EX-99 3 ex99.txt EXHIBIT 99.1 Exhibit 99.1 United States Bankruptcy Court Eastern District of Kentucky Ashland Division IN RE: CASE NO. 03-10078 DEBTOR(S) CHAPTER 11 Monthly Operating Report For Month Ending March 29, 2003 Comes now Kentucky Electric Steel, Inc., debtor in possession and herby submits its Monthly Operating Report for the Periods commencing March 2, 2003 and ending March 29, 2003 as shown by the report and exhibits consisting of ____ 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____ Statement of Income (Loss) 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. I also hereby certify that the original Monthly Operating Report was filed with the Bankruptcy Court Clerk and a copy was delivered to the U.S. Trustee. Date: 4/21/03 DEBTOR ------- By: /s/ William J. Jessie ------------------------------------- (Signature) Name & Title: William J. Jessie -------------------------- (Print or Type) Address: US Route 60 ------------------------------- Ashland, KY 41101 ------------------------------- Telephone Number: (606) 929 - 1200 ----------------------- Attachment 1 (Page 1) Chapter 11 Monthly Operating Report Monthly reporting Questionnaire CASE NAME: Kentucky Electric Steel, Inc. CASE NUMBER: 03-10078 MONTH OF: MARCH 1. Payroll - State the amount of all executive wages paid and taxes withheld and paid (1)
Name and Title of Wages Paid Taxes (2) -------------------- --------------------- Executive Gross Net Due Paid --------- ----- ----- ----- ----- William J. Jessie - $ 16,679 $ 10,213 $ 7,733 $ 7,109 (President and CFO) ---------------------------------------------------------------------------------------- William H. Gerak - 9,274 6,890 3,081 2,812 (Vice President of Administration) ---------------------------------------------------------------------------------------- Joseph E. Harrison - 12,530 8,363 4,821 4,387 (Vice President of Sales and Marketing) ---------------------------------------------------------------------------------------- Jack W. Mehalko - 5,021 3,898 1,507 1,238 (Interim President) ---------------------------------------------------------------------------------------- Total Executive Payroll: $ 43,505 $ 29,364 $ 17,142 $ 15,546 ----------------------------------------------
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.
Name of Coverage Expiration Premium Date of Coverage Pd. Type Carrier Amount Policy # Date Amount Through ---- ------- -------- -------- ---------- ------- ------------------- Casualty: ____________________________________________________________ Workers Comp. ____________________________________________________________ General Liability: ____________________________________________________________ Vehicle: ____________________________________________________________ Other (Specify) ____________________________________________________________ ____________________________________________________________
(1) Payroll for executives included salary, retention bonus and accrued vacation pay during the physical month of March. (2) Taxes include payments made by the employer. Attachment 1 (Page 2) Chapter 11 Monthly Operating Report Monthly reporting Questionnaire CASE NAME: Kentucky Electric Steel, Inc. CASE NUMBER: 03-10078 MONTH OF: MARCH 3. Bank Accounts Account Type --------------------------------------------------------- Operating Tax Payroll Other Total ------------- --------- -------------- ---------- ------- Bank Name See attached Exhibit A ------------- --------- -------------- ---------- Account # ------------- --------- -------------- ---------- Beginning Book Balance ------------- --------- -------------- ---------- ------- Plus: Deposits ------------- --------- -------------- ---------- ------- Less: Disbursements ------------- --------- -------------- ---------- ------- Other: Transfers -------------------- ------------- --------- -------------- ---------- ------- Ending Book Balance ------------- --------- -------------- ---------- ------- 4. Postpetition Payments - List any postpetition payments to professionals and payments on prepetition debts in the schedule below (attach separate sheet if necessary) Payments To ------------ Professionals (attorneys, accountants, etc.):
Amount Date Check # ----------------- ------------------ ----------------------- Navigant Consulting (1) $ 26,207 March 5, 2003 Wire Transfer ----------------------------------------- ----------------- ------------------ ----------------------- Navigant Consulting (1) 27,211 March 12, 2003 Wire Transfer ----------------------------------------- ----------------- ------------------ ----------------------- Navigant Consulting (1) 29,629 March 18, 2003 Wire Transfer ----------------------------------------- ----------------- ------------------ ----------------------- Total $ 83,047 Prepetition Creditors: Reserve for Workers Compensation (2) $ 493,618 February 25, 2003 Wire Transfer ----------------------------------------- ----------------- ------------------ ----------------------- AFCO - Credit Insurance $ 203,437 March 3, 2003 Wire Transfer ----------------------------------------- ----------------- ------------------ ----------------------- Revolving line of Credit (National City & SunTrust) $ 2,914,256 Daily Swept out of Lockbox ----------------------------------------- ----------------- ------------------ ----------------------- Senior Note (Cigna & Modernwoods Men of America) $ 1,200,000 Daily Swept out of Lockbox ----------------------------------------- ----------------- ------------------ ----------------------- Total $ 4,811,311
(1) All fees paid to Navigant Consulting post petition were refunded to the Company and placed in the professional fees account. (2) Based upon a demand for payment from the Kentucky Commission of Workers Claims, National City Bank transferred $850,000 to the State of Kentucky. The reserve for workers compensation claims on the books of Kentucky Electric Steel, Inc. was $493,618. Kentucky Electric Steel, Inc. Cash Summary for the Month Ending March 29, 2003 EXHIBIT A
Workers Health Cash Collateral Compensation Benefits Lockbox General -------------- -------------- ---------------- -------------- Bank Name National City National City National City National City Account # 754202055 754202063 754119200 70936836 98239 Beginning Book Balance $ 950,000 $ 455,000 $ 300,000 $ (11,499,244) Plus: Deposits - - 4,823,161 - Less: Disbursements 850,000 (2) - - 386,773 Transfers/Other: Transfers Transfer to Professional Fees Account (21,418) Transfer to Bank One Tax Account (25,000) Transfer to Bank One Tax Account Transfer to Fifth Third Salary Account (50,000) Transfer to Fifth Third Salary Account (50,000) Transfer to Fifth Third Salary Account (50,000) Transfer to Fifth Third Salary Account (50,000) Transfer to Fifth Third Hourly Account (55,000) Transfer to Fifth Third Hourly Account (30,000) Other Paydown on line/fund general account (4,823,161) 4,823,161 Paydown on senior notes (1,200,000) Correct duplicate recording of bank charges 9,285 --------- --------- --------- ------------ Ending Book Balance $ 100,000 $ 455,000 $ 300,000 $ (8,584,988) ========= ========= ========= ============
Petty Triton/ Office Salary Cash Republic Note Tax/Other Account Payroll ----------- --------------- --------------- ------------- -------------- Bank Name KESI National City Bank One Bank One Fifth Third Private Client Group Account # 4090-K001-00-7 626225676 626225320 73404006 626225668 Beginning Book Balance $ 1,700 $ 137,356 $ 82,144 $ 1,000 $ 2,318 Plus: Deposits - 315 16 - - Less: Disbursements 1,300 - 95,882 - 128,012 Transfers/Other: Transfers Transfer to Professional Fees Account Transfer to Bank One Tax Account 25,000 Transfer to Bank One Tax Account 1,000 (1,000) Transfer to Fifth Third Salary Account 50,000 Transfer to Fifth Third Salary Account 50,000 Transfer to Fifth Third Salary Account 50,000 Transfer to Fifth Third Salary Account 50,000 Transfer to Fifth Third Hourly Account Transfer to Fifth Third Hourly Account Other Paydown on line/fund general account Paydown on senior notes Correct duplicate recording of bank charges ------- --------- -------- ------- -------- Ending Book Balance $ 400 $ 137,671 $ 12,278 $ - $ 74,306 ======= ========= ======== ======= ========
