EX-99.1 3 h94712ex99-1.txt MONTHLY OPERATING REPORT FOR JANUARY 2002 EXHIBIT 99.1 UNITED STATES BANKRUPTCY COURT SOUTHERN DISTRICT OF TEXAS HOUSTON DIVISION [STAMP] CASE NAME: LUMINANT WORLDWIDE CORPORATION Petition Date: 12/7/01 DBA WEBONE INC. DBA CLARANT INC. CASE NUMBER: 01-43445-H3-11
MONTHLY OPERATING REPORT SUMMARY FOR MONTH JANUARY YEAR 2002 MONTH DECEMBER JANUARY FEBRUARY MARCH APRIL MAY --------------------------------------- ------------ ------------ ------------ ------------ ------------ ------------ REVENUES (MOR-6) 1,381,266 411,135 -- -- -- -- INCOME BEFORE INT, DEPREC./TAX (MOR-6) (1,132,605) (1,356,091) -- -- -- -- NET INCOME (LOSS) (MOR-6) (1,808,279) (9,255,399) -- -- -- -- PAYMENTS TO INSIDERS (MOR-9) 260,935 120,425 -- -- -- -- PAYMENTS TO PROFESSIONALS (MOR-9) 50,000 -- -- -- -- -- TOTAL DISBURSEMENTS (MOR-8) (2,828,012) (1,636,095) -- -- -- --
*** The ORIGINAL of this document MUST BE FILED with the United States Bankruptcy Court and a COPY MUST BE SENT to the United States Trustee *** REQUIRED INSURANCE MAINTAINED AS OF SIGNATURE DATE
EXP. DATE ---------- CASUALTY YES ( ) NO ( ) LIABILITY YES ( ) NO ( ) VEHICLE YES ( ) NO ( ) WORKER'S YES ( ) NO ( ) OTHER - DIRECTOR/OFFICER YES ( ) NO ( )
ATTORNEY NAME: MYRON M. SHEINFELD FIRM: Akin, Gump, Strauss, Hauer & Feld Address: 711 Louisiana , Suite 1900 Address: City, State, ZIP: Houston, TX 77002 Telephone: 713-220-5800 Fax: 713-236-0822 CIRCLE ONE Are all accounts receivable being collected within terms? ( ) YES (X) NO Are all posted-petition liabilities, including taxes, being paid within terms? (X) YES ( ) NO Have any pre-petition liabilities been paid? (X) YES ( ) No If so, describe. Per various court orders related to payroll, contractors and employee expenses. Are all funds received being deposited into DIP bank accounts? (X) YES ( ) NO Were any assets disposed of outside the normal course of business? (X) YES ( ) NO If so, describe. 363 Asset Sale to Lante pursuant to order dated January 8, 2002. Are all U.S. Trustee Quarterly Fee Payments current? (X) YES ( ) NO What is the status of your Plan of Reorganization? Debtor expects to file Plan and Disclosure Statement by April 1, 2002. I certify under penalty of perjury that the following complete Monthly Operating Report (MOR), consisting of MOR-1 through MOR-9 plus attachments, is true and correct. SIGNED: /s/ H. MALCOLM LOVETT, JR. -------------------------------------------- H. Malcolm Lovett, Jr. TITLE: President -------------------------------------------- MOR-1 CASE NAME: LUMINANT WORLDWIDE CORPORATION CASE NUMBER: 01-43445-H3-11 DBA WEBONE INC. DBA CLARANT INC. COMPARATIVE BALANCE SHEETS
