-----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, OnuSPlijTzXCYFElw1Y6hFdN9DKKdPxV9QEfj+PKlMOl4fl5Mus7mVJn83kqnj0d TJeLEVX+2HEWELO90fX43w== 0000906768-98-000021.txt : 19981104 0000906768-98-000021.hdr.sgml : 19981104 ACCESSION NUMBER: 0000906768-98-000021 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19980930 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19981103 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MRS TECHNOLOGY INC CENTRAL INDEX KEY: 0000906768 STANDARD INDUSTRIAL CLASSIFICATION: SPECIAL INDUSTRY MACHINERY, NEC [3559] IRS NUMBER: 042904966 STATE OF INCORPORATION: MA FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 000-21908 FILM NUMBER: 98736713 BUSINESS ADDRESS: STREET 1: 10 ELIZABETH DRIVE CITY: CHELMSFORD STATE: MA ZIP: 01824-4112 BUSINESS PHONE: 5082500450 MAIL ADDRESS: STREET 1: 10 ELIZABETH DRIVE CITY: CHELMSFORD STATE: MA ZIP: 01824 8-K 1 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 Exchange Act of 1934. Date of Report (Date of earliest event reported): November 3, 1998 Exact name of registrant as specified in its charter: MRS Technology, Inc. State or other jurisdiction of incorporation: Massachusetts Commission File Number: 000-21908 IRS Employer Identification Number: 04-2904966 Address of principal executive offices: 10 Elizabeth Drive, Chelmsford, MA Zip Code: 01824-4112 Registrant's telephone number, including area code: (978)250-0450 Item 5. Other Events MONTHLY OPERATING REPORTS FILED WITH FEDERAL TRUSTEE On July 1, 1998, MRS Technology, Inc. (the "Company") filed a voluntary petititon for reorganization under Chapter 11 of the U.S. Bankruptcy Code. The petition was filed in the U.S. Bankruptcy court for the District of Massachusetts (Western Division). The case number is 98-44938-JFQ. Pursuant to Bankruptcy Rule 2015 and the United States Trustee's Operating Guidelines and Reporting requirements for Chapter 11 cases, the Company is obligated to file Monthly Operating Reports (MORs) with the Federal Trustee. The Company's MORs for this case for the month ending September 30, 1998 was filed with the Federal Trustee at the U.S. Bankruptcy Court in Worcester, Massachusetts on November 3, 1998. Item 7. Financial Statements, Pro Forma Financial Statements and Exhibits {c} Exhibits
Exhibit Description of Document - ------- ----------------------- 99.1 Monthly operating Report (Consolidated) of the Company for the month ending September 30, 1998 (1)
SIGNATURES Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereto autorized. MRS Technology, Inc. November 3, 1998 /s/ Patricia F. DiIanni Vice President and Chief Financial Officer EX-99 2 EXHIBIT 99.1 UNITED STATES BANKRUPTCY COURT WESTERN DIVISION OF MASSACHUSETTS Case Name: MRS Technology, Inc. Case Number: 98-44938-JFQ CHAPTER 11 MONTHLY OPERATING REPORT FOR MONTH ENDING SEPTEMBER,1998 Comes Now, MRS Technology, Inc. Debtor-In-Possession, and hereby submits its Monthly Operating Report for the period commencing September 1, 1998 and ending September 30, 1998 as shown by the report and exhibits consisting of 14 pages and containing the following, as indicated: (X) Monthly Reporting Questionnaire (Attachment 1) (X) Comparative Balance Sheets (Forms OPR-1 & OPR-2) (X) Summary of Accounts Receivable (Form OPR-3) (X) Schedule of Post-petition Liabilities (Form OPR-4) (X) Income Statement (Form OPR-5) (X) 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: November 3, 1998 DEBTOR(S)-IN-POSSESSION /s/ Patricia F. DiIanni Name & Title: Patricia F. DiIanni Vice President and Chief Financial Officer Address: MRS Technology, Inc. 10 Elizabeth Drive Chelmsford, MA 01824 Telephone No.: (978) 250-0450 ATTACHMENT 1 CHAPTER 11 MONTHLY OPERATING REPORT MONTHLY REPORTING QUESTIONNAIRE Case Name: MRS Technology, Inc. Case Number: 98-44938-JFQ MONTH OF: September 1998 1. Payroll: State the amount of all executive wages paid and taxes withheld and paid.