Hourly Office Zero Balance Zero Balance Lease Payment Payroll Account Health Benefit Workers Comp. Account ------------- --------------- ---------------- --------------- --------------- Bank Name Fifth Third National City National City National City Fifth Third Account # 73404022 39353008 70937158 70999943 73419056 Beginning Book Balance $ 2,089 $ 176 $ - $ - $ - Plus: Deposits - - - - - Less: Disbursements 55,684 - - - - Transfers/Other: Transfers Transfer to Professional Fees Account Transfer to Bank One Tax Account Transfer to Bank One Tax Account Transfer to Fifth Third Salary Account Transfer to Fifth Third Salary Account Transfer to Fifth Third Salary Account Transfer to Fifth Third Salary Account Transfer to Fifth Third Hourly Account 55,000 Transfer to Fifth Third Hourly Account 30,000 Other Paydown on line/fund general account Paydown on senior notes Correct duplicate recording of bank charges 372 -------- ----- -- -- -- Ending Book Balance $ 31,777 $ 176 $ - $ - $ - ======== ===== == == ==
Health Benefit Professional Total Disbursement Fees Account All Accounts ---------------- --------------- ---------------- Bank Name National City National City Account # 754201570 754201618 Beginning Book Balance $ - $ - $ (9,567,461)(1) Plus: Deposits - 157,998 4,981,490 Less: Disbursements - - 1,517,651 Transfers/Other: Transfers Transfer to Professional Fees Account 21,418 - Transfer to Bank One Tax Account - Transfer to Bank One Tax Account - Transfer to Fifth Third Salary Account - Transfer to Fifth Third Salary Account - Transfer to Fifth Third Salary Account - Transfer to Fifth Third Salary Account - Transfer to Fifth Third Hourly Account - Transfer to Fifth Third Hourly Account - Other Paydown on line/fund general account - Paydown on senior notes (1,200,000) Correct duplicate recording of bank charges 9,657 -- --------- ------------ Ending Book Balance $ - $ 179,416 $ (7,293,965) == ========= ============
(1) The cash summary reconciles to the Monthly Operating Report as follows: March 1, 2003 March 29, 2003 ------------- -------------- Cash $ 226,782 $ 436,023 Restricted Cash 1,705,000 855,000 ------------- -------------- Total Cash $ 1,931,782 $ 1,291,023 ============= ============== The cash balance per this schedule is as follows: Total Cash per Above $ (9,567,461) $ (7,293,965) Less: Amount Reported as Line of Credit (11,499,244) (8,584,988) ------------- -------------- Cash Balance $ 1,931,782 $ 1,291,023 ============= ============== (2) This account is maintained by National City Bank and represents the funding of the letter of credit that was pledged to secure the Company's workers compensation liability. Based upon demand for payment from the Kentucky Commission of Workers Claims, National City Bank transferred $850,000 to the State of Kentucky on February 25, 2003. This transfer was recorded on the Company's books in March. CASE NAME: Kentucky Electric Steel, Inc. COMPARATIVE BALANCE SHEET FORM OPR - 1 REV 2/90 CASE NUMBER: 03-10078 MONTH ENDED: MARCH
February 5, March 1 March 29 2003 2003 2003 April ASSETS CURRENT ASSETS Other Negotiable instruments (i.e.. CD's T-Bills) $ - $ - $ - ---------------- --------------- -------------- ----------- Accounts receivable (See OPR - 3) 9,734,029 8,478,039 5,972,687 ---------------- --------------- -------------- ----------- Less allowance for doubtful accounts - - - ---------------- --------------- -------------- ----------- Inventory, at lower of cost or market 10,346,543 7,815,001 2,462,067 ---------------- --------------- -------------- ----------- Prepaid expenses and deposits 2,813,034 2,462,924 1,881,542 ---------------- --------------- -------------- ----------- Investments - - - ---------------- --------------- -------------- ----------- Other: Operating Supplies, rolls, molds, etc. 4,203,699 4,203,699 4,203,699 ---------------- --------------- -------------- ----------- Cash and Restricted cash 1,092,575 1,931,782 1,291,023 ---------------- --------------- -------------- ----------- Other Assets 64,794 61,294 60,935 ---------------- --------------- -------------- ----------- TOTAL CURRENT ASSETS $ 28,254,674 $ 24,952,739 $ 15,871,953 ---------------- --------------- -------------- ----------- PROPERTY PLANT AND EQUIPMENT, $ - $ - $ - AT COST ---------------- --------------- -------------- ----------- Less accumulated depreciation - - - ---------------- --------------- -------------- ----------- NET PROPERTY PLANT AND EQUIPMENT 19,452,338 19,452,338 19,452,338 ---------------- --------------- -------------- ----------- Other non current assets 307,958 304,232 260,771 ---------------- --------------- -------------- ----------- Deferred finance charges 558,815 - - ---------------- --------------- -------------- ----------- TOTAL ASSETS $ 48,573,785 $ 44,709,309 $ 35,585,062 ---------------- --------------- -------------- -----------
* Itemize if value of "Other Assets" exceed 10% of "Total Assets." CASE NAME: Kentucky Electric Steel, Inc. COMPARATIVE BALANCE SHEET FORM OPR - 2 REV 2/90 CASE NUMBER: 03-10078 MONTH ENDED: MARCH
February 5, March 1 March 29 2003 2003 2003 April LIABILITIES POST PETITION LIABILITIES $ 204,746 $ 702,564 $ 947,405 ------------ ------------ ------------ ------------- PRE PETITION LIABILITIES ------------ ------------ ------------ ------------- Priority Debt 2,629,975 2,592,107 2,098,489 ------------ ------------ ------------ ------------- Secured Debt 30,530,705 27,658,910 23,544,655 ------------ ------------ ------------ ------------- Unsecured Debt 9,426,688 9,433,310 8,691,905 ------------ ------------ ------------ ------------- TOTAL PRE PETITION LIABILITIES $ 42,587,368 $ 39,684,328 $ 34,335,049 ------------ ------------ ------------ ------------- TOTAL LIABILITIES $ 42,792,114 $ 40,386,892 $ 35,282,454 ------------ ------------ ------------ ------------- SHAREHOLDERS' EQUITY (DEFICIT) PREFERRED STOCK $ - $ - $ - ------------ ------------ ------------ ------------- COMMON STOCK 50,516 50,516 50,516 ------------ ------------ ------------ ------------- PAID-IN CAPITAL 15,817,342 15,817,342 15,817,342 ------------ ------------ ------------ ------------- TREASURY STOCK (4,309,397) (4,309,397) (4,309,397) ------------ ------------ ------------ ------------- RETAINED EARNINGS ------------ ------------ ------------ ------------- Through filing date (5,776,790) (5,776,790) (5,776,790) ------------ ------------ ------------ ------------- Post filing date - (1,459,254) (5,479,063) ------------ ------------ ------------ ------------- TOTAL SHAREHOLDERS' EQUITY $ 5,781,671 $ 4,322,417 $ 302,608 ------------ ------------ ------------ ------------- TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 48,573,785 $ 44,709,309 $ 35,585,062 ------------ ------------ ------------ -------------
CASE NAME: Kentucky Electric Steel, Inc. SUMMARY OF ACCOUNTS RECEIVABLE FORM OPR - 3 REV 2/90 CASE NUMBER: 03-10078 MONTH ENDED: MARCH
(1) (1) (1) (1) TOTAL CURRENT 1 - 30 DAYS 31 - 60 DAYS OVER 60 DAYS PAST DUE PAST DUE PAST DUE DATE OF FILING: FEBRUARY 5, 2003 $ 10,089,029 $ 7,974,031 $ 1,611,266 $ 479,232 $ 24,500 ------------------ --------------- ------------ ------------- ------------- ------------- Allowance for doubtful accounts $ (355,000) --------------- ------------ ------------- ------------- ------------- Net accounts receivable $ 9,734,029 =============== MONTH: FEBRUARY - (March 1) $ 8,848,039 $ 6,254,947 $ 2,046,099 $ 435,313 $ 111,680 ---------------------- --------------- ------------ ------------- ------------- ------------- Allowance for doubtful accounts $ (370,000) --------------- ------------ ------------- ------------- ------------- Net accounts receivable $ 8,478,039 =============== MONTH: MARCH - (March 29) $ 6,357,687 $ 2,637,537 $ 2,788,675 $ 684,222 $ 247,253 ------------------------- --------------- ------------ ------------- ------------- ------------- Allowance for doubtful accounts $ (385,000) --------------- ------------ ------------- ------------- ------------- Net accounts receivable $ 5,972,687 ===============