ASSETS FILING DATE * MONTH MONTH MONTH MONTH MONTH MONTH 12/7/2001 December January February March April May ----------- ----------- ----------- ----------- ----------- ----------- --------- CURRENT ASSETS Cash & Cash Equivalents 14,294 (678,708) 6,895,451 Restricted Cash 1,799,880 1,799,880 1,799,880 Accounts Receivable, Net 6,479,104 5,841,547 1,470,767 Prepaid Insurance 207,481 143,836 54,738 Prepaid Expenses 397,658 169,868 481 Investments -- -- -- Other 652,548 563,642 193,110 TOTAL CURRENT ASSETS 9,550,965 7,840,065 10,414,427 -- -- -- -- PROPERTY, PLANT&EQUIP, @ COST 22,267,776 22,261,671 3,166,972 Less Accumulated Depreciation 11,875,835 12,338,662 2,716,972 Net Book Value of PP & E (1) 10,391,941 9,923,009 450,000 -- -- -- -- OTHER ASSETS: 1. Deposits 238,554 224,839 221,689 2. Deferred Debt Issue & Interests Costs 713,936 689,438 -- 3. Other 41,250 41,250 -- TOTAL ASSETS 20,936,646 18,718,601 11,086,116 -- -- -- --
* Per Amendend Schedules and Statement of Affairs MOR-2 (1) Management's estimate of liquidated value. CASE NAME: LUMINANT WORLDWIDE CORPORATION CASE NUMBER: 01-43445-H3-11 DBA WEBONE INC. DBA CLARANT INC. COMPARATIVE BALANCE SHEETS
LIABILITIES & OWNER'S FILING DATE * MONTH MONTH MONTH MONTH EQUITY 12/7/2001 December January February March ------------------------------------- ----------- ----------- ----------- ----------- ----------- LIABILITIES: POST-PETITION LIABILITIES (MOR-4) -- 411,788 990,943 -- -- PRE-PETITION LIABILITIES: Notes Payable - Secured -- -- -- Priority Debt -- -- -- Federal Income Tax -- -- -- FICA/Withholding 17,456 17,456 7,476 Unsecured Debt -- -- -- Other 42,117,050 41,293,474 42,347,213 TOTAL PRE-PETITION LIABILITIES 42,134,506 41,310,930 42,354,689 -- -- TOTAL LIABILITIES 42,134,506 41,722,718 43,345,632 -- -- OWNER'S EQUITY (DEFICIT): Preferred Stock -- -- -- Common Stock 306,835 306,835 306,835 ADDITIONAL PAID-IN CAPITAL 455,489,941 455,491,963 455,491,963 RETAINED EARNINGS: Filing Date (476,994,636) (476,994,636) (476,994,636) RETAINED EARNINGS: Post Filing Date (1,808,279) (11,063,678) TOTAL OWNER'S EQUITY (NET WORTH) (21,197,860) (23,004,117) (32,259,516) -- -- TOTAL LIABILITIES & OWNER'S EQUITY 20,936,646 18,718,601 11,086,116 -- -- LIABILITIES & OWNER'S MONTH MONTH EQUITY April May ------------------------------------- ----------- ----------- LIABILITIES: POST-PETITION LIABILITIES (MOR-4) -- -- PRE-PETITION LIABILITIES: Notes Payable - Secured Priority Debt Federal Income Tax FICA/Withholding Unsecured Debt Other TOTAL PRE-PETITION LIABILITIES -- -- TOTAL LIABILITIES -- -- OWNER'S EQUITY (DEFICIT): Preferred Stock Common Stock ADDITIONAL PAID-IN CAPITAL RETAINED EARNINGS: Filing Date RETAINED EARNINGS: Post Filing Date TOTAL OWNER'S EQUITY (NET WORTH) -- -- TOTAL LIABILITIES & OWNER'S EQUITY -- --