Name and Title Wages Paid Taxes Withheld Of Executive Gross Net Due Paid C.P. Herrmann, CEO $18,269.25 $15,116.99 Weekly Weekly Before Before P.F. DiIanni, CFO $ 9,615.40 $ 7,010.61 Payday Payday E. DaSilviera, VP $10,096.15 $ 7,373.71 Via ADP Via ADP TOTAL EXECUTIVE PAYROLL: $37,980.80
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 the schedule below. Attach a copy of the new policy's binder or cover page. Date Carrier Coverage Expiration Premium Coverage Type Name Amount Policy # Date Amounts Pd Thru Homeowners Rental Property Liability Vehicle Workers Compensation Other CHAPTER 11 ATTACHMENT 1 MONTHLY OPERATING REPORT (Page 2) DETAILED LISTING OF DISBURSEMENTS CASE NAME: MRS Technology, Inc. CASE NUMBER: 98-44938-JFQ MONTH OF: September 1998
3. Bank Accounts Account Type Operating *MRSA Payroll Other Total Bank Name Fleet Japan BankBoston Petty Cash Account Number 94088-55556 N/A 896-60243 N/A BEGINNING BOOK $239,150 $17,040 $ 63,482 $1,837 $321,509 BALANCE PLUS: Deposits 121,330 537 0 1,200 123,067 LESS: Disbursements (142,278) (7,179)(111,603) (991) (262,051) Other: Transfers In (Out) (75,000) 0 75,000 0 0 Foreign Exchange Impact 564 564 ENDING BOOK BALANCE $143,202 $10,962 $ 26,879 $2,046 $183,089 * MRS Asia is located in Japan and has one service employee.
4. Post-Petition Payments: List any post-petition payments to professionals and payments on Pre-petition debts in the schedule below (attach separate sheet if necessary).
Payments To/On Amount Date Check # Professionals (attorneys, None Accountants, etc.): Pre-petition Debts: None
COMPARATIVE BALANCE SHEETS FORM OPR-1 REV 7/92 Case Name: MRS Technology, Inc. Month Ended: September 1998 Case Number: 98-44938-JFQ
FILING DATE MONTH ASSETS 7/1/98 July CURRENT ASSETS Cash $ 129,041 $ 212,290 Other negotiable instruments (i.e. CD's, Treasury Bills, Etc.) 0 0 Accounts Receivable, Net (OPR-3) 201,899 412,004 Less allowance for doubtful accounts (21,045) (21,045) Inventory, at cost 5,575,890 5,443,375 Prepaid expenses and deposits 132,884 131,300 Investments 0 0 Other: Uninvoiced Ship. 135,374 82,960 TOTAL CURRENT ASSETS $6,154,043 $6,260,884 PROPERTY, PLANT AND EQUIPMENT, AT COST 3,906,242 3,906,242 Less Accumulated Depreciation (3,775,570) (3,794,569) NET PROPERTY, PLANT AND EQUIPMENT 130,672 111,673 + OTHER ASSETS 29,339 29,091 TOTAL ASSETS $6,314,054 $6,401,648 +Itemize if value of "Other Assets" exceeds 10% of "Total Assets"
COMPARATIVE BALANCE SHEETS FORM OPR-1 REV 7/92 Case Name: MRS Technology, Inc. Month Ended: September 1998 Case Number: 98-44938-JFQ
MONTH MONTH ASSETS August September CURRENT ASSETS Cash $ 321,509 $ 183,089 Other negotiable instruments (i.e. CD's, Treasury Bills, Etc.) 0 0 Accounts Receivable, Net (OPR-3) 266,224 255,533 Less allowance for doubtful accounts (21,045) (21,045) Inventory, at cost 5,411,849 5,337,618 Prepaid expenses and deposits 130,245 80,179 Investments 0 0 Other: Uninvoiced Ship. 82,960 82,960 TOTAL CURRENT ASSETS $6,191,742 5,918,334 PROPERTY, PLANT AND EQUIPMENT, AT COST 3,906,242 3,891,499 Less Accumulated Depreciation (3,809,060) (3,823,244) NET PROPERTY, PLANT AND EQUIPMENT 97,182 68,255 + OTHER ASSETS 28,946 27,493 TOTAL ASSETS $6,317,870 $6,014,082 +Itemize if value of "Other Assets" exceeds 10% of "Total Assets"
COMPARATIVE BALANCE SHEETS FORM OPR-2 REV 7/92 Case Name: MRS Technology, Inc. Month Ended: September 1998 Case Number: 98-44938-JFQ
TOTAL MONTH LIABILITIES 7/1/98 July POST PETITION LIABILITIES 0 98,018 Priority Debt/Secured & Employee Expenses * $ 1,040,051 $ 1,070,538 Unsecured Debt 2,217,507 2,315,871 TOTAL PRE PETITION LIABILITIES 3,257,558 3,386,409 TOTAL LIABILITIES 3,257,558 3,484,427 SHAREHOLDER'S EQUITY (DEFICIT) Preferred Stock 0 0 Common Stock 68,586 68,586 Paid-In Capital 36,511,205 36,511,205 Retained Earnings Through Filing Date (33,523,295) (33,523,295) Post Filing Date 0 (130,874) TOTAL SHAREHOLDERS' EQUITY $ 3,056,496 $ 2,925,622 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 6,314,054 $ 6,410,049 * Includes accrued interest and expenses.
