-----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, DlbJk6nX46uUix0GQMj11CHuIISlurIA7p/Rrqjc3BpgB0I1ZugU0L12/AqLQll4 LUHQ+YLqY+Kr0jwP8I2STw== 0000764960-03-000011.txt : 20030414 0000764960-03-000011.hdr.sgml : 20030414 20030414123519 ACCESSION NUMBER: 0000764960-03-000011 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030414 ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20030414 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PHAR MOR INC CENTRAL INDEX KEY: 0000764960 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-DRUG STORES AND PROPRIETARY STORES [5912] IRS NUMBER: 251466309 STATE OF INCORPORATION: PA FISCAL YEAR END: 0629 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-27050 FILM NUMBER: 03648187 BUSINESS ADDRESS: STREET 1: 20 FEDERAL PLZ W CITY: YOUNGSTOWN STATE: OH ZIP: 44501 BUSINESS PHONE: 3307466641 MAIL ADDRESS: STREET 1: 20 FEDERAL PLAZA WEST STREET 2: 20 FEDERAL PLAZA WEST CITY: YOUNGSTOWN STATE: OH ZIP: 44503 8-K 1 a8-k041103.txt 8-K APRIL 11, 2003 UNITED STATES 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 April 14, 2003 ------------------------------- (Date of Report) April 09, 2003 ------------------------------- (Date of Earliest Event Reported) PHAR-MOR, INC. - -------------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) Pennsylvania 0-27050 25-1466309 - -------------------------------------------------------------------------------- (State or other jurisdiction of (Commission File (I.R.S. Employer incorporation or organization) Number) Identification No.) 20 Federal Plaza West, Youngstown, Ohio 44501-0400 - -------------------------------------------------------------------------------- (Address of principal executive offices) (Zip Code) 330-746-6641 - -------------------------------------------------------------------------------- (Registrant's telephone number, including area code) ITEM 9. Regulation FD Disclosure As previously reported, on September 24, 2001 Phar-Mor, Inc. (the "Company") filed voluntary petitions for bankruptcy protection, on behalf of itself and its eight operating subsidiaries, under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Northern District of Ohio (Case Nos. B-01-4-4007 through B-01-4-4015). Attached to this report is a copy of the Transmittal of Financial Reports and Certification of Compliance with United States Trustee Operating Requirements for the Period ended March 29, 2003 as filed with the U.S. Bankruptcy Court. 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 thereunto duly authorized. Dated: April 14, 2003 PHAR-MOR, INC. By: /s/ John R. Ficarro ------------------------------ John R. Ficarro Senior Vice President and Chief Administrative Officer By: /s/ Martin S. Seekely ------------------------------ Marin S. Seekely Vice President and Chief Financial Officer EXHIBIT INDEX Exhibit 99.1 Transmittal of Financial Reports and Certification of Compliance with United States Trustee Operating Requirements for the Period Ended March 29, 2003. EX-99 2 march2003.txt TRANSMITTAL OF FINANCIAL REPORTS, MARCH 2003 Exhibit 99.1 TRANSMITTAL OF FINANCIAL REPORTS AND CERTIFICATION OF COMPLIANCE WITH UNITED STATES TRUSTEE OPERATING REQUIREMENTS FOR THE PERIOD ENDED 03/29/03 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: 04/08/03 /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 4-Weeks Ended 3/29/03 ------------------- Cash Summary (3) (4) Beginning Cash Balance $ 59,257,940 + Total Receipts $ 454,333 - - Total Disbursements 1,863,903 --------------------- Net Cash Activity $ (1,409,570) Cash Balance before Debt $ 57,848,370 Net Fleet Activity - --------------------- Ending Cash Balance $ 57,848,370 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 March 02, 2003 through March 29, 2003(end of fiscal March) 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 March Cash Activity 3/7/03 3/14/03 3/21/03 3/28/03 Total -------------------------------------------------------------------------------------------- Operating Cash Activity + Cash Receipts $ - $ - $ - $ - $ - + Credit/Debit Card Receipts - - + AR & 3rd Party Receipts 38,523 118,265 