MOR-3 * Per Amended Schedules and Statement of Affairs CASE NAME: LUMINANT WORLDWIDE CORPORATION CASE NUMBER: 01-43445-H3-11 DBA WEBONE INC. DBA CLARANT INC. SCHEDULE OF POST-PETITION LIABILITIES
MONTH MONTH MONTH MONTH DECEMBER JANUARY FEBRUARY MARCH -------------- -------------- -------------- -------------- TRADE ACCOUNTS PAYABLE 215,958 212,417 TAX PAYABLE -- -- Federal Payroll Taxes -- -- State Payroll & Sales -- -- Ad Valorem Taxes -- -- Other Taxes -- -- TOTAL TAXES PAYABLE -- -- -- -- SECURED DEBT POST-PETITION -- -- ACCRUED INTEREST PAYABLE 95,830 161,636 ACCRUED PROFESSIONAL FEES (1) 100,000 412,000 OTHER LIABILITIES: 1. Cash Due Lante -- 173,475 2 Unapplied Cash -- 31,415 3 -- -- TOTAL POST-PETITION LIABILITIES (MOR-3) 411,788 990,943 -- -- MONTH MONTH APRIL MAY -------------- -------------- TRADE ACCOUNTS PAYABLE TAX PAYABLE Federal Payroll Taxes State Payroll & Sales Ad Valorem Taxes Other Taxes TOTAL TAXES PAYABLE -- -- SECURED DEBT POST-PETITION ACCRUED INTEREST PAYABLE ACCRUED PROFESSIONAL FEES (1) OTHER LIABILITIES: 1. Cash Due Lante 2 Unapplied Cash 3 TOTAL POST-PETITION LIABILITIES (MOR-3) -- --
(1) Based on verbal estimates received from debtors and creditors counsel. MOR-4 CASE NAME: LUMINANT WORLDWIDE CORPORATION CASE NUMBER: 01-43445-H3-11 DBA WEBONE INC. DBA CLARANT INC. AGING OF POST-PETITION LIABILITIES MONTH OF JANUARY
AD-VALOREM, DAYS TOTAL TRADE ACCTS FED TAXES STATE TAXES OTHER TAXES OTHER -------------------- ------------- ------------- ------------- ------------- ------------- ------------- 0-30 671,995 89,299 -- -- -- 582,696 31-60 318,948 123,118 -- -- -- 195,830 61-90 -- -- -- -- -- -- 91 + -- -- -- -- -- -- TOTAL 990,943 212,417 -- -- -- 778,526
AGING OF ACCOUNTS RECEIVABLE
MONTH DECEMBER JANUARY FEBRUARY MARCH APRIL MAY -------------------- ------------- ------------- ------------- ------------- ------------- ------------- 0-30 1,633,137 -- 31-60 2,028,903 280,861 61-90 645,916 270,618 91 + 1,533,591 919,288 TOTAL 5,841,547 1,470,767 -- -- -- --
MOR-5 CASE NAME: LUMINANT WORLDWIDE CORPORATION CASE NUMBER: 01-43445-H3-11 DBA WEBONE INC. DBA CLARANT INC. STATEMENT OF INCOME (LOSS)
