-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, SL66JA9cVLfC4Ban6m+81f4hWQAHQx4ernHXWex3IA5XM9Ds47LZzRD8/QDtfBIw ez4/WF71DzfNYL9SmHKpEQ== 0000950134-01-501131.txt : 20010507 0000950134-01-501131.hdr.sgml : 20010507 ACCESSION NUMBER: 0000950134-01-501131 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 9 CONFORMED PERIOD OF REPORT: 20010502 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 20010504 FILER: COMPANY DATA: COMPANY CONFORMED NAME: KEVCO INC CENTRAL INDEX KEY: 0001021706 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-LUMBER, PLYWOOD, MILLWORK & WOOD PANELS [5031] IRS NUMBER: 752666013 STATE OF INCORPORATION: TX FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 000-21621 FILM NUMBER: 1622372 BUSINESS ADDRESS: STREET 1: UNIVERSITY CENTRE I STREET 2: 1300 S UNIVERSITY DR STE 200 CITY: FORT WORTH STATE: TX ZIP: 76107 BUSINESS PHONE: 8173322758 MAIL ADDRESS: STREET 1: UNIVERSITY CENTRE I STREET 2: 1300 S. UNIVERSITY DRIVE SUITE 200 CITY: FORTH WORTH STATE: TX ZIP: 76107 8-K 1 d86769e8-k.txt FORM 8-K 1 ================================================================================ SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): MAY 2, 2001 KEVCO, INC. (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER) TEXAS 000-21621 75-2666013 (STATE OF INCORPORATION) (COMMISSION FILE NO.) (IRS EMPLOYER IDENTIFICATION NO.)
UNIVERSITY CENTER I 1300 S. UNIVERSITY DRIVE SUITE 200 FORT WORTH, TEXAS 76107-5734 (ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE) REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (817) 885-0000 ================================================================================ 2 ITEM 5. OTHER EVENTS AND REGULATION FD DISCLOSURE Kevco, Inc. (the "Company") is filing herewith the Monthly Operating Reports of Debtors and Debtors in Possession for the period ended March 31, 2001 that the Company filed with the United States Bankruptcy Court for Northern District of Texas, Fort Worth Division on May 2, 2001 in connection with the Company's and its subsidiaries' ongoing proceedings under Chapter 11 of the United States Bankruptcy Code (11 U.S.C. Sections 101-1330), Case nos. 401-40783-BJH-11 through Case nos. 401-40790-BJH-11. THE MONTHLY OPERATING REPORTS FILED HEREWITH CONTAIN UNAUDITED FINANCIAL STATEMENTS AND OTHER FINANCIAL INFORMATION THAT ARE SUBJECT TO FUTURE RECONCILIATIONS AND ADJUSTMENTS, INCLUDING SIGNIFICANT WRITE-DOWNS OF ASSET VALUES, WHICH THE COMPANY ANTICIPATES WOULD RESULT IN A DEFICIT IN THE COMPANY'S STOCKHOLDERS' EQUITY. ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS (c) Exhibits 99.1 Monthly Operating Report for Kevco, Inc. for the Period Ended March 31, 2001 (1) 99.2 Monthly Operating Report for Kevco Management, Inc. for the Period Ended March 31, 2001 (1) 99.3 Monthly Operating Report for Kevco Holding, Inc. for the Period Ended March 31, 2001 (1) 99.4 Monthly Operating Report for Kevco GP, Inc. for the Period Ended March 31, 2001 (1) 99.5 Monthly Operating Report for Kevco Components, Inc. for the Period Ended March 31, 2001 (1) 99.6 Monthly Operating Report for DCM Delaware, Inc. for the Period Ended March 31, 2001 (1) 99.7 Monthly Operating Report for Kevco Manufacturing, L.P. for the Period Ended March 31, 2001 (1) 99.8 Monthly Operating Report for Kevco Distribution, L.P. for the Period Ended March 31, 2001 (1) - ---------- (1) The Company agrees to furnish supplementally a copy of any omitted schedule or similar attachment to the Commission upon its request. 2 3 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. KEVCO, INC Date: May 4, 2001 By: /s/ Joseph P. Tomczak ------------------------------- Joseph P. Tomczak Executive Vice President and Chief Financial Officer 3 4 EXHIBIT INDEX
EXHIBIT NUMBER DESCRIPTION - ------- ----------- 99.1 Monthly Operating Report for Kevco, Inc. for the Period Ended March 31, 2001 (1) 99.2 Monthly Operating Report for Kevco Management, Inc. for the Period Ended March 31, 2001 (1) 99.3 Monthly Operating Report for Kevco Holding, Inc. for the Period Ended March 31, 2001 (1) 99.4 Monthly Operating Report for Kevco GP, Inc. for the Period Ended March 31, 2001 (1) 99.5 Monthly Operating Report for Kevco Components, Inc. for the Period Ended March 31, 2001 (1) 99.6 Monthly Operating Report for DCM Delaware, Inc. for the Period Ended March 31, 2001 (1) 99.7 Monthly Operating Report for Kevco Manufacturing, L.P. for the Period Ended March 31, 2001 (1) 99.8 Monthly Operating Report for Kevco Distribution, L.P. for the Period Ended March 31, 2001 (1)
- ---------- (1) The Company agrees to furnish supplementally a copy of any omitted schedule or similar attachment to the Commission upon its request. EX-99.1 2 d86769ex99-1.txt MONTHLY OPERATING REPORT-KEVCO, INC. 1 EXHIBIT 99.1 CASE NAME: KEVCO, INC. ACCRUAL BASIS CASE NUMBER: 401-40783-BJH-11 JUDGE: BARBARA J. HOUSER UNITED STATES BANKRUPTCY COURT NORTHERN DISTRICT OF TEXAS -------- ----- FORT WORTH DIVISION ---------- MONTHLY OPERATING REPORT MONTH ENDING: MARCH 31, 2001 -------------- IN ACCORDANCE WITH TITLE 28, SECTION 1746, OF THE UNITED STATES CODE, I DECLARE UNDER PENALTY OF PERJURY THAT I HAVE EXAMINED THE FOLLOWING MONTHLY OPERATING REPORT (ACCRUAL BASIS - 1 THROUGH ACCRUAL BASIS - 7) AND THE ACCOMPANYING ATTACHMENTS AND, TO THE BEST OF MY KNOWLEDGE, THESE DOCUMENTS ARE TRUE, CORRECT AND COMPLETE. DECLARATION OF THE PREPARER (OTHER THAN RESPONSIBLE PARTY): IS BASED ON ALL INFORMATION OF WHICH PREPARER HAS ANY KNOWLEDGE. RESPONSIBLE PARTY: EXECUTIVE VICE PRESIDENT AND /s/ JOSEPH P. TOMCZAK CHIEF FINANCIAL OFFICER - ---------------------------------------- ------------------------------ Original Signature of Responsible Party Title JOSEPH P. TOMCZAK APRIL 27, 2001 - ---------------------------------------- ------------------------------ Printed Name of Responsible Party Date PREPARER: /s/ DENNIS S. FAULKNER ACCOUNTANT FOR DEBTOR - ---------------------------------------- ------------------------------ Original Signature of Preparer Title DENNIS S. FAULKNER APRIL 27, 2001 - ---------------------------------------- ------------------------------ Printed Name of Preparer Date 2 CASE NAME: KEVCO, INC. ACCRUAL BASIS - 1 CASE NUMBER: 401-40783-BJH-11 COMPARATIVE BALANCE SHEET
SCHEDULED MONTH MONTH ASSETS AMOUNT FEB-01 MAR-01 MONTH - ------ --------- ------ ------ ----- 1. Unrestricted Cash (FOOTNOTE) 1,000 1,000 1,000 2. Restricted Cash 3. Total Cash 1,000 1,000 1,000 4. Accounts Receivable (Net) 5. Inventory 6. Notes Receivable 7. Prepaid Expenses 8. Other (Attach List) 459,000 2,711,781 2,337,787 9. Total Current Assets 460,000 2,712,781 2,338,787 10. Property, Plant & Equipment 11. Less: Accumulated Depreciation/Depletion 12. Net Property, Plant & Equipment 13. Due From Insiders 14. Other Assets -- Net of Amortization (Attach List) 4,790,071 7,213,783 7,134,011 15. Other (Attach List) 613,299,110 308,668,443 310,687,331 16. Total Assets 618,549,181 318,595,007 320,160,129 POST PETITION LIABILITIES 17. Accounts Payable 18. Taxes Payable 19. Notes Payable 20. Professional Fees 21. Secured Debt 22. Other (Attach List) 14,750,196 15,846,661 23. Total Post Petition Liabilities 14,750,196 15,846,661 PRE PETITION LIABILITIES 24. Secured Debt (FOOTNOTE) 75,885,064 63,113,388 63,727,233 25. Priority Debt 26. Unsecured Debt 27. Other (Attach List) 136,505,780 141,833,049 141,833,049 28. Total Pre Petition Liabilities 212,390,844 204,946,437 205,560,282 29. Total Liabilities 212,390,844 219,696,633 221,406,943 EQUITY 30. Pre Petition Owners' Equity 406,158,337 406,158,337 31. Post Petition Cumulative Profit Or (Loss) 2,236,171 2,090,983 32. Direct Charges To Equity (Attach Explanation) (FOOTNOTE) (309,496,134) (309,496,134) 33. Total Equity 98,898,374 98,753,186 34. Total Liabilities and Equity 318,595,007 320,160,129
This form x does does not have related footnotes on Footnotes Supplement. --- --- 3 CASE NAME: KEVCO, INC. SUPPLEMENT TO CASE NUMBER: 401-40783-BJH-11 ACCRUAL BASIS - 1 COMPARATIVE BALANCE SHEET
SCHEDULED MONTH MONTH ASSETS AMOUNT FEB-01 MAR-01 MONTH - ------ --------- ------ ------ ----- A. Prepaid Escrowed Retention Pmts. 459,000 253,000 253,000 B. Federal Income Tax Asset (FOOTNOTE) 294,000 C. Other Taxes Receivable 165,677 85,683 D. Receivable from Adorn (FOOTNOTE) 1,999,104 1,999,104 E. TOTAL OTHER ASSETS -- LINE 8 459,000 2,711,781 2,337,787 A. Capitalized loan costs 4,790,071 4,710,298 4,630,526 B. Investment in Subsidiaries 2,503,485 2,503,485 C. D. E. TOTAL OTHER ASSETS NET OF AMORTIZATION -- LINE 14 4,790,071 7,213,783 7,134,011 A. Intercompany Receivables (FOOTNOTE) 306,649,555 B. Interco. Promissory Note (FOOTNOTE) 235,981,314 235,981,314 235,981,314 C. Interco. Royalties (FOOTNOTE) 70,668,241 72,687,129 74,706,017 D. E. TOTAL OTHER ASSETS -- LINE 15 613,299,110 308,668,443 310,687,331 POST PETITION LIABILITIES A. Interco. Payables (FOOTNOTE) 13,774,763 13,698,642 B. Accrued Interest on Notes/Bonds 975,433 2,148,019 C. D. E. TOTAL OTHER POST PETITION LIABILITIES -- LINE 22 14,750,196 15,846,661 PRE PETITION LIABILITIES A. Interco. Liabilities (FOOTNOTE) 8,005,780 8,005,780 8,005,780 B. 10 3/8% Sr. Sub. Notes 105,000,000 105,000,000 105,000,000 C. Senior Sub. Exchangeable Notes 23,500,000 23,500,000 23,500,000 D. Accrued Interest on Notes/Bonds 5,327,269 5,327,269 E. TOTAL OTHER PRE PETITION LIABILITIES -- LINE 27 136,505,780 141,833,049 141,833,049
4 CASE NAME: KEVCO, INC. ACCRUAL BASIS - 2 CASE NUMBER: 401-40783-BJH-11 INCOME STATEMENT
MONTH MONTH QUARTER REVENUES FEB-01 MAR-01 MONTH TOTAL - -------- ------ ------ ----- ------- 1. Gross Revenues 2. Less: Returns & Discounts 3. Net Revenue COST OF GOODS SOLD 4. Material 5. Direct Labor 6. Direct Overhead 7. Total Cost Of Goods Sold 8. Gross Profit OPERATING EXPENSES 9. Officer/Insider Compensation 10. Selling & Marketing 11. General & Administrative 12. Rent & Lease 13. Other (Attach List) 14. Total Operating Expenses 15. Income Before Non-Operating Income & Expense OTHER INCOME & EXPENSES 16. Non-Operating Income (Att List) 4,037,776 2,018,888 6,056,664 17. Non-Operating Expense (Att List) 294,000 294,000 18. Interest Expense 1,801,605 1,870,076 3,671,681 19. Depreciation/Depletion 20. Amortization 21. Other (Attach List) 22. Net Other Income & Expenses 2,236,171 (145,188) 2,090,983 REORGANIZATION EXPENSES 23. Professional Fees 24. U.S. Trustee Fees 25. Other (Attach List) 26. Total Reorganization Expenses 27. Income Tax 28. Net Profit (Loss) 2,236,171 (145,188) 2,090,983
This form x does does not have related footnotes on Footnotes Supplement. --- --- 5 CASE NAME: KEVCO, INC. SUPPLEMENT TO CASE NUMBER: 401-40783-BJH-11 ACCRUAL BASIS - 2 INCOME STATEMENT
MONTH MONTH QUARTER OPERATING EXPENSES FEB-01 MAR-01 MONTH TOTAL - ------------------ ------ ------ ----- ------- A. B. C. D. E. TOTAL OTHER OPERATING EXPENSES -- LINE 13 OTHER INCOME & EXPENSES A. Interco. Interest Income (FOOTNOTE) 4,037,776 2,018,888 6,056,664 B. C. D. E. TOTAL NON-OPERATING INCOME -- LINE 16 4,037,776 2,018,888 6,056,664 A. Federal Income Tax (Footnote) 294,000 294,000 B. C. D. E. TOTAL NON-OPERATING EXPENSE -- LINE 17 294,000 294,000 REORGANIZATION EXPENSES A. B. C. D. E. TOTAL OTHER REORGANIZATION EXPENSES -- LINE 25
6 CASE NAME: KEVCO, INC. ACCRUAL BASIS - 3 CASE NUMBER: 401-40783-BJH-11
CASH RECEIPTS AND MONTH MONTH QUARTER DISBURSEMENTS FEB-01 MAR-01 MONTH TOTAL - ----------------- ------ ------ ----- -------- 1. Cash - Beginning Of Month SEE ATTACHED SUPPLEMENT AND FOOTNOTE RECEIPTS FROM OPERATIONS 2. Cash Sales COLLECTION OF ACCOUNTS RECEIVABLE 3. Pre Petition 4. Post Petition 5. Total Operating Receipts NON-OPERATING RECEIPTS 6. Loans & Advances (Attach List) 7. Sale of Assets 8. Other (Attach List) 9. Total Non-Operating Receipts 10. Total Receipts 11. Total Cash Available OPERATING DISBURSEMENTS 12. Net Payroll 13. Payroll Taxes Paid 14. Sales, Use & Other Taxes Paid 15. Secured / Rental / Leases 16. Utilities 17. Insurance 18. Inventory Purchases 19. Vehicle Expenses 20. Travel 21. Entertainment 22. Repairs & Maintenance 23. Supplies 24. Advertising 25. Other (Attach List) 26. Total Operating Disbursements REORGANIZATION DISBURSEMENTS 27. Professional Fees 28. U.S. Trustee Fees 29. Other (Attach List) 30. Total Reorganization Expenses 31. Total Disbursements 32. Net Cash Flow 33. Cash - End of Month
This form X does does not have related footnotes on Footnotes Supplement. --- --- 7 CASE NAME: KEVCO, INC. SUPPLEMENT TO CASE NUMBER: 401-40783-BJH-11 ACCRUAL BASIS - 3 MARCH-01 -----------------
KEVCO KEVCO KEVCO KEVCO KEVCO KEVCO DIST LP MFG.LP MGMT HOLDING COMPONENTS INC TOTAL ------- ------ ----- ------- ---------- ----- ----- 1 CASH-BEGINNING OF MONTH 41,529 (55,996) 17,746,282 232 134 1,000 17,733,181 RECEIPTS FROM OPERATIONS 2 CASH SALES 274,302 -- 274,302 COLLECTION OF ACCOUNTS RECEIVABLE 3 PRE PETITION 1,120,290 367,383 1,487,673 4 POST PETITION 15,181,617 6,014,122 21,195,739 5 TOTAL OPERATING RECEIPTS 16,576,209 6,381,505 -- -- -- -- 22,957,714 NON OPERATING RECEIPTS 6 LOANS & ADVANCES -- -- 7 SALE OF ASSETS 286 -- 286 8 OTHER -- -- -- -- 2,700 -- 2,700 SALE EXPENSE REIMBURSEMENT ADP ADVANCE MISC. 2,700 INTEREST INCOME 9 TOTAL NON OPERATING RECEIPTS 286 -- -- -- 2,700 -- 2,986 10 TOTAL RECEIPTS 16,576,495 6,381,505 -- -- 2,700 -- 22,960,700 11 CASH AVAILABLE 16,618,024 6,325,509 17,746,282 232 2,834 1,000 40,693,881 OPERATING DISBURSEMENTS 12 NET PAYROLL 2,105,173 1,038,694 250,403 3,394,270 13 PAYROLL TAXES PAID -- 1,538,108 221 221 1,538,550 14 SALES, USE & OTHER TAXES PAID 235 1,675 50 1,960 15 SECURED/RENTAL/LEASES 327,171 99,127 97,670 500 500 524,968 16 UTILITIES 119,696 124,447 344,565 38 38 588,784 17 INSURANCE 5,770 1,447 1,241,403 1,248,620 18 INVENTORY PURCHASES 3,246,839 2,943,026 6,189,865 19 VEHICLE EXPENSE 55,871 32,906 88,777 20 TRAVEL 17,371 11,694 512 29,577 21 ENTERTAINMENT 7,156 1,384 8,540 22 REPAIRS & MAINTENANCE 9,451 32,333 470 42,254 23 SUPPLIES 10,799 58,576 69,375 24 ADVERTISING -- -- -- 25 OTHER 394,411 226,566 214,929 179 259 -- 836,344 FREIGHT 357,913 143,548 501,461 CONTRACT LABOR 1,602 7,601 63,360 72,563 401 K PAYMENTS -- 151,450 151,450 PAYROLL TAX ADVANCE ADP -- WAGE GARNISHMENTS -- MISC. 34,896 75,417 119 179 259 110,870 26 TOTAL OPERATING DISBURSEMENTS 6,299,943 4,571,875 3,688,060 988 1,018 -- 14,561,884 REORGANIZATION DISBURSEMENTS 27 PROFESSIONAL FEES -- -- 28 US TRUSTEE FEES -- -- 29 OTHER 10,316,598 1,848,876 (12,155,474) (5,766) (4,234) -- -- LOAN PAYMENTS -- -- INTERCOMPANY TRANSFERS 10,316,598 1,848,876 (12,155,474) (5,766) (4,234) -- 30 TOTAL REORGANIZATION EXPENSE 10,316,598 1,848,876 (12,155,474) (5,766) (4,234) -- -- 31 TOTAL DISBURSEMENTS 16,616,541 6,420,751 (8,467,414) (4,778) (3,216) -- 14,561,884 32 NET CASH FLOW (40,046) (39,246) 8,467,414 4,778 5,916 -- 8,398,816 ---------- --------- ---------- ------ ------ ----- ---------- 33 CASH-END OF MONTH 1,483 (95,242) 26,213,696 5,010 6,050 1,000 26,131,997 ========== ========= ========== ====== ====== ===== ==========
8 CASE NAME: KEVCO, INC. SUPPLEMENT TO CASE NUMBER: 401-40783-BJH-11 ACCRUAL BASIS - 3 MARCH-01 -----------------
KEVCO KEVCO KEVCO KEVCO KEVCO KEVCO DIST LP MFG.LP MGMT HOLDING COMPONENTS INC TOTAL ------- ------ ----- ------- ---------- --- ----- 1 CASH-BEGINNING OF MONTH 41,529 (55,996) 17,746,282 232 134 1,000 17,733,181 RECEIPTS FROM OPERATIONS 2 CASH SALES 274,302 -- 274,302 COLLECTION OF ACCOUNTS RECEIVABLE 3 PRE PETITION 1,120,290 367,383 1,487,673 4 POST PETITION 15,181,617 6,014,122 21,195,739 5 TOTAL OPERATING RECEIPTS 16,576,209 6,381,505 -- -- -- -- 22,957,714 NON OPERATING RECEIPTS 6 LOANS & ADVANCES -- -- 7 SALE OF ASSETS 286 -- 286 8 OTHER -- -- -- -- 2,700 -- 2,700 SALE EXPENSE REIMBURSEMENT ADP ADVANCE MISC. 2,700 INTEREST INCOME 9 TOTAL NON OPERATING RECEIPTS 286 -- -- -- 2,700 -- 2,986 10 TOTAL RECEIPTS 16,576,495 6,381,505 -- -- 2,700 -- 22,960,700 11 CASH AVAILABLE 16,618,024 6,325,509 17,746,282 232 2,834 1,000 40,693,881 OPERATING DISBURSEMENTS 12 NET PAYROLL 2,105,173 1,038,694 250,403 3,394,270 13 PAYROLL TAXES PAID -- 1,538,108 221 221 1,538,550 14 SALES, USE & OTHER TAXES PAID 235 1,675 50 1,960 15 SECURED/RENTAL/LEASES 327,171 99,127 97,670 500 500 524,968 16 UTILITIES 119,696 124,447 344,565 38 38 588,784 17 INSURANCE 5,770 1,447 1,241,403 1,248,620 18 INVENTORY PURCHASES 3,246,839 2,943,026 6,189,865 19 VEHICLE EXPENSE 55,871 32,906 88,777 20 TRAVEL 17,371 11,694 512 29,577 21 ENTERTAINMENT 7,156 1,384 8,540 22 REPAIRS & MAINTENANCE 9,451 32,333 470 42,254 23 SUPPLIES 10,799 58,576 69,375 24 ADVERTISING -- -- -- 25 OTHER 394,411 226,566 214,929 179 259 -- 836,344 FREIGHT 357,913 143,548 501,461 CONTRACT LABOR 1,602 7,601 63,360 72,563 401 K PAYMENTS -- 151,450 151,450 PAYROLL TAX ADVANCE ADP -- WAGE GARNISHMENTS -- MISC. 34,896 75,417 119 179 259 110,870 26 TOTAL OPERATING DISBURSEMENTS 6,299,943 4,571,875 3,688,060 988 1,018 -- 14,561,884 REORGANIZATION DISBURSEMENTS 27 PROFESSIONAL FEES -- -- 28 US TRUSTEE FEES -- -- 29 OTHER: Intercompany Transfers 10,317,081 1,848,876 (12,155,957) (5,766) (4,234) -- -- LOAN PAYMENTS -- -- INTERCOMPANY TRANSFERS 10,317,081 1,848,876 (12,155,957) (5,766) (4,234) -- -- 30 TOTAL REORGANIZATION EXPENSE 10,317,081 1,848,876 (12,155,957) (5,766) (4,234) -- -- 31 TOTAL DISBURSEMENTS 16,617,024 6,420,751 (8,467,897) (4,778) (3,216) -- 14,561,884 32 NET CASH FLOW (40,529) (39,246) 8,467,897 4,778 5,916 -- 8,398,816 ---------- --------- ---------- ------ ------ ----- ---------- 33 CASH-END OF MONTH 1,000 (95,242) 26,214,179 5,010 6,050 1,000 26,131,997 ========== ========= ========== ====== ====== ===== ==========
9 CASE NAME: KEVCO, INC. ACCRUAL BASIS - 4 CASE NUMBER: 401-40783-BJH-11
SCHEDULED MONTH MONTH ACCOUNTS RECEIVABLE AGING AMOUNT FEB-01 MAR-01 MONTH - ------------------------- --------- ------ ------ ----- 1. 0 - 30 2. 31 - 60 3. 61 - 90 4. 91 + 5. Total Accounts Receivable 6. (Amount Considered Uncollectible) 7. Accounts Receivable (Net)
AGING OF POST PETITION MONTH: MARCH-01 TAXES AND PAYABLES -----------------
0 - 30 31 - 60 61 - 90 91 + TAXES PAYABLE DAYS DAYS DAYS DAYS TOTAL - ------------- ------ ------- ------- ---- ----- 1. Federal 2. State 3. Local 4. Other (Attach List) 5. Total Taxes Payable 6. Accounts Payable
MONTH: MARCH-01 STATUS OF POST PETITION TAXES --------------
BEGINNING TAX AMOUNT WITHHELD ENDING TAX FEDERAL LIABILITY* AND/OR ACCRUED (AMOUNT PAID) LIABILITY - ------- ------------- --------------- ------------- --------- 1. Withholding ** 2. FICA - Employee ** 3. FICA - Employer ** 4. Unemployment 5. Income 6. Other (Attach List) 7. Total Federal Taxes STATE AND LOCAL 8. Withholding 9. Sales 10. Excise 11. Unemployment 12. Real Property 13. Personal Property 14. Other (Attach List) 15. Total State And Local 16. Total Taxes
* The beginning tax liability should represent the liability from the prior month or, if this is the first operating report, the amount should be zero. ** Attach photocopies of IRS Form 6123 or your FTD coupon and payment receipt to verify payment of deposit. This form does X does not have related footnotes on Footnotes Supplement. --- --- 10 CASE NAME: KEVCO, INC. ACCRUAL BASIS - 5 CASE NUMBER: 401-40783-BJH-11 The debtor in possession must complete the reconciliation below for each bank account, including all general, payroll and tax accounts, as well as all savings and investment accounts, money market accounts, certificates of deposit, government obligations, etc. Accounts with restricted funds should be identified by placing an asterisk next to the account number. Attach additional sheets if necessary. MONTH: MARCH-01 ------------
BANK RECONCILIATIONS Account # 1 Account # 2 Other Accounts - -------------------- ----------- ----------- -------------- A. BANK: Bank of America (Attach List) B. ACCOUNT NUMBER: 3750768521 TOTAL C. PURPOSE (TYPE): Checking 1. Balance Per Bank Statement 1,000 1,000 2. Add: Total Deposits Not Credited 3. Subtract: Outstanding Checks 4. Other Reconciling Items 5. Month End Balance Per Books 1,000 1,000 6. Number of Last Check Written
INVESTMENT ACCOUNTS
DATE OF TYPE OF BANK, ACCOUNT NAME & NUMBER PURCHASE INSTRUMENT PURCHASE PRICE CURRENT VALUE - --------------------------- -------- ---------- -------------- ------------- 7. 8. 9. 10. (Attach List) 11. Total Investments CASH 12. Currency On Hand 13. Total Cash - End of Month 1,000
This form does X does not have related footnotes on Footnotes Supplement. --- --- 11 CASE NAME: KEVCO, INC. ACCRUAL BASIS - 6 CASE NUMBER: 401-40783-BJH-11 MONTH: MARCH-01 ------------------ PAYMENTS TO INSIDERS AND PROFESSIONALS Of the Total Disbursements shown for the month, list the amount paid to Insiders (as defined in Section 101 (31) (A) - (F) of the U.S. Bankruptcy Code) and to Professionals. Also, for payments to Insiders, identify the type of compensation paid (e.g. salary, bonus, commissions, insurance, housing allowance, travel, car allowance, etc.). Attach additional sheets if necessary. INSIDERS
TYPE OF AMOUNT TOTAL PAID NAME PAYMENT PAID TO DATE ---- ------- ------ ---------- 1. 2. 3. 4. 5. (Attach List) 6. Total Payments To Insiders
PROFESSIONALS
DATE OF COURT ORDER TOTAL AUTHORIZING AMOUNT AMOUNT TOTAL PAID INCURRED NAME PAYMENT APPROVED PAID TO DATE & UNPAID * ---- ----------- -------- ------ ---------- ---------- 1. 2. 3. 4. 5. (Attach List) 6. Total Payments To Professionals
* Include all fees incurred, both approved and unapproved POST PETITION STATUS OF SECURED NOTES, LEASES PAYABLE AND ADEQUATE PROTECTION PAYMENTS
SCHEDULED AMOUNTS TOTAL MONTHLY PAID UNPAID PAYMENTS DURING POST NAME OF CREDITOR DUE MONTH PETITION ---------------- --------- ------ -------- 1. Bank of America (FOOTNOTE) 63,727,233 2. 3. 4. 5. (Attach List) 6. TOTAL 63,727,233
This form x does does not have related footnotes on Footnotes Supplement. --- --- 12 CASE NAME: KEVCO, INC. ACCRUAL BASIS - 7 CASE NUMBER: 401-40783-BJH-11 MONTH: MARCH-01 QUESTIONNAIRE ------------
YES NO --- -- 1. Have any Assets been sold or transferred outside the normal course of business this reporting period? x 2. Have any funds been disbursed from any account other than a debtor in possession account? x 3. Are any Post Petition Receivables (accounts, notes, or loans) due from related parties? x 4. Have any payments been made on Pre Petition Liabilities this reporting period? x 5. Have any Post Petition Loans been received by the debtor from any party? x 6. Are any Post Petition Payroll Taxes past due? x 7. Are any Post Petition State or Federal Income Taxes past due? x 8. Are any Post Petition Real Estate Taxes past due? x 9. Are any other Post Petition Taxes past due? x 10. Are any amounts owed to Post Petition creditors delinquent? x 11. Have any Pre Petition Taxes been paid during the reporting period? x 12. Are any wage payments past due? x
If the answer to any of the above questions is "Yes", provide a detailed explanation of each item. Attach additional sheets if necessary. SEE FOOTNOTE INSURANCE
YES NO --- -- 1. Are Worker's Compensation, General Liability and other necessary insurance coverages in effect? x 2. Are all premium payments paid current? x 3. Please itemize policies below.
