UNITED STATES BANKRUPTCY COURT

EASTERN DISTRICT OF MASSACHUSETTS

CASE NO:

03-12309

IN RE:

WELLS-CTI, INC

JUDGE:

Kenner

CHAPTER 11

DEBTOR(S)

MONTHLY OPERATING REPORT FOR MONTH ENDING

APRIL 30, 2003

COMES NOW,

Debtor-in-possession, and hereby submits its Monthly Operating Report for the period commencing

MARCH 30, 2003

and ending

APRIL 30, 2003

as shown by the report and exhibits consisting

of

9

pages and containing the following, as indicated:

XXXXX

Monthly Reporting Questionnaire (Attachment 1)

XXXXX

Comparative Balance Sheets (Forms OPR-1 & OPR-2)

XXXXX

Summary of Accounts Receivable (Form OPR-3)

XXXXX

Schedule of Post-petition Liabilities (From OPR-4)

XXXXX

Income Statement (Form OPR-5)

XXXXX

Statement of Sources and Uses of Cash (Form OPR-6)

I declare under penalty of perjury that this report and all attachments are true and correct to the best

of my knowledge and belief.

Date:

DEBTOR(S)-IN-POSSESSION

By:

/s/ John J. Sheehan III

(Signature)

(Signature)

Name & Title:

JOHN J. SHEEHAN III

(Print or type)

Address:

2 TECHNOLOGY DRIVE

PEABODY, MA 01960

Telephone No.:

(978) 532-8800

ATTACHMENT 1 (Page 1)

CHAPTER 11

MONTHLY OPERATING REPORT

MONTHLY REPORT QUESTIONNAIRE

CASE NAME:

WELLS-CTI, INC

CASE NUMBER:

03-12309

MONTH OF:

APRIL 2003

1.

Payroll:

State the amount of all executive wages paid and taxes withheld and paid

Name and Title

Wages Paid

Taxes Withheld

of Executive

Gross

Net

Due

Paid

NONE

TOTAL EXECUTIVE PAYROLL

2.

Insurance:

Is worker's compensation and other insurance in effect?

YES

Are payments

current?

YES

If any policy has lapsed, been replaced or renewed, state so

in the schedule below. Attach a copy of the new policy's binder or cover page.

Date

Carrier

Coverage

Expiration

Premium

Coverage

Type

Name

Amount

Policy #

Date

Amounts

Pd. Thru

Homeowners

Rental Property

Liability

Vehicle

Workers

Compensation

Other

						ATTACHMENT 1 (Page 2)
							REV. 1/92
CHAPTER 11
MONTHLY OPERATING REPORT
MONTHLY REPORT QUESTIONNAIRE
CASE NAME:			WELLS-CTI, INC
CASE NUMBER:			03-12309
MONTH OF:			APRIL 2003
3.	Bank Accounts:		ACCOUNT TYPE
			Operating	Corp	Payroll		Other	Total
	Bank Name		SEE ATTACHED
	Account #
	BEGINNING BOOK BALANCE
	PLUS: Deposits
	LESS: Disbursements
	Other:
	Transfers In (Out)
	ENDING BANK BALANCE
4.	Post-petition payments: List any post-petition payments to professionals and payments on pre-petition debts in the schedule below (attach separate sheet if necessary).
	Payments To/On				Amount		Date	Check #
	Professionals (attorneys,
	accountants, etc.):
		NONE
		Pre-petition debts:

WELLS-CTI, INC
ATTACHMENT TO CHAPTER 11 MONTHLY OPERATING REPORT
FOR THE PERIOD 3/30/03 - 4/30/03
TOTAL COLLECTIONS	938,366.72
TOTAL DISBURSEMENTS	267,640.23

