-----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, JUDaD6YxIg+3wQDtFJIL1l2sFJTIwztgLmQlWWRIw+wt55dswcmnqjT7VH5B6FRE Btnhk7OzpiSAHxYblcFN/A== 0000927016-02-002831.txt : 20020514 0000927016-02-002831.hdr.sgml : 20020514 ACCESSION NUMBER: 0000927016-02-002831 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 8 CONFORMED PERIOD OF REPORT: 20020429 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20020514 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: 02646111 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) April 29, 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 February 24, 2002 - March 30, 2002 99.2 Comparative Balance Sheets for the Period February 24, 2002 - March 30, 2002 99.3 Summary of Accounts Receivable for the Period February 24, 2002 - March 30, 2002 99.4 Schedule of Post-Petition Liabilities for the Month Ended March 30, 2002 99.4.1 Post-Petition Liabilities Detail 99.5 Income Statement for the Period February 24, 2002 - March 30, 2002 99.6 Statement of Sources and Uses of Cash for the Period February 24, 2002 - March 30, 2002 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 May 14, 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 March 30, 2002 COMES NOW, AEROVOX, INC. Debtor-In-Possession and hereby submits its Monthly Operating Report for the period commencing February 24, 2002 and ending March 30, 2002 as shown by the report and exhibits consisting of 13 pages and containing the following, as indicated: Pages - ----- 1 - 6 Monthly Reporting Questionnaire (Attachment 1) 7 - 8 Comparative Balance Sheets (Forms OPR-1 & OPR-2) 9 Summary of Accounts Receivable (Form OPR-3) 10-11 Schedule of Post-petition Liabilities (Form OPR-4) 12 Income Statement (Form OPR-5) 13 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: April 14, 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 ENDED: March 30, 2002 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 20,801 0 14,204 F. Randal Hunt CFO & Sr. Vice 14,904 9,053 0 4,735 President Martin Hudis Sr. VP Technology 19,231 11,702 0 5,786 TOTALS 72,597 41,556 0 24,725
Exhibit 99.1 Attachment 1 Page 2 CHAPTER 11 MONTHLY OPERATING REPORT MONTHLY REPORTING QUESTIONNAIRE CASE NAME: Aerovox, Inc. CASE NUMBER: 01-14680jnf MONTH ENDED: March 30, 2002 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.
Coverage Expiration Date Type Carrier Name 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 ENDED: March 30, 2002 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 17711.32 287973.63 233945.01 0 5254.63 Plus: Deposits 646007.70 4749098.73 4155134.94 0 0 Less: Disbursements -645151.49 -4865105.40 0 -3346.08 Other: Transfers In/Out 0 1000000.00 -4102753.40 0 0 - ---------- ----------- - - Ending Book Balance 18567.53 1171966.96 286326.55 0 1908.55 3. Bank Accounts-continued Savings Checking Payroll TOTALS ------- -------- ------- ------ Bank Name Citizens Keybank Fleet Account # 1103159507 19968100261 005119-1739 Beginning Book Balance 3000000.00 0 0 3,544,884.59 Plus: Deposits 3703.01 0 9,553,944.38 Less: Disbursements 0 0 0 -5,513,602.97 Other: Transfers In/Out -1000000.00 0 -4,102,753.40 ----------- - ------------- Ending Book Balance 2003703.01 0 0 3,482,472.60
Exhibit 99.1 Attachment 1 Page 4 CHAPTER 11 MONTHLY OPERATING REPORT MONTHLY REPORTING QUESTIONNAIRE CASE NAME: Aerovox, Inc. CASE NUMBER: 01-14680jnf MONTH ENDED: March 30, 2002 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 6,260.90 03/01/02 Wire Transfer Argus Management 4,483.60 03/08/02 Wire Transfer Argus Management 528.00 03/15/02 Wire Transfer Argus Management 7,213.20 03/28/02 Wire Transfer Argus Management 8,771.50 03/01/02 Ck # 4616 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 ENDED: March 30, 2002
