EXHIBIT 99.1
- ------------------------------------- --------------------------------------
In re: TEMCO FIREPLACE PRODUCTS, INC. DEBTOR IN POSSESSION OPERATING REPORT
Report Number: 1 Page 1 of 3
Debtor. For the period FROM: May 2, 2003
--------------
TO: May 31, 2003
-------------
- --------------------------------------------------------------------------------
Chapter 11 Case No: RS 03-16834 MJ
- --------------------------------------------------------------------------------
1. Profit and Loss Statement (Accrual Basis Only) RESTATED
A. Related to Business Operations:
Gross Sales
--------------------
Less: Sales Returns and Discounts
--------------------
Net Sales 1,447,057
--------------------
Less: Cost of Goods Sold:
Beginning Inventory at Cost
--------------------
Add: Purchases
--------------------
Less: Ending Inventory at Cost
--------------------
Cost of Goods Sold 1,240,308
--------------------
Gross Profit
--------------------
Other Operating Revenues (Specify)
--------------------
Less: Operating Expenses:
Officer Compensation
--------------------
Salaries and Wages -- Other Employees
--------------------
Total Salaries and Wages
--------------------
Employee Benefits and Pensions
--------------------
Payroll Taxes
--------------------
Real Estate Taxes
--------------------
Federal and State Income Taxes
--------------------
Total Taxes
--------------------
Rent and Lease Exp. (Real Property and Personal Property)
--------------------
Interest Expense (Mortgage, Loan, etc.)
--------------------
Insurance
--------------------
Automobile Expense
--------------------
Utilities (Gas, Electricity, Water, Telephone, etc.)
--------------------
Depreciation and Amortization
--------------------
Repairs and Maintenance
--------------------
Advertising
--------------------
Supplies, Office Expenses, Photocopies, etc.
--------------------
Bad Debts
--------------------
Miscellaneous Operating Expenses (Specify)
--------------------
Total Operating Expenses 685,351
--------------------
Net Gain/Loss from Business Operations (478,602)
--------------------
B. Not Related to Business Operations: Income:
Interest Income
--------------------
Other Non-Operating Revenues (Specify)
--------------------
Gross Proceeds on Sale of Assets
--------------------
Less: Original Cost of Assets plus Expenses of Sale
--------------------
Net Gain/Loss of Sale of Assets
--------------------
Total Non-Operating Income
--------------------
Expenses Not Related to Business Operations:
Legal and Professional Fees (Specify)
--------------------
Other Non-Operating Expenses (Specify)
--------------------
Total Non-Operating Expenses
--------------------
NET INCOME / LOSS FOR PERIOD (478,602)
--------------------
- --------------------------------------------------------------------------------
Revised April 1989 OPERATING REPORT UST-4
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DEBTOR IN POSSESSION OPERATING REPORT NO: _____ Page 2 of 3
- --------------------------------------------------------------------------------
2. Aging of Accounts Payable and Accounts Receivable (exclude pre-petition
accounts payable):
-------------------------- ---------------------------------
Accounts Payable Accounts Receivable
-------------------------- ---------------------------------
Current Under 30 Days 507,095 1,913,154
-------------------------- ---------------------------------
Overdue 31 - 60 Days 775,835
-------------------------- ---------------------------------
Overdue 61 - 90 Days 310,903
-------------------------- ---------------------------------
Overdue 91 - 120 Days 27,483
-------------------------- ---------------------------------
Overdue Over 121 Days (70,453)
-------------------------- ---------------------------------
TOTAL 507,095 2,956,922
-------------------------- ---------------------------------
3. State of Status of Payments to Secured Creditors and Lessors:
----------------------------- -------------------- -------------- ------------- ----------------------------------
Frequency Post-Petition
of Payments Per Amount Next Payments Not Made*
Creditor/ Contract / Lease of Each Payment
Lessor (i.e., mo., qtr.) Payment Due Number Amount
----------------------------- -------------------- -------------- ------------- ----------------- ----------------
FROST CAPITAL GROUP DAILY VARIOUS DAILY
----------------------------- -------------------- -------------- ------------- ----------------- ----------------
J. UPFIELD MONTHLY 3,750 JUNE 1
----------------------------- -------------------- -------------- ------------- ----------------- ----------------
HUTCO MONTHLY 23,960 JUNE 1 1 23,960
----------------------------- -------------------- -------------- ------------- ----------------- ----------------
J. HOWARD MONTHLY 6,368 JUNE 1
----------------------------- -------------------- -------------- ------------- ----------------- ----------------
*Explanation for Non-Payment: RENEGOTIATING LEASE
-----------------------------------
- --------------------------------------------------------------------------------
4. Tax Liability:
Gross Payroll Expense for Period: $ 314,228
------------------
Gross Sales for Period Subject to Sales Tax $ 369,490.