If the answer to any of the above questions is "No", or if any policies have been canceled or not renewed during this reporting period, provide an explanation below. Attach additional sheets if necessary. INSTALLMENT PAYMENTS
FREQUENCY AMOUNT & TYPE OF POLICY CARRIER PERIOD COVERED PAYMENT -------------- ------- -------------- ------------------------- General Liability Liberty Mutual 9/1/00-9/1/01 Annual $313,520 Umbrella National Union 6/1/00-9/1/01 Annual $103,349
This form X does does not have related footnotes on Footnotes Supplement. --- --- 13 CASE NAME: KEVCO, INC. FOOTNOTES SUPPLEMENT CASE NUMBER: 401-40783-BJH-11 ACCRUAL BASIS MONTH: MARCH-01 ------------
ACCRUAL BASIS LINE FORM NUMBER NUMBER FOOTNOTE/EXPLANATION ----------- ------ -------------------- 1 1 Pursuant to the February 12, 2001 Order (1) Authorizing 3 1 Continued Use of Existing Forms and Records; (2) Authorizing Maintenance of Existing Corporate Bank Accounts and Cash Management System; and (3) Extending Time to Comply with 11 U.S.C. Section 345 Investment Guidelines, funds in the Bank of America and Key Bank deposit accounts are swept daily into Kevco's lead account number 1295026976. The Bank of America lead account is administered by, and held in the name of Kevco Management Co. (co-debtor, Case No. 401-40788-BJH-11). Accordingly, all cash receipts and disbursements are reported in Kevco Management's Monthly Operating Report. Debtor does maintain a small petty cash account. 1 8B The Federal Tax asset on Kevco, Inc.'s books and records 2 17A has been expensed (written off). The tax asset, created in accordance with Generally Accepted Accounting Principles, has no monetary value at this time or in the foreseeable future. 1 8D Pursuant to an Asset Purchase Agreement approved by the 1 24 Court on February 23, 2001 and effective as of the same 6 1 date among Kevco, Inc., Kevco Manufacturing, LP, Wingate Management Co. II, LP and Adorn LLC, certain assets and liabilities of Design Components, a division of Kevco Manufacturing, LP (Case No. 401-40784-BJH-11), were transferred to Adorn, LLC. At the effective date of purchase, Buyer assumed certain executory contracts, approximately $1.6 million of Kevco Manufacturing, LP's unsecured pre-petition liabilities, $3.5 million of accounts receivable, $5 million of inventory and $2.2 million (book value) of property and equipment. Payment was made directly to Bank of America, the secured lender, thereby reducing pre-petition secured debt. The secured debt owed to Bank of America has been guaranteed by all of Kevco, Inc.'s co-debtors. 1 15A Intercompany assets were inadvertently doubled on Debtor's 1 32 Schedules. The adjustment to equity corrects the error. 1 15B,C Intercompany receivables/payables are from/to co-debtors 1 22A Kevco Management Co. (Case No. 401-40788-BJH-11), Kevco 1 27A Distribution, LP (Case No. 401-40789-BJH-11), Kevco 2 16A Holding, Inc. (Case No. 401-40785-BJH-11), DCM Delaware, 7 3 Inc.(Case No. 401-40787-BJH-11), Kevco GP, Inc. (Case No. 401-40786-BJH-11), Kevco Components, Inc. (Case No. 401-40790-BJH-11), and Kevco Manufacturing, LP. (Case No. 401-40784-BJH-11). 1 21 Post-petition secured debt is the interest accrual for the Bank of America debt guaranteed by all of Kevco, Inc.'s co-debtors (see footnote MOR 1, 15B,C). Although the interest accrual is included only in Kevco, Inc.'s books and records.
EX-99.2 3 d86769ex99-2.txt MONTHLY OPERATING REPORT FOR KEVCO MANAGEMENT, INC 1 EXHIBIT 99.2 CASE NAME: KEVCO MANAGEMENT, INC. ACCRUAL BASIS CASE NUMBER: 401-40788-BJH-11 JUDGE: BARBARA J. HOUSER UNITED STATES BANKRUPTCY COURT NORTHERN DISTRICT OF TEXAS -------- ----- FORT WORTH DIVISION ---------- MONTHLY OPERATING REPORT MONTH ENDING: MARCH 31, 2001 -------------- IN ACCORDANCE WITH TITLE 28, SECTION 1746, OF THE UNITED STATES CODE, I DECLARE UNDER PENALTY OF PERJURY THAT I HAVE EXAMINED THE FOLLOWING MONTHLY OPERATING REPORT (ACCRUAL BASIS - 1 THROUGH ACCRUAL BASIS - 7) AND THE ACCOMPANYING ATTACHMENTS AND, TO THE BEST OF MY KNOWLEDGE, THESE DOCUMENTS ARE TRUE, CORRECT AND COMPLETE. DECLARATION OF THE PREPARER (OTHER THAN RESPONSIBLE PARTY): IS BASED ON ALL INFORMATION OF WHICH PREPARER HAS ANY KNOWLEDGE. RESPONSIBLE PARTY: /s/ JOSEPH P. TOMCZAK TREASURER - -------------------------------------------- ------------------------ Original Signature of Responsible Party Title JOSEPH P. TOMCZAK MAY 2, 2001 - -------------------------------------------- ------------------------ Printed Name of Responsible Party Date PREPARER: /s/ DENNIS S. FAULKNER ACCOUNTANT FOR DEBTOR - -------------------------------------------- ------------------------ Original Signature of Preparer Title DENNIS S. FAULKNER MAY 2, 2001 - -------------------------------------------- ------------------------ Printed Name of Preparer Date 2 CASE NAME: KEVCO MANAGEMENT, INC. ACCRUAL BASIS - 1 CASE NUMBER: 401-40788-BJH-11 COMPARATIVE BALANCE SHEET
SCHEDULED MONTH MONTH ASSETS AMOUNT FEB-01 MAR-01 MONTH - ------ ------------ ------------ ------------ ----------- 1. Unrestricted Cash (FOOTNOTE) 6,557,974 17,746,282 26,213,696 2. Restricted Cash 3. Total Cash 6,557,974 17,746,282 26,213,696 0 4. Accounts Receivable (Net) 5. Inventory 6. Notes Receivable 7. Prepaid Expenses (FOOTNOTE) 3,450,681 2,824,027 1,920,893 8. Other (Attach List) 263,606 269,703 269,703 9. Total Current Assets 10,272,261 20,840,012 28,404,292 0 10. Property, Plant & Equipment 3,285,885 3,285,886 3,248,949 11. Less: Accumulated Depreciation/Depletion (1,753,163) (1,805,114) (1,836,750) 12. Net Property, Plant & Equipment 1,532,722 1,480,772 1,412,199 0 13. Due From Insiders 14. Other Assets - Net of Amortization (Attach List) 36,082 36,001 35,921 15. Other (Attach List) 153,399,371 119,191,133 119,290,012 16. Total Assets 165,240,436 141,547,918 149,142,424 0 POST PETITION LIABILITIES 17. Accounts Payable 301,078 355,015 18. Taxes Payable 6,359 7,414 19. Notes Payable 20. Professional Fees 21. Secured Debt 22. Other (Attach List) (FOOTNOTE) 4,650,723 3,685,786 23. Total Post Petition Liabilities 4,958,159 4,048,215 0 PRE PETITION LIABILITIES 24. Secured Debt (FOOTNOTE) 75,885,064 63,113,388 63,113,388 25. Priority Debt (FOOTNOTE) 200,832 91,281 91,281 26. Unsecured Debt 1,779,701 2,486,489 1,421,970 27. Other (Attach List) 242,243,558 256,778,148 267,034,923 28. Total Pre Petition Liabilities 320,109,155 322,469,306 331,661,562 0 29. Total Liabilities 320,109,155 327,427,466 335,709,777 0 EQUITY 30. Pre Petition Owners' Equity (154,868,719) (154,868,719) 31. Post Petition Cumulative Profit Or (Loss) (367,705) (1,055,510) 32. Direct Charges To Equity (Attach Explanation FOOTNOTE) (30,643,124) (30,643,124) 33. Total Equity (185,879,548) (186,567,353) 0 34. Total Liabilities and Equity 141,547,918 149,142,424 0
This form x does does not have related footnotes on Footnotes Supplement. --- --- 3 CASE NAME: KEVCO MANAGEMENT, INC. SUPPLEMENT TO CASE NUMBER: 401-40788-BJH-11 ACCRUAL BASIS - 1 COMPARATIVE BALANCE SHEET
SCHEDULED MONTH MONTH ASSETS AMOUNT FEB-01 MAR-01 MONTH - ------ ----------- ----------- ----------- ----------- A. Security Deposit 8,794 8,794 8,794 B. Cash Surrender Value: Life Ins. 254,812 260,909 260,909 C. D. E. TOTAL OTHER ASSETS - LINE 8 263,606 269,703 269,703 0 A. Organizational Costs 36,082 36,001 35,921 B. C. D. E. TOTAL OTHER ASSETS NET OF AMORTIZATION - LINE 14 36,082 36,001 35,921 0 A. Intercompany Receivables (FOOTNOTE) 113,743,558 79,377,508 79,318,574 B. Intercompany Royalties 39,655,813 39,813,625 39,971,438 C. D. E. TOTAL OTHER ASSETS - LINE 15 153,399,371 119,191,133 119,290,012 0 POST PETITION LIABILITIES A. Accrued Liabilities Other 1,053,230 512,018 B. Deferred Compensation 960,371 960,371 C. 401K Contribution 32,932 31,321 D. Accrued Health Claims 1,300,036 991,237 E. Accrued Payroll 1,125,642 1,062,327 F. Acc. Professional Fees 178,512 128,512 TOTAL OTHER POST PETITION LIABILITIES - LINE 22 4,650,723 3,685,786 0 PRE PETITION LIABILITIES A. Intercompany Payables (FOOTNOTE) 113,743,558 128,278,148 138,534,923 B. 10 3/8% Senior Sub. Notes 105,000,000 105,000,000 105,000,000 C. Sr. Sub. Exchangeable Notes 23,500,000 23,500,000 23,500,000 D. E. TOTAL OTHER PRE PETITION LIABILITIES - LINE 27 242,243,558 256,778,148 267,034,923 0
4 CASE NAME: KEVCO MANAGEMENT, INC. ACCRUAL BASIS - 2 CASE NUMBER: 401-40788-BJH-11 INCOME STATEMENT
MONTH MONTH QUARTER REVENUES FEB-01 MAR-01 MONTH TOTAL - -------- ---------- ---------- ---------- ---------- 1. Gross Revenues 0 2. Less: Returns & Discounts 0 3. Net Revenue 0 0 0 0 COST OF GOODS SOLD 4. Material 0 5. Direct Labor 0 6. Direct Overhead 0 7. Total Cost Of Goods Sold 0 0 0 0 8. Gross Profit 0 0 0 0 OPERATING EXPENSES 9. Officer / Insider Compensation 45,063 45,028 90,091 10. Selling & Marketing 16,372 5,132 21,504 11. General & Administrative 120,177 190,404 310,581 12. Rent & Lease 38,622 50,028 88,650 13. Other (Attach List) 248,419 370,112 0 618,531 14. Total Operating Expenses 468,653 660,704 0 1,129,357 15. Income Before Non-Operating Income & Expense (468,653) (660,704) 0 (1,129,357) OTHER INCOME & EXPENSES 16. Non-Operating Income (Att List) 789,394 682,857 0 1,472,251 17. Non-Operating Expense (Att List) 0 0 0 0 18. Interest Expense 0 19. Depreciation / Depletion 52,032 53,879 105,911 20. Amortization 0 0 21. Other (Attach List) 0 0 22. Net Other Income & Expenses 737,362 628,978 0 1,366,340 REORGANIZATION EXPENSES 23. Professional Fees (FOOTNOTE) 636,414 656,079 1,292,493 24. U.S. Trustee Fees 0 25. Other (Attach List) 0 0 0 0 26. Total Reorganization Expenses 636,414 656,079 0 1,292,493 27. Income Tax 0 28. Net Profit (Loss) (367,705) (687,805) 0 (1,055,510)
This form does x does not have related footnotes on Footnotes Supplement. --- --- 5 CASE NAME: KEVCO MANAGEMENT, INC. SUPPLEMENT TO CASE NUMBER: 401-40788-BJH-11 ACCRUAL BASIS - 2 INCOME STATEMENT
MONTH MONTH QUARTER OPERATING EXPENSES FEB-01 MAR-01 MONTH TOTAL - ------------------ --------- --------- --------- --------- A. Payroll 187,266 248,360 435,626 B. Insurance 27,207 28,059 55,266 C. Utilities & Telephone 12,780 31,434 44,214 D. Taxes 21,166 62,259 83,425 E. 0 TOTAL OTHER OPERATING EXPENSES - LINE 13 248,419 370,112 0 618,531 OTHER INCOME & EXPENSES A. Interest and Misc. Income 3,904 112,980 116,884 B. Intercompany Operating Fees 380,423 112,675 493,098 C. Interco. Management Fees 315,625 157,813 473,438 D. Intercompany Information Technology Fee 89,442 3,080 92,522 E. Write off uncleared AP checks 296,309 296,309 TOTAL NON-OPERATING INCOME - LINE 16 789,394 682,857 0 1,472,251 A. 0 B. 0 C. 0 D. 0 E. 0 TOTAL NON-OPERATING EXPENSE - LINE 17 0 0 0 0 REORGANIZATION EXPENSES A. 0 B. 0 C. 0 D. 0 E. 0 TOTAL OTHER REORGANIZATION EXPENSES - LINE 25 0 0 0 0
6 CASE NAME: KEVCO MANAGEMENT, INC. ACCRUAL BASIS - 3 CASE NUMBER: 401-40788-BJH-11
CASH RECEIPTS AND MONTH MONTH QUARTER DISBURSEMENTS FEB-01 MAR-01 MONTH TOTAL ----------------- ------ ------ ----- ------- 1. Cash - Beginning Of Month SEE ATTACHED SUPPLEMENT AND FOOTNOTE RECEIPTS FROM OPERATIONS 2. Cash Sales 0 0 COLLECTION OF ACCOUNTS RECEIVABLE 3. Pre Petition 0 4. Post Petition 0 5. Total Operating Receipts 0 0 0 0 NON-OPERATING RECEIPTS 6. Loans & Advances (Attach List) 0 7. Sale of Assets 0 8. Other (Attach List) 0 9. Total Non-Operating Receipts 0 0 0 0 10. Total Receipts 0 0 0 0 11. Total Cash Available 0 0 0 0 OPERATING DISBURSEMENTS 12. Net Payroll 0 13. Payroll Taxes Paid 0 14. Sales, Use & Other Taxes Paid 0 15. Secured / Rental / Leases 0 16. Utilities 0 17. Insurance 0 18. Inventory Purchases 0 19. Vehicle Expenses 0 20. Travel 0 21. Entertainment 0 22. Repairs & Maintenance 0 23. Supplies 0 24. Advertising 0 25. Other (Attach List) 0 26. Total Operating Disbursements 0 0 0 0 REORGANIZATION DISBURSEMENTS 27. Professional Fees 0 28. U.S. Trustee Fees 0 29. Other (Attach List) 0 30. Total Reorganization Expenses 0 0 0 0 31. Total Disbursements 0 0 0 0 32. Net Cash Flow 0 0 0 0 33. Cash - End of Month 0 0 0 0
This form x does does not have related footnotes on Footnotes Supplement. --- --- 7 CASE NAME: KEVCO MANAGEMENT CO. SUPPLEMENT TO CASE NUMBER: 401-40788-BJH-11 ACCRUAL BASIS - 3 MARCH-01 -----------------
KEVCO KEVCO KEVCO KEVCO KEVCO KEVCO DIST LP MFG.LP MGMT HOLDING COMPONENTS INC TOTAL ----------- ----------- ----------- ----------- ----------- ----------- ----------- 1 CASH-BEGINNING OF MONTH 41,529 (55,996) 17,746,282 232 134 1,000 17,733,181 RECEIPTS FROM OPERATIONS 2 CASH SALES 274,302 -- 274,302 COLLECTION OF ACCOUNTS RECEIVABLE 3 PRE PETITION 1,120,290 367,383 1,487,673 4 POST PETITION 15,181,617 6,014,122 21,195,739 5 TOTAL OPERATING RECEIPTS 16,576,209 6,381,505 -- -- -- -- 22,957,714 NON OPERATING RECEIPTS 6 LOANS & ADVANCES -- -- 7 SALE OF ASSETS 286 -- 286 8 OTHER -- -- -- -- 2,700 -- 2,700 SALE EXPENSE REIMBURSEMENT ADP ADVANCE MISC 2,700 INTEREST INCOME 9 TOTAL NON OPERATING RECEIPTS 286 -- -- -- 2,700 -- 2,986 10 TOTAL RECEIPTS 16,576,495 6,381,505 -- -- 2,700 -- 22,960,700 11 CASH AVAILABLE 16,618,024 6,325,509 17,746,282 232 2,834 1,000 40,693,881 OPERATING DISBURSEMENTS 12 NET PAYROLL 2,105,173 1,038,694 250,403 3,394,270 13 PAYROLL TAXES PAID -- 1,538,108 221 221 1,538,550 14 SALES, USE & OTHER TAXES PAID 235 1,675 50 1,960 15 SECURED/RENTAL/LEASES 327,171 99,127 97,670 500 500 524,968 16 UTILITIES 119,696 124,447 344,565 38 38 588,784 17 INSURANCE 5,770 1,447 1,241,403 1,248,620 18 INVENTORY PURCHASES 3,246,839 2,943,026 6,189,865 19 VEHICLE EXPENSE 55,871 32,906 88,777 20 TRAVEL 17,371 11,694 512 29,577 21 ENTERTAINMENT 7,156 1,384 8,540 22 REPAIRS & MAINTENANCE 9,451 32,333 470 42,254 23 SUPPLIES 10,799 58,576 69,375 24 ADVERTISING -- -- -- 25 OTHER 394,411 226,566 214,929 179 259 -- 836,344 FREIGHT 357,913 143,548 501,461 CONTRACT LABOR 1,602 7,601 63,360 72,563 401 K PAYMENTS -- 151,450 151,450 PAYROLL TAX ADVANCE ADP -- WAGE GARNISHMENTS -- MISC 34,896 75,417 119 179 259 110,870 26 TOTAL OPERATING DISBURSEMENTS 6,299,943 4,571,875 3,688,060 988 1,018 -- 14,561,884 REORGANIZATION DISBURSEMENTS 27 PROFESSIONAL FEES -- -- 28 US TRUSTEE FEES -- -- 29 OTHER 10,316,598 1,848,876 (12,155,474) (5,766) (4,234) -- -- LOAN PAYMENTS -- -- INTERCOMPANY TRANSFERS 10,316,598 1,848,876 (12,155,474) (5,766) (4,234) -- -- -- 30 TOTAL REORGANIZATION EXPENSE 10,316,598 1,848,876 (12,155,474) (5,766) (4,234) -- -- 31 TOTAL DISBURSEMENTS 16,616,541 6,420,751 (8,467,414) (4,778) (3,216) -- 14,561,884 32 NET CASH FLOW (40,046) (39,246) 8,467,414 4,778 5,916 -- 8,398,816 ----------- ----------- ----------- ----------- ----------- ----------- ----------- 33 CASH- END OF MONTH 1,483 (95,242) 26,213,696 5,010 6,050 1,000 26,131,997 =========== =========== =========== =========== =========== =========== ===========
8 CASE NAME: KEVCO MANAGEMENT, INC. ACCRUAL BASIS - 4 CASE NUMBER: 401-40788-BJH-11
SCHEDULED MONTH MONTH ACCOUNTS RECEIVABLE AGING AMOUNT FEB-01 MAR-01 MONTH ------------------------- --------- ------ ------ ----- 1. 0 - 30 2. 31 - 60 3. 61 - 90 4. 91 + 5. Total Accounts Receivable 0 0 0 0 6. (Amount Considered Uncollectible) 7. Accounts Receivable (Net) 0 0 0 0
AGING OF POST PETITION MONTH: MARCH-01 TAXES AND PAYABLES ---------------
0 - 30 31 - 60 61 - 90 91 + TAXES PAYABLE DAYS DAYS DAYS DAYS TOTAL ------------- -------- --------- --------- ------- -------- 1. Federal 0 2. State 0 3. Local 0 4. Other (See below) 1,055 6,359 7,414 5. Total Taxes Payable 1,055 6,359 0 0 7,414 6. Accounts Payable 114,475 240,540 355,015
MONTH: MARCH-01 --------------- STATUS OF POST PETITION TAXES
BEGINNING TAX AMOUNT WITHHELD ENDING TAX FEDERAL LIABILITY* AND/OR ACCRUED (AMOUNT PAID) LIABILITY ------- ------------- --------------- ------------- ---------- 1. Withholding ** 58,651 (58,651) 0 2. FICA - Employee ** 26,487 (26,487) 0 3. FICA - Employer ** 26,487 (26,487) 0 4. Unemployment 363 (363) 0 5. Income 0 0 6. Other (Attach List) 0 7. Total Federal Taxes 0 111,988 (111,988) 0 STATE AND LOCAL 8. Withholding 1,279 (1,279) 0 9. Sales (FOOTNOTE) 6,359 53 0 6,412 10. Excise 0 0 11. Unemployment 1,553 (1,553) 0 12. Real Property (FOOTNOTE) 1,002 0 1,002 13. Personal Property 0 0 14. Other (Attach List) 0 0 15. Total State And Local 6,359 3,887 (2,832) 7,414 16. Total Taxes 6,359 115,875 (114,820) 7,414
* The beginning tax liability should represent the liability from the prior month or, if this is the first operating report, the amount should be zero. ** Attach photocopies of IRS Form 6123 or your FTD coupon and payment receipt to verify payment of deposit. This form x does does not have related footnotes on Footnotes Supplement. --- --- 9 CASE NAME: KEVCO MANAGEMENT, INC. ACCRUAL BASIS - 5 CASE NUMBER: 401-40788-BJH-11 The debtor in possession must complete the reconciliation below for each bank account, including all general, payroll and tax accounts, as well as all savings and investment accounts, money market accounts, certificates of deposit, government obligations, etc. Accounts with restricted funds should be identified by placing an asterisk next to the account number. Attach additional sheets if necessary. MONTH: MARCH-01 ------------
BANK RECONCILIATIONS Account # 1 Account # 2 -------------------- ----------------- ----------------- A. BANK: Bank of America Bank of America Other Accounts B. ACCOUNT NUMBER: 1295026976 3751629012 (Attach List) TOTAL DIP Disbursement C. PURPOSE (TYPE): Operating Account Account 1. Balance Per Bank Statement 3,492,779 387,968 23,105,363 26,986,110 2. Add: Total Deposits Not Credited 286,109 0 286,109 3. Subtract: Outstanding Checks (512,034) (504,108) (1,016,142) 4. Other Reconciling Items 16,017 (59,398) (43,381) 5. Month End Balance Per Books 3,282,871 387,968 22,541,857 26,212,696 6. Number of Last Check Written N/A N/A
INVESTMENT ACCOUNTS
BANK, ACCOUNT NAME & NUMBER DATE OF PURCHASE TYPE OF INSTRUMENT PURCHASE PRICE CURRENT VALUE --------------------------- ---------------- ------------------ -------------- ------------- 7. 8. 9. 10. (Attach List) 11. Total Investments 0 0
CASH ---- 12. Currency On Hand 1,000 13. Total Cash - End of Month (Footnote) 26,213,696
This form x does does not have related footnotes on Footnotes Supplement. --- --- 10 CASE NAME: KEVCO MANAGEMENT, INC. SUPPLEMENT TO CASE NUMBER: 401-40788-BJH-11 ACCRUAL BASIS - 5 MONTH: MARCH-01 ----------------
BANK RECONCILIATIONS Account # 3 Account # 4 Account # 5 -------------------- --------------- ----------- --------------- Bank of America/ Bank of Bank of A. BANK: Nations Funds America America TOTAL OTHER BANK B. ACCOUNT NUMBER: 846713 3751775241 1295027040 ACCOUNTS Kevco, Inc. S-T C. PURPOSE (TYPE): Investment Stay Pay Payroll - Dist. 1. Balance Per Bank Statement 21,604,979 984,081 282,757 22,871,817 2. Add: Total Deposits Not Credited 0 3. Subtract: Outstanding Checks (504,108) (504,108) 4. Other Reconciling Items (59,343) (59,343) 5. Month End Balance Per Books 21,604,979 984,081 (280,694) 22,308,366 6. Number of Last Check Written N/A N/A N/A
INVESTMENT ACCOUNTS
BANK, ACCOUNT NAME & NUMBER DATE OF PURCHASE TYPE OF INSTRUMENT PURCHASE PRICE CURRENT VALUE --------------------------- ---------------- ------------------ -------------- ------------- A. B. C. D. TOTAL OTHER INVESTMENT ACCOUNTS - LINE 10 0 0
11 CASE NAME: KEVCO MANAGEMENT, INC. 2ND SUPPLEMENT TO CASE NUMBER: 401-40788-BJH-11 ACCRUAL BASIS - 5 MONTH: MARCH-01 -------------------
BANK RECONCILIATIONS Account # 6 Account # 7 Account # 8 -------------------- --------------- --------------- ------------- A. BANK: Bank of America Bank of America TOTAL B. ACCOUNT NUMBER: 3750768628 3750801912 OTHER BANK C. PURPOSE (TYPE): Payroll Payroll ACCOUNTS 1. Balance Per Bank Statement 173,287 60,259 233,546 2. Add: Total Deposits Not Credited 0 3. Subtract: Outstanding Checks 0 4. Other Reconciling Items (417) 362 (55) 5. Month End Balance Per Books 172,870 60,621 0 233,491 6. Number of Last Check Written N/A N/A
INVESTMENT ACCOUNTS
BANK, ACCOUNT NAME & NUMBER DATE OF PURCHASE TYPE OF INSTRUMENT PURCHASE PRICE CURRENT VALUE --------------------------- ---------------- ------------------ -------------- ------------- A. B. C. D. TOTAL OTHER INVESTMENT ACCOUNTS - LINE 10 0 0
12 CASE NAME: KEVCO MANAGEMENT, INC. ACCRUAL BASIS - 6 CASE NUMBER: 401-40788-BJH-11 MONTH: MARCH-01 PAYMENTS TO INSIDERS AND PROFESSIONALS -------------------- Of the Total Disbursements shown for the month, list the amount paid to Insiders (as defined in Section 101 (31) (A) - (F) of the U.S. Bankruptcy Code) and to Professionals. Also, for payments to Insiders, identify the type of compensation paid (e.g. salary, bonus, commissions, insurance, housing allowance, travel, car allowance, etc.). Attach additional sheets if necessary. INSIDERS
NAME TYPE OF PAYMENT AMOUNT PAID TOTAL PAID TO DATE ---- --------------------- ----------- ------------------ 1. Sharon Romere Expense Reimb. 240 240 2. Joe Tomczak Expense Reimb. 198 261 3. John Wittig Expense Reimb. 263 263 4. Sharon Romere Payroll 6,923 13,846 5. Joe Tomczak Payroll 17,308 34,616 6. John Wittig Payroll 11,442 23,557 7. Will Simpson Payroll 8,654 17,308 8. Total Payments To Insiders 45,028 90,091
PROFESSIONALS
DATE OF COURT ORDER TOTAL AUTHORIZING AMOUNT AMOUNT TOTAL PAID INCURRED NAME PAYMENT APPROVED PAID TO DATE & UNPAID * ---- ----------- -------- ------ ---------- ---------- 1. 2. 3. 4. 5. (Attach List) 6. Total Payments To Professionals 0 0 0 0
* Include all fees incurred, both approved and unapproved POST PETITION STATUS OF SECURED NOTES, LEASES PAYABLE AND ADEQUATE PROTECTION PAYMENTS
SCHEDULED AMOUNTS TOTAL MONTHLY PAID UNPAID PAYMENTS DURING POST NAME OF CREDITOR DUE MONTH PETITION ---------------- --------- ------- -------- 1. Bank of America (FOOTNOTE) 63,113,388 2. Leases Payable (FOOTNOTE) (Not Available) 3. 4. 5. (Attach List) 6. TOTAL 0 0 63,113,388
This form x does does not have related footnotes on Footnotes Supplement. --- --- 13 CASE NAME: KEVCO MANAGEMENT, INC. ACCRUAL BASIS - 7 CASE NUMBER: 401-40788-BJH-11 MONTH: MARCH-01 QUESTIONNAIRE ---------------
YES NO --- -- 1. Have any Assets been sold or transferred outside the normal course of business this reporting period? X 2. Have any funds been disbursed from any account other than a debtor in possession account? X 3. Are any Post Petition Receivables (accounts, notes, or loans) due from related parties? X 4. Have any payments been made on Pre Petition Liabilities this reporting period? X 5. Have any Post Petition Loans been received by the debtor from any party? X 6. Are any Post Petition Payroll Taxes past due? X 7. Are any Post Petition State or Federal Income Taxes past due? X 8. Are any Post Petition Real Estate Taxes past due? X 9. Are any other Post Petition Taxes past due? X 10. Are any amounts owed to Post Petition creditors delinquent? X 11. Have any Pre Petition Taxes been paid during the reporting period? X 12. Are any wage payments past due? X
If the answer to any of the above questions is "Yes", provide a detailed explanation of each item. Attach additional sheets if necessary. SEE FOOTNOTE INSURANCE
YES NO --- -- 1. Are Worker's Compensation, General Liability and other necessary insurance coverages in effect? X 2. Are all premium payments paid current? X 3. Please itemize policies below.
