EX-99.1 2 january2003.txt TRANSMITTAL OF FINANCIAL REPORTS PERIOD 01FEB2003 Exhibit 99.1 TRANSMITTAL OF FINANCIAL REPORTS AND CERTIFICATION OF COMPLIANCE WITH UNITED STATES TRUSTEE OPERATING REQUIREMENTS FOR THE PERIOD ENDED 02/01/03 IN RE: CASE NO: 01-44007 THROUGH 10-44015 ------------------------- Chapter 11 Phar-Mor, Inc Judge: Judge Bodoh ---------------- ------------------------- As debtor-in-possession, I affirm: 1) That I have reviewed the financial statements attached hereto, consisting of: Summary of Cash & Debt Activity Page 2 ------------ Weekly Cash Summary Page 3 ------------ Accounts Receivable Rollforward Page 4 ------------ Accounts Payable Rollforward Page 5 ------------ Officer & Director Pay Page 6 ------------ Closed Bank Accounts Page 7 ------------ Balance Sheet Page 8 ------------ and they have been prepared in accordance with normal and customary accounting practices, and fairly and accurately reflect the debtor's financial activity for the period stated; 2) That the insurance as described in Section 4 of the Operating Instructions and Reporting Requirements for Chapter 11 Cases is in effect; and, 3) That all postpetition taxes as described in Sections 1 and 14 of the Operating Instructions and Reporting Requirements for Chapter 11 Cases are current. 4) No professional fees (attorney, accountant, etc.) have been paid without specific court authorization. I hereby certify, under penalty of perjury, that the information provided herein is true and correct to the best of my information and belief. Dated: 02/19/03 /s/ Martin S. Seekely ------------------------ ----------------------------------- Debtor-in-Possession Vice President and Chief Financial Officer ----------------------------------- Title 330-740-2920 ----------------------------------- Phone 2
Phar-Mor, Inc Lead Schedule(1)(2) Summary of Cash and Debt Activity 5-Weeks Ended 2/1/03 --------------------- Cash Summary (3) (4) Beginning Cash Balance $ 58,441,053 + Total Receipts $ 2,110,608 - Total Disbursements 1,268,674 --------------------- Net Cash Activity $ 841,934 Cash Balance before Debt $ 59,282,987 Net Fleet Activity - --------------------- Ending Cash Balance $ 59,282,987 Fleet Retail Finance Debt Activity Summary (4) Beginning Revolver Balance $ - +/- Total Facility Activity (5) - --------------------- Ending Revolver Balance $ - Attached Schedules Schedule Name Page Schedule A - Weekly Cash Summary 3 Schedule B - Accounts Receivable Rollforward 4 Schedule C - Accounts Payable Rollforward 5 Schedule D - Officer and Director Pay 6 Schedule E - Closed Bank Accounts 7 Schedule F - Balance Sheet 8 (1) The Operating Report covers the period of December 29, 2002 through February 01, 2003(end of fiscal January) unless otherwise noted (2) All information in this monthly operating report includes all filing entities of Phar-Mor, Inc. Separate information is not available as financial information and cash activity is commingled among all filing entities. (3) All cash information within the Operating Report excludes cash balances at stores, cash in transit from stores, cash balances in store depository accounts, or outstanding checks (4) See Schedule A (Pg 3) for the weekly detail of cash and debt activity summarized on this page (5) Includes borrowings, pay-downs, changes in letter of credit balances, and fees and adjustments made by Fleet
3 January Cash Activity 1/3/03 1/10/03 1/17/03 1/24/03 1/31/03 Total -------------------------------------------------------------------------------------------- Operating Cash Activity + Cash Receipts $ - $ - $ - $ - $ - $ - + Credit/Debit Card Receipts - - - + AR & 3rd Party Receipts 262,636 497,569 65,914 53,620 300,965 1,180,704 + Other Receipts (2) 14,735 14,742 870,939 14,782 14,706 929,904 -------------------------------------------------------------------------------------------- Total Receipts $ 277,371 $ 512,311 $ 936,853 $ 68,402 $ 315,671 $ 2,110,608 - AP & Vendor Payments $ 119,976 $ 382,642 $ 128,779 $ 20,029 $ 114,428 $ 765,854 - Non-Merchandise Payments 23,425 76,944 - 34,257 30,389 165,015 - Total Payroll 24,667 49,683 45,485 41,456 176,514 337,805 -------------------------------------------------------------------------------------------- Total Disbursements $ 168,068 $ 509,269 $ 174,264 $ 95,742 $ 321,331 $ 1,268,674 -------------------------------------------------------------------------------------------- Net