-----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, C5ZLScoEGbJ9e12d5j2oyJQfIRg3ceT9uTYai+hxL9jqXcyYWC1MtEbodfal11F3 axDE4pKsozoHttvrghZ45g== 0000927016-02-000035.txt : 20020413 0000927016-02-000035.hdr.sgml : 20020413 ACCESSION NUMBER: 0000927016-02-000035 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 8 CONFORMED PERIOD OF REPORT: 20021219 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20020103 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AEROVOX INC CENTRAL INDEX KEY: 0000856164 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRICAL INDUSTRIAL APPARATUS [3620] IRS NUMBER: 760254329 STATE OF INCORPORATION: DE FISCAL YEAR END: 0102 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-18018 FILM NUMBER: 2500906 BUSINESS ADDRESS: STREET 1: 740 BELLEVILLE AVE CITY: NEW BEDFORD STATE: MA ZIP: 02745-6194 BUSINESS PHONE: 5089949661 MAIL ADDRESS: STREET 1: 740 BELLEVILLE AVE CITY: NEW BEDFORD STATE: MA ZIP: 02745-6194 8-K 1 d8k.txt FORM 8K 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 Act of 1934 Date of Report (Date of earliest event reported) December 19, 2001 Commission File #0-18018 AEROVOX INCORPORATED (Exact name of registrant as specified in its charter) Delaware 76-0254329 -------- ---------- (State or other jurisdiction of (I.R.S.Employer incorporation or organization) Identification No.) 167 John Vertente Boulevard, New Bedford, MA 02745 -------------------------------------------------- (Address of principal executive offices) (Zip Code) (508) 994-9661 -------------- Registrant's telephone number ITEM 5. OTHER EVENTS On June 6, 2001, Aerovox Incorporated ("the Company") filed a voluntary petition for bankruptcy protection, on behalf of its U.S. operation, under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the District of Massachusetts, Eastern Division ("the Bankruptcy Court"). The Company's two foreign subsidiaries, BHC Aerovox Ltd., in Weymouth, England and Aerovox de Mexico, located in Juarez and Mexico City, Mexico, have not filed petitions for bankruptcy. The Company is currently operating as a debtor-in-possession pursuant to Sections 1107 and 1108 of the Bankruptcy Code. Business operations will continue to be managed by the Company's directors and officers, subject to the supervision of the Bankruptcy Court. Under applicable bankruptcy requirements and procedures, the Company prepares and files with the Bankruptcy Court monthly operating statements, including but not limited to the following items: (i) monthly reporting questionnaire; (ii) comparative balance sheets; (iii) summary of accounts receivable; (iv) schedule of post-petition liabilities; (v) income statements; and (vi) statement of sources and uses of cash (the "Monthly Bankruptcy Statements"). In light of the substantial expense and undue hardship that would be incurred by the Company in preparing quarterly and annual reports on Forms 10-Q and 10-K, respectively (the "Quarterly/Annual Reports"), and in consideration of the belief that the Monthly Bankruptcy Statements provide investors with timely and sufficient information, the Company requested on July 23, 2001 that the Commission issue a "no-action" letter, which would allow the Company to modify its periodic reporting practices as required under the Securities Exchange Act of 1934. On October 5, 2001 the Company received verbal notification that its request had not been approved. The basis for not approving the request was (i) the trading volume of Aerovox shares; (ii) the number of market makers and (iii) a number of other issues, including the lack of detail provided in the "no action" letter request regarding the Company's default with respect to its senior debt. At this time, the Company is reviewing its option to revise its request for a "no- action" letter. In the meantime, the Company will file modified reports in the form of Monthly Bankruptcy Statements as exhibits to Current Reports on Form 8- K, pursuant to Exchange Act Release No. 9660. ITEM 7. EXHIBITS (a) Financial statements of business acquired. Not applicable. (b) Pro forma financial information. Not applicable. (c) Exhibits Exhibit - ------- No. Description --- ----------- 99.1 Monthly Reporting Questionnaire for the Period October 28, 2001 - December 1, 2001 99.2 Comparative Balance Sheets for the Period October 28, 2001 - December 1, 2001 99.3 Summary of Accounts Receivable for the Period October 28, 2001 - December 1, 2001 99.4 Schedule of Post-Petition Liabilities for the Month Ended December 1, 2001 99.4.1 