COMPARATIVE BALANCE SHEETS FORM OPR-2 REV 7/92 Case Name: MRS Technology, Inc. Month Ended: September 1998 Case Number: 98-44938-JFQ
MONTH MONTH LIABILITIES August September POST PETITION LIABILITIES $ 97,475 $ 144,022 Priority Debt/Secured & Employee Expenses * $ 1,114,668 1,126,257 Unsecured Debt 2,343,878 2,167,669 TOTAL PRE PETITION LIABILITIES 3,458,546 3,293,926 TOTAL LIABILITIES 3,556,021 3,437,948 SHAREHOLDER'S EQUITY (DEFICIT) Preferred Stock 0 0 Common Stock 68,585 68,588 Paid-In Capital 36,511,205 36,511,202 Retained Earnings Through Filing Date (33,523,295) (33,523,295) Post Filing Date (294,646) (480,361) TOTAL SHAREHOLDERS' EQUITY $ 2,761,849 2,576,134 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 6,317,870 6,014,082 * Includes accrued interest and expenses.
SUMMARY OF ACCOUNTS RECEIVABLE FORM OPR-3 REV 7/92 Case Name: MRS Technology, Inc. Month Ended: September 1998 Case Number: 98-44938-JFQ
0-30 31-60 61-90 OVER TOTAl DAYS DAYS DAYS 90 DAYS DATE OF FILING: 7/1/98 $201,899 $146,526 $31,187 $ 5,779 $18,407 Allowance for doubtful accounts - General (21,045) ( ) ( ) ( ) ( ) MONTH: July 1998 $412,005 $333,558 $55,532 $ 9,371 $13,544 Allowance for doubtful accounts - General (21,045) ( ) ( ) ( ) ( ) MONTH: August 1998 $265,342 $128,036 $49,620 $67,842 $19,844 Allowance for doubtful accounts (21,045) ( ) ( ) ( ) ( ) MONTH: September 1998 Allowance for doubtful accounts $255,532 $120,380 $55,319 $ 5,500 $74,333 MONTH: Allowance for doubtful accounts ( ) ( ) ( ) ( ) ( ) MONTH: Allowance for doubtful accounts ( ) ( ) ( ) ( ) ( ) MONTH: Allowance for doubtful accounts ( ) ( ) ( ) ( ) ( )
SCHEDULE OF POST PETITION LIABILITIES FORM OPR-4 REV 7/92 Case Name: MRS Technology, Inc. Month Ended: September 1998 Case Number: 98-44938-0JFQ
DATE DATE TOTAL INCURRED DUE DUE TAXES PAYABLE Federal Income Taxes 0 FICA-Employer's Share 0 FICA-Employer's Share 0 Unemployment Tax 0 State Income Tax 0 State Sales & Use Tax 0 State Tax 0 Personal Property Tax 0 TOTAL TAXES PAYABLE 0 POSTPETITION SECURED DEBT 1,126,257 POSTPETITION UNSECURED DEBT 0 0 ACCRUED INTEREST PAYABLE 0 0 TRADE ACCOUNTS PAYABLE & OTHER: (List Separately*) See attached sheet $144,022 Totals $144,022 *Attach separate page if necessary.
