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

Contract Categories: Business Operations › Administration Agreements
Summary

This document is a monthly operating report for Alford Refrigerated Warehouses, Inc., filed with the United States Bankruptcy Court for the Northern District of Texas for the month ending June 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 balance sheets, income statements, and cash flow for April, May, and June 2002. The report is submitted under penalty of perjury and is required as part of ongoing bankruptcy proceedings to ensure transparency and compliance with court requirements.

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EX-1.1 3 ex1tojuly20028k.txt CASE NAME: ACCRUAL BASIS CASE: 2/13/95 JUDGE: UNITED STATES BANKRUPTCY COURT NORTHERN DISTRICT OF TEXAS MONTHLY OPERATING REPORTS MONTH ENDING: JUNE 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 July 19, 2002 - --------------------------------------- ----------------------------------- PRINTED NAME OF RESPONSIBLE PARTY DATE PREPARER: Chief Fianacial Officer - --------------------------------------- ----------------------------------- ORIGINAL SIGNATURE OF PREPARER TITLE James C. Williams July 19, 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 Apr. 2002 May 2002 June 2002 - -------------------------------------- ---------------------- ------------------ --------------------- --------------------- 1. UNRESTRICTED CASH 397,191 441,962 450,767 2. RESTRICTED CASH 3. TOTAL CASH 397,191 441,962 450,767 4. ACCOUNTS RECEIVABLE, NET 483,871 405,586 510,025 - -------------------------------------- ---------------------- ------------------ --------------------- --------------------- 5. INVENTORY 6. NOTES RECEIVABLE 7. PREPAID EXPENSES 354,389 313,233 268,992 8. OTHER (ATTACH LIST) 9. TOTAL CURRENT ASSETS 1,235,451 1,160,781 1,229,784 - -------------------------------------- ---------------------- ------------------ --------------------- --------------------- 10. PROPERTY, PLANT, & EQUIPMENT 7,570,735 7,570,735 7,570,735 11. LESS:ACCUMULATED 3,099,517 3,139,453 3,178,716 DEPRECIATION/DEPLETION 12. NET PROPERTY, PLANT & EQUIPMENT 4,471,218 4,431,282 4,392,019 - -------------------------------------- ---------------------- ------------------ --------------------- --------------------- 13. DUE FROM INSIDERS (541,669) (696,336) (851,003) 14. OTHER ASSETS - NET OF 253,979 251,190 248,401 15. OTHER (ATTACH LIST) 126,276 175,996 175,996 16. TOTAL ASSETS 5,545,255 5,322,913 5,195,197 - -------------------------------------- ---------------------- ------------------ --------------------- --------------------- POST PETITION LIABILITIES 17. ACCOUNTS PAYABLE 413,436 490,282 595,352 18. TAXES PAYABLE 150,307 172,607 194,907 19. NOTES PAYABLE 225,305 196,859 168,479 20. PROFESSIONAL FEES 21. SECURED DEBT 22. OTHER (ATTACH LIST) 650 688 738 23. TOTAL POSTPETITION LIABILITIES 789,698 860,436 959,476 - -------------------------------------- ---------------------- ------------------ --------------------- --------------------- PREPETITION LIABILITIES 24. SECURED DEBT 4,709,055 4,692,772 4,671,821 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) 849,441 849,441 849,441 28. TOTAL PREPETITION LIABILITIES 8,706,448 8,690,165 8,669,214 29. TOTAL LIABILITIES 9,496,146 9,550,601 9,628,690 - -------------------------------------- ---------------------- ------------------ --------------------- --------------------- EQUITY 30. PREPETITION OWNER'S EQUITY (2,726,032) (2,726,032) (2,726,032) 31. POSTPETITION CUMULATIVE PROFIT OR (1,224,859) (1,501,656) (1,707,461) (LOSS) 32. DIRECT CHARGES TO EQUITY 33. TOTAL EQUITY (3,950,891) (4,227,688) (4,433,493) - -------------------------------------- ---------------------- ------------------ --------------------- --------------------- 34. TOTAL LIABILITIES & OWNERS' EQUITY 5,545,255 5,322,913 5,195,197