Post-Petition Liabilities Detail 99.5 Income Statement for the Period October 28, 2001 - December 1, 2001 99.6 Statement of Sources and Uses of Cash for the Period October 28, 2001 - December 1, 2001 SIGNATURE 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 authorize; AEROVOX INCORPORATED DATE January 3, 2002 BY /S/ F. RANDAL HUNT --------------------- F. Randal Hunt Senior Vice President and Chief Financial Officer EX-99.1 3 dex991.txt REPORTING QUESTIONNAIRE 10/28/01-12/01/2001 Exhibit 99.1 UNITED STATES BANKRUPTCY COURT EASTERN DISTRICT OF MASSACHUSETTS IN RE: Aerovox, Inc. CASE NO.: 01-14680jnf JUDGE: Joan N. Feeney DEBTOR CHAPTER 11 MONTHLY OPERATING REPORT FOR MONTH ENDING December 01, 2001 COMES NOW, AEROVOX, INC. Debtor-In-Possession and hereby submits its Monthly Operating Report for the period commencing October 28, 2001 and ending December 01, 2001 as shown by the report and exhibits consisting of 12 pages and containing the following, as indicated: Pages - ----- 1 - 5 Monthly Reporting Questionnaire (Attachment 1) 6 - 7 Comparative Balance Sheets (Forms OPR-1 & OPR-2) 8 Summary of Accounts Receivable (Form OPR-3) 9-10 Schedule of Post-petition Liabilities (Form OPR-4) 11 Income Statement (Form OPR-5) 12 Statement of Sources and Uses of Cash (Form OPR-6) I declare under penalty of perjury that this report and all attachments are true and correct to the best of my knowledge and belief. Date: December 19, 2001 ----------------- DEBTOR(S)-IN-POSSESSION By: _____________________________ (Signature) ________________________________ (Signature) Name & Title: F. Randal Hunt -------------- CFO & Sr. Vice President ------------------------- Address: 167 John Vertente Blvd. ------------------------- New Bedford, MA 02745 ------------------------- Telephone: (508) 910-3200 ------------------------- ATTACHMENT 1 Page 1 CHAPTER 11 MONTHLY OPERATING REPORT MONTHLY REPORTING QUESTIONNAIRE CASE NAME: Aerovox, Inc. CASE NUMBER: 01-14680jnf MONTH OF: November, 2001 1. Payroll: State the amount of all executive wages paid and taxes withheld -------- and paid.
Name and Title of Executive Wages Paid Taxes Withheld Gross Net Due Paid ----- --- --- ---- Robert D. Elliott CEO & President 38,462 23,740 0 14,357 F. Randal Hunt CFO & Sr. Vice President 14,904 9,825 0 3,968 Martin Hudis Sr. VP Technology 19,231 13,501 0 5,248 TOTALS 72,596 47,066 0 23,573
* Fiscal November is a 5-week period. ATTACHMENT 1 Page 2 CHAPTER 11 MONTHLY OPERATING REPORT MONTHLY REPORTING QUESTIONNAIRE CASE NAME: Aerovox, Inc. CASE NUMBER: 01-14680jnf MONTH OF: November, 2001 2. Insurance: Is workers' compensation and other insurance in effect? Yes ---------- Are payments current? Yes If any policy has lapsed, been replaced or renewed, state so in schedule below. Attach a copy of the new policy's binder or cover page.
Type Carrier Name Coverage Expiration Date Amount Policy # Date Premium Coverage ------ ------- ---- ---------------- Homeowners NONE Rental Property NONE Liability See Attached Vehicle Workers Compensation See Attached
ATTACHMENT 1 Page 3 CHAPTER 11 MONTHLY OPERATING REPORT MONTHLY REPORTING QUESTIONNAIRE CASE NAME: Aerovox, Inc. CASE NUMBER: 01-14680jnf MONTH OF: November, 2001
3. Bank Accounts ------------- Payroll Operating Operating Operating Debit Card Bank Name Citizens Citizens Fleet Fleet Citizens Account # 110315-944-2 1103-159-450 9429117763 50010879 1103159469 Beginning Book Balance 3773.43 1283226.64 144250.44 0 7882.91 Plus: Deposits 623978.08 4688002.79 4430104.21 0 0 Less: Disbursements -623614.59 -4379462.08 0 -1573.50 Other: Transfers In/Out 0 -506580.87 -4200096.10 0 -38.50 ------------ ------------ ----------- -------- ---------- Ending Book Balance 4136.92 1085186.48 374258.55 0 6270.91
3. Bank Accounts-continued ----------------------- Savings Checking Payroll TOTALS Bank Name Citizens Keybank Fleet Account # 1103159507 19968100261 005119-1739 Beginning Book Balance 2500000.00 0 0 3,939,133.42 Plus: Deposits 0 9,742,085.08 Less: Disbursements 0 0 -5,004,650.17 Other: Transfers In/Out 506580.87 0 0 -4,200,134.60 ---------- ----------- ----------- ------------- Ending Book Balance 3006580.87 0 0 4,476,433.73
ATTACHMENT 1 Page 4 CHAPTER 11 MONTHLY OPERATING REPORT MONTHLY REPORTING QUESTIONNAIRE CASE NAME: Aerovox, Inc. CASE NUMBER: 01-14680jnf MONTH OF: November, 2001 4. Post-petition Payments: List any post-petition payments to ---------------------- professionals and payments on post-petition debts in the schedule below (attach separate sheet if necessary).