WELLS-CT, INC	FORMS OPR-1 & OPR-2
BALANCE SHEET
AS AT APRIL 30, 2003
ASSETS:
Cash & Cash Equivalent		750
Accounts Receivable - Trade		979,685
Accounts Receivable - Other		-
Inventory		1,462,281
Prepaid Expenses		145,717
Total Current Assets		2,588,433
Plant, Property, & Equip. - Gross		16,201,256
Accm/Depr		12,660,984
Total Fixed Assets		3,540,272
Deposits		33,422
Investments		200,000
Other Assets		-
Total Other Assets		233,422
TOTAL ASSETS		6,362,127
LIABILITIES & EQUITY
Total Debt		43,032,199
Accounts Payable		283,804
Accrued Expenses		327,337
Total Current Liab.		43,643,340
Other Liab.		-
Total Liabilities		43,643,340
EQUITY
Common Stock/PIC		69,873,167
Beginning R/E		(106,806,091)
Current Earnings		(348,289)
Total Equity		(37,281,213)
TOTAL LIAB. & EQUITY		6,362,127

CASE NAME:		WELLS-CTI, INC					FORM OPR - 3
				SUMMARY OF ACCOUNTS RECEIVABLE
CASE NUMBER:			03-12309
				MONTH ENDED:	APRIL 2003
					0 - 30	31 - 60	61 - 90	OVER
				TOTAL	DAYS	DAYS	DAYS	90 DAYS
DATE OF FILING:			21-Mar-03
				1,331,961	773,653	404,886	26,075	127,347
Allowance for doubtful accounts				(60,570)
				1,271,391
MONTH:	29-Mar-03			1,229,962	700,451	379,069	109,671	40,771
Allowance for doubtful accounts				(60,570)
				1,169,392
MONTH:	APRIL 2003			1,018,826	968,503	8,617	26,791	14,915
Allowance for doubtful accounts				(39,141)
				979,685
MONTH:
Allowance for doubtful accounts
MONTH:
Allowance for doubtful accounts
MONTH:
Allowance for doubtful accounts
MONTH:
Allowance for doubtful accounts

CASE NAME:

WELLS-CTI, INC

FORM OPR - 4

SCHEDULE OF POST PETITION LIABILITIES

CASE NUMBER:

03-12309

MONTH ENDED:

APRIL 30, 2003

DATE

DATE

TOTAL

0-30

31-60

61-90

OVER

INCURRED

DUE

DUE

DAYS

DAYS

DAYS

90 DAYS

TAXES PAYABLE:

Federal Income Taxes

649

FICA - Employer's share

722

FICA - Employee's share

722

Unemployment Tax

171

State Income Tax - PREPETITION

142

State Sales & Use Tax

State Income Tax W/H

Personal Property Tax - PREPETITION

52,431

TOTAL TAXES PAYABLE

PREPETITION SECURED DEBT

41,584,610

PREPETITION UNSECURED DEBT

279,373

ACCRUED INTEREST PAYABLE

1,447,589

TRADE ACCOUNTS PAYABLE & OTHER:

(list separately*)

Vendor Payables-Post Petition

m/e 4/30

Various

111,768

Accrued Wages - Post Petition

m/e 4/30

5/2/03

14,781

Other Accruals (GAAP)

150,382

TOTALS

43,643,340

*Attach separate page if necessary.

Note: Total post petition liabilities shown here must agree with the same item as shown on Form OPR-2 of this report.

WELLS-CTI, INC	FORM OPR-5
INCOME STATEMENT
FOR THE MONTH OF APRIL 2003
Total Sales	467,439
Cost Of Sales	317,764
Gross Margin	149,675
Selling/General/Administrative	253,536
Operating Profit	(103,861)
Other Exp/(Income)	(38,693)
Pretax Income/(Loss)	(65,168)
Taxes	-
Net Income/(Loss)	(65,168)

WELLS-CTI, INC			FORM OPR-6
CASH FLOWS
MONTH OF APRIL 2003
SOURCES:
Net Income from Operations		(65,168)
Depreciation and Amortization		132,676
	TOTAL	67,508
APPLICATIONS:
Accounts Receivable		(189,706)
Inventory		18,628
Capital Equipment		1,072
Accounts Payable		(49,452)
Other Working Capital		288,171
	TOTAL	68,713
NET CASH FLOW		(1,205)
BEGINNING CASH		1,955
ENDING CASH		750
OTHER WORKING CAPITAL
Prepaid Assets		22,497
Intercompany		174,201
Other Assets		-
Accrued Expenses/Payroll		91,473
	TOTAL	288,171