------------------
--------------------- ----------------------- --------------------
Post-Petition
taxes Still
Date Paid Amount Paid* Owing
--------------------- ----------------------- --------------------
Federal Payroll and Withholding Taxes $ $ 0
--------------------- ----------------------- --------------------
State Payroll and Withholding Taxes 0
--------------------- ----------------------- --------------------
State Sales and Use Taxes VARIOUS VARIOUS 0
--------------------- ----------------------- --------------------
Real Property Taxes 0
--------------------- ----------------------- --------------------
COMPANY USE ADP PAYROLL SERVICE Attach photocopies of depository
AND ALL TAXES ARE PAID VIA THEM. receipts from taxing authorities or
financial institutions to verify
that such deposits or payments have
been made.
5. Insurance Coverage: ------------------ ---------------- ---------------- ----------------
SEE SCHEDULE ATTACHED. ALL Carrier / Amount Policy Premium
PREMIUMS ARE CURRENT Agent of Expiration Paid Through
Name Coverage Date Date
------------------ ---------------- ---------------- ----------------
Worker's Compensation
------------------ ---------------- ---------------- ----------------
Liability
------------------ ---------------- ---------------- ----------------
Fire and Extended Coverage
------------------ ---------------- ---------------- ----------------
Property
------------------ ---------------- ---------------- ----------------
Theft
------------------ ---------------- ---------------- ----------------
Life (Beneficiary: )
---------------------- ------------------ ---------------- ---------------- ----------------
Vehicle
------------------ ---------------- ---------------- ----------------
Other (Specify):
---------------------- ------------------ ---------------- ---------------- ----------------
------------------------------------------ ------------------ ---------------- ---------------- ----------------
------------------------------------------ ------------------ ---------------- ---------------- ----------------
- --------------------------------------------------------------------------------
DEBTOR IN POSSESSION OPERATING REPORT NO: _____ Page 3 of 3
- --------------------------------------------------------------------------------
6. Questions:
A. Has the Debtor in Possession provided compensation to any
officers, directors, shareholders, or other principals without
the approval of the Office of the United States Trustee?
|_| Yes Explain:
-----------------------------------------
|X| No
B. Has the Debtor in Possession, subsequent to the filing of the
petition, made any payments on its pre-petition unsecured debt,
except as have been authorized by the Court:
|_| Yes Explain:
-----------------------------------------
|X| No
7. Statement of Unpaid Professional Fees (Post-Petition Amounts Only)
-------------------------------------- ----------------------------- ------------------------
State Type of Total Post-
Professional Petition Amount
Name of Professional (Attorney/Accountant/etc.) Unpaid
-------------------------------------- ----------------------------- ------------------------
WINTHROP COUCHOT ATTORNEY $ 67,000
-------------------------------------- ----------------------------- ------------------------
REID & HELLYER ATTORNEY $ 24,703
-------------------------------------- ----------------------------- ------------------------
FROST CAPITAL GROUP DIP ATTORNEY $ 67,000(PAID 6/03)
-------------------------------------- ----------------------------- ------------------------
-------------------------------------- ----------------------------- ------------------------
-------------------------------------- ----------------------------- ------------------------
8. Narrative Report of Significant Events and Events out of the Ordinary
Course of Business: (Attach separate sheet if necessary)
NONE
-----------------------------------------------------------------------
-----------------------------------------------------------------------
-----------------------------------------------------------------------
-----------------------------------------------------------------------
-----------------------------------------------------------------------
-----------------------------------------------------------------------
-----------------------------------------------------------------------
-----------------------------------------------------------------------
-----------------------------------------------------------------------
-----------------------------------------------------------------------
9. Quarterly Fees: (This Fee must be paid to the United States Trustee every
calendar quarter)
------------------- ----------------- ---------------- ----------------- ----------------- --------------- ---------------
Quarterly Total Quarterly
Period Disbursements Quarterly Date Amount Check Fee Still
Ending For Quarter Fee Paid Paid No. Owing
------------------- ----------------- ---------------- ----------------- ----------------- --------------- ---------------
------------------- ----------------- ---------------- ----------------- ----------------- --------------- ---------------
------------------- ----------------- ---------------- ----------------- ----------------- --------------- ---------------
------------------- ----------------- ---------------- ----------------- ----------------- --------------- ---------------
------------------- ----------------- ---------------- ----------------- ----------------- --------------- ---------------
------------------- ----------------- ---------------- ----------------- ----------------- --------------- ---------------
------------------- ----------------- ---------------- ----------------- ----------------- --------------- ---------------
------------------- ----------------- ---------------- ----------------- ----------------- --------------- ---------------
------------------- ----------------- ---------------- ----------------- ----------------- --------------- ---------------
------------------- ----------------- ---------------- ----------------- ----------------- --------------- ---------------
-----------------------------------
OFFICE OF THE UNITED STATES TRUSTEE
-----------------------------------
- ---------------------------------------- --------------------------------------
In re: TEMCO FIREPLACE PRODUCTS, INC. DEBTOR IN POSSESSION INTERIM STATEMENT
--------------------------------------
TEMTEX INDUSTRIES, INC.