If the answer to any of the above questions is "No", or if any policies have been canceled or not renewed during this reporting period, provide an explanation below. Attach additional sheets if necessary. INSTALLMENT PAYMENTS
TYPE OF POLICY CARRIER PERIOD COVERED PAYMENT AMOUNT & FREQUENCY ------------------- ------------------------ ---------------------------- -------------------------- Property Lexington, Allianz 5/29/00-5/29/01 Annual $3,632 Group Health Blue Cross Blue Shield Self Insured - Renews Annual Annual $141,036 Auto Liberty Mutual 9/1/00-9/1/01 Annual $6,030 Fiduciary Federal Insurance 7/15/00-9/1/01 Annual $10,800 Employee Practices Federal Insurance 6/30/99-6/30/01 Annual $72,800 Crimeguard National Union 6/30/00-9/1/01 Annual $10,873 D&O Liability Great American Insurance 10/31/98-10/31/01 Annual $71,250
This form x does does not have related footnotes on Footnotes Supplement. --- --- 14 CASE NAME: KEVCO MANAGEMENT, INC. FOOTNOTES SUPPLEMENT CASE NUMBER: 401-40788-BJH-11 ACCRUAL BASIS MONTH: MARCH-01 ------------
ACCRUAL BASIS FORM NUMBER LINE NUMBER FOOTNOTE / EXPLANATION - ------------- ----------- ---------------------- 1 1 Pursuant to the February 12, 2001 Order (1) Authorizing Continued Use of Existing Forms and Records; 3 1 (2) Authorizing Maintenance of Existing Corporate Bank Accounts and Cash Management System; and (3) 5 13 Extending Time to Comply with 11 U.S.C. Section 345 Investment Guidelines, funds in the Bank of America and Key Bank deposit accounts are swept daily into Kevco's lead account number 1295026976. The Bank of America lead account is administered by, and held in the name of Kevco Management Co. Accordingly, all cash receipts and disbursements flow through Kevco Management's Bank of America DIP account. A schedule allocating receipts and disbursements among Kevco, Inc. and its subsidiaries is included in this report as a Supplement to Accrual Basis -3. 1 7 Prepaid Expenses consist of payroll, rent, insurance and other miscellaneous items. The largest prepaid item, payroll, is due to the timing difference between transfers to ADP payroll service and distribution of payroll checks. 1 15A Intercompany receivables/payables are from/to co-debtors Kevco Manufacturing, LP (Case No. 1 27A 401-40784-BJH-11), Kevco Distribution, LP (Case No. 401-40789-BJH-11), Kevco Holding, Inc. (Case No. 7 3 401-40785-BJH-11), DCM Delaware, Inc. (Case No. 401-40787-BJH-11), Kevco GP, Inc. (Case No. 401-40786-BJH-11), Kevco Components, Inc. (Case No. 401-40790-BJH-11), and Kevco, Inc. (Case No. 401-40783-BJH-11). Although intercompany payables increased post-petition, the increase has not been reflected as a post-petition liability. 1 15A Intercompany assets were inadvertently misstated on Debtor's Schedules. The adjustment to equity 1 32 corrects the error. 1 22 The Debtor records on its books accruals for certain liabilities based on historical estimates. While the known creditors were listed on the Debtor's Schedules, the estimated amounts were not. Accordingly, for purposes of this report, the accrued liabilities are reflected as post-petition "Accrued Liabilities."
15 CASE NAME: KEVCO MANAGEMENT, INC. FOOTNOTES SUPPLEMENT CASE NUMBER: 401-40788-BJH-11 ACCRUAL BASIS MONTH: MARCH-01 ------------
ACCRUAL BASIS FORM NUMBER LINE NUMBER FOOTNOTE / EXPLANATION - ------------- ----------- ---------------------- 1 24 Pursuant to an Asset Purchase Agreement approved by the Court on February 23, 2001 and effective as of 6 1 the same date among Kevco, Inc., Kevco Manufacturing, LP, Wingate Management Co. II, LP and Adorn LLC, certain assets and liabilities of Design Components, a division of Kevco Manufacturing, LP (Case No. 401-40784-BJH-11), were transferred to Adorn, LLC. At the effective date of purchase, Buyer assumed certain executory contracts, approximately $1.6 million of Kevco Manufacturing, LP's unsecured pre-petition liabilities, $3.5 million of accounts receivable, $5 million of inventory and $2.2 million (book value) of property and equipment. Payment was made directly to Bank of America, the secured lender, thereby reducing pre-petition secured debt. 1 25 Pursuant to Order dated February 12, 2001 and Supplemental Order dated March 14, 2001, debtors were authorized to pay pre-petition salaries and wages up to a maximum of $4,300 per employee. Debtors were also (a) allowed to pay accrued vacation to terminated employees and (b) permitted to continue allowing employees to use vacation time as scheduled. 2 23 The consulting and professional fee expenses are primarily for: (a) pre-petition payments to bankruptcy professionals ($409,555.47), (b) legal and accounting fees with regard to negotiations with the Bank Group ($214,806.64) and (c) other payments for professionals handling asset sales and other miscellaneous activities ($51,443.13). 4 9 Sales and property tax liabilities represent accruals of tax and are not yet due. 4 12 6 2 The Debtor is the lessee on hundreds of real and personal property leases, the vast majority of which have been or will soon be rejected. The Debtor does not isolate monthly payments due or paid on account of such leases. Instead, all lease payments are reflected in the Debtor's accounts payable system. To separately identify monthly accruals and payments on leases would require an enormous outlay of the Debtor's accounting personnel and professionals. The Debtor simply does not have available to it the resources that would be required to provide the detail requested. If any party-in-interest desires specific information about any specific lease, the Debtor will provide such information upon request.
EX-99.3 4 d86769ex99-3.txt MONTHLY OPERATING REPORT FOR KEVCO HOLDING, INC 1 EXHIBIT 99.3 CASE NAME: KEVCO HOLDING, INC. ACCRUAL BASIS CASE NUMBER: 401-40785-BJH-11 JUDGE: BARBARA J. HOUSER UNITED STATES BANKRUPTCY COURT NORTHERN DISTRICT OF TEXAS -------- ----- FORT WORTH DIVISION ---------- MONTHLY OPERATING REPORT MONTH ENDING: MARCH 31, 2001 -------------- IN ACCORDANCE WITH TITLE 28, SECTION 1746, OF THE UNITED STATES CODE, I DECLARE UNDER PENALTY OF PERJURY THAT I HAVE EXAMINED THE FOLLOWING MONTHLY OPERATING REPORT (ACCRUAL BASIS - 1 THROUGH ACCRUAL BASIS - 7) AND THE ACCOMPANYING ATTACHMENTS AND, TO THE BEST OF MY KNOWLEDGE, THESE DOCUMENTS ARE TRUE, CORRECT AND COMPLETE. DECLARATION OF THE PREPARER (OTHER THAN RESPONSIBLE PARTY): IS BASED ON ALL INFORMATION OF WHICH PREPARER HAS ANY KNOWLEDGE. RESPONSIBLE PARTY: /s/ JOSEPH P. TOMCZAK TREASURER - ----------------------------------------- --------------------- Original Signature of Responsible Party Title JOSEPH P. TOMCZAK APRIL 27, 2001 - ----------------------------------------- --------------------- Printed Name of Responsible Party Date PREPARER: /s/ DENNIS S. FAULKNER ACCOUNTANT FOR DEBTOR - ----------------------------------------- --------------------- Original Signature of Preparer Title DENNIS S. FAULKNER APRIL 27, 2001 - ----------------------------------------- --------------------- Printed Name of Preparer Date 2 CASE NAME: KEVCO HOLDING, INC. ACCRUAL BASIS - 1 CASE NUMBER: 401-40785-BJH-11 COMPARATIVE BALANCE SHEET
SCHEDULED MONTH MONTH ASSETS AMOUNT FEB-01 MAR-01 MONTH - ------ ------------ ------------ ------------ ------------ 1. Unrestricted Cash 232 232 5,010 2. Restricted Cash 0 3. Total Cash 232 232 5,010 0 4. Accounts Receivable (Net) 5. Inventory 6. Notes Receivable 7. Prepaid Expenses 8. Other (Attach List) 0 0 0 0 9. Total Current Assets 232 232 5,010 0 10. Property, Plant & Equipment 11. Less: Accumulated Depreciation/Depletion 12. Net Property, Plant & Equipment 0 0 0 0 13. Due From Insiders 14. Other Assets - Net of Amortization (Attach List) 95,356,800 86,653,739 86,435,679 15. Other (Attach List) 14,496,631 14,496,631 14,496,631 0 16. Total Assets 109,853,663 101,150,602 100,937,320 0 POST PETITION LIABILITIES 17. Accounts Payable 0 0 18. Taxes Payable 19. Notes Payable 20. Professional Fees 21. Secured Debt 22. Other (Attach List) 0 0 0 23. Total Post Petition Liabilities 0 0 0 PRE PETITION LIABILITIES 24. Secured Debt (FOOTNOTE) 75,885,064 63,113,388 63,113,388 25. Priority Debt 26. Unsecured Debt 27. Other (Attach List) 328,039,345 320,345,497 321,190,468 0 28. Total Pre Petition Liabilities 403,924,409 383,458,885 384,303,856 0 29. Total Liabilities 403,924,409 383,458,885 384,303,856 0 EQUITY 30. Pre Petition Owners' Equity (294,070,746) (294,070,746) 31. Post Petition Cumulative Profit Or (Loss) (1,009,211) (2,067,464) 32. Direct Charges To Equity (FOOTNOTE) 12,771,674 12,771,674 33. Total Equity (282,308,283) (283,366,536) 0 34. Total Liabilities and Equity 101,150,602 100,937,320 0
This form x does does not have related footnotes on Footnotes Supplement. --- --- 3 CASE NAME: KEVCO HOLDING, INC. SUPPLEMENT TO CASE NUMBER: 401-40785-BJH-11 ACCRUAL BASIS - 1 COMPARATIVE BALANCE SHEET
SCHEDULED MONTH MONTH ASSETS AMOUNT FEB-01 MAR-01 MONTH - ------ ------ ------ ------ ----- A. B. C. D. E. TOTAL OTHER ASSETS - LINE 8 0 0 0 0 A. Goodwill: SSS 6,097,280 6,082,516 6,067,753 B. Goodwill: Bowen 13,569,437 13,537,854 13,506,272 C. Goodwill: BTE 1,657,846 1,653,625 1,649,404 D. Goodwill: Shelter 74,032,237 65,379,744 65,212,250 E. TOTAL OTHER ASSETS NET OF AMORTIZATION - LINE 14 95,356,800 86,653,739 86,435,679 0 A. Investment in Subsidiaries 14,496,631 14,496,631 14,496,631 B. C. D. E. TOTAL OTHER ASSETS - LINE 15 14,496,631 14,496,631 14,496,631 0 POST PETITION LIABILITIES A. B. C. D. E. TOTAL OTHER POST PETITION LIABILITIES - LINE 22 0 0 0 PRE PETITION LIABILITIES A. Interco. Payables (FOOTNOTE) 199,539,345 191,845,497 192,692,806 B. 10 3/8% Senior Sub. Notes 105,000,000 105,000,000 105,000,000 C. Sr. Sub. Exchangeable Notes 23,500,000 23,500,000 23,500,000 D. E. TOTAL OTHER PRE PETITION LIABILITIES - LINE 27 328,039,345 320,345,497 321,192,806 0
4 CASE NAME: KEVCO HOLDING, INC. ACCRUAL BASIS - 2 CASE NUMBER: 401-40785-BJH-11 INCOME STATEMENT
MONTH MONTH QUARTER REVENUES FEB-01 MAR-01 MONTH TOTAL - -------- ------ ------ ----- ------- 1. Gross Revenues 0 2. Less: Returns & Discounts 0 3. Net Revenue 0 0 0 COST OF GOODS SOLD 4. Material 0 5. Direct Labor 0 6. Direct Overhead 0 7. Total Cost Of Goods Sold 0 0 0 8. Gross Profit 0 0 0 OPERATING EXPENSES 9. Officer / Insider Compensation 0 10. Selling & Marketing 0 11. General & Administrative 2,111 2,111 12. Rent & Lease 500 500 13. Other (Attach List) 271 271 14. Total Operating Expenses 0 2,882 2,882 15. Income Before Non-Operating Income & Expense 0 (2,882) (2,882) OTHER INCOME & EXPENSES 16. Non-Operating Income (Att List) 843,229 375,456 1,218,685 17. Non-Operating Expense (Att List) (2,425,531) (1,212,766) (3,638,297) 18. Interest Expense 0 19. Depreciation / Depletion 0 20. Amortization (218,060) (218,060) (436,120) 21. Other (Attach List) 791,150 0 791,150 22. Net Other Income & Expenses (1,009,212) (1,055,370) (2,064,582) REORGANIZATION EXPENSES 23. Professional Fees 0 24. U.S. Trustee Fees 0 25. Other (Attach List) 0 26. Total Reorganization Expenses 0 0 0 0 27. Income Tax 0 28. Net Profit (Loss) (1,009,212) (1,058,252) (2,067,464)
This form does x does not have related footnotes on Footnotes Supplement. --- --- 5 CASE NAME: KEVCO HOLDING, INC. SUPPLEMENT TO CASE NUMBER: 401-40785-BJH-11 ACCRUAL BASIS - 2 INCOME STATEMENT
MONTH MONTH QUARTER OPERATING EXPENSES FEB-01 MAR-01 MONTH TOTAL - ------------------ ------------ ------------ ------------ ------------ A. Taxes 271 271 B. 0 C. 0 D. 0 E. 0 TOTAL OTHER OPERATING EXPENSES - LINE 13 0 271 0 271 OTHER INCOME & EXPENSES A. Intercompany Royalties 843,229 375,456 1,218,685 B. 0 C. 0 D. 0 E. 0 TOTAL NON-OPERATING INCOME - LINE 16 843,229 375,456 0 1,218,685 A. Intercompany Interest (2,425,531) (1,212,766) (3,638,297) B. 0 C. 0 D. 0 E. 0 TOTAL NON-OPERATING EXPENSE - LINE 17 (2,425,531) (1,212,766) 0 (3,638,297) A. Goodwill 8,485,000 8,485,000 B. Interco. Credit (7,693,850) (7,693,850) C. 0 D. 0 E. 0 TOTAL OTHER EXPENSE - LINE 21 791,150 0 0 791,150
6 CASE NAME: KEVCO HOLDING, INC. ACCRUAL BASIS - 3 CASE NUMBER: 401-40785-BJH-11
CASH RECEIPTS AND MONTH MONTH QUARTER DISBURSEMENTS FEB-01 MAR-01 MONTH TOTAL - ----------------- ------------ ------------ ------------ ------------ 1. Cash - Beginning Of Month SEE ATTACHED SUPPLEMENT AND FOOTNOTE RECEIPTS FROM OPERATIONS 2. Cash Sales 0 COLLECTION OF ACCOUNTS RECEIVABLE 3. Pre Petition 0 4. Post Petition 0 5. Total Operating Receipts 0 0 0 0 NON-OPERATING RECEIPTS 6. Loans & Advances (Interco. Transfer) 0 7. Sale of Assets 0 8. Other (Attach List) 0 9. Total Non-Operating Receipts 0 0 0 0 10. Total Receipts 0 0 0 0 11. Total Cash Available 0 0 0 0 OPERATING DISBURSEMENTS 12. Net Payroll 0 13. Payroll Taxes Paid 0 14. Sales, Use & Other Taxes Paid 0 15. Secured / Rental / Leases 0 16. Utilities 0 17. Insurance 0 18. Inventory Purchases 0 19. Vehicle Expenses 0 20. Travel 0 21. Entertainment 0 22. Repairs & Maintenance 0 23. Supplies 0 24. Advertising 0 25. Other (Attach List) 0 26. Total Operating Disbursements 0 0 0 0 REORGANIZATION DISBURSEMENTS 27. Professional Fees 0 28. U.S. Trustee Fees 0 29. Other (Attach List) 0 30. Total Reorganization Expenses 0 0 0 0 31. Total Disbursements 0 0 0 0 32. Net Cash Flow 0 0 0 0 33. Cash - End of Month 0 0 0 0
This form does X does not have related footnotes on Footnotes Supplement. --- --- 7 CASE NAME: KEVCO HOLDING, INC. SUPPLEMENT TO ACCRUAL BASIS - 3 CASE NUMBER: 401-40785-BJH-11 MARCH-01 -----------------
KEVCO KEVCO KEVCO KEVCO DIST LP MFG. LP MGMT HOLDING ------------ ------------ ------------ ------------ 1 CASH-BEGINNING OF MONTH 41,529 (55,996) 17,746,282 232 RECEIPTS FROM OPERATIONS 2 CASH SALES 274,302 -- COLLECTION OF ACCOUNTS RECEIVABLE 3 PRE PETITION 1,120,290 367,383 4 POST PETITION 15,181,617 6,014,122 5 TOTAL OPERATING RECEIPTS 16,576,209 6,381,505 -- -- NON OPERATING RECEIPTS 6 LOANS & ADVANCES -- 7 SALE OF ASSETS 286 -- 8 OTHER -- -- -- -- SALE EXPENSE REIMBURSEMENT ADP ADVANCE MISC. INTEREST INCOME 9 TOTAL NON OPERATING RECEIPTS 286 -- -- -- 10 TOTAL RECEIPTS 16,576,495 6,381,505 -- -- 11 CASH AVAILABLE 16,618,024 6,325,509 17,746,282 232 OPERATING DISBURSEMENTS 12 NET PAYROLL 2,105,173 1,038,694 250,403 13 PAYROLL TAXES PAID -- 1,538,108 221 14 SALES, USE & OTHER TAXES PAID 235 1,675 50 15 SECURED/RENTAL/LEASES 327,171 99,127 97,670 500 16 UTILITIES 119,696 124,447 344,565 38 17 INSURANCE 5,770 1,447 1,241,403 18 INVENTORY PURCHASES 3,246,839 2,943,026 19 VEHICLE EXPENSE 55,871 32,906 20 TRAVEL 17,371 11,694 512 21 ENTERTAINMENT 7,156 1,384 22 REPAIRS & MAINTENANCE 9,451 32,333 470 23 SUPPLIES 10,799 58,576 24 ADVERTISING -- -- 25 OTHER 394,411 226,566 214,929 179 FREIGHT 357,913 143,548 CONTRACT LABOR 1,602 7,601 63,360 401 K PAYMENTS -- 151,450 PAYROLL TAX ADVANCE ADP WAGE GARNISHMENTS MISC. 34,896 75,417 119 179 26 TOTAL OPERATING DISBURSEMENTS 6,299,943 4,571,875 3,688,060 988 REORGANIZATION DISBURSEMENTS 27 PROFESSIONAL FEES -- 28 US TRUSTEE FEES -- 29 OTHER 10,316,598 1,848,876 (12,155,474) (5,766) LOAN PAYMENTS -- INTERCOMPANY TRANSFERS 10,316,598 1,848,876 (12,155,474) (5,766) 30 TOTAL REORGANIZATION EXPENSE 10,316,598 1,848,876 (12,155,474) (5,766) 31 TOTAL DISBURSEMENTS 16,616,541 6,420,751 (8,467,414) (4,778) 32 NET CASH FLOW (40,046) (39,246) 8,467,414 4,778 ------------ ------------ ------------ ------------ 33 CASH- END OF MONTH 1,483 (95,242) 26,213,696 5,010 ============ ============ ============ ============ KEVCO KEVCO COMPONENTS INC TOTAL ------------ ------------ ------------ 1 CASH-BEGINNING OF MONTH 134 1,000 17,733,181 RECEIPTS FROM OPERATIONS 2 CASH SALES 274,302 COLLECTION OF ACCOUNTS RECEIVABLE 3 PRE PETITION 1,487,673 4 POST PETITION 21,195,739 5 TOTAL OPERATING RECEIPTS -- -- 22,957,714 NON OPERATING RECEIPTS 6 LOANS & ADVANCES -- 7 SALE OF ASSETS 286 8 OTHER 2,700 -- 2,700 SALE EXPENSE REIMBURSEMENT ADP ADVANCE MISC. 2,700 INTEREST INCOME 9 TOTAL NON OPERATING RECEIPTS 2,700 -- 2,986 10 TOTAL RECEIPTS 2,700 -- 22,960,700 11 CASH AVAILABLE 2,834 1,000 40,693,881 OPERATING DISBURSEMENTS 12 NET PAYROLL 3,394,270 13 PAYROLL TAXES PAID 221 1,538,550 14 SALES, USE & OTHER TAXES PAID 1,960 15 SECURED/RENTAL/LEASES 500 524,968 16 UTILITIES 38 588,784 17 INSURANCE 1,248,620 18 INVENTORY PURCHASES 6,189,865 19 VEHICLE EXPENSE 88,777 20 TRAVEL 29,577 21 ENTERTAINMENT 8,540 22 REPAIRS & MAINTENANCE 42,254 23 SUPPLIES 69,375 24 ADVERTISING -- 25 OTHER 259 -- 836,344 FREIGHT 501,461 CONTRACT LABOR 72,563 401 K PAYMENTS 151,450 PAYROLL TAX ADVANCE ADP -- WAGE GARNISHMENTS -- MISC. 259 110,870 26 TOTAL OPERATING DISBURSEMENTS 1,018 -- 14,561,884 REORGANIZATION DISBURSEMENTS 27 PROFESSIONAL FEES -- 28 US TRUSTEE FEES -- 29 OTHER (4,234) -- -- LOAN PAYMENTS -- INTERCOMPANY TRANSFERS (4,234) -- 30 TOTAL REORGANIZATION EXPENSE (4,234) -- -- 31 TOTAL DISBURSEMENTS (3,216) -- 14,561,884 32 NET CASH FLOW 5,916 -- 8,398,816 ------------ ------------ ------------ 33 CASH- END OF MONTH 6,050 1,000 26,131,997 ============ ============ ============
8 CASE NAME: KEVCO HOLDING, INC. ACCRUAL BASIS - 4 CASE NUMBER: 401-40785-BJH-11
SCHEDULED MONTH MONTH ACCOUNTS RECEIVABLE AGING AMOUNT FEB-01 MAR-01 MONTH - ------------------------- ------------ ------------ ------------ ------------ 1. 0 - 30 2. 31 - 60 3. 61 - 90 4. 91 + 5. Total Accounts Receivable 0 0 0 0 6. (Amount Considered Uncollectible) 7. Accounts Receivable (Net) 0 0 0 0
AGING OF POST PETITION MONTH: MARCH-01 TAXES AND PAYABLES -------------------
0 - 30 31 - 60 61 - 90 91 + TAXES PAYABLE DAYS DAYS DAYS DAYS TOTAL - ------------- ------------ ------------ ------------ ------------ ------------ 1. Federal 0 2. State 0 3. Local 0 4. Other (Attach List) 0 0 0 0 0 5. Total Taxes Payable 0 0 0 0 0 6. Accounts Payable 0
MONTH: MARCH-01 STATUS OF POST PETITION TAXES -------------------
BEGINNING TAX AMOUNT ENDING TAX FEDERAL LIABILITY * WITHHELD AND/OR (AMOUNT PAID) LIABILITY - ------- ------------- --------------- ------------- ------------ 1. Withholding ** 0 2. FICA - Employee ** 221 (221) 0 3. FICA - Employer ** 0 4. Unemployment 0 5. Income 0 6. Other (Attach List) 0 50 (50) 0 7. Total Federal Taxes 0 271 (271) 0 STATE AND LOCAL 8. Withholding 0 9. Sales 0 10. Excise 0 11. Unemployment 0 12. Real Property 0 13. Personal Property 0 14. Other (Attach List) 0 15. Total State And Local 0 0 0 0 16. Total Taxes 0 271 (271) 0
* The beginning tax liability should represent the liability from the prior month or, if this is the first operating report, the amount should be zero. ** Attach photocopies of IRS Form 6123 or your FTD coupon and payment receipt to verify payment of deposit. This form does X does not have related footnotes on Footnotes Supplement. --- --- 9 CASE NAME: KEVCO HOLDING, INC. ACCRUAL BASIS - 5 CASE NUMBER: 401-40785-BJH-11 The debtor in possession must complete the reconciliation below for each bank account, including all general, payroll and tax accounts, as well as all savings and investment accounts, money market accounts, certificates of deposit, government obligations, etc. Accounts with restricted funds should be identified by placing an asterisk next to the account number. Attach additional sheets if necessary. MONTH: MARCH-01 -----------------