NOTE: Total accounts receivable net of allowance for doubtful accounts shown here must agree to Form OPR - 1. (1) The Company sells to customers on various terms including 30 days, 45 days and 60 days. The aging reports are prepared showing current, 1 - 30 days past due, 31 - 60 days past due and over 60 days past due. CASE NAME: Kentucky Electric Steel, Inc. SUMMARY OF POST PETITION LIABILITIES FORM OPR - 4 REV 2/90 CASE NUMBER: 03-10078 MONTH ENDED: MARCH
DATE DATE TOTAL AMOUNT 0 - 30 31 - 60 61 - 90 OVER INCURRED DUE DUE DAYS DAYS DAYS 90 DAYS TAXES PAYABLE Federal Income Tax -------- ------ ------------- ----------- --------- --------- ---------- FICA - Employer's Share -------- ------ ------------- ----------- --------- --------- ---------- FICA - Employee's Share -------- ------ ------------- ----------- --------- --------- ---------- Unemployment Tax -------- ------ ------------- ----------- --------- --------- ---------- Sales Tax -------- ------ ------------- ----------- --------- --------- ---------- Property Tax -------- ------ ------------- ----------- --------- --------- ---------- TOTAL TAXES PAYABLE $ 142,807 $ 142,807 See attached Exhibit B -------- ------ ------------- ----------- --------- --------- ---------- POSTPETITION SECURED DEBT -------- ------ ------------- ----------- --------- --------- ---------- POSTPETITION UNSECURED DEBT -------- ------ ------------- ----------- --------- --------- ---------- ACCRUED INTEREST PAYABLE -------- ------ ------------- ----------- --------- --------- ---------- TRADE ACCOUNTS PAYABLE & OTHER: (list separately) Total Trade & Other Accounts Payable $ 804,598 $ 800,549 $ 4,049 See attached Exhibit C ------------------------------------ -------- ------ ------------- ----------- --------- --------- ---------- ------------------------------------ -------- ------ ------------- ----------- --------- --------- ---------- ------------------------------------ -------- ------ ------------- ----------- --------- --------- ---------- ------------------------------------ -------- ------ ------------- ----------- --------- --------- ---------- ------------------------------------ -------- ------ ------------- ----------- --------- --------- ---------- ------------------------------------ -------- ------ ------------- ----------- --------- --------- ---------- TOTALS $ 947,405 $ 943,356 $ 4,049 -------- ------ ------------- ----------- --------- --------- ----------
Attach separate page if necessary. Note: Total postpetition liabilities shown here must agree with the same item as shown on Form OPR-2. Exhibit B Kentucky Electric Steel, Inc. Summary of Post Petition Liabilities - Taxes Payable March 29, 2003
DATE DATE TOTAL 0-30 31-60 61-90 OVER INCURRED DUE DUE DAYS DAYS DAYS 90 DAYS TAXES PAYABLE Federal Income Tax Salary P/R - Retention Bonus 03/29/03 04/04/03 $ 28,405.89 $ 28,405.89 $ - $ - $ - Salary P/R - Regular Pay 03/29/03 04/04/03 6,167.11 6,167.11 - - - Union P/R - Regular 03/26/03 04/02/03 173.59 173.59 - - - ------------ ------------ --- --- --- $ 34,746.59 $ 34,746.59 $ - $ - $ - ------------ ------------ --- --- --- FICA - Employer's Share Salary P/R - Retention Bonus 03/29/03 04/04/03 $ 6,676.79 $ 6,676.79 $ - $ - $ - Salary P/R - Regular Pay 03/29/03 04/04/03 2,841.80 2,841.80 - - - Union P/R - Regular 03/22/03 04/02/03 155.01 155.01 - - - ------------ ------------ --- --- --- $ 9,673.60 $ 9,673.60 $ - $ - $ - ------------ ------------ --- --- --- FICA - Employee's Share Salary P/R - Retention Bonus 03/29/03 04/04/03 $ 6,676.95 $ 6,676.95 $ - $ - $ - Salary P/R - Regular Pay 03/29/03 04/04/03 2,841.81 2,841.81 - - - Union P/R - Regular 03/22/03 04/02/03 155.01 155.01 - - - ------------ ------------ --- --- --- $ 9,673.77 $ 9,673.77 $ - $ - $ - ------------ ------------ --- --- --- Unemployment Tax (1) Kentucky Unemployment 03/29/03 04/30/03 $ 12,500.00 $ 12,500.00 $ - $ - $ - Federal Unemployment 03/29/03 04/30/03 2,500.00 2,500.00 - - - ------------ ------------ --- --- --- $ 15,000.00 $ 15,000.00 $ - $ - $ - ------------ ------------ --- --- --- Sales Tax February 03/01/03 03/25/03 $ 5,284.00 $ 5,284.00 $ - $ - $ - March (2) 03/29/03 04/25/03 7,782.00 7,782.00 - - - ------------ ------------ --- --- --- $ 13,066.00 $ 13,066.00 $ - $ - $ - ------------ ------------ --- --- --- Property Tax 2003 Prop. Tax Accrual (2 months) 02/05/03 12/31/03 $ 35,000.00 $ 35,000.00 $ - $ - $ - ------------ ------------ --- --- --- $ 35,000.00 $ 35,000.00 $ - $ - $ - ------------ ------------ --- --- --- Kentucky Income Tax Salary P/R - Vacation 03/21/03 04/10/03 $ 6,811.46 $ 6,811.46 $ - $ - $ - Salary P/R - Retention Bonus 03/29/03 04/10/03 5,945.27 5,945.27 - - - Salary P/R - Regular Pay 03/29/03 04/10/03 1,795.00 1,795.00 - - - Union P/R - Vacation 03/19/03 04/10/03 2,924.44 2,924.44 - - - Union P/R - Regular 03/26/03 04/10/03 99.37 99.37 - - - ------------ ------------ --- --- --- $ 17,575.54 $ 17,575.54 $ - $ - $ - ------------ ------------ --- --- --- West Virginia Income Tax Salary P/R - Vacation 03/18/03 04/20/03 $ 398.50 $ 398.50 $ - $ - $ - Salary P/R - Retention Bonus 03/29/03 04/20/03 206.06 206.06 - - - Salary P/R - Regular Pay 03/29/03 04/20/03 185.33 185.33 - - - Salary P/R - Regular Pay 03/15/03 04/20/03 219.48 219.48 - - - ------------ ------------ --- --- --- $ 1,009.37 $ 1,009.37 $ - $ - $ - ------------ ------------ --- --- --- Ohio Income Tax 03/20/03 04/15/03 $ 62.00 $ 62.00 $ - $ - $ - ------------ ------------ --- --- --- Kentucky license Tax (2 months) 02/05/03 Various $ 2,500.00 $ 2,500.00 $ - $ - $ - ------------ ------------ --- --- --- Deleware Franchise Tax (2 months) 02/05/03 Various $ 4,500.00 $ 4,500.00 $ - $ - $ - ------------ ------------ --- --- --- TOTAL TAXES PAYABLE $ 142,806.87 $ 142,806.87 $ - $ - $ - ============ ============ === === === POSTPETITION SECURED DEBT - - - - - POSTPETITION UNSECURED DEBT - - - - - ACCRUED INTEREST PAYABLE - - - - -
Footnotes: --------- (1) Accrual on books as of 3/29/03 for unemployment was $45,000. As of the petition date $30,000 was accrued, following the petition date an additional $15,000 was accrued. Subsequent to closing of books, actual unemployment was calculated as follows: Kentucky Unemployment $ 38,266.69 Federal Unemployment 4,178.70 ----------- $ 42,445.39 =========== (2) The actual tax sales tax liability was $7,782 for March as compared to estimate during closing of $7,266. Exhibit C Kentucky Electric Steel, Inc. Summary of Post Petition Liabilities - Trade Accounts Payables and Others March 29, 2003
DATE DATE TOTAL 0-30 31-60 61-90 OVER Accounts Payable INCURRED DUE DUE DAYS DAYS DAYS 90 DAYS ---------------- -------- --- --- ---- ---- ---- ------- Trade Accounts Payable Boyd Co. United Way 03/29/03 03/29/03 $ 30 $ 30 $ - $ - $ - Kenesco Employees Credit Union 03/29/03 03/29/03 1,388 1,388 - - - North American Steel Alliance 03/29/03 03/29/03 1,795 1,795 - - - CSX Transportation 02/28/03 03/28/03 2,370 2,370 - - - Columbia Gas of Kentucky 02/11/03 02/21/03 17 - 17 - - Collier Shannon Scott 03/24/03 03/28/03 344 344 - - - IBM Corporation 03/23/03 03/28/03 1,929 1,929 - - - Ceridian Employer Services 03/25/03 04/04/03 256 256 - - - Ceridian Employer Services 03/26/03 04/04/03 251 251 - - - Ceridian Employer Services 03/27/03 04/04/03 241 241 - - - REIC 03/25/03 04/30/03 272 272 - - - Cannonsburg Water District 03/31/03 04/25/03 4,890 4,890 - - - Alltel 03/28/03 04/11/03 101 101 - - - Nelson Technologies 03/29/03 03/29/03 1,590 1,590 - - - Wackenhut Corporation 03/23/03 04/23/03 1,724 1,724 - - - Storage on the Spot Inc. 03/28/03 04/11/03 466 466 - - - Levee Lift Inc. 03/28/03 04/27/03 5,830 5,830 - - - Ikon Office Solutions 03/28/03 04/11/03 655 655 - - - North American Steel Alliance 02/28/03 02/28/03 4,032 - 4,032 - - AEP 03/28/03 Various 411,000 411,000 - - - ------- ------- ------- ------- ------- Trade Accounts Payable $ 439,181 $ 435,132 $ 4,049 $ - $ - ------- ------- ------- ------- ------- Other Accrued Health Benefits 03/28/03 TBD 70,000 70,000 - - - Accrued Payrolls 03/28/03 TBD 88,713 88,713 - - - Accrued line of credit fee 03/28/03 TBD 3,000 3,000 - - - Accrued sales leaseback transaction 03/28/03 TBD 203,704 203,704 - - - ------- ------- ------- ------- ------- Other Accounts Payable $ 365,417 $ 365,417 $ - $ - $ - ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- Total Accounts Payable $ 804,598 $ 800,549 $ 4,049 $ - $ - ------- ------- ------- ------- -------
