Monthly Operating Report for Alford Refrigerated Warehouses, Inc. (September 2002)

Contract Categories: Business Operations › Administration Agreements
Summary

This document is a monthly operating report submitted by Alford Refrigerated Warehouses, Inc. to the United States Bankruptcy Court for the Northern District of Texas for the period ending September 30, 2002. Prepared and signed by the company's Chief Financial Officer, the report provides a detailed overview of the company's financial position, including assets, liabilities, income, expenses, and cash flows during bankruptcy proceedings. The report is intended to ensure transparency and compliance with court requirements during the company's reorganization process.

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EX-1.1 3 alfor-octmor2002.txt EXHIBIT 1.1 CASE NAME: ACCRUAL BASIS CASE: 2/13/95 JUDGE: UNITED STATES BANKRUPTCY COURT NORTHERN DISTRICT OF TEXAS MONTHLY OPERATING REPORTS MONTH ENDING: SEPTEMBER 30, 2002 IN ACCORDANCE WITH TITLE 28, SECTION 1746, OF THE UNITED STATES CODE, I DECLARE UNDER PENALTY OF PERJURY I HAVE EXAMINED THE FOLLOWING MONTHLY OPERATING REPORT (ACCURAL BASIS-1THROUGH ACCURAL BASIS-7) AND THE ACCOMPANYING ATTACHMENTS AND, TO THE BEST OF MY KNOWLEDGE, THESE DOCUMENTS ARE TRUE, CORRECT AND COMPLETE. DECLARATION OF THE PREPARER (OTHER THAN RESPONSIBLE PARTY): IS BASED ON ALL INFORMATION OF WHICH PREPARER HAS ANY KNOWLEDGE. RESPONSIBLE PARTY: Chief Financial Officer - ----------------------------------------- ---------------------------------- ORIGINAL SIGNATURE OF RESPONSIBLE PARTY TITLE James C. Williams October 18, 2002 - ----------------------------------------- ---------------------------------- PRINTED NAME OF RESPONSIBLE PARTY DATE PREPARER: Chief Fianacial Officer - ----------------------------------------- ---------------------------------- ORIGINAL SIGNATURE OF PREPARER TITLE James C. Williams October 18, 2002 - ----------------------------------------- ---------------------------------- PRINTED NAME OF PREPARER DATE CASE NAME: Alford Refrigerated Warehouses, Inc. ACCRUAL BASIS-1 ------------------------------------- CASE NUMBER: 01-39776-BJH-11
COMPARATIVE BALANCE SHEET ASSETS SCHEDULE MONTH MONTH MONTH AMOUNT Jul. 2002 Aug. 2002 Sept. 2002 - -------------------------------------- ---------------------- ------------------ --------------------- --------------------- 1. UNRESTRICTED CASH 618,613 463,853 424,360 2. RESTRICTED CASH 3. TOTAL CASH 618,613 463,853 424,360 4. ACCOUNTS RECEIVABLE, NET 466,134 519,622 498,735 - -------------------------------------- ---------------------- ------------------ --------------------- --------------------- 5. INVENTORY 6. NOTES RECEIVABLE 7. PREPAID EXPENSES 224,086 262,616 310,294 8. OTHER (ATTACH LIST) 9. TOTAL CURRENT ASSETS 1,308,833 1,246,091 1,233,389 - -------------------------------------- ---------------------- ------------------ --------------------- --------------------- 10. PROPERTY, PLANT, & EQUIPMENT 