EX-99.1 3 form8k-ex99_0225.txt EXHIBIT 99.1 - MARCH 1, 2002 CASE NAME: LACLEDE STEEL COMPANY FORM OPR-1A CASE NUMBER: 01-48321-399
As of July 31, Aug 31 Sep 30 Oct 31 Nov 30 Dec 31 Jan 31 BALANCE SHEETS 2001 * 2001 2001 2001 2001 2001 2001 ------------ ------------ ----------- ----------- ----------- ----------- ----------- Current Assets: Cash $ 195,000 $ 195,000 $ 195,000 $ 323,823 $ 323,823 $ 1,768,628 $ 1,738,037 Accounts receivable, net of allowances 15,675,287 15,410,249 14,814,241 6,752,519 3,553,199 1,268,641 583,151 Inventories 20,364,783 12,884,535 2,906,598 775,600 710,232 - - Accounts receivable from subsidiary 1,128,194 819,274 1,922,013 1,922,013 1,922,013 - - Deferred charges 1,782,385 2,120,896 - - - - - Prepaid expenses 1,111,176 1,072,297 586,394 725,872 567,621 694,301 694,301 ------------ ------------ ----------- ----------- ----------- ----------- ----------- Total Current Assets 40,256,825 32,502,251 20,424,246 10,499,827 7,076,888 3,731,570 3,015,489 ------------ ------------ ----------- ----------- ----------- ----------- ----------- Investment in subsidiary 12,262,947 12,382,185 12,721,249 13,065,675 13,179,470 - - Non-Current Assets: Unamortized debt issue costs 951,697 919,974 919,974 919,974 919,974 - - Reorganization value in excess of identifiable assets 21,024,511 20,838,453 20,838,453 20,838,453 20,838,453 - - Other 37,533 37,533 37,533 37,533 37,333 - - ------------ ------------ ----------- ----------- ----------- ----------- ----------- Total Non-Current Assets 22,013,741 21,795,960 21,795,960 21,795,960 21,795,760 - - ------------ ------------ ----------- ----------- ----------- ----------- ----------- Plant and Equipment, at cost 35,040,334 35,544,452 34,385,529 34,385,529 33,785,529 33,473,714 33,473,714 Less - accumulated depreciation (1,103,508) (1,261,152) (1,209,344) (1,209,344) (1,209,344) (1,209,344) (1,209,344) Net Plant and Equipment 33,936,826 34,283,300 33,176,185 33,176,185 32,576,185 32,264,370 32,264,370 ------------ ------------ ----------- ----------- ----------- ----------- ----------- Total Assets $108,470,339 $100,963,696 $88,117,640 $78,537,647 $74,628,303 $35,995,940 $35,279,859 ============ ============ =========== =========== =========== =========== ===========
I CERTIFY UNDER PENALTY OF PERJURY THAT TO THE BEST OF MY KNOWLEDGE THE FOLLOWING OPERATING REPORTS CONSISTING OF 12 PAGES ARE TRUE AND CORRECT. Date Submitted 2-21-02 Signed James B.Claes ----------- ---------------------------------------- * 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 Sep 30 Oct 31 Nov 30 Dec 31 Jan 31 BALANCE SHEETS 2001 2001 2001 2001 2001 2001 2002 ------------ ------------ ------------- ----------- ------------ ----------- ------------ Current Liabilities: Accounts payable $12,126,951 $12,126,951 $ 12,126,951 $ 12,126,951 $ 12,126,951 $ 12,126,951 $ 12,126,951 Accrued compensation 1,572,602 1,640,265 2,657,100 2,944,082 2,944,082 2,944,082 2,944,082 Accrued taxes other than income taxes 802,311 758,985 758,985 725,344 725,344 725,344 725,344 Interest on debt 548,423 575,509 515,214 459,548 429,601 207,350 207,350 Other current liabilities 2,385,429 1,760,535 2,664,510 2,863,139 2,862,738 2,862,939 2,875,377 ------------ ------------ ----------- ----------- ----------- ----------- ----------- Total Current Liabilities 17,435,716 16,862,245 18,722,760 19,119,064 19,088,716 18,866,666 18,879,104 ------------ ------------ ----------- ----------- ----------- ----------- ----------- Non-Current