-----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, UuWtgHJVyS0qXnABwSC8xpsfSZ/s4dY+OWxWZsskbNWN5XXx0RN2Ln6Z/DIHlrbw 4aVvw9kcG+p6hblp6dONBw== 0000950138-03-000330.txt : 20030527 0000950138-03-000330.hdr.sgml : 20030526 20030527171527 ACCESSION NUMBER: 0000950138-03-000330 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030519 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20030527 FILER: COMPANY DATA: COMPANY CONFORMED NAME: KENTUCKY ELECTRIC STEEL INC /DE/ CENTRAL INDEX KEY: 0000910394 STANDARD INDUSTRIAL CLASSIFICATION: STEEL WORKS, BLAST FURNACES ROLLING MILLS (COKE OVENS) [3312] IRS NUMBER: 611244541 STATE OF INCORPORATION: DE FISCAL YEAR END: 0927 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-22416 FILM NUMBER: 03720335 BUSINESS ADDRESS: STREET 1: P O BOX 3500 CITY: ASHLAND STATE: KY ZIP: 41105-3500 BUSINESS PHONE: 606-929-1222 MAIL ADDRESS: STREET 1: P O BOX 3500 CITY: ASHLAND STATE: KY ZIP: 41105-3500 8-K 1 form8k.htm FORM 8K - KENTUCKY ELECTRIC STEEL, INC. Kentucky Electric Steel, Inc. - Form 8-K


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):
May 19, 2003

KENTUCKY ELECTRIC STEEL, INC.
 (Exact Name of Registrant as Specified in its Charter)




Delaware

 0-22416

 61-1244541

(State or Other Jurisdiction of
Incorporation)		 (Commission File Number) (IRS Employer Identification Number)



P.O. Box 3500
Ashland, Kentucky 41105-3500

(Address of Principal Executive Office)


Registrant’s telephone number, including area code: (606) 929-1222



Item 5.  Other Events

        Kentucky Electric Steel, Inc. (the “Company”) is filing this Current Report on form 8-K for the purpose of filing with the Securities and Exchange Commission the Company’s monthly operating report to the U.S. Bankruptcy Court for the Eastern District of Kentucky for the period from March 30, 2003 through May 3, 2003, which was filed with the Bankruptcy Court on May 19, 2003.

Item 7.  Financial Statements and Exhibits

        (c)        The following exhibit is filed as part of this report on Form 8-K.

Exhibit
Number

   Description
99.1   Monthly Operating Report to the U.S. Bankruptcy Court for the Eastern District of Kentucky for the period from March 30, 2003 through May 3, 2003