Coverage Expiration Type Carrier Name 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 Int'l 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 12/31/01-12/3102 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 BCBS 2,000,000 #0004119 01/01/02-12/31/02 Benefits 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 Seguros Commercial America $100,000 LR100072 12/31/01-12/31/02 Liability aggregate 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: ADrovox, Inc. COMPARATIVE BALANCE SHEET FORM OPR-1 CASE NUMBER: 01-14680 jnf FOR MONTH ENDED:
12/1/2001 12/29/2001 1/26/2002 2/23/2002 3/30/2002 ------------ ------------ ------------ ------------ ------------ ASSETS CURRENT ASSETS: Cash $ 4,479,522 $ 4,019,746 $ 4,033,165 $ 3,547,973 $ 3,485,561 ------------ ------------ ------------ ------------ ------------ Other negotiable instruments (i.e. CD's, 0 0 0 0 0 ------------ ------------ ------------ ------------ ------------ Treasury Bills, etc.) Accounts receivable, gross (OPR-3) 7,467,141 7,230,853 7,167,409 7,698,454 7,498,202 ------------ ------------ ------------ ------------ ------------ Less: Allowance for doubtful accounts (1,340,439) (1,350,439) (1,359,439) (1,368,595) (973,473) ------------ ------------ ------------ ------------ ------------ Inventory, at cost 10,832,578 10,649,769 10,257,300 10,068,804 9,699,305 ------------ ------------ ------------ ------------ ------------ Prepaid expenses and other current assets 86,073 110,268 174,304 193,414 158,018 ------------ ------------ ------------ ------------ ------------ Other: Intercompany receivables (payables) 193,415 505,851 620,899 413,359 208,359 ------------ ------------ ------------ ------------ ------------ TOTAL CURRENT ASSETS 21,718,290 21,166,047 20,893,637 20,553,408 20,075,971 ------------ ------------ ------------ ------------ ------------ PROPERTY, PLANT, AND EQUIPMENT, AT COST 50,522,978 50,528,861 49,481,592 49,483,072 49,483,286 ------------ ------------ ------------ ------------ ------------ Less: Accumulated depreciation (25,145,749) (25,429,439) (25,032,360) (25,300,269) (25,568,732) ------------ ------------ ------------ ------------ ------------ NET PROPERTY, PLANT AND EQUIPMENT 25,377,229 25,099,422 24,449,232 24,182,803 23,914,554 ------------ ------------ ------------ ------------ ------------ OTHER ASSETS Investments 15,712,152 15,522,849 15,287,298 15,402,070 15,310,416 ------------ ------------ ------------ ------------ ------------ Other: Def. fin. cost and org costs 172,189 171,106 170,023 168,940 167,857 ------------ ------------ ------------ ------------ ------------ Other assets (includes deposits) 5,347,997 5,114,243 5,144,145 5,246,874 5,162,920 ------------ ------------ ------------ ------------ ------------ TOTAL ASSETS $ 68,327,858 $ 67,073,667 $ 65,944,337 $ 65,554,095 $ 64,631,719 ============ ============ ============ ============ ============
Exhibit 99.2 Page 7 CASE NAME: ADrovox, Inc. CASE NUMBER: 01-14680 jnf FORM OPR-2