Payments To/On Amount Date Check # Professionals (attorneys, accountants, etc.) Argus Management 2166.72 10/31/01 Wire Transfer Argus Management 3202.72 11/07/01 Wire Transfer Argus Management 3454.24 11/15/01 Wire Transfer Argus Management 3374.05 11/21/01 Wire Transfer Argus Management 3555.16 11/28/01 Wire Transfer Loeb Partners 25000.00 11/16/01 #3243 Pre-petition debts: None
ATTACHMENT 1 Page 5 CHAPTER 11 MONTHLY OPERATING REPORT MONTHLY REPORTING QUESTIONNAIRE CASE NAME: Aerovox, Inc. CASE NUMBER: 01-14680jnf MONTH OF: November, 2001
Type Carrier Name Coverage Expiration Amount Policy # Premium Coverage ------- -------- ---------------- Liability Royal & Sun Alliance 44,010,000 #PLA 3793390004 12/31/00-12/31/01 Flood Ins National Flood Ins. Program 1,000,000 #3000 240294 03/07/01-03/07/02 Property American & Foreign Ins. Co. 15,115,000 #A IB 009515 000Y 12/31/00-12/31/01 Property Affiliated FM Ins Co 89,112,103 #AL 100 12/31/00-12/31/01 Auto Royal & Sun Alliance 3,038,000 #AMHX 18469 12/31/00-12/31/01 Liability American & Foreign Ins. Co 7,110,000 #A ST-112753 0004 12/31/00-12/31/01 D&O Chubb Group 7,500,000 #81303380 07/19/01-12/31/01 Workers Comp Fidelity & Deposit (Fid. Bond) 2,800,000 #LPM 833508503 Bond still in place for prev. open claims Workers Comp Aim Mutual Ins. Co. 1,500,000 #WCC5000449-01-2001 11/01/01-12/31/02 Workers Comp Security Ins Co of Hartford (AL & TX) 1,500,000 #NNE10058500 10/01/01-10/01/02
EX-99.2 4 dex992.txt BALANCE SHEETS 10/28/01-12/01/2001 Exhibit 99.2 Page 6
CASE NAME: Aerovox, Inc. COMPARATIVE BALANCE SHEET FORM OPR-1 CASE NUMBER: 01-14680 jnf FOR MONTH ENDED: MONTH MONTH MONTH MONTH MONTH 06/30/2001 07/28/2001 08/25/2001 09/29/2001 10/27/2001 --------------- ---------------------------------------------------------- ASSETS CURRENT ASSETS: Cash 2,120,007 3,216,732 2,647,429 3,309,063 3,942,222 ------------ ------------ ------------ ------------ ------------ Other negotiable instruments (i.e. CD's, 0 0 0 0 0 ------------ ------------ ------------ ------------ ------------ Treasury Bills, etc.) Accounts Receivable, Gross (OPR-3) 9,542,941 8,296,232 8,653,189 8,252,242 7,769,402 ------------ ------------ ------------ ------------ ------------ Less: Allowance for doubtful accounts (470,686) (489,852) (1,289,852) (1,304,057) (1,327,909) ------------ ------------ ------------ ------------ ------------ Inventory, at cost 12,346,523 12,306,850 2,086,700 11,548,622 11,492,000 ------------ ------------ ------------ ------------ ------------ Prepaid expenses and other current assets 692,636 774,440 132,026 93,066 50,405 ------------ ------------ ------------ ------------ ------------ Other: Intercompany receivables (payables) 1,445,351 1,318,033 1,836,725 709,372 425,860 ------------ ------------ ------------ ------------ ------------ TOTAL CURRENT ASSETS $ 25,676,771 $25,423,335 $24,066,217 $ 22,608,307 $ 22,351,980 ------------ ------------ ------------ ------------ ------------ PROPERTY, PLANT, AND EQUIPMENT, AT COST 50,399,555 50,422,044 60,457,405 50,491,398 50,501,177 ------------ ------------ ------------ ------------ ------------ Less: Accumulated Depreciation (23,756,755) (24,037,799) (24,324,559) (24,567,963) (24,853,350) ------------ ------------ ------------ ------------ ------------ NET PROPERTY, PLANT AND EQUIPMENT $ 26,642,800 $ 26,384,245 $26,132,847 $ 25,923,435 $ 25,647,828 ------------ ------------ ------------ ------------ ------------ OTHER ASSETS Investments 14,331,200 14,380,821 14,437,685 15,789,439 15,663,076 ------------ ------------ ------------ ------------ ------------ Other: Def. Fin. Cost and Org Costs 177,604 176,521 175,438 174,355 173,272 ------------- ------------ ------------ ------------ ------------ Other Assets (includes deposits) 4,772,560 4,800,629 5,301,886 5,119,287 5,223,585 ------------ ------------ ------------ ------------ ------------ TOTAL ASSETS $ 71,600,935 $ 71,165,551 $ 70,114,072 $ 69,614,823 $ 69,059,741 ============ ============ ============ ============ ============ MONTH 12/01/2001 ----------------- ASSETS CURRENT ASSETS: Cash 4,479,522 ------------- Other negotiable instruments (i.e. CD's, 0 ------------- Treasury