CASE NAME: Kentucky Electric Steel, Inc. STATEMENT OF INCOME (LOSS) FORM OPR - 5 REV 2/90 CASE NUMBER: 03-10078 MONTH ENDED: MARCH
FILING FEBRUARY MARCH TO DATE NET REVENUE (INCOME) $ 2,600,739 $ 2,370,145 $ 4,970,884 -------------- -------------- ------------- COST OF GOODS SOLD Materials - - - -------------- -------------- ------------- Labor - Direct - - - -------------- -------------- ------------- Manufacturing Overhead - - - -------------- -------------- ------------- TOTAL COST OF GOODS SOLD (3,089,476) (6,532,328) (9,621,804) -------------- -------------- ------------- GROSS PROFIT - - - -------------- -------------- ------------- OPERATING EXPENSES - - - -------------- -------------- ------------- Selling and Marketing - - - -------------- -------------- ------------- General and Administrative (370,304) (393,192) (763,496) -------------- -------------- ------------- Other: - - --------------------- -------------- -------------- ------------- TOTAL OPERATING EXPENSES $ (370,304) $ (393,192) $ (763,496) INCOME BEFORE INTEREST, DEPRECIATION TAXES OR EXTRAORDINARY EXPENSES $ (859,041) $ (4,555,375) $ (5,414,416) -------------- -------------- ------------- INTEREST EXPENSE (2,060) (2,403) (4,463) -------------- -------------- ------------- DEPRECIATION - - - -------------- -------------- ------------- INCOME TAX EXPENSE (BENEFIT) - - - -------------- -------------- ------------- WRITE-OFF OF DEFERRED FINANCING FEE (545,404) - (545,404) -------------- -------------- ------------- WRITE-OFF OF OTHER DEFERRED CHARGES (52,749) - (52,749) -------------- -------------- ------------- EXTRAORDINARY INCOME (EXPENSE) (1) - 537,969 537,969 -------------- -------------- ------------- NET INCOME (LOSS) $ (1,459,254) $(4,019,809) $(5,479,063) ============== ============== =============
(1) Amount is a non-cash item representing the write-off of unrecognized gain on sale and leaseback transaction. CASE NAME: Kentucky Electric Steel, Inc. STATEMENT OF SOURCES AND USES OF CASH FORM OPR - 6 CASE NUMBER: 03-10078 MONTH ENDED: MARCH REV 2/90
FILING FEBRUARY MARCH TO DATE SOURCES OF CASH Income (Loss) From Operations $ (1,459,254) $(4,019,809) $ (5,479,063) ----------- ----------- ----------- Add: Depreciation, Amortization & Other Non-Cash Items 558,815 (537,969) 20,846 ----------- ----------- ----------- CASH GENERATED FROM OPERATIONS (900,439) (4,557,778) (5,458,217) ----------- ----------- ----------- Add: Decrease in Assets: Accounts Receivable 1,259,490 2,505,711 3,765,201 ----------- ----------- ----------- Inventory 2,531,542 5,352,934 7,884,476 ----------- ----------- ----------- Prepaid Expenses & Deposits 350,110 581,381 931,491 ----------- ----------- ----------- Property, Plant & Equipment - - - ----------- ----------- ----------- Other: Change in Other Long-Tem Assets 3,726 43,461 47,187 ----------- ----------- ----------- Increase in Liabilities: Pre Petition Liabilities - - - ----------- ----------- ----------- Post Petition Liabilities 497,818 244,841 742,659 ----------- ----------- ----------- TOTAL SOURCES OF CASH (A) $ 3,742,247 $ 4,170,550 $ 7,912,797 ----------- ----------- ----------- USES OF CASH Increase in Assets: Accounts Receivable $ - $ - $ - ----------- ----------- ----------- Inventory - - - ----------- ----------- ----------- Prepaid Expenses & Deposits - - - ----------- ----------- ----------- Property, Plant & Equipment - - - ----------- ----------- ----------- Other accured expenses - - ----------- ----------- ----------- Decrease in Liabilities: Pre Petition Liabilities $ 2,903,040 $ 4,811,310 $ 7,714,350 ----------- ----------- ----------- Post Petition Liabilities - - ----------- ----------- ----------- TOTAL USES OF CASH (B) $ 2,903,040 $ 4,811,310 $ 7,714,350 ----------- ----------- ----------- NET SOURCE (USE) OF CASH (A-B=NET) $ 839,207 $ (640,760) $ 198,447 ----------- ----------- ----------- CASH - BEGINNING BALANCE (See OPR-1) $ 1,092,575 $ 1,931,782 $ 1,092,575 ----------- ----------- ----------- CASH - ENDING BALANCE (See OPR-1) $ 1,931,782 $ 1,291,022 $ 1,291,022 ----------- ----------- -----------
CASE NAME: Kentucky Electric Steel, Inc. CASE NUMBER: 03-10078 CASH DISBURSEMENT DETAIL Date Payee Amount ------------------ --------------------------------------------- ------------ Account 754202055 2/25/1903 Draw by Common Wealth of KY - W/C Comp $ 850,000 ------------ Account #70936836 & 98239 3/1/1903 IBM Auto Wire 2,275 3/4/1903 Wire Transfer - AFCO Credit 100,000 3/4/1903 Wire Transfer - AFCO Credit 103,437 3/5/1903 Wire Transfer - Navigant Consulting 26,207 3/12/1903 Wire Transfer - Navigant Consulting 27,211 3/18/1903 Wire Transfer - Navigant Consulting 29,629 3/21/1903 Wire Transfer - ADP Communication Services 192 3/25/1903 Analysis Charges - NCB 2/28/03 8,611 3/17/2003 Airgas-Mid America 20 3/17/2003 Air Products And Chemicals 2,900 3/17/2003 Alltel 418 3/17/2003 Alltel 101 3/17/2003 American Stock Exchange, Llc 25 3/17/2003 Ashland Office Supply 670 3/17/2003 AT&T 507 3/17/2003 AT&T 4,362 3/17/2003 AT&T 1,053 3/17/2003 Bhe Environmental Inc 2,480 3/17/2003 Boyd Co Clerk 339 3/17/2003 Boyd County Domestic Relations 221 3/17/2003 Boyd Co United Way 35 3/17/2003 Browning Ferris Ind 5,497 3/17/2003 Business Wire 638 3/17/2003 CNA 804 3/17/2003 Cannonsburg Water District 3,300 3/17/2003 At&T Wireless Service 2,080 3/17/2003 Compaq 2,173 3/17/2003 Ceridian Employer Services 722 3/17/2003 CSX Transportation 5,268 3/17/2003 Department Of Tax And Revenue 400 3/17/2003 Green Valley Environmental Cor 256 3/17/2003 Hartford Specialty 491 3/17/2003 Horsehead Resource 1,424 3/17/2003 Ikon Office Solutions 655 3/17/2003 Ios Capital 3,389 3/17/2003 J R B Inc 45 3/17/2003 William J Jessie 126 3/17/2003 Kenesco Employees Credit Union 3,302 3/17/2003 American Electric Power 378 3/17/2003 Levee Lift Inc 5,830 3/17/2003 Lightyear Communications 1,338 3/17/2003 Art Mccullough 63 CASE NAME: Kentucky Electric Steel, Inc. CASE NUMBER: 03-10078 CASH DISBURSEMENT DETAIL Date Payee Amount ------------------ --------------------------------------------- ------------ 3/17/2003 Marcum Material Handling 302 3/17/2003 Metlife 115 3/17/2003 Nations Rent 4,989 3/17/2003 Pbcc 1,247 3/17/2003 Professional Maintenance 3,055 3/17/2003 Reic 2,156 3/17/2003 Railcar Ltd 1,560 3/17/2003 Readmond Printing 492 3/17/2003 Richeys 109 3/17/2003 Jeb Ryder 226 3/17/2003 Scott-Gross 547 3/17/2003 Storage On The Spot Inc. 466 3/17/2003 The Wackenhut Corporation 3,266 3/17/2003 Tres Of State Of Ohio 75 3/17/2003 Tyler Mountain Water Co 93 3/17/2003 United States Postal Service 1,000 3/17/2003 United Steelworkers Of America 657 3/17/2003 Unity Communications Inc 502 3/17/2003 Weavertown Group 3,056 3/17/2003 Wright Brothers Inc. 9 3/17/2003 Y M C A 49 3/17/2003 Xerox Corp 49 3/17/2003 Returned Check Fee 35 3/20/2003 Alltel 2,226 3/20/2003 American Stock Exchange, Llc 30 3/20/2003 Boyd County Domestic Relations 221 3/20/2003 Division Of Child Support 200 3/20/2003 Columbia Gas Of Kentucky 150 3/20/2003 Ceridian Employer Services 240 3/20/2003 Dow Jones Info Services 242 3/20/2003 Kenesco Employees Credit Union 1,222 3/20/2003 American Electric Power 692 3/20/2003 Marcum Material Handling 447 3/20/2003 Jeb Ryder 42 3/20/2003 United States Treasury 225 3/20/2003 U S Treasury 225 3/20/2003 United Steelworkers Of America 495 3/20/2003 Y M C A 10 3/26/2003 Alltel 1,713 3/26/2003 At&T 255 3/26/2003 At&T 1,053 3/26/2003 Browning Ferris Ind 181 3/26/2003 William