MONTH 12/7/-12/31/2001 JANUARY FEBRUARY MARCH APRIL ---------------------------------------- ---------------- ----------- ----------- ----------- ----------- REVENUES (MOR-1) 1,381,266 411,135 TOTAL COST OF REVENUES 1,311,286 493,011 GROSS PROFIT 69,980 (81,876) -- -- -- OPERATING EXPENSES: Selling & Marketing 9,001 5,000 General & Administrative 767,348 783,285 Insiders Compensation 220,025 92,182 Professional Fees 206,211 393,747 Other (attach list) -- -- TOTAL OPERATING EXPENSES 1,202,585 1,274,214 -- -- -- INCOME BEFORE INT, DEPR/TAX (MOR-1) (1,132,605) (1,356,091) -- -- -- INTEREST EXPENSE 212,592 149,421 DEPRECIATION 468,932 150,208 OTHER (INCOME) EXPENSE * (5,850) (1,030) OTHER ITEMS ** (see attached schedule) -- 7,600,708 TOTAL INT, DEPR & OTHER ITEMS 675,674 7,899,308 -- -- -- NET INCOME BEFORE TAXES (1,808,279) (9,255,399) -- -- -- FEDERAL INCOME TAXES -- -- NET INCOME (LOSS) (MOR-1) (1,808,279) (9,255,399) -- -- -- MONTH MAY FILING TO DATE ---------------------------------------- ----------- -------------- REVENUES (MOR-1) 1,792,401 TOTAL COST OF REVENUES 1,804,297 GROSS PROFIT -- (11,896) OPERATING EXPENSES: Selling & Marketing 14,001 General & Administrative 1,550,633 Insiders Compensation 312,207 Professional Fees 599,958 Other (attach list) -- TOTAL OPERATING EXPENSES -- 2,476,799 INCOME BEFORE INT, DEPR/TAX (MOR-1) -- (2,488,696) INTEREST EXPENSE 362,013 DEPRECIATION 619,140 OTHER (INCOME) EXPENSE * (6,880) OTHER ITEMS ** (see attached schedule) 7,600,708 TOTAL INT, DEPR & OTHER ITEMS -- 8,574,982 NET INCOME BEFORE TAXES -- (11,063,678) FEDERAL INCOME TAXES NET INCOME (LOSS) (MOR-1) -- (11,063,678)
Accrual Accounting Required, Otherwise Footnote With Explanation * Footnote Mandatory ** Unusual and/or infrequent item(s) outside the ordinary course of business; requires footnote MOR-6 LUMINANT WORLDWIDE CASE NUMBER 01-43445-H3-11 DBA WEBONE INC. DBA CLARANT INC. MOR-6
OTHER (INCOME) EXPENSE Interest Income (1,030) Loss on Lante purchase of AR 977,862 Loss on Lante purchase of Fixed Assets 4,123,831 Gain on sale of Fixed Assets (69,473) 2000 payroll taxes (9,980) Employee loans reserve 7,231 Administaff credit 144,541 Prepaid expenses 62,571 Prepaid services 20,763 Administaff credit 41,250 OID for HBK 604,438 NY additional 2 weeks-Restructuring (313,646) Accrued vacation (125,705) OID for HBK 2,138,055 --------------- $ 7,600,708
CASE NAME: LUMINANT WORLDWIDE CORPORATION CASE NUMBER: 01-43445-H3-11 DBA WEBONE INC. DBA CLARANT INC.
CASH RECEIPTS AND MONTH MONTH MONTH MONTH DISBURSEMENTS 12/7-12/31/2001 JANUARY FEBRUARY MARCH ----------------------------------------------------- --------------- --------------- --------------- --------------- 1. CASH - BEGINNING OF MONTH 1,814,174 1,121,172 RECEIPTS: 2. CASH SALES -- -- 3. COLLECTION OF ACCOUNTS RECEIVABLE 2,895,655 928,208 4. LOANS & ADVANCES (ATTACH LIST) (829,247) -- 5. SALE OF ASSETS 11,600 7,815,706 6. OTHER (ATTACH LIST) 57,002 466,340 TOTAL RECEIPTS 2,135,010 9,210,254 -- -- (WITHDRAWAL) CONTRIBUTION BY INDIVIDUAL DEBTOR