/raid1/www/Hosts/bankrupt/TCR_Public/040724.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

              Saturday, July 24, 2004, Vol. 8, No. 153

                            Headlines


ADELPHIA: Devon Liquidating Trustee's June 2004 Report
ENRON: ENA Examiner's 117th Weekly Report - June 7 to 11, 2004
FAO INC: Reports Sitting on $38.2 Million of Cash in June 2004
FGI GROUP: Files June 2004 Monthly Operating Report
FLEMING COMPANIES: Files May 2004 Monthly Operating Reports

INTEGRATED HEALTH: Rotech Reports 2nd Quarter Financial Results
KAISER ALUMINUM: Reports $324,000 Net Loss in May 2004
LIBERATE TECHNOLOGIES: Posts $3 Million Net Loss in June 2004
MIRANT CORP: MAGi Monthly Operating Reports for April - May 2004
MIRANT CORP: Releases April and May Monthly Operating Reports

MIRANT SERVICES: Releases Employee Savings Plans 2003 Report
PARMALAT: Farmland Dairies' Revised March Monthly Operating Report
PARMALAT: Farmland Dairies' Revised April Monthly Operating Report
PARMALAT: Farmland Dairies' Revised May Monthly Operating Report
PARMALAT: Milk Products' Revised March Monthly Operating Report

PARMALAT: Milk Products' Revised April Monthly Operating Report
PARMALAT: Milk Products' Revised May Monthly Operating Report
PARMALAT USA: Releases Revised March 2004 Monthly Operating Report
PARMALAT USA: Releases Revised April 2004 Monthly Operating Report
PARMALAT USA: Releases Revised May 2004 Monthly Operating Report

SK GLOBAL: Reports $220,032 Net Profit in June 2004
TWINLAB CORPORATION: Files June 2004 Monthly Operating Reports
VENUS EXPLORATION: Reports $9.8 Million Net Profit in June 2004
WORLD ACCESS: Releases May 2004 Monthly Operating Reports


                            *********


ADELPHIA: Devon Liquidating Trustee's June 2004 Report
------------------------------------------------------
Gerard A. Shapiro, Senior Vice President of Buccino & Associates,
Inc., as the Liquidating Trustee of Devon Mobile Communications,
LP, delivers to the U.S. Bankruptcy Court for the District of
Delaware a financial information report on the events occurring
during the period from March 27, to June 29, 2004.

         Status of the Closing of Pending Sale Agreements

A. Buffalo Lake Erie Wireless Systems Co., LLC, (BLEW)

    The BLEW transaction closed on December 24, 2003.  In
    connection with the closing, a $50,000 escrow fund was
    established to provide for replacement of stolen equipment at
    several sites.  In May 2004, as a result of two insurance
    settlements relating to the BLEW sites, BLEW received a
    distribution of their net loss from the escrow fund.
    Subsequently, the Devon Trustee received the remaining balance
    from the escrow fund and insurance proceeds totaling
    $40,000, which represented the total escrow funds less
    $10,000 for insurance deductibles.

B. Maine Licenses

    The sale of five remaining Maine licenses to Gary Curry closed
    on April 14, 2004.  The proceeds totaled $150,000,
    representing the agreed sales price.

C. Virginia License

    The sale of the Winchester, Virginia license to Virginia
    Cellular closed on April 15, 2004.  The proceeds, which
    totaled $42,727, represents the $275,000 agreed to sales price
    less the debt assumed by Virginia Cellular, including
    late penalties and other adjustments.  As a result of the
    Closing, the claim initially filed by the Federal
    Communications Commission against Devon has been fully
    satisfied.

    The Devon Trustee has completed the disposition of all
    previously held FCC licenses.

D. Equipment

    The Devon Trustee continues to market two undelivered
    cellular towers.

                         Causes of Action

On June 18, 2004, the Devon Trustee filed a cause of action
against Adelphia Communications Corporation and its related
companies in the ACOM Debtors' bankruptcy proceedings before the
U.S. Bankruptcy Court for the Southern District of New York.  The
Devon Trustee sought damages relating to several different
counts, including preference, fraudulent conveyance, breach of
partnership agreement, and breach of services agreement.  A pre-
trial hearing has been set for August 3, 2004 in the New York
Bankruptcy Court.

                Distributions Pursuant to the Plan

On May 19, 2004, the Devon Trustee paid an administrative expense
claim for $16,250.  To date, payments of Administrative Expense
Claims total $7,458,124.  Additional Administrative Expense
Claims, if allowed, are not expected to exceed $175,000.

The FCC claim, Class 2 - Secured Claim of FCC, which was
previously estimated at $103 million, has been fully satisfied as
a result of the Virginia Cellular transaction and other
transactions disclosed in past reports.

                  Amounts Received and Collected

The Devon Trustee received $240,875 from these sources:

    -- $42,727 from the Maine transaction;

    -- $150,000 from the Virginia transaction;

    -- $40,000 from the funds relating to the BLEW transaction;

    -- $5,204 of interest earned on cash on deposit;

    -- $2,152,84 refund of various insurance premium and rental
       deposit refunds; and

    -- $790 of miscellaneous receipts.

                Fees and Expenses Paid or Incurred

The Devon Trustee made $461,388 in total payments:

    -- $233,476 for the Trustee's fees and expenses for work
       performed from March 14 to June 12, 2004;

    -- $204,567 for attorney's fees covering primarily the period
       from January through May 2004;

    -- $4,917 paid to the Claims Agent for the period from January
       through May 2004;

    -- $2,656 as disposition fee paid to the Trustee's investment
       banker with respect to the Maine and Virginia transactions;

    -- $1,095 paid to an accounting firm in connection with the
       Maine and Virginia transactions; and

    -- $3,676 primarily for settlements with various utilities for
       postpetition services and printing costs relating to
       certain past transactions.

                Liquidating Funding Amount Balances

As of the close of business on June 28, 2004, the Devon Trustee
held funds totaling $4,186,468 in three accounts at a major
commercial bank:

       Account                                          Balance
       -------                                          -------
       Money market account                          $4,118,720
       Checking account used for disbursements           57,089
       Account for distributions of Allowed Claims       10,660


ENRON: ENA Examiner's 117th Weekly Report - June 7 to 11, 2004
--------------------------------------------------------------
Harrison J. Goldin, the Examiner for Enron North America,
delivers to the Court his 117th report summarizing the deposits
and disbursements into and out of ENA Accounts for the period
June 7, 2004 through June 11, 2004.

          Third Party Deposits and Disbursements:

          Date                    Deposits        Disbursements
          ----                    --------        -------------
    June 07, 2004                       $0                  $0
    June 08, 2004                        0                (378)
    June 09, 2004                       37              (3,434)
    June 10, 2004                  150,000                   0
    June 11, 2004                6,250,000             (65,106)
                              ------------       -------------
              Week Total:       $6,400,037            ($68,917)


          Inter-company Deposits and Disbursements:

          Date                    Deposits        Disbursements
          ----                    --------        -------------
    June 07, 2004                       $0         ($9,431,507)
    June 08, 2004                        0                   0
    June 09, 2004                   65,491             (82,438)
    June 10, 2004                        0                   0
    June 11, 2004                        0            (117,000)
                              ------------       -------------
              Week Total:          $65,491         ($9,630,945)


          Total Deposits and Disbursements:

          Date                    Deposits        Disbursements
          ----                    --------        -------------
    June 07, 2004                       $0         ($9,431,507)
    June 08, 2004                        0                (378)
    June 09, 2004                   65,529             (85,871)
    June 10, 2004                  150,000                   0
    June 11, 2004                6,250,000            (182,106)
                              ------------       -------------
              Week Total:       $6,465,529         ($9,699,862)


FAO INC: Reports Sitting on $38.2 Million of Cash in June 2004
--------------------------------------------------------------
On December 4, 2003, FAO Inc. (n/k/a Children's Books & Toys,
Inc.) and its wholly-owned subsidiaries ZB Company, Inc., FAO
Schwarz, Inc. (n/k/a Toy Soldier, Inc.), The Right Start, Inc.
(n/k/a TRS Liquidation Co.) and Targoff-RS, LLC filed on December
4, 2003 voluntary petitions for reorganization under Chapter 11 of
the United States Bankruptcy Code in the United States Bankruptcy
Court for the District of Delaware (Case No. 03-13672(JR)).

In June 2004, the Company reports sitting on $38,238,126 of cash.  
Jerry A. Kollar, Senior Vice President - Finance, reiterates its
earlier stated position that it does not expect any recovery to be
available to its common stockholders in connection with its
bankruptcy.

Full-text copies of FAO Inc.'s and its subsidiaries' June 2004
Monthly Operating Reports are available at no charge at:

   http://www.sec.gov/Archives/edgar/data/878720/000110465904019908/a04-7913_1ex99d1.htm


FGI GROUP: Files June 2004 Monthly Operating Report
---------------------------------------------------
On July 14, 2004, FGI Group Inc., filed a monthly operating report
for Florsheim Group, Inc., et al., and its debtor-affiliates
covering the period ended June 30, 2004, with the United States
Bankruptcy Court for the Northern District of Illinois, Eastern
Division.

FGI Group reports a $499,860.68 cash balance at June 30, 2004, and
provides a summary of cash accounts; receipts listings;
disbursements listings; loan account; statement of aged
receivables and accounts payable aging; tax questionnaire; and
declaration.  A full-text copy of FGI Group's June 2004 Operating
Reports is available at no charge at:  

   http://www.sec.gov/Archives/edgar/data/928908/000095013704005612/c86797exv99w1.txt


Florsheim Group, Inc. (OTC BB: FLSC.OB), filed for chapter 11
protection on March 4, 2002 (Bankr. N.D. Ill. Case No. 02 B 08209)
to facilitate a sale of its U.S. wholesale business and 23 retail
stores to its U.S. assets to the Weyco Group, Inc. (NASDAQ: WEYS)
for $45.6 million in cash, subject to post closing adjustment.


FLEMING COMPANIES: Files May 2004 Monthly Operating Reports
-----------------------------------------------------------
On July 20, 2004, Fleming Companies, Inc. filed its unaudited
monthly operating report for the period May 1, 2004 through May
31, 2004 with the United States Bankruptcy Court for the District
of Delaware, in connection with its voluntary petitions for
reorganization under Chapter 11 of Title 11 of the United States
Code (Case No. 03-10945) (Jointly Administered).

At May 31, 2004, Fleming Companies, et. al's balance sheet shows a
shareholders' deficit of $1,728,225 compared to a deficit of
$1,716,126,000 at April 30, 2004.

A full-text copy of Fleming Companies' May 2004 Monthly Operating
Report was delivered to the Securities and Exchange Commission,
and is available at no charge at:

   http://www.sec.gov/Archives/edgar/data/352949/000095013404010265/d16921exv99w1.txt  
   

Headquartered in Lewisville, Texas, Fleming Companies, Inc. --  
http://www.fleming.com/-- is the largest multi-tier distributor   
of consumer package goods in the United States.  The Company filed  
for chapter 11 protection on April 1, 2003 (Bankr. Del. Case No.  
03-10945).  Richard L. Wynne, Esq., Bennett L. Spiegel, Esq.,  
Shirley Cho, Esq., and Marjon Ghasemi, Esq., at Kirkland & Ellis,  
represent the Debtors in their restructuring efforts.  When the  
Debtors filed for protection from its creditors, they listed  
$4,220,500,000 in assets and $3,547,900,000 in liabilities.


INTEGRATED HEALTH: Rotech Reports 2nd Quarter Financial Results
---------------------------------------------------------------
Rotech Healthcare Inc. (Pink Sheets:ROHI) reported that net
revenues for the second quarter ended June 30, 2004, were
$133,400,000 versus net revenues of $145,700,000 for the same
period last year.  The Company reported net earnings of
$10,400,000 for the second quarter as compared to a net loss of
$6,700,000 for the second quarter of 2003.  Diluted earnings per
share were $0.40 for the second quarter ended June 30, 2004,
versus a diluted loss per share of $0.27 for the same period last
year.

For the six months ended June 30, 2004, net revenues were
$267,400,000 versus $298,300,000 for the six months ended
June 30, 2003.  The Company reported net earnings of $19,400,000
for the six months ended June 30, 2004, as compared to a net loss
of $1,700,000 for the comparable period last year.  Diluted
earnings per share were $0.76 for the six months ended June 30,
2004, as compared to a diluted loss per share of $0.07 for the
six months ended June 30, 2003.

