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

Contract Categories: Business Operations › Administration Agreements
Summary

This document is a monthly operating report for Alford Refrigerated Warehouses, Inc., submitted to the United States Bankruptcy Court for the Northern District of Texas for the period ending November 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 the month. It outlines assets, liabilities, equity, revenues, expenses, and cash transactions, as required during bankruptcy proceedings to ensure transparency and compliance with court requirements.

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EX-1.1 3 alforddecember2002.txt CASE NAME: ACCRUAL BASIS CASE: 2/13/95 JUDGE: UNITED STATES BANKRUPTCY COURT NORTHERN DISTRICT OF TEXAS MONTHLY OPERATING REPORTS MONTH ENDING: NOVEMBER 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 December 19, 2002 - --------------------------------------- ------------------------------- PRINTED NAME OF RESPONSIBLE PARTY DATE PREPARER: Chief Fianacial Officer - --------------------------------------- ------------------------------- ORIGINAL SIGNATURE OF PREPARER TITLE James C. Williams December 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 Oct. 2002 Nov. 2002 - -------------------------------------- ---------------------- ------------------ --------------------- --------------------- 1. UNRESTRICTED CASH 397,143 428,794 2. RESTRICTED CASH 3. TOTAL CASH 397,143 428,794 4. ACCOUNTS RECEIVABLE, NET 518,127 535,756 - -------------------------------------- ---------------------- ------------------ --------------------- --------------------- 5. INVENTORY 6. NOTES RECEIVABLE 7. PREPAID EXPENSES 265,350 224,631 8. OTHER (ATTACH LIST) 9. TOTAL CURRENT ASSETS 1,180,620 1,189,181 - -------------------------------------- ---------------------- ------------------ --------------------- --------------------- 10. PROPERTY, PLANT, & EQUIPMENT 7,579,059 7,579,059 11. LESS:ACCUMULATED 3,330,849 3,365,961 DEPRECIATION/DEPLETION 12. NET PROPERTY, PLANT & EQUIPMENT 4,248,210 4,213,098 - -------------------------------------- ---------------------- ------------------ --------------------- --------------------- 13. DUE FROM INSIDERS (1,461,925) (1,616,592) 14. OTHER ASSETS - NET OF 237,244 234,455 15. OTHER (ATTACH LIST) 179,796 179,796 16. TOTAL ASSETS 4,383,945 4,199,938 - -------------------------------------- ---------------------- ------------------ --------------------- --------------------- POST PETITION LIABILITIES 17. ACCOUNTS PAYABLE 607,832 633,110 18. TAXES PAYABLE 284,107 306,407 19. NOTES PAYABLE 152,865 109,915 20. PROFESSIONAL FEES 21. SECURED DEBT 22. OTHER (ATTACH LIST) 4,611 4,611 23. TOTAL POSTPETITION LIABILITIES 1,049,415 1,054,043 - -------------------------------------- ---------------------- ------------------ --------------------- --------------------- PREPETITION LIABILITIES 24. SECURED DEBT 4,555,143 4,546,446 25. PRIORITY DEBT 60,090 60,090 26. UNSECURED DEBT 3,087,862 3,087,862 27. OTHER (ATTACH LIST) 839,848 839,848 28. TOTAL PREPETITION LIABILITIES 8,542,943 8,534,246 29. TOTAL LIABILITIES 9,592,358 9,588,289 - -------------------------------------- ---------------------- ------------------ --------------------- --------------------- EQUITY 30. PREPETITION OWNER'S EQUITY (2,726,032) (2,726,032) 31. POSTPETITION CUMULATIVE PROFIT OR (2,482,381) (2,662,319) (LOSS) 32. DIRECT CHARGES TO EQUITY 33. TOTAL EQUITY (5,208,413) (5,388,351) - -------------------------------------- ---------------------- ------------------ --------------------- --------------------- 34. TOTAL LIABILITIES & OWNERS' EQUITY 4,383,945 4,199,938
