EX-99 3 form8k-ex99_1001.txt FINANCIALS CASE NAME: LACLEDE STEEL COMPANY FORM OPR-1A CASE NUMBER: 01-48321-399 As of July 31, Aug 31 BALANCE SHEETS 2001 * 2001 ---- ---- Current Assets: Cash 195,000 195,000 Accounts receivable, net of allowances 15,675,287 15,410,249 Inventories 20,364,783 12,884,535 Accounts receivable from subsidiaries 1,128,194 819,274 Deferred charges 1,782,385 2,120,896 Prepaid expenses 1,111,176 1,072,297 ------------------------------ Total Current Assets 40,256,825 32,502,251 ------------------------------ Non-Current Assets: Unamortized debt issue costs 951,697 919,974 Reorg. value in excess of indent. assets 21,024,511 20,838,453 Other 37,533 37,533 ------------------------------ Total Non-Current Assets 22,013,741 21,795,960 ------------------------------ Plant and Equipment, at cost 35,040,334 35,544,452 Less - accumulated depreciation -1,103,508 -1,261,152 ------------------------------ Net Plant and Equipment 33,936,826 34,283,300 ------------------------------ Total Assets 96,207,392 88,581,511 ============================== I CERTIFY UNDER PENALTY OF PERJURY THAT TO THE BEST OF MY KNOWLEDGE THE FOLLOWING OPERATING REPORTS CONSISTING OF PAGES ARE TRUE AND CORRECT. Date Submitted 10-11-01 Signed /s/ James B. Claus ----------------------- ------------------------------ * Bankruptcy filing was on Friday, July 27, 2001; in accordance with the Debtor's normal practices, Balance Sheet was prepared as of July 31, 2001.
CASE NAME: LACLEDE STEEL COMPANY FORM OPR-1B CASE NUMBER: 01-48321-399 As of July 31 Aug 31 BALANCE SHEETS 2001 2001 ------- -------- Current Liabilities: Accounts payable 12,126,951 1,2126,951 Accrued compensation 1,572,602 1,640,265 Accrued taxes other than income taxes 802,311 758,985 Interest on debt 548,423 575,509 Other current liabilities 2,385,429 1,760,535 ---------------------------- Total Current Liabilities 17,435,716 16,862,245 ---------------------------- Non-Current Liabilities: Pensions 3,027,693 3,027,693 Postretirement health care 50,960,618 50,960,618 Deferred income taxes 563,226 563,226 EAF dust reserve 202,358 202,358 Other -837 -649 ---------------------------- Total Non-Current Liabilities 54,753,058 54,753,246 ---------------------------- Long-Term Debt Notes and bonds payable 6,783,658 6,791,991 Bank credit facility 23,302,646 18,579,060 Term loan - banks 5,741,668 5,741,668 ---------------------------- Total Long-Term Debt 35,827,972 31,112,719 ---------------------------- Stockholders' Equity (Deficit): Common stock 35,100 35,100 Capital in excess of par value 12,465,000 12,465,000 Accumulated deficit -24,309,454 -26,646,799 ---------------------------- Total Stockholders' Equity (Deficit) -11,809,354 -14,146,699 ---------------------------- Total Liabilities and Stockholders' Equity (Deficit) 96,207,392 88,581,511 ============================
CASE NAME: LACLEDE STEEL COMPANY FROM OPR-2 CASE NUMBER: 01-48321-399 Month Aug 31 STATEMENTS OF OPERATIONS 2001 -------- Net sales 7,191,670 ----------------- Costs and expenses: Cost of products sold 8,434,575 Selling and Administrative expenses 272,644 Depreciation and Amortization 343,702 Interest expense, net 478,094 Unusual charges (credits) 0 ----------------- Total costs and expenses 9,529,015 ----------------- Profit (loss) before income taxes -2,337,345 Provision (credit) for income taxes 0 ----------------- Net profit (loss) -2,337,345 =================
CASE NAME: LACLEDE STEEL COMPANY FORM OPR-3 CASE NUMBER: 01-48321-399 Month August STATEMENTS OF CASH FLOW 2001 -------- Cash flows from operating activities: Net income (loss) ($2,337,345) Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Depreciation and amortization 343,702 Income taxes 0 Changes in assets and liabilities that provided (used) cash: Accounts receivable 265,038 Inventories 7,480,248 Accrued expenses 24,337 Accrued pension cost 0 Accrued postretirement medical benefits 0 Insurance claims advance 0 Other assets and liabilities -556,609 Net cash provided by (used in) operating activities ----------------- before reorganization items 5,219,371 ----------------- Operating cash flow from reorganization items - Bankruptcy related items 0 ----------------- Net cash provided by (used in) operating activities 5,219,371 ----------------- Cash flows used in investing activities: Capital expenditures -504,118 * Net proceeds from sale of assets 0 ----------------- Net cash provided by (used in) investing activities -504,118 ----------------- Cash flows from financing activities: Net borrowings from new credit facility -4,723,586 Increase in notes payable 8,333 Payment of financing costs 0 ----------------- Net cash (used in) financing activities -4,715,253 ----------------- Cash and cash equivalents: Net increase (decrease) during the period 0 At beginning of year 195,000 ----------------- At end of period $195,000 ================= * Recording of charges incurred prior to July 27, 2001.