Statement Number: _1__
Debtor. For the period FROM: May 2, 2003
- ---------------------------------------- -------------------
Chapter 11 Case No.: RS 03-16834 MJ TO: May 31, 2003.
- ---------------------------------------- -------------------
Chapter 11 Case No.: RS 03-16833 MJ
- ---------------------------------------- --------------------------------------
CASH ACTIVITY ANALYSIS (Cash Basis Only)
A. Total Receipts per all Prior Interim Statements
B. Less: Total Disbursements per all Prior Statements
C. Beginning Balance (A less B) D. Receipts during Current Period -------------------- ----------------- ------------------
GENERAL ACCOUNT PAYROLL ACCOUNT TAX
(Attach Separate Listing if Necessary) ACCOUNT
-------------------- ----------------- ------------------
Description $ 0 $ 0 $ 0
-------------------- ----------------- ------------------
See Attached Listing 0 0 0
Transfer from operating Account -------------------- ----------------- ------------------
0 0 0
TOTAL RECEIPTS THIS PERIOD: -------------------- ----------------- ------------------
E. Balance Available (C plus D) 0 0 0
F: Less: Disbursements during Current Period -------------------- ----------------- ------------------
0 0 0
(Attach Separate Listing if Necessary) -------------------- ----------------- ------------------
2,043,555 168,311 1,000
Date Check No. Payee/Purpose -------------------- ----------------- ------------------
$ $ $
TOTAL DISBURSEMENTS THIS PERIOD: -------------------- ----------------- ------------------
G. Ending Balance (E less F)
$2,043,555
H. (1) General Account:
$168,311 $1,000
(a) Depository Name and Location BANK OF AMERICA,
DALLAS, TX._______________________________________
(b) Account Number: 3755514631____________________________
$1,805,289 $167,311 0
(2) Payroll Account:
(a) Depository Name and Location BANK OF AMERICA,
DALLAS, TX________________________________________
(b) Account Number: 3755514657____________________________
(3) Tax Account: $ 238,266 $ 1,000 $1,000
(a) Depository Name and Location BANK OF AMERICA,
DALLAS, TX________________________________________
(b) Account Number: 3755514660 ___________________________
I. Other monies on hand (Specify type and location) (i.e.
Certificates of Deposit, Petty Cash): PETTY CASH: PERRIS, CA..
$ 2,000_____PETTY CASH: MANCHESTER, TN. $ 700._______________
- --------------------------------------------------------------------------------
- ---------------------------------------- --------------------------------------
In re: TEMCO FIREPLACE PRODUCTS, INC. DEBTOR IN POSSESSION OPERATING REPORT
Report Number: 2 Page 1 of 3
Debtor. For the period FROM: June 1, 2003
------------------
TO: June 30, 2003
------------------
- ---------------------------------------- --------------------------------------
Chapter 11 Case No: RS 03-16834 MJ
- ---------------------------------------- --------------------------------------
1. Profit and Loss Statement (Accrual Basis Only)
A. Related to Business Operations:
Gross Sales
--------------------
Less: Sales Returns and Discounts
--------------------
Net Sales 1,745,000
--------------------
Less: Cost of Goods Sold:
Beginning Inventory at Cost
--------------------
Add: Purchases
--------------------
Less: Ending Inventory at Cost
--------------------
Cost of Goods Sold 1,458,000
--------------------
Gross Profit
--------------------
Other Operating Revenues (Specify)
--------------------
Less: Operating Expenses:
Officer Compensation
--------------------
Salaries and Wages -- Other Employees
--------------------
Total Salaries and Wages
--------------------
Employee Benefits and Pensions
--------------------
Payroll Taxes
--------------------
Real Estate Taxes
--------------------
Federal and State Income Taxes
--------------------
Total Taxes
--------------------
Rent and Lease Exp. (Real Property and Personal Property)
--------------------
Interest Expense (Mortgage, Loan, etc.)