Operating Cash Activity $ 109,303 $ 3,042 $ 762,589 $ (27,340) $ (5,660) $ 841,934 -------------------------------------------------------------------------------------------- Pre-Debt Cash Summary Beginning Cash Balance $ 58,441,053 $ 58,550,356 $ 58,553,398 $ 59,315,987 $ 59,288,647 $ 58,441,053 +/- Net Cash Activity 109,303 3,042 762,589 (27,340) (5,660) 841,934 -------------------------------------------------------------------------------------------- Cash Balance before Debt $ 58,550,356 $ 58,553,398 $ 59,315,987 $ 59,288,647 $ 59,282,987 $ 59,282,987 Fleet Activity + Weekly Borrowings $ - $ - $ - $ - $ - $ - - Weekly Paydown - - - - - - ------------------------------------------------------------------------------------------ Net Fleet Activity $ - $ - $ - $ - $ - $ - ------------------------------------------------------------------------------------------ Cash Balance After Debt $ 58,550,356 $ 58,553,398 $ 59,315,987 $ 59,288,647 $ 59,282,987 $ 59,282,987 ------------------------------------------------------------------------------------------ Summary of Outstanding Debt Beginning Revolver Balance (3) $ - $ - $ - $ - $ - $ - +/- Net Fleet Activity - - - - - - +/- Fleet Fees & Adjustments - - - - - - +/- Changes in LOCs - - - - - - ------------------------------------------------------------------------------------------ Ending Revolver Balance (3) $ - $ - $ - $ - $ - $ - (1) Based on the timing of checks clearing (no float) (2) Includes proceeds received from asset sales (inventory, scripts files)
4 Phar-Mor, Inc Schedule B-Accounts Receivable Rollforward(1) 5-Weeks Ended 2/1/03 ---------------------------------- Rollforward Beginning Balance as of 12/29/2002 $ 217,235 + Sales on Account $ 10,039 - Collections/Adjustments (222,354) ------------------ Net Change in Receivables $ (212,315) Ending Receivables Balance $ 4,920 Ending Balance Aging Balance % of Total ---------------------------------- 0-30 Days $ - 0.0% 31-60 Days - 0.0% 61-90 Days - 0.0% Over 90 Days 4,920 100.0% ---------------------------------- Total $ 4,920 100.0% (1) Accounts receivables relate to pharmacy 3rd party amounts owed and amounts owed from credit card companies
5 Phar-Mor, Inc Schedule C-Accounts Payable Rollforward 5-Weeks Ended 2/1/03 ---------------------------------- Rollforward Beginning Balance as of 12/29/02 (1) $ (5,958,889) + New Credit $ 730,149 - Checks Cut (410,529) - Payments Received from Vendors 313,681 ------------------ Net Change in Payables $ 633,301 Ending Payables Balance (2) $ (5,325,588) Ending Balance Aging Balance % of Total ---------------------------------- 0-30 Days $ 443,030 -8.3% 31-60 Days 4,935 -0.1% 61-90 Days 114,783 -2.2% Over 90 Days (5,888,336) 110.6% ---------------------------------- Total $ (5,325,588) 100.0% (1) Payables balance is zero on petition date per the automatic stay provision (2) Debit balance is the result of "cash in advance" terms and deposits paid to vendors during the Operating Report period
6 Phar-Mor, Inc Schedule D-Officer and Director Pay 1/3/03 1/10/03 1/17/03 1/24/03 1/31/03 Total ------------------------------------------------------------------------------------------------------ Non-Officer $ 15,904 $ 40,920 $ 36,722 $ 32,693 $ 167,751 $ 293,990 Officers 8,763 8,763 8,763 8,763 8,763 43,815 ------------------------------------------------------------------------------------------------------ Total Payroll $ 24,667 $ 49,683 $ 45,485 $ 41,456 $ 176,514 $ 337,805
7 Phar-Mor, Inc Schedule E-Closed Bank Accounts Financial Institution Entity Account Name Account Number Date No accounts closed during January 2003
8 Phar-Mor, Inc Schedule F-Balance Sheet PHAR-MOR, INC. AND SUBSIDIARIES (DEBTOR-IN-POSSESSION) CONSOLIDATED STATEMENT OF NET LIABILITIES IN LIQUIDATION (LIQUIDATION BASIS) (in thousands) As of 2/1/03 ASSETS Cash and cash equivalents 59,331 Accounts receivable - net 981 Prepaid expenses 611 Other assets 1,871 ----------------- Total assets 62,794 LIABILITIES Liabilities subject to compromise - unsecured claims 181,007 Liabilities subject to compromise - priority and administrative claims 20,800 Accounts payable 934 Accrued expenses 10,266 Reserve for estimated costs during the liquidation 0 Self insurance reserves 54 ----------------- Total liabilities 213,061 ----------------- Net liabilities in liquidation 150,267 =================