Bills, etc.) Accounts Receivable, Gross (OPR-3) 7,467,141 ------------- Less: Allowance for doubtful accounts (1,340,439) ------------- Inventory, at cost 10,832,578 ------------- Prepaid expenses and other current assets 86,073 ------------- Other: Intercompany receivables (payables) 193,415 ------------- TOTAL CURRENT ASSETS $ 21,718,290 ------------- PROPERTY, PLANT, AND EQUIPMENT, AT COST 50,522,978 ------------- Less: Accumulated Depreciation (25,145,749) ------------- NET PROPERTY, PLANT AND EQUIPMENT $ 25,377,229 ------------- OTHER ASSETS Investments 15,712,152 ------------- Other: Def. Fin. Cost and Org Costs 172,189 ------------- Other Assets (includes deposits) 5,347,997 ------------- TOTAL ASSETS $ 68,327,858 =============
Page 7
CASE NAME: Aerovox, Inc. CASE NUMBER: 01-14680 jnf FORM OPR-2 MONTH MONTH MONTH MONTH 30-Jun-01 28-Jul-01 25-Aug-01 29-Sep-01 --------------- --------------- -------------- --------------- LIABILITIES POST PETITION LIABILITIES (OPR-4) 1,237,839 966,949 1,214,663 1,295,437 --------------- --------------- -------------- --------------- PRE PETITION LIABILITIES Priority Debt 639,007 834,979 794,862 855,449* --------------- --------------- -------------- --------------- Secured Debt 28,505,919 28,505,919 28,505,919 29,300,919** --------------- --------------- -------------- --------------- Unsecured Debt 20,242,342 20,673,500 20,304,617 19,509,617** --------------- --------------- -------------- --------------- TOTAL PRE PETITION LIABILITIES 49,387,269 50,014,399 49,605,398 49,665,985 --------------- --------------- -------------- --------------- OTHER LIABILITIES PER BOOK 4,604,697 4,604,697 4,604,697 5,285,408 --------------- --------------- -------------- --------------- TOTAL LIABILITIES 55,229,805 55,586,045 55,424,758 56,246,831 --------------- --------------- -------------- --------------- SHAREHOLDER'S EQUITY (DEFICIT) REDEEMABLE COMMON STOCK 1,762,800 1,670,495 1,482,800 1,524,800 --------------- --------------- -------------- --------------- COMMON STOCK 5,450,979 5,450,979 5,450,979 5,450,979 --------------- --------------- -------------- --------------- PAID IN CAPITAL 1,172,366 1,172,366 1,172,366 1,172,366 --------------- --------------- -------------- --------------- RETAINED EARNINGS Through Filing Date 9,674,670 9,674,670 9,674,670 9,674,670 --------------- --------------- -------------- --------------- Post Filing Date 133,124 (437,156) (1,119,359) (1,931,786) --------------- --------------- -------------- --------------- ACCUMULATED OTHER COMPREHENSIVE PROFIT (LOSS) (1,822,809) (1,951,849) (1,972,142) (2,523,036) --------------- --------------- -------------- --------------- TOTAL SHAREHOLDERS' EQUITY 16,371,130 15,579,505 14,689,315 13,367,992 --------------- --------------- -------------- --------------- TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $71,600,935 $71,165,551 $70,114,072 $69,614,823 =============== =============== ============== =============== MONTH MONTH 10/27/01 12/01/01 -------------- ------------- LIABILITIES POST PETITION LIABILITIES (OPR-4) 1,780,479 2,087,607 -------------- ------------- PRE PETITION LIABILITIES Priority Debt 804,373 777,612 -------------- ------------- Secured Debt 29,300,919 29,300,919 -------------- ------------- Unsecured Debt 19,509,617 19,509,617 -------------- ------------- TOTAL PRE PETITION LIABILITIES 49,614,910 49,588,148 -------------- ------------- OTHER LIABILITIES PER BOOK 5,285,408 5,285,408 -------------- ------------- TOTAL LIABILITIES 56,680,798 56,961,164 -------------- ------------- SHAREHOLDER'S EQUITY (DEFICIT) REDEEMABLE COMMON STOCK 1,373,800 1,253,800 -------------- ------------- COMMON STOCK 5,450,979 5,450,979 -------------- ------------- PAID IN CAPITAL 1,172,366 1,172,366 -------------- ------------- RETAINED EARNINGS Through Filing Date 9,674,670 9,674,670 -------------- ------------- Post Filing Date (2,669,197) (3,559,922) -------------- ------------- ACCUMULATED OTHER COMPREHENSIVE PROFIT (LOSS) (2,623,675) (2,625,199) -------------- ------------- TOTAL SHAREHOLDERS' EQUITY 12,378,943 11,366,694 -------------- ------------- TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $69,059,741 $68,327,858 ============== =============