BANK RECONCILIATIONS Account # 1 Account # 2 - -------------------- ------------ ------------ A. BANK: PNC Bank Delaware Other Accounts B. ACCOUNT NUMBER: 56-0359-4664 (Attach List) TOTAL C. PURPOSE (TYPE): 1. Balance Per Bank Statement 5,010 5,010 2. Add: Total Deposits Not Credited 0 3. Subtract: Outstanding Checks 0 4. Other Reconciling Items 0 5. Month End Balance Per Books 5,010 0 5,010 6. Number of Last Check Written 1,022
INVESTMENT ACCOUNTS
DATE OF TYPE OF BANK, ACCOUNT NAME & NUMBER PURCHASE INSTRUMENT PURCHASE PRICE CURRENT VALUE - --------------------------- ------------- --------------- -------------- ------------- 7. 8. 9. 10. (Attach List) 11. Total Investments 0 0
CASH 12. Currency On Hand 0 13. Total Cash - End of Month 5,010
This form does X does not have related footnotes on Footnotes Supplement. --- --- 10 CASE NAME: KEVCO HOLDING, INC. ACCRUAL BASIS - 6 CASE NUMBER: 401-40785-BJH-11 MONTH: MARCH-01 ------------------- PAYMENTS TO INSIDERS AND PROFESSIONALS Of the Total Disbursements shown for the month, list the amount paid to Insiders (as defined in Section 101 (31) (A) - (F) of the U.S. Bankruptcy Code) and to Professionals. Also, for payments to Insiders, identify the type of compensation paid (e.g. salary, bonus, commissions, insurance, housing allowance, travel, car allowance, etc.). Attach additional sheets if necessary. INSIDERS
TOTAL TYPE OF AMOUNT PAID TO NAME PAYMENT PAID DATE - ---- ---------- ---------- ---------- 1. 2. 3. 4. 5. (Attach List) 6. Total Payments To Insiders 0 0
PROFESSIONALS
DATE OF COURT ORDER TOTAL TOTAL AUTHORIZING AMOUNT AMOUNT PAID TO INCURRED NAME PAYMENT APPROVED PAID DATE & UNPAID * - ---- ----------- ---------- ---------- ---------- ---------- 1. 2. 3. 4. 5. (Attach List) 6. Total Payments To Professionals 0 0 0 0
* Include all fees incurred, both approved and unapproved POST PETITION STATUS OF SECURED NOTES, LEASES PAYABLE AND ADEQUATE PROTECTION PAYMENTS
SCHEDULED MONTHLY AMOUNTS PAID TOTAL UNPAID NAME OF CREDITOR PAYMENTS DUE DURING MONTH POST PETITION - ---------------- ----------------- ------------ ------------- 1. 2. 3. 4. 5. (Attach List) 6. TOTAL 0 0 0
This form does X does not have related footnotes on Footnotes Supplement. --- --- 11 CASE NAME: KEVCO HOLDING, INC. ACCRUAL BASIS - 7 CASE NUMBER: 401-40785-BJH-11 MONTH: MARCH-01 ------------------- QUESTIONNAIRE
YES NO ----- ----- 1. Have any Assets been sold or transferred outside the normal course of business this reporting period? X 2. Have any funds been disbursed from any account other than a debtor in possession account? X 3. Are any Post Petition Receivables (accounts, notes, or loans) due from related parties? X 4. Have any payments been made on Pre Petition Liabilities this reporting period? X 5. Have any Post Petition Loans been received by the debtor from any party? X 6. Are any Post Petition Payroll Taxes past due? X 7. Are any Post Petition State or Federal Income Taxes past due? X 8. Are any Post Petition Real Estate Taxes past due? X 9. Are any other Post Petition Taxes past due? X 10. Are any amounts owed to Post Petition creditors delinquent? X 11. Have any Pre Petition Taxes been paid during the reporting period? X 12. Are any wage payments past due? X
If the answer to any of the above questions is "Yes", provide a detailed explanation of each item. Attach additional sheets if necessary. INSURANCE
YES NO ----- ----- 1. Are Worker's Compensation, General Liability and other necessary insurance coverages in effect? X 2. Are all premium payments paid current? X 3. Please itemize policies below.
If the answer to any of the above questions is "No", or if any policies have been canceled or not renewed during this reporting period, provide an explanation below. Attach additional sheets if necessary. KEVCO HOLDING, INC. HAS NO EMPLOYEES; OPERATES AS A HOLDING COMPANY. INSTALLMENT PAYMENTS
TYPE OF POLICY CARRIER PERIOD COVERED PAYMENT AMOUNT & FREQUENCY -------------- ------- -------------- -------------------------- General Liability Liberty Mutual 9/1/00-9/1/01 Annual $313,520 Umbrella National Union 6/1/00-9/1/01 Annual $103,349
This form X does does not have related footnotes on Footnotes Supplement. --- --- 12 CASE NAME: KEVCO HOLDING, INC. FOOTNOTES SUPPLEMENT CASE NUMBER: 401-40785-BJH-11 ACCRUAL BASIS MONTH: MARCH-01 ------------------------
ACCRUAL BASIS LINE FORM NUMBER NUMBER FOOTNOTE / EXPLANATION ------------- ------ ---------------------- 1 24 Pursuant to an Asset Purchase Agreement approved by the Court on February 23, 2001 and effective as of the same date among Kevco, Inc., Kevco Manufacturing, LP, Wingate Management Co. II, LP and Adorn LLC, certain assets and liabilities of Design Components, a division of Kevco Manufacturing, LP (Case No. 401-40784-BJH-11), were transferred to Adorn, LLC. At the effective date of purchase, Buyer assumed certain executory contracts, approximately $1.6 million of Kevco Manufacturing, LP's unsecured pre-petition liabilities, $3.5 million of accounts receivable, $5 million of inventory and $2.2 million (book value) of property and equipment. Payment was made directly to Bank of America, the secured lender, thereby reducing pre-petition secured debt. 1 27A Intercompany payables are to co-debtors Kevco Management Co. (Case No. 401-40788-BJH-11), Kevco Distribution, LP (Case No. 401-40789-BJH-11), Kevco Manufacturing, LP (Case No. 401-40784-BJH-11), DCM Delaware, Inc. (Case No. 401-40787-BJH-11), Kevco, Inc. (Case No. 401-40783-BJH-11), Kevco GP, Inc. (Case No. 401-40786-BJH-11), and Kevco Components, Inc. (Case No. 401-40790-BJH-11). 1 32 The direct charge to equity is due to the secured debt reduction pursuant to the sale of Design Components (See Footnote 1-24). The secured debt owed to Bank of America by Kevco, Inc. (Case No. 401-40783-BJH-11) has been guaranteed by all of its co-debtors (See Footnote 1,27A); therefore, the secured debt is reflected as a liability on all of the Kevco entities. The charge to equity is simply an adjustment to the balance sheet. Kevco, Inc.'s report will reflect the cash portion of the transaction. 3 1 Pursuant to the February 12, 2001 Order (1) Authorizing Continued Use of Existing Forms and Records; (2) Authorizing Maintenance of Existing Corporate Bank Accounts and Cash Management System; and (3) Extending Time to Comply with 11 U.S.C. Section 345 Investment Guidelines, funds in the Bank of America and Key Bank deposit accounts are swept daily into Kevco's lead account number 1295026976. The Bank of America lead account is administered by, and held in the name of, Kevco Management Co. (co-debtor, Case No. 401-40788-BJH-11). Accordingly, all cash receipts and disbursements flow through Kevco Management's Bank of America DIP account. A schedule allocating receipts and disbursements among Kevco, Inc. and its subsidiaries is included in this report as a Supplement to Accrual Basis -3. Debtor does maintain a small petty cash account that is included in the cash supplement schedule.
EX-99.4 5 d86769ex99-4.txt MONTHLY OPERATING REPORT FOR KEVCO GP, INC 1 EXHIBIT 99.4 CASE NAME: KEVCO GP, INC. ACCRUAL BASIS CASE NUMBER: 401-40786-BJH-11 JUDGE: BARBARA J. HOUSER UNITED STATES BANKRUPTCY COURT NORTHERN DISTRICT OF TEXAS -------- ----- FORT WORTH DIVISION ---------- MONTHLY OPERATING REPORT MONTH ENDING: MARCH 31, 2001 -------------- IN ACCORDANCE WITH TITLE 28, SECTION 1746, OF THE UNITED STATES CODE, I DECLARE UNDER PENALTY OF PERJURY THAT I HAVE EXAMINED THE FOLLOWING MONTHLY OPERATING REPORT (ACCRUAL BASIS - 1 THROUGH ACCRUAL BASIS - 7) AND THE ACCOMPANYING ATTACHMENTS AND, TO THE BEST OF MY KNOWLEDGE, THESE DOCUMENTS ARE TRUE, CORRECT AND COMPLETE. DECLARATION OF THE PREPARER (OTHER THAN RESPONSIBLE PARTY): IS BASED ON ALL INFORMATION OF WHICH PREPARER HAS ANY KNOWLEDGE. RESPONSIBLE PARTY: /s/ JOSEPH P. TOMCZAK TREASURER - --------------------------------------- --------------------- Original Signature of Responsible Party Title JOSEPH P. TOMCZAK APRIL 27, 2001 - --------------------------------------- --------------------- Printed Name of Responsible Party Date PREPARER: /s/ DENNIS S. FAULKNER ACCOUNTANT FOR DEBTOR - --------------------------------------- --------------------- Original Signature of Preparer Title DENNIS S. FAULKNER APRIL 27, 2001 - --------------------------------------- --------------------- Printed Name of Preparer Date 2 CASE NAME: KEVCO GP, INC. ACCRUAL BASIS - 1 CASE NUMBER: 401-40786-BJH-11 COMPARATIVE BALANCE SHEET
SCHEDULED MONTH MONTH ASSETS AMOUNT FEB-01 MAR-01 MONTH - ------ --------- ------ ------ ----- 1. Unrestricted Cash 0 2. Restricted Cash 0 3. Total Cash 0 0 0 0 4. Accounts Receivable (Net) 5. Inventory 6. Notes Receivable 7. Prepaid Expenses 8. Other (Attach List) 0 0 0 0 9. Total Current Assets 0 0 0 0 10. Property, Plant & Equipment 11. Less: Accumulated Depreciation/Depletion 12. Net Property, Plant & Equipment 0 0 0 0 13. Due From Insiders 14. Other Assets - Net of Amortization (Attach List) 0 0 0 0 15. Other (Attach List) 360,837 360,837 360,837 0 16. Total Assets 360,837 360,837 360,837 0 POST PETITION LIABILITIES 17. Accounts Payable 18. Taxes Payable 19. Notes Payable 20. Professional Fees 21. Secured Debt 22. Other (Attach List) 0 0 0 23. Total Post Petition Liabilities 0 0 0 PRE PETITION LIABILITIES 24. Secured Debt (FOOTNOTE) 75,885,064 63,113,388 63,113,388 25. Priority Debt 0 26. Unsecured Debt 27. Other (Attach List) 128,815,071 128,815,071 128,815,071 0 28. Total Pre Petition Liabilities 204,700,135 191,928,459 191,928,459 0 29. Total Liabilities 204,700,135 191,928,459 191,928,459 0 EQUITY 30. Pre Petition Owners' Equity (204,339,298) (204,339,298) 31. Post Petition Cumulative Profit Or (Loss) 0 0 32. Direct Charges To Equity (Attach Explanation)(Footnote) 12,771,676 12,771,676 33. Total Equity (191,567,622) (191,567,622) 0 34. Total Liabilities and Equity 360,837 360,837 0
This form X does does not have related footnotes on Footnotes Supplement. --- --- 3 CASE NAME: KEVCO GP, INC. SUPPLEMENT TO CASE NUMBER: 401-40786-BJH-11 ACCRUAL BASIS - 1 COMPARATIVE BALANCE SHEET
SCHEDULED MONTH MONTH ASSETS AMOUNT FEB-01 MAR-01 MONTH - ------ --------- ------ ------ ----- A. B. C. D. E. TOTAL OTHER ASSETS - LINE 8 0 0 0 0 A. B. C. D. E. TOTAL OTHER ASSETS NET OF AMORTIZATION - LINE 14 0 0 0 0 A. Investment in Subsidiaries 360,837 360,837 360,837 B. C. D. E. TOTAL OTHER ASSETS - LINE 15 360,837 360,837 360,837 0 POST PETITION LIABILITIES A. B. C. D. E. TOTAL OTHER POST PETITION LIABILITIES - LINE 22 0 0 0 PRE PETITION LIABILITIES A. Interco.Payables (FOOTNOTE) 315,071 315,071 315,071 B. 10 3/8% Senior Sub. Notes 105,000,000 105,000,000 105,000,000 C. Sr. Sub. Exchangeable Notes 23,500,000 23,500,000 23,500,000 D. E. TOTAL OTHER PRE PETITION LIABILITIES - LINE 27 128,815,071 128,815,071 128,815,071 0
4 CASE NAME: KEVCO GP, INC. ACCRUAL BASIS - 2 CASE NUMBER: 401-40786-BJH-11 INCOME STATEMENT
MONTH MONTH QUARTER REVENUES FEB-01 MAR-01 MONTH TOTAL - -------- ------ ------ ----- ------- 1. Gross Revenues 0 0 2. Less: Returns & Discounts 0 3. Net Revenue 0 0 0 0 COST OF GOODS SOLD 4. Material 0 5. Direct Labor 0 6. Direct Overhead 0 7. Total Cost Of Goods Sold 0 0 0 0 8. Gross Profit 0 0 0 0 OPERATING EXPENSES 9. Officer / Insider Compensation 0 10. Selling & Marketing 0 11. General & Administrative 0 12. Rent & Lease 0 13. Other (Attach List) 0 0 0 0 14. Total Operating Expenses 0 0 0 0 15. Income Before Non-Operating Income & Expense 0 0 0 0 OTHER INCOME & EXPENSES 16. Non-Operating Income (Att List) 0 0 0 0 17. Non-Operating Expense (Att List) 0 0 0 0 18. Interest Expense 0 19. Depreciation / Depletion 0 20. Amortization 0 21. Other (Attach List) 0 22. Net Other Income & Expenses 0 0 0 0 REORGANIZATION EXPENSES 23. Professional Fees 0 24. U.S. Trustee Fees 0 25. Other (Attach List) 0 0 0 0 26. Total Reorganization Expenses 0 0 0 0 27. Income Tax 0 28. Net Profit (Loss) 0 0 0 0
This form does x does not have related footnotes on Footnotes Supplement. --- --- 5 CASE NAME: KEVCO GP, INC. ACCRUAL BASIS - 3 CASE NUMBER: 401-40786-BJH-11
CASH RECEIPTS AND MONTH MONTH QUARTER DISBURSEMENTS FEB-01 MAR-01 MONTH TOTAL - ----------------- ------ ------ ----- ------- 1. Cash - Beginning Of Month 0 RECEIPTS FROM OPERATIONS 2. Cash Sales 0 0 COLLECTION OF ACCOUNTS RECEIVABLE 3. Pre Petition 0 4. Post Petition 0 5. Total Operating Receipts 0 0 0 0 NON-OPERATING RECEIPTS 6. Loans & Advances (Attach List) 0 0 0 0 7. Sale of Assets 0 8. Other (Attach List) 0 0 0 0 9. Total Non-Operating Receipts 0 0 0 0 10. Total Receipts 0 0 0 0 11. Total Cash Available 0 0 0 0 OPERATING DISBURSEMENTS 12. Net Payroll 0 13. Payroll Taxes Paid 0 14. Sales, Use & Other Taxes Paid 0 15. Secured / Rental / Leases 0 16. Utilities 0 17. Insurance 0 18. Inventory Purchases 0 19. Vehicle Expenses 0 20. Travel 0 21. Entertainment 0 22. Repairs & Maintenance 0 23. Supplies 0 24. Advertising 0 25. Other (Attach List) 0 0 0 0 26. Total Operating Disbursements 0 0 0 0 REORGANIZATION DISBURSEMENTS 27. Professional Fees 0 28. U.S. Trustee Fees 0 29. Other (Attach List) 0 0 0 0 30. Total Reorganization Expenses 0 0 0 0 31. Total Disbursements 0 0 0 0 32. Net Cash Flow 0 0 0 0 33. Cash - End of Month 0 0 0 0
This form does x does not have related footnotes on Footnotes Supplement. --- --- 6 CASE NAME: KEVCO GP, INC. ACCRUAL BASIS - 4 CASE NUMBER: 401-40786-BJH-11
SCHEDULED MONTH MONTH ACCOUNTS RECEIVABLE AGING AMOUNT FEB-01 MAR-01 MONTH - ------------------------- --------- ------ ------ ----- 1. 0 - 30 2. 31 - 60 3. 61 - 90 4. 91 + 5. Total Accounts Receivable 0 0 0 0 6. (Amount Considered Uncollectible) 7. Accounts Receivable (Net) 0 0 0 0
AGING OF POST PETITION MONTH: MARCH-01 TAXES AND PAYABLES ---------------------------------
0 - 30 31 - 60 61 - 90 91 + TAXES PAYABLE DAYS DAYS DAYS DAYS TOTAL - ------------- ------ ------- ------- ---- ----- 1. Federal 0 2. State 0 3. Local 0 4. Other (Attach List) 0 0 0 0 0 5. Total Taxes Payable 0 0 0 0 0 6. Accounts Payable 0
MONTH: MARCH-01 --------------------------------- STATUS OF POST PETITION TAXES
AMOUNT BEGINNING TAX WITHHELD AND/OR ENDING TAX FEDERAL LIABILITY * ACCRUED (AMOUNT PAID) LIABILITY - ------- ------------- --------------- ------------- ---------- 1. Withholding ** 0 2. FICA - Employee ** 0 3. FICA - Employer ** 0 4. Unemployment 0 5. Income 0 6. Other (Attach List) 0 0 0 0 7. Total Federal Taxes 0 0 0 0 STATE AND LOCAL 8. Withholding 0 9. Sales 0 10. Excise 0 11. Unemployment 0 12. Real Property 0 13. Personal Property 0 14. Other (Attach List) 0 0 0 0 15. Total State And Local 0 0 0 0 16. Total Taxes 0 0 0 0
* The beginning tax liability should represent the liability from the prior month or, if this is the first operating report, the amount should be zero. ** Attach photocopies of IRS Form 6123 or your FTD coupon and payment receipt to verify payment of deposit. This form does x does not have related footnotes on Footnotes Supplement. --- --- 7 CASE NAME: KEVCO GP, INC. ACCRUAL BASIS - 5 CASE NUMBER: 401-40786-BJH-11 The debtor in possession must complete the reconciliation below for each bank account, including all general, payroll and tax accounts, as well as all savings and investment accounts, money market accounts, certificates of deposit, government obligations, etc. Accounts with restricted funds should be identified by placing an asterisk next to the account number. Attach additional sheets if necessary. MONTH: MARCH-01 ---------------------------------
BANK RECONCILIATIONS Account # 1 Account # 2 - -------------------- ----------- ----------- A. BANK: Other Accounts B. ACCOUNT NUMBER: (Attach List) TOTAL C. PURPOSE (TYPE): 1. Balance Per Bank Statement 0 0 2. Add: Total Deposits Not Credited 0 0 3. Subtract: Outstanding Checks 0 0 4. Other Reconciling Items 0 0 5. Month End Balance Per Books 0 0 0 0 6. Number of Last Check Written
INVESTMENT ACCOUNTS
DATE OF TYPE OF BANK, ACCOUNT NAME & NUMBER PURCHASE INSTRUMENT PURCHASE PRICE CURRENT VALUE - --------------------------- -------- ---------- -------------- ------------- 7. 8. 9. 10. (Attach List) 0 0 11. Total Investments 0 0 CASH 12. Currency On Hand 0 13. Total Cash - End of Month 0
This form does x does not have related footnotes on Footnotes Supplement. --- --- 8 CASE NAME: KEVCO GP, INC. ACCRUAL BASIS - 6 CASE NUMBER: 401-40786-BJH-11 MONTH: MARCH-01 --------------------------------- PAYMENTS TO INSIDERS AND PROFESSIONALS Of the Total Disbursements shown for the month, list the amount paid to Insiders (as defined in Section 101 (31) (A) - (F) of the U.S. Bankruptcy Code) and to Professionals. Also, for payments to Insiders, identify the type of compensation paid (e.g. salary, bonus, commissions, insurance, housing allowance, travel, car allowance, etc.). Attach additional sheets if necessary. INSIDERS
TYPE OF AMOUNT TOTAL PAID NAME PAYMENT PAID TO DATE ---- ------- ------ ---------- 1. 2. 3. 4. 5. (Attach List) 0 0 6. Total Payments To Insiders 0 0
PROFESSIONALS
DATE OF COURT ORDER TOTAL AUTHORIZING AMOUNT AMOUNT TOTAL PAID INCURRED NAME PAYMENT APPROVED PAID TO DATE & UNPAID * ---- ----------- -------- ------ ---------- ---------- 1. 2. 3. 4. 5. (Attach List) 0 0 0 0 6. Total Payments To Professionals 0 0 0 0
* Include all fees incurred, both approved and unapproved POST PETITION STATUS OF SECURED NOTES, LEASES PAYABLE AND ADEQUATE PROTECTION PAYMENTS
SCHEDULED AMOUNTS TOTAL MONTHLY PAID UNPAID PAYMENTS DURING POST NAME OF CREDITOR DUE MONTH PETITION ---------------- --------- ------- -------- 1. 2. 3. 4. 5. (Attach List) 0 0 0 6. TOTAL 0 0 0
This form does x does not have related footnotes on Footnotes Supplement. --- --- 9 CASE NAME: KEVCO GP, INC. ACCRUAL BASIS - 7 CASE NUMBER: 401-40786-BJH-11 MONTH: MARCH-01 --------------------------------- QUESTIONNAIRE
YES NO --- -- 1. Have any Assets been sold or transferred outside the normal course of business this reporting period? X 2. Have any funds been disbursed from any account other than a debtor in possession account? X 3. Are any Post Petition Receivables (accounts, notes, or loans) due from related parties? X 4. Have any payments been made on Pre Petition Liabilities this reporting period? X 5. Have any Post Petition Loans been received by the debtor from any party? X 6. Are any Post Petition Payroll Taxes past due? X 7. Are any Post Petition State or Federal Income Taxes past due? X 8. Are any Post Petition Real Estate Taxes past due? X 9. Are any other Post Petition Taxes past due? X 10. Are any amounts owed to Post Petition creditors delinquent? X 11. Have any Pre Petition Taxes been paid during the reporting period? X 12. Are any wage payments past due? X
If the answer to any of the above questions is "Yes", provide a detailed explanation of each item. Attach additional sheets if necessary. INSURANCE
YES NO --- -- 1. Are Worker's Compensation, General Liability and other necessary insurance coverages in effect? X 2. Are all premium payments paid current? X 3. Please itemize policies below.
