EX-99.1 3 j9289301ex99-1.txt MONTHLY OPERATING REPORT DATED FEBRUARY 2002 Exhibit 99.1 UNITED STATES BANKRUPTCY COURT WESTERN DISTRICT OF PENNSYLVANIA In re: Carbide Graphite Group, Inc., et al. -------------------------------------------- Debtors Case Numbers: 01-0029744 through 01-00297448 MBM Reporting Period: January 1 - January 31, 2002 MONTHLY OPERATING REPORT
----------------------------------------------------------------------------------------------------------------------- DOCUMENT EXPLANATION REQUIRED DOCUMENTS FORM NO. ATTACHED ATTACHED ----------------------------------------------------------------------------------------------------------------------- Schedule of Cash Receipts and Disbursements MOR-1 X ----------------------------------------------------------------------------------------------------------------------- Bank Reconciliation (or copies of debtor's bank reconciliation) MOR-1 (CON'T) X ----------------------------------------------------------------------------------------------------------------------- Copies of bank statements X ---------------------------------------------------------------------------------------------------------------------- Cash disbursements journal X ----------------------------------------------------------------------------------------------------------------------- Statement of Operations MOR-2 X ----------------------------------------------------------------------------------------------------------------------- Balance Sheet MOR-3 X ----------------------------------------------------------------------------------------------------------------------- Status of Postpetition Taxes MOR-4 X ----------------------------------------------------------------------------------------------------------------------- Copies of IRS Form 6123 or payment receipt X ----------------------------------------------------------------------------------------------------------------------- Copies of tax returns filed during reporting period X ----------------------------------------------------------------------------------------------------------------------- Summary of Unpaid Postpetition Debts MOR-5 X ----------------------------------------------------------------------------------------------------------------------- Listing of aged accounts payable X ----------------------------------------------------------------------------------------------------------------------- Accounts Receivable Reconciliation and Aging MOR-5 X ----------------------------------------------------------------------------------------------------------------------- Debtor Questionnaire MOR-6 X -----------------------------------------------------------------------------------------------------------------------
I declare under penalty of perjury (28 U.S.C. Section 1746) that this report and the attached documents are true and correct to the best of my knowledge and belief. /s/ WILLIAM M. THALMAN 2/20/2002 --------------------------------------------- ----------------- Signature of Debtor Date William M. Thalman VP - Treasurer --------------------------------------------- -------------------------- Printed Name of Debtor Title CARBIDE/GRAPHITE GROUP, INC. MOR-1 A schedule of cash receipts and disbursements was completed and is available by request. Bank reconciliations were performed and are available by request. Bank statements are available by request. The cash disbursements by legal entity are listed below. DISBURSEMENTS BY LEGAL ENTITY 31-JAN-02 ----------------------------------------------------- ----------------- Legal Entity The Carbide/Graphite Group, Inc. $ 10,216,095.00 Seadrift Coke, L.P. $ 4,512,533.00 Carbon/Graphite International, Inc. (FSC) less than $15,000 CG Specialty Products Management Corporation less than $15,000 Carbide/Graphite Management Corporation less than $15,000 CARBIDE/GRAPHITE GROUP, INC. MOR-2 CONSOLIDATED STATEMENT OF OPERATIONS FOR THE MONTH ENDED JANUARY 31, 2002 (#'S IN '000S) Sales 9,854 Cost of goods sold 11,294 ----------- Gross profit (1,440) SG&A 892 ----------- Operating income before items below (2,332) Other compensation -- Other (income) expense, net 198 ----------- Operating income/(loss) (2,530) Non-operating expenses (income): Special financing costs -- Interest expense 918 Other non-operating (income)/expense -- ----------- Income/(loss) before income taxes (3,448) Provision for income taxes 15 ----------- Net income (loss) from continuing operations (3,463) Extraordinary loss on early extinguishment of debt net of tax benefit -- ----------- Net income (loss) (3,463) =========== Est. earnings per share data: Income excluding other items $ (0.40) Income before discontinued operations $ (0.42) Extraordinary loss $ -- ----------- Net income per share $ (0.42) Weighted average shares 8,331,342
CARBIDE/GRAPHITE GROUP, INC. MOR-3 CONSOLIDATED BALANCE SHEET AS AT JANUARY 31, 2002 (#'S IN '000S) ASSETS Current assets: Cash & short term investments $ 373 Marketable securities 0 Accounts receivable Accounts receivable 26,817 Allowance for doubtful accts (3,360) --------- Net accounts receivable 23,457 Inventory Gross inventory 67,675 Obsolescence reserve (879) Lifo reserve (15,032) --------- Net inventory 51,764 Prepaid expenses 2,308 Other current assets 3,490 Deferred tax asset 0 --------- Total current assets 81,392 Fixed assets: Gross 350,287 Accumulated depreciation (236,901) --------- Net fixed assets 113,386 Other assets 6,979 --------- TOTAL ASSETS $ 201,757 ========= LIABILITIES Current liabilities: Trade accounts payable $ 25,110 Overdrafts 0 Other current liabilities 33,701 Debt - Current 131,610 --------- Total current liabilities 190,421 Long-term debt: Senior notes 0 Line of credit 0 --------- Total long -term debt 0 Long term reserves 15,689 Deferred revenue 1,137 Deferred tax provision 0 --------- TOTAL LIABILITIES 207,247 SHAREHOLDERS' EQUITY Common stock 99 Additional paid in capital 36,712 Treasury stock, at cost (11,207) Common stock to be issued under warrants 3,424 Unfunded pension obligation (4,893) Other comprehensive income 0 Retained earnings (29,625) --------- TOTAL SHAREHOLDERS' EQUITY (5,490) --------- TOTAL LIABILITIES AND S.H. EQUITY $ 201,757 =========