7,570,735 7,570,735 7,570,735 11. LESS:ACCUMULATED 3,217,679 3,256,597 3,294,084 DEPRECIATION/DEPLETION 12. NET PROPERTY, PLANT & EQUIPMENT 4,353,056 4,314,138 4,276,651 - -------------------------------------- ---------------------- ------------------ --------------------- --------------------- 13. DUE FROM INSIDERS (1,005,669) (1,152,592) (1,299,140) 14. OTHER ASSETS - NET OF 245,611 242,822 240,033 15. OTHER (ATTACH LIST) 175,996 179,796 179,796 16. TOTAL ASSETS 5,077,827 4,830,255 4,630,729 - -------------------------------------- ---------------------- ------------------ --------------------- --------------------- POST PETITION LIABILITIES 17. ACCOUNTS PAYABLE 702,810 667,890 657,897 18. TAXES PAYABLE 217,207 239,507 261,807 19. NOTES PAYABLE 139,919 172,832 195,882 20. PROFESSIONAL FEES 21. SECURED DEBT 22. OTHER (ATTACH LIST) 939 939 939 23. TOTAL POSTPETITION LIABILITIES 1,060,875 1,081,168 1,116,525 - -------------------------------------- ---------------------- ------------------ --------------------- --------------------- PREPETITION LIABILITIES 24. SECURED DEBT 4,661,074 4,572,322 4,563,767 25. PRIORITY DEBT 60,090 60,090 60,090 26. UNSECURED DEBT 3,087,862 3,087,862 3,087,862 27. OTHER (ATTACH LIST) 849,441 839,848 839,848 28. TOTAL PREPETITION LIABILITIES 8,658,467 8,560,122 8,551,567 29. TOTAL LIABILITIES 9,719,342 9,641,290 9,668,092 - -------------------------------------- ---------------------- ------------------ --------------------- --------------------- EQUITY 30. PREPETITION OWNER'S EQUITY (2,726,032) (2,726,032) (2,726,032) 31. POSTPETITION CUMULATIVE PROFIT OR (1,915,483) (2,085,003) (2,311,331) (LOSS) 32. DIRECT CHARGES TO EQUITY 33. TOTAL EQUITY (4,641,515) (4,811,035) (5,037,363) - -------------------------------------- ---------------------- ------------------ --------------------- --------------------- 34. TOTAL LIABILITIES & OWNERS' EQUITY 5,077,827 4,830,255 4,630,729
Case Name: Alford Refrigerated Warehouses, Inc. MOR-1 ----------------------------------------- Case No: 01-39776-BJH-11 -------------------------------------------
July '02 Aug '02 Sept '02 14. Capitalized Professional Fees $ 245,611 $ 242,822 $240,033 net of Amortization 15. Investment in Subsidiaries $ 10 $ 10 $ 10 Deposits 175,986 179,786 179,786 ----------- --------- -------- $ 175,996 $ 179,796 $179,796 22. Deferred Revenue $ 939 $ 939 $ 939 27. Deferred Income Taxes $ 697,039 $ 697,039 $697,039 Deferred Revenue 152,402 142,809 142,809 ----------- --------- -------- $ 849,441 $ 839,848 $839,848
CASE NAME: Alford Refrigerated Warehouses, Inc. ACCRUAL BASIS-2 ------------------------------------------ CASE NUMBER: 01-39776-BJH-11 ----------------------------------------