* Massachusetts state income tax liability calculated to be $77,000, and various franchise tax liability totaling $38,000 over the amount previously accrued. ** Corrections to classifications of two liabilities: 1.) Reclassification of Industrial Revenue Bond liability from secured to unsecured ($684,000). 2.) Reclassification of note payable to prior owners of Mexico City business guarenteed by pledge of Aerovox de Mexico stock from unsecured to secured ($1,591,000). EX-99.3 5 dex993.txt SUMMARY OF ACCOUNTS RECEIVABLE 10/28/01-12/01/2001 Exhibit 99.3 Page 8 Case Name: Aerovox, Inc. FORM OPR-3 Case No.: 01-14680 jnf Month Ended:
Total Current 1-30 days 31-60 days 61-90 days over 90 days ----- ------- --------- ---------- ---------- ------------ Month: June 30, 2001 9,542,941 6,438,689 2,490,616 846,193 104,622 (337,179) Allowance for Doubtful Accounts (470,686) Month: July 28, 2001 8,296,232 4,814,921 2,358,455 797,296 641,114 (315,554) Allowance for Doubtful Accounts (489,852) Month: August 25, 2001 8,653,189 4,420,852 2,607,154 696,463 688,539 240,181 Allowance for Doubtful Accounts (1,289,852) Month: September 29, 2001 8,252,242 3,991,003 2,384,440 790,148 489,623 597,028 Allowance for Doubtful Accounts (1,304,057) Month: October 27, 2001 7,769,402 3,823,647 2,096,960 520,050 390,314 938,431 Allowance for Doubtful Accounts (1,327,909) Month: December 01, 2001 7,467,141 3,805,595 2,061,948 281,455 129,529 1,188,614 Allowance for Doubtful Accounts (1,340,439)
Please note: Days aged denotes past due, i.e. 1-30 days past due. EX-99.4 6 dex994.txt SCH OF POST-PETITION LIABILITIES FOR M/E 12/1/01 Exhibit 99.4 Page 9
CASE NAME: Aerovox, Inc. SCHEDULE OF POST PETITION LIABILITIES FORM OPR-4 CASE NUMBER: 01-14680 jnf FOR MONTH ENDED: December 01, 2001 DATE INCURRED DATE DUE TOTAL DUE 0-30 DAYS 31-60 DAYS TAXES PAYABLE Federal Income Taxes 0 0 0 ----------------- -------------- --------------- ------------- --------------- FICA - Employer's Share 11/29/01 12/06/01 8,302 8,302 0 ----------------- -------------- --------------- ------------- --------------- FICA - Employee's Share 11/29/01 12/06/01 8,302 8,302 0 ----------------- -------------- --------------- ------------- --------------- Withholding tax 11/29/01 12/06/01 4,730 4,730 0 ----------------- -------------- --------------- ------------- --------------- State Income Tax 0 $0 $0 ----------------- -------------- --------------- ------------- --------------- State Sales and Use Tax 0 - $0 ----------------- -------------- --------------- ------------- --------------- State Franchise Tax 0 0 0 ----------------- -------------- --------------- ------------- --------------- Personal Property Tax 0 0 0 ----------------- -------------- --------------- ------------- --------------- TOTAL TAXES PAYABLE $21,334 $21,334 $0 ----------------- -------------- --------------- ------------- --------------- POST PETITION SECURED DEBT 0 0 $0 ----------------- -------------- --------------- ------------- --------------- POST PETITION UNSECURED DEBT 0 0 $0 ----------------- -------------- --------------- ------------- --------------- ACCRUED INTEREST PAYABLE 6/30/01 12/01/2001 882,982 189,000 189,000 ----------------- -------------- --------------- ------------- --------------- TRADE ACCOUNTS PAYABLE & OTHER (List separately)* Accrued Benefits 11/29/01 12/06/01 33,897 33,897 - ------------------------ ----------------- -------------- --------------- ------------- --------------- A/P Trade * various various 106,679 89,465 3,165 ------------------------ ----------------- -------------- --------------- ------------- --------------- Accrued Payroll 11/29/01 12/06/01 50,263 50,263 - ------------------------ ----------------- -------------- --------------- ------------- --------------- Other Accrued Expenses various various 992,452 992,452 - ------------------------ ----------------- -------------- --------------- ------------- --------------- TOTALS 2,087,607 1,376,411 192,165 ----------------- -------------- --------------- ------------- --------------- 61-90 DAYS OVER 90 DAYS TAXES PAYABLE Federal Income Taxes 0 0 ------------- ------------------ FICA - Employer's Share 0 0 ------------- ------------------ FICA - Employee's Share 0 0 ------------- ------------------ Withholding tax 0 0 ------------- ------------------ State Income Tax $0 $0 ------------- ------------------ State Sales and Use Tax $0 $0 ------------- ------------------ State Franchise Tax $0 $0 ------------- ------------------ Personal Property Tax $0 $0 ------------- ------------------ TOTAL TAXES PAYABLE $0 $0 ------------- ------------------ POST PETITION SECURED DEBT $0 $0 ------------- ------------------ POST PETITION UNSECURED DEBT $0 $0 ------------- ------------------ ACCRUED INTEREST PAYABLE 53,600 451,382 ------------- ------------------ TRADE ACCOUNTS PAYABLE & OTHER (List separately)* Accrued Benefits - - ------------------------ ------------- ------------------ A/P Trade * 7,986 6,062 ------------------------ ------------- ------------------ Accrued Payroll - - ------------------------ ------------- ------------------ Other Accrued Expenses - - ------------------------ ------------- ------------------ TOTALS 61,586 457,444 ------------- ------------------
* Attach separate sheet if necessary. EX-99.4.1 7 dex9941.txt POST-PETITION LIABILITIES DETAIL Exhibit 99.4.1 Page 10
Name Total 0-30 31-60 61-90 91-120 >120 AMERICAN COPY SUPPLY, INC 202.13 202.13 - - - - AMMON & RIZOS CO. 248.18 248.18 - - - - ARGUS MANAGEMENT CORP. 18,888.50 4,451.00 3,317.50 5,058.00 6,062.00 - ARTOS ENGINEERING CO. 167.98 167.98 - - - - ARTOS ENGINEERING COMPANY 402.08 402.08 - - - - BOB DEAN INC. 77.28 77.28 - - - - BOLLES & ASSOCIATES INC. 344.41 344.41 - - - - BORDERCOMM,INC. 442.43 442.43 - - - - BRAND DIELECTRIC INC. 505.35 505.35 - - - - BRANSON ULTRASONIC CORP. 472.50 472.50 - - - - C & P MACHINE & WELDING 539.70 539.70 - - - - CARLSON ELECTRONICS 39.10 39.10 - - - - CASHIER-TEXAS 15.27 - 15.27 - - - CITY OF NEW BEDFORD 310.00 310.00 - - - - COMSTRAND INC. 48.73 48.73 - - - - CONSUMERS INTERSTATE 1,969.59 1,969.59 - - - - E P M 304.09 304.09 - - - - EAGLE ELECTRIC SUPPLY CO. 278.40 278.40 - - - - ED GLASS ASSOCIATES 143.75 143.75 - - - - EIS (27.14) 140.40 (167.54) - - - ELSCO ELECTRONICS INC. (371.78) (371.78) - - - - EYELET TECH LLC 940.00 940.00 - - - - FALCON INDUSTRIAL SUPPLY 121.46 121.46 - - - - FILTER FRESH 192.00 192.00 - - - - FISH & RICHARDSON P.C. 107.20 - - 107.20 - - FRANK J. CAMPISANO CO. 4,356.95 4,356.95 - - - - GABE ZARNOTI & ASSOC. (3.91) (3.91) - - - - GENERAL TOOL & SUPPLY CO. 91.02 91.02 - - - - GOLD STAR SALES,INC. 14.31 14.31 - - - - HALBAR NORTH INC. 55.31 55.31 - - - - HISHI PLASTICS USA INC. 5,138.05 5,138.05 - - - - IMB ELECTRONIC PRODUCTS 2,440.00 2,440.00 - - - - INDUSTRIAL CHEMICAL INC. 5,614.80 5,614.80 - - - - INTERNATIONAL CONTROLS 183.50 183.50 - - - - JM INDUSTRIAL SUPPLY CO 2,157.48 2,157.48 - - - - JOHN E BOEING JEBCO 862.47 862.47 - - - - KANE, RUSSELL, COLEMAN 696.90 696.90 - - - - LEO ELECTRON MICROSCOPY I 872.92 872.92 - - - - M.B.HIATT 4,300.42 4,300.42 - - - - MAGNOLIA PLASTICS, INC. 3,445.20 3,445.20 - - - - MARTIN HUDIS 129.02 129.02 - - - - MASTORS & SERVANT LTD. (40.00) - - (40.00) - - MCDONALD INVESTMENTS INC. 2,884.68 - - 2,884.68 - - MCMASTER/CARR SUPPLY CO 194.53 194.53 - - - - MERKLER & ASSOCIATES 527.22 527.22 - - - - MILLS MARKETING,INC. 201.57 201.57 - - - - MORIN & PEPIN INC. 280.45 280.45 - - - - NEW BEDFORD WELDING 439.35 439.35 - - - - OMEGA ENGINEERING, INC. 72.00 72.00 - - - - P & H TRAILER ENTERPRISES 575.00 575.00 - - - - PACER ELECTRONICS 47.00 47.00 - - - - PARAGON STAMP WORKS 0.30 - - - - 0.30 R.W.KUNZ 1,999.40 1,999.40 - - - - REMACHES DE PUERTO RICO 2,016.00 2,016.00 - - - - REP ONE ASSOCIATES,INC. 511.90 511.90 - - - - ROBERT G. ALLEN CO. INC. 4,600.00 4,600.00 - - - - SCHLUETER ENGINEERING 43.35 43.35 - - - - SISLER & ASSOCIATES 3,861.22 3,861.22 - - - - TAX ASSESSOR/COLLECTOR 6,052.90 6,052.90 - - - - TEXAS STATE BOARD OF 15.27 - - 15.27 - - TOMMY RAGLAND, 23,388.14 23,388.14 - - - - TORPEDO SPECIALTY WIRE (38.71) - - (38.71) - - UNIVERSAL PRODUCTS CO. 561.00 561.00 - - - - VOPAK USA 757.35 757.35 - - - - W.W. GRAINGER, INC. 130.70 130.70 - - - - WEISS CO. LTD. 883.10 883.10 - - - - Grand Total 106,679.37 89,465.40 3,165.23 7,986.44 6,062.00 0.30