Case Name: Alford Refrigerated Warehouses, Inc. MOR-1 Case No: 01-39776-BJH-11 April '02 May '02 June '02 14. Capitalized Professional Fees $ 253,979 $ 251,190 $ 248,401 net of Amortization 15. Investment in Subsidiaries $ 10 $ 10 $ 10 Deposits 126,266 175,986 175,986 ------------ ---------- ---------- $ 126,276 $ 175,996 $ 175,996 22. Deferred Revenue $ 650 $ 688 $ 738 27. Deferred Income Taxes $ 697,039 $ 697,039 $ 697,039 Deferred Revenue 152,402 152,402 152,402 ------------ ---------- ---------- $ 849,441 $ 849,441 $ 849,441
CASE NAME: Alford Refrigerated Warehouses, Inc. ACCRUAL BASIS-2 ------------------------------------ CASE NUMBER: 01-39776-BJH-11
INCOME STATEMENT - ------------------------------------------ ---------------------- ------------------- ----------------------- ------------------ REVENUES MONTH MONTH MONTH QUARTER TOTAL April, 2002 May, 2002 June 2002 1. GROSS REVENUES 360,783 402,376 411,989 1,175,148 2. LESS: RETURNS & DISCOUNTS 3. NET REVENUE 360,783 402,376 411,989 1,175,148 COSTS OF GOODS SOLD 4. MATERIAL 5. DIRECT LABOR 6. DIRECT OVERHEAD 7. TOTAL COST OF GOODS SOLD 8. GROSS PROFIT 360,783 402,376 411,989 1,175,148 OPERATING EXPENSES 9. OFFICER / INSIDER COMPENSATION 17,588 18,580 16,315 52,483 10. SELLING & MARKETING 11. GENERAL & ADMINISTRATIVE 356,392 445,280 388,164 1,189,836 12. RENT & LEASE 154,667 154,667 154,667 464,001 13. OTHER (ATTACH LIST) 14. TOTAL OPERATING EXPENSES 528,647 618,527 559,146 1,706,320 15. INCOME BEFORE NON-OPERATING (167,864) (216,151) (147,157) (531,172) INCOME & EXPENSE OTHER INCOME & EXPENSE 16. NON-OPERATING INCOME (ATTACH LIST) 17. NON-OPERATING EXPENSE (ATTACH LIST) 18. INTEREST EXPENSE 17,835 16,671 16,596 51,102 19. DEPRECIATION / DEPLETION 39,970 39,936 39,263 119,169 20. AMORITIZATION 2,789 2,789 2,789 8,367 21. OTHER (ATTACH LIST) 22. NET OTHER INCOME & EXPENSES 60,594 59,396 58,648 178,638 REORGANIZATION EXPENSES 23. PROFESSIONAL FEES 24. U.S. TRUSTEE FEES 4,500 1,250 5,750 25. OTHER (ATTACH LIST) 26. TOTAL REORGANIZATION EXPENSES 4,500 1,250 5,750 27. INCOME TAX 28. NET PROFIT (LOSS) (232,958) (276,797) (205,805) (715,560)
CASE NAME: Alford Refrigerated Warehouses, Inc. ACCRUAL BASIS-3 ------------------------------------ CASE NUMBER: 01-39776-BJH-11
CASH RECEIPTS AND MONTH MONTH MONTH QUARTER DISBURSEMENTS TOTAL April, 2002 May, 2002 June, 2002 1. CASH - BEGINNING OF MONTH 288,711 397,191 441,962 288,711 RECEIPTS FROM OPERATORS 2. CASH SALES 3,593 2,717 2,232 8,542 COLLECTIONS OF ACCOUNTS RECEIVABLE 3. PREPETITION 6,778 11,167 17,945 4. POSTPETITION 406,760 466,902 312,752 1,186,414 5. TOTAL OPERATING RECEIPTS 417,131 480,786 314,984 1,212,901 NON-OPERATING RECEIPTS 6. LOANS & ADVANCES (ATTACH LIST) 7. SALE OF ASSETS 8. OTHER (ATTACH LIST) 9. TOTAL NON-OPERATING RECEIPTS 10. TOTAL RECEIPTS 417,131 480,786 314,984 1,212,901 11. TOTAL CASH AVAILABLE 705,842 877,977 756,946 1,501,612 OPERATING DISBURSEMENTS 12. NET PAYROLL 88,982 113,829 87,181 289,992 13. PAYROLL TAXES PAID 48,184 38,819 35,315 122,318 14. SALES, USE & OTHER TAXES PAID 15. SECURED / RENTAL / LEASE 62,978 23,694 86,672 16. UTILITIES 39,235 79,976 33,068 152,279 17. INSURANCE 70,892 47,555 42,301 160,748 18. INVENTORY PURCHASES 19. VEHICLE EXPENSES 20. TRAVEL 190 165 332 687 21. ENTERTAINMENT 22. REPAIRS & MAINTENANCE 34,072 45,111 55,512 134,695 23. SUPPLIES 1,783 8,827 1,756 12,366 24. ADVERTISING 25. OTHER (ATTACH LIST) 25,313 33,005 27,020 85,338 26. TOTAL OPERATING DISBURSEMENTS 308,651 430,265 306,179 1,045,095 REORGANIZATION EXPENSES 27. PROFESSIONAL FEES 28. U.S. TRUSTEE FEES 5,750 5,750 29. OTHER (ATTACH LIST) 30. TOTAL REORGANIZATION EXPENSES 5,750 5,750 31. TOTAL DISBURSEMENTS 308,651 436,015 306,179 1,050,845 32. NET CASH FLOW 397,191 441,962 450,767 450,767 33. CASH - END OF MONTH 397,191 441,962 450,767 450,767