12/01/01 12/29/01 01/26/02 02/23/02 03/30/02 ------------ ------------ ------------ ------------ ------------ LIABILITIES POST PETITION LIABILITIES (OPR-4) $ 2,087,607 $ 1,551,132 $ 1,679,602 $ 2,067,654 $ 2,653,424 ------------ ------------ ------------ ------------ ------------ PRE PETITION LIABILITIES Priority debt 777,612 386,453 228,490 228,490 228,490 ------------ ------------ ------------ ------------ ------------ Secured debt 29,300,919 29,300,919 29,300,919 29,300,919 29,300,919 ------------ ------------ ------------ ------------ ------------ Unsecured debt 19,509,617 19,509,617 19,509,617 19,283,684 18,997,942 ------------ ------------ ------------ ------------ ------------ TOTAL PRE PETITION LIABILITIES 49,588,148 49,196,989 49,039,027 48,813,093 48,527,351 ------------ ------------ ------------ ------------ ------------ OTHER LIABILITIES PER BOOK 5,285,408 5,499,934 5,499,934 5,499,934 5,499,934 ------------ ------------ ------------ ------------ ------------ TOTAL LIABILITIES 56,961,164 56,248,055 56,218,563 56,380,682 56,680,710 ------------ ------------ ------------ ------------ ------------ SHAREHOLDERS' EQUITY REDEEMABLE COMMON STOCK 1,253,800 1,249,800 1,099,800 1,071,800 933,800 ------------ ------------ ------------ ------------ ------------ COMMON STOCK 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 ------------ ------------ ------------ ------------ ------------ RETAINED EARNINGS Through filing date 9,674,670 9,674,670 9,674,670 9,674,670 9,674,670 ------------ ------------ ------------ ------------ ------------ Post filing date (3,559,922) (3,853,500) (4,815,953) (5,314,553) (6,360,455) ------------ ------------ ------------ ------------ ------------ ACCUMULATED OTHER COMPREHENSIVE PROFIT (LOSS) (2,625,199) (2,868,703) (2,856,089) (2,881,849) (2,920,351) ------------ ------------ ------------ ------------ ------------ TOTAL SHAREHOLDERS' EQUITY 11,366,694 10,825,612 9,725,774 9,173,413 7,951,009 ------------ ------------ ------------ ------------ ------------ TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 68,327,858 $ 67,073,667 $ 65,944,337 $ 65,554,095 $ 64,631,719 ============ ============ ============ ============ ============
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: 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) Month: January 26, 2002 7,167,409 4,062,705 1,346,965 398,867 217,644 1,141,228 Allowance for Doubtful Accounts (1,359,439) Month: February 23, 2002 7,698,454 4,385,692 1,879,006 158,952 79,734 1,195,070 Allowance for Doubtful Accounts (1,368,595) Month: March 30, 2002 7,498,202 4,572,748 2,099,469 278,322 (12,390) 560,053 Allowance for Doubtful Accounts (973,473)
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 LIABILITIES FORM OPR-4 CASE NUMBER: 01-14680 jnf FOR MONTH ENDED: March 30, 2002 DATE INCURRED DATE DUE TOTAL DUE 0-30 DAYS 31-60 DAYS 61-90 DAYS OVER 90 DAYS TAXES PAYABLE Federal Income Taxes 0 0 0 0 0 ------------- -------- --------- --------- ---------- ---------- ----------- FICA - employer's share 03/28/02 04/04/02 9,488 9,488 0 0 0 ------------- -------- --------- --------- ---------- ---------- ----------- FICA - employees' share 03/28/02 04/04/02 9,488 9,488 0 0 0 ------------- -------- --------- --------- ---------- ---------- ----------- Withholding tax 03/28/02 04/04/02 8,347 8,347 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 $27,322 $27,322 $0 $0 $0 ============= ======== ========= ========= ========== ========== =========== POST PETITION SECURED DEBT 0 0 $0 $0 $0 ------------- -------- --------- --------- ---------- ---------- ----------- POST PETITION UNSECURED DEBT 0 0 $0 $0 $0 ------------- -------- --------- --------- ---------- ---------- ----------- ACCRUED INTEREST PAYABLE 1,615,673 210,188 168,151 168,151 1,069,183 ------------- -------- --------- --------- ---------- ---------- ----------- TRADE ACCOUNTS PAYABLE & OTHER (List separately)* Accrued benefits 118,866 118,866 - - - ----------------------- ------------- -------- --------- --------- ---------- ---------- ----------- Trade accounts payable* various various 117,319 65,126 (12,444) 1,814 62,823 ----------------------- ------------- -------- --------- --------- ---------- ---------- ----------- Accrued payroll 03/28/02 04/04/02 64,009 64,009 - - - ----------------------- ------------- -------- --------- --------- ---------- ---------- ----------- Other accrued expenses various various 710,235 710,235 - - - ----------------------- ------------- -------- --------- --------- ---------- ---------- ----------- TOTALS 2,653,424 1,195,746 155,707 169,965 1,132,006 ============= ======== ========= ========= ========== ========== ===========
* 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 AA ELECTRIC, INC. 182.55 182.55 - - - - ALLPAGE 833.66 833.66 - - - - AMERICAN COPY SUPPLY, INC 171.95 171.95 - - - - ANDERSON PRINTING 173.02 173.02 - - - - ARGUS MANAGEMENT CORP. 67,897.22 4,348.50 2,075.97 1,814.00 - 59,658.75 ARK-LES CORP. 133.53 133.53 - - - - ATLANTIC COMPONENTS 416.00 416.00 - - - - AVAYA, INC 1,503.13 1,503.13 - - - - BORDERCOMM, INC. 135.36 135.36 - - - - CADANCE CORPORATION 1,227.00 1,227.00 - - - - CITY OF HUNTSVILLE 12,105.38 12,105.38 - - - - COASTAL COMPUTER 180.25 180.25 - - - - CONS. RECYCLING TECH., INC 2,050.00 2,050.00 - - - - CONSUMERS INTERSTATE 1,302.81 1,302.81 - - - - CSC SCIENTIFIC CO. INC. (14,520.12) - (14,520.12) - - - DESAI ELECTRONICS PVT LTD 339.38 339.38 - - - - DYER TECHNOLOGY INC. 16.70 16.70 - - - - DYNAMIC TOOL COMPANY 325.79 325.79 - - - - EAGLE ELECTRIC SUPPLY CO. 362.71 362.71 - - - - EIS (27.14) - - - - (27.14) EMPIRE AUTOMATION, INC. 180.59 180.59 - - - - EXPORT FORMS CO. 1,305.00 1,305.00 - - - - FISH & RICHARDSON P.C. 107.20 - - - - 107.20 HOPWOOD/GLOBE RETINNING 661.21 661.21 - - - - INDUSTRIAL CHEMICAL INC. 5,474.52 5,474.52 - - - - INJURY MANAGEMENT 743.25 743.25 - - - - INTERNATIONAL CONTROLS 63.45 63.45 - - - - ITEN INDUSTRIES 763.80 763.80 - - - - JACKSON CO. 595.58 595.58 - - - - JM INDUSTRIAL SUPPLY CO 5,866.77 5,866.77 - - - - LAW OFFICES OF GM REGO 899.94 899.94 - - - - LEO ELECTRON MICROSCOPY I 872.92 872.92 - - - - LUSCOMBE/MATREX 28.22 - - - - 28.22 M H DIELECTRICS, INC. 7,036.31 7,036.31 - - - - MASON CAN COMPANY 2,375.00 2,375.00 - - - - MCDONALD INVESTMENTS INC. 2,884.68 - - - - 2,884.68 MCMASTER/CARR SUPPLY CO 273.43 273.43 - - - - MEDICAL RECORD ASSOCIATES 16.30 16.30 - - - - MIL-COM SALES ASSOCIATES 171.29 - - - - 171.29 MSC-MEDICAL SERVICES 88.35 88.35 - - - - NEW BEDFORD WELDING 322.35 322.35 - - - - PACER ELECTRONICS 412.50 412.50 - - - - PARAGON STAMP WORKS 0.30 - - - - 0.30 PARAMETER GENERATION INC. 238.74 238.74 - - - - PARAMOUNT TUBE INC (34.36) (34.36) - - - - PENCILS, INC. 583.69 583.69 - - - - REMACHES DE PUERTO RICO 2,742.57 2,742.57 - - - - RI ANALYTICAL 135.00 135.00 - - - - ROLLS, INC. 239.79 239.79 - - - - RTS PACKAGING, LLC 2,448.73 2,448.73 - - - - SOUTHCOAST HOSPITALS GRP 281.59 281.59 - - - - STEPHEN P.ROWLEY 942.50 942.50 - - - - THARCO 671.43 671.43 - - - - THIRD PARTY SOLUTIONS 11.53 11.53 - - - - TRONIX 206.72 206.72 - - - - UNIVERSAL PRODUCTS CO. 62.70 62.70 - - - - WAREHAM ORTHO ASSOCIATES 106.69 106.69 - - - - WATERBURY CONTRACT EYELET 2,729.25 2,729.25 - - - - Total 117,318.71 65,125.56 (12,444.15) 1,814.00 - 62,823.30