H Gerak 27 3/26/2003 William J Jessie 82 3/26/2003 American Electric Power 24 3/26/2003 Marcum Material Handling 838 3/26/2003 Metal Associates 44 3/26/2003 Nelson Technologies Inc 568 3/26/2003 The Wackenhut Corporation 2,124 3/28/2003 FedEx Charges 171 3/26/2003 Xerox Corp 99 ------------ $ 386,773 ------------ CASE NAME: Kentucky Electric Steel, Inc. CASE NUMBER: 03-10078 CASH DISBURSEMENT DETAIL Date Payee Amount ------------------ --------------------------------------------- ------------ Petty Cash 3/1/1903 Redeem Meal Ticket $ 1,300 ------------ Account 626225676 & 626225668 3/5/1903 Transfer 941 P/R Taxes Hourly Deposit # 5 872 3/5/1903 Transfer 941 P/R Taxes Hourly Deposit # 5 1,184 3/5/1903 Transfer 941 P/R Taxes Hourly Deposit # 5 872 3/5/1903 Transfer 941 P/R Taxes Salary Deposit # 6 3,127 3/5/1903 Transfer 941 P/R Taxes Salary Deposit # 6 5,940 3/5/1903 Transfer 941 P/R Taxes Salary Deposit # 6 3,127 3/10/1903 KIT Withholding 3,015 3/12/1903 Transfer 941 P/R Taxes Salary Deposit # 6 772 3/12/1903 Transfer 941 P/R Taxes Salary Deposit # 6 1,067 3/12/1903 Transfer 941 P/R Taxes Salary Deposit # 6 772 3/19/1903 Transfer 941 P/R Taxes Salary Deposit # 3 3,309 3/19/1903 Transfer 941 P/R Taxes Salary Deposit # 3 6,973 3/19/1903 Transfer 941 P/R Taxes Salary Deposit # 3 3,309 3/19/1903 Transfer 941 P/R Taxes Hourly Deposit # 2 785 3/19/1903 Transfer 941 P/R Taxes Hourly Deposit # 2 1,066 3/19/1903 Transfer 941 P/R Taxes Hourly Deposit # 2 785 3/25/1903 Wire Transfer - Kentucky State Withholding 3,087 3/26/1903 Transfer 941 P/R Taxes Hourly Deposit # 4 4,321 3/26/1903 Transfer 941 P/R Taxes Hourly Deposit # 4 6,708 3/26/1903 Transfer 941 P/R Taxes Hourly Deposit # 4 4,321 3/26/1903 Transfer 941 P/R Taxes Salary Deposit # 5 10,441 3/26/1903 Transfer 941 P/R Taxes Salary Deposit # 5 19,293 3/26/1903 Transfer 941 P/R Taxes Salary Deposit # 5 10,441 3/28/2003 Bank Fees - (February Bank One Fees) 296 ------------ $ 95,882 ------------ Account #73404006 3/14/1903 Salary Payroll 29,096 3/21/1903 Salary Payroll - Vacation 98,916 ------------ $ 128,012 ------------ Account #73404022 3/5/1903 Hourly Payroll Wk Ending 3/1/03 6,517 3/12/1903 Hourly Payroll Wk Ending 3/8/03 6,670 3/14/1903 Hourly P/R - Service Charge 351 3/19/1903 Hourly Payroll Wk Ending 3/19/03 40,797 3/19/1903 Hourly P/R - Service Charge 45 3/22/1903 Hourly Payroll Wk Ending 3/22/03 1,304 ------------ $ 55,684 ------------ Total $ 1,517,651 ============ CASE NAME: Kentucky Electric Steel, Inc. CASE NUMBER: 03-10078 CASH RECEIPTS DETAIL Date Payee Amount ------------------ --------------------------------------------- ------------- Account #754119200 3/4/2003 A & S Fabricating Co. 6,903 3/4/2003 Ameristeel Bright Bar Inc. 3,989 3/4/2003 Ameristeel Bright Bar Inc. 5,144 3/4/2003 Dakota Manufacturing Co 6,362 3/4/2003 Drummond Mccall 4,733 3/4/2003 Drummond Mccall 3,488 3/4/2003 Ryerson Tull / Procurement Cor 3,525 3/4/2003 Ryerson Tull Procurement Corp 860 3/4/2003 Ryerson / Tull Procurement Cor 5,154 3/4/2003 Triangle Auto Spring 7,173 3/4/2003 Triangle Auto Spring 3,945 3/4/2003 Triangle Auto Spring 4,033 3/4/2003 Triangle Auto Spring 7,457 3/4/2003 Triangle Auto Spring 3,282 3/4/2003 Triangle Auto Spring 3,338 3/4/2003 Triangle Auto Spring 7,973 3/4/2003 Triangle Auto Spring 4,154 3/4/2003 Triangle Auto Spring 2,511 3/4/2003 Triangle Auto Spring 7,460 3/4/2003 Triangle Auto Spring 1,585 3/4/2003 Triangle Auto Spring 5,005 3/4/2003 Triangle Auto Spring 7,187 3/4/2003 Triangle Auto Spring 7,394 3/4/2003 Triangle Auto Spring 2,975 3/4/2003 Triangle Auto Spring 3,979 3/4/2003 Triangle Auto Spring 7,471 3/4/2003 Triangle Auto Spring 3,596 3/4/2003 Triangle Auto Spring 3,655 3/4/2003 Nucor Cold Finish 57,682 3/4/2003 Nucor Cold Finish 58,407 3/4/2003 Nucor Cold Finish 14,449 3/4/2003 Westerncullenhayes Inc 6,804 3/5/2003 Impact Metal Products 14,261 3/5/2003 Impact Metal Products 14,261 3/5/2003 R P Foster Inc 8,887 3/5/2003 Lamar Companies 750 3/5/2003 Andrew Jones - Community Trust 19,500 3/5/2003 Adp Financial 58 3/6/2003 Suspensiones Dsp,Sa De Cv 26,732 3/6/2003 Suspensiones Dsp,Sa De Cv 12,359 3/6/2003 Suspensiones Dsp,Sa De Cv 24,261 3/6/2003 Suspensiones Dsp,Sa De Cv 37,081 3/6/2003 Suspensiones Dsp,Sa De Cv 3,499 3/6/2003 Suspensiones Dsp,Sa De Cv 19,246 3/6/2003 Suspensiones Dsp,Sa De Cv 3,654 3/6/2003 Roanoke 1 3/7/2003 Hendrickson International 9,256 3/7/2003 Hendrickson International 8,563 3/7/2003 Russel Metals Inc 2,638 3/7/2003 Russel Metals - Bahcall Group 3,132 CASE NAME: Kentucky Electric Steel, Inc. CASE NUMBER: 03-10078 CASH RECEIPTS DETAIL Date Payee Amount ------------------ --------------------------------------------- ------------- 3/7/2003 Benz Spring Co 4,574 3/7/2003 Benz Spring Co 4,178 3/7/2003 Benz Spring Co 1,831 3/7/2003 Benz Spring Co 3,358 3/7/2003 Bucyrus Blades Incorporated 5,592 3/7/2003 Bucyrus Blades Incorporated 8,178 3/7/2003 Bucyrus Blades Incorporated 7,403 3/7/2003 Bucyrus Blades Incorporated 8,840 3/7/2003 Bucyrus Blades Incorporated 6,274 3/7/2003 Bucyrus Blades Incorporated 6,118 3/7/2003 Bucyrus Blades Incorporated 6,248 3/7/2003 Bucyrus Blades Incorporated 6,888 3/7/2003 Bucyrus Blades Incorporated 4,756 3/7/2003 Canadian Drawn Steel Company 1,714 3/7/2003 Canadian Drawn Steel Company 1,862 3/7/2003 Denman And Davis 7,446 3/7/2003 Fontaine Specialized 11,274 3/7/2003 Fontaine Trailer Company 10,970 3/7/2003 Fontaine Trailer Company 11,003 3/7/2003 Fontaine Trailer Company 10,964 3/7/2003 Kane Steel Co 10,972 3/7/2003 Liebovich Steel & Aluminum Co 11,575 3/7/2003 Liebovich Steel & Aluminum Co 6,303 3/7/2003 Liebovich Steel & Aluminum Co 1,616 3/7/2003 Liebovich Steel & Aluminum Co 1,572 3/7/2003 Ceco Buildings - Southern 7,407 3/7/2003 Ceco Buildings - Southern 7,099 3/7/2003 Ceco Buildings - Southern 7,099 3/7/2003 Ceco Buildings - Southern 6,385 3/7/2003 Ceco Buildings - Southern 6,120 3/7/2003 Ceco Buildings - Southern 6,242 3/7/2003 Ceco Buildings - Southern 4,994 3/7/2003 Ceco Buildings - Midwest 6,551 3/7/2003 Ceco Buildings - Midwest 5,241 3/7/2003 Ceco Buildings - Midwest 4,909 3/7/2003 Ceco Buildings - Midwest 7,652 3/7/2003 Ceco Buildings - Midwest 7,142 3/7/2003 Ceco Buildings - Midwest 6,120 3/7/2003 Oneal Steel Inc 3,764 3/7/2003 Triad Metals International 705 3/7/2003 Triad Metals International 1,435 3/7/2003 Triad Metals International 4,061 3/7/2003 Triad Metals International 3,472 3/7/2003 Triad Metals International 786 3/7/2003 Triad Metals International 2,893 3/7/2003 Triad Metals International 6,386 3/7/2003 U.S. Tsubaki Inc., 12,596 3/7/2003 U.S. Tsubaki Inc., 3,898 3/7/2003 U.S. Tsubaki Inc., 4,306 3/7/2003 U.S. Tsubaki Inc., 2,572 3/7/2003 U.S. Tsubaki Inc., 10,302 3/7/2003 U.S. Tsubaki Inc., 1,009 CASE NAME: Kentucky Electric Steel, Inc. CASE NUMBER: 03-10078 CASH RECEIPTS DETAIL Date Payee Amount ------------------ --------------------------------------------- ------------- 3/7/2003 U.S. Tsubaki Inc., 953 3/7/2003 U.S. Tsubaki Inc., 12,128 3/7/2003 A M Castle Hy Alloy Steel 5,941 3/7/2003 Earle M Jorgensen Co (Emj) 10,324 3/7/2003 Ceco Buildings - Midwest 12,387 3/7/2003 Portec Inc. Rmp Div. 4,100 3/7/2003 Ryerson Tull 32,409 3/7/2003 Tool Steel Service Inc 9,698 3/10/2003 Acier Leroux Inc 960 3/10/2003 Acier Leroux Inc 1,510 3/10/2003 Acier Leroux Inc 678 3/10/2003 Acier Leroux Inc 3,481 3/10/2003 Acier Leroux 8,884 3/10/2003 Acier Leroux 8,884 3/10/2003 Acier Leroux 8,884 3/10/2003 Acier Leroux 7,260 3/10/2003 American Car And Foundry 6,854 3/10/2003 Besco Steel Supply Inc 3,557 3/10/2003 Doepker Industries 9,531 3/10/2003 Doepker Industries 1,608 3/10/2003 Doepker Industries 1,807 3/10/2003 Liebovich Steel & Aluminum Co 9,473 3/10/2003 Liebovich Steel & Aluminum Co 11,474 3/10/2003 Liebovich Steel & Aluminum Co 7,019 3/10/2003 Liebovich Steel & Aluminum Co 7,508 3/10/2003 Rexnord Industries Inc. 480 3/10/2003 Rexnord Industries Inc. 4,253 3/10/2003 Rexnord Industries Inc. 2,040 3/10/2003 Rexnord Industries Inc. 1,116 3/10/2003 Siskin Steel Supply 2,879 3/10/2003 Siskin Steel Supply 5,203 