INCOME STATEMENT - ------------------------------------------ ---------------------- ------------------- ----------------------- ------------------ REVENUES MONTH MONTH MONTH QUARTER TOTAL July, 2002 August, 2002 September, 2002 1. GROSS REVENUES 454,476 460,496 439,457 1,354,429 2. LESS: RETURNS & DISCOUNTS 3. NET REVENUE 454,476 460,496 439,457 1,354,429 COSTS OF GOODS SOLD 4. MATERIAL 5. DIRECT LABOR 6. DIRECT OVERHEAD 7. TOTAL COST OF GOODS SOLD 8. GROSS PROFIT 454,476 460,496 439,457 1,354,429 OPERATING EXPENSES 9. OFFICER / INSIDER COMPENSATION 20,324 15,829 17,443 53,596 10. SELLING & MARKETING 11. GENERAL & ADMINISTRATIVE 425,732 399,969 436,296 1,261,997 12. RENT & LEASE 154,667 154,667 154,667 464,001 13. OTHER (ATTACH LIST) 14. TOTAL OPERATING EXPENSES 600,723 570,465 608,406 1,779,594 15. INCOME BEFORE NON-OPERATING (146,247) (109,969) (168,949) (425,165) INCOME & EXPENSE OTHER INCOME & EXPENSE 16. NON-OPERATING INCOME (ATTACH LIST) 17. NON-OPERATING EXPENSE (ATTACH LIST) 18. INTEREST EXPENSE 16,274 16,594 17,104 49,972 19. DEPRECIATION / DEPLETION 38,962 38,919 37,487 115,368 20. AMORITIZATION 2,789 2,789 2,789 8,367 21. OTHER (ATTACH LIST) 22. NET OTHER INCOME & EXPENSES 58,025 58,302 57,380 173,707 REORGANIZATION EXPENSES 23. PROFESSIONAL FEES 24. U.S. TRUSTEE FEES 3,750 1,250 5,000 25. OTHER (ATTACH LIST) 26. TOTAL REORGANIZATION EXPENSES 3,750 1,250 5,000 27. INCOME TAX 28. NET PROFIT (LOSS) (208,022) (169,521) (226,329) (603,872)
CASE NAME: Alford Refrigerated Warehouses, Inc. ACCRUAL BASIS-3 --------------------------------------- CASE NUMBER: 01-39776-BJH-11 -------------------------------------
CASH RECEIPTS AND MONTH MONTH MONTH QUARTER DISBURSEMENTS TOTAL July, 2002 August, 2002 September, 2002 1. CASH - BEGINNING OF MONTH 450,767 618,613 463,853 450,767 RECEIPTS FROM OPERATORS 2. CASH SALES 4,508 2,832 2,100 9,440 COLLECTIONS OF ACCOUNTS RECEIVABLE 3. PREPETITION 1,476 1,476 4. POSTPETITION 506,445 400,652 461,251 1,368,348 5. TOTAL OPERATING RECEIPTS 512,429 403,484 463,351 1,379,264 NON-OPERATING RECEIPTS 6. LOANS & ADVANCES (ATTACH LIST) 7. SALE OF ASSETS 8. OTHER (ATTACH LIST) 9. TOTAL NON-OPERATING RECEIPTS 10. TOTAL RECEIPTS 512,429 403,484 463,351 1,379,264 11. TOTAL CASH AVAILABLE 963,196 1,022,097 927,204 1,830,031 OPERATING DISBURSEMENTS 12. NET PAYROLL 108,855 88,515 98,459 295,829 13. PAYROLL TAXES PAID 44,065 34,246 37,178 115,489 14. SALES, USE & OTHER TAXES PAID 15. SECURED / RENTAL / LEASE 23,694 109,704 31,813 165,211 16. UTILITIES 55,900 183,864 190,613 430,377 17. INSURANCE 31,956 51,126 68,232 151,314 18. INVENTORY PURCHASES 19. VEHICLE EXPENSES 20. TRAVEL 193 2,844 2,868 5,905 21. ENTERTAINMENT 22. REPAIRS & MAINTENANCE 37,237 30,374 34,080 101,691 23. SUPPLIES 7,332 8,600 7,848 23,780 24. ADVERTISING 25. OTHER (ATTACH LIST) 31,351 47,721 31,753 110,825 26. TOTAL OPERATING DISBURSEMENTS 340,583 556,994 502,844 1,400,421 REORGANIZATION EXPENSES 27. PROFESSIONAL FEES 28. U.S. TRUSTEE FEES 4,000 1,250 5,250 29. OTHER (ATTACH LIST) 30. TOTAL REORGANIZATION EXPENSES 4,000 1,250 5,250 31. TOTAL DISBURSEMENTS 344,583 558,244 502,844 1,405,671 32. NET CASH FLOW 618,613 463,853 424,360 424,360 33. CASH - END OF MONTH 618,613 463,853 424,360 424,360
