-----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, BFYIEnh+PecH3MNXTLkg6ZiixxbEFBCHwwt9cowjgyTygYF6CMiQCsyqPrqg1ip9 0bCpENBnQ6AhBmKFx6XMXQ== 0000927016-02-000996.txt : 20020414 0000927016-02-000996.hdr.sgml : 20020414 ACCESSION NUMBER: 0000927016-02-000996 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 8 CONFORMED PERIOD OF REPORT: 20020131 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20020215 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: 02551379 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 8-K 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) January 31, 2002 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 December 1, 2001 - December 29, 2001 99.2 Comparative Balance Sheets for the Period December 1, 2001 - December 29, 2001 99.3 Summary of Accounts Receivable for the Period December 1, 2001 - December 29, 2001 99.4 Schedule of Post-Petition Liabilities for the Month Ended December 29, 2001 99.4.1 Post-Petition Liabilities Detail 99.5 Income Statement for the Period December 1, 2001 - December 29, 2001 99.6 Statement of Sources and Uses of Cash for the Period December 1, 2001 - December 29, 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 February 15, 2002 BY /S/ F. RANDAL HUNT --------------------- F. Randal Hunt Senior Vice President and Chief Financial Officer EX-99.1 3 dex991.txt MONTHLY REPORTING QUESTIONNAIRE 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 29, 2001 COMES NOW, AEROVOX, INC. Debtor-In-Possession and hereby submits its Monthly Operating Report for the period commencing December 01, 2001 and ending December 29, 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: January 31, 2002 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 Exhibit 99.1 ATTACHMENT 1 Page 1 CHAPTER 11 MONTHLY OPERATING REPORT MONTHLY REPORTING QUESTIONNAIRE CASE NAME: Aerovox, Inc. CASE NUMBER: 01-14680jnf MONTH OF: December, 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 30,769 18,992 0 11,486 F. Randal Hunt CFO & Sr. Vice President 11,923 7,860 0 3,174 Martin Hudis Sr. VP Technology 15,385 10,852 0 4,227 TOTALS 58,077 37,704 0 18,887
Exhibit 99.1 ATTACHMENT 1 Page 2 CHAPTER 11 MONTHLY OPERATING REPORT MONTHLY REPORTING QUESTIONNAIRE CASE NAME: Aerovox, Inc. CASE NUMBER: 01-14680jnf MONTH OF: December, 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 See Attached Compensation
Exhibit 99.1 ATTACHMENT 1 Page 3 CHAPTER 11 MONTHLY OPERATING REPORT MONTHLY REPORTING QUESTIONNAIRE CASE NAME: Aerovox, Inc. CASE NUMBER: 01-14680jnf MONTH OF: December, 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 4136.92 1085186.48 374258.55 0 6270.91 Plus: Deposits 501284.19 3657602.00 3039318.14 0 0 Less: Disbursements -501524.39 -3816049.70 0 -310.46 Other: Transfers In/Out 0 6580.87 -3340051.01 0 -45.10 - ------- ----------- - ------ Ending Book Balance 3896.72 933319.65 73525.68 0 5915.35
3. Bank Accounts-continued
Savings Checking Payroll TOTALS ------- -------- ------- ------ Bank Name Citizens Keybank Fleet Account # 1103159507 19968100261 005119-1739 Beginning Book Balance 3006580.87 0 0 4,476,433.73 Plus: Deposits 0 7,198,204.33 Less: Disbursements 0 0 0 -4,317,884.55 Other: Transfers In/Out -6580.87 0 -3,340,096.11 -------- - ------------- Ending Book Balance 3000000.00 0 0 4,016,657.40