3/10/2003 Siskin Steel Supply 1,032 3/10/2003 Siskin Steel Supply 1,239 3/10/2003 Siskin Steel Supply 2,818 3/10/2003 Siskin Steel Supply 8,696 3/10/2003 Valk Manufacturing Co 8,296 3/10/2003 Valk Manufacturing Co 3,562 3/10/2003 Valk Manufacturing Co 1,393 3/10/2003 Steel Built Corp 7,122 3/10/2003 Steel Built Corp 5,453 3/10/2003 Steel Built Corp 1,391 3/10/2003 Ceco Buildings - Midwest 1,265 3/11/2003 Truck Fax Inc 20,000 3/11/2003 Valley Blades Limited 2,070 3/11/2003 Valley Blades Limited 3,762 3/11/2003 Valley Blades Limited 4,926 3/12/2003 Consumer Steel Products Co 908 3/12/2003 Consumer Steel Products Co 1,671 3/12/2003 Consumer Steel Products Co 2,566 3/12/2003 Consumer Steel Products Co 1,671 3/12/2003 Consumer Steel Products Co 491 3/12/2003 Crucible Speciality Metal Co 7,742 CASE NAME: Kentucky Electric Steel, Inc. CASE NUMBER: 03-10078 CASH RECEIPTS DETAIL Date Payee Amount ------------------ --------------------------------------------- ------------- 3/12/2003 Crucible Speciality Metal Co 5,365 3/12/2003 Crucible Speciality Metal Co 4,415 3/12/2003 Klein Steel Service 838 3/12/2003 Klein Steel Service 6,970 3/12/2003 Ceco Buildings - Southern 5,675 3/12/2003 Ceco Buildings - Southern 1,557 3/12/2003 Ceco Buildings - Southern 7,109 3/12/2003 Ceco Buildings - Southern 2,118 3/12/2003 Ceco Buildings - Southern 4,653 3/12/2003 Ceco Buildings - Southern 2,270 3/12/2003 Ceco Buildings - Southern 1,514 3/12/2003 Ceco Buildings - Southern 4,500 3/12/2003 Ceco Buildings - Southern 1,922 3/12/2003 Ceco Buildings - Southern 4,800 3/12/2003 Ceco Buildings - Southern 2,321 3/12/2003 Ceco Buildings - Southern 4,238 3/12/2003 Ceco Buildings - Southern 1,702 3/12/2003 Ceco Buildings - Southern 2,710 3/12/2003 Ceco Buildings - Southern 1,413 3/12/2003 Ceco Buildings - Midwest 7,413 3/12/2003 Ceco Buildings - Midwest 2,309 3/12/2003 Ceco Buildings - Midwest 3,221 3/12/2003 Ceco Buildings - Eastern 6,169 3/12/2003 Ceco Buildings - Eastern 4,663 3/12/2003 Ceco Buildings - Eastern 1,454 3/12/2003 Ceco Buildings - Eastern 2,354 3/12/2003 Ceco Buildings - Eastern 3,726 3/12/2003 Oneal Steel Inc 970 3/12/2003 Oneal Steel Inc 1,405 3/12/2003 Oneal Steel Inc 2,038 3/12/2003 Oneal Steel Inc 1,405 3/12/2003 Oneal Steel Inc 1,022 3/12/2003 Oneal Steel Inc 1,595 3/12/2003 Osmundson Mfg Co 6,933 3/12/2003 Raymac 7,433 3/12/2003 Southeastern Forge Inc 8,687 3/12/2003 Triad Metals International 7,111 3/12/2003 Triangle Auto Spring 7,534 3/12/2003 Triangle Auto Spring 7,310 3/12/2003 Triangle Auto Spring 743 3/12/2003 Triangle Auto Spring 6,298 3/12/2003 Triangle Auto Spring 6,150 3/12/2003 Triangle Auto Spring 833 3/12/2003 Triangle Auto Spring 7,187 3/12/2003 Triangle Auto Spring 6,264 3/12/2003 United Steel Service Inc 10,563 3/12/2003 William Ball 333 3/12/2003 Albert Carnes 347 3/12/2003 Melvin Caudill 692 3/12/2003 Lester Hicks 692 3/12/2003 James Leibee 333 3/12/2003 Shirley Corey 346 CASE NAME: Kentucky Electric Steel, Inc. CASE NUMBER: 03-10078 CASH RECEIPTS DETAIL Date Payee Amount ------------------ --------------------------------------------- ------------- 3/12/2003 Randy Martin 333 3/12/2003 Glenn Adkins 725 3/12/2003 Janice Baker 725 3/13/2003 Truck Fax Inc 15,000 3/13/2003 Benjamin Steel 1,325 3/13/2003 Benjamin Steel 1,270 3/13/2003 Benjamin Steel 2,569 3/13/2003 Benjamin Steel 848 3/13/2003 Benjamin Steel 897 3/13/2003 Benjamin Steel 798 3/13/2003 Benjamin Steel 872 3/13/2003 Benjamin Steel 2,040 3/13/2003 Fay Industries, Inc 6,718 3/13/2003 Fontaine Trailer Company 8,114 3/13/2003 Fontaine Trailer Company 8,162 3/13/2003 Industrial Steel Warehouse, L. 25,754 3/13/2003 Ryerson Tull / Procurement Cor 1,149 3/13/2003 Ryerson Tull / Procurement Cor 726 3/13/2003 Ryerson Tull / Procurement Cor 673 3/13/2003 Ryerson Tull / Procurement Cor 982 3/13/2003 Ryerson Tull / Procurement Cor 1,248 3/13/2003 Ceco Buildings - Southern 1,362 3/13/2003 Ceco Buildings - Midwest 2,225 3/13/2003 Ceco Buildings - Midwest 2,191 3/13/2003 Ceco Buildings - Midwest 2,682 3/13/2003 Ceco Buildings - Midwest 4,098 3/13/2003 Ceco Buildings - Midwest 2,782 3/13/2003 Ceco Buildings - Midwest 4,871 3/13/2003 Ceco Buildings - Midwest 2,776 3/13/2003 Ceco Buildings - Midwest 3,337 3/13/2003 Ceco Buildings - Midwest 7,572 3/13/2003 Ceco Buildings - Eastern 5,822 3/13/2003 Ceco Buildings - Eastern 4,708 3/13/2003 Ceco Buildings - Eastern 5,589 3/13/2003 Ceco Buildings - Eastern 3,379 3/13/2003 Ceco Buildings - Eastern 1,397 3/13/2003 Ceco Buildings - Eastern 948 3/13/2003 Ceco Buildings - Eastern 2,731 3/13/2003 Ceco Buildings - Eastern 4,721 3/13/2003 Ceco Buildings - Eastern 7,268 3/13/2003 Ceco Buildings - Eastern 7,731 3/13/2003 Pdm Steel Service Centers, Inc 43,722 3/13/2003 Ryerson Tull 2,795 3/13/2003 Ryerson Tull 2,298 3/13/2003 Ryerson Tull 2,938 3/13/2003 Ryerson Tull 2,335 3/13/2003 Ryerson Tull 2,754 3/13/2003 Ryerson Tull 4,174 3/13/2003 Ryerson Tull 3,100 3/13/2003 Ryerson Tull 3,843 3/13/2003 Ryerson Tull 1,725 3/13/2003 Ryerson Tull 2,958 CASE NAME: Kentucky Electric Steel, Inc. CASE NUMBER: 03-10078 CASH RECEIPTS DETAIL Date Payee Amount ------------------ --------------------------------------------- ------------- 3/13/2003 Ryerson Tull 1,484 3/13/2003 Ryerson Tull 1,843 3/13/2003 Ryerson Tull 3,256 3/13/2003 Ryerson Tull 1,321 3/13/2003 Ryerson Tull 2,588 3/13/2003 Joseph T Ryerson & Son 1,882 3/13/2003 Ryerson Tull 2,594 3/13/2003 Ryerson/ Tull Procurement Corp 6,254 3/13/2003 Ryerson/ Tull Procurement Corp 2,619 3/13/2003 Ryerson/ Tull Procurement Corp 3,224 3/13/2003 Ryerson/ Tull Procurement Corp 1,714 3/13/2003 Ryerson/ Tull Procurement Corp 982 3/13/2003 Ryerson/ Tull Procurement Corp 926 3/13/2003 J.T. Ryerson & Son Inc. 1,168 3/13/2003 J.T. Ryerson & Son Inc. 941 3/13/2003 J.T. Ryerson & Son Inc. 1,430 3/13/2003 Tool Steel Service Inc 14,127 3/13/2003 U.S. Tsubaki Inc., 10,536 3/13/2003 U.S. Tsubaki Inc., 4,626 3/13/2003 U.S. Tsubaki Inc., 11,958 3/13/2003 U.S. Tsubaki Inc., 2,809 3/13/2003 U.S. Tsubaki Inc., 14,293 3/13/2003 U.S. Tsubaki Inc., 2,677 3/13/2003 U.S. Tsubaki Inc., 5,482 3/13/2003 Utility Trailer Mfg Co 11,744 3/13/2003 Utility Trailer Mfg Co 11,500 3/14/2003 Hendrickson International 18,560 3/14/2003 Hendrickson International 6,189 3/14/2003 Hendrickson International 7,590 3/14/2003 Alro Steel Corp 11,864 3/14/2003 Alro Steel Corp 740 3/14/2003 Alro Steel Corp 2,247 3/14/2003 Alro Steel Corp 1,640 3/14/2003 Alro Steel Corp 1,198 3/14/2003 Alro Steel Corp 735 3/14/2003 Alro Steel Corp 781 3/14/2003 Alro Steel Corp 1,368 3/14/2003 Alro Steel Corp 4,604 3/14/2003 Alro Steel Corp 2,064 3/14/2003 Alro Steel Corp 1,103 3/14/2003 Alro Steel Corp 583 3/14/2003 Alro Steel Corp 1,758 3/14/2003 Alro Steel Corp 977 3/14/2003 Alro Steel Corp 742 3/14/2003 Alro Steel Corp 812 3/14/2003 Alro Steel Corp 1,461 3/14/2003 Alro Steel Corp 681 3/14/2003 Alro Steel Corp 2,665 3/14/2003 Alro Steel Corp 746 3/14/2003 Alro Steel Corp 1,499 3/14/2003 Alro Steel Corp 1,284 3/14/2003 Alro Steel Corp 1,480 CASE NAME: Kentucky Electric Steel, Inc. CASE NUMBER: 03-10078 CASH RECEIPTS DETAIL Date Payee Amount ------------------ --------------------------------------------- ------------- 3/14/2003 Alro Steel Corp 1,461 3/14/2003 Alro Steel Corp 753 3/14/2003 Alro Steel Corp 1,461 3/14/2003 Alro Steel Corp 672 3/14/2003 Alro Steel Corp 1,265 3/14/2003 Alro Steel Corp 2,111 3/14/2003 Alro Steel Corp 1,130 3/14/2003 Beall Manufacturing 8,723 3/14/2003 Midwest Metals Inc 7,541 3/14/2003 Contractors Steel Company 4,933 3/14/2003 Contractors Steel Company 809 3/14/2003 Contractors Steel Company 8,661 3/14/2003 Contractors Steel Company 1,117 3/14/2003 Contractors Steel Company 2,680 3/14/2003 Contractors Steel Company 10,246 3/14/2003 Contractors Steel Company 10,722 3/14/2003 Earle M Jorgensen Co 770 3/14/2003 Earle M Jorgensen Co 706 3/14/2003 Earle M Jorgensen Co 1,207 3/14/2003 Earle M Jorgensen Co 2,948 3/14/2003 Earle M Jorgensen Co 1,339 3/14/2003 Earle M Jorgensen Co 1,385 3/14/2003 Earle M Jorgensen Co (Emj) 1,307 3/14/2003 Earle M Jorgensen Co (Emj) 