Liabilities: Pensions 3,027,693 3,027,693 3,027,693 3,027,693 3,027,693 3,027,693 3,027,693 Postretirement health care 50,960,618 50,960,618 50,960,618 50,959,926 50,959,927 50,959,926 50,959,926 Deferred income taxes 563,226 563,226 563,226 563,226 563,226 563,226 563,226 EAF dust reserve 202,358 202,358 202,358 202,213 202,213 202,213 202,213 Other (837) (649) (649) (649) - - - ------------ ------------ ----------- ----------- ----------- ----------- ----------- Total Non-Current Liabilities 54,753,058 54,753,246 54,753,246 54,752,409 54,753,059 54,753,058 54,753,058 ------------ ------------ ----------- ----------- ----------- ----------- ----------- Long-Term Debt Notes and bonds payable 6,783,658 7,527,105 7,527,105 7,527,105 7,527,105 4,301,781 4,301,781 Revolving credit 23,302,646 17,843,946 12,787,006 5,736,455 2,804,737 - - Term loan - banks 5,741,668 5,741,668 5,741,668 5,741,668 5,741,668 - - ------------ ------------ ----------- ----------- ----------- ----------- ----------- Total Long-Term Debt 35,827,972 31,112,719 26,055,779 19,005,228 16,073,510 4,301,781 4,301,781 ------------ ------------ ----------- ----------- ----------- ----------- ----------- Stockholders' Equity (Deficit): Common stock 35,100 35,100 35,100 35,100 35,100 35,100 35,100 Capital in excess of par value 12,465,000 12,465,000 12,465,000 12,465,000 12,465,000 12,465,000 12,465,000 Accumulated deficit (12,046,507) (14,264,614) (23,914,245) (26,839,154) (27,787,082) (54,425,665) (55,154,184) ------------ ------------ ----------- ----------- ----------- ----------- ----------- Total Stockholders' Equity (Deficit) 453,593 (1,764,514) (11,414,145) (14,339,054) (15,286,982) (41,925,565) (42,654,084) ------------ ------------ ----------- ----------- ----------- ----------- ----------- Total Liabilities and Stockholders' Equity (Deficit) $108,470,339 $100,963,696 $ 88,117,640 $ 78,537,647 $ 74,628,303 $ 35,995,940 $ 35,279,859 ============ ============ ============ ============ ============ ============ ============
CASE NAME: LACLEDE STEEL COMPANY FORM OPR-2 CASE NUMBER: 01-48321-399
Month Month Month Month Month Month Aug 31 Sep 30 Oct 31 Nov 30 Dec 31 Jan 31 STATEMENTS OF OPERATIONS 2001 2001 2001 2001 2001 2002 ----------- ----------- --------- --------- --------- --------- Net sales $ 7,191,670 $ 5,200,020 $ 118,593 $ 140,714 $ 146,488 $ 104,356 ----------- ----------- --------- --------- --------- --------- Costs and expenses: Cost of products sold 8,434,575 14,829,530 2,493,662 104,817 858,256 342,532 Selling and Administrative expenses 272,644 186,158 776,905 540,497 722,261 650,079 Depreciation and Amortization 343,702 - - - - - Interest expense, net 478,094 173,027 117,361 87,414 51,954 - Provision for uncollectible accounts - - - 469,709 1,467,228 - Recoveries from litigation and other claims - - - - (2,731,899) - Write-off of non-current assets - - - - 21,795,960 - ----------- ----------- --------- --------- --------- --------- Total costs and expenses 9,529,015 15,188,715 3,387,928 1,202,437 22,163,760 992,611 ----------- ----------- --------- --------- --------- --------- Loss before activities related to subsidiary (2,337,345) (9,988,695) (3,269,335) (1,061,723) (22,017,272) (888,255) Loss on sale of subsidiary - - - - (4,834,322) 159,736 Equity in earnings of subsidiary 119,238 339,064 344,426 113,795 213,011 - ----------- ----------- --------- --------- --------- --------- Loss before income taxes (2,218,107) (9,649,631) (2,924,909) (947,928) (26,638,583) (728,519) Provision (credit) for income taxes - - - - - - ----------- ----------- --------- --------- --------- --------- Net loss $ (2,218,107) $ (9,649,631) $ (2,924,909) $ (947,928) $(26,638,583) $( 728,519) ============ ============ ============ ========== ============ ============
