EX-99.1 3 j9418501ex99-1.txt MONTHLY OPERATING REPORT DATED APRIL 22, 2002 Exhibit 99.1 UNITED STATES BANKRUPTCY COURT WESTERN DISTRICT OF PENNSYLVANIA In re: Carbide Graphite Group, Inc., et al. Case Numbers: 01-0029744 through 01-00297448 MBM -------------------------------------------- Reporting Period: March 1 to March 31, 2002 Debtors
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 4/22/02 ----------------------------------------------------- ----------------- 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-MAR-02 ----------------------------------------------------- ----------------- LEGAL ENTITY The Carbide/Graphite Group, Inc. $ 9,585,285 Seadrift Coke, L.P. $ 3,516,019 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 MARCH 31, 2002 (#'S IN '000S) Sales $ 10,557 Cost of goods sold 11,699 ---------- Gross profit (1,142) SG&A 672 ---------- Operating income before items below (1,814) Other compensation - Other (income) expense, net 429 ---------- Operating income/(loss) (2,243) Non-operating expenses (income): Special financing costs - Interest expense 1,350 Other non-operating (income)/expense - ---------- Income/(loss) before income taxes (3,593) Provision for income taxes 15 ---------- Net income (loss) from continuing operations (3,608) Extraordinary loss on early extinguishment of debt net of tax benefit - ---------- Net income (loss) $ (3,608) ========== Est. earnings per share data: Income excluding other items $ (0.40) Income before discontinued operations $ (0.43) Extraordinary loss $ - ---------- Net income per share $ (0.43) Weighted average shares 8,331,342
CARBIDE/GRAPHITE GROUP, INC. MOR-3 CONSOLIDATED BALANCE SHEET AS AT MARCH 31, 2002 (#'S IN '000S) ASSETS Current assets: Cash & short term investments $ 1,619 Marketable securities 0 Accounts receivable Accounts receivable 27,983 Allowance for doubtful accts (3,400) ---------- Net accounts receivable 24,583 Inventory Gross inventory 65,710 Obsolescence reserve (879) Lifo reserve (16,483) ---------- Net inventory 48,348 Prepaid expenses 3,093 Other current assets 3,699 Deferred tax asset 0 ---------- Total current assets 81,342 Fixed assets: Gross 350,553 Accumulated depreciation (239,208) ---------- Net fixed assets 111,345 Other assets 6,501 ---------- TOTAL ASSETS $ 199,188 ========== LIABILITIES Current liabilities: Trade accounts payable $ 25,439 Overdrafts 0 Other current liabilities 35,955 Debt - Current 135,006 ---------- Total current liabilities 196,400 Long-term debt: Senior notes 0 Line of credit 0 ---------- Total long -term debt 0 Long term reserves 15,718 Deferred revenue 1,114 Deferred tax provision 0 ---------- TOTAL LIABILITIES 213,232 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 (38,179) ---------- TOTAL SHAREHOLDERS' EQUITY (14,044) ---------- TOTAL LIABILITIES AND S.H. EQUITY $ 199,188 ==========
THE CARBIDE/GRAPHITE GROUP INC. DEBTOR CASE # 01-29744-MBM Status of PostPetition Taxes Report Period - March, 2002
Beginning Amount Ending Tax Withheld or Amount Date Check No. Tax Liability Accrued Paid Paid or EFT Liability ------------------------------------------------------------------------------------------------ FEDERAL Withholding - 313,797.27 58,184.99 3/8/2002 ** - 99,561.09 3/18/2002 ** 57,806.01 3/22/2002 ** 98,245.18 4/1/2002 ** ** FICA - Employee - 179,105.28 35,114.37 3/8/2002 ** 0.04 54,973.65 3/18/2002 ** 34,043.99 3/22/2002 ** 54,973.23 4/1/2002 ** ** FICA - Employer - 180,567.99 35,425.67 3/8/2002 ** (0.04) 55,720.68 3/18/2002 ** 34,237.11 3/22/2002 ** 55,184.57 4/1/2002 ** ** Unemployment 34,266.02 1,648.55 35,914.57 Income - - - Other: Total Federal Taxes 34,266.02 675,119.09 673,470.54 35,914.57 STATE AND LOCAL Withholding 543.47 95,191.77 95,735.24 See Attached - Sales - 23,065.41 9,153.00 3/20/2002 303811 - 5,621.16 EFT 78301/99275 8,291.25 3/15/2002 501682 Excise - - - - Unemployment 338,654.61 46,709.06 192.46 See Attached 385,171.21 Real Property - - Personal Property - - Other: Total State and Local Taxes 339,198.08 164,966.24 118,800.65 385,171.21 Total Taxes 373,464.10 840,085.33 792,271.19 421,085.78