Exhibit 99.1 ATTACHMENT 1 Page 4 CHAPTER 11 MONTHLY OPERATING REPORT MONTHLY REPORTING QUESTIONNAIRE CASE NAME: Aerovox, Inc. CASE NUMBER: 01-14680jnf MONTH OF: December, 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 3,149.13 12/14/01 Wire Transfer Argus Management 1,022.04 12/28/01 Wire Transfer Paul E. Saperstein Co. 3,500.00 12/21/01 #3748 Pre-petition debts: None
Exhibit 99.1 ATTACHMENT 1 Page 5 CHAPTER 11 MONTHLY OPERATING REPORT MONTHLY REPORTING QUESTIONNAIRE CASE NAME: Aerovox, Inc. CASE NUMBER: 01-14680jnf MONTH OF: December, 2001
Type Carrier Name Coverage Expiration ---- ------------ -------- ---------- Amount Policy # Premium Coverage ------ -------- ---------------- Umbrella Liability Royal Insurance Co. of America 44,010,000 PLA3793390001 12/31/01-12/31/02 Flood Ins National Flood Ins. Program 1,000,000 3000240294 03/07/01-03/07/02 International Property American & Foreign Ins. Co. 15,115,000 AIB0095150001 12/31/01-12/31/02 International General American & Foreign Ins. Co. $2,000,000 AIB95150001 12/31/01-12/31/02 Liability aggregate limit International Auto American & Foreign Ins. Co. $1,000,000 CSL AIB5150001 12/31/01-12/31/02 Domestic Property Affiliated FM Ins Co 89,112,103 AL219 12/31/01-12/31/02 Domestic Auto American & Foreign Ins. Co. 3,038,000 AMHX184690 12/31/01-12/31/02 General Liability & American & Foreign Ins. Co. 7,110,000 AST1127530001 12/31/01-12/31/02 Employee Benefits Liability D&O Federal Ins. Co. 7,500,000 81303380E 12/31/01-07/01/02 *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 WCC500044901-2001 11/01/01-12/31/02 *Employee H&W Benefits BCBS 2,000,000 #0004119 01/01/02-12/31/02 Medical Claims #MLN00374 Delta Dental #1128 Workers Comp Security Ins Co of Hartford (AL & TX) 1,500,000 NNE10058500 10/01/01-10/01/02 Errors & Omissions Royal & SunAlliance Ins. Co. $2,000,000 ALB001539 12/31/01-12/31/02 aggregate limit Mexico Property Seguros Commercial America $17,388,352 QR100496 12/31/01-12/31/02 Mexico General Liability Seguros Commercial America $100,000 aggregate LR100072 12/31/01-12/31/02 Executive Protection Federal Ins. Co. $1,000,000 limit 81595611B 07/19/01-07/19/02
EX-99.2 4 dex992.txt COMPARATIVE BALANCE SHEETS Exhibit 99.2 Page 6
CASE NAME: Aerovox, Inc. COMPARATIVE BALANCE SHEET CASE NUMBER: 01-14680 jnf FOR MONTH ENDED: FORM OPR-1 FILING DATE MONTH MONTH MONTH MONTH MONTH MONTH 6/6/2001 7/28/2001 8/25/2001 9/29/2001 10/27/2001 12/1/2001 12/29/2001 ----------- ----------- ----------- ----------- ----------- ----------- ----------- ASSETS CURRENT ASSETS: Cash 432,066 3,216,732 2,647,429 3,309,063 3,942,222 4,479,522 4,019,746 ----------- ----------- ----------- ----------- ----------- ----------- ----------- Other negotiable instruments (i.e. CD's, Treasury Bills, etc.) 0 0 0 0 0 0 0 ----------- ----------- ----------- ----------- ----------- ----------- ----------- Accounts Receivable, Gross (OPR-3) 9,303,471 8,296,232 8,653,189 8,252,242 7,769,402 7,467,141 7,230,853 ----------- ----------- ----------- ----------- ----------- ----------- ----------- Less: Allowance for doubtful accounts (470,686) (489,852) (1,289,852) (1,304,057) (1,327,909) (1,340,439) (1,350,439) ----------- ----------- ----------- ----------- ----------- ----------- ----------- Inventory, at cost 13,626,488 12,306,850 12,086,700 