/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
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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).
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