CASE NAME - LACLEDE STEEL CO. SCHEDULE A CASE NUMBER - 01-48321-399 SCHEDULE OF ACCOUNTS RECEIVABLE AGING Total Accounts 0-30 31-60 61-90 91-120 Over 120 Receivable Days Days Days Days Days ---------- ---- ---- ---- ---- ---- Date of Filing: 7-27-01 $16,788,650.93 $9,478,834.75 $5,513,875.11 $563,817.22 $164,772.08 $1,067,351.77 % of Total 100% 56.5% 32.8% 3.4% 1.0% 6.4% Month: 8-31-01 $16,398,034.09 $8,989,454.79 $3,860,527.94 $2,123,733.80 $236,861.11 $1,187,456.45 % of Total 100% 54.8% 23.5% 13.0% 1.4% 7.2% Month: 9-30-01 $0.00 % of Total 0% 0.0% 0.0% 0.0% 0.0% 0.0% Month: 10-31-01 $0.00 % of Total 0% 0.0% 0.0% 0.0% 0.0% 0.0%
CASE NAME: LACLEDE STEEL COMPANY SCHEDULE B CASE NUMBER: 01-48321-399 July 31 Aug 31 FIXED ASSETS 2001 2001 ---------- -------- Real estate 2,215,000 2,215,000 Buildings 6,485,000 6,485,000 Primary metals 26,293,876 26,797,994 Office equipment 31,629 31,629 Obsolete equipment 7,239 7,239 General purpose trucks 7,590 7,590 ------------------------------- 35,040,334 35,544,452 ===============================
CASE NAME: LACLEDE STEEL COMPANY SCHEDULE C CASE NUMBER: 01-48321-399 As of July 27 Aug 31 2001 2001 --------- --------- TRADE ACCOUNTS PAYABLE 0 0 ------------------------------ TAXES PAYABLE Federal Payroll Taxes 0 0 State Payroll Taxes 0 0 State Sales Taxes 0 0 Local Payroll Taxes 0 0 Real Estate and Personal Property Taxes 0 28,414 ------------------------------ TOTAL TAXES PAYABLE 0 28,414 ------------------------------ OTHER LIABILITIES Post Petition Secured Debt 0 3,653,176 * Accrued Interest Payable 0 283,471 ------------------------------ TOTAL OTHER LIABILITIES 0 3,936,647 ------------------------------ TOTAL POST PETITION DEBT 0 3,965,061 ============================== * Net advances against DIP Facility subsequent to July 27, 2001.