11,548,622 11,492,000 10,832,578 10,649,769 ----------- ----------- ----------- ----------- ----------- ----------- ----------- Prepaid expenses and other current assets 326,088 774,440 132,026 93,066 50,405 86,073 110,268 ----------- ----------- ----------- ----------- ----------- ----------- ----------- Other: Intercompany receivables (payables) 1,474,587 1,318,933 1,836,725 709,372 425,860 193,415 505,851 ----------- ----------- ----------- ----------- ----------- ----------- ----------- TOTAL CURRENT ASSETS 24,692,013 $25,423,335 $24,066,217 $22,608,307 $22,351,980 $21,718,290 $21,166,047 ----------- ----------- ----------- ----------- ----------- ----------- ----------- PROPERTY, PLANT, AND EQUIPMENT, AT COST 50,433,309 50,422,044 50,457,405 50,491,398 50,501,177 50,522,978 50,528,861 ----------- ----------- ----------- ----------- ----------- ----------- ----------- Less: Accumulated Depreciation (23,448,974) (24,037,799) (24,324,559) (24,567,963) (24,853,350) (25,145,749) (25,429,439) ----------- ----------- ----------- ----------- ----------- ----------- ----------- NET PROPERTY, PLANT AND EQUIPMENT 26,984,334 $26,384,245 $26,132,847 $25,923,435 $25,647,828 $25,377,229 $25,099,422 =========== =========== =========== =========== =========== =========== =========== OTHER ASSETS Investments 14,100,192 14,380,821 14,437,685 15,789,439 15,663,076 15,712,152 15,522,849 ----------- ----------- ----------- ----------- ----------- ----------- ----------- Other: Def. Fin. Cost and Org Costs 178,687 176,521 175,438 174,355 173,272 172,189 171,106 ----------- ----------- ----------- ----------- ----------- ----------- ----------- Other Assets (includes deposits) 4,747,373 4,800,629 5,301,886 5,119,287 5,223,585 5,347,997 5,114,243 ----------- ----------- ----------- ----------- ----------- ----------- ----------- TOTAL ASSETS $70,702,599 $71,165,551 $70,114,072 $69,614,823 $69,059,741 $68,327,858 $67,073,667 =========== =========== =========== =========== =========== =========== ===========
Exhibit 99.2 Page 7
CASE NAME: Aerovox, Inc. CASE NUMBER: 01-14680 jnf FORM OPR-2 FILING DATE MONTH MONTH MONTH MONTH MONTH MONTH 6-Jun-01 28-Jul-01 25-Aug-01 29-Sep-01 10/27/01 12/01/01 12/29/01 ----------- ----------- ----------- ----------- ----------- ----------- ----------- LIABILITIES POST PETITION LIABILITIES (OPR-4) - 966,949 1,214,663 1,295,437 1,780,479 2,087,607 1,551,132 ----------- ----------- ----------- ----------- ----------- ----------- ----------- PRE PETITION LIABILITIES Priority Debt 1,104,801 834,979 794,862 855,449 804,373 777,612 386,453 ----------- ----------- ----------- ----------- ----------- ----------- ----------- Secured Debt 28,505,919 28,505,919 28,505,919 29,300,919 29,300,919 29,300,919 29,300,919 ----------- ----------- ----------- ----------- ----------- ----------- ----------- Unsecured Debt 20,242,342 20,673,500 20,304,617 19,509,617 19,509,617 19,509,617 19,509,617 =========== =========== =========== =========== =========== =========== =========== TOTAL PRE PETITION LIABILITIES 49,853,063 50,014,399 49,605,398 49,665,985 49,614,910 49,588,148 49,196,989 ----------- ----------- ----------- ----------- ----------- ----------- ----------- OTHER LIABILITIES PER BOOK 4,867,987 4,604,697 4,604,697 5,285,408 5,285,408 5,285,408 5,499,934 ----------- ----------- ----------- ----------- ----------- ----------- ----------- TOTAL LIABILITIES 54,721,050 55,586,045 55,424,758 56,246,831 56,680,798 56,961,164 56,248,055 ----------- ----------- ----------- ----------- ----------- ----------- ----------- SHAREHOLDER'S EQUITY (DEFICIT) REDEEMABLE COMMON STOCK 1,746,400 1,670,495 1,482,800 1,524,800 1,373,800 1,253,800 1,249,800 ----------- ----------- ----------- ----------- ----------- ----------- ----------- COMMON STOCK 5,450,979 5,450,979 5,450,979 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 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 9,674,670 9,674,670 9,674,670 ----------- ----------- ----------- ----------- ----------- ----------- ----------- Post Filing Date 0 (437,156) (1,119,359) (1,931,786) (2,669,197) (3,559,922) (3,853,500) ----------- ----------- ----------- ----------- ----------- ----------- ----------- ACCUMULATED OTHER COMPREHENSIVE PROFIT (2,062,867) (1,951,849) (1,972,142) (2,523,036) (2,623,675) (2,625,199) (2,868,703) ----------- ----------- ----------- ----------- ----------- ----------- ----------- TOTAL SHAREHOLDERS' EQUITY 15,981,549 15,579,505 14,689,315 13,367,992 12,378,943 11,366,694 10,825,612 ----------- ----------- ----------- ----------- ----------- ----------- ----------- TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $70,702,599 $71,165,551 $70,114,072 $69,614,823 $69,059,741 $68,327,858 $67,073,667 =========== =========== =========== =========== =========== =========== ===========
* 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 Exhibit 99.3 Page 8
Case Name: Aerovox, Inc. FORM OPR-3 Case No.: 01-14680 jnf TRADE ACCOUNTS RECEIVABLE 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) Month: December 29, 2001 7,230,853 3,620,279 1,900,573 489,264 19,898 1,200,839 Allowance for Doubtful Accounts (1,350,439)
Please note: Days aged denotes past due, i.e. 1-30 days past due. EX-99.4 6 dex994.txt SCHEDULE OF POST PETITION LIABILITIES Exhibit 99.4 Page 9
CASE NAME: Aerovox, Inc. SCHEDULE OF POST PETITION LIABILITY FORMS OPR-4 CASE NUMBER: 01-14680 jnf FOR MONTH ENDED: December 29, 2001 DATE INCURREDDATE DUE TOTAL DUE 0-30 DAYS 31-60 DAYS61-90 DAYSOVER 90 DAYS Federal Income Taxes 0 0 0 0 0 ------------ --------- --------- -------- -------- -------- -------- FICA - Employer's Share 12/29/01 01/03/02 8,958 8,958 0 0 0 ============ ========= ========= ======== ======== ======== ======== FICA - Employee's Share 12/29/01 01/03/02 8,958 8,958 0 0 0 ============ ========= ========= ======== ======== ======== ======== Withholding tax 12/29/01 01/03/02 4,106 4,106 0 0 0 ------------ --------- --------- -------- -------- -------- -------- State Income Tax 0 $0 $0 $0 $0 ------------ --------- --------- -------- -------- -------- -------- State Sales and Use Tax 0 - $0 $0 $0 ------------ --------- --------- -------- -------- -------- -------- State Franchise Tax 0 0 0 $0 $0 ------------ --------- --------- -------- -------- -------- -------- Personal Property Tax 0 0 0 $0 $0 ============ ========= ========= ======== ======== ======== ======== TOTAL TAXES PAYABLE $22,022 $22,022 $0 $0 $0 ============ ========= ========= ======== ======== ======== ======== Post Petition Secured Debt 0 0 $0 $0 $0 ------------ --------- --------- -------- -------- -------- -------- Post