If the answer to any of the above questions is "No", or if any policies have been canceled or not renewed during this reporting period, provide an explanation below. Attach additional sheets if necessary. Debtor has no operations. INSTALLMENT PAYMENTS
PAYMENT AMOUNT TYPE OF POLICY CARRIER PERIOD COVERED & FREQUENCY -------------- ------- -------------- -------------- General Liability Liberty Mutual 9/1/00-9/1/01 Annual $313,520 Umbrella National Union 6/1/00-9/1/01 Annual $103,349
This form X does does not have related footnotes on Footnotes Supplement. --- --- 10 CASE NAME: KEVCO GP, INC. FOOTNOTES SUPPLEMENT CASE NUMBER: 401-40786-BJH-11 ACCRUAL BASIS MONTH: MARCH-01 ---------------------------------
ACCRUAL BASIS LINE FORM NUMBER NUMBER FOOTNOTE / EXPLANATION - ------------- ------ ---------------------- 1 24 Pursuant to an Asset Purchase Agreement approved by the Court on February 23, 2001 and effective as of the same date among Kevco, Inc., Kevco Manufacturing, LP, Wingate Management Co. II, LP and Adorn LLC, certain assets and liabilities of Design Components, a division of Kevco Manufacturing, LP (Case No. 401-40784-BJH-11), were transferred to Adorn, LLC. At the effective date of purchase, Buyer assumed certain executory contracts, approximately $1.6 million of Kevco Manufacturing, LP's unsecured pre-petition liabilities, $3.5 million of accounts receivable, $5 million of inventory and $2.2 million (book value) of property and equipment. Payment was made directly to Bank of America, the secured lender, thereby reducing pre-petition secured debt. 1 27A Intercompany payables are to co-debtors Kevco Management Co. (Case No. 401-40788-BJH-11), Kevco Distribution, LP (Case No. 401-40789-BJH-11), Kevco Manufacturing, LP (Case No. 401-40784-BJH-11), Kevco Holding, Inc. (Case No. 401-40785-BJH-11), Kevco, Inc. (Case No. 401-40783-BJH-11), Kevco GP, Inc. (Case No. 401-40786-BJH-11), and Kevco Components, Inc. (Case No. 401-40790-BJH-11). 1 32 The direct charge to equity is due to the secured debt reduction pursuant to the sale of Design Components (See Footnote 1-24). The secured debt owed to Bank of America by Kevco, Inc. (Case No. 401-40783-BJH-11) has been guaranteed by all of its co-debtors (See Footnote 1,27A); therefore, the secured debt is reflected as a liability on all of the Kevco entities. The charge to equity is simply an adjustment to the balance sheet. Kevco, Inc.'s report will reflect the cash portion of the transaction.
EX-99.5 6 d86769ex99-5.txt MONTHLY OPERATING REPORT FOR KEVCO COMPONENTS, INC 1 EXHIBIT 99.5 CASE NAME: KEVCO COMPONENTS, INC. ACCRUAL BASIS CASE NUMBER: 401-40790-BJH-11 JUDGE: BARBARA J. HOUSER UNITED STATES BANKRUPTCY COURT NORTHERN DISTRICT OF TEXAS -------- ----- FORT WORTH DIVISION ---------- MONTHLY OPERATING REPORT MONTH ENDING: MARCH 31, 2001 -------------- IN ACCORDANCE WITH TITLE 28, SECTION 1746, OF THE UNITED STATES CODE, I DECLARE UNDER PENALTY OF PERJURY THAT I HAVE EXAMINED THE FOLLOWING MONTHLY OPERATING REPORT (ACCRUAL BASIS - 1 THROUGH ACCRUAL BASIS - 7) AND THE ACCOMPANYING ATTACHMENTS AND, TO THE BEST OF MY KNOWLEDGE, THESE DOCUMENTS ARE TRUE, CORRECT AND COMPLETE. DECLARATION OF THE PREPARER (OTHER THAN RESPONSIBLE PARTY): IS BASED ON ALL INFORMATION OF WHICH PREPARER HAS ANY KNOWLEDGE. RESPONSIBLE PARTY: /s/ JOSEPH P. TOMCZAK TREASURER - --------------------------------------- ----------------------- Original Signature of Responsible Party Title JOSEPH P. TOMCZAK APRIL 27, 2001 - --------------------------------------- ----------------------- Printed Name of Responsible Party Date PREPARER: /s/ DENNIS S. FAULKNER ACCOUNTANT FOR DEBTOR - --------------------------------------- ----------------------- Original Signature of Preparer Title DENNIS S. FAULKNER APRIL 27, 2001 - --------------------------------------- ----------------------- Printed Name of Preparer Date 2 CASE NAME: KEVCO COMPONENTS, INC. ACCRUAL BASIS - 1 CASE NUMBER: 401-40790-BJH-11 COMPARATIVE BALANCE SHEET
SCHEDULED MONTH MONTH ASSETS AMOUNT FEB-01 MAR-01 MONTH - ------ ---------- ---------- ---------- ----- 1. Unrestricted Cash 134 134 6,050 2. Restricted Cash 0 3. Total Cash 134 134 6,050 0 4. Accounts Receivable (Net) 5. Inventory 6. Notes Receivable 7. Prepaid Expenses 8. Other (Attach List) 0 0 0 0 9. Total Current Assets 134 134 6,050 0 10. Property, Plant & Equipment 11. Less: Accumulated Depreciation/Depletion 12. Net Property, Plant & Equipment 0 0 0 0 13. Due From Insiders 14. Other Assets - Net of Amortization (Attach List) 0 0 0 0 15. Other (Attach List) 27,217,768 27,217,768 27,217,768 0 16. Total Assets 27,217,902 27,217,902 27,223,818 0 POST PETITION LIABILITIES 17. Accounts Payable 18. Taxes Payable 19. Notes Payable 20. Professional Fees 21. Secured Debt 22. Other (Attach List) 0 0 0 23. Total Post Petition Liabilities 0 0 0 PRE PETITION LIABILITIES 24. Secured Debt (FOOTNOTE) 75,885,064 63,113,388 63,113,388 25. Priority Debt 26. Unsecured Debt 27. Other (Attach List) 157,389,954 157,389,954 157,396,888 0 28. Total Pre Petition Liabilities 233,275,018 220,503,342 220,510,276 0 29. Total Liabilities 233,275,018 220,503,342 220,510,276 0 EQUITY 30. Pre Petition Owners' Equity (206,057,116) (206,057,116) 31. Post Petition Cumulative Profit Or (Loss) (1,018) 32. Direct Charges To Equity (Attach Explanation) (Footnote) 12,771,676 12,771,676 33. Total Equity (193,285,440) (193,286,458) 0 34. Total Liabilities and Equity 27,217,902 27,223,818 0
This form x does does not have related footnotes on Footnotes Supplement. --- --- 3 CASE NAME: KEVCO COMPONENTS, INC. SUPPLEMENT TO CASE NUMBER: 401-40790-BJH-11 ACCRUAL BASIS - 1 COMPARATIVE BALANCE SHEET
SCHEDULED MONTH MONTH ASSETS AMOUNT FEB-01 MAR-01 MONTH - ------ ---------- ---------- ---------- ----- A. B. C. D. E. TOTAL OTHER ASSETS - LINE 8 0 0 0 0 A. B. C. D. E. TOTAL OTHER ASSETS NET OF AMORTIZATION - LINE 14 0 0 0 0 A. Investment In Subsidiaries 27,217,768 27,217,768 27,217,768 B. C. D. E. TOTAL OTHER ASSETS - LINE 15 27,217,768 27,217,768 27,217,768 0 POST PETITION LIABILITIES A. B. C. D. E. TOTAL OTHER POST PETITION LIABILITIES - LINE 22 0 0 0 PRE PETITION LIABILITIES Intercompany Payables A. (FOOTNOTE) 28,889,954 28,889,954 28,896,888 B. 10 3/8% Senior Sub. Notes 105,000,000 105,000,000 105,000,000 C. Sr. Sub. Exchangeable Notes 23,500,000 23,500,000 23,500,000 D. E. TOTAL OTHER PRE PETITION LIABILITIES - LINE 27 157,389,954 157,389,954 157,396,888 0
4 CASE NAME: KEVCO COMPONENTS, INC. ACCRUAL BASIS - 2 CASE NUMBER: 401-40790-BJH-11 INCOME STATEMENT
MONTH MONTH QUARTER REVENUES FEB-01 MAR-01 MONTH TOTAL - -------- ------ ------ ----- ------- 1. Gross Revenues 0 0 2. Less: Returns & Discounts 0 3. Net Revenue 0 0 0 0 COST OF GOODS SOLD 4. Material 0 5. Direct Labor 0 6. Direct Overhead 0 7. Total Cost Of Goods Sold 0 0 0 0 8. Gross Profit 0 0 0 0 OPERATING EXPENSES 9. Officer / Insider Compensation 0 10. Selling & Marketing 0 11. General & Administrative 297 297 12. Rent & Lease 500 500 13. Other (Attach List) 221 221 14. Total Operating Expenses 0 1,018 0 1,018 15. Income Before Non-Operating Income & Expense 0 (1,018) 0 (1,018) OTHER INCOME & EXPENSES 16. Non-Operating Income (Att List) 0 17. Non-Operating Expense (Att List) 0 18. Interest Expense 0 19. Depreciation / Depletion 0 20. Amortization 0 21. Other (Attach List) 0 22. Net Other Income & Expenses 0 0 0 0 REORGANIZATION EXPENSES 23. Professional Fees 0 24. U.S. Trustee Fees 0 25. Other (Attach List) 0 26. Total Reorganization Expenses 0 0 0 0 27. Income Tax 0 28. Net Profit (Loss) 0 (1,018) 0 (1,018)
This form does X does not have related footnotes on Footnotes Supplement. --- --- 5 CASE NAME: KEVCO COMPONENTS, INC. SUPPLEMENT TO CASE NUMBER: 401-40790-BJH-11 ACCRUAL BASIS - 2 INCOME STATEMENT
MONTH MONTH QUARTER OPERATING EXPENSES FEB-01 MAR-01 MONTH TOTAL - ------------------ ------ ------ ----- ------- A. Taxes 221 221 B. 0 C. 0 D. 0 E. 0 TOTAL OTHER OPERATING EXPENSES - LINE 13 0 221 0 221 OTHER INCOME & EXPENSES A. 0 B. 0 C. 0 D. 0 E. 0 TOTAL NON-OPERATING INCOME - LINE 16 0 0 0 0 A. 0 B. 0 C. 0 D. 0 E. 0 TOTAL NON-OPERATING EXPENSE - LINE 17 0 0 0 0 A. 0 B. 0 C. 0 D. 0 E. 0 TOTAL OTHER EXPENSE - LINE 21 0 0 0 0
6 CASE NAME: KEVCO COMPONENTS, INC. ACCRUAL BASIS - 3 CASE NUMBER: 401-40790-BJH-11
CASH RECEIPTS AND MONTH MONTH QUARTER DISBURSEMENTS FEB-01 MAR-01 MONTH TOTAL - ------------- ------ ------ ----- ------- 1. Cash - Beginning Of Month SEE ATTACHED SUPPLEMENT AND FOOTNOTE RECEIPTS FROM OPERATIONS 2. Cash Sales 0 0 COLLECTION OF ACCOUNTS RECEIVABLE 3. Pre Petition 0 4. Post Petition 0 5. Total Operating Receipts 0 0 0 0 NON-OPERATING RECEIPTS 6. Loans & Advances (Attach List) 0 7. Sale of Assets 0 8. Other (Attach List) 0 9. Total Non-Operating Receipts 0 0 0 0 10. Total Receipts 0 0 0 0 11. Total Cash Available 0 0 0 0 OPERATING DISBURSEMENTS 12. Net Payroll 0 13. Payroll Taxes Paid 0 14. Sales, Use & Other Taxes Paid 0 15. Secured / Rental / Leases 0 16. Utilities 0 17. Insurance 0 18. Inventory Purchases 0 19. Vehicle Expenses 0 20. Travel 0 21. Entertainment 0 22. Repairs & Maintenance 0 23. Supplies 0 24. Advertising 0 25. Other (Attach List) 0 26. Total Operating Disbursements 0 0 0 0 REORGANIZATION DISBURSEMENTS 27. Professional Fees 0 28. U.S. Trustee Fees 0 29. Other (Attach List) 0 30. Total Reorganization Expenses 0 0 0 0 31. Total Disbursements 0 0 0 0 32. Net Cash Flow 0 0 0 0 33. Cash - End of Month 0 0 0 0
This form does X does not have related footnotes on Footnotes Supplement. --- --- 7 CASE NAME: KEVCO COMPONENTS, INC. SUPPLEMENT TO CASE NUMBER: 401-40790-BJH-11 ACCRUAL BASIS - 3 MARCH-01 -----------------
KEVCO KEVCO KEVCO KEVCO KEVCO KEVCO DIST LP MFG.LP MGMT HOLDING COMPONENTS INC TOTAL ---------- --------- ----------- ------- ---------- ------ ---------- 1 CASH-BEGINNING OF MONTH 41,529 (55,996) 17,746,282 232 134 1,000 17,733,181 RECEIPTS FROM OPERATIONS 2 CASH SALES 274,302 -- 274,302 COLLECTION OF ACCOUNTS RECEIVABLE 3 PRE PETITION 1,120,290 367,383 1,487,673 4 POST PETITION 15,181,617 6,014,122 21,195,739 5 TOTAL OPERATING RECEIPTS 16,576,209 6,381,505 -- -- -- -- 22,957,714 NON OPERATING RECEIPTS 6 LOANS & ADVANCES -- -- 7 SALE OF ASSETS 286 -- 286 8 OTHER -- -- -- -- 2,700 -- 2,700 SALE EXPENSE REIMBURSEMENT ADP ADVANCE MISC. 2,700 INTEREST INCOME 9 TOTAL NON OPERATING RECEIPTS 286 -- -- -- 2,700 -- 2,986 10 TOTAL RECEIPTS 16,576,495 6,381,505 -- -- 2,700 -- 22,960,700 11 CASH AVAILABLE 16,618,024 6,325,509 17,746,282 232 2,834 1,000 40,693,881 OPERATING DISBURSEMENTS 12 NET PAYROLL 2,105,173 1,038,694 250,403 3,394,270 13 PAYROLL TAXES PAID -- 1,538,108 221 221 1,538,550 14 SALES, USE & OTHER TAXES PAID 235 1,675 50 1,960 15 SECURED/RENTAL/LEASES 327,171 99,127 97,670 500 500 524,968 16 UTILITIES 119,696 124,447 344,565 38 38 588,784 17 INSURANCE 5,770 1,447 1,241,403 1,248,620 18 INVENTORY PURCHASES 3,246,839 2,943,026 6,189,865 19 VEHICLE EXPENSE 55,871 32,906 88,777 20 TRAVEL 17,371 11,694 512 29,577 21 ENTERTAINMENT 7,156 1,384 8,540 22 REPAIRS & MAINTENANCE 9,451 32,333 470 42,254 23 SUPPLIES 10,799 58,576 69,375 24 ADVERTISING -- -- -- 25 OTHER 394,411 226,566 214,929 179 259 -- 836,344 FREIGHT 357,913 143,548 501,461 CONTRACT LABOR 1,602 7,601 63,360 72,563 401 K PAYMENTS -- 151,450 151,450 PAYROLL TAX ADVANCE ADP -- WAGE GARNISHMENTS -- MISC. 34,896 75,417 119 179 259 110,870 26 TOTAL OPERATING DISBURSEMENTS 6,299,943 4,571,875 3,688,060 988 1,018 -- 14,561,884 REORGANIZATION DISBURSEMENTS 27 PROFESSIONAL FEES -- -- 28 US TRUSTEE FEES -- -- 29 OTHER 10,316,598 1,848,876 (12,155,474) (5,766) (4,234) -- -- LOAN PAYMENTS -- -- INTERCOMPANY TRANSFERS 10,316,598 1,848,876 (12,155,474) (5,766) (4,234) -- -- -- 30 TOTAL REORGANIZATION EXPENSE 10,316,598 1,848,876 (12,155,474) (5,766) (4,234) -- -- 31 TOTAL DISBURSEMENTS 16,616,541 6,420,751 (8,467,414) (4,778) (3,216) -- 14,561,884 32 NET CASH FLOW (40,046) (39,246) 8,467,414 4,778 5,916 -- 8,398,816 ---------- --------- ----------- ------ ------ ----- ---------- 33 CASH- END OF MONTH 1,483 (95,242) 26,213,696 5,010 6,050 1,000 26,131,997 ========== ========= =========== ====== ====== ===== ==========
8 CASE NAME: KEVCO COMPONENTS, INC. ACCRUAL BASIS - 4 CASE NUMBER: 401-40790-BJH-11
SCHEDULED MONTH MONTH ACCOUNTS RECEIVABLE AGING AMOUNT FEB-01 MAR-01 MONTH - ------------------------- --------- ------ ------ ----- 1. 0 - 30 2. 31 - 60 3. 61 - 90 4. 91 + 5. Total Accounts Receivable 0 0 0 0 6. (Amount Considered Uncollectible) 7. Accounts Receivable (Net) 0 0 0 0
AGING OF POST PETITION MONTH: MARCH-01 TAXES AND PAYABLES -------------------
0 - 30 31 - 60 61 - 90 91 + TAXES PAYABLE DAYS DAYS DAYS DAYS TOTAL - ------------- ------ ------- ------- ----- ----- 1. Federal 0 2. State 0 3. Local 0 4. Other (Attach List) 0 5. Total Taxes Payable 0 0 0 0 0 6. Accounts Payable 0
MONTH: MARCH-01 STATUS OF POST PETITION TAXES -------------------
AMOUNT BEGINNING TAX WITHHELD AND/OR ENDING TAX FEDERAL LIABILITY* ACCRUED (AMOUNT PAID) LIABILITY - ------- ------------- --------------- ------------- ---------- 1. Withholding ** 0 2. FICA - Employee ** 221 (221) 0 3. FICA - Employer ** 0 4. Unemployment 0 5. Income 0 6. Other (Attach List) 0 7. Total Federal Taxes 0 221 (221) 0 STATE AND LOCAL 8. Withholding 0 9. Sales 0 10. Excise 0 11. Unemployment 0 12. Real Property 0 13. Personal Property 0 14. Other (Attach List) 0 15. Total State And Local 0 0 0 0 16. Total Taxes 0 221 (221) 0
* The beginning tax liability should represent the liability from the prior month or, if this is the first operating report, the amount should be zero. ** Attach photocopies of IRS Form 6123 or your FTD coupon and payment receipt to verify payment of deposit. This form does X does not have related footnotes on Footnotes Supplement. --- --- 9 CASE NAME: KEVCO COMPONENTS, INC. ACCRUAL BASIS - 5 CASE NUMBER: 401-40790-BJH-11 The debtor in possession must complete the reconciliation below for each bank account, including all general, payroll and tax accounts, as well as all savings and investment accounts, money market accounts, certificates of deposit, government obligations, etc. Accounts with restricted funds should be identified by placing an asterisk next to the account number. Attach additional sheets if necessary. MARCH-01 MONTH: --------------------------
BANK RECONCILIATIONS Account # 1 Account # 2 - -------------------- ----------------- ----------- A. BANK: PNC Bank Delaware Other Accounts B. ACCOUNT NUMBER: 56-0359-4656 (Attach Sheet) TOTAL C. PURPOSE (TYPE): 1. Balance Per Bank Statement 6,050 6,050 2. Add: Total Deposits Not Credited -- 3. Subtract: Outstanding Checks -- 4. Other Reconciling Items -- 5. Month End Balance Per Books 6,050 -- 6,050 6. Number of Last Check Written 1015
INVESTMENT ACCOUNTS
DATE OF TYPE OF BANK, ACCOUNT NAME & NUMBER PURCHASE INSTRUMENT PURCHASE PRICE CURRENT VALUE - --------------------------- -------- ---------- -------------- ------------- 7. 8. 9. 10. (Attach List) 11. Total Investments 0 0 CASH 12. Currency On Hand 0 13. Total Cash - End of Month 6,050
This form does X does not have related footnotes on Footnotes Supplement. --- --- 10 CASE NAME: KEVCO COMPONENTS, INC. ACCRUAL BASIS - 6 CASE NUMBER: 401-40790-BJH-11 MONTH: MARCH-01 ---------------------- PAYMENTS TO INSIDERS AND PROFESSIONALS Of the Total Disbursements shown for the month, list the amount paid to Insiders (as defined in Section 101 (31) (A) - (F) of the U.S. Bankruptcy Code) and to Professionals. Also, for payments to Insiders, identify the type of compensation paid (e.g. salary, bonus, commissions, insurance, housing allowance, travel, car allowance, etc.). Attach additional sheets if necessary. INSIDERS
TYPE OF AMOUNT PAID TO NAME PAYMENT PAID DATE ---- ------- ------ ------- 1. 2. 3. 4. 5. (Attach List) 6. Total Payments To Insiders 0 0
PROFESSIONALS
DATE OF COURT ORDER TOTAL TOTAL AUTHORIZING AMOUNT AMOUNT PAID TO INCURRED NAME PAYMENT APPROVED PAID DATE & UNPAID* ---- ----------- -------- ------ ------- --------- 1. 2. 3. 4. 5. (Attach List) 6. Total Payments To Professionals 0 0 0 0
* Include all fees incurred, both approved and unapproved POST PETITION STATUS OF SECURED NOTES, LEASES PAYABLE AND ADEQUATE PROTECTION PAYMENTS
SCHEDULED AMOUNTS TOTAL MONTHLY PAID UNPAID PAYMENTS DURING POST NAME OF CREDITOR DUE MONTH PETITION ---------------- --------- ------ -------- 1. 2. 3. 4. 5. (Attach List) 6. TOTAL 0 0 0
This form does X does not have related footnotes on Footnotes Supplement. --- --- 11 CASE NAME: KEVCO COMPONENTS, INC. ACCRUAL BASIS - 7 CASE NUMBER: 401-40790-BJH-11 MONTH: MARCH-01 ---------------------- QUESTIONNAIRE
YES NO --- -- 1. Have any Assets been sold or transferred outside the normal course of business this reporting period? X 2. Have any funds been disbursed from any account other than a debtor in possession account? X 3. Are any Post Petition Receivables (accounts, notes, or loans) due from related parties? X 4. Have any payments been made on Pre Petition Liabilities this reporting period? X 5. Have any Post Petition Loans been received by the debtor from any party? X 6. Are any Post Petition Payroll Taxes past due? X 7. Are any Post Petition State or Federal Income Taxes past due? X 8. Are any Post Petition Real Estate Taxes past due? X 9. Are any other Post Petition Taxes past due? X 10. Are any amounts owed to Post Petition creditors delinquent? X 11. Have any Pre Petition Taxes been paid during the reporting period? X 12. Are any wage payments past due? X
If the answer to any of the above questions is "Yes", provide a detailed explanation of each item. Attach additional sheets if necessary. INSURANCE
YES NO --- -- 1. Are Worker's Compensation, General Liability and other necessary insurance coverages in effect? X 2. Are all premium payments paid current? X 3. Please itemize policies below.