Respiratory therapy equipment and services revenues
represented 87% of total revenue for the second quarter and the
six month period ended June 30, 2004, versus 84% and 83%, for the
second quarter and the six month period ended June 30, 2003,
respectively.  Durable medical equipment (DME) revenues
represented 12% of total revenue for the second quarter and the
six month period ended June 30, 2004, versus 15% for the same
periods last year.

The Company views earnings from continuing operations before
interest, income taxes, depreciation and amortization (EBITDA) as
a commonly used analytic indicator within the health care
industry, which serves as a measure of leverage capacity and debt
service ability.  These performance measures should not be
considered as a measure of financial performance under generally
accepted accounting principles, and the items excluded from this
benchmark are significant components in understanding and
assessing financial performance.  EBITDA should not be considered
in isolation or as an alternative to net income, cash flows
generated by operating, investing or financing activities or
other financial statement data presented in the consolidated
financial statements as an indicator of financial performance or
liquidity.  Because EBITDA is not a measurement determined in
accordance with generally accepted accounting principles
and is thus susceptible to varying calculations, the benchmarks
as presented may not be comparable to other similarly titled
measures of other companies.  EBITDA was $45,700,000 and
$44,200,000, for the second quarter ended June 30, 2004, and
June 30, 2003, respectively.  EBITDA was $90,700,000 for the six
months ended June 30, 2004, versus $80,900,000 for the six months
ended June 30, 2003.

         Comparable Reconciliation of Net Earnings to EBITDA
                        (Dollars in Thousands)

                                Three Months        Six Months
                               Ended June 30,     Ended June 30,
                                 2003     2004     2003     2004
                              -------   -------  -------  -------
Net earnings                 $(6,679)  $10,389  $(1,682) $19,433
Income taxes                  (5,168)    7,220   (1,201)  13,526
Interest expense               9,824     8,392    8,392   17,624
Depreciation & amortization   46,245    19,697   19,697   40,115
                             -------   -------  -------  -------
EBITDA                       $44,222   $45,698  $45,698  $90,698
                             =======   =======  =======  =======

During the second quarter, the Company was granted a waiver
of certain provisions of its credit agreement in order to permit
the Company to repurchase, prior to March 31, 2005, up to
$50,000,000 in the aggregate of its capital stock and/or its
obligations under its 9-1/2% Senior Subordinated Notes due 2012.

Philip L. Carter, President and Chief Executive Officer,
commented that, "Second quarter and year to date revenue
decreased when compared to 2003 in part as a result of
discontinuing contracts and business lines that did not meet the
Company's profit requirements as well as reductions in
reimbursement for Medicare Part B drugs."  Mr. Carter added,
"that the quarter and mid-year financial results are 'as
expected,' as we continue to execute on our turnaround plan."

                       Rotech Healthcare, Inc.
           Unaudited Condensed Consolidated Balance Sheets
                        As of June 30, 2004
                      (Dollars in Thousands)

                               Assets

Current assets:
    Cash and cash equivalents                            $39,764
    Accounts receivable, net                              78,799
    Other accounts receivable                                823
    Inventories                                            8,234
    Other current assets                                  16,928
                                                        --------
       Total current assets                              144,548

Property and equipment, net                              135,349
Identifiable intangible assets, net                       17,102
Other goodwill                                            11,256
Reorganization value in excess of identifiable assets    668,347
Other assets                                              12,725
                                                        --------
       Total Assets                                     $989,327
                                                        ========

                Liabilities and Stockholders' Equity

Current liabilities:
    Current and Accrued liabilities                      $67,373
    Current portion of long term debt                        439
                                                        --------
       Total current liabilities                          67,812

Deferred tax liabilities                                  25,905
Priority tax claim                                         7,091
Long term debt, less current portion                     342,451
Series A Convertible Redeemable Preferred Stock            6,377

Stockholders' equity:
    Common stock                                               3
    Additional paid-in capital                           498,543
    Retained earnings                                     41,145
                                                        --------
       Total stockholders' equity                        539,691
                                                        --------
Total Liabilities & Stockholders' Equity                $989,327
                                                        ========


                       Rotech Healthcare, Inc.
     Unaudited Condensed Consolidated Statements of Operations
                  Three Months Ended June 30, 2004
                       (Dollars in Thousands)

Net revenues                                            $133,400

Gross profit                                              99,661

Costs and expenses:
    Doubtful accounts                                      3,497
    Selling, distribution and administrative              70,163
                                                        --------
    Total costs and expenses                              73,660
                                                        --------
Operating income                                          26,001

Interest expense, net                                      8,392
                                                        --------
    Earnings before income taxes, federal and
    state income taxes                                    17,609

Federal and state income taxes                             7,220
                                                        --------
    Net (loss) earnings                                  $10,389
                                                        ========


                       Rotech Healthcare, Inc.
       Unaudited Condensed Consolidated Statements of Cash Flows
                  Three Months Ended June 30, 2004
                       (Dollars in Thousands)

Net (Loss) Earnings                                      $10,389
Adjustments to Reconcile Net (Loss) Earnings to Net
Cash Provided by Operating Activities:
    Doubtful Accounts                                      3,497
    Depreciation and amortization                         19,697
    Loss (Gain) on fixed asset disposal                      125
    Net change in operating assets and liabilities        (8,992)
                                                        --------
    Net cash provided by operating activities             24,716

Net cash used by reorganization items                          0
                                                        --------
Cash Flows From Investing Activities:
    Property & equipment purchases                       (12,422)
    Business acquisitions                                      0
    (Increase) decrease in other assets                      551
                                                        --------
    Net cash used in investing activities                (11,871)
                                                        --------
Cash Flows From Financing Activities:
    Payments of long term borrowings                        (110)
    Payments of liabilities subject to compromise
       /priority tax claim                                (1,253)
    Net proceeds from stock option exercises               2,662
                                                        --------
    Net cash used in financing activities                  1,299
                                                        --------
(Decrease) increase in cash and cash equivalents          14,144
                                                        --------
Cash and cash equivalents, beginning of period            25,620
                                                        --------
Cash and cash equivalents, end of period                 $39,764
                                                        ========

Rotech Healthcare Inc., formerly known as Rotech Medical Corp., is
a wholly-owned subsidiary of Integrated Health Services Inc.
Rotech is one of the nation's largest providers of oxygen and
other respiratory therapy services to patients in the home. Rotech
offers its services to over 100,000 patients in 47 states through
over 600 operating centers, mainly in non-urban areas.

Headquartered in Owings Mills, Maryland, Integrated Health
Services, Inc. -- http://www.ihs-inc.com/-- IHS operates local  
and regional networks that provide post-acute care from 1,500
locations in 47 states. The Company filed for chapter 11
protection on February 2, 2000 (Bankr. Del. Case No. 00-00389).
Michael J. Crames, Esq., Arthur Steinberg, Esq., and Mark D.
Rosenberg, Esq., at Kaye, Scholer, Fierman, Hays & Handler, LLP,
represent the Debtors in their restructuring efforts.  On
September 30, 1999, the Debtors listed $3,595,614,000 in
consolidated assets and $4,123,876,000 in consolidated debts.
(Integrated Health Bankruptcy News, Issue No. 78; Bankruptcy
Creditors' Service, Inc., 215/945-7000)   


KAISER ALUMINUM: Reports $324,000 Net Loss in May 2004
------------------------------------------------------

            Kaiser Aluminum Corporation -- All Debtors
                     Unaudited Balance Sheets
                        As of May 31, 2004
                          (In Thousands)

                              ASSETS

Cash                                                    $25,763

Receivables:
    Trade                                               182,553
    Other                                                 8,217
                                                       ---------
Total Receivables                                       190,770

Inventories                                             149,556
Prepaid expenses and other current assets                24,099
                                                       ---------
Total current assets                                    390,188

Investments in and advances to subsidiaries             366,277
Intercompany receivables/payables, net                  (85,099)
Property, plant, and equipment - net                    225,719
Deferred income taxes                                         -
Other assets                                            518,884
                                                       ---------
Total Assets                                         $1,415,969
                                                       =========

                LIABILITIES & STOCKHOLDERS' EQUITY

Liabilities not subject to compromise:
    Accounts Payable                                     $77,424
    Accrued interest                                         896
    Accrued salaries, wages and related expenses          39,751
    Accrued post retirement benefit -- current            10,845
    Other accrued liabilities                             63,991
    Payable to affiliates                                 64,770
    Long term debt - current portion                      18,352
                                                       ---------
Total current liabilities                                276,029

Long-term liabilities                                     74,629
Accrued postretirement benefit obligation                      -
Long-term debt                                             2,212
Liabilities subject to compromise                      2,858,437
Minority interests                                           655

Stockholders' equity:
    Preference stock                                           -
    Common stock                                             792
    Additional capital                                   539,084

Accumulated deficit - As of filing date                 (947,918)
Accumulated deficit - Post filing date                (1,281,260)
Accumulated other comprehensive income (loss)           (106,691)
Note receivable from parent                                   -
                                                       ---------
Total Liabilities & Stockholders' Equity              $1,415,969
                                                       =========


            Kaiser Aluminum Corporation -- All Debtors
                     Statements of Operations
                For the Month Ending May 31, 2004
                          (In Thousands)

Net Sales                                               $142,325

Costs and expenses:
    Cost of products sold                                128,105
    Depreciation & amortization                            1,843
    Selling, administrative, R&D and general               6,641
    Other operating charges, net                             328
                                                       ---------
Total costs and expenses                                 136,917
                                                       ---------
Operating income (loss)                                    5,408

Other income (expense):
    Interest expenses, net                                  (865)
    Reorganization items                                  (4,083)
    Other-net                                              5,276
                                                       ---------
Income (loss) before
    income taxes and minority interest                     5,736

(Provision) benefit for income taxes                      (4,271)
Minority interests                                            -
Equity in income (loss) of subsidiaries                   (1,789)
                                                       ---------
Net income (loss)                                          ($324)
                                                       =========


            Kaiser Aluminum Corporation -- All Debtors
      Schedule of Consolidated Cash Receipts and Disbursements
                For the Month Ending May 31, 2004
                          (In Thousands)

Receipts:
    Trade Receivables
       KACC Receivables                                  $70,468
       KAII Receivables                                   46,131
                                                       ---------
    Total Trade Receivables                              116,599

    Asbestos Insurance Recoveries                              -
    National Refractories Settlement                       1,250
    Net borrowings under DIP facility                     13,800
    Proceeds from Asset Sales                                534
                                                       ---------
Total Receipts                                           132,183

Disbursements:
    Inventory/Raw Materials                               36,486
    Capital Expenditures                                     444
    Maintenance, Materials, etc.                           5,083
    Freight                                                2,637
    Utilities/Energy                                       9,837
    Hourly Payroll                                         7,054
    Salaried Payroll                                       4,995
    Hedging Activities                                       462
    Medical - Current and Former Employees                 9,879
    Annual Insurance Premiums                                134
    Workmen's Compensation                                   774
    Corporate General and Administrative                   2,942
    JV Fundings - Alumina                                 31,885
    JV Fundings - Primary, Net of Minority Interest          612
    Other Disbursements                                    4,863
                                                       ---------
Total Operating and G&A Disbursements                    118,087

Reorganization Items                                       2,781
                                                       ---------
Total Disbursements                                      120,868
                                                       ---------
Net Cash Flow                                             11,315

Beginning Bank Cash Balances                              14,512
Net Cash Flow                                             11,315
                                                       ---------
Ending Bank Cash Balances                                 25,827

Reconciling Items                                            (64)
                                                       ---------
Ending Book Cash Balances                                $25,763
                                                       =========


LIBERATE TECHNOLOGIES: Posts $3 Million Net Loss in June 2004
-------------------------------------------------------------
On July 20, 2004, Liberate Technologies filed its monthly  
operating report for the month of June 2004 with the United States  
Bankruptcy Court for the Northern District of California in  
connection with Liberate's voluntary petition for reorganization  
under Chapter 11 of the United States Bankruptcy Code in Case No.  
04-31394. The Company reports a net loss of $3,026,108 on $315,902
of net sales in June 2004.

