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

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 April 2002. It provides a detailed overview of the company's financial position, including assets, liabilities, income, expenses, cash flow, accounts receivable, and tax obligations. The report is signed and certified by the Chief Financial Officer, James C. Williams, confirming its accuracy. The report is part of the company's ongoing bankruptcy proceedings and is required for court oversight of its financial operations during reorganization.

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EX-1.1 3 ex1-1toapril8k.txt EXHIBIT 1.1 CASE NAME: ACCRUAL BASIS CASE NUMBER: 2/13/95 JUDGE: UNITED STATES BANKRUPTCY COURT NORTHERN DISTRICT OF TEXAS MONTHLY OPERATING REPORT MONTH ENDING: APRIL 30, 2002 IN ACCORDANCE WITH TITLE 28, SECTION 1746, OF THE UNITED STAES CODE, I DECLARE UNDER PENALTY OF PERJURY THAT I HAVE EXAMINED THE FOLLOWING MONTHLY OPERATING REPORT (ACCRUAL BASIS-1 THROUGH ACCRUAL 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 May 17, 2002 - --------------------------------------- --------------------------------- PRINTED NAME OF RESPONSIBLE PARTY DATE PREPARER: Chief Financial Officer - --------------------------------------- --------------------------------- ORIGINAL SIGNATURE OF PREPARER TITLE James C. Williams May 17, 2002 - --------------------------------------- --------------------------------- PRINTED NAME OF PREPARER DATE CASE NAME: Alford Refrigerated Warehouses, Inc. ACCRUAL BASIS-1 CASE NUMBER: 01-39776-BJH-11
COMPARATIVE BALANCE SHEET SCHEDULE MONTH MONTH MONTH AMOUNT ASSETS Apr. 2002 1. UNRESTRICTED CASH 397,191 2. RESTRICTED CASH 3. TOTAL CASH 397,191 4. ACCOUNTS RECEIVABLE (NET) 493,871 5. INVENTORY 6. NOTES RECEIVABLE 7. PREPAID EXPENSES 354,389 8. OTHER (ATTACH LIST) 9. TOTAL CURRENT ASSETS 1,235,451 10. PROPERTY, PLANT & EQUIPMENT 7,570,735 11. LESS: ACCUMULATED DEPRECIATION / DEPLETION 3,099,517 12. NET PROPERTY, PLANT & EQUIPMENT 4,471,218 13. DUE FROM INSIDERS (541,669) 14. OTHER ASSETS - NET OF 253,979 15. OTHER (ATTACH LIST) 126,276 16. TOTAL ASSETS 5,545,255 POST PETITION LIABILITIES 17. ACCOUNTS PAYABLE 413,436 18. TAXES PAYABLE 150,307 19. NOTES PAYABLE 225,305 20. PROFESSIONAL FEES 21. SECURED DEBT 22. OTHER (ATTACH LIST) 650 23. TOTAL POSTPETITION LIABILITIES 789,698 PREPETITION LIABILITIES 24. SECURED DEBT 4,709,055 25. PRIORITY DEBT 60,090 26. UNSECURED DEBT 3,087,862 27. OTHER (ATTACH LIST) 849,441 28. TOTAL PREPETITION LIABILITIES 8,706,448 29. TOTAL LIABILITIES 9,496,146 EQUITY 30. PREPETITION OWNER'S EQUITY (2,726,032) 31. POSTPETITION CUMULATIVE PROFIT OR (LOSS) (1,224,859) 32. DIRECT CHARGES TO EQUITY (ATTACH EXPLANATION) 33. TOTAL EQUITY (3,950,891) 34. TOTAL LIABILITIES & OWNER'S EQUITY 5,545,255
Case Name: Alford Refrigerated Warehouses, Inc. MOR-1 Case No: 01-39776-BJH-11 April `02 14. Capitalized Professional Fees $ 253,979 net of Amortization 15. Investment in Subsidiaries $ 10 Deposits 126,266 ----------- $ 126,276 22. Deferred Revenue $ 650 27. Deferred Income Taxes $ 697,039 Deferred Revenue 152,402 ----------- $ 849,441 CASE NAME: Alford Refrigerated Warehouses, Inc. ACCRUAL BASIS-2 CASE NUMBER: 01-39776-BJH-11