Case Name: Alford Refrigerated Warehouses, Inc. MOR-3 ---------------------------------------- Case No: 01-39776-BJH-11 -----------------------------------------
July '02 Aug '02 Sept '02 25. Bank Charges $ 283 $ 229 $ 208 Licenses & Fees 0 18,760 5,189 Deposits 0 3,800 0 Employee withholdings for Child Support, Irs Levy, 401(K), Credit Union, Medical Premiums 31,068 24,932 26,356 $ 31,351 $ 47,721 $31,753
CASE NAME: Alford Refrigerated Warehouses, Inc. ACCRUAL BASIS-4 CASE NUMBER: 01-39776-BJH-11
ACCOUNTS RECEIVABLE AGING SCHEDULE MONTH MONTH MONTH AMOUNT July, 2002 August, 2002 September, 2002 1. 0 - 30 283,546 324,998 305,589 2. 31 - 60 37,843 51,905 42,956 3. 61 - 90 19,700 8,788 21,892 4. 91 + 35,352 44,239 38,606 5. TOTAL ACCOUNTS RECEIVABLE 376,441 429,930 409,043 6. AMOUNT CONSIDERED UNCOLLECTABLE 7. ACCOUNTS RECEIVABLE, NET 376,441 429,930 409,043 AGING OF POSTPETITION TAXES AND PAYABLES MONTH: September, 2002 TAXES PAYABLE 0 - 30 DAYS 31 - 60 DAYS 61 - 90 DAYS 91+ TOTAL DAYS 1. FEDERAL 31,470 31,470 2. STATE 3. LOCAL 22,300 22,300 22,300 163,437 230,337 4. OTHER (ATTACH LIST) 5. TOTAL TAXES PAYABLE 22,300 22,300 22,300 194,907 261,807 6. ACCOUNTS PAYABLE 45,109 65,005 0 2,977 113,091 STATUS OF POSTPETITION TAXES MONTH: September, 2002 FEDERAL *BEGINNING TAX AMOUNT WITHHELD AND OR AMOUNT ENDING TAX LIABILITY ACCRUED PAID LIABILITY 1. WITHHOLDING** 2. FICA - EMPLOYEE** 3. FICA- EMPLOYER** 4. UNEMPLOYMENT 5. INCOME 31,470 31,470 6. OTHER (ATTACH LIST) 7. TOTAL FEDERAL TAXES 31,470 31,470 - ------------------------------------------ --------------------------- -------------------------------- ------------- ---------- STATE AND LOCAL 8. WITHHOLDING 9. SALES 10. EXCISE 11. UNEMPLOYMENT 12. REAL PROPERTY 208,037 22,300 230,337 13. PERSONAL PROPERTY 14. OTHER (ATTACH LIST) 15. TOTAL STATE AND LOCAL 208,037 22,300 230,337 - ------------------------------------------ --------------------------- -------------------------------- ------------- ---------- 16. TOTAL TAXES 239,507 22,300 261,807 - ------------------------------------------ --------------------------- -------------------------------- ------------- ---------- * The beginning tax liability should represent the liability from the prior month or, if this is the first operating report, this amount should be zero ** Attach photocopies of IRS Form 6123 or your FTD coupon and payment receipt to verify payment or deposit.
CASE NAME: Alford Refrigerated Warehouses, Inc. ACCRUAL BASIS-5 --------------------------------------- CASE NUMBER: 01-39776-BJH-11 MONTH: September, 2002 ------------------------------------- The debtor in possession must complete the reconciliation below for each bank account, including all general, payroll and tax accounts, as well as all savings and investment accounts, money market accounts, certificates of deposit, government obligations, etc. Accounts with restricted funds should be identified by placing an asterisk next to the account number. Attach additional sheets if necessary.