At June 30, 2004, Liberate Technologies' balance sheet shows:

      Total Current Assets            $  218,315,90
      Total Assets                      226,493,927
      Total Current Liabilities           9,041,660
      Total Pre-petition Liabilities     19,759,110
      Total Liabilities                  28,800,770
      Total Equity                    $ 197,693,157


A full-text copy of Liberate Technologies' June 2004 Monthly  
Operating Report is available at no charge at:

   http://www.sec.gov/Archives/edgar/data/1085776/000110465904020346/a04-8065_1ex99d01.htm


MIRANT CORP: MAGi Monthly Operating Reports for April - May 2004
----------------------------------------------------------------

          Mirant Americas Generation, LLC, and Subsidiaries
                     Consolidated Balance Sheets
                        As of April 30, 2004

ASSETS
Cash and cash equivalents                           $425,653,766
Accounts receivable - net                            495,466,088
Assets from risk management activities                70,908,365
Derivative hedging instruments                                 0
Inventories                                           94,052,718
Other                                                133,611,587
                                                 ---------------
       Total Current Assets                        1,219,692,523

Property, plant and equipment                      2,169,068,335
Less: accumulated depreciation                       282,046,730
Construction work in progress                         40,776,148
Investment in suspended construction                 281,308,654
                                                 ---------------
       Total net property, plant and equipment     2,209,106,407

Investments                                               25,000
Long-term accounts receivable - net                   92,959,036
Notes receivable - net                               223,275,000
Assets from risk management activities                20,004,638
Goodwill - net                                                 0
Other intangibles - net                              211,728,192
Derivative hedging instruments                                 0
Restricted cash, non-current                                   0
Other long-term assets                                         0
Miscellaneous deferred charges                       157,192,422
                                                 ---------------
       Total Non-current Assets                      705,184,289
                                                 ---------------
TOTAL ASSETS                                      $4,133,983,219
                                                 ===============

LIABILITIES AND EQUITY

Postpetition Liabilities:
    Debt                                                      $0
    Accounts Payable                                 223,388,715
    Liabilities from risk management activities      129,598,190
    Obligations under energy deliveries                        0
    Derivative hedging instruments                             0
    Other                                            115,977,437
    Miscellaneous deferred credits                    12,553,385
                                                 ---------------
       Total postpetition liabilities                481,517,728

Prepetition Liabilities                            3,419,023,374
                                                 ---------------
       TOTAL LIABILITIES                           3,900,541,102

EQUITY:
Minority interest in subsidiaries                         35,002
Mandatory redeemable securities                                0
Common stock                                               1,000
Additional paid-in capital                         3,857,643,267
Retained earnings                                 (3,624,237,152)
Accumulated other comprehensive income                         0
                                                 ---------------
       Total Equity                                  233,442,117
                                                 ---------------
       TOTAL LIABILITIES AND OWNERS' EQUITY       $4,133,983,219
                                                 ===============


          Mirant Americas Generation, LLC, and Subsidiaries
                  Consolidated Statements of Income
                 For the month ending April 30, 2004

REVENUES:
    Generation                                      $131,140,339
    Net trading revenue                                        0
    Other                                                189,422
                                                 ---------------
       Gross Margin                                  131,329,761

OPERATING EXPENSES:
    Energy cost                                       75,270,454
    Maintenance                                       57,741,838
    Depreciation and amortization                      6,160,876
    Selling, general & administrative                    (10,244)
    Gain on sale of property and investments             (26,810)
    Restructuring costs                                 (303,273)
                                                 ---------------
       Total Operating Expenses                      138,832,841
                                                 ---------------
       Income before non-operating income
       and expense                                    (7,503,080)

OTHER INCOME AND EXPENSES:
    Interest income                                      100,174
    Interest expense                                      64,049
    Other income (expense)                               158,216
    Reorganization items                             (24,527,461)
    Loss from discontinued operations                          0
    Minority interest                                          0
                                                 ---------------
       Total Other Income (expense)                  (24,205,022)

Provision for income tax                                 217,662
                                                 ---------------
       NET PROFIT (LOSS)                            ($31,490,441)
                                                 ===============


                  Mirant Americas Generation, LLC
           Unconsolidated Cash Receipts and Disbursements
                For the month ending April 30, 2004


Cash, beginning of month                            $118,634,329

Non-Operating Receipts:
    Loans and advances                                 6,170,508
    Other                                                      0
                                                 ---------------
       Total non-operating receipts                    6,170,508
                                                 ---------------
       Total receipts                                  6,170,508
                                                 ---------------
       Total Cash Available                          124,804,837

REORGANIZATION EXPENSES:
    Professional fees                                          0
                                                 ---------------
       Total reorganization expenses                           0
                                                 ---------------
       Total disbursements                                     0
                                                 ---------------
Net Cash Flow                                          6,170,508
                                                 ---------------
Cash, end of month                                  $124,804,837
                                                 ===============

  
          Mirant Americas Generation, LLC, and Subsidiaries
                     Consolidated Balance Sheets
                         As of May 31, 2004

ASSETS
Cash and cash equivalents                           $399,469,601
Accounts receivable - net                            530,472,417
Assets from risk management activities                91,489,730
Derivative hedging instruments                                 0
Inventories                                           99,362,408
Other                                                128,086,487
                                                 ---------------
       Total Current Assets                        1,248,880,642

Property, plant and equipment                      2,168,702,670
Less: accumulated depreciation                       288,817,280
Construction work in progress                         49,787,454
Investment in suspended construction                 281,249,753
                                                 ---------------
       Total net property, plant and equipment     2,210,922,597

Investments                                               25,000
Long-term accounts receivable - net                   91,016,549
Notes receivable - net                               223,275,000
Assets from risk management activities                29,433,649
Goodwill - net                                                 0
Other intangibles - net                              211,361,144
Derivative hedging instruments                                 0
Restricted cash, non-current                                   0
Other long-term assets                                         0
Miscellaneous deferred charges                       148,084,193
                                                 ---------------
       Total Non-current Assets                      703,195,535
                                                 ---------------
TOTAL ASSETS                                      $4,162,998,774
                                                 ===============

LIABILITIES AND EQUITY

Postpetition Liabilities:
    Debt                                                      $0
    Accounts Payable                                 225,544,378
    Liabilities from risk management activities      232,213,277
    Obligations under energy deliveries                        0
    Derivative hedging instruments                             0
    Other                                            121,439,447
    Miscellaneous deferred credits                    11,456,668
                                                 ---------------
       Total postpetition liabilities                600,653,769

Prepetition Liabilities                            3,412,429,959
                                                 ---------------
       TOTAL LIABILITIES                           4,013,083,728

EQUITY:
Minority interest in subsidiaries                         35,002
Mandatory redeemable securities                                0
Common stock                                               1,000
Additional paid-in capital                         3,857,643,267
Retained earnings                                 (3,707,764,223)
Accumulated other comprehensive income                         0
                                                 ---------------
       Total Equity                                  149,915,046
                                                 ---------------
       TOTAL LIABILITIES AND OWNERS' EQUITY       $4,162,998,774
                                                 ===============


          Mirant Americas Generation, LLC, and Subsidiaries
                  Consolidated Statements of Income
                  For the month ending May 31, 2004

REVENUES:
    Generation                                       $73,638,241
    Net trading revenue                                        0
    Other                                                193,824
                                                 ---------------
       Gross Margin                                   73,832,065

OPERATING EXPENSES:
    Energy cost                                       84,800,887
    Maintenance                                       55,552,523
    Depreciation and amortization                      7,100,833
    Selling, general & administrative                          0
    Gain on sale of property and investments              49,901
    Restructuring costs                                  338,578
                                                 ---------------
       Total Operating Expenses                      147,842,723
                                                 ---------------
       Income before non-operating income
       and expense                                   (74,010,658)

OTHER INCOME AND EXPENSES:
    Interest income                                     (368,847)
    Interest expense                                    (477,325)
    Other income (expense)                               257,792
    Reorganization items                              (2,189,680)
    Loss from discontinued operations                          0
    Minority interest                                          0
                                                 ---------------
       Total Other Income (expense)                   (2,778,059)

Provision for income tax                              (6,738,354)
                                                 ---------------
       NET PROFIT (LOSS)                            ($83,527,071)
                                                 ===============


                  Mirant Americas Generation, LLC
           Unconsolidated Cash Receipts and Disbursements
                 For the month ending May 31, 2004

Cash, beginning of month                            $124,804,837

Non-Operating Receipts:
    Loans and advances                               (10,853,407)
    Other                                                      0
                                                 ---------------
       Total non-operating receipts                  (10,853,407)
                                                 ---------------
       Total receipts                                (10,853,407)
                                                 ---------------
       Total Cash Available                          113,951,430

REORGANIZATION EXPENSES:
    Professional fees                                          0
                                                 ---------------
       Total reorganization expenses                           0
                                                 ---------------
       Total disbursements                                     0
                                                 ---------------
Net Cash Flow                                        (10,853,407)
                                                 ---------------
Cash, end of month                                  $113,951,430
                                                 ===============


MIRANT CORP: Releases April and May Monthly Operating Reports
-------------------------------------------------------------

                Mirant Corporation and Subsidiaries
                    Consolidated Balance Sheet
                       As of April 30, 2004

ASSETS
Cash and cash equivalents                       $1,506,303,889
Accounts receivable - net                        1,140,531,098
Assets from risk management activities             151,270,209
Derivative hedging instruments                               0
Inventories                                        269,546,566
Other                                              476,661,182
                                                ---------------
      Total Current Assets                       3,544,312,944

Property, plant and equipment                    5,317,430,411
Less: accumulated depreciation                     681,075,365
Leasehold interests - net                        1,550,010,928
Construction work in progress                      101,744,350
Investment in suspended construction               357,195,915
                                                ---------------
      Total net property, plant and equipment    6,645,306,240

Investments                                        286,682,848
Long-term accounts receivable - net                 34,530,232
Notes receivable - net                                 362,014
Assets from risk management activities             139,472,505
Goodwill - net                                     587,304,374
Other intangibles - net                            288,623,791
Derivative hedging instruments                               0
Restricted cash, non-current                        46,566,603
Other long-term assets                                       1
Miscellaneous deferred charges                     385,741,322
                                                ---------------
      Total Non-current Assets                   1,769,283,689
                                                ---------------
TOTAL ASSETS                                   $11,958,902,873
                                                ===============

LIABILITIES AND EQUITY

Postpetition Liabilities:
   Debt                                         $1,507,652,171
   Accounts Payable                                572,456,555
   Liabilities from risk management activities     332,964,901
   Obligations under energy deliveries             228,490,628
   Derivative hedging instruments                            0
   Other                                           234,014,778
   Miscellaneous deferred credits                  736,791,442
                                               ---------------
      Total postpetition liabilities             3,613,370,475

Prepetition Liabilities                          8,937,183,214
                                                ---------------
      TOTAL LIABILITIES                         12,549,553,689

EQUITY:
Minority interest in subsidiaries                  149,917,184
Mandatory redeemable securities                              0
Common stock                                         4,056,621
Additional paid-in capital                       4,917,963,428
Retained earnings                               (5,613,596,152)
Treasury stock, at cost                             (2,260,000)
Accumulated other comprehensive income             (46,731,897)
                                                ---------------
      Total Equity                                (590,650,816)
                                                ---------------
      TOTAL LIABILITIES AND OWNERS' EQUITY      $11,958,902,873
                                                ===============


                Mirant Corporation and Subsidiaries
                 Consolidated Statements of Income
                For the month ending April 30, 2004

REVENUES:
   Generation                                     $285,656,430
   Net trading revenue                               6,314,891
   Distribution                                     43,252,975
   Other                                               370,079
                                               ---------------
      Gross Margin                                 335,594,375

OPERATING EXPENSES:
   Energy cost                                     172,260,494
   Operations and maintenance                       88,031,949
   Depreciation and amortization                    25,107,157
   Gain on sale of property and investments            606,646
   Impairment loss                                     (94,294)
   Restructuring costs                                (282,240)
                                               ---------------
      Total Operating Expenses                     285,629,712
                                               ---------------
      Income before non-operating income
      and expense                                   49,964,663

OTHER INCOME AND EXPENSES:
   Interest income                                   1,012,808
   Interest expense                                 (9,343,572)
   Equity in income of affiliates                    2,217,576
   Other                                             1,324,469
   Reorganization items                             (4,415,464)
   Minority interest                                (1,649,615)
   Net income from discontinued operations                   0
                                               ---------------
      Total Other Income                           (10,853,798)

Provision for income tax                            (4,410,029)
                                               ---------------
      NET PROFIT                                   $34,700,836
                                               ===============


                        Mirant Corporation
           Unconsolidated Cash Receipts and Disbursements
                For the month ending April 30, 2004