MFR-2* -- -- DISBURSEMENTS: 7. NET PAYROLL 1,429,401 506,572 8. PAYROLL TAXES PAID 883,666 269,923 9. SALES, USE & OTHER TAXES PAID 1,084 2,181 10. SECURED / RENTAL / LEASES -- 437,809 11. UTILITIES -- 2,555 12. INSURANCE -- -- 13. INVENTORY PURCHASES -- -- 14. VEHICLE EXPENSES -- -- 15. TRAVEL & ENTERTAINMENT 298,648 180,054 16. REPAIRS, MAINTENANCE & SUPPLIES -- -- 17. ADMINISTRATIVE & SELLING 3,671 5,353 18. OTHER (ATTACH LIST) 161,542 219,899 TOTAL DISBURSEMENTS FROM OPERATIONS 2,778,012 1,624,346 -- -- 19. PROFESSIONAL FEES 50,000 -- 20. U.S. TRUSTEE FEES -- 11,750 21. OTHER REORGANIZATION EXPENSES (ATTACH LIST) -- -- -- TOTAL DISBURSEMENTS 2,828,012 1,636,096 -- -- 22. NET CASH FLOW (693,002) 7,574,158 -- -- 23. CASH - END OF MONTH (MOR-2) 1,121,172 8,695,330 -- -- CASH RECEIPTS AND MONTH MONTH FILING TO DISBURSEMENTS APRIL MAY DATE ----------------------------------------------------- --------------- --------------- --------------- 1. CASH - BEGINNING OF MONTH 1,814,174 RECEIPTS: 2. CASH SALES -- 3. COLLECTION OF ACCOUNTS RECEIVABLE 3,823,863 4. LOANS & ADVANCES (ATTACH LIST) (829,247) 5. SALE OF ASSETS 7,827,306 6. OTHER (ATTACH LIST) 523,342 TOTAL RECEIPTS -- -- 11,345,264 (WITHDRAWAL) CONTRIBUTION BY INDIVIDUAL DEBTOR MFR-2* DISBURSEMENTS: 7. NET PAYROLL 1,935,973 8. PAYROLL TAXES PAID 1,153,589 9. SALES, USE & OTHER TAXES PAID 3,265 10. SECURED / RENTAL / LEASES 437,809 11. UTILITIES 2,555 12. INSURANCE -- 13. INVENTORY PURCHASES -- 14. VEHICLE EXPENSES -- 15. TRAVEL & ENTERTAINMENT 478,702 16. REPAIRS, MAINTENANCE & SUPPLIES -- 17. ADMINISTRATIVE & SELLING 9,024 18. OTHER (ATTACH LIST) 381,441 TOTAL DISBURSEMENTS FROM OPERATIONS -- -- 4,402,358 19. PROFESSIONAL FEES 50,000 20. U.S. TRUSTEE FEES 11,750 21. OTHER REORGANIZATION EXPENSES (ATTACH LIST) -- TOTAL DISBURSEMENTS -- -- 4,464,108 22. NET CASH FLOW -- -- 6,881,156 23. CASH - END OF MONTH (MOR-2) -- -- 8,695,330
MOR-7 * applies to Individual debtor's only. LUMINANT WORLDWIDE CASE NUMBER 01-43445-H3-11 DBA WEBONE INC. DBA CLARANT INC. MOR-7 #6 OTHER RECEIPTS Alex Brown 765 Dividends Cash received on behalf of Lante-Purchased AR 173,475 Cash received on behalf of Lante-Disputed AR items 58,475 Unapplied cash-Ciber 27,940 Wells Fargo 1,433 Bank Credit Wells Fargo 257 Dividend Verizon refund 78 Cash received on behalf of Versatech-Ciber 203,917 --------- 466,340
LUMINANT WORLDWIDE CASE NUMBER 01-43445-H3-11 DBA WEBONE INC. DBA CLARANT INC. MOR-7 #18 OTHER DISBURSEMENTS Cash received on behalf of Versatech-Ciber 203,917 Improved Positions, Inc. 10,132 Jayagobi Natesan 5,850 --------- $ 219,899