EX-99.5 8 dex995.txt INCOME STATEMENT Exhibit 99.5 Page 11
CASE NAME: Aerovox, Inc. INCOME STATEMENT FORM OPR-5 CASE NUMBER: 01-14680 jnf FOR MONTH ENDED: December 01, December 29, January 26, February 23, March 30, FILING 2001 2001 2002 2002 2002 TO DATE -------------- -------------- -------------- -------------- -------------- ------------ NET REVENUE (INCOME) $5,275,190 $3,615,244 $4,348,787 $4,393,907 $5,824,946 $47,234,373 -------------- -------------- -------------- -------------- -------------- ------------ COST OF GOODS SOLD: Materials 3,098,513 2,042,127 2,604,864 2,815,366 3,547,290 27,723,519 -------------- -------------- -------------- -------------- -------------- ------------ Labor 457,118 317,440 360,765 490,911 597,403 4,489,707 -------------- -------------- -------------- -------------- -------------- ------------ Manufacturing Overhead 977,402 680,790 811,011 1,026,348 1,277,831 9,446,229 -------------- -------------- -------------- -------------- -------------- ------------ COST OF GOODS SOLD AT STANDARD 4,533,033 3,040,357 3,776,640 4,332,625 5,422,524 41,659,456 -------------- -------------- -------------- -------------- -------------- ------------ Variances (favorable)/ unfavorable 448,862 (238,579) 134,480 (342,209) (54,515) 212,537 -------------- -------------- -------------- -------------- -------------- ------------ ACTUAL COST OF GOODS SOLD 4,981,895 2,801,778 3,911,119 3,990,416 5,368,008 41,871,992 -------------- -------------- -------------- -------------- -------------- ------------ GROSS PROFIT 293,295 813,466 437,668 403,492 456,938 5,362,381 -------------- -------------- -------------- -------------- -------------- ------------ OPERATING EXPENSES: Selling and Marketing 161,382 122,768 119,104 134,513 212,677 1,308,337 -------------- -------------- -------------- -------------- -------------- ------------ R & D and Product Services 95,950 80,489 83,704 79,004 97,189 885,616 -------------- -------------- -------------- -------------- -------------- ------------ General and Administrative 574,064 391,403 350,358 333,772 718,069 3,949,460 -------------- -------------- -------------- -------------- -------------- ------------ TOTAL OPERATING EXPENSES 831,396 594,660 553,166 547,289 1,027,935 6,143,413 ============== ============== ============== ============== ============== ============ INCOME BEFORE INTEREST, DEPRECIATION, TAXES, OR EXTRAORDINARY EXPENSES (538,101) 218,805 (115,498) (143,798) (570,997) (781,032) -------------- -------------- -------------- -------------- -------------- ------------ INTEREST EXPENSE 167,026 162,683 141,470 144,052 184,368 1,570,308 -------------- -------------- -------------- -------------- -------------- ------------ DEPRECIATION 292,399 283,689 286,545 267,909 268,358 2,803,276 -------------- -------------- -------------- -------------- -------------- ------------ INCOME TAX EXPENSE (BENEFIT) 0 (61,536) 0 0 36,901 52,527 -------------- -------------- -------------- -------------- -------------- ------------ OTHER INCOME (EXPENSE) (13,198) (131,548) (568,939) 29,160 (123,280) (1,965,912) -------------- -------------- -------------- -------------- -------------- ------------ NET INCOME (LOSS) ($1,010,724) ($297,579) ($1,112,452) ($526,599) ($1,183,903) ($7,173,055) ============== ============== ============== ============== ============== ============
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:
01-Dec-01 29-Dec-01 26-Jan-02 23-Feb-02 30-Mar-02 --------- --------- --------- --------- --------- SOURCES OF CASH Net income (loss) ($1,010,724) ($297,579) ($1,112,452) ($526,599) ($1,183,903) ------------ ------------- ------------- ------------ ------------- Depreciation and amortization 292,400 283,689 286,545 267,909 268,358 ------------ ------------- ------------- ------------ ------------- Other non-cash 337,159 ------------ ------------- ------------- ------------ ------------- Increase in allowance for doubtful accounts 12,531 10,000 9,000 9,156 (395,122) ------------ ------------- ------------- ------------ ------------- OPERATIONS Add: Decrease in assets ------------ ------------- ------------- ------------ ------------- Accounts receivable 302,260 236,289 63,444 0 200,251 ------------ ------------- ------------- ------------ ------------- Inventory, at cost 659,422 182,809 392,468 188,497 369,499 ------------ ------------- ------------- ------------ ------------- Prepaid expenses and current assets 0 0 0 0 35,396 ------------ ------------- ------------- ------------ ------------- Property, plant and equipment 0 0 26,486 0 0 ------------ ------------- ------------- ------------ ------------- Other (including Intercompany activity) 233,528 424,141 121,585 208,623 381,795 ------------ ------------- ------------- ------------ ------------- Increases in liabilities: Pre petition liabilities 0 0 0 0 0 ------------ ------------- ------------- ------------ ------------- Post petition liabilities 307,127 0 128,470 388,052 585,770 ------------ ------------- ------------- ------------ ------------- Other liabilities per book 0 214,526 0 0 0 ------------ ------------- ------------- ------------ ------------- TOTAL SOURCES OF CASH (A) 796,544 1,053,875 252,705 535,639 262,045 ------------ ------------- ------------- ------------ ------------- USES OF CASH Less: Increase in assets: Accounts receivable 0 0 0 (531,045) 0 ------------ ------------- ------------- ------------ ------------- Inventory, at cost 0 0 0 0 0 ------------ ------------- ------------- ------------ ------------- Prepaids and other assets (35,668) (24,195) (64,036) (19,110) 0 ------------ ------------- ------------- ------------ ------------- Property, plant, and equipment (21,801) (5,883) 0 (1,480) (214) ------------ ------------- ------------- ------------ ------------- Other (including Intercompany activity) (173,488) (312,436) (29,902) (217,500) 0 ------------ ------------- --------------------------- ------------- Decreases in liabilities: Pre petition liabilities (26,761) (391,159) (157,963) (225,933) (285,742) ------------ ------------- ------------- ------------ ------------- Post petition liabilities 0 (536,475) 0 0 0 ------------ ------------- ------------- ------------ ------------- Other liabilities per book (1,524) (243,504) 12,615 (25,761) (38,503) ------------ ------------- ------------- ------------ ------------- TOTAL USES OF CASH (B) (259,243) (1,513,652) (239,286) (1,020,829) (324,459) ------------ ------------- ------------- ------------ ------------- NET SOURCE (USE) OF CASH (A-B=NET) 537,301 (459,776) 13,419 (485,191) (62,414) ------------ ------------- ------------- ------------ ------------- CASH-BEGINNING BALANCE (See OPR-1) 3,942,222 4,479,523 4,019,747 4,033,165 3,547,975 ------------ ------------- ------------- ------------ ------------- CASH-ENDING BALANCE (See OPR-1) $4,479,523 $4,019,747 $4,033,165 $3,547,975 $3,485,561 ============ ============= ============= ============ =============
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