BANK RECONCILIATIONS Account #1 Account #2 Account #3 --------------- --------------- --------------- A. BANK Comerica Comerica Comerica B. ACCOUNT NUMBER 1880803067 1880803091 1880803026 Total C. PURPOSE (TYPE) DIP Cash DIP Collateral 1. BALANCE PER BANK STATEMENT 136,441 43,946 22,898 2. ADD: TOTAL DEPOSITS NOT CREDITED 3. SUBTRACT: OUTSTANDING CHECKS 135,212 9,969 4. OTHER RECONCILING ITEMS 5. MONTH END BALANCE PER ITEMS 1,229 33,977 22,898 6. NUMBER OF LAST CHECK WRITTEN 40309 60588 1034 INVESTMENT ACCOUNTS Account #1 Account #2 Account #3 --------------- ----------------- --------------- BANK, ACCOUNT NAME & NUMBER DATE OF TYPE OF PURCHASE CURRENT PURCHASE INSTRUMENT PRICE VALUE 7. ACCOUNT NUMBER 8. PURPOSE (TYPE): 9. BALANCE PER BANK STATEMENT 10. ADD: TOTAL DEPOSITS NOT CREDITED 11. TOTAL INVESTMENTS CASH 12. CURRENCY ON HAND 13. TOTAL CASH - END OF MONTH
CASE NAME: Alford Refrigerated Warehouses, Inc. ACCRUAL BASIS-5 -------------------------------------- CASE NUMBER: 01-39776-BJH-11 MONTH: September, 2002 ------------------------------------ The debtor in possession must complete the reconciliation below for each bank account, including all general, payroll and tax accounts, as well as all savings and investment accounts, money market accounts, certificates of deposit, government obligations, etc. Accounts with restricted funds should be identified by placing an asterisk next to the account number. Attach additional sheets if necessary.
BANK RECONCILIATIONS Account #4 Account #5 Account #6 --------------- --------------- ----------------- A. BANK Comerica Comerica B. ACCOUNT NUMBER 1880803075 1880803083 Total C. PURPOSE (TYPE) GE Cash Coll. FWCS Cash 1. BALANCE PER BANK STATEMENT 377,691 11,332 592,308 2. ADD: TOTAL DEPOSITS NOT CREDITED 3. SUBTRACT: OUTSTANDING CHECKS 25,335 170,516 4. OTHER RECONCILING ITEMS 5. MONTH END BALANCE PER ITEMS 352,356 11,332 421,792 6. NUMBER OF LAST CHECK WRITTEN 1138 30002 INVESTMENT ACCOUNTS Account #4 Account #5 Account #6 --------------- ----------------- -------------- BANK, ACCOUNT NAME & NUMBER DATE OF TYPE OF PURCHASE CURRENT PURCHASE INSTRUMENT PRICE VALUE 7. ACCOUNT NUMBER 8. PURPOSE (TYPE): 9. BALANCE PER BANK STATEMENT 10. ADD: TOTAL DEPOSITS NOT CREDITED 11. TOTAL INVESTMENTS CASH 12. CURRENCY ON HAND 2,568 13. TOTAL CASH - END OF MONTH 424,360
CASE NAME: Alford Refrigerated Warehouses, Inc. ACCRUAL BASIS-6 --------------------------------------- CASE NUMBER: 01-39776-BJH-11 MONTH: September, 2002 ------------------------------------- PAYMENTS TO INSIDERS AND PROFESSIONALS OF THE TOTAL DISBURSEMENTS SHOWN FOR THE MONTH, LIST THE AMOUNT PAID TO INSIDERS (AS DEFINED IN SECTION 101 (31) (A)-(F) OF THE U.S. BANKRUPTCY CODE) AND TO PROFESSIONALS. ALSO, FOR PAYMENTS TO INSIDERS, IDENTIFY THE TYPE OF COMPENSATION PAID (e.g. SALARY, BONUS, COMMISSIONS, INSURANCE, HOUSING ALLOWANCE, TRAVEL, CAR ALLOWANCE ETC). ATTACH ADDITIONAL SHEETS IF NECESSARY.