Case Name: Alford Refrigerated Warehouses, Inc. MOR-1 Case No: 01-39776-BJH-11 Oct `02 Nov `02 14. Capitalized Professional Fees $ 237,244 $ 234,455 net of Amortization 15. Investment in Subsidiaries $ 10 10 Deposits 179,786 179,786 ------------ ---------- $ 179,796 $ 179,796 22. Deferred Revenue $ 4,611 $ 4,611 27. Deferred Income Taxes $ 697,039 $ 697,039 Deferred Revenue 142,809 142,809 ------------ ---------- $ 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 October, 2002 November, 2002 1. GROSS REVENUES 474,006 448,550 922,556 2. LESS: RETURNS & DISCOUNTS 3. NET REVENUE 474,006 448,550 922,556 - ------------------------------------------ ---------------------- ------------------- ----------------------- ------------------ COSTS OF GOODS SOLD 4. MATERIAL 5. DIRECT LABOR 6. DIRECT OVERHEAD 7. TOTAL COST OF GOODS SOLD 8. GROSS PROFIT 474,006 448,550 922,556 - ------------------------------------------ ---------------------- ------------------- ----------------------- ------------------ OPERATING EXPENSES 9. OFFICER / INSIDER COMPENSATION 16,614 16,436 33,050 10. SELLING & MARKETING 11. GENERAL & ADMINISTRATIVE 414,209 401,974 816,183 12. RENT & LEASE 154,667 154,667 309,334 13. OTHER (ATTACH LIST) 14. TOTAL OPERATING EXPENSES 585,490 573,077 1,158,567 15. INCOME BEFORE NON-OPERATING (111,484) (124,527) (236,011) INCOME & EXPENSE - ------------------------------------------ ---------------------- ------------------- ----------------------- ------------------ OTHER INCOME & EXPENSE 16. NON-OPERATING INCOME (ATTACH LIST) 17. NON-OPERATING EXPENSE (ATTACH LIST) 18. INTEREST EXPENSE 16,263 16,260 32,523 19. DEPRECIATION / DEPLETION 36,765 35,112 71,877 20. AMORITIZATION 2,789 2,789 5,578 21. OTHER (ATTACH LIST) 22. NET OTHER INCOME & EXPENSES 55,817 54,161 109,978 - ------------------------------------------ ---------------------- ------------------- ----------------------- ------------------ 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) (171,051) (179,938) (350,989)
CASE NAME: Alford Refrigerated Warehouses, Inc. ACCRUAL BASIS-3 ------------------------------------ CASE NUMBER: 01-39776-BJH-11 ------------------------------------
CASH RECEIPTS AND MONTH MONTH MONTH QUARTER DISBURSEMENTS TOTAL October, 2002 November, 2002 1. CASH - BEGINNING OF MONTH 424,360 397,143 424,360 - --------------------------------------- ------------------ ----------------- ---------------- --------------- RECEIPTS FROM OPERATORS 2. CASH SALES 3,748 3,464 7,212 - --------------------------------------- ------------------ ----------------- ---------------- --------------- COLLECTIONS OF ACCOUNTS RECEIVABLE 3. PREPETITION 623 1,330 1,953 4. POSTPETITION 456,096 430,856 886,952 5. TOTAL OPERATING RECEIPTS 460,467 435,650 896,117 - --------------------------------------- ------------------ ----------------- ---------------- --------------- NON-OPERATING RECEIPTS 6. LOANS & ADVANCES (ATTACH LIST) 7. SALE OF ASSETS 8. OTHER (ATTACH LIST) 8,119 8,119 9. TOTAL NON-OPERATING RECEIPTS 8,119 8,119 10. TOTAL RECEIPTS 468,586 435,650 904,236 11. TOTAL CASH AVAILABLE 892,946 832,793 1,328,596 - --------------------------------------- ------------------ ----------------- ---------------- --------------- OPERATING DISBURSEMENTS 12. NET PAYROLL 112,807 95,810 208,617 13. PAYROLL TAXES PAID 41,656 34,431 76,087 14. SALES, USE & OTHER TAXES PAID 15. SECURED / RENTAL / LEASE 23,694 23,694 47,388 16. UTILITIES 198,790 113,466 312,256 17. INSURANCE 44,281 45,741 90.022 18. INVENTORY PURCHASES 19. VEHICLE EXPENSES 20. TRAVEL 1,831 1,057 2,888 21. ENTERTAINMENT 22. REPAIRS & MAINTENANCE 35,165 46,958 82,123 23. SUPPLIES 2,568 12,432 15,000 24. ADVERTISING 25. OTHER (ATTACH LIST) 31,011 29,160 60,171 26. TOTAL OPERATING DISBURSEMENTS 491,803 402,749 894,552 - --------------------------------------- ------------------ ----------------- ---------------- --------------- 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 495,803 403,999 899,802 32. NET CASH FLOW (495,803) (403,999) (899,802) 33. CASH - END OF MONTH 397,143 428,794 428,794