Note: Total postpetition liabilities shown here must agree with the same item as shown on OPR-2 of this report. SCHEDULE OF POST PETITION LIABILITIES FORM OPR-4 REV 7/92 Case Name: MRS Technology, Inc. Month Ended: September 1998 Case Number: 98-44938-JFQ
0-30 31-60 11-90 OVER DAYS DAYS DAYS 90 DAYS TAXES PAYABLE Federal Income Taxes FICA-Employer's Share FICA-Employer's Share Unemployment Tax State Income Tax State Sales & Use Tax State Tax Personal Property Tax TOTAL TAXES PAYABLE POSTPETITION SECURED DEBT POSTPETITION UNSECURED DEBT ACCRUED INTEREST PAYABLE TRADE ACCOUNTS PAYABLE & OTHER: (List Separately*) Totals *Attach separate page if necessary.
Note: Total postpetition liabilities shown here must agree with the same item as shown on OPR-2 of this report.
Schedule of Post Petition Liabilities - Form 4 Trade Accounts Payable & Other Date Amount Vendor 9/21/98 $ 105.00 A&French Packaging 9/14/98 $ 12,353.96 Altid Enterprises 9/14/98 $ 12,353.96 Altid Enterprises 9/14/98 $ 12,353.96 Altid Enterprises 8/31/98 $ 303.00 Alpine Precision 9/16/98 $ 2,547.00 Alpine Precision 9/22/98 $ 886.92 AT&T Credit 9/10/98 $ 22.91 Bell Atlantic 8/31/98 $ 317.88 Browning-Ferris Industries 9/10/98 $ 99.76 B.L. Makepiece 9/15/98 $ 710.99 First National Bank of Boston 9/23/98 $ 32.00 Bain Pest Control 9/15/98 $ 12.40 Corporate Investor 9/21/98 $ 22,726.10 Cohn & Kelakos 9/24/98 $ 60.83 Congress Alarm 9/09/98 $ 387.98 Corporate Express 9/11/98 $ 760.00 Center for Precision 9/17/98 $ 50.00 The Depository Trust 9/22/98 $ 30.92 Electronic Fastners 9/26/98 $ 1,519.16 Tom Guimond 9/19/98 $ 96.73 Joe Halberg 9/10/98 $ 3,422.13 HBS&R Client Trust 9/14/98 $ 3,410.00 ILC 9/26/98 $ 127.89 Jack Steele 8/31/98 $ 53.47 Lowell Janitorial 9/22/98 $ 141.75 William M. Mercer 9/30/98 $ 3,172.50 Harold Swallow 9/21/98 $ 398.26 UNUM 8/31/98 $ 806.55 Whatman 8/27/98 $ 498.75 Xerox 9/05/98 $ 63.23 Xerox 9/08/98 $ 170.00 Xerox ACCRUALS: 7/31/98 $ 5,985.00 Vacation 7/31/98 $ 49,500.00 Legal 7/31/98 $ 15,000.00 Audit 7/31/98 $ 6,000.00 Commissions $144,022.03
INCOME STATEMENT FORM OPR-5 REV 7/92 Case Name: MRS Technology, Inc. Month Ended: September 1998 Case Number: 98-44938-JFQ
MONTH MONTH July August NET REVENUE (INCOME) $ 341,679 $ 130,808 COST OF GOODS SOLD Materials 107,334 33,483 Labor-Direct 53,386 54,125 Manufacturing Overhead 109,768 57,663 TOTAL COST OF GOODS SOLD LIABILITIES 270,488 145,271 GROSS PROFIT 71,191 (14,463) Selling and Marketing 17,465 266 General and Administrative 155,931 108,753 Other:Research & Development 16,110 1,967 Other (Income)/Expense (8,224) (4,639) TOTAL OPERATING EXPENSES 181,282 106,347 INCOME BEFORE INTEREST, DEPRECIATION, TAXES, OR EXTRAORDINARY EXPENSES (110,091) (120,810) INTEREST EXPENSE 10,182 20,070 DEPRECIATION 19,000 14,492 INCOME TAX EXPENSE (BENEFIT) 0 0 EXTRAORDINARY INCOME (EXPENSE)* 0 0 NET INCOME (LOSS) (139,273) (155,372) *Requires Footnote