Case Name: Alford Refrigerated Warehouses, Inc. MOR-3 Case No: 01-39776-BJH-11 Apr. 02 May 02 June 02 25. Bank Charges $ 204 $ 256 $ 255 Licenses & Fees 53 75 0 Employee withholdings for Child Support, Irs Levy, 401(K), Credit Union, Medical Premiums 25,056 32,674 26,765 -------- -------- -------- $25,313 $33,005 $27,020
CASE NAME: Alford Refrigerated Warehouses, Inc. ACCRUAL BASIS-4 ------------------------------------ CASE NUMBER: 01-39776-BJH-11
ACCOUNTS RECEIVABLE AGING SCHEDULE MONTH MONTH MONTH AMOUNT April, 2002 May, 2002 June, 2002 1. 0 - 30 284,329 241,627 338,868 2. 31 - 60 34,837 38,137 39,874 3. 61 - 90 18,090 4,368 6,993 4. 91 + 56,923 31,762 34,599 5. TOTAL ACCOUNTS RECEIVABLE 394,179 315,894 420,334 6. AMOUNT CONSIDERED UNCOLLECTABLE 7. ACCOUNTS RECEIVABLE, NET 394,179 315,894 420,334 AGING OF POSTPETITION TAXES AND PAYABLES MONTH: June, 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 96,537 163,437 4. OTHER (ATTACH LIST) 5. TOTAL TAXES PAYABLE 22,300 22,300 22,300 128,007 194,907 6. ACCOUNTS PAYABLE 41,409 0 0 216 41,625
STATUS OF POSTPETITION TAXES MONTH: June, 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 141,137 22,300 163,437 13. PERSONAL PROPERTY 14. OTHER (ATTACH LIST) 15. TOTAL STATE AND LOCAL 141,137 22,300 163,437 - ------------------------------------------ --------------------------- -------------------------------- ------------- ---------- 16. TOTAL TAXES 172,607 22,300 194,907 - ------------------------------------------ --------------------------- -------------------------------- ------------- ---------- * 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: June, 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 90,997 29,126 40,911 2. ADD: TOTAL DEPOSITS NOT CREDITED 3. SUBTRACT: OUTSTANDING CHECKS 212 19,652 4. OTHER RECONCILING ITEMS 5. MONTH END BALANCE PER ITEMS 90,785 9,474 40,911 6. NUMBER OF LAST CHECK WRITTEN 40298 60300 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: June, 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 301,327 7,376 469,737 2. ADD: TOTAL DEPOSITS NOT CREDITED 3. SUBTRACT: OUTSTANDING CHECKS 1,674 21,538 4. OTHER RECONCILING ITEMS 5. MONTH END BALANCE PER ITEMS 299,653 7,376 448,199 6. NUMBER OF LAST CHECK WRITTEN 1083 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 450,767
CASE NAME: Alford Refrigerated Warehouses, Inc. ACCRUAL BASIS-6 ------------------------------------ CASE NUMBER: 01-39776-BJH-11 MONTH: June, 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 8,981 71,822 2.K.R. McGinnis Salary 7,334 58,883 3.J.Y. Robichaud Salary 0 26,000 4. 5. 6. TOTAL PAYMENTS TO INSIDERS 16,315 156,705 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.AFCO 0 0 0 2.Cananwill, Inc. 10,325 10,325 0 3.Republic Group 2,351 2,351 2,331 4. 5. 6. TOTAL PAYMENTS TO PROFESSIONALS 12,676 2,331
CASE NAME: Alford Refrigerated Warehouses, Inc. ACCRUAL BASIS-7 ------------------------------------ CASE NUMBER: 01-39776-BJH-11 MONTH: June, 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 Republic 08/01/01-08/01/02 $19,912 per year Commercial Umbrella Republic 08/01/01-08/01/02 $6,329 per year Worker' Compensation United National 09/12/01-09/12/02 $113,924 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. Payments are detailed on MOR-6.