Petition Unsecured Debt 0 0 $0 $0 $0 ------------ --------- --------- -------- -------- -------- -------- Accrued Interest Payable 12/29/01 01/03/02 1,069,183 186,201 189,000 189,000 504,982 ------------ --------- --------- -------- -------- -------- -------- TRADE ACCOUNTS PAYABLE OTHER (List Separately)* Accrued Benefits 12/29/01 01/03/02 22,973 22,973 - - - - ------------------- ------------ --------- --------- -------- -------- -------- -------- A/P Trade * various various 99,324 76,883 5,179 3,150 14,112 - ------------------- ------------ --------- --------- -------- -------- -------- -------- --------- Accrued Payroll 12/29/01 01/03/02 57,962 57,962 - - - - ------------------- ------------ --------- --------- -------- -------- -------- -------- --------- Other Accrued Expenses various various 279,668 279,668 - - - - ---------------------- ============ ========= ========= ======== ======== ======== ======== TOTALS 1,551,132 645,709 194,179 192,150 519,094 ------------ --------- --------- -------- -------- -------- -------- *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 - ----------------------------------------------------------------------------------------------------------------------- ALLIED ELECTRONICS INC. 65.05 65.05 - - - - ALLPAGE 489.85 489.85 - - - - AMERICAN COPY SUPPLY, INC 166.95 166.95 - - - - AMERICAN INDUSTRIAL PROD. (5,297.69) (5,757.69) 460.00 - - - ARGUS MANAGEMENT CORP. 19,891.50 1,863.00 3,591.00 3,317.50 5,058.00 6,062.00 ARTOS ENGINEERING COMPANY - - - - - - ATLANTIC COMPONENTS 5,504.00 5,504.00 - - - - AVAYA, INC 1,499.33 1,499.33 - - - - BRAND DIELECTRIC INC. 1,017.09 1,017.09 - - - - BRANSON ULTRASONIC CORP. 462.96 462.96 - - - - BRISTOL TAPE CO. - - - - - - CONSUMERS INTERSTATE 446.72 446.72 - - - - CORP BROTHERS INC. 12.83 12.83 - - - - DYNAMIC TOOL COMPANY 120.75 120.75 - - - - EAGLE ELECTRIC SUPPLY CO. 211.36 211.36 - - - - EIS (27.14) - 140.40 (167.54) - - FISH & RICHARDSON P.C. 107.20 - - - 107.20 - FLUKE ELECTRONICS 130.34 130.34 - - - - GENERAL CARBON CORP. 1,152.64 1,152.64 - - - - GENERAL TOOL & SUPPLY CO. - - - - - - HIPOTRONICS, INC. 445.00 445.00 - - - - HOPWOOD/GLOBE RETINNING 306.60 306.60 - - - - IET LABS, INC. 452.00 452.00 - - - - INDUSTRIAL CHEMICAL INC. 14,575.78 14,575.78 - - - - ISOLANTITE MFG. CO,INC. 2,632.54 2,632.54 - - - - ITEN INDUSTRIES 1,198.90 1,198.90 - - - - JACKSON CO. 595.30 595.30 - - - - JM INDUSTRIAL SUPPLY CO 8,648.33 8,648.33 - - - - KURT LESKER CO. 340.14 340.14 - - - - M H DIELECTRICS, INC. 3,523.73 3,523.73 - - - - MASON CAN COMPANY 1,865.04 1,865.04 - - - - MASS CONTAINER 1,135.43 1,135.43 - - - - MCDONALD INVESTMENTS INC. 2,884.68 - - - 2,884.68 - MCLEAN REFRIGERATION 424.40 424.40 - - - - MCMASTER/CARR SUPPLY CO 917.26 917.26 - - - - NEW BEDFORD SCALE CO. 3,360.00 3,360.00 - - - - NISSEI DENKI AMERICA INC. 342.50 112.50 230.00 - - - PACER ELECTRONICS 302.00 302.00 - - - - PARAGON STAMP WORKS 0.30 - - - - 0.30 PAUL'S SYSTEMS INC 96.75 96.75 - - - - PRECISION PARTS CO. 9,786.00 9,786.00 - - - - QUESTRON DISTRIBUTION 130.00 130.00 - - - - RBC INDUSTRIES INC. 1,904.00 1,904.00 - - - - ROBERT G. ALLEN CO. INC. 2,300.00 2,300.00 - - - - ROSS ENGINEERING CORP. 368.00 368.00 - - - - RTS PACKAGING,LLC 1,777.06 1,777.06 - - - - SEASTROM MANUFACTURING CO 50.00 50.00 - - - - SEXTON CAN CO 1,582.24 1,582.24 - - - - T&M ENTERPRISES 4,536.53 4,536.53 - - - - TAX ASSESSOR/COLLECTOR 6,052.90 6,052.90 - - - - VOPAK USA 757.35 - 757.35 - - - WINDSOR STEVENS INC. 79.38 79.38 - - - - Grand Total 99,323.88 76,882.99 5,178.75 3,149.96 8,049.88 6,062.30