--------------------
Insurance
--------------------
Automobile Expense
--------------------
Utilities (Gas, Electricity, Water, Telephone, etc.)
--------------------
Depreciation and Amortization
--------------------
Repairs and Maintenance
--------------------
Advertising
--------------------
Supplies, Office Expenses, Photocopies, etc.
--------------------
Bad Debts
--------------------
Miscellaneous Operating Expenses (Specify)
--------------------
Total Operating Expenses 594,000
--------------------
Net Gain/Loss from Business Operations (307,000)
--------------------
B. Not Related to Business Operations:
Income:
Interest Income
--------------------
Other Non-Operating Revenues (Specify)
--------------------
Gross Proceeds on Sale of Assets
--------------------
Less: Original Cost of Assets plus Expenses of Sale
--------------------
Net Gain/Loss of Sale of Assets
--------------------
Total Non-Operating Income
--------------------
Expenses Not Related to Business Operations:
Legal and Professional Fees (Specify)
--------------------
Other Non-Operating Expenses (Specify)
--------------------
Total Non-Operating Expenses
--------------------
NET INCOME / LOSS FOR PERIOD (307,000)
--------------------
- --------------------------------------------------------------------------------
Revised April 1989 OPERATING REPORT UST-4
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DEBTOR IN POSSESSION OPERATING REPORT NO: _____ Page 2 of 3
- --------------------------------------------------------------------------------
2. Aging of Accounts Payable and Accounts Receivable (exclude pre-petition
accounts payable):
--------------------------------- ---------------------------------
Accounts Payable Accounts Receivable
--------------------------------- ---------------------------------
Current Under 30 Days 389,542 1,561,000
--------------------------------- ---------------------------------
Overdue 31 - 60 Days 125,000 820,000
--------------------------------- ---------------------------------
Overdue 61 - 90 Days 363,000
--------------------------------- ---------------------------------
Overdue 91 - 120 Days 178,000
--------------------------------- ---------------------------------
Overdue Over 121 Days
--------------------------------- ---------------------------------
TOTAL 514,542 2,922,000
--------------------------------- ---------------------------------
3. State of Status of Payments to Secured Creditors and Lessors:
-------------------------- -------------------- -------------- --------------- --------------------------------
Frequency Post-Petition
of Payments Per Amount Next Payments Not Made*
Creditor/ Contract / Lease of Each Payment
Lessor (i.e., mo., qtr.) Payment Due Number Amount
-------------------------- -------------------- -------------- --------------- --------------- ---------------
FROST CAPITAL GROUP DAILY VARIOUS DAILY
-------------------------- -------------------- -------------- --------------- --------------- ---------------
J. UPFIELD MONTHLY 3,750 JULY 1 1 3,750
-------------------------- -------------------- -------------- --------------- --------------- ---------------
HUTCO MONTHLY 23,960 JULY 1 2 47,920
-------------------------- -------------------- -------------- --------------- --------------- ---------------
J. HOWARD MONTHLY 6,368 JULY 1
-------------------------- -------------------- -------------- --------------- --------------- ---------------
* Explanation for Non-Payment: RENEGOTIATING LEASE
--------------------------------------
-------------------------------------------------------------------------
4. Tax Liability:
Gross Payroll Expense for Period: $286,734
---------------------
Gross Sales for Period Subject to Sales Tax $337,912
---------------------
---------------------- ----------------------- ----------------------
Post-Petition
taxes Still
Date Paid Amount Paid* Owing
---------------------- ----------------------- ----------------------
Federal Payroll and Withholding Taxes $ $ 0
---------------------- ----------------------- ----------------------
State Payroll and Withholding Taxes 0
---------------------- ----------------------- ----------------------
State Sales and Use Taxes VARIOUS VARIOUS 0
---------------------- ----------------------- ----------------------
Real Property Taxes 0
---------------------- ----------------------- ----------------------
COMPANY USE ADP PAYROLL Attach photocopies of
SERVICE AND ALL TAXES ARE depository receipts from
PAID VIA THEM. taxing authorities or
financial institutions to
verify that such deposits
or payments have been
made.