THE CARBIDE/GRAPHITE GROUP INC. MOR-4 STATUS OF POSTPETITION TAXES REPORT PERIOD - JANUARY, 2001 Copies of payroll tax verification attached Copies of tax returns filed during the period from January 1, 2002 through January 31, 2002 are attached
Beginning Amount Ending Tax Withheld or Amount Date Check No. Tax Liability Accrued Paid Paid or EFT Liability --------------------------------------------------------------------------------------------------- FEDERAL Withholding - 396,942.94 40,546.39 1/8/2002 ** - 74,606.23 1/11/2002 ** 67,566.15 1/16/2002 ** 41,188.26 1/23/2002 ** 65,291.91 1/25/2002 ** 107,744.00 2/1/2002 ** ** FICA - Employee (0.21) 226,013.26 22,367.07 1/8/2002 ** - 42,556.87 1/11/2002 ** 38,300.56 1/16/2002 ** 23,978.92 1/23/2002 ** 38,549.17 1/25/2002 ** 60,260.67 2/1/2002 ** ** FICA - Employer 0.01 227,362.01 22,367.03 1/8/2002 ** - 42,980.99 1/11/2002 ** 38,412.36 1/16/2002 ** 24,261.89 1/23/2002 ** 38,609.68 1/25/2002 ** 60,730.06 2/1/2002 ** ** Unemployment 30.68 26,777.14 26,807.82 Income - - - Other: Total Federal Taxes 30.48 877,095.35 850,318.21 26,807.82 STATE AND LOCAL Withholding (0.09) - - See Attached (0.09) Sales - 22,505.53 6,000.00 1/1/2002 302411 0.00 6,032.88 EFT 78301/84070 9,997.66 1/18/2002 501279 474.99 1/24/2002 302611 Excise - 3,314.51 3,314.51 1/25/2002 501389 - Unemployment 798.01 239,108.81 239,906.82 Real Property - - Personal Property - - Other: Total State and Local Taxes 797.92 264,928.85 25,820.04 239,906.73 Total Taxes 828.40 1,142,024.20 876,138.25 266,714.55
** ADP Statement of Deposits Attached SEADRIFT COKE L.P. MOR-4 STATUS OF POSTPETITION TAXES REPORT PERIOD - JANUARY, 2001 Copies of payroll tax verification attached Copies of tax returns filed during the period from January 1, 2002 through January 31, 2002 are attached
Beginning Amount Ending Tax Withheld or Amount Check No. Tax Liability Accrued Paid or EFT Liability ------------------------------------------------------------------------------------------------- FEDERAL Withholding - 58,187.24 28,817.29 1/8/2002 ** - 29,369.95 1/23/2002 ** FICA - Employee - 35,474.09 17,717.68 1/8/2002 ** - 17,756.41 1/23/2002 ** FICA - Employer - 35,474.08 17,717.65 1/8/2002 ** - 17,756.43 1/23/2002 ** Unemployment 44.32 5,212.47 5,256.79 Income - Other: Total Federal Taxes 44.32 134,347.88 129,135.41 5,256.79 STATE AND LOCAL Withholding - - Sales - 3,538.05 3,538.05 1/16/2002 40759 - Excise - - Unemployment 85.96 7,776.14 7,862.10 Real Property - - Personal Property - - Other: - - Total State and Local Taxes 85.96 11,314.19 3,538.05 7,862.10 Total Taxes 130.28 145,662.07 132,673.46 13,118.89
** ADP Statement of Deposits Attached MOR-5 THE CARBIDE/GRAPHITE GROUP, INC. CONSOLIDATED ACCOUNTS PAYABLE AGING JANUARY 31, 2002
TOTAL 0 - 30 DAYS 31 - 60 DAYS 61 - 90 DAYS OVER 90 DAYS PRE-PETITION ------------------------------------------------------------------------------------------------------------------------------ $ 21,695,446 $ 988,479 $ 119,215 $ 185,115 $ (109,604) $ 20,512,242 ------------------------------------------------------------------------------------------------------------------------------
A summary of unpaid post petition debts has been completed and is available upon request THE CARBIDE/GRAPHITE GROUP, INC. CONSOLIDATED ACCOUNTS RECEIVABLE AGING JANUARY 31, 2002
0 - 30 DAYS 31 - 60 DAYS 61 - 90 DAYS 91 - 120 DAYS OVER 120 DAYS Total Outstanding Outstanding Outstanding Outstanding Outstanding ---------------------------------------------------------------------------------------------------------------------------- $ 22,554,674 $10,342,376 $ 4,704,317 $ 2,283,279 $ 2,003,861 $ 3,220,841 ----------------------------------------------------------------------------------------------------------------------------
An accounts receivable reconciliation has been completed and is available upon request. THE CARBIDE/GRAPHITE GROUP, INC. MOR-6 DEBTOR QESTIONNAIRE JANUARY 31, 2002
------------------------------------------------------------------------------------------------------------ Yes No ------------------------------------------------------------------------------------------------------------ 1. Have any assets been sold or transferred outside the normal course of business this reporting period? If yes, provide and explanation below. X ------------------------------------------------------------------------------------------------------------ 2. Have any funds been disbursed from any account other than a debtor in possession account this reporting period? If yes, provide and explanation below. X ------------------------------------------------------------------------------------------------------------ 3. Have all postpetition tax returns been timely filed? If no, provide and explanation below. X ------------------------------------------------------------------------------------------------------------ 4. Are workers compensation, general liability and other necessary insurance coverages in effect? If no, provide an explanation below. X ------------------------------------------------------------------------------------------------------------