If the answer to any of the above questions is "No", or if any policies have been canceled or not renewed during this reporting period, provide an explanation below. Attach additional sheets if necessary. Debtor has no employees and no operations. INSTALLMENT PAYMENTS
PAYMENT AMOUNT TYPE OF POLICY CARRIER PERIOD COVERED & FREQUENCY -------------- ------- -------------- -------------- General Liability Liberty Mutual 9/1/00-9/1/01 Annual $313,520 Umbrella National Union 6/1/00-9/1/01 Annual $103,349
This form X does does not have related footnotes on Footnotes Supplement. --- --- 12 CASE NAME: KEVCO COMPONENTS, INC. FOOTNOTES SUPPLEMENT CASE NUMBER: 401-40790-BJH-11 ACCRUAL BASIS MONTH: MARCH-01 --------------------
ACCRUAL BASIS LINE FORM NUMBER NUMBER FOOTNOTE / EXPLANATION - ------------- ------ ---------------------- 1 24 Pursuant to an Asset Purchase Agreement approved by the Court on February 23, 2001 and effective as of the same date among Kevco, Inc., Kevco Manufacturing, LP, Wingate Management Co. II, LP and Adorn LLC, certain assets and liabilities of Design Components, a division of Kevco Manufacturing, LP (Case No. 401-40784-BJH-11), were transferred to Adorn, LLC. At the effective date of purchase, Buyer assumed certain executory contracts, approximately $1.6 million of Kevco Manufacturing, LP's unsecured pre-petition liabilities, $3.5 million of accounts receivable, $5 million of inventory and $2.2 million (book value) of property and equipment. Payment was made directly to Bank of America, the secured lender, thereby reducing pre-petition secured debt. 1 27A Intercompany payables are to co-debtors Kevco Management Co. (Case No. 401-40788-BJH-11), Kevco Distribution, LP (Case No. 401-40789-BJH-11), Kevco Manufacturing, LP (Case No. 401-40784-BJH-11), Kevco Holding, Inc. (Case No. 401-40785-BJH-11), Kevco, Inc. (Case No. 401-40783-BJH-11), Kevco GP, Inc. (Case No. 401-40786-BJH-11), and DCM Delaware, Inc. (Case No. 401-40787-BJH-11). 1 32 The direct charge to equity is due to the secured debt reduction pursuant to the sale of Design Components (See Footnote 1-24). The secured debt owed to Bank of America by Kevco, Inc. (Case No. 401-40783-BJH-11) has been guaranteed by all of its co-debtors (See Footnote 1,27A); therefore, the secured debt is reflected as a liability on all of the Kevco entities. The charge to equity is simply an adjustment to the balance sheet. Kevco, Inc.'s report will reflect the cash portion of the transaction. 3 1 Pursuant to the February 12, 2001 Order (1) Authorizing Continued Use of Existing Forms and Records; (2) Authorizing Maintenance of Existing Corporate Bank Accounts and Cash Management System; and (3) Extending Time to Comply with 11 U.S.C. Section 345 Investment Guidelines, funds in the Bank of America and Key Bank deposit accounts are swept daily into Kevco's lead account number 1295026976. The Bank of America lead account is administered by, and held in the name of, Kevco Management Co. (co-debtor, Case No. 401-40788-BJH-11). Accordingly, all cash receipts and disbursements flow through Kevco Management's Bank of America DIP account. A schedule allocating receipts and disbursements among Kevco, Inc. and its subsidiaries is included in this report as a Supplement to Accrual Basis -3. Debtor does maintain a small petty cash account that is included in the cash supplement schedule.
EX-99.6 7 d86769ex99-6.txt MONTHLY OPERATING REPORT DCM DELAWARE, INC 1 EXHIBIT 99.6 CASE NAME: DCM DELAWARE, INC. ACCRUAL BASIS CASE NUMBER: 401-40787-BJH-11 JUDGE: BARBARA J. HOUSER UNITED STATES BANKRUPTCY COURT NORTHERN DISTRICT OF TEXAS -------- ----- FORT WORTH DIVISION ---------- MONTHLY OPERATING REPORT MONTH ENDING: MARCH 31, 2001 -------------- IN ACCORDANCE WITH TITLE 28, SECTION 1746, OF THE UNITED STATES CODE, I DECLARE UNDER PENALTY OF PERJURY THAT I HAVE EXAMINED THE FOLLOWING MONTHLY OPERATING REPORT (ACCRUAL BASIS - 1 THROUGH ACCRUAL BASIS - 7) AND THE ACCOMPANYING ATTACHMENTS AND, TO THE BEST OF MY KNOWLEDGE, THESE DOCUMENTS ARE TRUE, CORRECT AND COMPLETE. DECLARATION OF THE PREPARER (OTHER THAN RESPONSIBLE PARTY): IS BASED ON ALL INFORMATION OF WHICH PREPARER HAS ANY KNOWLEDGE. RESPONSIBLE PARTY: /s/ JOSEPH P. TOMCZAK TREASURER - --------------------------------------- --------------------- Original Signature of Responsible Party Title JOSEPH P. TOMCZAK APRIL 27, 2001 - --------------------------------------- --------------------- Printed Name of Responsible Party Date PREPARER: /s/ DENNIS S. FAULKNER ACCOUNTANT FOR DEBTOR - --------------------------------------- --------------------- Original Signature of Preparer Title DENNIS S. FAULKNER APRIL 27, 2001 - --------------------------------------- --------------------- Printed Name of Preparer Date 2 CASE NAME: DCM DELAWARE, INC. ACCRUAL BASIS - 1 CASE NUMBER: 401-40787-BJH-11 COMPARATIVE BALANCE SHEET
SCHEDULED MONTH MONTH ASSETS AMOUNT FEB-01 MAR-01 MONTH - ------ --------- ------ ------ ----- 1. Unrestricted Cash 0 2. Restricted Cash 0 3. Total Cash 0 0 0 0 4. Accounts Receivable (Net) 5. Inventory 6. Notes Receivable 7. Prepaid Expenses 8. Other (Attach List) 9. Total Current Assets 0 0 0 0 10. Property, Plant & Equipment 11. Less: Accumulated Depreciation/Depletion 12. Net Property, Plant & Equipment 0 0 0 0 13. Due From Insiders 14. Other Assets - Net of Amortization (Attach List) 0 0 0 0 15. Other (Attach List) 0 0 0 0 16. Total Assets 0 0 0 0 POST PETITION LIABILITIES 17. Accounts Payable 645 393 18. Taxes Payable 19. Notes Payable 20. Professional Fees 21. Secured Debt 22. Other (Attach List) 23. Total Post Petition Liabilities 645 393 0 PRE PETITION LIABILITIES 24. Secured Debt (FOOTNOTE) 75,885,064 63,113,388 63,113,388 25. Priority Debt 26. Unsecured Debt 27. Other (Attach List) 128,928,814 128,928,814 128,929,066 0 28. Total Pre Petition Liabilities 204,813,878 192,042,202 192,042,454 0 29. Total Liabilities 204,813,878 192,042,847 192,042,847 0 EQUITY 30. Pre Petition Owners' Equity (204,813,878) (204,813,878) 31. Post Petition Cumulative Profit Or (Loss) (645) (645) 32. Direct Charges To Equity (Footnote) 12,771,676 12,771,676 33. Total Equity (192,042,847) (192,042,847) 0 34. Total Liabilities and Equity 0 0 0
This form x does does not have related footnotes on Footnotes Supplement. --- --- 3 CASE NAME: DCM DELAWARE, INC. SUPPLEMENT TO CASE NUMBER: 401-40787-BJH-11 ACCRUAL BASIS - 1 COMPARATIVE BALANCE SHEET
SCHEDULED MONTH MONTH ASSETS AMOUNT FEB-01 MAR-01 MONTH - ------ --------- ------ ------ ----- A. B. C. D. E. TOTAL OTHER ASSETS - LINE 8 0 0 0 0 A. B. C. D. E. TOTAL OTHER ASSETS NET OF AMORTIZATION - LINE 14 0 0 0 0 A. B. C. D. E. TOTAL OTHER ASSETS - LINE 15 0 0 0 0 POST PETITION LIABILITIES A. B. C. D. E. TOTAL OTHER POST PETITION LIABILITIES - LINE 22 0 0 0 PRE PETITION LIABILITIES A. Interco. Payables (FOOTNOTE) 428,814 428,814 429,066 B. 10 3/8% Senior Sub. Notes 105,000,000 105,000,000 105,000,000 C. Sr. Sub Exchangeable Notes 23,500,000 23,500,000 23,500,000 D. E. TOTAL OTHER PRE PETITION LIABILITIES - LINE 27 128,928,814 128,928,814 128,929,066 0
4 CASE NAME: DCM DELAWARE, INC. ACCRUAL BASIS - 2 CASE NUMBER: 401-40787-BJH-11 INCOME STATEMENT
MONTH MONTH QUARTER REVENUES FEB-01 MAR-01 MONTH TOTAL - -------- ------ ------ ----- ------- 1. Gross Revenues 0 0 2. Less: Returns & Discounts 0 3. Net Revenue 0 0 0 0 COST OF GOODS SOLD 4. Material 0 5. Direct Labor 0 6. Direct Overhead 0 7. Total Cost Of Goods Sold 0 0 0 0 8. Gross Profit 0 0 0 0 OPERATING EXPENSES 9. Officer / Insider Compensation 0 10. Selling & Marketing 0 11. General & Administrative 0 12. Rent & Lease 645 645 13. Other (Attach List) 0 0 0 0 14. Total Operating Expenses 645 0 0 645 15. Income Before Non-Operating Income & Expense (645) 0 0 (645) OTHER INCOME & EXPENSES 16. Non-Operating Income (Att List) 0 0 0 0 17. Non-Operating Expense (Att List) 0 0 0 0 18. Interest Expense 0 19. Depreciation / Depletion 0 20. Amortization 0 21. Other (Attach List) 0 22. Net Other Income & Expenses 0 0 0 0 REORGANIZATION EXPENSES 23. Professional Fees 0 24. U.S. Trustee Fees 0 25. Other (Attach List) 0 0 0 0 26. Total Reorganization Expenses 0 0 0 0 27. Income Tax 0 28. Net Profit (Loss) (645) 0 0 (645)
This form does X does not have related footnotes on Footnotes Supplement. --- --- 5 CASE NAME: DCM DELAWARE, INC. ACCRUAL BASIS - 3 CASE NUMBER: 401-40787-BJH-11
CASH RECEIPTS AND MONTH MONTH QUARTER DISBURSEMENTS FEB-01 MAR-01 MONTH TOTAL - ----------------- ------ ------ ----- ------- 1. Cash - Beginning Of Month 0 RECEIPTS FROM OPERATIONS 2. Cash Sales 0 COLLECTION OF ACCOUNTS RECEIVABLE 3. Pre Petition 0 4. Post Petition 0 5. Total Operating Receipts 0 0 0 0 NON-OPERATING RECEIPTS 6. Loans & Advances (Attach List) 0 7. Sale of Assets 0 8. Other (Attach List) 0 9. Total Non-Operating Receipts 0 0 0 0 10. Total Receipts 0 0 0 0 11. Total Cash Available 0 0 0 0 OPERATING DISBURSEMENTS 12. Net Payroll 0 13. Payroll Taxes Paid 0 14. Sales, Use & Other Taxes Paid 0 15. Secured / Rental / Leases 0 16. Utilities 0 17. Insurance 0 18. Inventory Purchases 0 19. Vehicle Expenses 0 20. Travel 0 21. Entertainment 0 22. Repairs & Maintenance 0 23. Supplies 0 24. Advertising 0 25. Other (Attach List) 0 26. Total Operating Disbursements 0 0 0 0 REORGANIZATION DISBURSEMENTS 27. Professional Fees 0 28. U.S. Trustee Fees 0 29. Other (Attach List) 0 30. Total Reorganization Expenses 0 0 0 0 31. Total Disbursements 0 0 0 0 32. Net Cash Flow 0 0 0 0 33. Cash - End of Month 0 0 0 0
This form does X does not have related footnotes on Footnotes Supplement. --- --- 6 CASE NAME: DCM DELAWARE, INC. ACCRUAL BASIS - 4 CASE NUMBER: 401-40787-BJH-11
SCHEDULED MONTH MONTH ACCOUNTS RECEIVABLE AGING AMOUNT FEB-01 MAR-01 MONTH - ------------------------- --------- ------ ------ ----- 1. 0 - 30 2. 31 - 60 3. 61 - 90 4. 91 + 5. Total Accounts Receivable 0 0 0 0 6. (Amount Considered Uncollectible) 7. Accounts Receivable (Net) 0 0 0 0
AGING OF POST PETITION MONTH: MARCH-01 TAXES AND PAYABLES ---------------------------------
0 - 30 31 - 60 61 - 90 91 + TAXES PAYABLE DAYS DAYS DAYS DAYS TOTAL - ------------- ------ ------- ------- ----- ----- 1. Federal 0 2. State 0 3. Local 0 4. Other (Attach List) 0 5. Total Taxes Payable 0 0 0 0 0 6. Accounts Payable 393 393
MONTH: MARCH-01 STATUS OF POST PETITION TAXES ---------------------------------
AMOUNT BEGINNING TAX WITHHELD AND/OR ENDING TAX FEDERAL LIABILITY * ACCRUED (AMOUNT PAID) LIABILITY - ------- ------------- --------------- ------------- ---------- 1. Withholding ** 0 2. FICA - Employee ** 0 3. FICA - Employer ** 0 4. Unemployment 0 5. Income 0 6. Other (Attach List) 0 7. Total Federal Taxes 0 0 0 0 STATE AND LOCAL 8. Withholding 0 9. Sales 0 10. Excise 0 11. Unemployment 0 12. Real Property 0 13. Personal Property 0 14. Other (Attach List) 0 15. Total State And Local 0 0 0 0 16. Total Taxes 0 0 0 0
* The beginning tax liability should represent the liability from the prior month or, if this is the first operating report, the amount should be zero. ** Attach photocopies of IRS Form 6123 or your FTD coupon and payment receipt to verify payment of deposit. This form does X does not have related footnotes on Footnotes Supplement. --- --- 7 CASE NAME: DCM DELAWARE, INC. ACCRUAL BASIS - 5 CASE NUMBER: 401-40787-BJH-11 The debtor in possession must complete the reconciliation below for each bank account, including all general, payroll and tax accounts, as well as all savings and investment accounts, money market accounts, certificates of deposit, government obligations, etc. Accounts with restricted funds should be identified by placing an asterisk next to the account number. Attach additional sheets if necessary. MONTH: MARCH-01 ---------------------------------
BANK RECONCILIATIONS Account #1 Account #2 - -------------------- ----------- ----------- A. BANK: Other Accounts B. ACCOUNT NUMBER: (Attach List) TOTAL C. PURPOSE (TYPE): 1. Balance Per Bank Statement 0 2. Add: Total Deposits Not Credited 0 3. Subtract: Outstanding Checks 0 4. Other Reconciling Items 0 5. Month End Balance Per Books 0 0 0 6. Number of Last Check Written
INVESTMENT ACCOUNTS
DATE OF TYPE OF BANK, ACCOUNT NAME & NUMBER PURCHASE INSTRUMENT PURCHASE PRICE CURRENT VALUE - --------------------------- -------- ---------- -------------- ------------- 7. 8. 9. 10. (Attach List) 0 0 11. Total Investments 0 0 CASH 12. Currency On Hand 0 13. Total Cash - End of Month 0
This form does x does not have related footnotes on Footnotes Supplement. --- --- 8 CASE NAME: DCM DELAWARE, INC. ACCRUAL BASIS - 6 CASE NUMBER: 401-40787-BJH-11 MONTH: MARCH-01 --------------------------------- PAYMENTS TO INSIDERS AND PROFESSIONALS Of the Total Disbursements shown for the month, list the amount paid to Insiders (as defined in Section 101 (31) (A) - (F) of the U.S. Bankruptcy Code) and to Professionals. Also, for payments to Insiders, identify the type of compensation paid (e.g. salary, bonus, commissions, insurance, housing allowance, travel, car allowance, etc.). Attach additional sheets if necessary. INSIDERS
TOTAL TYPE OF AMOUNT PAID TO NAME PAYMENT PAID DATE ---- ------- ------ ------- 1. 2. 3. 4. 5. (Attach List) 6. Total Payments To Insiders 0 0
PROFESSIONALS
DATE OF COURT ORDER TOTAL TOTAL AUTHORIZING AMOUNT AMOUNT PAID TO INCURRED NAME PAYMENT APPROVED PAID DATE & UNPAID * ---- ----------- -------- ------ ------- ---------- 1. 2. 3. 4. 5. (Attach List) 6. Total Payments To Professionals 0 0 0 0
* Include all fees incurred, both approved and unapproved POST PETITION STATUS OF SECURED NOTES, LEASES PAYABLE AND ADEQUATE PROTECTION PAYMENTS
SCHEDULED AMOUNTS TOTAL MONTHLY PAID UNPAID PAYMENTS DURING POST NAME OF CREDITOR DUE MONTH PETITION ---------------- --------- ------- -------- 1. 2. 3. 4. 5. (Attach List) 6. TOTAL 0 0 0
This form does X does not have related footnotes on Footnotes Supplement. --- --- 9 CASE NAME: DCM DELAWARE, INC. ACCRUAL BASIS - 7 CASE NUMBER: 401-40787-BJH-11 MONTH: MARCH-01 --------------------------------- QUESTIONNAIRE
YES NO --- -- 1. Have any Assets been sold or transferred outside the normal course of business this reporting period? X 2. Have any funds been disbursed from any account other than a debtor in possession account? X 3. Are any Post Petition Receivables (accounts, notes, or loans) due from related parties? X 4. Have any payments been made on Pre Petition Liabilities this reporting period? X 5. Have any Post Petition Loans been received by the debtor from any party? X 6. Are any Post Petition Payroll Taxes past due? X 7. Are any Post Petition State or Federal Income Taxes past due? X 8. Are any Post Petition Real Estate Taxes past due? X 9. Are any other Post Petition Taxes past due? X 10. Are any amounts owed to Post Petition creditors delinquent? X 11. Have any Pre Petition Taxes been paid during the reporting period? X 12. Are any wage payments past due? X
If the answer to any of the above questions is "Yes", provide a detailed explanation of each item. Attach additional sheets if necessary. INSURANCE
YES NO --- -- 1. Are Worker's Compensation, General Liability and other necessary insurance coverages in effect? X 2. Are all premium payments paid current? X 3. Please itemize policies below.
If the answer to any of the above questions is "No", or if any policies have been canceled or not renewed during this reporting period, provide an explanation below. Attach additional sheets if necessary. Debtor has no operations. INSTALLMENT PAYMENTS
PAYMENT AMOUNT TYPE OF POLICY CARRIER PERIOD COVERED & FREQUENCY -------------- ------- -------------- -------------- General Liability Liberty Mutual 9/1/00-9/1/01 Annual $313,520 Umbrella National Union 6/1/00-9/1/01 Annual $103,349
This form does x does not have related footnotes on Footnotes Supplement. ---- ---- 10 CASE NAME: DCM DELAWARE, INC. FOOTNOTES SUPPLEMENT CASE NUMBER: 401-40787-BJH-11 ACCRUAL BASIS MONTH: MARCH-01 ---------------------------------
ACCRUAL BASIS LINE FORM NUMBER NUMBER FOOTNOTE / EXPLANATION ------------- ------ ---------------------- 1 24 Pursuant to an Asset Purchase Agreement approved by the Court on February 23, 2001 and effective as of the same date among Kevco, Inc., Kevco Manufacturing, LP, Wingate Management Co. II, LP and Adorn LLC, certain assets and liabilities of Design Components, a division of Kevco Manufacturing, LP (Case No. 401-40784-BJH-11), were transferred to Adorn, LLC. At the effective date of purchase, Buyer assumed certain executory contracts, approximately $1.6 million of Kevco Manufacturing, LP's unsecured pre-petition liabilities, $3.5 million of accounts receivable, $5 million of inventory and $2.2 million (book value) of property and equipment. Payment was made directly to Bank of America, the secured lender, thereby reducing pre-petition secured debt. 1 27A Intercompany payables are to co-debtors Kevco Management Co. (Case No. 401-40788-BJH-11), Kevco Distribution, LP (Case No. 401-40789-BJH-11), Kevco Manufacturing, LP (Case No. 401-40784-BJH-11), Kevco Holding, Inc. (Case No. 401-40785-BJH-11), Kevco, Inc. (Case No. 401-40783-BJH-11), Kevco GP, Inc. (Case No. 401-40786-BJH-11), and Kevco Components, Inc. (Case No. 401-40790-BJH-11). Debtor currently has $429,066 of intercompany payables. 1 32 The direct charge to equity is due to the secured debt reduction pursuant to the sale of Design Components (See Footnote 1-24). The secured debt owed to Bank of America by Kevco, Inc. (Case No. 401-40783-BJH-11) has been guaranteed by all of its co-debtors (See Footnote 1,27A); therefore, the secured debt is reflected as a liability on all of the Kevco entities. The charge to equity is simply an adjustment to the balance sheet. Kevco, Inc.'s report will reflect the cash portion of the transaction.