CASE NAME: LACLEDE STEEL COMPANY FORM OPR-3 CASE NUMBER: 01-48321-399
Month Month Month Month Month Month August September October November December January STATEMENTS OF CASH FLOW 2001 2001 2001 2001 2001 20021 ------------ ------------ ------------ ---------- ------------- ------------- Cash flows from operating activities: Net income (loss) $ (2,218,107) $ (9,649,631) $ (2,924,909) $ (947,928) $ (26,638,583) $ (728,519) Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Depreciation and amortization 343,702 - - - - - Loss on sale of subsidiary - - - - 4,834,322 (159,736) Write-off of non-current assets - - - - 21,795,960 - Provision for uncollectible accounts - - - 469,709 1,467,228 - Changes in assets and liabilities that provided (used) cash: Accounts receivable 265,038 596,008 8,061,722 2,729,611 817,330 685,490 Inventories 7,480,248 9,977,937 2,130,998 65,368 710,232 - Accrued expenses 24,337 - - - - - Accrued pension cost - - - - - - Other assets and liabilities (675,847) 3,482,626 (88,437) 14,958 (250,127) 12,438 ------------ ------------ ------------ ---------- ------------- ------------- Net cash provided by (used in) operating activities before reorganization items 5,219,371 4,406,940 7,179,374 2,331,718 2,736,362 (190,327) ------------ ------------ ------------ ---------- ------------- ------------- Cash flows used in investing activities: Capital expenditures (504,118) - - - - - Net proceeds from sale of assets - 650,000 - 600,000 10,480,172 159,736 ------------ ------------ ------------ ---------- ------------- ------------- Net cash provided by (used in) investing activities (504,118) 650,000 - 600,000 10,480,172 159,736 ------------ ------------ ------------ ---------- ------------- ------------- Cash flows from financing activities: Payment of debtor in possession financing (4,723,586) (5,056,940) (7,050,551) (2,931,718) (2,804,737) - Term loan payment - - - - (5,741,668) - Payment of SWIDA bonds - - - - (3,225,324) - Other 8,333 - - - - - ------------ ------------ ------------ ---------- ------------- ------------- Net cash (used in) financing activities (4,715,253) (5,056,940) (7,050,551) (2,931,718) (11,771,729) - ------------ ------------ ------------ ---------- ------------- ------------- Cash and cash equivalents: Net increase (decrease) during the period - - 128,823 - 1,444,805 (30,591) At beginning of year 195,000 195,000 195,000 323,823 323,823 1,768,628 ------------ ------------ ------------ ---------- ------------- ------------- At end of period $ 195,000 $ 195,000 $ 323,823 $ 323,823 $ 1,768,628 $ 1,738,037 ============ ============ ============ ========== ============= =============