------------------ ------------------ ------------------ ----------------
6. Insurance Coverage: Carrier / Amount Policy Premium
SEE SCHEDULE ATTACHED. ALL Agent of Expiration Paid Through
PREMIUMS ARE CURRENT Name Coverage Date Date
------------------ ------------------ ------------------ ----------------
Worker's Compensation
------------------ ------------------ ------------------ ----------------
Liability
------------------ ------------------ ------------------ ----------------
Fire and Extended Coverage
------------------ ------------------ ------------------ ----------------
Property
------------------ ------------------ ------------------ ----------------
Theft
------------------ ------------------ ------------------ ----------------
Life (Beneficiary: )
---------------------- ------------------ ------------------ ------------------ ----------------
Vehicle
------------------ ------------------ ------------------ ----------------
Other (Specify):
---------------------- ------------------ ------------------ ------------------ ----------------
------------------------------------------ ------------------ ------------------ ------------------ ----------------
------------------------------------------ ------------------ ------------------ ------------------ ----------------
- --------------------------------------------------------------------------------
DEBTOR IN POSSESSION OPERATING REPORT NO: _____ Page 3 of 3
- --------------------------------------------------------------------------------
6. Questions:
A. Has the Debtor in Possession provided compensation to any
officers, directors, shareholders, or other principals without
the approval of the Office of the United States Trustee?
|_| Yes Explain:
------------------------------------------
|X| No
B. Has the Debtor in Possession, subsequent to the filing of the
petition, made any payments on its pre-petition unsecured debt,
except as have been authorized by the Court:
|_| Yes Explain:
------------------------------------------
|X| No
7. Statement of Unpaid Professional Fees (Post-Petition Amounts Only)
----------------------------------- --------------------------- --------------------------
State Type of Total Post-
Professional Petition Amount
Name of Professional (Attorney/Accountant/etc.) Unpaid
----------------------------------- --------------------------- --------------------------
WINTHROP COUCHOT ATTORNEY $ 114,557
----------------------------------- --------------------------- --------------------------
REID & HELLYER ATTORNEY $ 41,076
----------------------------------- --------------------------- --------------------------
FROST CAPITAL GROUP DIP ATTORNEY $ 67,000
----------------------------------- --------------------------- --------------------------
SQUAR, MILNER CREDITORS CONST. $ 28,626
----------------------------------- --------------------------- --------------------------
BURKHALTER MICHAELS ATTORNEY $ 4,264
----------------------------------- --------------------------- --------------------------
8. Narrative Report of Significant Events and Events out of the Ordinary
Course of Business: (Attach separate sheet if necessary)
NONE
-----------------------------------------------------------------------
-----------------------------------------------------------------------
-----------------------------------------------------------------------
-----------------------------------------------------------------------
-----------------------------------------------------------------------
-----------------------------------------------------------------------
-----------------------------------------------------------------------
-----------------------------------------------------------------------
-----------------------------------------------------------------------
-----------------------------------------------------------------------
9. Quarterly Fees: (This Fee must be paid to the United States Trustee
every calendar quarter)
- ----------------- ---------------- --------------- ------------- --------------- ------------- -----------------
Quarterly Total Quarterly
Period Disbursements Quarterly Date Amount Check Fee Still
Ending For Quarter Fee Paid Paid No. Owing
- ----------------- ---------------- --------------- ------------- --------------- ------------- -----------------
- ----------------- ---------------- --------------- ------------- --------------- ------------- -----------------
- ----------------- ---------------- --------------- ------------- --------------- ------------- -----------------
- ----------------- ---------------- --------------- ------------- --------------- ------------- -----------------
- ----------------- ---------------- --------------- ------------- --------------- ------------- -----------------
- ----------------- ---------------- --------------- ------------- --------------- ------------- -----------------
- ----------------- ---------------- --------------- ------------- --------------- ------------- -----------------
- ----------------- ---------------- --------------- ------------- --------------- ------------- -----------------
- ----------------- ---------------- --------------- ------------- --------------- ------------- -----------------
- ----------------- ---------------- --------------- ------------- --------------- ------------- -----------------
-----------------------------------
OFFICE OF THE UNITED STATES TRUSTEE
-----------------------------------
- --------------------------------------- --------------------------------------
In re: TEMCO FIREPLACE PRODUCTS, INC. DEBTOR IN POSSESSION INTERIM STATEMENT
TEMTEX INDUSTRIES, INC. Statement Number 2
Debtor.