1,111 3/14/2003 Earle M Jorgensen Co (Emj) 1,031 3/14/2003 Earle M Jorgensen Co (Emj) 1,694 3/14/2003 Earle M Jorgensen Co (Emj) 7,056 3/14/2003 Jorgensen Steel & Aluminum 1,496 3/14/2003 Jorgensen Steel & Aluminum 1,624 3/14/2003 Jorgensen Steel & Aluminum 1,741 3/14/2003 Jorgensen Steel & Aluminum 1,035 3/14/2003 Earle M Jorgensen Co (Emj) 772 3/14/2003 Earle M Jorgensen Co (Emj) 1,420 3/14/2003 Earle M Jorgensen Co (Emj) 5,038 3/14/2003 Earle M Jorgensen Co (Emj) 1,945 3/14/2003 Earle M Jorgensen Co (Emj) 5,759 3/14/2003 Earle M Jorgensen Co (Emj) 1,418 3/14/2003 Earle M Jorgensen Co (Emj) 1,577 3/14/2003 Earle M Jorgensen Co (Emj) 2,370 3/14/2003 Earle M Jorgensen Co (Emj) 1,467 3/14/2003 Earle M Jorgensen Co (Emj) 2,333 3/14/2003 Earle M Jorgensen Co (Emj) 3,885 3/14/2003 Earle M Jorgensen Co (Emj) 1,697 3/14/2003 Earle M Jorgensen Co (Emj) 1,602 3/14/2003 Earle M Jorgensen Co (Emj) 2,471 3/14/2003 Earle M Jorgensen 3,915 3/17/2003 Consolidated Metals 8,303 3/17/2003 Consolidated Metals 5,507 3/17/2003 Consolidated Metals 4,032 3/17/2003 Consolidated Metals 9,021 3/17/2003 Carpenter Technology 2 3/17/2003 Us Treasury 11,872 CASE NAME: Kentucky Electric Steel, Inc. CASE NUMBER: 03-10078 CASH RECEIPTS DETAIL Date Payee Amount ------------------ --------------------------------------------- ------------- 3/17/2003 Acier Leroux Inc 1,521 3/17/2003 Acier Leroux Inc 1,476 3/17/2003 Acier Leroux Inc 1,992 3/17/2003 Acier Leroux Inc 691 3/17/2003 Acier Leroux Inc 1,459 3/17/2003 Acier Leroux Inc 843 3/17/2003 American Car And Foundry 7,723 3/17/2003 Ceco Buildings - Midwest 6,071 3/17/2003 Ceco Buildings - Midwest 7,625 3/17/2003 Rexnord Industries Inc. 4,133 3/17/2003 Rexnord Industries Inc. 3,978 3/17/2003 J Rubin & Co. 7,874 3/17/2003 J Rubin & Co. 1,519 3/17/2003 J Rubin & Co. 1,420 3/17/2003 J Rubin & Co. 938 3/17/2003 J Rubin & Co. 898 3/17/2003 J Rubin & Co. 1,245 3/17/2003 J Rubin & Co. 775 3/17/2003 J Rubin & Co. 1,536 3/17/2003 J Rubin & Co. 5,535 3/17/2003 J Rubin & Co. 2,729 3/17/2003 Ryerson Tull 2,916 3/17/2003 Ryerson Tull 3,850 3/17/2003 Ryerson Tull 2,795 3/17/2003 Ryerson Tull 2,883 3/17/2003 Ryerson Tull 2,077 3/17/2003 Ryerson Tull 1,372 3/17/2003 Ryerson Tull 2,279 3/17/2003 Ryerson Tull 1,554 3/17/2003 Ryerson Tull 2,776 3/17/2003 Ryerson Tull 2,795 3/17/2003 Ryerson Tull 11,692 3/18/2003 American Railcar Industries In 7,628 3/18/2003 American Railcar Industries In 9,044 3/18/2003 American Railcar Industries In 8,064 3/18/2003 Protrade 181,005 3/18/2003 American Compressed 35,000 3/18/2003 Hendrickson International 1,503 3/18/2003 Hendrickson International 3,211 3/18/2003 Hendrickson International 7,106 3/18/2003 Hendrickson International 19,387 3/18/2003 Crown Equipment Corp. 9,849 3/18/2003 Ceco Buildings - Southern 1,248 3/18/2003 Ceco Buildings - Southern 6,854 3/18/2003 Ceco Buildings - Southern 6,120 3/18/2003 Ceco Buildings - Southern 7,344 3/18/2003 Ceco Buildings - Midwest 2,225 3/18/2003 Ceco Buildings - Midwest 2,366 3/18/2003 Ceco Buildings - Midwest 2,803 3/18/2003 Ceco Buildings - Midwest 3,133 3/18/2003 Ceco Buildings - Eastern 3,011 3/18/2003 Ceco Buildings - Eastern 6,536 CASE NAME: Kentucky Electric Steel, Inc. CASE NUMBER: 03-10078 CASH RECEIPTS DETAIL Date Payee Amount ------------------ --------------------------------------------- ------------- 3/18/2003 Ceco Buildings - Eastern 3,268 3/18/2003 Ceco Buildings - Eastern 2,911 3/18/2003 Oneal Steel Inc 1,195 3/18/2003 Oneal Steel Inc 4,727 3/18/2003 Oneal Steel Inc 4,074 3/18/2003 Oneal Steel Inc 3,471 3/18/2003 Oneal Steel Inc 1,355 3/18/2003 Oneal Steel Inc 6,028 3/18/2003 Oneal Steel Inc 5,613 3/18/2003 Oneal Steel Inc 1,403 3/18/2003 Oneal Steel Inc 11,227 3/18/2003 Oneal Steel Inc 5,613 3/18/2003 Oneal Steel Inc 1,403 3/18/2003 Oneal Steel Inc 1,403 3/18/2003 Oneal Steel Inc 1,403 3/18/2003 Oneal Steel Inc 1,389 3/18/2003 Oneal Steel Inc 910 3/18/2003 Oneal Steel Inc 898 3/18/2003 Oneal Steel Inc 1,437 3/18/2003 Oneal Steel Inc 2,135 3/18/2003 Oneal Steel Inc 4,577 3/18/2003 Oneal Steel Inc 2,482 3/18/2003 Oneal Steel Inc 2,166 3/18/2003 Steel And Pipe Supply Inc 3,275 3/18/2003 Steel And Pipe Supply Inc 4,277 3/18/2003 Steel And Pipe Supply Inc 16,109 3/18/2003 Steel And Pipe Supply Inc 4,151 3/18/2003 Southeastern Forge Inc 8,687 3/18/2003 Triangle Auto Spring 7,191 3/18/2003 Triangle Auto Spring 6,046 3/18/2003 Triangle Auto Spring 955 3/18/2003 Triangle Auto Spring 5,668 3/18/2003 Triangle Auto Spring 1,224 3/18/2003 Triangle Auto Spring 7,517 3/18/2003 Triangle Auto Spring 7,471 3/18/2003 Triangle Auto Spring 2,760 3/18/2003 Triangle Auto Spring 2,234 3/18/2003 Triangle Auto Spring 2,475 3/18/2003 Triangle Auto Spring 7,471 3/18/2003 Triangle Auto Spring 6,086 3/18/2003 Triangle Auto Spring 725 3/18/2003 West Va Steel Company 7,050 3/18/2003 West Va Steel Company 982 3/18/2003 West Va Steel Company 1,346 3/18/2003 West Va Steel Company 3,865 3/20/2003 American Compressed 127,530 3/20/2003 Industrias Montacargas,S.A. De 1,629 3/20/2003 Industrias Montacargas,S.A. De 4,863 3/20/2003 Arch Coal 0 3/20/2003 Rob Corey 280 3/20/2003 Great Dane Trailers 10,464 3/20/2003 Ameristeel Bright Bar Inc. 12,557 CASE NAME: Kentucky Electric Steel, Inc. CASE NUMBER: 03-10078 CASH RECEIPTS DETAIL Date Payee Amount ------------------ --------------------------------------------- ------------- 3/20/2003 Ameristeel Bright Bar Inc. 13,162 3/20/2003 Ameristeel Bright Bar Inc. 13,448 3/20/2003 Ameristeel Bright Bar Inc. 10,447 3/20/2003 Ameristeel Bright Bar Inc. 11,207 3/20/2003 Russel Metals - Bahcall Group 1,972 3/20/2003 Russel Metals - Bahcall Group 2,938 3/20/2003 Russel Metals - Bahcall Group 2,642 3/20/2003 Russel Metals - Bahcall Group 3,240 3/20/2003 Beall Manufacturing 1,788 3/20/2003 Crown Steel Sales Inc 4,497 3/20/2003 Crown Steel Sales Inc 9,868 3/20/2003 Crown Steel Sales Inc 6,030 3/20/2003 Crown Steel Sales Inc 6,340 3/20/2003 Crown Steel Sales Inc 1,283 3/20/2003 Crown Steel Sales Inc 5,089 3/20/2003 Crucible Speciality Metal Co 10,237 3/20/2003 Crucible Speciality Metal Co 5,647 3/20/2003 Crucible Speciality Metal Co 3,873 3/20/2003 Crucible Speciality Metal Co 2,823 3/20/2003 Crucible Speciality Metal Co 3,764 3/20/2003 Crucible Speciality Metal Co 6,024 3/20/2003 Crucible Speciality Metal Co 6,914 3/20/2003 Crucible Speciality Metal Co 7,740 3/20/2003 Crucible Speciality Metal Co 3,281 3/20/2003 Crucible Speciality Metal Co 7,627 3/20/2003 Crucible Speciality Metal Co 6,999 3/20/2003 Haven Steel 6,502 3/20/2003 Hendrickson Spring 2,216 3/20/2003 Hendrickson Spring 5,573 3/20/2003 Earle M Jorgensen Co (Emj) 3,827 3/20/2003 Earle M Jorgensen Co (Emj) 1,261 3/20/2003 Earle M Jorgensen Co (Emj) 845 3/20/2003 Earle M Jorgensen Co (Emj) 855 3/20/2003 Earle M Jorgensen Co (Emj) 1,429 3/20/2003 Earle M Jorgensen Co (Emj) 812 3/20/2003 Earle M Jorgensen Co (Emj) 10,787 3/20/2003 Earle M Jorgensen Co (Emj) 4,576 3/20/2003 Earle M Jorgensen Co (Emj) 5,494 3/20/2003 Earle M Jorgensen Co (Emj) 3,096 3/20/2003 Earle M Jorgensen Co (Emj) 6,428 3/20/2003 Earle M Jorgensen Co (Emj) 3,365 3/20/2003 Mcallister Spring Ltd 8,748 3/20/2003 Mcallister Spring Ltd 3,967 3/20/2003 Ceco Buildings - Southern 2,506 3/20/2003 Ceco Buildings - Southern 3,405 3/20/2003 Ceco Buildings - Midwest 6,310 3/20/2003 Raymac 3,107 3/20/2003 Steel And Pipe Supply Inc 4,170 3/20/2003 Steel And Pipe Supply Inc 4,873 3/20/2003 Steel And Pipe Supply Inc 15,741 3/20/2003 Steel And Pipe Supply Inc 16,844 3/20/2003 Steel And Pipe Supply Inc 16,097 CASE NAME: Kentucky Electric Steel, Inc. CASE NUMBER: 03-10078 CASH RECEIPTS DETAIL Date Payee Amount ------------------ --------------------------------------------- ------------- 3/20/2003 Utility Trailer Mfg Co 1,329 3/20/2003 Utility Trailer Mfg Co 2,434 3/20/2003 Utility Trailer Mfg Co 1,217 3/20/2003 Valk Manufacturing Co 2,952 3/20/2003 Valk Manufacturing Co 7,300 3/20/2003 Valk Manufacturing Co 2,860 3/20/2003 Valk Manufacturing Co 4,220 3/20/2003 Valk Manufacturing Co 2,262 3/20/2003 Valk Manufacturing Co 999 3/20/2003 Valk