11,691 191,707 360,186 + Other Receipts (2) 28,753 22,362 22,332 20,700 94,147 -------------------------------------------------------------------------------------------- Total Receipts $ 67,276 $ 140,627 $ 34,023 $ 212,407 $ 454,333 - - AP & Vendor Payments $ 90,024 $ 31,847 $ 59,925 $ 115,670 $ 297,466 - - Non-Merchandise Payments 37,309 123,170 56,645 30,963 248,087 - - Total Payroll 60,948 20,748 19,461 1,217,193 1,318,350 -------------------------------------------------------------------------------------------- Total Disbursements $ 188,281 $ 175,765 $ 136,031 $ 1,363,826 $ 1,863,903 -------------------------------------------------------------------------------------------- Net Operating Cash Activity $ (121,005) $ (35,138) $ (102,008) $ (1,151,419) $ (1,409,570) -------------------------------------------------------------------------------------------- Pre-Debt Cash Summary Beginning Cash Balance $ 59,257,940 $ 59,136,935 $ 59,101,797 $ 58,999,789 $ 59,257,940 +/- Net Cash Activity (121,005) (35,138) (102,008) (1,151,419) (1,409,570) -------------------------------------------------------------------------------------------- Cash Balance before Debt $ 59,136,935 $ 59,101,797 $ 58,999,789 $ 57,848,370 $ 57,848,370 Fleet Activity + Weekly Borrowings $ - $ - $ - $ - - - Weekly Paydown - - - - -------------------------------------------------------------------------------------------- Net Fleet Activity $ - $ - $ - $ - $ - -------------------------------------------------------------------------------------------- Cash Balance After Debt $ 59,136,935 $ 59,101,797 $ 58,999,789 $ 57,848,370 $ 57,848,370 -------------------------------------------------------------------------------------------- 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) 4-Weeks Ended 3/29/03 ---------------------------------- Rollforward Beginning Balance as of 03/02/2003 $ - + Sales on Account $ - - - Collections/Adjustments - ------------------ Net Change in Receivables $ - Ending Receivables Balance $ - Ending Balance Aging Balance % of Total ---------------------------------- 0-30 Days $ - 0.0% 31-60 Days - 0.0% 61-90 Days - 0.0% Over 90 Days - 0.0% ---------------------------------- Total $ - 0.0% (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 4-Weeks Ended 3/29/03 ---------------------------------- Rollforward Beginning Balance as of 03/02/03 (1) $ (5,651,596) + New Credit $ 4,598,930 - - Checks Cut (4,498,706) - - Payments Received from Vendors 284,350 ------------------ Net Change in Payables $ 384,574 Ending Payables Balance (2) $ (5,267,022) Ending Balance Aging Balance % of Total ---------------------------------- 0-30 Days $ 73,248 -1.4% 31-60 Days 12,238 -0.2% 61-90 Days 1,000 0.0% Over 90 Days (5,353,508) 101.6% ---------------------------------- Total $ (5,267,022) 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 3/7/03 3/14/03 3/21/03 3/28/03 Total ------------------------------------------------------------------------------------------- Non-Officer $ 52,185 $ 11,985 $ 10,698 $ 133,430 $ 208,298 Officers 8,763 8,763 8,763 1,083,763 1,110,052 ------------------------------------------------------------------------------------------- Total Payroll $ 60,948 $ 20,748 $ 19,461 $ 1,217,193 $ 1,318,350
7 Phar-Mor, Inc Schedule E-Closed Bank Accounts Financial Institution Entity Account Name Account Number Date No accounts closed during March 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 3/29/03 ASSETS Cash and cash equivalents 57,869 Accounts receivable - net 494 Prepaid expenses 617 Other assets 1,021 ----------------- Total assets 60,001 LIABILITIES Liabilities subject to compromise - unsecured claims 182,995 Liabilities subject to compromise - unsecured payments (3,952) Liabilities subject to compromise - priority and administrative claims 18,503 Accounts payable 4,838 Accrued expenses 5,972 Reserve for estimated costs during the liquidation 1,803 Self insurance reserves 48 ----------------- Total liabilities 210,207 ----------------- Net liabilities in liquidation 150,206 =================
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