EX-99.5 8 dex995.txt INCOME STATEMENT 10/28/01-12/01/2001 Exhibit 99.5 Page 11
CASE NAME: Aerovox, Inc. INCOME STATEMENT FORM OPR-5 CASE NUMBER: 01-14680 jnf FOR MONTH ENDED: MONTH MONTH MONTH MONTH July 29, 2001 Aug. 25, 2001 Sept. 29, 2001 Oct. 27, 2001 -------------- ----------------- --------------- ------------------ NET REVENUE (INCOME) $4,155,555 $4,598,363 $4,878,674 $4,074,181 -------------- ----------------- --------------- ------------------ COST OF GOODS SOLD: Materials 2,478,655 2,623,795 2,719,102 2,259,541 -------------- ----------------- --------------- ------------------ Labor 405,280 414,923 468,719 401,038 -------------- ----------------- --------------- ------------------ Manufacturing Overhead 836,566 924,540 975,662 799,875 -------------- ----------------- --------------- ------------------ COST OF GOODS SOLD AT STANDARD 3,720,500 3,963,258 4,163,483 3,460,454 -------------- ----------------- --------------- ------------------ Variances (favorable)/unfavorable 124,454 (179,744) 23,666 206,297 -------------- ----------------- --------------- ------------------ ACTUAL COST OF GOODS SOLD 3,844,954 3,783,514 4,187,149 3,666,752 -------------- ----------------- --------------- ------------------ GROSS PROFIT 310,600 814,849 691,525 407,429 -------------- ----------------- --------------- ------------------ OPERATING EXPENSES: Selling and Marketing 35,364 122,547 164,255 125,026 -------------- ----------------- --------------- ------------------ R & D and Product Services 98,181 98,967 98,550 72,174 -------------- ----------------- --------------- ------------------ General and Administrative 125,201 284,782 446,520 515,360 -------------- ----------------- --------------- ------------------ TOTAL OPERATING EXPENSES 258,746 506,296 709,326 712,559 -------------- ----------------- --------------- ------------------ INCOME BEFORE INTEREST, DEPRECIATION, TAXES, OR EXTRAORDINARY EXPENSES $ 51,854 $308,553 ($17,800) ($305,130) -------------- ----------------- --------------- ------------------ INTEREST EXPENSE 132,257 167,257 175,872 165,396 -------------- ----------------- --------------- ------------------ DEPRECIATION 281,044 286,760 243,404 285,386 -------------- ----------------- --------------- ------------------ INCOME TAX EXPENSE (BENEFIT) 0 0 77,162 0 -------------- ----------------- --------------- ------------------ OTHER INCOME (EXPENSE) (301,833)* (724,434)** (256,188) (132,499) -------------- ----------------- --------------- ------------------ NET INCOME (LOSS) ($663,280) ($869,898) ($770,427) ($888,411) -------------- ----------------- --------------- ------------------ MONTH FILING Dec. 01, 2001 TO DATE ----------------- --------------- NET REVENUE (INCOME) $5,275,190 $29,051,489 ----------------- --------------- COST OF GOODS SOLD: Materials 3,098,513 16,713,873 ----------------- --------------- Labor 457,118 2,723,188 ----------------- --------------- Manufacturing Overhead 977,402 5,650,250 ----------------- --------------- COST OF GOODS SOLD AT STANDARD 4,533,033 25,087,311 ----------------- --------------- Variances (favorable)/unfavorable 448,862 713,360 ----------------- --------------- ACTUAL COST OF GOODS SOLD 4,981,895 25,800,671 ----------------- --------------- GROSS PROFIT 293,295 3,250,818 ----------------- --------------- OPERATING EXPENSES: Selling and Marketing 161,382 719,274 ----------------- --------------- R & D and Product Services 95,950 545,229 ----------------- --------------- General and Administrative 574,064 2,155,860 ----------------- --------------- TOTAL OPERATING EXPENSES 831,396 3,420,363 ----------------- --------------- INCOME BEFORE INTEREST, DEPRECIATION, TAXES, OR EXTRAORDINARY EXPENSES ($538,101) ($169,545) ----------------- --------------- INTEREST EXPENSE 167,026 937,735 ----------------- --------------- DEPRECIATION 292,399 1,696,774 ----------------- --------------- INCOME TAX EXPENSE (BENEFIT) 0 77,162 ----------------- --------------- OTHER INCOME (EXPENSE) (13,198) (1,171,305) ----------------- --------------- NET INCOME (LOSS) ($1,010,724) ($4,052,522) ----------------- ---------------