Cash, beginning of month                          $414,611,308

Non-Operating Receipts:
   Total non-operating receipts                    (63,605,817)
                                               ---------------
      Total receipts                               (63,605,817)
                                               ---------------
      Total Cash Available                         351,005,491

Operating Disbursements                                      0

REORGANIZATION EXPENSES:
   Professional fees                                         0
   Others                                                    0
                                               ---------------
      Total reorganization expenses                          0
                                               ---------------
      Total disbursements                                    0
                                               ---------------
Net Cash Flow                                      (63,605,817)
                                               ---------------
Cash, end of month                                $351,005,491
                                               ===============

                Mirant Corporation and Subsidiaries
                    Consolidated Balance Sheet
                        As of May 31, 2004

ASSETS
Cash and cash equivalents                       $1,318,027,851
Accounts receivable - net                        1,244,292,998
Assets from risk management activities             208,985,275
Derivative hedging instruments                               0
Inventories                                        286,907,702
Other                                              559,187,001
                                                ---------------
      Total Current Assets                       3,617,400,828

Property, plant and equipment                    5,322,007,367
Less: accumulated depreciation                     701,235,423
Leasehold interests - net                        1,543,964,475
Construction work in progress                      111,709,882
Investment in suspended construction               357,165,963
                                                ---------------
      Total net property, plant and equipment    6,633,612,263

Investments                                        288,520,210
Long-term accounts receivable - net                 34,530,232
Notes receivable - net                                       0
Assets from risk management activities             145,322,145
Goodwill - net                                     587,304,353
Other intangibles - net                            281,074,510
Derivative hedging instruments                               0
Restricted cash, non-current                        46,566,603
Other long-term assets                                       1
Miscellaneous deferred charges                     378,897,373
                                                ---------------
      Total Non-current Assets                   1,762,215,426
                                                ---------------
TOTAL ASSETS                                   $12,013,228,517
                                                ===============

LIABILITIES AND EQUITY

Postpetition Liabilities:
   Debt                                         $1,504,671,439
   Accounts Payable                                573,182,425
   Liabilities from risk management activities     496,185,700
   Obligations under energy deliveries             193,988,550
   Derivative hedging instruments                            0
   Other                                           449,492,621
   Miscellaneous deferred credits                  537,904,556
                                               ---------------
      Total postpetition liabilities             3,755,425,291

Prepetition Liabilities                          8,903,836,619
                                               ---------------
      TOTAL LIABILITIES                         12,659,261,910

EQUITY:
Minority interest in subsidiaries                  150,176,453
Mandatory redeemable securities                              0
Common stock                                         4,056,621
Additional paid-in capital                       4,917,963,428
Retained earnings                               (5,665,731,357)
Treasury stock, at cost                             (2,260,000)
Accumulated other comprehensive income             (50,238,538)
                                               ---------------
      Total Equity                                (646,033,393)
                                               ---------------
      TOTAL LIABILITIES AND OWNERS' EQUITY     $12,013,228,517
                                               ===============


                Mirant Corporation and Subsidiaries
                 Consolidated Statements of Income
                 For the month ending May 31, 2004

REVENUES:
   Generation                                     $348,744,046
   Net trading revenue                                (660,894)
   Distribution                                     46,761,746
   Other                                               369,320
                                               ---------------
      Gross Margin                                 395,214,218

OPERATING EXPENSES:
   Energy cost                                     305,786,063
   Operations and maintenance                       87,610,727
   Depreciation and amortization                    25,635,847
   Gain on sale of property and investments            225,073
   Impairment loss                                      46,901
   Restructuring costs                               1,621,050
                                               ---------------
      Total Operating Expenses                     420,925,662
                                               ---------------
      Income before non-operating income
      and expense                                  (25,711,444)

OTHER INCOME AND EXPENSES:
   Interest income                                     (16,760)
   Interest expense                                (12,927,594)
   Equity in income of affiliates                    2,387,202
   Other                                            (1,547,173)
   Reorganization items                             (4,523,626)
   Minority interest                                (1,477,697)
   Net income from discontinued operations                   0
                                               ---------------
      Total Other Income                           (18,205,648)

Provision for income tax                            (8,217,603)
                                               ---------------
      NET PROFIT (LOSS)                           ($52,134,695)
                                               ===============


                        Mirant Corporation
           Unconsolidated Cash Receipts and Disbursements
                 For the month ending May 31, 2004

Cash, beginning of month                          $351,005,491

Non-Operating Receipts:
   Total non-operating receipts                   (145,317,765)
                                               ---------------
      Total receipts                              (145,317,765)
                                               ---------------
      Total Cash Available                         205,687,726

Operating Disbursements                                      0

Reorganization Expenses                                 23,507
                                               ---------------
      Total disbursements                               23,507
                                               ---------------
Net Cash Flow                                     (145,341,272)
                                               ---------------
Cash, end of month                                $205,664,219
                                               ===============


MIRANT SERVICES: Releases Employee Savings Plans 2003 Report
------------------------------------------------------------

                          Mirant Services
                       Employee Savings Plan
          Statements of Net Assets Available for Benefits
                      As of December 31, 2003

Assets:
   Investments, at fair value                     $122,893,225
   Cash                                                198,639
   Company contributions receivable                          0
   Accrued income                                            0
                                                 -------------
   NET ASSETS AVAILABLE FOR BENEFITS              $123,091,864
                                                 =============


                          Mirant Services
                       Employee Savings Plan
    Statements of Changes in Net Assets Available for Benefits
                      As of December 31, 2003

Additions (reductions) to net assets attributed to:
   Investment income (loss):
     Net appreciation (depreciation in fair value
       of investments                              $10,917,996
     Dividends and interests                         3,122,721
                                                 -------------
   Total Investment Gain (Loss)                     14,040,717

Contributions:
   Participants                                      9,813,576
   Company                                           7,795,137
                                                 -------------
   Total Contributions                              17,608,713
                                                 -------------
Transfer from affiliated plan                          174,693
                                                 -------------
   Total additions (reductions)                     31,824,123
                                                 -------------
Deductions:
   Benefits paid to participants or beneficiaries   16,956,711
   Administrative expenses                               6,775
   Transfer to other plans                             562 640
                                                 -------------
   Net deductions                                   17,526,126
                                                 -------------
   Net increase (decrease) in net assets
   available for benefits                           14,297,997

Net assets available for benefits:
   Beginning of year                               108,793,867
                                                 -------------
   End of year                                    $123,091,864
                                                 =============


                          Mirant Services
               Bargaining Unit Employee Savings Plan
          Statements of Net Assets Available for Benefits
                      As of December 31, 2003

Assets:
   Investments, at fair value                      $55,324,187
   Cash                                                 57,651
   Company contributions receivable                          0
   Accrued income                                            0
                                                 -------------
   NET ASSETS AVAILABLE FOR BENEFITS               $55,381,838
                                                 =============


                          Mirant Services
               Bargaining Unit Employee Savings Plan
    Statements of Changes in Net Assets Available for Benefits
                      As of December 31, 2003

Additions (reductions) to net assets attributed to:
   Investment income (loss):
     Net appreciation (depreciation in fair value
       of investments                               $2,840,472
     Dividends and interests                         1,629,125
                                                 -------------
   Total Investment Gain (Loss)                      4,469,597

Contributions:
   Participants                                      4,893,767
   Company                                           1,230,093
                                                 -------------
   Total Contributions                               6,123,860
                                                 -------------
   Total Additions (Reductions)                     10,593,457
                                                 -------------

Deductions:
   Benefits paid to participants or beneficiaries    2,672,607
   Administrative expenses                               7,950
   Transfer to affiliated plan                         174,693
   Transfer to other plans                                   0
                                                 -------------
   Net deductions                                    2,855,250
                                                 -------------
   Net increase (decrease) in net assets
   available for benefits                            7,738,207

Net assets available for benefits:
   Beginning of year                                47,643,631
                                                 -------------
   End of year                                     $55,381,838
                                                 =============


PARMALAT: Farmland Dairies' Revised March Monthly Operating Report
------------------------------------------------------------------
On June 29, 2004, the U.S. Debtors filed revised monthly  
operating reports for the period from February 22, 2004 to  
March 20, 2004:

                      Farmland Dairies, LLC
                          Balance Sheet
                      As of March 20, 2004

Assets

Cash & Cash Equivalents                              $1,068,007
Accounts Receivable-Trade (Net)                      47,427,930
Accounts Receivable-Securitization                  (44,955,000)
Notes Receivable                                        286,591
Inventory                                            14,509,158
Prepaid Expenses                                     14,220,553
Other Current Assets                                  1,195,974
                                                 --------------
Total Current Assets                                 33,753,213

Fixed Assets                                        214,323,715
Accumulated Depreciation                            112,738,328
                                                 --------------
Net Fixed Assets                                    101,585,387

Other Assets                                         39,232,672
Intercompany Receivables                             80,584,312
                                                 --------------
Total Assets                                       $255,155,584
                                                 ==============

Liabilities Subject to Compromise
Accounts Payable                                     14,817,688
Accrued Expenses                                      3,320,700
Intercompany payables                                25,318,781
Capital Lease                                        95,000,000
                                                 --------------
Total Liabilities Subject to Compromise             138,457,169

Liabilities
Notes & Loans Payable                                         0
Capital Leases - Short Term                              28,824
Accounts Payable                                     10,272,908
Accrued Expenses                                     14,942,432
                                                 --------------
Total Current Liabilities                            25,244,164

Notes & Loans Payable                                 8,851,052
Capital Leases -- Long Term                              27,328
Other                                                 8,389,235
                                                 --------------
Total Long Term Liabilities                          17,267,615

Intercompany Payables                               (82,068,989)
                                                 --------------
Total Liabilities                                    98,899,959

Equity
Paid in Capital                                     161,506,590
Accumulated Comprehensive Income                     (7,013,988)
Retained Earnings                                    11,323,693
YTD Net Income/(Loss)                                (9,560,670)
                                                 --------------
Total Owners' Equity                                156,255,625
                                                 --------------
Total Liabilities & Owners' Equity                 $255,155,584
                                                 ==============


                      Farmland Dairies, LLC
                        Income Statement
            From February 22, 2004 to March 20, 2004

Revenues
   Gross sales                                      $37,269,960
   Less: Returns & discounts                          1,465,956
                                                   ------------
   Net sales                                         35,804,004

Expenses
   Raw Materials & Ingredients                       23,238,942
   Packaging                                          2,810,632
   Direct Labor                                         737,490
   Power                                                514,374
   Freight                                              272,733
   Distribution                                       2,737,814
   Industrial Depreciation                              402,924
   Production Overhead                                2,392,934
   Warehouse (Cooler)                                 1,866,900
   Marketing Costs                                      799,753
   Sales Admin Expenses                                 470,285
   General Expenses                                   1,039,979
   Financial Costs                                      341,113
   Goodwill/trademarks                                    6,756
   Extraordinary                                        131,927
   Corporate Allocation                                 (50,000)
   Income Taxes                                               0
                                                   ------------
   Total Expenses                                    37,714,556

Reorganization Expenses                               1,682,814
                                                   ------------
Net Profit (Loss)                                   ($3,593,366)
                                                   ============


                      Farmland Dairies, LLC
                 Cash Receipts and Disbursements
            From February 22, 2004 to March 20, 2004

Cash - Beginning of Month                            $1,846,078

Receipts From Operations
   Cash Sales                                                 0

Collection of Accounts Receivable
   Prepetition                                       27,542,725
   Postpetition                                       4,497,194
                                                   ------------
   Total Operating Receipts                          32,039,919

Non - Operating Receipts
   Proceeds from GE Capital                           8,500,000
   Voided Checks                                      1,999,887
   Adjustments                                         (328,766)
   Deposits -- Other                                    984,546
   Transfers                                            429,623
                                                   ------------
   Total Non-Operating Receipts                      11,585,290
                                                   ------------
   Total Receipts                                    43,625,209
                                                   ------------
Total Cash Available                                 45,471,287