CASE NAME: LUMINANT WORLDWIDE CORPORATION CASE NUMBER: 01-43445-H3-11 DBA WEBONE INC. DBA CLARANT INC. CASH ACCOUNT RECONCILIATION MONTH OF JANUARY
BANK NAME WELLS FARGO WELLS FARGO WELLS FARGO WELLS FARGO --------------- --------------- --------------- --------------- ACCOUNT NUMBER 437-5680717 4759 628944 4950 042952 ACCOUNT TYPE Master Operating Positive Pay Payroll Restricted Cash BANK BALANCE 7,384,395 -- -- -- DEPOSIT IN TRANSIT -- -- -- 1,799,880 OUTSTANDING CHECKS (254,162) (191,066) (89,063) -- ADJUSTED BANK BALANCE 7,130,233 (191,066) (89,063) 1,799,880 BEGINNING CASH - PER BOOKS 12,145 (18,564) (689,900) 1,799,880 RECEIPTS 8,498,296 -- -- -- TRANSFERS BETWEEN ACCOUNTS (1,377,326) 682,199 1,375,070 -- (WITHDRAWAL) CONTRIBUTION - BY INDIVIDUAL DEBTOR MFR-2 -- -- -- -- CHECKS / OTHER DISBURSEMENTS (2,882) (854,702) (774,233) -- ENDING CASH - PER BOOKS 7,130,233 (191,066) (89,063) 1,799,880 BANK NAME ACCOUNT NUMBER GRAND ACCOUNT TYPE Other Funds TOTAL BANK BALANCE -- 7,384,395 DEPOSIT IN TRANSIT 45,347 1,845,227 OUTSTANDING CHECKS -- (534,292) ADJUSTED BANK BALANCE 45,347 8,695,330 BEGINNING CASH - PER BOOKS 17,610 1,121,171 RECEIPTS 711,958 9,210,254 TRANSFERS BETWEEN ACCOUNTS (679,944) -- (WITHDRAWAL) CONTRIBUTION - BY INDIVIDUAL DEBTOR MFR-2 -- -- CHECKS / OTHER DISBURSEMENTS (4,277) (1,636,095) ENDING CASH - PER BOOKS 45,348 8,695,330
MOR-8 CASE NAME: LUMINANT WORLDWIDE CORPORATION CASE NUMBER: 01-43445-H3-11 CASE NAME: LUMINANT WORLDWIDE CORPORATION CASE NUMBER: 01-43445-H3-11 DBA WEBONE INC. DBA CLARANT INC. PAYMENTS TO INSIDERS AND PROFESSIONALS OF THE TOTAL DISBURSEMENTS SHOWN FOR THE MONTH, LIST THE AMOUNT PAID TO INSIDERS (AS DEFINED IN SECTION 101(30)(A)-(F) OF THE U. S. BANKRUPTCY CODE) AND THE PROFESSIONALS. ALSO, FOR INSIDERS IDENTIFY THE TYPE OF COMPENSATION PAID (E.G., SALARY, COMMISSION, BONUS, ETC.) (ATTACH ADDITIONAL PAGES AS NECESSARY).
INSIDERS: NAME/POSITION/COMP TYPE MONTH MONTH MONTH MONTH MONTH MONTH 12/7-12/31/2001 JANUARY FEBRUARY MARCH APRIL MAY --------------- --------------- --------------- ----- ----- ----- 1. GARY BADRICK 29,051 -- 2. TOM BEVIVINO 23,855 31,690 3. COURTNEY BRIEN 12,693 12,584 4. JIM COREY 39,911 23,332 5. DAVID DEBBS 27,691 7,499 6. TOD KNIGHT 21,294 5,861 7. TIM PHILLIPS 30,067 7,061 8. DAVID QUACKENBUSH 31,721 8,783 9. PERRY SCROGGIE 17,073 16,962 10. SCOTT WILLIAMSON 27,579 6,653 TOTAL INSIDERS (MOR-1) 260,935 120,425 -- -- -- --
PROFESSIONALS/NAME/ORDER DATE MONTH MONTH MONTH MONTH MONTH MONTH 12/7-12/31/2001 JANUARY FEBRUARY MARCH APRIL MAY --------------- --------------- --------------- ----- ----- ---------- 1. WILMER, CUTLER & PICKERING-12/7/2001 50,000 -- 2 3 4 5 6 TOTAL PROFESSIONALS (MOR-1) 50,000 -- -- -- -- --
MOR-9