Zero Balance Account Transfer from 5130001216
---------------------------
Total Transfers Between Accounts -
Book Adjustments
----------------
Total Book Adjustments -
Ending Book Balance 231,921.97
==================
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 03/31/02 Bank Statement 125,100.00
==================
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: March, 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 1,332,720.49
---------------------------
Total Cash Receipts 1,332,720.49
Cash Disbursements
DateCheck # Payee Description $ Amount
- -----------------------------------------------------------------------------
---------------------------
Total Disbursements -
Transfers
Sweep to Line of Credit (1,332,720.49)
--------------------------
Total Transfers (1,332,720.49)
Transfers Between Accounts
Zero Balance Account Transfer to 30082267 -
---------------------------
Total Transfers Between Accounts -
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: March, 2002
Statement of Cash Receipts and Disbursements
Account Name: Jore Corporation
Payroll Account
Account Number5130001935
Depository: Wells Fargo
Cash Receipts
Source Description $ Amount Balance
- --------------------------------------------------------------------------------
Beginning Cash Balance (144,468.89)
--------------------------------
Total Cash Receipts -
Cash Disbursements
Check # Payee Description $ Amount
- --------------------------------------------------------------------------------
--------------------------------
Total Disbursements (580,243.16)
Transfers
Transfers from Line of Credit 881,290.05
--------------------------------
Total Transfers 881,290.05
Transfers Between Accounts
--------------------------------
Total Transfers Between Accounts -
Book Adjustments
Total Book Adjustments 2,270.06
Ending Book Balance 158,848.06
==================
Total Bank Adjustments (132,026.04)
------------------
26,822.02
==================
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: March, 2002
Statement of Cash Receipts and Disbursements
Account Name: Jore Corporation
RSB Investments
Account NumbeCD 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 03/31/02 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: March, 2002
Statement of Cash Receipts and Disbursements
Account Name: Jore Corporation
Wisconsin Imprest
Account Numbe2015068521
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 03/31/02 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: March, 2002
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
$6,801,056.81 $5,122,911.12 $1,391,821.83 $62,394.08 $223,929.78 $ 35,035.00
Pre-Petition Receivables
- --------------------------------------------------------------------------------
$22,628.37 $22,628.37
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
$6,801,056.81 $5,122,911.12 $1,391,821.83 $62,394.08 $246,558.15 $57,663.37
================================================================================
Accounts Receivable Reconciliation
1. Opening Balance 2/28/02 $5,595,613.48
2. Sales on Account this Month $4,249,672.16
2a. Adjustments ($73,368.67)
--------------
3. Balance (add lines 1, 2, & 2a) 3/31/02 $9,771,916.97
--------------
4. Amounts Collected on Receivables ($2,970,850.84)
--------------
5. Closing Balance 3/31/02 $6,801,066.13
==============
Reserved for Uncollectible accounts ($172,994.81)
Reserved for Sales Alllowance, Returns, Promo accounts ($1,166,618.06)
--------------
Per Balance Sheet 3/31/02 $5,461,453.26
==============
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: March, 2002
UST-16, Statement of Post Petition Payables
Part A - Taxes
Type of tax (1) Unpaid post- (3)Post-petitions (4)Unpaid post-
petition taxes tax payments petition taxes
from prior made this report- at end of report-
reporting month ing month ing month
- --------------------------------------------------------------------------------
Federal Taxes
Employee withholding taxes 17,487.27 18,046.83 (559.56)
FICA/Medicare-Employee 1,820.22 1,769.21 51.01
FICA/Medicare-Employer 1,820.22 1,769.21 51.01
Unemployment 5,323.42 610.00 4,713.42
-
State Taxes -
All States 4,967.70 5,266.30 (298.60)
State Unemployment 18,574.73 1,525.92 17,048.81
Total Unpaid Post-Petition Taxes $ 21,006
===================
Case Number: 01-31609-11
Rule 2015 Report for the Month and Year
of: March, 2002
UST-16, Statement of Postpetition Payables
Part B - Other Payables
Reconciliation of Post-Petition Payables (excluding taxes and professional fees)
Closing balance from prior month $1,723,062.70
New payables added 3/01/02 thru 3/31/02 $1,395,651.23
Less payments made 3/01/02 thru 3/31/02 ($1,289,116.07)
Balance for aging as of 3/31/02 $1,829,597.86
Statement of Postpetition Payments on Executory Contracts & Leases
- ----------------------------------------------------------------------------
- ----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Entity Paid Total amount of Total amount Total Postpetition
Delinquency
- --------------------------------------------------------------------------------
- ----------------------------------------------------------------------------
BLACKFOOT COMMUNICATIONS $ 3,072.88 $ 3,072.88
- ----------------------------------------------------------------------------
- ----------------------------------------------------------------------------
CANADIAN DETAILING $ 571.78 $ 571.78