Operating Disbursements
   Chemicals                                            340,688
   Commissions                                          155,882
   Consulting/Legal                                     197,150
   Co-packing                                           245,135
   Employee & Employee-related expenses                 976,104
   Equipment Leases                                     689,091
   Freight & Postage                                    142,986
   Fuel                                                 177,210
   Transportation                                       535,697
   Ingredients                                        1,654,304
   Insurance                                            461,169
   Lab Fees                                              21,036
   Licenses & Taxes                                     109,929
   Marketing                                          2,831,602
   Other                                              1,209,728
   Packaging                                          1,651,423
   Pallets/Cases/Bossies                                 96,589
   Milk Producers                                    18,929,676
   Marketing Administrator                              552,159
   Purchased Products                                 1,796,386
   R & M, Parts, Supplies                               219,055
   Raw Milk                                           2,291,872
   Rebates                                              525,961
   Rent                                                 174,839
   Security                                              21,128
   Temporary Labor                                      127,756
   Travel & Entertainment                                22,588
   Utilities                                             64,606
   Securitization Payments                            4,183,887
   Payroll                                            3,617,166
   Payroll Taxes                                        380,476
                                                   ------------
   Total expenses                                    44,403,280

Reorganization Expenses
   Professional Fees                                          -
   U.S. Trustee Fees                                          -
   Other                                                      -
                                                   ------------
   Total Reorganization Expenses                              -
                                                   ------------
Total Disbursements                                  44,403,280
                                                   ------------
Net Cash Flow                                          (778,071)
                                                   ------------
Cash - End of Month                                  $1,068,007
                                                   ============


PARMALAT: Farmland Dairies' Revised April Monthly Operating Report
------------------------------------------------------------------
On June 29, 2004, the U.S. Debtors filed revised monthly  
operating reports for the period from March 21, 2004 to  
April 24, 2004:

                      Farmland Dairies, LLC
                          Balance Sheet
                      As of April 24, 2004

Assets

Cash & Cash Equivalents                              $3,516,812
Accounts Receivable-Trade (Net)                      46,220,660
Accounts Receivable-Securitization                  (44,955,000)
Notes Receivable                                        288,403
Inventory                                            15,252,311
Prepaid Expenses                                     14,195,197
Other Current Assets                                  1,244,809
                                                 --------------
Total Current Assets                                 35,763,192

Fixed Assets                                        214,636,080
Accumulated Depreciation                            113,876,236
                                                 --------------
Net Fixed Assets                                    100,759,844

Other Assets                                         39,169,511
Intercompany Receivables                             81,864,702
                                                 --------------
Total Assets                                       $257,557,249
                                                 ==============

Liabilities Subject to Compromise
Accounts Payable                                     14,817,688
Accrued Expenses                                      3,320,700
Intercompany payables                                25,318,781
Capital Lease                                        95,000,000
                                                 --------------
Total Liabilities Subject to Compromise             138,457,169

Liabilities
Notes & Loans Payable                                         0
Capital Leases - Short Term                               1,361
Accounts Payable                                     10,904,431
Accrued Expenses                                     21,117,872
                                                 --------------
Total Current Liabilities                            32,023,664

Notes & Loans Payable                                11,838,807
Capital Leases -- Long Term                              52,654
Other                                                 8,389,235
                                                 --------------
Total Long Term Liabilities                          20,280,696

Intercompany Payables                               (82,068,989)
                                                 --------------
Total Liabilities                                   108,692,540

Equity
Paid in Capital                                     161,506,590
Accumulated Comprehensive Income                     (7,013,988)
Retained Earnings                                    11,323,693
YTD Net Income/(Loss)                               (16,951,586)
                                                 --------------
Total Owners' Equity                                148,864,709
                                                 --------------
Total Liabilities & Owners' Equity                 $257,557,249
                                                 ==============


                      Farmland Dairies, LLC
                        Income Statement
              From March 21, 2004 to April 24, 2004

Revenues
   Gross sales                                      $46,955,197
   Less: Returns & discounts                          1,419,232
                                                   ------------
   Net sales                                         45,535,965

Expenses
   Raw Materials & Ingredients                       30,299,971
   Packaging                                          3,275,492
   Direct Labor                                         986,219
   Power                                                537,993
   Freight                                              411,299
   Distribution                                       3,383,664
   Industrial Depreciation                              482,586
   Production Overhead                                2,740,621
   Warehouse (Cooler)                                 2,204,051
   Marketing Costs                                      970,586
   Sales Admin Expenses                                 567,169
   General Expenses                                   1,245,714
   Financial Costs                                      774,197
   Goodwill/trademarks                                    8,445
   Extraordinary                                        137,976
   Corporate Allocation                                 (62,500)
   Income Taxes                                               0
                                                   ------------
   Total Expenses                                    47,963,483

Reorganization Expenses                               4,963,398
                                                   ------------
Net Profit (Loss)                                   ($7,390,916)
                                                   ============


                      Farmland Dairies, LLC
                 Cash Receipts and Disbursements
              From March 21, 2004 to April 24, 2004

Cash - Beginning of Month                            $1,068,007

Receipts From Operations
   Cash Sales                                                 0

Collection of Accounts Receivable
   Prepetition                                       10,242,515
   Postpetition                                      38,323,246
                                                   ------------
   Total Operating Receipts                          48,565,761

Non - Operating Receipts
   Proceeds from GE Capital                           3,000,000
   Voided Checks (Prepetition)                                0
   Adjustments                                         (120,422)
   Deposits -- Other                                    223,800
   Transfers                                            406,700
                                                   ------------
   Total Non-Operating Receipts                       3,510,078
                                                   ------------
   Total Receipts                                    52,075,839
                                                   ------------
Total Cash Available                                 53,143,845

Operating Disbursements
   Chemicals                                            708,357
   Commissions                                          234,414
   Consulting/Legal                                      98,746
   Co-packing                                         1,059,151
   Employee & Employee-related expenses               1,217,358
   Equipment Leases                                     393,770
   Freight & Postage                                    135,507
   Fuel                                                 344,790
   Transportation                                       952,836
   Ingredients                                        3,579,414
   Insurance                                            435,487
   Lab Fees                                              42,495
   Licenses & Taxes                                     110,080
   Marketing                                          1,657,115
   Other                                              2,236,108
   Packaging                                          2,789,622
   Pallets/Cases/Bossies                                480,348
   Milk Producers                                    22,539,467
   Marketing Administrator                                1,831
   Purchased Products                                 1,174,909
   R & M, Parts, Supplies                             1,009,945
   Raw Milk                                           2,457,885
   Rebates                                              321,657
   Rent                                                 198,508
   Security                                             138,115
   Temporary Labor                                      124,533
   Travel & Entertainment                                52,458
   Utilities                                            395,061
   Securitization Payments                              205,139
   Payroll                                            4,525,365
   Payroll Taxes                                        569,595
   Voided Checks (Postpetition)                      (1,629,840)
                                                   ------------
   Total expenses                                    48,560,223

Reorganization Expenses
   Professional Fees                                    524,398
   U.S. Trustee Fees                                          -
   DIP Interest & Fees                                  545,014
                                                   ------------
   Total Reorganization Expenses                      1,069,412
                                                   ------------
Total Disbursements                                  49,629,635
                                                   ------------
Net Cash Flow                                         2,446,204
                                                   ------------
Cash - End of Month                                  $3,514,210
                                                   ============


PARMALAT: Farmland Dairies' Revised May Monthly Operating Report
----------------------------------------------------------------
On June 29, 2004, the U.S. Debtors filed revised monthly  
operating reports for the period from April 25, 2004 to  
May 22, 2004:

                      Farmland Dairies, LLC
                          Balance Sheet
                       As of May 22, 2004

Assets

Cash & Cash Equivalents                              $6,113,559
Accounts Receivable-Trade                            48,075,507
Accounts Rec.-Securitization                        (44,678,656)
Notes Receivable                                        276,176
Inventory                                            15,574,804
Prepaid Expenses                                     14,553,868
Other Current Assets                                  1,218,435
                                                   ------------
Total Current Assets                                 41,133,693

Fixed Assets                                        214,746,256
Accumulated Depreciation                            114,668,066
                                                   ------------
Net Fixed Assets                                    100,078,190

Other Assets                                         38,933,437
Intercompany Receivables                             81,483,112
                                                   ------------
Total Assets                                       $261,628,432
                                                   ============

Liabilities Subject to Compromise:
   Accounts Payable                                  14,843,745
   Accrued Expenses                                   3,327,875
   Intercompany Payables                             25,318,781
   Capital Lease                                     95,000,000
                                                   ------------
Total Liabilities Subject to Compromise             138,490,401

Liabilities:
   Notes & Loans Payable                                      0
   Capital Leases - Short Term                            1,026
   Accounts Payable                                  17,230,409
   Accrued Expenses                                  22,376,404
                                                   ------------
Total Current Liabilities                            39,607,839

Notes & Loans Payable                                14,826,563
Capital Leases - Long Term                               50,832
Other                                                 8,389,235
                                                   ------------
Total Long Term Liabilities                          23,266,630

Intercompany Payables                               (82,068,989)
                                                   ------------
Total Liabilities                                   119,295,881

Equity
Paid In Capital                                     161,506,590
Accum Comprehensive Income                           (7,013,988)
Retained Earnings                                    11,323,693
YTD Net Income/(Loss)                               (23,483,744)
                                                   ------------
Total Equity                                        142,332,551
                                                   ------------
Total Liabilities & Owners' Equity                 $261,628,432
                                                   ============


                      Farmland Dairies, LLC
                        Income Statement
               From April 25, 2004 to May 22, 2004

Revenues
   Gross sales                                      $40,906,304
   Less: Returns & discounts                          1,212,273
                                                   ------------
   Net sales                                         39,694,031

Expenses
   Raw Materials & Ingredients                       27,529,854
   Packaging                                          2,799,702
   Direct Labor                                         703,437
   Power                                                442,026
   Freight                                              310,927
   Distribution                                       2,726,714
   Industrial Depreciation                              409,568
   Production Overhead                                2,236,307
   Warehouse (Cooler)                                 1,747,763
   Marketing Costs                                      832,889
   Sales Admin Expenses                                 477,059
   General Expenses                                   1,032,001
   Financial Costs                                      770,994
   Goodwill/trademarks                                    6,756
   Extraordinary                                        118,370
   Corporate Allocation                                 (50,000)
   Income Taxes                                               -
                                                   ------------
   Total Expenses                                    42,094,367

Reorganization Expenses                               4,131,822
                                                   ------------
Net Profit (Loss)                                   ($6,532,158)
                                                   ============


                      Farmland Dairies, LLC
                 Cash Receipts and Disbursements
               From April 25, 2004 to May 22, 2004

Cash - Beginning of Month                            $3,514,210

Receipts From Operations
   Cash Sales                                                 0

Collection of Accounts Receivable
   Prepetition                                          528,314
   Postpetition                                      37,566,773
                                                   ------------
   Total Operating Receipts                          38,095,086

Non - Operating Receipts
   Proceeds from GE Capital                           3,000,000
   Voided Checks (Prepetition)                                -
   Adjustments                                          600,381
   Deposits -- Other                                    847,488
   Transfers                                          3,500,000
                                                   ------------
   Total Non-Operating Receipts                       7,947,868
                                                   ------------
   Total Receipts                                    46,042,955
                                                   ------------
Total Cash Available                                 49,557,165
Operating Disbursements
   Chemicals                                            601,865
   Commissions                                          107,927
   Consulting/Legal                                      96,518
   Co-packing                                           495,877
   Employee & Employee-related expenses                 994,624
   Equipment Leases                                     532,165
   Freight & Postage                                    108,893
   Fuel                                                 213,514
   Transportation                                       783,187
   Ingredients                                        2,041,861
   Insurance                                            419,046
   Lab Fees                                              49,376
   Licenses & Taxes                                     181,880
   Marketing                                             26,634
   Other                                                656,008
   Packaging                                          2,569,300
   Pallets/Cases/Bossies                                217,768
   Milk Producers                                    21,146,353
   Marketing Administrator                                    0
   Purchased Products                                 1,256,444
   R & M, Parts, Supplies                               899,881
   Raw Milk                                           2,198,713
   Rebates                                              389,240
   Rent                                                 192,894
   Security                                             135,763
   Temporary Labor                                       77,513
   Travel & Entertainment                                47,801
   Utilities                                          1,378,417
   Securitization Payments                              439,874
   Payroll                                            2,614,119
   Payroll Taxes                                        488,762
   Voided Checks (Postpetition)                          (7,802)
                                                   ------------
   Total expenses                                    41,354,415

Reorganization Expenses
   Professional Fees                                  1,980,613
   U.S. Trustee Fees                                     10,250
   DIP Interest & Fees                                   59,889
                                                   ------------
   Total Reorganization Expenses                      2,050,752
                                                   ------------
Total Disbursements                                  43,405,166
                                                   ------------
Net Cash Flow                                         2,637,788
                                                   ------------
Cash - End of Month                                  $6,151,999
                                                   ============