EX-99.5 8 dex995.txt INCOME STATEMENT Exhibit 99.5 Page 11
CASE NAME: Aerovox, Inc. FORM OPR-5 CASE NUMBER: 01-14680 jnf FILING MONTH MONTH MONTH MONTH MONTH TO DATE August 25, September 29, October 27, December 01, December 29, 2001 2001 2001 2001 2001 ------------------------------------------------------------------------------------ NET REVENUE (INCOME) $4,598,363 $4,878,674 $4,074,181 $5,275,190 $3,615,244 $32,666,733 ---------- ----------- ---------- ----------- ---------- ----------- COST OF GOODS SOLD: Materials 2,623,795 2,719,102 2,259,541 3,098,513 2,042,127 18,756,000 ---------- ----------- ---------- ----------- ---------- ----------- Labor 414,923 468,719 401,038 457,118 317,440 3,040,629 ---------- ----------- ---------- ----------- ---------- ----------- Manufacturing Overhead 924,540 975,662 799,875 977,402 680,790 5,650,250 ---------- ----------- ---------- ----------- ---------- ----------- COST OF GOODS SOLD AT STANDARD 3,963,258 4,163,483 3,460,454 4,533,033 3,040,357 28,127,668 ---------- ----------- ---------- ----------- ---------- ----------- Variances (favorable)/unfavorable (179,744) 23,666 206,297 448,862 (238,579) 474,781 ---------- ----------- ---------- ----------- ---------- ----------- ACTUAL COST OF GOODS SOLD 3,783,514 4,187,149 3,666,752 4,981,895 2,801,778 28,602,449 ---------- ----------- ---------- ----------- ---------- ----------- GROSS PROFIT 814,849 691,525 407,429 293,295 813,466 4,064,284 ---------- ----------- ---------- ----------- ---------- ----------- OPERATING EXPENSES: Selling and Marketing 122,547 164,255 125,026 161,382 122,768 842,043 ---------- ----------- ---------- ----------- ---------- ----------- R & D and Product Services 98,967 98,550 72,174 95,950 80,489 625,719 ---------- ----------- ---------- ----------- ---------- ----------- General and Administrative 284,782 446,520 515,360 574,064 391,403 2,547,262 ---------- ----------- ---------- ----------- ---------- ----------- TOTAL OPERATING EXPENSES 506,296 709,326 712,559 831,396 594,660 4,015,023 ---------- ----------- ---------- ----------- ---------- ----------- INCOME BEFORE INTEREST, DEPRECIATION, TAXES, OR EXTRAORDINARY EXPENSES $308,553 ($17,800) ($305,130) ($538,101) $218,805 $49,260 ---------- ----------- ---------- ----------- ---------- ----------- INTEREST EXPENSE 167,257 175,872 165,396 167,026 162,683 1,100,418 ---------- ----------- ---------- ----------- ---------- ----------- DEPRECIATION 286,760 243,404 285,386 292,399 283,689 1,980,464 ---------- ----------- ---------- ----------- ---------- ----------- INCOME TAX EXPENSE (BENEFIT) 0 77,162 0 0 (61,536) 15,626 ---------- ----------- ---------- ----------- ---------- ----------- OTHER INCOME (EXPENSE) (724,434)* (256,188) (132,499) (13,198) (131,548) (1,302,853) ---------- ----------- ---------- ----------- ---------- ----------- NET INCOME LOSS ($869,898) ($770,427) ($888,411) ($1,010,724) ($297,579) ($4,350,100) ========== =========== ========== =========== ========== ===========