** ADP Statement of Deposits Attached SUI Due KY 108,025.73 NY 136,033.86 NC 160.15 PA 140,759.48 CO 192.00 MISS - OH - ---------------- 385,171.22 THE CARBIDE/GRAPHITE GROUP INC. DEBTOR CASE # 01-29744-MBM Status of PostPetition Taxes Report Period - March, 2002 State Income Tax Deposits
NY IN KY PA CO OH NC 3/12/2002 6,613.21 3/19/2002 136.00 3/20/2002 11,789.86 11,355.35 3/22/2002 15,880.77 3/26/2002 6,229.57 4/2/2002 136.00 4/3/2002 11,563.70 10,942.59 4/9/2002 16,148.55 4/12/2002 448.00 4/22/2002 3,676.60 ------------------------------------------------------------------------------------------------ 36,196.34 3,676.60 32,029.32 22,297.94 448.00 - 272.00 94,920.20
W/H Deposits PA- SIT 22,297.94 22,297.94 PA-SUI 20,057.67 NY- SIT 36,196.34 36,196.34 NY-SUI 29,552.57 KY- SIT 32,029.32 32,029.32 KY-SUI (2,928.96) IN- SIT 3,676.60 3,676.60 CO- SIT 448.00 448.00 CO-SUI - MISS- SIT 271.57 815.04 4/15/2002 MISS_SUI 189.00 4/30/2002 OH- SIT - OH-SUI (10.37) 3.46 4/30/2002 NC- SIT 272.00 272.00 NC- SUI 38.15 SIT 95,191.77 95,735.24 SUI 46,709.06 192.46
SEADRIFT COKE L.P. DEBTOR CASE # 01-29744-MBM Status of PostPetition Taxes Report Period - March, 2002
Beginning Amount Ending Tax Withheld or Amount Check No. Tax Liability Accrued Paid or EFT Liability ------------------------------------------------------------------------------------------------ FEDERAL Withholding - 89,860.92 34,121.23 3/5/2002 ** - 26,945.21 3/19/2002 ** 28,794.48 4/2/2002 FICA - Employee - 53,026.24 19,212.89 3/5/2002 ** - 16,699.65 3/19/2002 ** 17,113.70 4/2/2002 FICA - Employer - 53,026.20 19,212.85 3/5/2002 ** - 16,699.69 3/19/2002 ** 17,113.66 4/2/2002 Unemployment 6,103.15 92.37 - ** 6,195.52 Income - Other: Total Federal Taxes 6,103.15 196,005.73 195,913.36 6,195.52 STATE AND LOCAL Withholding - - Sales - 3,515.96 3,515.96 3/13/2002 41254 - Excise - - Unemployment 10,872.91 6,085.76 - ** 16,958.67 Real Property - - Personal Property - - Other: - - Total State and Local Taxes 10,872.91 9,601.72 3,515.96 16,958.67 Total Taxes 16,976.06 205,607.45 199,429.32 23,154.19
** ADP Statement of Deposits Attached MOR-5 THE CARBIDE/GRAPHITE GROUP, INC. CONSOLIDATED ACCOUNTS PAYABLE AGING MARCH 31, 2002
TOTAL 0 - 30 DAYS 31 - 60 DAYS 61 - 90 DAYS 91 - 120 DAYS PRE-PETITION ---------------------------------------------------------------------------------------------------------------------------------- $ 22,217,666 $ 1,335,297 $ 155,718 $ 14,771 $ (8,667) $ 20,720,547 ----------------------------------------------------------------------------------------------------------------------------------
A summary of unpaid post petition debts has been completed and is available upon request THE CARBIDE/GRAPHITE GROUP, INC. CONSOLIDATED ACCOUNTS RECEIVABLE AGING MARCH 31, 2002
0 - 30 DAYS 31 - 60 DAYS 61 - 90 DAYS 91 - 120 DAYS OVER 120 DAYS TOTAL OUTSTANDING OUTSTANDING OUTSTANDING OUTSTANDING OUTSTANDING ---------------------------------------------------------------------------------------------------------------------------------- $ 22,825,936 $ 10,321,697 $ 6,693,758 $ 1,787,679 $ 1,304,432 $ 2,718,371 ----------------------------------------------------------------------------------------------------------------------------------
An accounts receivable reconciliation has been completed and is available upon request. THE CARBIDE/GRAPHITE GROUP, INC. MOR-6 DEBTOR QESTIONNAIRE MARCH 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 -----------------------------------------------------------------------------------------------------------------------