PARMALAT: Milk Products' Revised March Monthly Operating Report
---------------------------------------------------------------
On June 29, 2004, the U.S. Debtors filed revised monthly  
operating reports for the period from February 22, 2004 to  
March 20, 2004:

                  Milk Products of Alabama, LLC
                          Balance Sheet
                      As of March 20, 2004

Assets

Cash & Cash Equivalents                                $910,003
Accounts Receivable-Net                               2,357,582
Inventory                                             1,130,830
Prepaid Expenses                                        285,272
Other Current Assets                                      4,521
                                                 --------------
Total Current Assets                                  4,688,208

Fixed Assets                                         10,926,223
Accumulated Depreciation                              6,518,411
                                                 --------------
Net Fixed Assets                                      4,407,812

Other Assets                                            885,023
Intercompany Receivables                                      0
                                                 --------------
Total Assets                                         $9,981,043
                                                 ==============

Liabilities Subject to Compromise
Accrued Expenses                                         45,227
Intercompany payables                                 8,338,493
                                                 --------------
Total Liabilities Subject to Compromise               8,383,720

Liabilities
Accounts Payable                                        174,601
Accrued Expenses                                        240,390
                                                 --------------
Total Current Liabilities                               414,991

Long Term Notes Payable -- Intercompany                       -
Other                                                    17,747
                                                 --------------
Total Long Term Liabilities                              17,747

Intercompany Liabilities                              1,324,430
                                                 --------------
Total Liabilities                                    10,140,888

Equity
Retained Earnings                                        18,414
YTD Net Income/(Loss)                                  (178,259)
                                                 --------------
Total Equity                                           (159,845)
                                                 --------------
Total Liabilities & Owners' Equity                   $9,981,043
                                                 ==============


                  Milk Products of Alabama, LLC
                        Income Statement
            From February 22, 2004 to March 20, 2004

Revenues
   Gross sales                                       $3,099,363
   Less: Returns & discounts                                859
                                                   ------------
   Net sales                                          3,098,504

Expenses
   Raw Materials & Ingredients                        2,282,241
   Packaging                                            315,153
   Direct Labor                                         179,182
   Power                                                 66,445
   Freight                                              125,736
   Distribution                                               -
   Industrial Depreciation                               35,480
   Production Overhead                                   54,587
   Warehouse (Cooler)                                     8,854
   Marketing Costs                                            0
   Sales Admin Expenses                                  21,556
   General Expenses                                      64,102
   Financial Costs                                       21,705
   Goodwill/trademarks                                        0
   Extraordinary                                        (25,307)
   Corporate Allocation                                  50,000
   Income Taxes                                               0
                                                   ------------
   Total Expenses                                     3,199,734

Reorganization Expenses
   Professional Fees                                          -
   U.S. Trustee Fees                                          -
   Other                                                      -
                                                   ------------
   Total Reorganization Expenses                              -
                                                   ------------
Net Profit (Loss)                                     ($101,230)
                                                   ============


                  Milk Products of Alabama, LLC
                 Cash Receipts and Disbursements
            From February 22, 2004 to March 20, 2004

Cash - Beginning of Month                              $312,768

Receipts From Operations
   Cash Sales                                                 -

Collection of Accounts Receivable
   Prepetition                                        2,110,282
   Postpetition                                         109,501
                                                   ------------
   Total Operating Receipts                           2,219,783

Non - Operating Receipts
   Transfers                                           (762,000)
   Other                                                  2,449
                                                   ------------
   Total Non-Operating Receipts                        (759,551)
                                                   ------------
   Total Receipts                                     1,460,232
                                                   ------------
Total Cash Available                                  1,773,000

Operating Disbursements
   Bank Charges                                             399
   Freight                                               14,147
   Ingredients                                          248,141
   Licenses & Taxes                                      14,221
   Packaging                                             47,014
   Raw Milk                                             508,420
   R & M, Parts, Supplies                                29,991
   Other                                                    664
   Warehouse (Cooler)                                         -
   Marketing Costs                                            -
   Sales Admin Expenses                                       -
   General Expenses                                           -
   Financial Costs                                            -
   Goodwill/trademarks                                        -
   Extraordinary                                              -
   Corporate Allocation                                       -
   Income Taxes                                               -
                                                   ------------
   Total expenses                                       862,997

Reorganization Expenses
   Professional Fees                                          -
   U.S. Trustee Fees                                          -
   Other                                                      -
                                                   ------------
   Total Reorganization Expenses                              -
                                                   ------------
Total Disbursements                                     862,997
                                                   ------------
Net Cash Flow                                           597,235
                                                   ------------
Cash - End of Month                                    $910,003
                                                   ============


PARMALAT: Milk Products' Revised April Monthly Operating Report
---------------------------------------------------------------
On June 29, 2004, the U.S. Debtors filed revised monthly  
operating reports for the period from March 21, 2004 to  
April 24, 2004:

                  Milk Products of Alabama, LLC
                          Balance Sheet
                      As of April 24, 2004

Assets

Cash & Cash Equivalents                              $1,752,628
Accounts Receivable-Net                               2,501,056
Inventory                                             1,385,057
Prepaid Expenses                                        367,655
Other Current Assets                                      4,521
                                                   ------------
   Total Current Assets                               6,010,917

Fixed Assets                                         10,926,223
Accumulated Depreciation                              6,554,451
                                                   ------------
   Net Fixed Assets                                   4,371,772
      Other Assets                                      885,023
      Intercompany Receivables                                0
                                                   ------------
   Total Assets                                     $11,267,712
                                                   ============

Liabilities Subject to Compromise:
   Accrued Expenses                                     $45,227
   Intercompany Payables                              8,338,493
                                                   ------------
   Total Liabilities Subject to Compromise            8,383,720

Liabilities
   Accounts Payable                                     133,809
   Accrued Expenses                                     234,591
                                                   ------------
      Total Current Liabilities                     232,940,986

   Long Term Notes Payable - Intercompany
   Other                                                  8,819

Equity
   Retained Earnings                                     18,414
   YTD Net Income/(Loss)                               (197,170
                                                   ------------
      Total Equity                                      178,756
                                                   ------------
      Total Liabilities & Owners' Equity            $11,267,712
                                                   ============


                  Milk Products of Alabama, LLC
                        Income Statement
              From March 21, 2004 to April 24, 2004

Revenues
   Gross sales                                       $4,375,909
   Less: Returns & discounts                              1,053
                                                   ------------
   Net sales                                          4,374,856

Expenses
   Raw Materials & Ingredients                        3,263,637
   Packaging                                            408,107
   Direct Labor                                         203,498
   Power                                                 86,120
   Freight                                              141,044
   Industrial Depreciation                               35,392
   Production Overhead                                   63,034
   Warehouse (Cooler)                                    10,495
   Marketing Costs                                            0
   Sales Admin Expenses                                  34,743
   General Expenses                                      63,777
   Financial Costs                                       26,147
   Goodwill/trademarks                                        0
   Extraordinary                                         (4,727)
   Corporate Allocation                                  62,500
   Income Taxes                                               0
                                                   ------------
   Total Expenses                                     4,393,767

Reorganization Expenses
   Professional Fees                                          -
   U.S. Trustee Fees                                          -
   Other                                                      -
                                                   ------------
   Total Reorganization Expenses                              -
                                                   ------------
Net Profit (Loss)                                      ($18,911)
                                                   ============


                  Milk Products of Alabama, LLC
                 Cash Receipts and Disbursements
              From March 21, 2004 to April 24, 2004

Cash - Beginning of Month                              $910,003

Receipts From Operations
   Cash Sales                                                 -

Collection of Accounts Receivable
   Prepetition                                                0
   Postpetition                                       4,194,395
                                                   ------------
   Total Operating Receipts                           4,194,395

Non - Operating Receipts
   Transfers                                         (3,350,000)
   Other                                                 (2,429)
                                                   ------------
   Total Non-Operating Receipts                      (3,352,429)
                                                   ------------
   Total Receipts                                       841,966
                                                   ------------
Total Cash Available                                  1,751,969

Operating Disbursements
   Bank Charges                                               -
   Freight                                                    -
   Ingredients                                                -
   Licenses & Taxes                                           -
   Packaging                                                  -
   Raw Milk                                                   -
   R & M, Parts, Supplies                                     -
   Other                                                  1,841
   Warehouse (Cooler)                                         -
   Marketing Costs                                            -
   Sales Admin Expenses                                       -
   General Expenses                                           -
   Financial Costs                                            -
   Goodwill/trademarks                                        -
   Extraordinary                                              -
   Corporate Allocation                                       -
   Income Taxes                                               -
                                                   ------------
   Total expenses                                         1,841

Reorganization Expenses
   Professional Fees                                          -
   U.S. Trustee Fees                                          -
   Other                                                      -
                                                   ------------
   Total Reorganization Expenses                              -
                                                   ------------
Total Disbursements                                       1,841
                                                   ------------
Net Cash Flow                                           840,126
                                                   ------------
Cash - End of Month                                  $1,750,129
                                                   ============


PARMALAT: Milk Products' Revised May Monthly Operating Report
-------------------------------------------------------------
On June 29, 2004, the U.S. Debtors filed revised monthly  
operating reports for the period from April 25, 2004 to  
May 22, 2004:

                  Milk Products of Alabama, LLC
                          Balance Sheet
                       As of May 22, 2004

Assets

Cash & Cash Equivalents                              $1,795,546
Accounts Receivable-Net                               2,997,336
Inventory                                             1,287,472
Prepaid Expenses                                        262,441
Other Current Assets                                      4,521
                                                   ------------
Total Current Assets                                  6,347,316

Fixed Assets                                         10,926,223
Accumulated Depreciation                              6,590,490
                                                   ------------
Net Fixed Assets                                      4,335,733

Other Assets                                            885,023
Intercompany Receivables                                      0
                                                   ------------
Total Assets                                        $11,568,072
                                                   ============

Liabilities Subject to Compromise
   Accrued Expenses                                     $45,227
   Intercompany Payables                              8,338,493
                                                   ------------
Total Liabilities Subject to Compromise               8,383,720

Liabilities:
   Accounts Payable                                     194,670
   Accrued Expenses                                      96,084
                                                   ------------
Total Current Liabilities                               290,754

Long Term Notes Payable - Intercompany
Other                                                    43,738
                                                   ------------
Total Long Term Liabilities                              43,738

Intercompany Payables                                 2,872,138
                                                   ------------
Total Liabilities                                    11,590,350

Equity
Retained Earnings                                        18,414
YTD Net Income/(Loss)                                   (40,692)
                                                   ------------
Total Equity                                            (22,278)
                                                   ------------
Total Liabilities & Owners' Equity                  $11,568,072
                                                   ============


                  Milk Products of Alabama, LLC
                        Income Statement
               From April 25, 2004 to May 22, 2004

Revenues
   Gross sales                                       $4,119,490
   Less: Returns & discounts                              1,990
                                                   ------------
   Net sales                                          4,117,500

Expenses
   Raw Materials & Ingredients                        2,880,672
   Packaging                                            344,090
   Direct Labor                                          81,521
   Power                                                 78,401
   Freight                                              126,606
   Industrial Depreciation                               35,392
   Production Overhead                                  208,553
   Warehouse (Cooler)                                     8,526
   Marketing Costs                                            0
   Sales Admin Expenses                                  27,818
   General Expenses                                      59,590
   Financial Costs                                       20,734
   Goodwill/trademarks                                        0
   Extraordinary                                         39,119
   Corporate Allocation                                  50,000
   Income Taxes                                               0
                                                   ------------
   Total Expenses                                     3,961,022

Reorganization Expenses
   Professional Fees                                          -
   U.S. Trustee Fees                                          -
   Other                                                      -
                                                   ------------
   Total Reorganization Expenses                              -
                                                   ------------
Net Profit (Loss)                                      $156,478
                                                   ============


                  Milk Products of Alabama, LLC
                 Cash Receipts and Disbursements
              From April 25, 2004 to May 22, 2004

Cash - Beginning of Month                            $1,750,129

Receipts From Operations
   Cash Sales                                                 -

Collection of Accounts Receivable
   Prepetition                                                0
   Postpetition                                       3,604,367
                                                   ------------
   Total Operating Receipts                           3,604,367