EX-99.7 8 d86769ex99-7.txt MONTHLY OPERATING REPORT FOR KEVCO MANUFACTURING 1 EXHIBIT 99.7 CASE NAME: KEVCO MANUFACTURING, LP ACCRUAL BASIS CASE NUMBER: 401-40784-BJH-11 JUDGE: BARBARA J. HOUSER UNITED STATES BANKRUPTCY COURT NORTHERN DISTRICT OF TEXAS -------- ----- FORT WORTH DIVISION ---------- MONTHLY OPERATING REPORT MONTH ENDING: MARCH 31, 2001 -------------- IN ACCORDANCE WITH TITLE 28, SECTION 1746, OF THE UNITED STATES CODE, I DECLARE UNDER PENALTY OF PERJURY THAT I HAVE EXAMINED THE FOLLOWING MONTHLY OPERATING REPORT (ACCRUAL BASIS - 1 THROUGH ACCRUAL BASIS - 7) AND THE ACCOMPANYING ATTACHMENTS AND, TO THE BEST OF MY KNOWLEDGE, THESE DOCUMENTS ARE TRUE, CORRECT AND COMPLETE. DECLARATION OF THE PREPARER (OTHER THAN RESPONSIBLE PARTY): IS BASED ON ALL INFORMATION OF WHICH PREPARER HAS ANY KNOWLEDGE. RESPONSIBLE PARTY: /s/ JOSEPH P. TOMCZAK TREASURER - --------------------------------------- ---------------------- Original Signature of Responsible Party Title JOSEPH P. TOMCZAK MAY 2, 2001 - --------------------------------------- ---------------------- Printed Name of Responsible Party Date PREPARER: /s/ DENNIS S. FAULKNER DEBTOR'S ACCOUNTANT - --------------------------------------- ---------------------- Original Signature of Preparer Title DENNIS S. FAULKNER MAY 2, 2001 - --------------------------------------- ---------------------- Printed Name of Preparer Date 2 CASE NAME: KEVCO MANUFACTURING, LP ACCRUAL BASIS - 1 CASE NUMBER: 401-40784-BJH-11 COMPARATIVE BALANCE SHEET
SCHEDULED MONTH MONTH ASSETS AMOUNT FEB-01 MAR-01 MONTH - ------ ------------ ------------ ------------ ------------ 1. Unrestricted Cash (FOOTNOTE) 41,683 0 0 2. Restricted Cash 3. Total Cash 41,683 0 0 0 4. Accounts Receivable (Net) (FOOTNOTE) 7,974,696 4,933,430 5,874,185 5. Inventory (FOOTNOTE) 14,793,828 7,980,684 4,859,572 6. Notes Receivable 7. Prepaid Expenses 196,584 172,282 123,925 8. Other (Attach List) 6,598 98 0 9. Total Current Assets 23,013,389 13,086,495 10,857,682 0 10. Property, Plant & Equip. (FOOTNOTE) 32,082,187 28,603,697 28,652,257 11. Less: Accumulated Depreciation (FOOTNOTE) (7,696,543) (6,643,000) (6,807,128) 12. Net Property, Plant & Equipment 24,385,644 21,960,698 21,845,129 0 13. Due From Insiders 14. Other Assets - Net of Amortization (Attach List) 8,369,096 8,347,100 8,325,105 15. Other (Attach List) 13,541,943 20,020,858 21,711,278 16. Total Assets 69,310,072 63,415,150 62,739,194 0 POST PETITION LIABILITIES 17. Accounts Payable (FOOTNOTE) 15,192 110,434 18. Taxes Payable (FOOTNOTE) 105,632 151,685 19. Notes Payable 20. Professional Fees 21. Secured Debt 22. Other (Attach List) 1,366,523 1,264,568 23. Total Post Petition Liabilities 1,487,347 1,526,687 0 PRE PETITION LIABILITIES 24. Secured Debt (FOOTNOTE) 75,885,064 63,113,388 63,113,388 25. Priority Debt (FOOTNOTE) 1,383,756 0 0 26. Unsecured Debt (FOOTNOTE) 5,139,545 3,842,137 3,621,510 27. Other (Attach List) 197,008,999 197,509,594 197,948,008 28. Total Pre Petition Liabilities 279,417,364 264,465,120 264,682,906 0 29. Total Liabilities 279,417,364 265,952,467 266,209,593 0 EQUITY 30. Pre Petition Owners' Equity (210,107,292) (210,107,292) 31. Post Petition Cumulative Profit Or (Loss) (5,079,239) (6,012,322) 32. Direct Charges To Equity (Attach Explanation FOOTNOTE) 12,649,215 12,649,215 33. Total Equity (202,537,316) (203,470,399) 0 34. Total Liabilities and Equity 63,415,150 62,739,194 0
This form x does does not have related footnotes on Footnotes Supplement. --- --- 3 CASE NAME: KEVCO MANUFACTURING, LP SUPPLEMENT TO CASE NUMBER: 401-40784-BJH-11 ACCRUAL BASIS - 1 COMPARATIVE BALANCE SHEET
SCHEDULED MONTH MONTH ASSETS AMOUNT FEB-01 MAR-01 MONTH - ------ ------------ ------------ ------------ ------------ A. Security Deposits 6,598 98 B. C. D. E. TOTAL OTHER ASSETS - LINE 8 6,598 98 0 0 A. Goodwill: Consolidated Forest Products 8,369,096 8,347,100 8,325,105 B. C. D. E. TOTAL OTHER ASSETS NET OF AMORTIZATION - LINE 14 8,369,096 8,347,100 8,325,105 0 A. Intercompany Receivables (Footnote) 13,541,943 20,020,858 21,711,278 B. C. D. E. TOTAL OTHER ASSETS - LINE 15 13,541,943 20,020,858 21,711,278 0 POST PETITION LIABILITIES A. Accrued Payroll 847,056 629,663 B. Accrued Liabilities (FOOTNOTE) 519,467 634,905 C. D. E. TOTAL OTHER POST PETITION LIABILITIES - LINE 22 1,366,523 1,264,568 0 PRE PETITION LIABILITIES A. Interco. Payables (FOOTNOTE) 68,508,999 69,009,594 69,448,008 B. 10 3/8% Senior Sub. Notes 105,000,000 105,000,000 105,000,000 C. Sr. Sub. Exchangeable Notes 23,500,000 23,500,000 23,500,000 D. E. TOTAL OTHER PRE PETITION LIABILITIES - LINE 27 197,008,999 197,509,594 197,948,008 0
4 CASE NAME: KEVCO MANUFACTURING, LP ACCRUAL BASIS - 2 CASE NUMBER: 401-40784-BJH-11 INCOME STATEMENT
MONTH MONTH QUARTER REVENUES FEB-01 MAR-01 MONTH TOTAL - -------- ------------ ------------ ------------ ------------ 1. Gross Revenues 9,497,654 8,276,526 0 17,774,180 2. Less: Returns & Discounts (236,301) (221,852) (458,153) 3. Net Revenue 9,261,353 8,054,674 0 17,316,027 COST OF GOODS SOLD 4. Material 8,167,587 7,327,837 15,495,424 5. Direct Labor 307,854 257,318 565,172 6. Direct Overhead 307,731 257,213 564,944 7. Total Cost of Goods Sold 8,783,172 7,842,368 0 16,625,540 8. Gross Profit 478,181 212,306 0 690,487 OPERATING EXPENSES 9. Officer / Insider Compensation 46,386 43,957 90,343 10. Selling & Marketing 2,786 819 3,605 11. General & Administrative 50,247 45,115 95,362 12. Rent & Lease 97,786 79,464 177,250 13. Other (Attach List) 659,068 380,608 1,039,676 14. Total Operating Expenses 856,273 549,963 0 1,406,236 15. Income Before Non-Operating Income & Expense (378,092) (337,657) 0 (715,749) OTHER INCOME & EXPENSES 16. Non-Operating Income (Att List) (2,423) (1,168) (3,591) 17. Non-Operating Expense (Att List) 4,661,402 554,036 5,215,438 18. Interest Expense 1,266 1,266 19. Depreciation / Depletion 40,902 42,558 83,460 20. Amortization 0 21. Other (Attach List) 0 22. Net Other Income & Expenses (4,701,147) (595,426) 0 (5,296,573) REORGANIZATION EXPENSES 23. Professional Fees 0 24. U.S. Trustee Fees 0 25. Other (Attach List) 0 26. Total Reorganization Expenses 0 0 0 0 27. Income Tax 0 28. Net Profit (Loss) (5,079,239) (933,083) 0 (6,012,322)
This form x does does not have related footnotes on Footnotes Supplement. --- --- 5 CASE NAME: KEVCO MANUFACTURING, LP SUPPLEMENT TO CASE NUMBER: 401-40784-BJH-11 ACCRUAL BASIS - 2 INCOME STATEMENT
MONTH MONTH QUARTER OPERATING EXPENSES FEB-01 MAR-01 MONTH TOTAL - ------------------ ------------ ------------ ------------ ------------ A. Payroll & Employee Benefits 473,634 197,958 671,592 B. Insurance Expense 98,171 86,110 184,281 C. Utilities and Telephone 30,707 39,973 70,680 D. Taxes 56,556 56,567 113,123 E. 0 TOTAL OTHER OPERATING EXPENSES - LINE 13 659,068 380,608 0 1,039,676 OTHER INCOME & EXPENSES A. Miscellaneous Income (2,423) (1,168) (3,591) B. 0 C. 0 TOTAL NON-OPERATING INCOME - LINE 16 (2,423) (1,168) 0 (3,591) A. Interco. working capital charge 163,912 112,675 276,587 B. Intercompany management fee 103,823 38,809 142,632 C. Intercompany royalty fee 277,234 92,459 369,693 D. Intercompany interest charges 620,186 310,093 930,279 E. Loss on sale of Design Comp. (Footnote) 3,496,247 3,496,247 F. 0 G. TOTAL NON-OPERATING EXPENSE - LINE 17 4,661,402 554,036 0 5,215,438 REORGANIZATION EXPENSES A. 0 B. 0 C. 0 D. 0 E. 0 TOTAL OTHER REORGANIZATION EXPENSES - LINE 25 0 0 0 0
6 CASE NAME: KEVCO MANUFACTURING, LP ACCRUAL BASIS - 3 CASE NUMBER: 401-40784-BJH-11
CASH RECEIPTS AND MONTH MONTH QUARTER DISBURSEMENTS FEB-01 MAR-01 MONTH TOTAL - ----------------- ------ ------ ----- ------- 1. Cash - Beginning Of Month SEE ATTACHED SUPPLEMENT AND FOOTNOTE 0 RECEIPTS FROM OPERATIONS 2. Cash Sales 0 COLLECTION OF ACCOUNTS RECEIVABLE 3. Pre Petition 0 4. Post Petition 0 5. Total Operating Receipts 0 0 0 0 NON-OPERATING RECEIPTS 6. Loans & Advances (Attach List) 0 7. Sale of Assets 0 8. Other (Attach List) 0 9. Total Non-Operating Receipts 0 0 0 0 10. Total Receipts 0 0 0 0 11. Total Cash Available 0 0 0 0 OPERATING DISBURSEMENTS 12. Net Payroll 0 13. Payroll Taxes Paid 0 14. Sales, Use & Other Taxes Paid 0 15. Secured / Rental / Leases 0 16. Utilities 0 17. Insurance 0 18. Inventory Purchases 0 19. Vehicle Expenses 0 20. Travel 0 21. Entertainment 0 22. Repairs & Maintenance 0 23. Supplies 0 24. Advertising 0 25. Other (Attach List) 0 26. Total Operating Disbursements 0 0 0 0 REORGANIZATION DISBURSEMENTS 27. Professional Fees 0 28. U.S. Trustee Fees 0 29. Other (Attach List) 0 30. Total Reorganization Expenses 0 0 0 0 31. Total Disbursements 0 0 0 0 32. Net Cash Flow 0 0 0 0 33. Cash - End of Month 0 0 0 0
This form x does does not have related footnotes on Footnotes Supplement. --- --- 7 CASE NAME: KEVCO MANUFACTURING, LP SUPPLEMENT TO CASE NUMBER: 401-40784-BJH-11 ACCRUAL BASIS - 3 MARCH-01 -----------------
KEVCO KEVCO KEVCO KEVCO KEVCO KEVCO DIST LP MFG. LP MGMT HOLDING COMPONENTS INC TOTAL ---------- --------- ---------- ------- ---------- ----- ---------- 1 CASH-BEGINNING OF MONTH 41,529 (55,996) 17,746,282 232 134 1,000 17,733,181 RECEIPTS FROM OPERATIONS 2 CASH SALES 274,302 -- 274,302 COLLECTION OF ACCOUNTS RECEIVABLE 3 PRE PETITION 1,120,290 367,383 1,487,673 4 POST PETITION 15,181,617 6,014,122 21,195,739 5 TOTAL OPERATING RECEIPTS 16,576,209 6,381,505 -- -- -- -- 22,957,714 NON OPERATING RECEIPTS 6 LOANS & ADVANCES -- - 7 SALE OF ASSETS 286 -- 286 8 OTHER -- -- -- -- 2,700 -- 2,700 SALE EXPENSE REIMBURSEMENT ADP ADVANCE MISC. 2,700 INTEREST INCOME 9 TOTAL NON OPERATING RECEIPTS 286 -- -- -- 2,700 -- 2,986 10 TOTAL RECEIPTS 16,576,495 6,381,505 -- -- 2,700 -- 22,960,700 11 CASH AVAILABLE 16,618,024 6,325,509 17,746,282 232 2,834 1,000 40,693,881 OPERATING DISBURSEMENTS 12 NET PAYROLL 2,105,173 1,038,694 250,403 3,394,270 13 PAYROLL TAXES PAID -- 1,538,108 221 221 1,538,550 14 SALES, USE & OTHER TAXES PAID 235 1,675 50 1,960 15 SECURED/RENTAL/LEASES 327,171 99,127 97,670 500 500 524,968 16 UTILITIES 119,696 124,447 344,565 38 38 588,784 17 INSURANCE 5,770 1,447 1,241,403 1,248,620 18 INVENTORY PURCHASES 3,246,839 2,943,026 6,189,865 19 VEHICLE EXPENSE 55,871 32,906 88,777 20 TRAVEL 17,371 11,694 512 29,577 21 ENTERTAINMENT 7,156 1,384 8,540 22 REPAIRS & MAINTENANCE 9,451 32,333 470 42,254 23 SUPPLIES 10,799 58,576 69,375 24 ADVERTISING -- -- - 25 OTHER 394,411 226,566 214,929 179 259 -- 836,344 FREIGHT 357,913 143,548 501,461 CONTRACT LABOR 1,602 7,601 63,360 72,563 401 K PAYMENTS -- 151,450 151,450 PAYROLL TAX ADVANCE ADP -- WAGE GARNISHMENTS -- MISC. 34,896 75,417 119 179 259 110,870 26 TOTAL OPERATING DISBURSEMENTS 6,299,943 4,571,875 3,688,060 988 1,018 -- 14,561,884 REORGANIZATION DISBURSEMENTS 27 PROFESSIONAL FEES -- -- 28 US TRUSTEE FEES -- -- 29 OTHER 10,316,598 1,848,876 (12,155,474) (5,766) (4,234) -- -- LOAN PAYMENTS -- -- INTERCOMPANY TRANSFERS 10,316,598 1,848,876 (12,155,474) (5,766) (4,234) -- -- -- 30 TOTAL REORGANIZATION EXPENSE 10,316,598 1,848,876 (12,155,474) (5,766) (4,234) -- -- 31 TOTAL DISBURSEMENTS 16,616,541 6,420,751 (8,467,414) (4,778) (3,216) -- 14,561,884 32 NET CASH FLOW (40,046) (39,246) 8,467,414 4,778 5,916 -- 8,398,816 ---------- --------- ----------- ------- ---------- ----- ---------- 33 CASH- END OF MONTH 1,483 (95,242) 26,213,696 5,010 6,050 1,000 26,131,997 ========== ========= ========== ======= ========== ===== ==========
8 CASE NAME: KEVCO MANUFACTURING, LP ACCRUAL BASIS - 4 CASE NUMBER: 401-40784-BJH-11
SCHEDULED MONTH MONTH ACCOUNTS RECEIVABLE AGING AMOUNT FEB-01 MAR-01 MONTH - ------------------------- ---------- ---------- ---------- ---------- 1. 0 - 30 4,468,648 5,833,124 2. 31 - 60 464,782 41,061 3. 61 - 90 4. 91 + 5. Total Accounts Receivable 7,974,696 4,933,430 5,874,185 0 6. (Amount Considered Uncollectible) 7. Accounts Receivable (Net) 7,974,696 4,933,430 5,874,185 0
AGING OF POST PETITION MONTH: MARCH-01 TAXES AND PAYABLES -------------------
0 - 30 31 - 60 61 - 90 91 + TAXES PAYABLE DAYS DAYS DAYS DAYS TOTAL - ------------- ---------- ---------- ---------- ---------- ---------- 1. Federal -- 2. State -- 3. Local -- 4. Other (See Below) 46,053 105,632 151,685 5. Total Taxes Payable 46,053 105,632 -- -- 151,685 6. Accounts Payable 95,242 15,192 110,434
MONTH: MARCH-01 STATUS OF POST PETITION TAXES -------------------
BEGINNING TAX AMOUNT ENDING TAX FEDERAL LIABILITY WITHHELD AND/OR (AMOUNT PAID) LIABILITY - ------- ------------- --------------- ------------- ------------ 1. Withholding ** 142,097 (142,097) 0 2. FICA - Employee ** 105,626 (105,626) 0 3. FICA - Employer ** 105,627 (105,627) 0 4. Unemployment 7,355 (7,355) 0 5. Income 0 6. Other (Attach List) 0 7. Total Federal Taxes 0 360,705 (360,705) 0 STATE AND LOCAL 8. Withholding 32,909 (32,909) 0 9. Sales (FOOTNOTE) 15,389 427 15,816 10. Excise 0 11. Unemployment 13,693 (13,693) 0 12. Real Property 0 13. Personal Property (FOOTNOTE) 90,243 45,626 135,869 14. Other (Attach List) 0 15. Total State And Local 105,632 92,655 (46,602) 151,685 16. Total Taxes 105,632 453,360 (407,307) 151,685
* The beginning tax liability should represent the liability from the prior month or, if this is the first operating report, the amount should be zero. ** Attach photocopies of IRS Form 6123 or your FTD coupon and payment receipt to verify payment of deposit. This form x does does not have related footnotes on Footnotes Supplement. --- --- 9 CASE NAME: KEVCO MANUFACTURING, LP ACCRUAL BASIS - 5 CASE NUMBER: 401-40784-BJH-11 The debtor in possession must complete the reconciliation below for each bank account, including all general, payroll and tax accounts, as well as all savings and investment accounts, money market accounts, certificates of deposit, government obligations, MONTH: MAR-01 -------------------
BANK RECONCILIATIONS Account # 1 Account # 2 Other Accounts - -------------------- ----------- ----------- (Attach List) A. BANK: Bank of America KeyBank B. ACCOUNT NUMBER: 3751764595 149651002847 TOTAL C. PURPOSE (TYPE): DIP Disbursement-BB DIP Disbursement-Design 1. Balance Per Bank Statement 39,600 14,904 31,203 85,707 2. Add: Total Deposits Not Credited -- -- 3. Subtract: Outstanding Checks (156,479) (40,197) (196,676) 4. Other Reconciling Items (1,776) 82 (1,694) 5. Month End Balance Per Books (118,655) 14,904 (8,912) (112,663) 6. Number of Last Check Written N/A N/A
INVESTMENT ACCOUNTS
DATE OF TYPE OF BANK, ACCOUNT NAME & NUMBER PURCHASE INSTRUMENT PURCHASE PRICE CURRENT VALUE - --------------------------- -------- ---------- -------------- ------------- 7. 8. 9. 10. (Attach List) 11. Total Investments
CASH 12. Currency On Hand 17,421 Reclass to Accounts Payable 95,242 13. Total Cash - End of Month (FOOTNOTE) (0)
This form x does does not have related footnotes on Footnotes Supplement. --- --- 10 CASE NAME: KEVCO MANUFACTURING, LP SUPPLEMENT TO CASE NUMBER: 401-40784-BJH-11 ACCRUAL BASIS - 5 MONTH: MAR-01 ----------
BANK RECONCILIATIONS Account #3 Account #4 Account #5 - -------------------- ----------- ---------- ---------- A. BANK: GWJones Exch Bank TOTAL B. ACCOUNT NUMBER: 0005006226 OTHER BANK C. PURPOSE (TYPE): DIP Disbursement-DF ACCOUNTS 1. Balance Per Bank Statement 31,203 31,203 2. Add: Total Deposits Not Credited -- 3. Subtract: Outstanding Checks (40,197) (40,197) 4. Other Reconciling Items 82 82 5. Month End Balance Per Books (8,912) (8,912) 6. Number of Last Check Written N/A
INVESTMENT ACCOUNTS
DATE OF TYPE OF PURCHASE CURRENT BANK, ACCOUNT NAME & NUMBER PURCHASE INSTRUMENT PRICE VALUE - --------------------------- -------- ---------- -------- ------- A. B. C. D. TOTAL OTHER INVESTMENT ACCOUNTS - LINE 10
11 CASE NAME: KEVCO MANUFACTURING, LP ACCRUAL BASIS - 6 CASE NUMBER: 401-40784-BJH-11 MONTH: MARCH-01 ------------------ PAYMENTS TO INSIDERS AND PROFESSIONALS Of the Total Disbursements shown for the month, list the amount paid to Insiders (as defined in Section 101 (31) (A) - (F) of the U.S. Bankruptcy Code) and to Professionals. Also, for payments to Insiders, identify the type of compensation paid (e.g. salary, bonus, commissions, insurance, housing allowance, travel, car allowance, etc.). Attach additional sheets if necessary. INSIDERS
AMOUNT TOTAL PAID NAME TYPE OF PAYMENT PAID TO DATE ---- --------------- ------ ---------- 1. Lee Denham Payroll 10,386 20,772 2. Lee Denham Expense Reimb. 254 3. Jim Connors Consulting fees and expenses 33,571 33,571 4. 5. (Attach List) 6. Total Payments To Insiders 43,957 54,597
PROFESSIONALS
DATE OF COURT ORDER TOTAL AUTHORIZING AMOUNT AMOUNT TOTAL PAID INCURRED NAME PAYMENT APPROVED PAID TO DATE & UNPAID* ---- ------------- -------- ------ ---------- --------- 1. 2. 3. 4. 5. (Attach List) 6. Total Payments To Professionals -- -- -- --
* Include all fees incurred, both approved and unapproved POST PETITION STATUS OF SECURED NOTES, LEASES PAYABLE AND ADEQUATE PROTECTION PAYMENTS
SCHEDULED AMOUNTS MONTHLY PAID TOTAL PAYMENTS DURING UNPAID POST NAME OF CREDITOR DUE MONTH PETITION ---------------- --------- ------- ------------ 1. Bank of America (Footnote) N/A $ 63,113,388 2. Status of Leases Payable (Footnote) 3. 4. 5. (Attach List) 6. TOTAL $ -- $ -- $ 63,113,388
This form x does does not have related footnotes on Footnotes Supplement. --- --- 12 CASE NAME: KEVCO MANUFACTURING, LP ACCRUAL BASIS - 7 CASE NUMBER: 401-40784-BJH-11 MONTH: MARCH-01 ------------------ QUESTIONNAIRE
YES NO --- -- 1. Have any Assets been sold or transferred outside the normal course of business this reporting period? X 2. Have any funds been disbursed from any account other than a debtor in possession account? X 3. Are any Post Petition Receivables (accounts, notes, or loans) due from related parties? X 4. Have any payments been made on Pre Petition Liabilities this reporting period? X 5. Have any Post Petition Loans been received by the debtor from any party? X 6. Are any Post Petition Payroll Taxes past due? X 7. Are any Post Petition State or Federal Income Taxes past due? X 8. Are any Post Petition Real Estate Taxes past due? X 9. Are any other Post Petition Taxes past due? X 10. Are any amounts owed to Post Petition creditors delinquent? X 11. Have any Pre Petition Taxes been paid during the reporting period? X 12. Are any wage payments past due? X
If the answer to any of the above questions is "Yes", provide a detailed explanation of each item. Attach additional sheets if necessary. SEE FOOTNOTE INSURANCE
YES NO --- -- 1. Are Worker's Compensation, General Liability and other necessary insurance coverages in effect? X 2. Are all premium payments paid current? X 3. Please itemize policies below.
If the answer to any of the above questions is "No", or if any policies have been canceled or not renewed during this reporting period, provide an explanation below. Attach additional sheets if necessary. INSTALLMENT PAYMENTS
PAYMENT AMOUNT TYPE OF POLICY CARRIER PERIOD COVERED & FREQUENCY -------------- ------- -------------- -------------- Property Lexington, Allianz 5/29/00-5/29/01 Annual $ 171,771 Group Health Blue Cross/Blue Shield Debtor is self-insured Annual 1,709,506 Auto Liberty Mutual 9/1/00-9/1/01 Annual 101,505 General Liability Liberty Mutual 9/1/00-9/1/01 Annual 141,519 Umbrella National Union 6/1/00-9/1/01 Annual 46,651 Workers Compensation Liberty Mutual 9/1/00-9/1/01 Annual 644,601
This form x does does not have related footnotes on Footnotes Supplement. --- --- 13 CASE NAME: KEVCO MANUFACTURING, LP CASE NUMBER: 401-40784-BJH-11 MONTH: MARCH 31, 2001 -------------- FOOTNOTES SUPPLEMENT ACCRUAL BASIS
ACCRUAL BASIS FORM LINE NUMBER NUMBER FOOTNOTE / EXPLANATION - ------- ------ ---------------------- 1 1 Pursuant to the February 12, 2001 Order (1) Authorizing Continued 3 1 Use of Existing Forms and Records; (2) Authorizing Maintenance of Existing Corporate Bank Accounts and Cash Management System; and (3) Extending Time to Comply with 11 U.S.C. Section 345 Investment Guidelines, funds in the Bank of America and Key Bank deposit accounts are swept daily into Kevco's lead account number 1295026976. The Bank of America lead account is administered by, and held in the name of, Kevco Management Co. (co-debtor, Case No. 401-40788-BJH-11). Accordingly, all cash receipts and disbursements flow through Kevco Management's Bank of America DIP account. A schedule allocating receipts and disbursements among Kevco, Inc. and its subsidiaries is included in this report as a Supplement to Accrual Basis -3. Debtor maintains several small petty cash accounts for use by its operating divisions that are included in the cash supplement schedule. 1 1 Kevco Manufacturing, LP maintains several small petty cash accounts 3 1 for use by its various operating divisions. These amounts are 5 13 intended to be maintained on an imprest basis by way of intercompany transfers from Kevco Management which maintains the lead account (see footnote for MOR 1, Line 1). The negative cash balance shown on the Supplement to Accrual Basis -3 and the bank reconciliations presented in MOR -5 is due to checks that were issued on March 31 but not funded from Kevco's lead account until April 1. Accrual Basis -1 (Debtor's balance sheet) reflects cash as $0 and the issued and unfunded checks as post-petition accounts payable. 1 4 Pursuant to an Asset Purchase Agreement approved by the Court on 1 5 February 23, 2001 and effective as of the same date among Kevco, 1 10 Inc., Kevco Manufacturing, LP, Wingate Management Co. II, LP and 1 11 Adorn, LLC, certain assets and liabilities of Design Components, a 1 24 division of Kevco Manufacturing, were transferred to Adorn, LLC. At 1 26 the effective date of purchase, Buyer assumed certain executory 2 17E contracts, approximately $1.6 million of debtor's unsecured 6 1 pre-petition liabilities. $3.5 million of accounts receivable, $5 7 4 million of inventory and $2.2 million (book value) of property and equipment. Payment was made directly to Bank of America, the secured lender, thereby reducing pre-petition secured debt. Kevco, Inc.'s report reflects the transaction detail (see Footnote 1,32).
KEVCO MANUFACTURING INC. 2-1-01 MOR's Pg 1 of 2 14
ACCRUAL BASIS FORM LINE NUMBER NUMBER FOOTNOTE / EXPLANATION - ------- ------ ---------------------- 1 15A Intercompany receivables/payables are from/to co-debtors Kevco 1 27A Management Co. (Case No. 401-40788-BJH-11), Kevco Distribution, LP 7 3 (Case No. 401-40789-BJH-11), Kevco Holding, Inc. (Case No. 401-40785-BJH-11), DCM Delaware, Inc. (Case No. 401-40787-BJH-11), Kevco GP, Inc. (Case No. 401-40786-BJH-11), Kevco Components, Inc. (Case No. 401-40790-BJH-11), and Kevco, Inc. (Case No. 401-40783-BJH-11). 1 18 Sales tax owing is an accrual only and not yet due. Some of the 4 9 property taxes payable may be pre-petition. Once they are 4 13 identified, the monthly operating report will be adjusted. 1 22B The Debtor records on its books accruals for certain liabilities based on historical estimates. While the known creditors were listed on the Debtor's Schedules, the estimated amounts were not. Accordingly, for purposes of this report, the accrued liabilities are reflected as post-petition "Accrued Liabilities." 1 25 Pursuant to Order dated February 12, 2001 and Supplemental Order dated March 14, 2001, debtors were authorized to pay pre-petition taxes, salaries and wages up to a maximum of $4,300 per employee. Debtors were also (a) allowed to pay accrued vacation to terminated employees and (b) permitted to continue allowing employees to use vacation time as scheduled. 1 32 The direct charge to equity is due to the secured debt reduction pursuant to the sale of Design Components (see Footnote 1,4). The secured debt owed to Bank of America by Kevco, Inc. (Case No. 401-40783-BJH-11) has been guaranteed by all of its co-debtors (see Footnote 1,15A); therefore, the secured debt is reflected as a liability on all of the Kevco entities. The charge to equity is simply an adjustment to the balance sheet. See Kevco, Inc.'s Monthly Operating Report for details of the transaction. 6 2 The Debtor is the lessee on hundreds of real and personal property leases, the vast majority of which have been or will soon be rejected. The Debtor does not isolate monthly payments due or paid on account of such leases. Instead, all lease payments are reflected in the Debtor's accounts payable system. To separately identify monthly accruals and payments on leases would require an enormous outlay of the Debtor's accounting personnel and professionals. The Debtor simply does not have available to it the resources that would be required to provide the detail requested. If any party-in-interest desires specific information about any specific lease, the Debtor will provide such information upon request.