- ----------------------------------------------------------------------------
- ----------------------------------------------------------------------------
MISSION VALLEY POWER $ 26,701.13 $ 26,701.13
- ----------------------------------------------------------------------------
- ----------------------------------------------------------------------------
MONTANA POWER COMPANY $ 1,697.54 $ 1,697.54
- ----------------------------------------------------------------------------
- ----------------------------------------------------------------------------
PROFESSIONAL RETAIL MERCHANDISE $ 7,200.35 $ 7,200.35
- ----------------------------------------------------------------------------
- ----------------------------------------------------------------------------
SCOTTDALE RETAIL SERVICES $ 5,476.89 $ 5,476.89
- ----------------------------------------------------------------------------
- ----------------------------------------------------------------------------
VERIZON NORTH $ 349.70 $ 349.70
- ----------------------------------------------------------------------------
- ----------------------------------------------------------------------------
BOBROW PALUMBO $ 9,620.73 $ 9,620.73
- ----------------------------------------------------------------------------
- ----------------------------------------------------------------------------
Total $ 54,691.00 $ 54,691.00 $0.00
- ----------------------------------------------------------------------------
Case Number: 01-31609-11
Rule 2015 Report for the Month and Year
of: March, 2002
UST-16, Statement of Postpetition Payables
Part C - Estimated Professional Fees
Schedule of Payment to Professional (Attorney accountant, appraiser, consultant)
Type of Professional Amount of Fees and Fees and Total fees
(Nature of service) retainer (if expenses expenses added expenses
applicable) from prior this month at month
end
Perkins Coie (Debtor
Attorney) - 1,540,085 67,000 1,607,085
Glass & Associates
(Management Consultant) - 1,293,172 59,724 1,352,896
Dye & Moe (Debtor Attorney) 67,738 6,000 73,738
US Trustee 29,417 3,333 32,750
Trustee's Council - - -
Shulkin (Creditors'
Committee Council) - 144,597 5,000 149,597
Creditors' Committee other
professional - 63,723 8,329 72,052
Christensen Connor Johnson 209,192 209,192
Hilco Appraisal Services 53,633 53,633
Wells Fargo 349,092 50,000 399,092
--------------------------------------------------------
$ - $ 3,750,648 $ 199,386 $ 3,950,034
========================================================
Note:1 Reference Court order dated 6/28/01 allowing interim billings of 80% of
professional fees and 100% of expenses.
Note:2 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: March, 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 258 31
Employees added 0 0
Employees resigned/terminated -18 -1
-----------------------------
Number employees at end of month 240 30
=============================
Gross Monthly Payroll and Taxes $ 553,880
----------------
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 March 31, 2002
Narrative Report
Sales for the month of March 2002 were $4.2 million, a 158% increase over the
same period in 2001. The addition of Lowe's contributed to the majority of
increase in sales. At April 10th, $421k had been shipped and there were $1.7M on
order for future sales. It is anticipated that April 2002 sales will exceed the
budget by $750, and it will exceed the prior year. Sell through at the retail
level continues to be strong.
March 's gross profit was 7.9% compared to a plan of -6.8% due to higher sales
volume covering the fixed costs. The prior year gross profit was -43% of sales.
If excess depreciation were excluded, March's Gross Profit would exceed 17%.
Selling and Marketing costs were higher than budget 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 the Company is tightly controlling costs. Operating Expenses were
17.9% of Sales versus a prior year of 42.6% and a plan of 33.3%.
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 $886k versus a plan of negative $522k and
versus a prior year of negative $2.6Mk.
Bankruptcy administration expenses include amounts paid or due to professionals,
primarily legal counsel of the interested parties in Jore's bankruptcy case.
Some of these amounts are estimated as actual invoices have not yet been
received.
On the April 2nd Court date a Sale Date of April 15th was set by the court. All
bidders for the auction must have their bids submitted by April 10th at 5:00pm.
As of April 9th Pentair had submitted an Asset Purchase Agreement. Two other
bidders are working agressively towards submitting bids. The court will convene
on April 15th for the bidding process. If no bids are approved, the judge will
hear the motions to convert to Chapter 7, assign a US Trustee or dismiss the
case.
(C) Exhibits
Exhibit Number Description
99.K Wells Fargo Debtor In Possession Bank
Statement Ending 03/31/02
99.K Wells Fargo Self-Funded Insurance Bank
Statement Ending 03/31/02
99.K Wells Fargo Bancontrol Bank Statement
ending 03/31/02
99.K Wells Fargo Lockbox Bank Statement
Ending 03/31/02
99.K Wells Fargo Payroll Bank Statement
Ending 03/31/02
99.K Ronan State Bank Time Certificate
Statements
99.K Wells Fargo Debtor In Possesion Bank
Statement - Edgerton
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
April __, 2002 By: /s/ Kelly Grove
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Kelly Grove
Controller