Non - Operating Receipts
   Transfers                                         (3,500,000)
   Other                                                     73
                                                   ------------
   Total Non-Operating Receipts                      (3,499,927)
                                                   ------------
   Total Receipts                                       104,440
                                                   ------------
Total Cash Available                                  1,854,568

Operating Disbursements
   Bank Charges                                               -
   Freight                                                    -
   Ingredients                                                -
   Licenses & Taxes                                           -
   Packaging                                                  -
   Raw Milk                                                   -
   R & M, Parts, Supplies                                     -
   Other                                                  3,943
   Letter of Credit                                      57,579
   Warehouse (Cooler)                                         -
   Marketing Costs                                            -
   Sales Admin Expenses                                       -
   General Expenses                                           -
   Financial Costs                                            -
   Goodwill/trademarks                                        -
   Extraordinary                                              -
   Corporate Allocation                                       -
   Income Taxes                                               -
                                                   ------------
   Total expenses                                        61,522

Reorganization Expenses
   Professional Fees                                          -
   U.S. Trustee Fees                                          -
   Other                                                      -
                                                   ------------
   Total Reorganization Expenses                              -
                                                   ------------
Total Disbursements                                      61,522
                                                   ------------
Net Cash Flow                                            42,917
                                                   ------------
Cash - End of Month                                  $1,793,046
                                                   ============


PARMALAT USA: Releases Revised March 2004 Monthly Operating Report
------------------------------------------------------------------
On June 29, 2004, the U.S. Debtors filed revised monthly
operating reports for period from February 22, 2004 to
March 20, 2004:

                    Parmalat USA Corporation
                          Balance Sheet
                      As of March 20, 2004

Assets

Cash & Cash Equivalents                                      $0
Accounts Receivable-Net                                       0
Notes Receivable -Current                                     0
Inventory                                                     0
Prepaid Expenses                                              0
Other Current Assets                                          0
                                                 --------------
Total Current Assets                                          0

Fixed Assets                                                  0
Accumulated Depreciation                                      0
                                                 --------------
Net Fixed Assets                                              0

Other Assets                                        326,046,539
Intercompany Receivables                             24,669,083
                                                 --------------
Total Assets                                       $350,715,622
                                                 ==============

Liabilities Subject To Compromise
Long Term Debt & Interest                           $19,341,709
Intercompany payables                               212,783,632
                                                 --------------
Total Liabilities Subject to Compromise             232,125,341

Liabilities
Accounts Payable                                              0
Notes & Loans Payable                                         0
Accrued Expenses                                         92,169
Intercompany Payables                                         0
                                                 --------------
Total Liabilities                                   232,217,510

Equity
Common Stock                                          1,388,356
Paid In Capital                                     227,962,103
Retained Earnings                                  (110,643,290)
YTD Net Income/(Loss)                                 (209,057)
                                                 --------------
Total Equity                                        118,498,112
                                                 --------------
Total Liabilities & Owners' Equity                 $350,715,622
                                                 ==============


                    Parmalat USA Corporation
                        Income Statement
            From February 22, 2004 to March 20, 2004

Revenues
   Gross sales                                               $0
   Less: Returns & discounts                                  0
                                                   ------------
   Net sales                                                  0

Expenses
   Raw Materials & Ingredients                                0
   Packaging                                                  0
   Direct Labor                                               0
   Power                                                      0
   Freight                                                    0
   Distribution                                               0
   Industrial Depreciation                                    0
   Production Overhead                                        0
   Warehouse (Cooler)                                         0
   Marketing Costs                                            0
   Sales Admin Expenses                                       0
   General Expenses                                         290
   Financial Costs                                       71,231
   Goodwill/trademarks                                   18,226
   Extraordinary                                              -
   Corporate Allocation                                       -
   Depreciation                                               -
   Amortization                                               -
   Income Taxes                                               -
                                                   ------------
   Total Expenses                                        89,747

Reorganization Expenses
   Professional Fees                                          -
   U.S. Trustee Fees                                          -
   Other                                                      -
                                                   ------------
   Total Reorganization Expenses                              -
                                                   ------------
Net Profit (Loss)                                      ($89,747)
                                                   ============


                    Parmalat USA Corporation
                 Cash Receipts and Disbursements
            From February 22, 2004 to March 20, 2004

Cash - Beginning of Month                                    $0

Receipts From Operations
   Cash Sales                                                 -

Collection of Accounts Receivable
   Prepetition                                                -
   Postpetition                                               -
                                                   ------------
   Total Operating Receipts                                   0

Non - Operating Receipts
   Transfers                                                898
   Other                                                      -
                                                   ------------
   Total Non-Operating Receipts                             898
                                                   ------------
   Total Receipts                                           898
                                                   ------------
Total Cash Available                                        898

Operating Disbursements
   Rebates                                                  898
   Packaging                                                  -
   Direct Labor                                               -
   Power                                                      -
   Freight                                                    -
   Distribution                                               -
   Industrial Depreciation                                    -
   Production Overhead                                        -
   Warehouse (Cooler)                                         -
   Marketing Costs                                            -
   Sales Admin Expenses                                       -
   General Expenses                                           -
   Financial Costs                                            -
   Goodwill/trademarks                                        -
   Extraordinary                                              -
   Corporate Allocation                                       -
   Income Taxes                                               -
                                                   ------------
   Total Expenses                                           898

Reorganization Expenses
   Professional Fees                                          -
   U.S. Trustee Fees                                          -
   Other                                                      -
                                                   ------------
   Total Reorganization Expenses                              0
                                                   ------------
Total Disbursements                                         898
                                                   ------------
Net Cash Flow                                                 0
                                                   ------------
Cash - End of Month                                           0
                                                   ============


PARMALAT USA: Releases Revised April 2004 Monthly Operating Report
------------------------------------------------------------------
On June 29, 2004, the U.S. Debtors filed revised monthly  
operating reports for the period from March 21, 2004 to  
April 24, 2004:

                    Parmalat USA Corporation
                          Balance Sheet
                      As of April 24, 2004

Assets

Cash & Cash Equivalents                                      $0
Accounts Receivable-Net                                       0
Notes Receivable -Current                                     0
Inventory                                                     0
Prepaid Expenses                                              0
Other Current Assets                                          0
                                                 --------------
Total Current Assets                                          0

Fixed Assets                                                  0
Accumulated Depreciation                                      0
                                                 --------------
Net Fixed Assets                                              0

Other Assets                                        326,028,313
Intercompany Receivables                             24,694,904
                                                 --------------
Total Assets                                       $350,723,217
                                                 ==============

Liabilities Subject to Compromise
Long Term Debt & Interest                           $19,341,709
Intercompany Payables                               212,783,632
                                                 --------------
Total Liabilities Subject to Compromise             232,125,341

Liabilities
Accounts Payable                                              0
Notes & Loans Payable                                         0
Accrued Expenses                                        219,642
Intercompany Payables                                         0
                                                 --------------
Total Liabilities                                   232,344,983

Equity
Common Stock                                          1,388,356
Paid In Capital                                     227,962,103
Retained Earnings                                  (110,643,290)
YTD Net Income/(Loss)                                  (328,935)
                                                 --------------
Total Equity                                        118,378,234
                                                 --------------
Total Liabilities & Owners' Equity                 $350,723,217
                                                 ==============


                    Parmalat USA Corporation
                        Income Statement
              From March 21, 2004 to April 24, 2004

Revenues
   Gross sales                                               $0
   Less: Returns & discounts                                  0
                                                   ------------
   Net sales                                                  0

Expenses
   Raw Materials & Ingredients                                0
   Packaging                                                  0
   Direct Labor                                               0
   Power                                                      0
   Freight                                                    0
   Distribution                                               0
   Industrial Depreciation                                    0
   Production Overhead                                        0
   Warehouse (Cooler)                                         0
   Marketing Costs                                            0
   Sales Admin Expenses                                       0
   General Expenses                                           0
   Financial Costs                                      101,652
   Goodwill/trademarks                                   18,226
   Extraordinary                                              -
   Corporate Allocation                                       -
   Depreciation                                               -
   Amortization                                               -
   Income Taxes                                               -
                                                   ------------
   Total Expenses                                       119,878

Reorganization Expenses
   Professional Fees                                          -
   U.S. Trustee Fees                                          -
   Other                                                      -
                                                   ------------
   Total Reorganization Expenses                              -
                                                   ------------
Net Profit (Loss)                                     ($119,878)
                                                   ============


                    Parmalat USA Corporation
                 Cash Receipts and Disbursements
              From March 21, 2004 to April 24, 2004

Cash - Beginning of Month                                    $0

Receipts From Operations
   Cash Sales                                                 -

Collection of Accounts Receivable
   Prepetition                                                -
   Postpetition                                               -
                                                   ------------
   Total Operating Receipts                                   0

Non - Operating Receipts
   Transfers                                                302
   Other                                                      -
                                                   ------------
   Total Non-Operating Receipts                             302
                                                   ------------
   Total Receipts                                           302
                                                   ------------
Total Cash Available                                        302

Operating Disbursements
   Rebates                                                  302
   Packaging                                                  -
   Direct Labor                                               -
   Power                                                      -
   Freight                                                    -
   Distribution                                               -
   Industrial Depreciation                                    -
   Production Overhead                                        -
   Warehouse (Cooler)                                         -
   Marketing Costs                                            -
   Sales Admin Expenses                                       -
   General Expenses                                           -
   Financial Costs                                            -
   Goodwill/trademarks                                        -
   Extraordinary                                              -
   Corporate Allocation                                       -
   Income Taxes                                               -
                                                   ------------
   Total Expenses                                           302

Reorganization Expenses
   Professional Fees                                          -
   U.S. Trustee Fees                                          -
   Other                                                      -
                                                   ------------
   Total Reorganization Expenses                              0
                                                   ------------
Total Disbursements                                         302
                                                   ------------
Net Cash Flow                                                (0)
                                                   ------------
Cash - End of Month                                         ($0)
                                                   ============


PARMALAT USA: Releases Revised May 2004 Monthly Operating Report
----------------------------------------------------------------
On June 29, 2004, the U.S. Debtors filed revised monthly  
operating reports for the period from April 25, 2004 to  
May 22, 2004:

                    Parmalat USA Corporation
                          Balance Sheet
                       As of May 22, 2004

Assets

Cash & Cash Equivalents                                      $0
Accounts Receivable-Net                                       0
Notes Receivable -Current                                     0
Inventory                                                     0
Prepaid Expenses                                              0
Other Current Assets                                          0
                                                   ------------
Total Current Assets                                          0

Fixed Assets                                                  0
Accumulated Depreciation                                      0
                                                   ------------
Net Fixed Assets                                              0

Other Assets                                        326,010,087
Intercompany Receivables                             25,210,233
                                                   ------------
Total Assets                                       $351,220,320
                                                   ============

Liabilities Subject To Compromise:
   Long Term Debt & Interest                        $19,836,909
   Intercompany Payables                            212,783,632
                                                   ------------
Total Liabilities Subject to Compromise             232,620,541

Liabilities
   Accounts Payable                                           0
   Notes & Loans Payable                                      0
   Accrued Expenses                                     320,445
   Intercompany Payables                                      0
                                                   ------------
Total Liabilities                                   232,940,986

Equity
Common Stock                                          1,388,356
Paid In Capital                                     227,962,103
Retained Earnings                                  (110,643,290)
YTD Net Income/(Loss)                                  (427,835)
                                                   ------------
Total Equity                                        118,279,334
                                                   ------------
Total Liabilities & Owners' Equity                 $351,220,320
                                                   ============


                    Parmalat USA Corporation
                        Income Statement
               From April 25, 2004 to May 22, 2004

Revenues
   Gross sales                                               $0
   Less: Returns & discounts                                  0
                                                   ------------
   Net sales                                                  0

Expenses
   Raw Materials & Ingredients                                0
   Packaging                                                  0
   Direct Labor                                               0
   Power                                                      0
   Freight                                                    0
   Distribution                                               0
   Industrial Depreciation                                    0
   Production Overhead                                        0
   Warehouse (Cooler)                                         0
   Marketing Costs                                            0
   Sales Admin Expenses                                       0
   General Expenses                                         280
   Financial Costs                                       80,144
   Goodwill/trademarks                                   18,226
   Extraordinary                                              -
   Corporate Allocation                                       -
   Depreciation                                               -
   Amortization                                               -
   Income Taxes                                               -
                                                   ------------
   Total Expenses                                        98,650