* Recording of charges incurred prior to July 27, 2001. CASE NAME - LACLEDE STEEL COMPANY 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 $15,602,409.25 $6,730,354.24 $4,379,114.96 $2,169,157.33 $938,402.28 $1,385,380.44 ----------------------------------------------------------------------------------------------------------- % of Total 100% 43.1% 28.1% 13.9% 6.0% 8.9% ------------------------------------------------------------------------------------------------------------------------------- Month: 10-31-01 $8,391,577.03 $698,518.13 $2,240,631.85 $2,742,193.88 $827,897.53 $1,882,335.64 ----------------------------------------------------------------------------------------------------------- % of Total 100% 8.3% 26.7% 32.7% 9.9% 22.4% ------------------------------------------------------------------------------------------------------------------------------- Month: 11-30-01 $5,192,256.97 $5,192,256.97 ----------------------------------------------------------------------------------------------------------- 100% 0.0% 0.0% 0.0% 0.0% 100.0% ------------------------------------------------------------------------------------------------------------------------------- Month: 12-31-01 $2,174,699.02 $2,174,699.02 ----------------------------------------------------------------------------------------------------------- 100% 0.0% 0.0% 0.0% 0.0% 100.0% ------------------------------------------------------------------------------------------------------------------------------- Month: 1-31-02 $1,323,368.77 $1,323,368.77 ----------------------------------------------------------------------------------------------------------- 100% 0.0% 0.0% 0.0% 0.0% 100.0% -------------------------------------------------------------------------------------------------------------------------------
CASE NAME: LACLEDE STEEL COMPANY SCHEDULE B CASE NUMBER: 01-48321-399
July 31 Aug 31 Sep 30 Oct 31 Nov 30 Dec 31 Jan 31 FIXED ASSETS * 2001 2001 2001 2001 2001 2001 2002 ----------- ----------- ----------- ----------- ----------- ----------- ----------- Real estate $ 2,215,000 $ 2,215,000 $ 2,215,000 $ 2,215,000 $ 2,215,000 $ 2,215,000 $ 2,215,000 Buildings 6,485,000 6,485,000 6,485,000 6,485,000 6,485,000 6,485,000 6,485,000 Machinery and equipment 26,340,334 26,844,452 25,685,529 25,685,529 25,085,529 24,773,714 24,773,714 ----------- ----------- ----------- ----------- ----------- ----------- ----------- $35,040,334 $35,544,452 $34,385,529 $34,385,529 $33,785,529 $33,473,714 $33,473,714 =========== =========== =========== =========== =========== =========== ===========
* Fixed assets are stated at values recorded in December 2000 in connection with Company's adoption of "fresh start" accounting. CASE NAME: LACLEDE STEEL COMPANY SCHEDULE C CASE NUMBER: 01-48321-399
As of July 27 Aug 31 Sep 30 Oct 31 Nov 30 Dec 31 Jan 31 2001 2001 2001 2001 2001 2001 2002 ---- ----------- ----------- ----------- ----------- --------- --------- TRADE ACCOUNTS PAYABLE $ - $ - $ - $ - $ - $ - $ - ---- ----------- ----------- ----------- ----------- --------- --------- TAXES PAYABLE Federal Payroll Taxes - - - - - - - State Payroll Taxes - - - - - - - State Sales Taxes - - - - - - - Local Payroll Taxes - - - - - - - Real Estate and Personal Property Taxes - 28,414 56,828 85,242 113,656 142,070 142,070 ---- ----------- ----------- ----------- ----------- --------- --------- TOTAL TAXES PAYABLE - 28,414 56,828 85,242 113,656 142,070 142,070 ---- ----------- ----------- ----------- ----------- --------- --------- OTHER LIABILITIES Post Petition Secured Debt * - 3,653,176 5,525,173 5,736,455 2,804,736 - - Accrued Interest Payable - 283,471 173,027 117,361 87,414 - - ---- ----------- ----------- ----------- ----------- --------- --------- TOTAL OTHER LIABILITIES - 3,936,647 5,698,200 5,853,816 2,892,150 - - ---- ----------- ----------- ----------- ----------- --------- --------- TOTAL POST PETITION DEBT $ - $ 3,965,061 $ 5,755,028 $ 5,939,058 $ 3,005,806 $ 142,070 $ 142,070 ==== =========== =========== =========== =========== ========= =========