* Includes charge of $352,000 for inventory and net book value of equipment for discontinued product line in the U.K. ** Includes $800,000 charge to increase allowance for doubtful accounts. EX-99.6 9 dex996.txt STATEMENT OF SOURCES AND USES OF CASH Exhibit 99.6 Page 12
CASE NAME: Aerovox, Inc. STATEMENT OF SOURCES AND USES OF CASH FORM OPR-6 CASE NUMBER: 01-14680 jnf FOR MONTH ENDED: 28-Jul-01 25-Aug-01 29-Sep-01 27-Oct-01 01-Dec-01 --------- --------- --------- --------- --------- SOURCES OF CASH Net Income (Loss) ($663,280) ($869,898) ($770,427) ($888,411) ($1,010,724) ------------ --------------- -------------- ----------------- ------------- Depreciation and Amortization 281,044 286,760 243,404 285,386 292,400 ------------ --------------- -------------- ----------------- ------------- Other non-cash ------------ --------------- -------------- ----------------- ------------- A/R Allowance 19,166 800,000 14,205 23,851 12,531 ------------ --------------- -------------- ----------------- ------------- OPERATIONS Add: Decrease in Assets ------------ --------------- -------------- ----------------- ------------- Accounts Receivable 1,246,708 0 400,947 482,840 302,260 ------------ --------------- -------------- ----------------- ------------- Inventory, at cost 39,673 220,150 538,077 56,623 659,422 ------------ --------------- -------------- ----------------- ------------- Prepaid Expenses and current assets 0 642,414 38,961 42,661 0 ------------ --------------- -------------- ----------------- ------------- Property, Plant and Equipment 0 0 0 0 0 ------------ --------------- -------------- ----------------- ------------- Other (including Intercompany Activity) 127,502 1,083 1,311,034 410,958 233,528 ------------ --------------- -------------- ----------------- ------------- Increases in Liabilities: Pre Petition Liabilities 627,130 0 60,587 0 0 ------------ --------------- -------------- ----------------- ------------- Post Petition Liabilities 0 247,713 80,775 485,042 307,127 ------------ --------------- -------------- ----------------- ------------- Other Liabilities per Book 0 0 680,712 0 0 ------------ --------------- -------------- ----------------- ------------- TOTAL SOURCES OF CASH (A) 1,677,943 1,328,221 2,598,276 898,949 796,544 ------------ --------------- -------------- ----------------- ------------- USES OF CASH Less: Increase in Assets: Accounts Receivable 0 (356,957) 0 0 0 ------------ --------------- -------------- ----------------- ------------- Inventory, at cost 0 0 0 0 0 ------------ --------------- -------------- ----------------- ------------- Prepaids and Other assets (81,804) 0 0 0 (35,668) ------------ --------------- -------------- ----------------- ------------- Property, Plant, and Equipment (22,489) (35,362) (33,993) (9,779) (21,801) ------------ --------------- -------------- ----------------- ------------- Other (including Intercompany Activity) (77,690) (1,075,913) (1,351,754) (104,298) (173,488) ------------ --------------- -------------- ----------------- ------------- Decreases in Liabilities: Pre Petition Liabilities 0 (409,001) 0 (51,075) (26,761) ------------ --------------- -------------- ----------------- ------------- Post Petition Liabilities (270,890) 0 0 0 0 ------------ --------------- -------------- ----------------- ------------- Other Liabilities per Book (128,345) (20,293) (550,895) (100,639) (1,524) ------------ --------------- -------------- ----------------- ------------- TOTAL USES OF CASH (B) (581,218) (1,897,525) (1,936,642) (265,791) (259,243) ------------ --------------- -------------- ----------------- ------------- NET SOURCE (USE) OF CASH (A-B=NET) $1,096,725 ($569,303) $661,634 $633,158 $537,301 ------------ --------------- -------------- ----------------- ------------- CASH-BEGINNING BALANCE (See OPR-1) $2,120,007 $3,216,732 $2,647,429 $3,309,063 $3,942,222 ------------ --------------- -------------- ----------------- ------------- CASH-ENDING BALANCE (See OPR-1) $3,216,732 $2,647,429 $3,309,063 $3,942,222 $4,479,523 ============ =============== ============== ================= =============
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