INCOME STATEMENT MONTH MONTH MONTH QUARTER TOTAL REVENUES April, 2002 1. GROSS REVENUES 360,783 360,783 2. LESS: RETURNS & DISCOUNTS 3. NET REVENUE 360,783 360,783 COST OF GOODS SOLD 4. MATERIAL 5. DIRECT LABOR 6. DIRECT OVERHEAD 7. TOTAL COST OF GOODS SOLD 8. GROSS PROFIT 360,783 360,783 OPERATING EXPENSES 9. OFFICER / INSIDER COMPENSATION 17,588 17,588 10. SELLING & MARKETING 11. GENERAL & ADMINISTRATIVE 360,892 360,892 12. RENT & LEASE 154,667 154,667 13. OTHER (ATTACHED) 14. TOTAL OPERATING EXPENSES 533,147 533,147 15. INCOME BEFORE NON-OPERATING INCOME & EXPENSE (172,364) (172,364) OTHER INCOME & EXPENSES 16. NON-OPERATING INCOME (ATT. LIST) 17. NON-OPERATING EXPENSE (ATT. LIST) 18. INTEREST EXPENSE 17,835 17,835 19. DEPRECIATION / DEPLETION 39,970 39,970 20. AMORTIZATION 2,789 2,789 21. OTHER (ATTACH LIST) 22. NET OTHER INCOME & EXPENSES 60,594 60,594 REORGANIZATION EXPENSES 23. PROFESSIONAL FEES 24. U.S. TRUSTEE FEES 25. OTHER (ATTACH LIST) 26. TOTAL REORGANIZATION EXPENSES 27. INCOME TAX 28. NET PROFIT (LOSS) (232,958) (232,958)
CASE NAME: Alford Refrigerated Warehouses, Inc. ACCRUAL BASIS-3 CASE NUMBER: 01-39776-BJH-11
CASH RECEIPTS AND DISBURSEMENTS MONTH MONTH MONTH QUARTER TOTAL April, 2002 1. CASH - BEGINNING OF MONTH 288,711 288,711 RECEIPTS FROM OPERATIONS 2. CASH SALES 3,593 3,593 COLLECTION OF ACCOUNTS RECEIVABLES 3. PREPETITION 6,778 6,778 4. POSTPETITION 406,760 406,760 5. TOTAL OPERATING RECEIPTS 417,131 417,131 NON-OPERATING RECEIPTS 6. LOANS & ADVANCES (ATTACH LIST) 7. SALE OF ASSETS 8. OTHER (ATTACH LIST) 9. TOTAL NON-OPERATING RECEIPTS 10. TOTAL RECEIPTS 417,131 417,131 11. TOTAL CASH AVAILABLE 705,842 705,842 OPERATING DISBURSEMENTS 12. NET PAYROLL 88,982 88,982 13. PAYROLL TAXES PAID 48,184 48,184 14. SALES, USE & OTHER TAXES PAID 15. SECURED / RENTAL / LEASES 16. UTILITIES 39,235 39,235 17. INSURANCE 70,892 70,892 18. INVENTORY PURCHASES 19. VEHICLE EXPENSES 20. TRAVEL 190 190 21. ENTERTAINMENT 22. REPAIRS & MAINTENANCE 34,072 34,072 23. SUPPLIES 1,783 1,783 24. ADVERTISING 25. OTHER (ATTACH LIST) 25,313 25,313 26. TOTAL OPERATING DISBURSEMENTS 308,651 308,651 REORGANIZATION EXPENSES 27. PROFESSIONAL FEES 28. U.S. TRUSTEE FEES 29. OTHER (ATTACH LIST) 30. TOTAL REORGANIZATION EXPENSES 31. TOTAL DISBURSEMENTS 308,651 308,651 32. NET CASH FLOW 397,191 397,191 33. CASH - END OF MONTH 397,191 397,191
Case Name: Alford Refrigerated Warehouses, Inc. MOR-3 Case No: 01-39776-BJH-11 Apr. 02 25. Bank Charges $ 204 Licenses & Fees 53 Employee withholdings for Child Support, Irs Levy, 401(K), Credit Union, Medical Premiums 25,056 ------- $25,313 CASE NAME: Alford Refrigerated Warehouses, Inc. ACCRUAL BASIS-4 CASE NUMBER: 01-39776-BJH-11
ACCOUNTS RECEIVABLE ACCOUNTS MONTH MONTH MONTH April, 2002 1. 0-30 284,329 2. 31-60 34,837 3. 61-90 18,090 4. 91+ 56,923 5. TOTAL ACCOUNTS RECEIVABLE 394,179 6. AMOUNT CONSIDERED UNCOLLECTIBLE 7. ACCOUNTS RECEIVABLE (NET) 394,179
AGING OF POSTPETITION TAXES AND PAYABLES MONTH: April, 2002 -------------- TAXES PAYABLE 0-30 DAYS 31-60 DAYS 61-90 DAYS 91+ DAYS TOTAL 1. FEDERAL 31,470 31,470 2. STATE 3. LOCAL 22,300 22,300 22,300 51,937 118,837 4. OTHER (ATTACH LIST) 5. TOTAL TAXES PAYABLE 22,300 22,300 22,300 83,407 150,307 6. ACCOUNTS PAYABLE 31,711 216.00 0 8,281 40,208
