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

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 period ending May 31, 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, equity, income, expenses, and cash flows. The report is submitted under penalty of perjury as part of ongoing bankruptcy proceedings, ensuring transparency and compliance with court requirements.

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EX-1.1 3 refrig_july2002-8k.txt CASE NAME: ACCRUAL BASIS CASE: 2/13/95 JUDGE: UNITED STATES BANKRUPTCY COURT NORTHERN DISTRICT OF TEXAS MONTHLY OPERATING REPORTS MONTH ENDING: MAY 31, 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 June 19, 2002 - --------------------------------------- ----------------------------------- PRINTED NAME OF RESPONSIBLE PARTY DATE PREPARER: Chief Fianacial Officer - --------------------------------------- ----------------------------------- ORIGINAL SIGNATURE OF PREPARER TITLE James C. Williams June 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 - -------------------------------------- ---------------------- ------------------ --------------------- --------------------- 1. UNRESTRICTED CASH 397,191 441,962 2. RESTRICTED CASH 3. TOTAL CASH 397,191 441,962 4. ACCOUNTS RECEIVABLE, NET 483,871 405,586 - -------------------------------------- ---------------------- ------------------ --------------------- --------------------- 5. INVENTORY 6. NOTES RECEIVABLE 7. PREPAID EXPENSES 354,389 313,233 8. OTHER (ATTACH LIST) 9. TOTAL CURRENT ASSETS 1,235,451 1,160,781 - -------------------------------------- ---------------------- ------------------ --------------------- --------------------- 10. PROPERTY, PLANT, & EQUIPMENT 7,570,735 7,570,735 11. LESS:ACCUMULATED 3,099,517 3,139,453 DEPRECIATION/DEPLETION 12. NET PROPERTY, PLANT & EQUIPMENT 4,471,218 4,431,282 - -------------------------------------- ---------------------- ------------------ --------------------- --------------------- 13. DUE FROM INSIDERS (541,669) (696,336) 14. OTHER ASSETS - NET OF 253,979 251,190 15. OTHER (ATTACH LIST) 126,276 175,996 16. TOTAL ASSETS 5,545,255 5,322,913 - -------------------------------------- ---------------------- ------------------ --------------------- --------------------- POST PETITION LIABILITIES 17. ACCOUNTS PAYABLE 413,436 490,282 18. TAXES PAYABLE 150,307 172,607 19. NOTES PAYABLE 225,305 196,859 20. PROFESSIONAL FEES 21. SECURED DEBT 22. OTHER (ATTACH LIST) 650 688 23. TOTAL POSTPETITION LIABILITIES 789,698 860,436 - -------------------------------------- ---------------------- ------------------ --------------------- --------------------- PREPETITION LIABILITIES 24. SECURED DEBT 4,709,055 4,692,772 25. PRIORITY DEBT 60,090 60,090 26. UNSECURED DEBT 3,087,862 3,087,862 27. OTHER (ATTACH LIST) 849,441 849,441 28. TOTAL PREPETITION LIABILITIES 8,706,448 8,690,165 29. TOTAL LIABILITIES 9,496,146 9,550,601 EQUITY - -------------------------------------- ---------------------- ------------------ --------------------- --------------------- 30. PREPETITION OWNER'S EQUITY (2,726,032) (2,726,032) 31. POSTPETITION CUMULATIVE PROFIT OR (1,224,859) (1,501,656) (LOSS) 32. DIRECT CHARGES TO EQUITY 33. TOTAL EQUITY (3,950,891) (4,227,688) - -------------------------------------- ---------------------- ------------------ --------------------- --------------------- 34. TOTAL LIABILITIES & OWNERS' EQUITY 5,545,255 5,322,913
Case Name: Alford Refrigerated Warehouses, Inc. MOR-1 Case No: 01-39776-BJH-11 April '02 May '02 14. Capitalized Professional Fees $ 253,979 $ 251,190 net of Amortization 15. Investment in Subsidiaries $ 10 $ 10 Deposits 126,266 175,986 --------- --------- $ 126,276 $ 175,996 22. Deferred Revenue $ 650 $ 688 27. Deferred Income Taxes $ 697,039 $ 697,039 Deferred Revenue 152,402 152,402 ------------ --------- $ 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 1. GROSS REVENUES 360,783 402,376 763,159 2. LESS: RETURNS & DISCOUNTS 3. NET REVENUE 360,783 402,376 763,159 - ------------------------------------------ ---------------------- ------------------- ----------------------- ------------------ COSTS OF GOODS SOLD 4. MATERIAL 5. DIRECT LABOR 6. DIRECT OVERHEAD 7. TOTAL COST OF GOODS SOLD 8. GROSS PROFIT 360,783 402,376 763,159 - ------------------------------------------ ---------------------- ------------------- ----------------------- ------------------ OPERATING EXPENSES 9. OFFICER / INSIDER COMPENSATION 17,588 18,580 36,168 10. SELLING & MARKETING 11. GENERAL & ADMINISTRATIVE 356,392 445,280 801,672 12. RENT & LEASE 154,667 154,667 309,334 13. OTHER (ATTACH LIST) 14. TOTAL OPERATING EXPENSES 528,647 618,527 1,147,174 15. INCOME BEFORE NON-OPERATING (167,864) (216,151) (384,015) INCOME & EXPENSE OTHER INCOME & EXPENSE - ------------------------------------------ ---------------------- ------------------- ----------------------- ------------------ 16. NON-OPERATING INCOME (ATTACH LIST) 17. NON-OPERATING EXPENSE (ATTACH LIST) 18. INTEREST EXPENSE 17,835 16,671 34,506 19. DEPRECIATION / DEPLETION 39,970 39,936 79,906 20. AMORITIZATION 2,789 2,789 5,578 21. OTHER (ATTACH LIST) 22. NET OTHER INCOME & EXPENSES 60,594 59,396 119,990 - ------------------------------------------ ---------------------- ------------------- ----------------------- ------------------ 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) (509,755)