- --------------------------------------- For the period FROM: June 1, 2003
------------------
Chapter 11 Case No.: RS 03-16834 TO: June 30, 2003
------------------
- --------------------------------------- --------------------------------------
MJ Chapter 11 Case No.: RS 03-16833 MJ
- ---------------------------------------
GENERAL PAYROLL TAX
ACCOUNT ACCOUNT ACCOUNT
-------------- --------- --------
CASH ACTIVITY ANALYSIS (Cash Basis Only) $ 2,043,555 $168,311 $1,000
-------------- --------- --------
A. Total Receipts per all Prior Interim Statements (1,805,289) (167,311) 0
-------------- --------- --------
B. Less: Total Disbursements per all Prior Statements 238,266 1,000 1,000
-------------- --------- --------
C. Beginning Balance (A less B) 1,398,000 271,917 0
-------------- --------- --------
D. Receipts during Current Period(Attach Separate Listing if Necessary) 1,636,266 272,917 1,000
-------------- --------- --------
Description 1,793,043 271,917 0
-------------- --------- --------
See Attached Listing ($156,777) $1,000 $1,000
-------------- --------- --------
Transfer from operating Account
Frost Loan Proceeds, Net $ $ $
TOTAL RECEIPTS THIS PERIOD: $ $ $
E. Balance Available (C plus D)
F: Less: Disbursements during Current Period $ $ $
(Attach Separate Listing if Necessary)
Date Check No. Payee/Purpose
TOTAL DISBURSEMENTS THIS PERIOD:
G. Ending Balance (E less F)
H. (1) General Account:
(a) Depository Name and Location BANK OF AMERICA,
DALLAS, TX._____________________________________________________
(b) Account Number: 3755514631_________________________________________
(2) Payroll Account:
(a) Depository Name and Location BANK OF AMERICA,
DALLAS, TX _____________________________________________________
(b) Account Number: 3755514657________________________________________
(3) Tax Account:
(a) Depository Name and Location BANK OF AMERICA,
DALLAS, TX _____________________________________________________
(b) Account Number: 3755514660 ________________________________________
I. Other monies on hand (Specify type and location) (i.e. Certificates of
Deposit, Petty Cash):
PETTY CASH: PERRIS, CA.. $ 2,000_____PETTY CASH: MANCHESTER, TN. $700.______
- --------------------------------------------------------------------------------
- ------------------------------------- --------------------------------------
In re: TEMCO FIREPLACE PRODUCTS, INC. DEBTOR IN POSSESSION OPERATING REPORT
Report Number: 3 Page 1 of 3
Debtor. For the period FROM: July 1, 2003
---------------
TO: July 31, 2003
- -------------------------------------- ---------------
Chapter 11 Case No: RS 03-16834 MJ
- -------------------------------------- --------------------------------------
1. Profit and Loss Statement (Accrual Basis Only)
A.Related to Business Operations:
Gross Sales
-----------
Less: Sales Returns and Discounts
-----------
Net Sales 1,448,000
----------
Less: Cost of Goods Sold:
Beginning Inventory at Cost
-----------
Add: Purchases
-----------
Less: Ending Inventory at Cost
-----------
Cost of Goods Sold 1,291,000
----------
Gross Profit
----------
Other Operating Revenues (Specify)
----------
Less: Operating Expenses:
Officer Compensation
-----------
Salaries and Wages -- Other Employees
-----------
Total Salaries and Wages
----------
Employee Benefits and Pensions
----------
Payroll Taxes
-----------
Real Estate Taxes
-----------
Federal and State Income Taxes
-----------
Total Taxes
----------
Rent and Lease Exp. (Real Property and
Personal Property)
-----------
Interest Expense (Mortgage, Loan, etc.)
-----------
Insurance
-----------
Automobile Expense
-----------
Utilities (Gas, Electricity, Water, Telephone,
etc.)
-----------
Depreciation and Amortization
-----------
Repairs and Maintenance
-----------
Advertising
-----------
Supplies, Office Expenses, Photocopies, etc.
