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

Summary

This document is a monthly operating report for Alford Refrigerated Warehouses, Inc., prepared for the United States Bankruptcy Court, Northern District of Texas, for the period ending October 31, 2002. Signed by the Chief Financial Officer, it provides a detailed overview of the company's financial position, including assets, liabilities, income, expenses, cash flow, and accounts receivable. The report is part of the company's ongoing bankruptcy proceedings and is intended to keep the court and stakeholders informed of its financial status and compliance with court requirements.

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EX-1.1 3 alfordnovember2002.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: OCTOBER 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 November 19, 2002 - --------------------------------------- -------------------------------- PRINTED NAME OF RESPONSIBLE PARTY DATE PREPARER: Chief Fianacial Officer - ---------------------------------------- -------------------------------- ORIGINAL SIGNATURE OF PREPARER TITLE James C. Williams November 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 - -------------------------------------- ---------------------- ------------------ --------------------- --------------------- 1. UNRESTRICTED CASH 397,143 2. RESTRICTED CASH 3. TOTAL CASH 397,143 4. ACCOUNTS RECEIVABLE, NET 518,127 - -------------------------------------- ---------------------- ------------------ --------------------- --------------------- 5. INVENTORY 6. NOTES RECEIVABLE 7. PREPAID EXPENSES 265,350 8. OTHER (ATTACH LIST) 9. TOTAL CURRENT ASSETS 1,180,620 - -------------------------------------- ---------------------- ------------------ --------------------- --------------------- 10. PROPERTY, PLANT, & EQUIPMENT 7,579,059 11. LESS:ACCUMULATED 3,330,849 DEPRECIATION/DEPLETION 12. NET PROPERTY, PLANT & EQUIPMENT 4,248,210 - -------------------------------------- ---------------------- ------------------ --------------------- --------------------- 13. DUE FROM INSIDERS (1,461,925) 14. OTHER ASSETS - NET OF 237,244 15. OTHER (ATTACH LIST) 179,796 16. TOTAL ASSETS 4,383,945 - -------------------------------------- ---------------------- ------------------ --------------------- --------------------- POST PETITION LIABILITIES 17. ACCOUNTS PAYABLE 607,832 18. TAXES PAYABLE 284,107 19. NOTES PAYABLE 152,865 20. PROFESSIONAL FEES 21. SECURED DEBT 22. OTHER (ATTACH LIST) 4,611 23. TOTAL POSTPETITION LIABILITIES 1,049,415 - -------------------------------------- ---------------------- ------------------ --------------------- --------------------- PREPETITION LIABILITIES 24. SECURED DEBT 4,555,143 25. PRIORITY DEBT 60,090 26. UNSECURED DEBT 3,087,862 27. OTHER (ATTACH LIST) 839,848 28. TOTAL PREPETITION LIABILITIES 8,542,943 29. TOTAL LIABILITIES 9,592,358 - -------------------------------------- ---------------------- ------------------ --------------------- --------------------- EQUITY 30. PREPETITION OWNER'S EQUITY (2,726,032) 31. POSTPETITION CUMULATIVE PROFIT OR (2,482,381) (LOSS) 32. DIRECT CHARGES TO EQUITY 33. TOTAL EQUITY (5,208,413) - -------------------------------------- ---------------------- ------------------ --------------------- --------------------- 34. TOTAL LIABILITIES & OWNERS' EQUITY 4,383,945
Case Name: Alford Refrigerated Warehouses, Inc. MOR-1 Case No: 01-39776-BJH-11 Oct '02 14. Capitalized Professional Fees $ 237,244 net of Amortization 15. Investment in Subsidiaries $ 10 Deposits 179,786 ------------ $ 179,796 22. Deferred Revenue $ 4,611 27. Deferred Income Taxes $ 697,039 Deferred Revenue 142,809 ------------ $ 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 1. GROSS REVENUES 474,006 2. LESS: RETURNS & DISCOUNTS 3. NET REVENUE 474,006 COSTS OF GOODS SOLD 4. MATERIAL 5. DIRECT LABOR 6. DIRECT OVERHEAD 7. TOTAL COST OF GOODS SOLD 8. GROSS PROFIT 474,006 OPERATING EXPENSES 9. OFFICER / INSIDER COMPENSATION 16,614 10. SELLING & MARKETING 11. GENERAL & ADMINISTRATIVE 414,209 12. RENT & LEASE 154,667 13. OTHER (ATTACH LIST) 14. TOTAL OPERATING EXPENSES 585,490 15. INCOME BEFORE NON-OPERATING (111,484) INCOME & EXPENSE OTHER INCOME & EXPENSE 16. NON-OPERATING INCOME (ATTACH LIST) 17. NON-OPERATING EXPENSE (ATTACH LIST) 18. INTEREST EXPENSE 16,263 19. DEPRECIATION / DEPLETION 36,765 20. AMORITIZATION 2,789 21. OTHER (ATTACH LIST) 22. NET OTHER INCOME & EXPENSES 55,817 REORGANIZATION EXPENSES 23. PROFESSIONAL FEES 24. U.S. TRUSTEE FEES 3,750 25. OTHER (ATTACH LIST) 26. TOTAL REORGANIZATION EXPENSES 3,750 27. INCOME TAX 28. NET PROFIT (LOSS) (171,051)