* 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 jfn FOR MONTH ENDED: 25-Aug-01 29-Sep-01 27-Oct-01 1-Dec-01 29-Dec-01 SOURCES OF CASH Net Income (Loss) ($869,898) ($770,427) ($888,411) ($1,010,724) ($297,579) ----------- ---------- ---------- ----------- ---------- Depreciation and Amortization 286,760 243,404 285,386 292,400 283,689 ----------- ---------- ---------- ----------- ---------- Other non-cash =========== ========== ========== =========== ========== A/R Allowance 800,000 14,205 23,851 12,531 10,000 ----------- ---------- ---------- ----------- ---------- OPERATIONS Add: Decrease in Assets ----------- ---------- ---------- ----------- ---------- Accounts Receivable 0 400,947 482,840 302,260 236,289 ----------- ---------- ---------- ----------- ---------- Inventory, at cost 220,150 538,077 56,623 659,422 182,809 ----------- ---------- ---------- ----------- ---------- Prepaid Expenses and current assets 642,414 38,961 42,661 0 0 ----------- ---------- ---------- ----------- ---------- Property, Plant and Equipment 0 0 0 0 0 ----------- ---------- ---------- ----------- ---------- Other (including Intercompany Activity) 1,083 1,311,034 410,958 233,528 424,141 ----------- ---------- ---------- ----------- ---------- Increases in Liabilities: Pre Petition Liabilities 0 60,587 0 0 0 ----------- ---------- ---------- ----------- ---------- Post Petition Liabilities 247,713 80,775 485,042 307,127 0 ----------- ---------- ---------- ----------- ---------- Other Liabilities per Book 0 680,712 0 0 214,526 ----------- ---------- ---------- ----------- ---------- TOTAL SOURCES OF CASH (A) 1,328,221 2,598,276 898,949 796,544 1,053,875 ----------- ---------- ---------- ----------- ---------- USES OF CASH Less: Increase in Assets: Accounts Receivable (356,957) 0 0 0 0 ----------- ---------- ---------- ----------- ---------- Inventory, at cost 0 0 0 0 0 ----------- ---------- ---------- ----------- ---------- Prepaids and Other assets 0 0 0 (35,668) (24,195) ----------- ---------- ---------- ----------- ---------- Property, Plant, and Equipment (35,362) (33,993) (9,779) (21,801) (5,883) ----------- ---------- ---------- ----------- ---------- Other (including Intercompany Activity) (1,075,913) (1,351,754) (104,298) (173,488) (312,436) ----------- ---------- ---------- ----------- ---------- Decreases in Liabilities: Pre Petition Liabilities (409,001) 0 (51,075) (26,761) (391,159) ----------- ---------- ---------- ----------- ---------- Post Petition Liabilities 0 0 0 0 (536,475) ----------- ---------- ---------- ----------- ---------- Other Liabilities per Book (20,293) (550,895) (100,639) (1,524) (243,504) ----------- ---------- ---------- ----------- ---------- TOTAL USES OF CASH (B) (1,897,525) (1,936,642) (265,791) (259,243) (1,513,652) ----------- ---------- ---------- ----------- ---------- NET SOURCE (USE) OF CASH (A-B=NET) ($569,303) $661,634 $633,158 $537,301 ($459,776) ----------- ---------- ---------- ----------- ---------- CASH-BEGINNING BALANCE (See OPR-1) $3,216,732 $2,647,429 $3,309,063 $3,942,222 $4,479,523 ----------- ---------- ---------- ----------- ---------- CASH-ENDING BALANCE (See OPR-1) $2,647,429 $3,309,063 $3,942,222 $4,479,523 $4,019,747 =========== ========== ========== =========== ==========
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