STATUS OF POSTPETITION TAXES MONTH: April, 2002 ----------- BEGINNING AMOUNT AMOUNT ENDING TAX WITHHOLDING PAID TAX FEDERAL LIABILITY ON ACCOUNT 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 96,537 22,300 118,837 13. PERSONAL PROPERTY 14. OTHER (ATTACH LIST) 15. TOTAL STATE & LOCAL 96,537 22,300 118,837 16. TOTAL TAXES 128,007 22,300 150,307 * The beginning tax liability should represent the liability from the prior month or, if this is the first operating report, the 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: April, 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 72,352 64,911 41,913 2. ADD: TOTAL DEPOSITS NOT CREDITED 3. SUBTRACT OUTSTANDING CHECKS 225 31,231 4. OTHER RECONCILING ITEMS 5. MONTH END BALANCE PER ITEMS 72,127 33,680 41,913 6. NUMBER OF LAST CHECK WRITTEN 40297 60114 1033 INVESTMENT ACCOUNTS DATE OF TYPE OF PURCHASE CURRENT BANK ACCOUNT NAME & NUMBER 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: April, 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 TOTAL A. BANK Comerica Comerica B. ACCOUNT NUMBER 1880803075 1880803083 C. PURPOSE GE Cash Coll. FWCS Cash 1. BALANCE PER BANK STATEMENT 250,751 4,546 434,473 2. ADD: TOTAL DEPOSITS NOT CREDITED 3. SUBTRACT OUTSTANDING CHECKS 8,394 39,850 4. OTHER RECONCILING ITEMS 5. MONTH END BALANCE PER ITEMS 242,357 4,546 394,623 6. NUMBER OF LAST CHECK WRITTEN 1050 30000
INVESTMENT ACCOUNTS BANK ACCOUNT NAMES & 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 397,191
CASE NAME: Alford Refrigerated Warehouses, Inc. ACCRUAL BASIS-6 CASE NUMBER: 01-39776-BJH-11 MONTH: April, 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 TYPE OF AMOUNT TOTAL PAID PAYMENT PAID TO DATE 1. J. C. Williams Salary 9,622 52,717 2. K. R. Mcginnis Salary 7,965 43,093 3. J. Y. Robichaud Salary 0 26,000 4. 5. TOTAL PAYMENTS TO 17,587 121,810 INSIDERS PROFESSIONALS DATE OF COURT AMOUNT AMOUNT TOTAL TOTAL NAME AUTHORIZED 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
SCHEDULED AMOUNTS TOTAL NAMED CREDITOR MONTHLY PAID DURING UNPAID PAYMENTS DUE MONTH POSTPETITION 1. AFCO 1,502 1,502 1,490 2. Cananwill, Inc. 10,325 12,906 23,012 3. Republic Group 2,351 3,522 10,765 4. 5. 6. TOTAL PAYMENTS TO PROFESSIONALS 17,930 35,267
CASE NAME: Alford Refrigerated Warehouses, Inc. ACCRUAL BASIS-7 CASE NUMBER: 01-39776-BJH-11 MONTH: April, 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 WAGE 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. See Attached INSURANCE YES NO 1. ARE WORKER'S COMPENSATION, GENERAL LIABILITY AND OTHER NECESSARY INSURANCE COVERAGES IN EFFECT? X 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. All premiums to the carriers are paid, installments to the finance company for CGL & worker's comp. insurance are not paid current. TYPE OF POLICY CARRIER PERIOD COVERED PAYMENT AMOUNT ------------- 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's 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. 5. The debtor renewed its Warehouseman's Legal Liability insurance in April. The debtor signed a finance agreement with A.I. Credit Corp. in the principal amount of $36,594.00. This agreement runs for a period of seven months. The court has approved the agreement.