-----------
Bad Debts
-----------
Miscellaneous Operating Expenses (Specify)
-----------
Total Operating Expenses 644,000
----------
Net Gain/Loss from Business Operations (487,000)
----------
B.Not Related to Business Operations:
Income:
Interest Income
----------
Other Non-Operating Revenues (Specify)
----------
Gross Proceeds on Sale of Assets
-----------
Less: Original Cost of Assets plus
Expenses of Sale
-----------
Net Gain/Loss of Sale of Assets
----------
Total Non-Operating Income
----------
Expenses Not Related to Business Operations:
Legal and Professional Fees (Specify)
----------
Other Non-Operating Expenses (Specify)
----------
Total Non-Operating Expenses
----------
NET INCOME / LOSS FOR PERIOD (487,000)
- --------------------------------------------------------------------------------
Revised April 1989 OPERATING REPORT UST-4
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DEBTOR IN POSSESSION OPERATING REPORT NO: _____ Page 2 of 3
- --------------------------------------------------------------------------------
2. Aging of Accounts Payable and Accounts Receivable (exclude pre-petition
accounts payable):
------------------ ---------------------
Accounts Payable Accounts Receivable
------------------ ---------------------
Current Under 30 Days 51,477 1,359,000
------------------ ---------------------
Overdue 31 - 60 Days 240,529 843,000
------------------ ---------------------
Overdue 61 - 90 Days 304,350 295,000
------------------ ---------------------
Overdue 91 - 120 Days 161,000
------------------ ---------------------
Overdue Over 121 Days
------------------ ---------------------
TOTAL 596,356 2,658,000
------------------ ---------------------
3. State of Status of Payments to Secured Creditors and Lessors:
Frequency Post-Petition
of Payments Per Amount Next Payments Not Made*
Creditor/ Contract/Lease of Each Payment
Lessor (i.e., mo., qtr.) Payment Due Number Amount
- --------------------- ---------------------------- --------------------- --------------- ----------------- -------------
FROST CAPITAL GROUP DAILY VARIOUS DAILY
- --------------------- ---------------------------- --------------------- --------------- ----------------- -------------
J. UPFIELD MONTHLY 3,750 AUG 1 2 7,500
- --------------------- ---------------------------- --------------------- --------------- ----------------- -------------
HUTCO MONTHLY 23,960 AUG 1 3 71,880
- --------------------- ---------------------------- --------------------- --------------- ----------------- -------------
J. HOWARD MONTHLY 6,368 AUG 1
- --------------------- ---------------------------- --------------------- --------------- ----------------- -------------
*Explanation for Non-Payment: RENEGOTIATING LEASE
--------------------------------------------------
- --------------------------------------------------------------------------------
4. Tax Liability:
Gross Payroll Expense for Period: $274,845
---------------------------
Gross Sales for Period Subject to Sales Tax $203,278
---------------------------
Post-Petition
taxes Still
Date Paid Amount Paid* Owing
--------- ------------ --------------
Federal Payroll and Withholding Taxes $ $ 0
--------- ------------ --------------
State Payroll and Withholding Taxes 0
--------- ------------ --------------
State Sales and Use Taxes VARIOUS VARIOUS 0
--------- ------------ --------------
Real Property Taxes 0
--------- ------------ --------------
COMPANY USE ADP PAYROLL Attach photocopies of
SERVICE AND ALL TAXES depository receipts from
ARE PAID VIA THEM. taxing authorities or
financial institutions to
verify that such deposits
or payments have been
made.
5. Insurance Coverage: Carrier/ Amount Policy Premium
SEE SCHEDULE ATTACHED. ALL Agent of Expiration Paid Through
PREMIUMS ARE CURRENT Name Coverage Date Date
------------ ---------------- ---------------- -----------------
Worker's Compensation
------------ ---------------- ---------------- -----------------
Liability
------------ ---------------- ---------------- -----------------
Fire and Extended Coverage
------------ ---------------- ---------------- -----------------
Property
------------ ---------------- ---------------- -----------------
Theft
------------ ---------------- ---------------- -----------------
Life (Beneficiary: )
------------------- ------------ ---------------- ---------------- -----------------
Vehicle-
------------------------------ ------------ ---------------- ---------------- -----------------
Other (Specify):
- ------------------------------------------ ------------ ---------------- ---------------- -----------------
- ------------------------------------------ ------------ ---------------- ---------------- -----------------
- --------------------------------------------------------------------------------
DEBTOR IN POSSESSION OPERATING REPORT NO: _____ Page 3 of 3
- --------------------------------------------------------------------------------
6. Questions:
A. Has the Debtor in Possession provided compensation to any officers,
directors, shareholders, or other principals without the approval of
the Office of the United States Trustee?
|_| Yes Explain:
---------------------------------------------------------
|X| No
B. Has the Debtor in Possession, subsequent to the filing of the
petition, made any payments on its pre-petition unsecured debt, except
as have been authorized by the Court:
|_| Yes Explain:
---------------------------------------------------------
|X| No
7. Statement of Unpaid Professional Fees (Post-Petition Amounts Only)
- ---------------------------------------------------------------------------------------
State Type of Total Post-
Professional Petition Amount
Name of Professional (Attorney/Accountant/etc.) Unpaid
- ---------------------------------------------------------------------------------------
WINTHROP COUCHOT ATTORNEY $ 114,557 + 103,510 * Does not include
- ---------------------------------------------------------------------------------------
REID & HELLYER ATTORNEY $ 41,076 * 7/03 activity -
- ---------------------------------------------------------------------------------------
FROST CAPITAL GROUP DIP ATTORNEY $ 67,000 * amounts unknown.