Case Name: Alford Refrigerated Warehouses, Inc. MOR-3 Case No: 01-39776-BJH-11 Oct `02 Nov `02 8. Repayment of inter-co rent, by court order $ 8,119 $ 0 25. Bank Charges $ 349 $ 369 Licenses & Fees 29 4,168 Employee withholdings for Child Support, Irs Levy, 401(K), Credit Union, Medical Premiums 30,633 24,623 ---------- --------- $ 31,011 $29,160 CASE NAME: Alford Refrigerated Warehouses, Inc. ACCRUAL BASIS-4 ------------------------------------ CASE NUMBER: 01-39776-BJH-11 -----------------------------------
ACCOUNTS RECEIVABLE AGING SCHEDULE MONTH MONTH MONTH AMOUNT October, 2002 November, 2002 1. 0 - 30 296,290 340,755 2. 31 - 60 56,045 41,204 3. 61 - 90 23,215 11,390 4. 91 + 52,020 52,715 5. TOTAL ACCOUNTS RECEIVABLE 427,570 446,064 6. AMOUNT CONSIDERED UNCOLLECTABLE 7. ACCOUNTS RECEIVABLE, NET 427,570 446,064 AGING OF POSTPETITION TAXES AND PAYABLES MONTH: November, 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 22,300 208,037 274,937 4. OTHER (ATTACH LIST) 5. TOTAL TAXES PAYABLE 22,300 22,300 22,300 239,507 306,407 6. ACCOUNTS PAYABLE 39,547 0 0 216 39,763 STATUS OF POSTPETITION TAXES MONTH: October, 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 252,637 22,300 274,937 13. PERSONAL PROPERTY 14. OTHER (ATTACH LIST) 15. TOTAL STATE AND LOCAL 252,637 22,300 274,937 - ------------------------------------------ --------------------------- -------------------------------- ------------- ---------- 16. TOTAL TAXES 284,107 22,300 306,407 - ------------------------------------------ --------------------------- -------------------------------- ------------- ---------- * 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: November, 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 74,486 51,135 598 2. ADD: TOTAL DEPOSITS NOT CREDITED 3. SUBTRACT: OUTSTANDING CHECKS 73,712 47,989 4. OTHER RECONCILING ITEMS 5. MONTH END BALANCE PER ITEMS 774 3,146 598 6. NUMBER OF LAST CHECK WRITTEN 40315 60774 1035 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: November, 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 442,428 2,310 570,957 2. ADD: TOTAL DEPOSITS NOT CREDITED 3. SUBTRACT: OUTSTANDING CHECKS 23,030 144,731 4. OTHER RECONCILING ITEMS 5. MONTH END BALANCE PER ITEMS 419,398 2,310 426,226 6. NUMBER OF LAST CHECK WRITTEN 1170 30003 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 428,794
CASE NAME: Alford Refrigerated Warehouses, Inc. ACCRUAL BASIS-6 ------------------------------------ CASE NUMBER: 01-39776-BJH-11 MONTH: November, 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 8,797 118,321 2.K.R. McGinnis Salary 7,640 99,031 3.J.Y. Robichaud Salary 0 26,000 4.J.C. Williams Travel Expenses 940 4,004 5.J.Y. Robichaud Travel Expenses 0 12,602 6. TOTAL PAYMENTS TO INSIDERS 17,377 259,958 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 1,824,160 2.Cadiz Properties, Inc. 154,667 0 1,891,696 3. 4. 5. 6. TOTAL PAYMENTS TO PROFESSIONALS 23,694 3,715,856
CASE NAME: Alford Refrigerated Warehouses, Inc. ACCRUAL BASIS-7 ------------------------------------ CASE NUMBER: 01-39776-BJH-11 MONTH: November, 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 long term secured debt. Payments are detailed on MOR-6.