INCOME STATEMENT FORM OPR-5 REV 7/92 Case Name: MRS Technology, Inc. Month Ended: September 1998 Case Number: 98-44938-JFQ
MONTH FILING TO September DATE NET REVENUE (INCOME) $ 131,101 $ 603,588 COST OF GOODS SOLD Materials 6,944 147,761 Labor-Direct 62,351 169,862 Manufacturing Overhead 188,710 356,141 TOTAL COST OF GOODS SOLD LIABILITIES 258,005 673,764 GROSS PROFIT (126,904) (70,176) Selling and Marketing (5,472) 12,259 General and Administrative 119,766 384,450 Other:Research & Development (57,905) 75,982 Other (Income)/Expense (136,142) (149,005) TOTAL OPERATING EXPENSES 36,057 323,686 INCOME BEFORE INTEREST, DEPRECIATION, TAXES, OR EXTRAORDINARY EXPENSES (162,961) (393,862) INTEREST EXPENSE 10,012 40,264 DEPRECIATION 12,743 46,235 INCOME TAX EXPENSE (BENEFIT) 0 0 EXTRAORDINARY INCOME (EXPENSE)* 0 0 NET INCOME (LOSS) (185,716) (480,361) *Requires Footnote
STATEMENT OF SOURCES AND USES OF CASH FORM OPR-6 REV 7/92 Case Name: MRS Technology, Inc. Month Ended: September 1998 Case Number: 98-44938-JFQ
MONTH JULY SOURCES OF CASH Income (Loss) From Operations (139,273) Add: Depreciation, Amortization & Other Non-Cash 19,000 CASH GENERATEED FROM OPERATIONS (120,273) Add: Decrease in Assets: Accounts Receivable 0 Inventory 132,515 Prepaid Expenses & Deposits 1,584 Property, Plant & Equipment 0 Other- Uninvoiced Shipments & Other 52,662 Increase in Liabilities Pre-Petition Liabilities 128,851 Post Petition Liabilities 98,018 TOTAL SOURCES OF CASH (A) $293,357 USES OF CASH Increase in Assets: Accounts Receivable $210,105 Inventory Prepaid Expenses & Deposts 0 Property, Plant & Equipment 0 Other 0 Decrease in Liabilities Pre-Petition Liabilities 0 Post Petition Liabilities 0 TOTAL USES OF CASH (B) 210,105 NET SOURCE (USE) OF CASH (A-B=NET) 83,252 CASH - BEGINNING BALANCE (See OPR-1) 129,041 CASH - ENDING BALANCE (See OPR-1) 212,290
STATEMENT OF SOURCES AND USES OF CASH FORM OPR-6 REV 7/92 Case Name: MRS Technology, Inc. Month Ended: September 1998 Case Number: 98-44938-JFQ
MONTH MONTH August September SOURCES OF CASH Income (Loss) From Operations (155,372) $(185,716) Add: Depreciation, Amortization & Other Non-Cash 14,492 14,184 CASH GENERATEED FROM OPERATIONS (140,880) (171,532) Add: Decrease in Assets: Accounts Receivable 145,781 10,691 Inventory 31,526 74,100 Prepaid Expenses & Deposits 1,055 50,066 Property, Plant & Equipment 0 0 Other- Uninvoiced Shipments & Other 145 0 Increase in Liabilities Pre-Petition Liabilities 72,135 0 Post Petition Liabilities 0 46,547 TOTAL SOURCES OF CASH (A) $109,762 9,872 USES OF CASH Increase in Assets: Accounts Receivable $ 0 0 Inventory Prepaid Expenses & Deposts Property, Plant & Equipment 0 0 Other 0 0 Decrease in Liabilities Pre-Petition Liabilities 0 (262,093) Post Petition Liabilities 543 0 TOTAL USES OF CASH (B) 543 (262,093) NET SOURCE (USE) OF CASH (A-B=NET) 109,219 271,965 CASH - BEGINNING BALANCE (See OPR-1) 212,290 321,509 CASH - ENDING BALANCE (See OPR-1) 321,509 183,089
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