Reorganization Expenses                                     250
Professional Fees                                             -
   U.S. Trustee Fees                                          -
   Other                                                      -
                                                   ------------
   Total Reorganization Expenses                            250
                                                   ------------
Net Profit (Loss)                                      ($98,900)
                                                   ============


                    Parmalat USA Corporation
                 Cash Receipts and Disbursements
               From April 25, 2004 to May 22, 2004

Cash - Beginning of Month                                    $0

Receipts From Operations
   Cash Sales                                                 -

Collection of Accounts Receivable
   Prepetition                                                -
   Postpetition                                               -
                                                   ------------
   Total Operating Receipts                                   0

Non - Operating Receipts
   Transfers                                              1,123
   Other                                                      -
                                                   ------------
   Total Non-Operating Receipts                           1,123
                                                   ------------
   Total Receipts                                         1,123
                                                   ------------
Total Cash Available                                      1,123

Operating Disbursements
   Rebates                                                1,123
   Packaging                                                  -
   Direct Labor                                               -
   Power                                                      -
   Freight                                                    -
   Distribution                                               -
   Industrial Depreciation                                    -
   Production Overhead                                        -
   Warehouse (Cooler)                                         -
   Marketing Costs                                            -
   Sales Admin Expenses                                       -
   General Expenses                                           -
   Financial Costs                                            -
   Goodwill/trademarks                                        -
   Extraordinary                                              -
   Corporate Allocation                                       -
   Income Taxes                                               -
                                                   ------------
   Total Expenses                                         1,123

Reorganization Expenses
   Professional Fees                                          -
   U.S. Trustee Fees                                          -
   Other                                                      -
                                                   ------------
   Total Reorganization Expenses                              0
                                                   ------------
Total Disbursements                                       1,123
                                                   ------------
Net Cash Flow                                                 0
                                                   ------------
Cash - End of Month                                           0
                                                   ============


SK GLOBAL: Reports $220,032 Net Profit in June 2004
---------------------------------------------------

                      SK Global America, Inc.
                      Unaudited Balance Sheet
                        As of June 30, 2004

                              ASSETS

Unrestricted Cash and cash equivalents           $109,251,724
Restricted Cash and cash equivalents                        -
Accounts receivable - net                         218,185,495
Interest receivables                                  900,557
Commission receivables                              4,689,417
Other receivables                                   4,185,300
Suspense payment                                    1,764,939
Payment in advance                                     10,000
Inventories                                         7,372,314
Prepaid expenses                                      527,763
Other Current Assets                                        -
                                               ---------------
    Total Current Assets                          346,887,509

Real Property and improvements                         10,447
Machinery and equipment                                     -
Furniture, fixtures and office equipment            2,310,349
Leasehold improvements                              2,210,702
Vehicles                                               87,641
Less Accumulated Depreciation                      (3,336,402)
                                               ---------------
    Total Property & Equipment                      1,282,737

Loans to Insiders
Other Assets                                       87,765,067
                                               ---------------
    Total Other Assets                             87,765,067
                                               ---------------
TOTAL ASSETS                                     $435,935,313
                                               ===============

                   LIABILITIES AND OWNER EQUITY

Liabilities not subject to compromise:
    Accounts Payable                                 $866,120
                                              ---------------
    Total Postpetition Liabilities                    866,120

Liabilities subject to compromise:
    Secured debt                                  133,669,769
    Priority debt                                      38,726
    Unsecured debt                              2,899,970,644
                                              ---------------
    Total Prepetition Liabilities               3,033,679,139
                                              ---------------
Total Liabilities                               3,034,545,258

Owner Equity:
    Capital Stock                                  20,000,000
    Additional paid-in capital                     70,000,000
    Owner's Equity Account                                  -
    Retained earnings - prepetition            (2,679,352,128)
    Retained earnings - postpetition               (9,257,818)
                                              ---------------
Net Owner Equity                               (2,598,609,946)
                                              ---------------
T0TAL LIABILITIES & SHAREHOLDERS' EQUITY         $435,935,313
                                              ===============


                      SK Global America, Inc.
                 Unaudited Statement of Operations
                      June 1 to June 30, 2004

Revenues
    Gross Revenues                                  $3,977,737
    Less: Returns and Allowances                         4,401
                                               ---------------
    Net Revenue                                      3,973,336

Cost of Goods Sold
    Beginning Inventory                              6,030,500
    Add: Purchases                                   5,262,828
    Add: Cost of Labor                                       0
    Add: Other Costs                                         0
    Less: Ending Inventory                           7,372,314
                                               ---------------
    Cost of Goods Sold                               3,921,015
                                               ---------------
Gross Profit                                            52,321

Operating Expenses
    Salaries and employee benefits                     253,679
    Travel and Related Expenses                         15,680
    Utilities                                               84
    Materials and supplies                                   -
    Advertising & Promotions                                 -
    Communications                                      18,300
    Delivery                                             4,296
    Rentals and Royalties                               49,441
    Property & Bus License taxes                         4,683
    Insurance                                           55,405
    Direct & Indirect selling expenses                 131,084
    Repairs & Maintenance                                   86
    Other                                              130,367
                                               ---------------
    Total Operating Expenses before depreciation       663,104


    Depreciation/Depletion/Amortization                 38,866
                                               ---------------
    Net Profit (Loss) before
    Other income and expenses                         (649,648)

Other Income and Expenses
    Other Income                                       957,978
    Interest Expense                                    13,138
    Other Expense                                            -
                                               ---------------
    Net Profit (Loss) Before Reorganization Items      295,192

Reorganization Items
    Professional fees                                  (22,697)
    U.S. Trustee Quarterly fees                        (62,840)
    Interest earned on accum. cash from Chap. 11             -
    Gain (Loss) from sale of equipment                  10,377
    Other Reorganization expenses                            -
    Income Taxes                                             -
                                               ---------------
NET PROFIT (LOSS)                                     $220,032
                                               ===============


                      SK Global America, Inc.
       Unaudited Schedule of Cash Receipts and Disbursements
                      June 1 to June 30, 2004


CASH -- BEGINNING OF MONTH                        $110,739,380
                                               ---------------
Receipts
    Accounts Receivable                              4,481,582
    Sale of Assets                                           -
    Other                                              238,529
    Transfers (from DIP accounts)                            -
                                               ---------------
    Total Receipts                                   4,720,111

Disbursements
    Payroll                                            150,292
    Payroll Taxes                                       51,239
    Other Taxes                                              -
    Inventory purchases                              5,486,839
    Rental/leases                                       49,441
    Insurance                                                -
    Administrative                                           -
    Selling                                                  -
    Other                                              469,956

Professional Fees
    U.S. Trustee Quarterly Fees                              -
                                               ---------------
    Total Disbursements                              6,207,767

Net cash flow                                       (1,487,656)
                                               ---------------
CASH -- END OF MONTH                              $109,251,724
                                               ===============


TWINLAB CORPORATION: Files June 2004 Monthly Operating Reports
--------------------------------------------------------------
On July 15, 2004, Twinlab Corporation (n/k/a TL Administration
Corporation ), Twin Laboratories Inc. (n/k/a TL Administration
Inc.) and Twin Laboratories (UK) Ltd. (n/k/a TL Administration
(UK) Ltd.) filed its Monthly Operating Reports for the month ended
June 30, 2004 with the Securities and Exchange Commission.  

At June 30, 2004, Twinlab Corporation (n/k/a TL Administration
Corporation) reports that it has no independent means of
generating revenue due to its non-operation.  As a holding
company, Twinlab's internal sources of funds to meet its cash
needs, including the payment of expenses, are dividends and other
permitted payments from its direct and indirect subsidiaries.

A full-text copy of Twinlab Corporation's June 2004 Monthly
Operating Report is available at no charge at:

   http://www.sec.gov/Archives/edgar/data/1015868/000095012304008437/0000950123-04-008437-index.htm


On September 4, 2003, Twinlab Corporation, Twin Laboratories Inc.
and Twin Laboratories (UK) Ltd. commenced voluntary cases under
chapter 11 of title 11 of the United States Code in the United
States Bankruptcy Court for the Southern District of New York.
These chapter 11 cases are being jointly administered under
chapter 11 case number 03-15564 (CB) and are pending before the
Honorable Cornelius Blackshear.

In addition, on September 4, 2003, the Companies entered into that
certain asset purchase agreement with IdeaSphere, Inc. of Grand
Rapids, Michigan, pursuant to which the Companies sold
substantially all of their assets. The sale closed on December 19,
2003, effective as of December 9, 2003. In connection with the
sale, the Debtors obtained an order from the Court authorizing
them to change their names. Twinlab Corporation changed its name
to TL Administration Corporation, Twin Laboratories Inc. changed
its name to TL Administration Inc. and Twin Laboratories (UK) Ltd.
changed its name to TL Administration (UK) Ltd.

The Debtors continue to operate as debtors-in-possession pursuant
to sections 1107(a) and 1108 of the Bankruptcy Code.


VENUS EXPLORATION: Reports $9.8 Million Net Profit in June 2004
---------------------------------------------------------------
On July 20, Venus Exploration, Inc. filed its monthly operating
report for June 2004 with the United States Bankruptcy Court for
the Eastern District of Texas.

For the month ending June 30, 2004, Venus Exploration, Inc.
reports a $9,818.78 profit but no revenues.


A full-text copy of Venus Exploration, Inc.'s June 2004 Monthly  
Operating Report is available at no charge at:

   http://www.sec.gov/Archives/edgar/data/312037/000115752304006574/a4684394ex991.txt


WORLD ACCESS: Releases May 2004 Monthly Operating Reports
---------------------------------------------------------
World Access, Inc., and its WA Telcom Products Co., Inc., World  
Access Telecommunications Group, Inc., FaciliCom International,  
L.L.C. and WorldxChange Communications, Inc., subsidiaries  
released Monthly Operating Reports this week for May 2004.

The companies caution that the information in these reports is  
unaudited and has not been reviewed by an independent accountant.  

The Monthly Operating Reports for the month ending May 31, 2004
show:
                            
                                 Beginning Cash     Ending Cash
                                     Balance         Balance  
Debtor Entity                   --------------    --------------  
-------------                    
World Access, Inc.              $13,879,969.27     13,683,836.80

WA Telcom Products              
    Co., Inc.                     10,095,336.91     10,102,974.52

World Access Telecommunications
    Group, Inc.                    7,711,659.29      7,724,771.95

FaciliCom International, L.L.C.  14,353,995.70     14,427,677.50

WorldxChange Communications.      3,295,105.70      3,295,173.70


Full-text copies of the Debtors' Monthly Operating Reports are  
available at no charge at:

World Access Inc.:
   http://www.sec.gov/Archives/edgar/data/1071645/000095014404007142/g89944exv99w1.txt  

WA Telcom Products Co., Inc.:
   http://www.sec.gov/Archives/edgar/data/1071645/000095014404007142/g89944exv99w2.txt  

World Access Telecommunications Group, Inc.:
   http://www.sec.gov/Archives/edgar/data/1071645/000095014404007142/g89944exv99w3.txt       

Facilicom International, L.L.C.:
   http://www.sec.gov/Archives/edgar/data/1071645/000095014404007142/g89944exv99w4.txt  

WorldxChange Communications:
   http://www.sec.gov/Archives/edgar/data/1071645/000095014404007142/g89944exv99w5.txt  


On April 24, 2001, World Access, Inc., and its debtor-affiliates  
filed for chapter 11 protection in the United States Bankruptcy  
Court for the Northern District of Illinois, Eastern Division  
(Bankr. Case No. 01-14633-SPS).   


                            *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.  
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
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liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
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Each Friday's edition of the TCR includes a review about a book of
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Monthly Operating Reports are summarized in every Saturday edition
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For copies of court documents filed in the District of Delaware,
please contact Vito at Parcels, Inc., at 302-658-9911. For
bankruptcy documents filed in cases pending outside the District
of Delaware, contact Ken Troubh at Nationwide Research &
Consulting at 207/791-2852.

                            *********

S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter is a daily newsletter co-published by
Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania,
USA, and Beard Group, Inc., Frederick, Maryland USA.  The TCR is
published every Monday through Saturday except on New Year's Day,
Good Friday, Christmas Eve, Christmas Day and New Year's Eve.  
Yvonne L. Metzler, Bernadette C. de Roda, Rizande B. Delos Santos,
Paulo Jose A. Solana, Jazel P. Laureno, Aileen M. Quijano and
Peter A. Chapman, Editors.

Copyright 2004.  All rights reserved.  ISSN: 1520-9474.

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