EX-99.3 5 j9654801exv99w3.txt MONTHLY OPERATING REPORT Exhibit 99.3 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: August 1 to August 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/ Jeff Jones 03-Oct-02 --------------------------------------- -------------------- Signature of Debtor Date Jeff Jones VP and Chief Financial Officer --------------------------------------- ------------------------------ 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 AUGUST-02 ---------------------------------------------------- --------------- LEGAL ENTITY The Carbide/Graphite Group, Inc. $ 10,665,566 Seadrift Coke, L.P. $ 2,745,379 Carbon/Graphite International, Inc. (FSC) < $15,000 CG Specialty Products Management Corporation < $15,000 Carbide/Graphite Management Corporation < $15,000 CARBIDE/GRAPHITE GROUP, INC. MOR-2 CONSOLIDATED STATEMENT OF OPERATIONS FOR THE MONTH ENDED AUGUST 31, 2002 (#'S IN '000S) Sales $ 10,485 Cost of goods sold 11,006 ------------ Gross profit (521) SG&A 727 ------------ Operating income before items below (1,248) Other compensation - Other (income) expense, net (3,943) ------------ Operating income/(loss) 2,695 Non-operating expenses (income): Special financing costs - Interest expense 917 Other non-operating (income)/expense - ------------ Income/(loss) before income taxes 1,778 Provision for income taxes 9 ------------ Net income (loss) from continuing operations 1,769 Extraordinary loss on early extinguishment of debt net of tax benefit - ------------ Net income (loss) $ 1,769 ============ Est. earnings per share data: Income excluding other items $ (0.10) Income before discontinued operations $ 0.21 Extraordinary loss $ - ------------ Net income per share $ 0.21 Weighted average shares 8,331,342 CARBIDE/GRAPHITE GROUP, INC. MOR-3 CONSOLIDATED BALANCE SHEET AS AT AUGUST 31, 2002 (#'S IN '000S) ASSETS Current assets: Cash & short term investments $ 970 Marketable securities 0 Accounts receivable Accounts receivable 26,866 Allowance for doubtful accts (3,500) ----------- Net accounts receivable 23,366 Inventory Gross inventory 61,487 Obsolescence reserve (671) Lifo reserve (14,608) ----------- Net inventory 46,208 Prepaid expenses 2,633 Other current assets 7,619 Deferred tax asset 0 ----------- Total current assets 80,796 Fixed assets: Gross 351,036 Accumulated depreciation (244,571) ----------- Net fixed assets 106,465 Other assets 6,276 ----------- TOTAL ASSETS $193,537 =========== LIABILITIES Current liabilities: 25,012 Trade accounts payable $0 Overdrafts 39,068 Other current liabilities 132,585 Debt - Current 196,665 ----------- Total current liabilities (3,128) Long-term debt: Senior notes 0 Line of credit 0 ----------- Total long -term debt 0 Long term reserves 15,589 Deferred revenue 1,058 Deferred tax provision 0 ----------- TOTAL LIABILITIES 213,312 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 (43,910) ----------- TOTAL SHAREHOLDERS' EQUITY (19,775) ----------- TOTAL LIABILITIES AND S.H. EQUITY $193,537 =========== THE CARBIDE/GRAPHITE GROUP INC. DEBTOR CASE # 01-29744-MBM STATUS OF POSTPETITION TAXES REPORT PERIOD - AUGUST 2002