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 1. CASH - BEGINNING OF MONTH 424,360 424,360 RECEIPTS FROM OPERATORS 2. CASH SALES 3,748 3,748 COLLECTIONS OF ACCOUNTS RECEIVABLE 3. PREPETITION 623 623 4. POSTPETITION 456,096 456,096 5. TOTAL OPERATING RECEIPTS 456,719 456,719 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 468,586 468,586 11. TOTAL CASH AVAILABLE 892,946 892,946 OPERATING DISBURSEMENTS 12. NET PAYROLL 112,807 112,807 13. PAYROLL TAXES PAID 41,656 41,656 14. SALES, USE & OTHER TAXES PAID 15. SECURED / RENTAL / LEASE 23,694 23,694 16. UTILITIES 198,790 198,790 17. INSURANCE 44,281 44,281 18. INVENTORY PURCHASES 19. VEHICLE EXPENSES 20. TRAVEL 1,831 1,831 21. ENTERTAINMENT 22. REPAIRS & MAINTENANCE 35,165 35,165 23. SUPPLIES 2,568 2,568 24. ADVERTISING 25. OTHER (ATTACH LIST) 31,011 31,011 26. TOTAL OPERATING DISBURSEMENTS 491,803 491,803 REORGANIZATION EXPENSES 27. PROFESSIONAL FEES 28. U.S. TRUSTEE FEES 4,000 4,000 29. OTHER (ATTACH LIST) 30. TOTAL REORGANIZATION EXPENSES 4,000 4,000 31. TOTAL DISBURSEMENTS 495,803 495,803 32. NET CASH FLOW (495,803) (495,803) 33. CASH - END OF MONTH 397,143 397,143
Case Name: Alford Refrigerated Warehouses, Inc. MOR-3 Case No: 01-39776-BJH-11 Oct '02 8. Repayment of inter-co rent, by court order $ 8,119 25. Bank Charges $ 349 Licenses & Fees 29 Employee withholdings for Child Support, Irs Levy, 401(K), Credit Union, Medical Premiums 30,633 -------- $31,011 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 1. 0 - 30 296,290 2. 31 - 60 56,045 3. 61 - 90 23,215 4. 91 + 52,020 5. TOTAL ACCOUNTS RECEIVABLE 427,570 6. AMOUNT CONSIDERED UNCOLLECTABLE 7. ACCOUNTS RECEIVABLE, NET 427,570 AGING OF POSTPETITION TAXES AND PAYABLES MONTH: October, 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 22,300 185,737 252,637 4. OTHER (ATTACH LIST) 5. TOTAL TAXES PAYABLE 22,300 22,300 22,300 217,207 284,107 6. ACCOUNTS PAYABLE 42,144 176 0 2,977 45,297 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 230,337 22,300 252,637 13. PERSONAL PROPERTY 14. OTHER (ATTACH LIST) 15. TOTAL STATE AND LOCAL 230,337 22,300 252,637 - ------------------------------------------ --------------------------- -------------------------------- ------------- ---------- 16. TOTAL TAXES 261,807 22,300 284,107 - ------------------------------------------ --------------------------- -------------------------------- ------------- ---------- * 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: October, 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 140,586 36,315 614 2. ADD: TOTAL DEPOSITS NOT CREDITED 3. SUBTRACT: OUTSTANDING CHECKS 140,212 32,017 4. OTHER RECONCILING ITEMS 5. MONTH END BALANCE PER ITEMS 374 4,298 614 6. NUMBER OF LAST CHECK WRITTEN 40312 60682 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: October, 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 444,149 821 622,485 2. ADD: TOTAL DEPOSITS NOT CREDITED 3. SUBTRACT: OUTSTANDING CHECKS 55,681 227,910 4. OTHER RECONCILING ITEMS 5. MONTH END BALANCE PER ITEMS 388,468 821 394,575 6. NUMBER OF LAST CHECK WRITTEN 1153 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 397,143
CASE NAME: Alford Refrigerated Warehouses, Inc. ACCRUAL BASIS-6 ------------------------------------ CASE NUMBER: 01-39776-BJH-11 MONTH: October, 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 8,168 109,524 2.K.R. McGinnis Salary 8,446 91,391 3.J.Y. Robichaud Salary 0 26,000 4.J.C. Williams Travel Expenses 1,624 3,064 5.J.Y. Robichaud Travel Expenses 5,000 12,602 6. TOTAL PAYMENTS TO INSIDERS 23,238 242,581 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 1,832,855 2.Cadiz Properties, Inc. 154,667 0 1,737,029 3. 4. 5. 6. TOTAL PAYMENTS TO PROFESSIONALS 23,694 3,569,884
CASE NAME: Alford Refrigerated Warehouses, Inc. ACCRUAL BASIS-7 ------------------------------------ CASE NUMBER: 01-39776-BJH-11 MONTH: October, 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.