KEVCO MANUFACTURING INC. 2-1-01 MOR's Pg 2 of 2 EX-99.8 9 d86769ex99-8.txt MONTHLY OPERATING REPORT FOR KEVCO DISTRIBUITON 1 EXHIBIT 99.8 CASE NAME: KEVCO DISTRIBUTION, LP ACCRUAL BASIS CASE NUMBER: 401-40789-BJH-11 JUDGE: BARBARA J. HOUSER UNITED STATES BANKRUPTCY COURT NORTHERN DISTRICT OF TEXAS -------- ----- FORT WORTH DIVISION ---------- MONTHLY OPERATING REPORT MONTH ENDING: MARCH 31, 2001 -------------- IN ACCORDANCE WITH TITLE 28, SECTION 1746, OF THE UNITED STATES CODE, I DECLARE UNDER PENALTY OF PERJURY THAT I HAVE EXAMINED THE FOLLOWING MONTHLY OPERATING REPORT (ACCRUAL BASIS - 1 THROUGH ACCRUAL BASIS - 7) AND THE ACCOMPANYING ATTACHMENTS AND, TO THE BEST OF MY KNOWLEDGE, THESE DOCUMENTS ARE TRUE, CORRECT AND COMPLETE. DECLARATION OF THE PREPARER (OTHER THAN RESPONSIBLE PARTY): IS BASED ON ALL INFORMATION OF WHICH PREPARER HAS ANY KNOWLEDGE. RESPONSIBLE PARTY: /s/ JOSEPH P. TOMCZAK TREASURER - ---------------------------------------- ---------------------------------- Original Signature of Responsible Party Title JOSEPH P. TOMCZAK MAY 2, 2001 - ---------------------------------------- ---------------------------------- Printed Name of Responsible Party Date PREPARER: /s/ DENNIS S. FAULKNER DEBTOR'S ACCOUNTANT - ---------------------------------------- ---------------------------------- Original Signature of Preparer Title DENNIS S. FAULKNER MAY 2, 2001 - ---------------------------------------- ---------------------------------- Printed Name of Preparer Date 2 CASE NAME: KEVCO DISTRIBUTION, LP ACCRUAL BASIS - 1 CASE NUMBER: 401-40789-BJH-11 COMPARATIVE BALANCE SHEET
SCHEDULED MONTH MONTH ASSETS AMOUNT FEB-01 MAR-01 MONTH - ------ --------- ------ ------ ----- 1. Unrestricted Cash (FOOTNOTE) 41,421 41,529 1,483 2. Restricted Cash 3. Total Cash 41,421 41,529 1,483 4. Accounts Receivable (Net) 17,545,859 15,536,486 7,470,433 5. Inventory 27,611,039 21,704,255 19,390,060 6. Notes Receivable 7. Prepaid Rent 236,697 236,245 236,093 8. Other (Attach List) 303,392 397,801 464,235 9. Total Current Assets 45,738,408 37,916,316 27,562,304 10. Property, Plant & Equipment 22,049,500 22,050,042 22,049,500 11. Less: Accumulated Depreciation/Depletion (6,151,901) (6,316,718) (6,485,448) 12. Net Property, Plant & Equipment 15,897,599 15,733,324 15,564,052 13. Due From Insiders 14. Other Assets - Net of Amortization (Attach List) 5,741,869 6,153,746 6,153,746 15. Other (Attach List) 100,961,429 108,257,291 116,823,646 16. Total Assets 168,339,305 168,060,678 166,103,748 POST PETITION LIABILITIES 17. Accounts Payable 2,173,714 3,073,468 18. Taxes Payable 693,679 761,086 19. Notes Payable 20. Professional Fees 21. Secured Debt 22. Other (Attach List) 5,176,106 3,742,032 23. Total Post Petition Liabilities 8,043,499 7,576,586 PRE PETITION LIABILITIES 24. Secured Debt (FOOTNOTE) 75,885,064 63,113,388 63,113,388 25. Priority Debt (FOOTNOTE) 1,412,879 26. Unsecured Debt 19,966,456 19,418,510 19,418,510 27. Other (Attach List) 243,205,150 244,090,104 244,988,081 28. Total Pre Petition Liabilities 340,469,549 326,622,002 327,519,979 29. Total Liabilities 340,469,549 334,665,501 335,096,565 EQUITY 30. Pre Petition Owners' Equity (172,130,244) (172,130,244) 31. Post Petition Cumulative Profit Or (Loss) (5,525,420) (7,913,414) 32. Direct Charges To Equity (FOOTNOTE) 11,050,841 11,050,841 33. Total Equity (166,604,823) (168,992,817) 34. Total Liabilities and Equity 168,060,678 166,103,748
This form x does does not have related footnotes on Footnotes Supplement. --- --- 3 CASE NAME: KEVCO DISTRIBUTION, LP SUPPLEMENT TO CASE NUMBER: 401-40789-BJH-11 ACCRUAL BASIS - 1 COMPARATIVE BALANCE SHEET
SCHEDULED MONTH MONTH ASSETS AMOUNT FEB-01 MAR-01 MONTH - ------ --------- ------ ------ ----- A. Inventory Vendor Deposit 130,000 224,409 224,409 B. Leased Facility Deposit 173,392 173,392 173,392 C. Miscellaneous Prepaids 66,434 D. E. TOTAL OTHER ASSETS - LINE 8 303,392 397,801 464,235 A. Goodwill: Shepherd Products 5,223,119 5,159,370 5,159,370 B. Goodwill: DARCO 518,750 512,500 512,500 C. Capitalized Lease (FOOTNOTE) 481,876 481,876 D. E. TOTAL OTHER ASSETS NET OF AMORTIZATION - LINE 14 5,741,869 6,153,746 6,153,746 A. Intercompany Receivables (FOOTNOTE) 100,961,429 108,257,291 116,823,646 B. C. D. E. TOTAL OTHER ASSETS - LINE 15 100,961,429 108,257,291 116,823,646 POST PETITION LIABILITIES A. Accrued Liabilities (FOOTNOTE) 497,125 1,474,584 B. Long Term Leases (FOOTNOTE) 1,139,156 1,137,805 C. Accrued Interest: Bank 9,667 9,667 D. Payroll 3,530,159 1,119,976 E. TOTAL OTHER POST PETITION LIABILITIES - LINE 22 5,176,106 3,742,032 PRE PETITION LIABILITIES A. Interco.Payables (FOOTNOTE) 114,705,150 115,590,104 116,488,081 B. 10 3/8% Senior Sub. Notes 105,000,000 105,000,000 105,000,000 C. Sr. Sub. Exchangeable Notes 23,500,000 23,500,000 23,500,000 D. E. TOTAL OTHER PRE PETITION LIABILITIES - LINE 27 243,205,150 244,090,104 244,988,081
4 CASE NAME: KEVCO DISTRIBUTION, LP ACCRUAL BASIS - 2 CASE NUMBER: 401-40789-BJH-11 INCOME STATEMENT
MONTH MONTH QUARTER REVENUES FEB-01 MAR-01 MONTH TOTAL - -------- ------ ------ ----- ----- 1. Gross Revenues 17,801,959 8,576,929 26,378,888 2. Less: Returns & Discounts (761,691) (491,194) (1,252,885) 3. Net Revenue 17,040,268 8,085,735 25,126,003 COST OF GOODS SOLD 4. Material 15,875,204 7,502,620 23,377,824 5. Direct Labor 990,318 624,450 1,614,768 6. Direct Overhead 1,083,604 12,500 1,096,104 7. Total Cost Of Goods Sold 17,949,126 8,139,570 26,088,696 8. Gross Profit (908,858) (53,835) (962,693) OPERATING EXPENSES 9. Officer/Insider Compensation 14,885 15,592 30,477 10. Selling & Marketing 24,064 6,497 30,561 11. General & Administrative 63,447 90,336 153,783 12. Rent & Lease 526,422 286,646 813,068 13. Other (Attach List) 1,716,678 865,376 2,582,054 14. Total Operating Expenses 2,345,496 1,264,447 3,609,943 15. Income Before Non-Operating Income & Expense (3,254,354) (1,318,282) (4,572,636) OTHER INCOME & EXPENSES 16. Non-Operating Income (Att List) 17. Non-Operating Expense (Att List) 2,029,261 897,977 2,927,238 18. Interest Expense 2,828 3,006 5,834 19. Depreciation/Depletion 238,977 168,729 407,706 20. Amortization 21. Other (Attach List) 22. Net Other Income & Expenses (2,271,066) (1,069,712) (3,340,778) REORGANIZATION EXPENSES 23. Professional Fees 24. U.S. Trustee Fees 25. Other (Attach List) 26. Total Reorganization Expenses 27. Income Tax 28. Net Profit (Loss) (5,525,420) (2,387,994) (7,913,414)
This form x does does not have related footnotes on Footnotes Supplement. --- --- 5 CASE NAME: KEVCO DISTRIBUTION, LP SUPPLEMENT TO CASE NUMBER: 401-40789-BJH-11 ACCRUAL BASIS - 2 INCOME STATEMENT
MONTH MONTH QUARTER OPERATING EXPENSES FEB-01 MAR-01 MONTH TOTAL - ------------------ ------ ------ ----- ------- A. Payroll & Employee Benefits 918,390 208,836 1,127,226 B. Insurance 267,714 259,019 526,733 C. Utilities & Telephone 226,150 244,174 470,324 D. Taxes 304,424 153,347 457,771 E. TOTAL OTHER OPERATING EXPENSES - LINE 13 1,716,678 865,376 2,582,054 OTHER INCOME & EXPENSES A. B. C. D. E. TOTAL NON-OPERATING INCOME - LINE 16 A. Interco. Asset Charge 216,507 216,507 B. Interco. Management Fee 211,855 118,950 330,805 C. Interco. Royalty Fee 565,996 282,998 848,994 D. Interco. Interest Expense 992,059 496,029 1,488,088 E. Accrued Liabilities 42,844 42,844 TOTAL NON-OPERATING EXPENSE - LINE 17 2,029,261 897,977 2,927,238 A. B. C. D. E. TOTAL OTHER EXPENSE - LINE 21 REORGANIZATION EXPENSES A. B. C. D. E. TOTAL OTHER REORGANIZATION EXPENSES - LINE 25
6 CASE NAME: KEVCO DISTRIBUTION, LP ACCRUAL BASIS - 3 CASE NUMBER: 401-40789-BJH-11
CASH RECEIPTS AND MONTH MONTH QUARTER DISBURSEMENTS FEB-01 MAR-01 MONTH TOTAL - ------------- ------ ------ ----- ------- 1. Cash - Beginning Of Month SEE ATTACHED SUPPLEMENT AND FOOTNOTE RECEIPTS FROM OPERATIONS 2. Cash Sales COLLECTION OF ACCOUNTS RECEIVABLE 3. Pre Petition 4. Post Petition 5. Total Operating Receipts NON-OPERATING RECEIPTS 6. Loans & Advances (Attach List) 7. Sale of Assets 8. Other (Attach List) 9. Total Non-Operating Receipts 10. Total Receipts 11. Total Cash Available OPERATING DISBURSEMENTS 12. Net Payroll 13. Payroll Taxes Paid 14. Sales, Use & Other Taxes Paid 15. Secured/Rental/Leases 16. Utilities 17. Insurance 18. Inventory Purchases 19. Vehicle Expenses 20. Travel 21. Entertainment 22. Repairs & Maintenance 23. Supplies 24. Advertising 25. Other (Attach List) 26. Total Operating Disbursements REORGANIZATION DISBURSEMENTS 27. Professional Fees 28. U.S. Trustee Fees 29. Other (Attach List) 30. Total Reorganization Expenses 31. Total Disbursements 32. Net Cash Flow 33. Cash - End of Month
This form x does does not have related footnotes on Footnotes Supplement. --- --- 7 CASE NAME: KEVCO DISTRIBUTION, LP SUPPLEMENT TO CASE NUMBER: 401-40789-BJH-11 ACCRUAL BASIS - 3 MARCH-01 -----------------
KEVCO KEVCO KEVCO KEVCO KEVCO KEVCO DIST LP MFG.LP MGMT HOLDING COMPONENTS INC TOTAL ------- ------ ----- ------- ---------- ----- ----- 1 CASH-BEGINNING OF MONTH 41,529 (55,996) 17,746,282 232 134 1,000 17,733,181 RECEIPTS FROM OPERATIONS 2 CASH SALES 274,302 -- 274,302 COLLECTION OF ACCOUNTS RECEIVABLE 3 PRE PETITION 1,120,290 367,383 1,487,673 4 POST PETITION 15,181,617 6,014,122 21,195,739 5 TOTAL OPERATING RECEIPTS 16,576,209 6,381,505 -- -- -- -- 22,957,714 NON OPERATING RECEIPTS 6 LOANS & ADVANCES -- -- 7 SALE OF ASSETS 286 -- 286 8 OTHER -- -- -- -- 2,700 -- 2,700 SALE EXPENSE REIMBURSEMENT ADP ADVANCE MISC. 2,700 INTEREST INCOME 9 TOTAL NON OPERATING RECEIPTS 286 -- -- -- 2,700 -- 2,986 10 TOTAL RECEIPTS 16,576,495 6,381,505 -- -- 2,700 -- 22,960,700 11 CASH AVAILABLE 16,618,024 6,325,509 17,746,282 232 2,834 1,000 40,693,881 OPERATING DISBURSEMENTS 12 NET PAYROLL 2,105,173 1,038,694 250,403 3,394,270 13 PAYROLL TAXES PAID -- 1,538,108 221 221 1,538,550 14 SALES, USE & OTHER TAXES PAID 235 1,675 50 1,960 15 SECURED/RENTAL/LEASES 327,171 99,127 97,670 500 500 524,968 16 UTILITIES 119,696 124,447 344,565 38 38 588,784 17 INSURANCE 5,770 1,447 1,241,403 1,248,620 18 INVENTORY PURCHASES 3,246,839 2,943,026 6,189,865 19 VEHICLE EXPENSE 55,871 32,906 88,777 20 TRAVEL 17,371 11,694 512 29,577 21 ENTERTAINMENT 7,156 1,384 8,540 22 REPAIRS & MAINTENANCE 9,451 32,333 470 42,254 23 SUPPLIES 10,799 58,576 69,375 24 ADVERTISING -- -- -- 25 OTHER 394,411 226,566 214,929 179 259 -- 836,344 FREIGHT 357,913 143,548 501,461 CONTRACT LABOR 1,602 7,601 63,360 72,563 401 K PAYMENTS -- 151,450 151,450 PAYROLL TAX ADVANCE ADP -- WAGE GARNISHMENTS -- MISC. 34,896 75,417 119 179 259 110,870 26 TOTAL OPERATING DISBURSEMENTS 6,299,943 4,571,875 3,688,060 988 1,018 -- 14,561,884 REORGANIZATION DISBURSEMENTS 27 PROFESSIONAL FEES -- -- 28 US TRUSTEE FEES -- -- 29 OTHER 10,316,598 1,848,876 (12,155,474) (5,766) (4,234) -- -- LOAN PAYMENTS -- -- INTERCOMPANY TRANSFERS 10,316,598 1,848,876 (12,155,474) (5,766) (4,234) -- -- -- 30 TOTAL REORGANIZATION EXPENSE 10,316,598 1,848,876 (12,155,474) (5,766) (4,234) -- -- 31 TOTAL DISBURSEMENTS 16,616,541 6,420,751 (8,467,414) (4,778) (3,216) -- 14,561,884 32 NET CASH FLOW (40,046) (39,246) 8,467,414 4,778 5,916 -- 8,398,816 ---------- --------- ----------- ------ ------ ----- ---------- 33 CASH-END OF MONTH 1,483 (95,242) 26,213,696 5,010 6,050 1,000 26,131,997 ========== ========= =========== ====== ====== ===== ==========
8 CASE NAME: KEVCO DISTRIBUTION, LP ACCRUAL BASIS - 4 CASE NUMBER: 401-40789-BJH-11
SCHEDULED MONTH MONTH ACCOUNTS RECEIVABLE AGING AMOUNT FEB-01 MAR-01 MONTH - ------------------------- --------- ------ ------ ----- 1. 0 - 30 14,608,699 4,662,400 2. 31 - 60 927,787 2,418,683 3. 61 - 90 389,350 4. 91 + 5. Total Accounts Receivable 17,545,859 15,536,486 7,470,433 6. (Amount Considered Uncollectible) 7. Accounts Receivable (Net) 17,545,859 15,536,486 7,470,433
AGING OF POST PETITION MONTH: MARCH-01 TAXES AND PAYABLES ---------------
0 - 30 31 - 60 61 - 90 91 + TAXES PAYABLE DAYS DAYS DAYS DAYS TOTAL - ------------- ------ ------- ------- ----- ----- 1. Federal 2. State 3. Local 4. Other (See Below) 67,407 693,679 761,086 5. Total Taxes Payable 67,407 693,679 761,086 6. Accounts Payable 3,073,468 3,073,468
MONTH: MARCH-01 -------------- STATUS OF POST PETITION TAXES
BEGINNING TAX AMOUNT WITHHELD ENDING TAX FEDERAL LIABILITY AND/OR ACCRUED (AMOUNT PAID) LIABILITY - ------- ------------- -------------- ------------- --------- 1. Withholding ** 399,266 (399,266) 2. FICA - Employee ** 217,223 (217,223) 3. FICA - Employer ** 217,223 (217,223) 4. Unemployment 6,834 (6,834) 5. Income 6. Other (Attach List) 7. Total Federal Taxes 840,546 (840,546) STATE AND LOCAL 8. Withholding 97,835 (97,835) 9. Sales (FOOTNOTE) 8,627 3,466 12,093 10. Excise 11. Unemployment 14,598 (14,598) 12. Real Property (FOOTNOTE) 685,052 63,940 748,992 13. Personal Property 14. Other (Attach List) 15. Total State And Local 693,679 179,840 (112,433) 761,086 16. Total Taxes 693,679 1,020,386 (952,979) 761,086
* The beginning tax liability should represent the liability from the prior month or, if this is the first operating report, the amount should be zero. ** Attach photocopies of IRS Form 6123 or your FTD coupon and payment receipt to verify payment of deposit. This form X does does not have related footnotes on Footnotes Supplement. --- --- 9 CASE NAME: KEVCO DISTRIBUTION, LP ACCRUAL BASIS - 5 CASE NUMBER: 401-40789-BJH-11 The debtor in possession must complete the reconciliation below for each bank account, including all general, payroll and tax accounts, as well as all savings and investment accounts, money market accounts, certificates of deposit, government obligations, etc. Accounts with restricted funds should be identified by placing an asterisk next to the account number. Attach additional sheets if necessary. MONTH: MARCH-01 ------------------
BANK RECONCILIATIONS Account # 1 Account # 2 - -------------------- ----------- ----------- A. BANK: B. ACCOUNT NUMBER: Other Accounts C. PURPOSE (TYPE): (Attach List) TOTAL 1. Balance Per Bank Statement 2. Add: Total Deposits Not Credited 3. Subtract: Outstanding Checks 4. Other Reconciling Items 5. Month End Balance Per Books 6. Number of Last Check Written
INVESTMENT ACCOUNTS
DATE OF TYPE OF BANK, ACCOUNT NAME & NUMBER PURCHASE INSTRUMENT PURCHASE PRICE CURRENT VALUE - --------------------------- -------- ---------- -------------- ------------- 7. 8. 9. 10. (Attach List) 11. Total Investments CASH 12. Currency On Hand 1,483 13. Total Cash - End of Month 1,483
This form does x does not have related footnotes on Footnotes Supplement. --- --- 10 CASE NAME: KEVCO DISTRIBUTION, LP ACCRUAL BASIS - 6 CASE NUMBER: 401-40789-BJH-11 MONTH: MARCH-01 ------------------ PAYMENTS TO INSIDERS AND PROFESSIONALS Of the Total Disbursements shown for the month, list the amount paid to Insiders (as defined in Section 101 (31) (A) - (F) of the U.S. Bankruptcy Code) and to Professionals. Also, for payments to Insiders, identify the type of compensation paid (e.g. salary, bonus, commissions, insurance, housing allowance, travel, car allowance, etc.). Attach additional sheets if necessary. INSIDERS
TYPE OF AMOUNT TOTAL PAID NAME PAYMENT PAID TO DATE ---- ------- ------ ---------- 1. Martin, Steve Payroll 14,884 29,769 2. Martin, Steve Exp. Reimb. 708 708 3. 4. 5. (Attach List) 6. Total Payments To Insiders 15,592 30,477
PROFESSIONALS
DATE OF COURT ORDER TOTAL AUTHORIZING AMOUNT AMOUNT TOTAL PAID INCURRED NAME PAYMENT APPROVED PAID TO DATE & UNPAID * ---- ------------- -------- ---- ---------- ---------- 1. 2. 3. 4. 5. (Attach List) 6. Total Payments To Professionals
* Include all fees incurred, both approved and unapproved POST PETITION STATUS OF SECURED NOTES, LEASES PAYABLE AND ADEQUATE PROTECTION PAYMENTS
SCHEDULED AMOUNTS TOTAL MONTHLY PAID UNPAID PAYMENTS DURING POST NAME OF CREDITOR DUE MONTH PETITION ---------------- --------- ------- -------- 1. Bank of America (FOOTNOTE) 63,113,388 2. Leases Payable (FOOTNOTE) Not Available 3. 4. 5. (Attach List) 6. TOTAL 63,113,388
This form x does does not have related footnotes on Footnotes Supplement. --- --- 11 CASE NAME: KEVCO DISTRIBUTION, LP ACCRUAL BASIS - 7 CASE NUMBER: 401-40789-BJH-11 MONTH: MARCH-01 -------------- QUESTIONNAIRE
YES NO --- -- 1. Have any Assets been sold or transferred outside the normal course of business this reporting period? X 2. Have any funds been disbursed from any account other than a debtor in possession account? X 3. Are any Post Petition Receivables (accounts, notes, or loans) due from related parties? X 4. Have any payments been made on Pre Petition Liabilities this reporting period? X 5. Have any Post Petition Loans been received by the debtor from any party? X 6. Are any Post Petition Payroll Taxes past due? X 7. Are any Post Petition State or Federal Income Taxes past due? X 8. Are any Post Petition Real Estate Taxes past due? X 9. Are any other Post Petition Taxes past due? X 10. Are any amounts owed to Post Petition creditors delinquent? X 11. Have any Pre Petition Taxes been paid during the reporting period? X 12. Are any wage payments past due? X
If the answer to any of the above questions is "Yes", provide a detailed explanation of each item. Attach additional sheets if necessary. (SEE FOOTNOTE) INSURANCE
YES NO --- -- 1. Are Worker's Compensation, General Liability and other necessary insurance coverages in effect? X 2. Are all premium payments paid current? X 3. Please itemize policies below.
If the answer to any of the above questions is "No", or if any policies have been canceled or not renewed during this reporting period, provide an explanation below. Attach additional sheets if necessary. INSTALLMENT PAYMENTS
TYPE OF POLICY CARRIER PERIOD COVERED PAYMENT AMOUNT & FREQUENCY -------------- ------- -------------- -------------------------- Property Lexington, Allianz 5/29/00-5/29/01 Annual $286,600 Group Health Blue Cross/Blue Shield Self Insured Annual $1,504,861 Auto Liberty Mutual 9/1/00-9/1/01 Annual $250,245 General Liability Liberty Mutual 9/1/00-9/1/01 Annual $313,520 Umbrella National Union 6/1/00-9/1/01 Annual $103,349 Workers Compensation Liberty Mutual 9/1/00-9/1/01 Annual $944,320 Marine Cargo Firemans Fund 9/1/00-9/1/01 Annual $6,000
This form x does does not have related footnotes on Footnotes Supplement. --- --- 12 CASE NAME: KEVCO DISTRIBUTION, LP CASE NUMBER: 401-40789-BJH-11 MONTH: MARCH 31, 2001 ----------------- FOOTNOTES SUPPLEMENT ACCRUAL BASIS
ACCRUAL BASIS FORM LINE NUMBER NUMBER FOOTNOTE/EXPLANATION - ------ ------ -------------------- 1 1 Pursuant to the February 12, 2001 Order (1) Authorizing Continued Use of 3 1 Existing Forms and Records; (2) Authorizing Maintenance of Existing Corporate Bank Accounts and Cash Management System; and (3) Extending Time to Comply with 11 U.S.C. Section 345 Investment Guidelines, funds in the Bank of America and Key Bank deposit accounts are swept daily into Kevco's lead account number 1295026976. The Bank of America lead account is administered by, and held in the name of, Kevco Management Co. (co-debtor, Case No. 401-40788-BJH-11). Accordingly, all cash receipts and disbursements flow through Kevco Management's Bank of America DIP account. A schedule allocating receipts and disbursements among Kevco, Inc. and its subsidiaries is included in this report as a Supplement to Accrual Basis -3. Debtor does maintain several small petty cash accounts for use by its operating divisions. These petty cash accounts are included in the cash supplement schedule. 1 14C Debtor has capitalized certain long-term property leases in accordance with 1 22B Generally Accepted Accounting Principles. The asset "Capitalized Lease" was inadvertently omitted from Debtor's Schedules. The liabilities were not included in Debtor's Schedules although the leases were included in Schedule G. 1 15A Intercompany receivables/payables are from/to co-debtors Kevco Management Co. 1 27A (Case No. 401-40788-BJH-11), Kevco Manufacturing, LP (Case No. 7 3 401-40784-BJH-11), Kevco Holding, Inc. (Case No. 401-40785-BJH-11), DCM Delaware, Inc. (Case No. 401-40787-BJH-11), Kevco GP, Inc. (Case No. 401-40786-BJH-11), Kevco Components, Inc. (Case No. 401-40790-BJH-11), and Kevco, Inc. (Case No. 401-40783-BJH-11). 1 22A The Debtor records on its books accruals for certain liabilities based on historical estimates. While the known creditors were listed on the Debtor's Schedules, the estimated amounts were not. Accordingly, for purposes of this report, the accrued liabilities are reflected as post-petition "Accrued Liabilities."
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ACCRUAL BASIS FORM LINE NUMBER NUMBER FOOTNOTE/EXPLANATION - ------ ------ -------------------- 1 24 Pursuant to an Asset Purchase Agreement approved by the Court on February 23, 6 1 2001 and effective as of the same date among Kevco, Inc., Kevco Manufacturing, LP, Wingate Management Co. II, LP and Adorn, LLC, certain assets and liabilities of Design Components, a division of Kevco Manufacturing, were transferred to Adorn, LLC. At the effective date of purchase, Buyer assumed certain executory contracts, approximately $1.6 million of Kevco Manufacturing's unsecured pre-petition liabilities. $3.5 million of accounts receivable, $5 million of inventory and $2.2 million (book value) of property and equipment. Payment was made directly to Bank of America, the secured lender, thereby reducing pre-petition secured debt. The secured debt owed to Bank of America by Kevco, Inc. (Case No. 401-40783-BJH-11) has been guaranteed by all of its co-debtors (see Footnote 1,15A); therefore, the secured debt is reflected as a liability on all of the Kevco entities. Kevco, Inc.'s report reflects the transaction detail. 1 25 Pursuant to Order dated February 12, 2001 and Supplemental Order dated March 14, 2001, debtors were authorized to pay pre-petition salaries and wages up to a maximum of $4,300 per employee. Debtors were also (a) allowed to pay accrued vacation to terminated employees and (b) permitted to continue allowing employees to use vacation time as scheduled. 1 32 The direct charge to equity is due to the secured debt reduction pursuant to the sale of Design Components (see Footnote 1,24). The secured debt owed to Bank of America by Kevco, Inc. (Case No. 401-40783-BJH-11) has been guaranteed by all of its co-debtors (see Footnote 1,15A); therefore it is reflected as a liability on all of the Kevco entities. The charge to equity is simply an adjustment to the balance sheet. See Kevco, Inc.'s Monthly Operating Report for details of the transaction. 4 9 Sales tax owing is an accrual only and not yet due. Some of the property taxes 4 12 payable may be pre-petition. Once they are identified, the monthly operating report will be adjusted. 6 2 The Debtor is the lessee on hundreds of real and personal property leases, the vast majority of which have been or will soon be rejected. The Debtor does not isolate monthly payments due or paid on account of such leases. Instead, all lease payments are reflected in the Debtor's accounts payable system. To separately identify monthly accruals and payments on leases would require an enormous outlay of the Debtor's accounting personnel and professionals. The Debtor simply does not have available to it the resources that would be required to provide the detail requested. If any party-in-interest desires specific information about any specific lease, the Debtor will provide such information upon request.
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