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 1. CASH - BEGINNING OF MONTH 288,711 397,191 288,711 - ------------------------------------------ ---------------------- ------------------- ----------------------- ------------------ RECEIPTS FROM OPERATORS 2. CASH SALES 3,593 2,717 6,310 - ------------------------------------------ ---------------------- ------------------- ----------------------- ------------------ COLLECTIONS OF ACCOUNTS RECEIVABLE 3. PREPETITION 6,778 11,167 17,945 4. POSTPETITION 406,760 466,902 873,662 5. TOTAL OPERATING RECEIPTS 417,131 480,786 897,917 - ------------------------------------------ ---------------------- ------------------- ----------------------- ------------------ NON-OPERATING RECEIPTS 6. LOANS & ADVANCES (ATTACH LIST) 7. SALE OF ASSETS 8. OTHER (ATTACH LIST) 9. TOTAL NON-OPERATING RECEIPTS 10. TOTAL RECEIPTS 417,131 480,786 897,917 11. TOTAL CASH AVAILABLE 705,842 1,186,628 - ------------------------------------------ ---------------------- ------------------- ----------------------- ------------------ OPERATING DISBURSEMENTS 12. NET PAYROLL 88,982 113,829 202,811 13. PAYROLL TAXES PAID 48,184 38,819 87,003 14. SALES, USE & OTHER TAXES PAID 15. SECURED / RENTAL / LEASE 62,978 62,978 16. UTILITIES 39,235 79,976 119,211 17. INSURANCE 70,892 47,555 118,447 18. INVENTORY PURCHASES 19. VEHICLE EXPENSES 20. TRAVEL 190 165 355 21. ENTERTAINMENT 22. REPAIRS & MAINTENANCE 34,072 45,111 79,183 23. SUPPLIES 1,783 8,827 10,610 24. ADVERTISING 25. OTHER (ATTACH LIST) 25,313 33,005 58,318 26. TOTAL OPERATING DISBURSEMENTS 308,651 430,265 738,916 - ------------------------------------------ ---------------------- ------------------- ----------------------- ------------------ 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 308,651 436,015 744,666 32. NET CASH FLOW 397,191 441,962 441,962 33. CASH - END OF MONTH 397,191 441,962 441,962
Case Name: Alford Refrigerated Warehouses, Inc. MOR-3 Case No: 01-39776-BJH-11 Apr. 02 May 02 25. Bank Charges $ 204 $ 256 Licenses & Fees 53 75 Employee withholdings for Child Support, Irs Levy, 401(K), Credit Union, Medical Premiums 25,056 32,674 ---------- --------- $ 25,313 $ 33,005 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 1. 0 - 30 284,329 241,627 2. 31 - 60 34,837 38,137 3. 61 - 90 18,090 4,368 4. 91 + 56,923 31,762 5. TOTAL ACCOUNTS RECEIVABLE 394,179 315,894 6. AMOUNT CONSIDERED UNCOLLECTABLE 7. ACCOUNTS RECEIVABLE, NET 394,179 315,894 AGING OF POSTPETITION TAXES AND PAYABLES MONTH: May, 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 74,237 141,137 4. OTHER (ATTACH LIST) 5. TOTAL TAXES PAYABLE 22,300 22,300 22,300 105,707 172,607 6. ACCOUNTS PAYABLE 43,828 817 1,171 7,990 53,806 STATUS OF POSTPETITION TAXES MONTH: May, 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 118,837 22,300 141,137 13. PERSONAL PROPERTY 14. OTHER (ATTACH LIST) 15. TOTAL STATE AND LOCAL 118,837 22,300 141,137 - ------------------------------------------ --------------------------- -------------------------------- ------------- ---------- 16. TOTAL TAXES 150,307 22,300 172,607 * 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: May, 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 107,719 59,369 41,911 2. ADD: TOTAL DEPOSITS NOT CREDITED 3. SUBTRACT: OUTSTANDING CHECKS 50,225 19,088 4. OTHER RECONCILING ITEMS 5. MONTH END BALANCE PER ITEMS 57,494 40,281 41,911 6. NUMBER OF LAST CHECK WRITTEN 40298 60204 1033 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: May, 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 295,354 6,048 510,401 2. ADD: TOTAL DEPOSITS NOT CREDITED 3. SUBTRACT: OUTSTANDING CHECKS 1,694 71,007 4. OTHER RECONCILING ITEMS 5. MONTH END BALANCE PER ITEMS 293,660 6,048 439,394 6. NUMBER OF LAST CHECK WRITTEN 1065 30000 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 441,962
CASE NAME: Alford Refrigerated Warehouses, Inc. ACCRUAL BASIS-6 ------------------------------------ CASE NUMBER: 01-39776-BJH-11 MONTH: May, 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 10,124 62,841 2.K.R. McGinnis Salary 8,456 51,549 3.J.Y. Robichaud Salary 0 26,000 4. 5. 6. TOTAL PAYMENTS TO INSIDERS 18,580 140,390 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 1,502 1,502 0 2.Cananwill, Inc. 10,325 12,906 10,325 3.Republic Group 2,351 3,522 3,698 4. 5. 6. TOTAL PAYMENTS TO PROFESSIONALS 17,930 14,023
CASE NAME: Alford Refrigerated Warehouses, Inc. ACCRUAL BASIS-7 ------------------------------------ CASE NUMBER: 01-39776-BJH-11 MONTH: May, 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.