Beginning Amount Ending Tax Withheld or Amount Date Check No. Tax Liability Accrued Paid Paid or EFT Liability -------------------------------------------------------------------------------------------------- FEDERAL Withholding 0.00 362,985.85 37,479.91 7/9/2002 ** 0.00 69,416.75 7/12/2002 ** 94,117.23 7/16/2002 ** 68,841.11 7/23/2002 ** 93,130.85 7/26/2002 ** 0.00 FICA - Employee 0.00 196,761.33 21,385.77 37446 ** (0.01) 39,795.78 7/12/2002 ** 49,205.29 7/16/2002 ** 38,487.68 7/23/2002 ** 47,886.82 7/26/2002 ** 0.00 FICA - Employer 0.00 197,798.03 21,878.70 7/9/2002 ** 0.00 39,906.01 37449 ** 49,426.73 7/16/2002 ** 38,635.49 7/23/2002 ** 47,951.10 7/26/2002 ** 0.00 Unemployment 343.46 87.22 0.00 430.68 Income 0.00 0.00 0.00 Other: Total Federal Taxes 343.46 757,632.43 757,545.22 430.67 State and Local Withholding 271.05 98,023.38 97,751.70 See Attached 542.73 (1) SALES 0.00 13,066.72 5,998.92 37486 307458 0.00 ----- 7,067.80 37487 78301/95895 Excise 0.00 0.00 0.00 0.00 Unemployment 4,383.07 1,040.39 0 See Attached 5,423.46 (2) Real Property 0.00 0.00 Personal Property 0.00 0.00 Other: Total State and Local Taxes 4,654.12 112,130.49 110,818.42 5,966.19 Total Taxes 4,997.58 869,762.92 868,363.64 6,396.86
** ADP Statement of Deposits Attached (1) SIT Due MISS 542.73 (2) SUI Due KY 1388.04 NY 863.93 NC 0 PA 3,171.50 -------------- 5,423.47 SEADRIFT COKE L.P. DEBTOR CASE # 01-29744-MBM STATUS OF POSTPETITION TAXES REPORT PERIOD - AUGUST 2002
Beginning Amount Ending Tax Withheld or Amount Check No. Tax Liability Accrued Paid or EFT Liability ---------------------------------------------------------------------------------------------- FEDERAL Withholding - 85,625.33 27,265.89 8/6/2002 ** - 30,334.84 8/20/2002 ** 28,024.60 9/4/2002 ** FICA - Employee - 49,002.17 15,892.95 8/6/2002 ** - 16,987.81 8/20/2002 ** 16,121.41 9/4/2002 ** FICA - Employer 0.01 49,002.31 15,892.99 8/6/2002 ** 0.01 16,987.83 8/20/2002 ** 16,121.49 9/4/2002 ** Unemployment - - - ** - Income - Other: Total Federal Taxes 0.01 183,629.81 183,629.81 0.01 STATE AND LOCAL Withholding - - Sales - 2,358.22 2,358.22 8/14/2002 42545 - Excise - - Unemployment - - - ** - Real Property - - Personal Property - - Other: - - Total State and Local Taxes - 2,358.22 2,358.22 - Total Taxes 0.01 185,988.03 185,988.03 0.01
** ADP Statement of Deposits Attached MOR-5 THE CARBIDE/GRAPHITE GROUP, INC. CONSOLIDATED ACCOUNTS PAYABLE AGING AUGUST 31, 2002
TOTAL 0 - 30 DAYS 31 - 60 DAYS 61 - 90 DAYS 91 - 120 DAYS PRE-PETITION -------------------------------------------------------------------------------------------------------------------------------- $ 22,382,637 $ 797,586 $ 158,897 $ 1,850 $ 663,019 $20,761,286 --------------------------------------------------------------------------------------------------------------------------------
A summary of unpaid post petition debts has been completed and is available upon request THE CARBIDE/GRAPHITE GROUP, INC. CONSOLIDATED ACCOUNTS RECEIVABLE AGING AUGUST 31, 2002
0 - 30 DAYS 31 - 60 DAYS 61 - 90 DAYS 91 - 120 DAYS OVER 120 DAYS TOTAL OUTSTANDING OUTSTANDING OUTSTANDING OUTSTANDING OUTSTANDING -------------------------------------------------------------------------------------------------------------------------------- $ 19,838,577 $ 11,763,713 $ 3,386,919 $ 2,051,426 $ 1,400,035 $ 1,236,484 --------------------------------------------------------------------------------------------------------------------------------
An accounts receivable reconciliation has been completed and is available upon request. THE CARBIDE/GRAPHITE GROUP, INC. MOR-6 DEBTOR QESTIONNAIRE AUGUST 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 ----------------------------------------------------------------------------------------------------------------