INSIDERS NAME TYPE OF PAYMENT AMOUNT PAID TOTAL PAID TO DATE 1.J.C. Williams Salary 9,796 101,356 2.K.R. McGinnis Salary 7,647 82,945 3.J.Y. Robichaud Salary 0 26,000 4.J.C. Williams Travel Expenses 950 1,440 5.J.Y. Robichaud Travel Expenses 7,602 6. TOTAL PAYMENTS TO INSIDERS 25,995 219,343 PROFESSIONALS NAME DATE OF COURT AMOUNT AMOUNT TOTAL TOTAL ORDER AUTHORIZING APPROVED PAID PAID TO INCURRED PAYMENT DATE & UNPAID* 1. 2. 3. 4. 5. 6. TOTAL PAYMENTS TO PROFESSIONALS 0 0 0 0 * INCLUDE ALL FEES INCURRED, BOTH APPROVED AND UNAPPROVED POSTPETITION STATUS OF SECURED NOTES, LEASES PAYABLE AND ADEQUATE PROTECTION PAYMENTS NAME OF CREDITOR SCHEDULED MONTHLY AMOUNTS PAID TOTAL UNPAID PAYMENTS DUE DURING MONTH POSTPETITION 1.G.E. Business Asset 23,694 23,694 1,841,840 2.G.E. Business Asset 154,667 8,119 1,582,362 3. 4. 5. 6. TOTAL PAYMENTS TO PROFESSIONALS 31,813 3,423,842
CASE NAME: Alford Refrigerated Warehouses, Inc. ACCRUAL BASIS-7 -------------------------------------- CASE NUMBER: 01-39776-BJH-11 MONTH: September, 2002 ------------------------------------ -----------------
QUESTIONNAIRE YES NO 1. Have any assets been sold or transferred outside the normal course of business this reporting period? X 2. Have any funds been disbursed from any account other than a debtor in possession account? X 3. Are any postpetition receivables (accounts, notes, or loans) due from related parties? X 4. Have any payments been made on prepetition liabilities this reporting period? X 5. Have any postpetition loans been received by the debtor from any party? X 6. Are any postpetition payroll taxes past due? X 7. Are any postpetition state or federal income taxes past due? X 8. Are any postpetition real estate taxes past due? X 9. Are any other postpetition taxes past due? X 10. Are any amounts owed to postpetition creditors delinquent? X 11. Have any prepetition taxes been paid during the reporting period? X 12. Are any wages payments past due? X If the answer to any of the above questions is "yes," provide a detailed explanation of each item. Attach additional sheets if necessary. INSURANCE YES NO 1. ARE WORKER'S COMPENSATION, GENERAL LIABILITY AND OTHER NECESSARY INSURANCE COVERAGES IN X EFFECT? 2. ARE ALL PREMIUM PAYMENTS PAID CURRENT? X 3. PLEASE ITEMIZE POLICIES BELOW. If the answer to any of the above questions is "NO," or if any policies have been cancelled or not renewed during this reporting period, provide an explanation below. Attach additional sheets if necessary. INSTALLMENT PAYMENTS TYPE OF POLICY CARRIER PERIOD COVERED PAYMENT AMOUNT AND FREQUENCY Property Chubb 03/22/02-03/22/03 $170,073 per year Excess Property Westchester/Commonwealth 03/22/02-03/22/03 $102,359 per year Boiler & Machinery Travelers 03/22/02-03/22/03 $10,061 per year CGL Scottsdale 08/01/02-08/01/03 $37,154 per year Commercial Umbrella United National 08/01/02-08/01/03 $16,958 per year Worker' Compensation Arch Specialty Insuranc 09/12/02-09/12/03 $90,170 per year
Case Name: Alford Refrigerated Warehouses, Inc. MOR-7 -------------------------------------- Case No: 01-39776-BJH-11 ---------------------------------------- 4. Payments have been made for insurance financing installments and long term secured debt. Payments are detailed on MOR-6. 5. The debtor renewed its Non-Subscribers insurance in September. The debtor signed a finance agreement with Premium Financing Specialists, Inc. in the principal amount of $90,169.80. This agreement runs for a period of eight months. The court has approved the agreement.