CASE NAME - LACLEDE STEEL CO. SCHEDULE D CASE NUMBER - 01-48321-399 1. INSURANCE COVERAGE Premium Amount of Policy paid Type of Insurance Carrier Name Coverage Expiration through ------------------------------------------ ---------------------------------------- -------------- ---------- ------- Workmen's Compensation USF & G (c/o Utility Management) Statutory -2020 -2020 General Liability Royal Surplus Lines Ins. Co. (c/o Westrope) $1,000,000 -2020 -2020 Automobile Hartford Ins. Co. $1,000,000 -2020 -2020 Property (Include Business Interruption) Lloyds of London $22,500,000 -1996 -1996 Boiler and Machinery Travelers $100,000,000 -2020 -2020 Umbrella Liability Fireman's Fund (c/o Westrope) $50,000,000 -2020 -2020 Property (Include Business Interruption) Great Lakes Reinsurance Co. $7,500,000 -1996 -1996 Property (Excess) Employer's Insurance of Wausau $70,000,000 -1996 -1996 Foreign Great Northern As Needed -2020 -2020 Ocean Cargo Fireman's Fund $500,000 -2020 -2020
CASE NAME - LACLEDE STEEL CO. SCHEDULE D CASE NUMBER - 01-48321-399 2. STATEMENT OF PAYMENT TO SECURED CREDITORS Payee Description Amount Paid -------------------- ----------------------- ------------------- G.E. Capital Interest $246,313.00 G.E. Capital Bank Fees 12,026.94 ------------------- Total paid in August 2001 $258,339.94 ===================
CASE NAME - LACLEDE STEEL CO. SCHEDULE D CASE NUMBER - 01-48321-399 3. TAX PAYMENTS MADE IN AUGUST 2001 Type of Tax Amount Check # Paid ----------------------------------------------------- ---------------- ---------- ------------------ F.I.C.A. - employer's portion 17,070.52 474783 August 2001 F.I.C.A. - employer's portion 13,794.92 474957 August 2001 F.I.C.A. - employer's portion 7,884.20 474835 August 2001 F.I.C.A. - employer's portion 11,431.25 475050 August 2001 F.I.C.A. - employer's portion 383.58 474702 August 2001 F.I.C.A. - employer's portion 13,483.83 474850 August 2001 ---------------- Federal Payroll withholding taxes $64,048.30 Federal Unemployment Compensation 2.79 475050 August 2001 Federal Unemployment Compensation 5.78 474850 August 2001 Federal Unemployment Compensation 11.34 474957 August 2001 Federal Unemployment Compensation 25.73 474783 August 2001 ---------------- Federal Unemployment withholding taxes $45.64 Illinois Unemployment Compensation 18.14 475050 August 2001 Illinois Unemployment Compensation 136.59 474783 August 2001 Illinois Unemployment Compensation 51.15 474957 August 2001 Illinois Unemployment Compensation 20.28 747835 August 2001 August 2001 Pennsylvania Unemployment Compensation 41.58 474783 August 2001 Pennsylvania Unemployment Compensation 41.58 474957 August 2001 Pennsylvania Unemployment Compensation 24.93 474850 August 2001 ---------------- State Unemployment withholding taxes $334.25 Ronald A. Leggett, Collector 0.00 ---------------- St. Louis City employment tax $0.00 Illinois Electricity Excise Tax - Estimate #1 281.64 August 2001 Illinois Electricity Excise Tax - Estimate #2 281.64 August 2001 USX Realty-estimated real estate tax for November 2000 11,181.00 474753 August 2001 ---------------- Other taxes $11,744.28
CASE NAME - LACLEDE STEEL CO. SCHEDULE D CASE NUMBER - 01-48321-399 4. PAYMENTS TO OFFICERS Pay Name Date Amount --------------------------------------------------------------- -------------- David Higbee 8/31/01 $27,083.00 President & CEO Michael H. Lane 8/31/01 22,917.00 Executive V. P. Ralph M. Cassell 8/31/01 12,500.00 V. P. & General Mgr.-Wire James B. Claes 8/31/01 10,700.00 Controller & Asst. Secretary Jim Caporaletti 8/31/01 12,500.00 Vice President & General Mgr.-Pipe 4. PAYMENTS TO DIRECTORS Name DATE SERVICES --------------------------------------------------------------- -------------- None -------------- $0.00 ============== 5. PAYMENTS MADE THIS MONTH TO PROFESSIONALS Name DATE SERVICES --------------------------------------------------------------- -------------- None -------------- $0.00 ==============
CASE NAME - LACLEDE STEEL CO. SCHEDULE D CASE NUMBER - 01-48321-399 6. RECORD OF DISBURSEMENT AND PAYMENT OF QUARTERLY FEES Total Total Disb. Quarterly Period Ending Disbursements For Quarter Fee Date Paid Amount Paid -------------- -------------- ------------ ---------- ---------- ----------- Jul 01 $6,638,863.36 Aug 01 $4,926,049.86