Manufacturing Co 3,637 3/20/2003 Valk Manufacturing Co 7,033 3/20/2003 Valk Manufacturing Co 7,275 3/20/2003 Valk Manufacturing Co 1,887 3/21/2003 Klein Steel Service 4,038 3/21/2003 Klein Steel Service 1,274 3/21/2003 Klein Steel Service 1,595 3/21/2003 Hendrickson International 5,432 3/21/2003 Hendrickson International 3,269 3/21/2003 Hendrickson International 8,797 3/21/2003 Hendrickson International 8,713 3/21/2003 Hendrickson International 11,362 3/21/2003 Hendrickson International 10,960 3/21/2003 American Compressed 97,544 3/21/2003 Contractors Steel Company 36,204 3/21/2003 Contractors Steel Company 5,509 3/21/2003 Landoll Corp 12,898 3/21/2003 Ceco Buildings - Southern 2,911 3/21/2003 J Rubin & Co. 12,354 3/21/2003 Ryerson Tull 7,058 3/21/2003 Steel And Pipe Supply Inc 15,676 3/24/2003 American Compressed 34,847 3/24/2003 Bucyrus Blades Incorporated 5,699 3/24/2003 Bucyrus Blades Incorporated 6,585 3/24/2003 Bucyrus Blades Incorporated 6,263 3/24/2003 Bucyrus Blades Incorporated 6,724 3/24/2003 Bucyrus Blades Incorporated 6,531 3/24/2003 Crucible Speciality Metal Co 6,807 3/24/2003 Crucible Speciality Metal Co 6,888 3/24/2003 Crucible Speciality Metal Co 5,834 3/24/2003 Crucible Speciality Metal Co 6,696 3/24/2003 Crucible Speciality Metal Co 1,771 3/24/2003 Crucible Speciality Metal Co 2,690 3/24/2003 Crucible Speciality Metal Co 5,271 3/24/2003 Crucible Speciality Metal Co 9,035 3/24/2003 D S Brown Company 8,997 3/24/2003 Liebovich Steel & Aluminum Co 2,481 3/24/2003 Liebovich Steel & Aluminum Co 960 3/24/2003 Liebovich Steel & Aluminum Co 1,398 3/24/2003 Liebovich Steel & Aluminum Co 2,483 3/24/2003 Liebovich Steel & Aluminum Co 1,552 3/24/2003 Liebovich Steel & Aluminum Co 864 3/24/2003 Oneal Steel Inc 1,822 CASE NAME: Kentucky Electric Steel, Inc. CASE NUMBER: 03-10078 CASH RECEIPTS DETAIL Date Payee Amount ------------------ --------------------------------------------- ------------- 3/24/2003 Tool Steel Service Inc 8,724 3/25/2003 Acier Leroux 1,454 3/25/2003 Acier Leroux 693 3/25/2003 Acier Leroux 1,420 3/25/2003 Acier Leroux 1,170 3/25/2003 Acier Leroux 1,886 3/25/2003 Acier Leroux Inc 960 3/25/2003 Acier Leroux Inc 1,974 3/25/2003 Acier Leroux Inc 2,127 3/25/2003 Acier Leroux Inc 2,213 3/25/2003 American Railcar Industries In 9,661 3/25/2003 Arnes Welding Ltd 8,070 3/25/2003 Fontaine Specialized 2,096 3/25/2003 General Bearing Corp 8,834 3/25/2003 Haven Steel 11,071 3/25/2003 Hendrickson Spring 7,432 3/25/2003 Hendrickson Spring 6,792 3/25/2003 Earle M Jorgensen Co (Emj) 5,422 3/25/2003 Earl M Jorgensen (Canada ) Inc 9,337 3/25/2003 Melampy Mfg Co Inc 6,479 3/25/2003 Ceco Buildings - Eastern 2,354 3/25/2003 Ceco Buildings - Eastern 1,177 3/25/2003 Ceco Buildings - Eastern 1,064 3/25/2003 Ceco Buildings - Eastern 1,252 3/25/2003 Ceco Buildings - Eastern 1,402 3/25/2003 Ceco Buildings - Eastern 1,095 3/25/2003 Oneal Steel Inc 8,306 3/25/2003 Dayton Parts 7,496 3/25/2003 Dayton Parts 1,803 3/25/2003 Dayton Parts 9,326 3/25/2003 Dayton Parts 8,857 3/25/2003 Dayton Parts 9,070 3/25/2003 Dayton Parts 6,440 3/25/2003 Dayton Parts 1,762 3/25/2003 Dayton Parts 7,176 3/25/2003 Dayton Parts 1,776 3/25/2003 Dayton Parts 8,434 3/25/2003 Dayton Parts 9,528 3/25/2003 Dayton Parts 3,492 3/25/2003 Dayton Parts 5,290 3/25/2003 Dayton Parts 8,499 3/25/2003 Steffen Systems 990 3/25/2003 Southeastern Forge Inc 1,229 3/25/2003 Southeastern Forge Inc 7,457 3/25/2003 Southeastern Forge Inc 1,746 3/25/2003 Tampa Steel Erecting 7,175 3/25/2003 American Compressed 220,951 3/26/2003 American Compressed 101,245 3/26/2003 Protrade 78,618 3/26/2003 Steel Built Corp 2,835 3/26/2003 Steel Built Corp 1,408 3/26/2003 Jimmy Little 285 CASE NAME: Kentucky Electric Steel, Inc. CASE NUMBER: 03-10078 CASH RECEIPTS DETAIL Date Payee Amount ------------------ --------------------------------------------- ------------- 3/26/2003 Kings Daughters Medical 286 3/26/2003 Us Treasury 1,401 3/26/2003 Truck Fax Inc 11,870 3/27/2003 Beall Manufacturing 7,649 3/27/2003 Benjamin Steel 1,116 3/27/2003 Benjamin Steel 793 3/27/2003 Benjamin Steel 1,941 3/27/2003 Benjamin Steel 1,160 3/27/2003 Benjamin Steel 2,057 3/27/2003 Benjamin Steel 1,289 3/27/2003 Benjamin Steel 862 3/27/2003 Bucyrus Blades Incorporated 6,029 3/27/2003 Bucyrus Blades Incorporated 7,344 3/27/2003 Bucyrus Blades Incorporated 7,153 3/27/2003 Bucyrus Blades Incorporated 8,030 3/27/2003 Bucyrus Blades Incorporated 12,637 3/27/2003 Bucyrus Blades Incorporated 1,087 3/27/2003 Bucyrus Blades Incorporated 1,008 3/27/2003 Bucyrus Blades Incorporated 1,296 3/27/2003 Bucyrus Blades Incorporated 3,233 3/27/2003 Cincinnati Inc. 2,377 3/27/2003 Klein Steel Service 4,940 3/27/2003 Klein Steel Service 1,571 3/27/2003 Ryerson Tull 2,622 3/27/2003 Ryerson Tull 844 3/27/2003 Ryerson Tull 4,375 3/27/2003 Ryerson Tull 1,077 3/27/2003 Ryerson Tull 857 3/27/2003 J.T. Ryerson & Son 5,297 3/27/2003 Security Steel Supply Co 4,823 3/27/2003 Security Steel Supply Co 4,741 3/27/2003 Security Steel Supply Co 3,286 3/27/2003 Steel And Pipe Supply Inc 8,766 3/27/2003 Steel And Pipe Supply Inc 7,893 3/27/2003 Triangle Auto Spring 4,917 3/27/2003 Triangle Auto Spring 1,316 3/27/2003 Triangle Auto Spring 824 3/27/2003 Triangle Auto Spring 1,196 3/27/2003 Triangle Auto Spring 4,859 3/27/2003 Triangle Auto Spring 7,198 3/27/2003 Triangle Auto Spring 7,534 3/27/2003 Triangle Auto Spring 2,445 3/27/2003 Triangle Auto Spring 3,710 3/27/2003 Triangle Auto Spring 565 3/27/2003 Triangle Auto Spring 7,366 3/27/2003 Great Dane Trailers 16,337 3/27/2003 Great Dane Trailers 4,441 3/27/2003 Vulcan Threaded Products, Inc. 8,242 3/27/2003 Vulcan Threaded Products, Inc. 7,367 3/27/2003 Vulcan Threaded Products, Inc. 4,737 3/27/2003 Vulcan Threaded Products, Inc. 3,098 3/27/2003 Vulcan Threaded Products, Inc. 6,468 CASE NAME: Kentucky Electric Steel, Inc. CASE NUMBER: 03-10078 CASH RECEIPTS DETAIL Date Payee Amount ------------------ --------------------------------------------- ------------- 3/27/2003 Vulcan Threaded Products, Inc. 6,570 3/27/2003 Vulcan Threaded Products, Inc. 4,022 3/27/2003 Vulcan Threaded Products, Inc. 3,098 3/27/2003 Lamar Companies 750 3/27/2003 American Compressed 168,081 3/28/2003 Benjamin Steel 818 3/28/2003 Benjamin Steel 869 3/28/2003 Benjamin Steel 853 3/28/2003 Benjamin Steel 2,359 3/28/2003 Benjamin Steel 1,575 3/28/2003 Benjamin Steel 808 3/28/2003 Benjamin Steel 845 3/28/2003 Benjamin Steel 1,395 3/28/2003 Benjamin Steel 2,797 3/28/2003 Benjamin Steel 1,073 3/28/2003 Benjamin Steel 673 3/28/2003 D S Brown Company 9,282 3/28/2003 Nucor Steel 15,484 3/28/2003 Transcraft Corp 18,793 3/28/2003 Transcraft Corp 5,023 3/28/2003 Transcraft Corp 3,073 3/28/2003 American Compressed 134,602 3/28/2003 Benjamin Steel 808 3/28/2003 Benjamin Steel 1,641 3/28/2003 Benjamin Steel 1,224 3/28/2003 Benjamin Steel 2,289 3/28/2003 Benjamin Steel 654 3/28/2003 Crucible Speciality Metal Co 6,588 3/28/2003 Crucible Speciality Metal Co 1,669 3/28/2003 Liebovich Steel & Aluminum Co 8,803 3/28/2003 Ceco Buildings - Eastern 3,250 3/28/2003 Ceco Buildings - Eastern 1,177 3/28/2003 Ceco Buildings - Eastern 1,397 3/28/2003 Oneal Steel Inc 2,800 3/28/2003 Oneal Steel Inc 1,928 3/28/2003 Oneal Steel Inc 735 3/28/2003 Oneal Steel Inc 743 3/28/2003 Oneal Steel Inc 1,499 3/28/2003 Oneal Steel Inc 5,783 3/28/2003 Oneal Steel Inc 4,996 3/28/2003 Hendrickson International 13,875 3/28/2003 Hendrickson International 14,875 3/28/2003 Hendrickson International 6,658 3/28/2003 Hendrickson International 4,431 3/28/2003 Hendrickson International 14,680 3/28/2003 American Compressed 139,148 ------------- $ 4,823,161 ------------- CASE NAME: Kentucky Electric Steel, Inc. CASE NUMBER: 03-10078 CASH RECEIPTS DETAIL Date Payee Amount ------------------ --------------------------------------------- ------------- Account #4090-K001-00-7 3/28/2003 Interest on Trident Note 315 Account #626225676 & 626225668 3/28/2003 Interest Earned on Bank One Acct 16 Account #754201618 3/27/2003 Professional Fee Receipt 157,998 ------------- Total $ 4,981,490 =============