* 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
Amount of Policy Premium Type of Insurance Carrier Name Coverage Expiration paid through ----------------------------------- ------------------------------------------- -------------- -------------- ------------ Workmen's Compensation - Illinois Traveller's Statutory 31-Dec-02 31-Dec-02 Workmen's Compensation - Missouri Traveller's Statutory 31-Dec-02 31-Dec-02 General Liability Royal Surplus Lines Ins. Co. (c/o Westrope) $1,000,000 30-Jun-20 30-Jun-02 Automobile Hartford Ins. Co. $1,000,000 31-Dec-02 31-Dec-02 Property Lloyds of London $22,500,000 01-Jul-02 01-Jul-02 Property Great Lakes Reinsurance Co. $7,500,000 01-Jul-02 01-Jul-02 Property (Excess) Employer's Insurance of Wausau $6,575,392 01-Jul-02 01-Jul-02
CASE NAME - LACLEDE STEEL COMPANY SCHEDULE D CASE NUMBER - 01-48321-399 2. STATEMENT OF PAYMENT TO SECURED CREDITORS
Amount Paid -------------------------------------------------------- Payee Description Oct Nov Dec Jan ------------ ----------- --------- -------- --------- --------- G.E. Capital Interest $ 173,027 $ 117,361 $ 139,369 $ - G.E. Capital Bank Fees $ 198,178 $ 40,951 $ (44,017) $ - --------- -------- --------- --------- Total paid $ 371,205 $ 158,312 $ 95,352 $ - ========= ========= ========= =========
CASE NAME - LACLEDE STEEL COMPANY SCHEDULE D CASE NUMBER - 01-48321-399 3. TAX PAYMENTS MADE IN JANUARY, 2002 Type of Tax Amount Check # Paid --------------------------------------- ------------- ---------- ------- F.I.C.A. - employer's portion Taxes paid by Ceridian Payroll Services Federal Unemployment Compensation Taxes paid by Ceridian Payroll Services Illinois Unemployment Compensation Taxes paid by Ceridian Payroll Services City Earnings Taxes paid by Ceridian Payroll Services CASE NAME - LACLEDE STEEL COMPANY SCHEDULE D CASE NUMBER - 01-48321-399 4. PAYMENTS TO OFFICERS Pay Name Date Amount ------------------------------------ ----------- ------------ Michael H. Lane 01/31/02 22,917.00 President James B. Claes 01/31/02 10,700.00 Controller & Asst. Secretary 4. PAYMENTS TO DIRECTORS DATE SERVICES ------------------------ ----------- ------------------ William J. Morgan 01/03/02 6,750.00 Thomas N. Tyrrell 01/03/02 6,750.00 David A. Higbee 01/03/02 4,500.00 George H. Walker III 01/03/02 6,750.00 John R. Parker 01/03/02 6,750.00 Jack Golden 01/03/02 6,750.00 John J. Jerome 01/03/02 6,750.00 ------------------ $ 45,000.00* ================== 5. PAYMENTS MADE THIS MONTH TO PROFESSIONALS Name DATE SERVICES ----------------------------- ----------- ------------------ Bryan Cave Jan-02 33,418.00 Goldstein and Pressman Jan-02 3,200.00 Groom Law Group Jan-02 681.00 ------------------ $ 37,299.00 ================== * Represents payments to Directors for service through December 31, 2001. Effective January 1, 2002 the Board has been reduced to include only one outside Director. CASE NAME - LACLEDE STEEL COMPANY 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 Sep 01 $1,694,935.53 $13,259,848.75 $10,000.00 Nov-01 $10,000.00 Oct 01 $1,021,286.63 Nov 01 $613,363.00 Dec 01 $914,302.00 $2,548,951.63 $7,500.00 Jan-02 $ 7,500.00 Jan 02 $1,012,745.00 (1)
(1) Includes $433,951 in retention payments to terminated employees, $201,424 in final insurance premiums for current coverage, and $89,589 in HMO premiums, primarily for terminated employees electing COBRA.