- ---------------------------------------------------------------------------------------
SQUAR, MILNER CREDITORS CONST. $ 28,626 *
- ---------------------------------------------------------------------------------------
BURKHALTER MICHAELS ATTORNEY $ 4,264 *
- ---------------------------------------------------------------------------------------
8. Narrative Report of Significant Events and Events out of the Ordinary
Course of Business: (Attach separate sheet if necessary)
NONE
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
9. Quarterly Fees: (This Fee must be paid to the United States Trustee every
calendar quarter)
- ------------ ---------------------- ----------------- -------------- ---------------- ------------- -------------
Quarterly Total Quarterly
Period Disbursements Quarterly Date Amount Check Fee Still
Ending For Quarter Fee Paid Paid No. Owing
- ------------ ---------------------- ----------------- -------------- ---------------- ------------- -------------
- ------------ ---------------------- ----------------- -------------- ---------------- ------------- -------------
- ------------ ---------------------- ----------------- -------------- ---------------- ------------- -------------
- ------------ ---------------------- ----------------- -------------- ---------------- ------------- -------------
- ------------ ---------------------- ----------------- -------------- ---------------- ------------- -------------
- ------------ ---------------------- ----------------- -------------- ---------------- ------------- -------------
- ------------ ---------------------- ----------------- -------------- ---------------- ------------- -------------
- ------------ ---------------------- ----------------- -------------- ---------------- ------------- -------------
- ------------ ---------------------- ----------------- -------------- ---------------- ------------- -------------
- ------------ ---------------------- ----------------- -------------- ---------------- ------------- -------------
-----------------------------------
OFFICE OF THE UNITED STATES TRUSTEE
-----------------------------------
- --------------------------------------- --------------------------------------
In re: TEMCO FIREPLACE PRODUCTS, INC. DEBTOR IN POSSESSION INTERIM STATEMENT
TEMTEX INDUSTRIES, INC. Statement Number 2
Debtor. For the period FROM: June 1, 2003
- --------------------------------------- -------------------
Chapter 11 Case No.: RS 03-16834 TO: June 30, 2003
-------------------
- ---------------------------------------
MJ Chapter 11 Case No.: RS 03-16833 MJ
- --------------------------------------- --------------------------------------
GENERAL PAYROLL TAX
ACCOUNT ACCOUNT ACCOUNT
----------- -------- --------
CASH ACTIVITY ANALYSIS (Cash Basis Only) $3,441,555 $440,228 $1,000
----------- -------- --------
A. Total Receipts per all Prior Interim Statements (3,598,332) (439,228) 0
----------- -------- --------
B. Less: Total Disbursements per all Prior Statements (156,777) 1,000 1,000
----------- -------- --------
C. Beginning Balance (A less B) 1,778,197 202,572 0
----------- -------- --------
D. Receipts during Current Period(Attach Separate Listing if Necessary) 1,621,420 203,572 1,000
----------- -------- --------
Description 1,643,991 202,572 0
----------- -------- --------
See Attached Listing ($22,571) $1,000 $1,000
----------- -------- --------
Transfer from operating Account
Frost Loan Proceeds, Net $ $ $
TOTAL RECEIPTS THIS PERIOD: $ $ $
E. Balance Available (C plus D)
F: Less: Disbursements during Current Period $ $ $
(Attach Separate Listing if Necessary)
Date Check No. Payee/Purpose
TOTAL DISBURSEMENTS THIS PERIOD:
G. Ending Balance (E less F)
H. (1) General Account:
(a) Depository Name and Location BANK OF AMERICA,
DALLAS, TX._____________________________________________________
(b) Account Number: 3755514631_________________________________________
(2) Payroll Account:
(a) Depository Name and Location BANK OF AMERICA,
DALLAS, TX _____________________________________________________
(b) Account Number: 3755514657________________________________________
(3) Tax Account:
(a) Depository Name and Location BANK OF AMERICA,
DALLAS, TX _____________________________________________________
(b) Account Number: 3755514660 ________________________________________
I. Other monies on hand (Specify type and location) (i.e. Certificates of
Deposit, Petty Cash):
PETTY CASH: PERRIS, CA.. $ 2,000_____PETTY CASH: MANCHESTER, TN. $700.______
- --------------------------------------------------------------------------------