SIGNATURE

        Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 KENTUCKY ELECTRIC STEEL, INC.
Date: May 27, 2003 By: /s/ William J. Jessie
    Name: William J. Jessie
    Title: Vice President - Finance, Secretary, Treasurer and Chief Financial Officer
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 May 3, 2003 Comes now Kentucky Electric Steel, Inc., debtor in possession and herby submits its Monthly Operating Report for the Periods commencing March 30, 2003 and ending May 3, 2003 as shown by the report and exhibits consisting of 29 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: May 19, 2003 DEBTOR ------------ By: /s/ William J. Jessie --------------------------------------- (Signature) Name & Title: William J. Jessie, President ---------------------------- (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: APRIL 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 - $ 70,663 $44,724 $28,855 $28,415 (President and CFO) - ------------------------------------------------------------------------------- William H. Gerak - 23,107 14,198 10,664 10,664 (Vice President of Administration) - ------------------------------------------------------------------------------- Joseph E. Harrison - 23,655 14,459 11,000 11,000 (Vice President of Sales and Marketing) - ------------------------------------------------------------------------------- Jack W. Mehalko - (Interim President) - ------------------------------------------------------------------------------- Total Executive Payroll: $117,425 $73,381 $50,519 $50,079 ------------------------------------- 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 pr 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 and retention bonus pay during the physical month of May. (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: APRIL 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 # -------------- ----------- --------------------- - ------------------------------------- -------------- ----------- --------------------- - ------------------------------------- -------------- ----------- --------------------- - ------------------------------------- -------------- ----------- --------------------- Total $ - Prepetition Creditors: AFCO - Credit Insurance $ 210,815 2-Apr-03 Wire Transfer - ------------------------------------- -------------- ----------- --------------------- Treas. Of Ky. - Unemployment 30,000 11-Apr-03 85354 - ------------------------------------- -------------- ----------- --------------------- AFCO - Credit Insurance $ 210,815 30-Apr-03 Wire Transfer - ------------------------------------- -------------- ----------- --------------------- Revolving line of Credit (National City & SunTrust) $ 1,230,797 Daily Swept out of Lockbox - ------------------------------------- -------------- ----------- --------------------- Senior Note (Cigna & Modern Woodmen of America) $ 2,700,000 Daily Swept out of Lockbox - ------------------------------------- -------------- ----------- --------------------- Total $ 4,382,427
Kentucky Electric Steel, Inc. Cash Summary for the Month Ending May 3, 2003 EXHIBIT A
Workers Health Cash Collateral Petty Compensation Benefits Lockbox General Cash ---------------- -------------- --------------- ---------------- ------------ Bank Name National City National City National City National City KESI Account # 754202055 754202063 754119200 70936836 98239 Beginning Book Balance $ 100,000 $ 455,000 $ 300,000 $(8,584,988) $ 400 Plus: Deposits - - 4,970,026 - - Less: Disbursements - - - 660,540 - Transfers/Other: Transfers Transfer to Professional Fees Account (21,515) Transfer to Professional Fees Account (140,000) Transfer to Professional Fees Account (18,989) Transfer to Professional Fees Account (13,868) Transfer to Professional Fees Account (15,103) Transfer to Professional Fees Account (10,365) Transfer to Professional Fees Account (7,841) Transfer to Bank One Tax Account (50,000) Transfer to Bank One Tax Account (30,000) Transfer to Bank One Tax Account (15,684) Transfer to Fifth Third Salary Account (20,000) Transfer to Fifth Third Salary Account (17,473) Transfer to Fifth Third Salary Account (4,758) Transfer to Bank One Office Account (10,000) Transfer to NCB Office Account Other Void Checks Returned Cobra Payments (3,094) Paydown on line/fund general account (4,970,026) 4,970,026 Paydown on senior notes (2,700,000) --------- --------- --------- ------------ ----- Ending Book Balance $ 100,000 $ 455,000 $ 300,000 $ (7,354,192) $ 400 ========= ========= ========= ============ =====
Triton/ Office Salary Hourly Republic Note Tax/Other Account Payroll Payroll ----------------- --------------- --------------- ------------- -------------- Bank Name National City Bank One Bank One Fifth Third Fifth Third Private Client Group Account # 4090-K001-00-7 626225676 626225320 73404006 73404022 626225668 Beginning Book Balance $ 137,671 $ 12,278 $ - $ 74,306 $ 31,777 Plus: Deposits - 17 - - - Less: Disbursements - 107,687 - 111,220 893 Transfers/Other: Transfers Transfer to Professional Fees Account Transfer to Professional Fees Account Transfer to Professional Fees Account Transfer to Professional Fees Account Transfer to Professional Fees Account Transfer to Professional Fees Account Transfer to Professional Fees Account Transfer to Bank One Tax Account 50,000 Transfer to Bank One Tax Account 30,000 Transfer to Bank One Tax Account 15,684 Transfer to Fifth Third Salary Account 20,000 Transfer to Fifth Third Salary Account 17,473 Transfer to Fifth Third Salary Account 4,758 Transfer to Bank One Office Account Transfer to NCB Office Account (7,469) (32,319) Other Void Checks 2,152 1,435 Returned Cobra Payments Paydown on line/fund general account Paydown on senior notes --------- --------- --------- -------- -------- Ending Book Balance $ 137,671 $ 292 $ - $ - $ - ========= ========= ========= ======== ========
Office Zero Balance Zero Balance Lease Payment Account Health Benefit Workers Comp. Account ---------------- ------------------ ------------------- ---------------- Bank Name National City National City National City Fifth Third Account # 39353008 70937158 70999943 73419056 Beginning Book Balance $ 176 $ - $ - $ - Plus: Deposits - - - - Less: Disbursements 16,445 - - - Transfers/Other: Transfers Transfer to Professional Fees Account Transfer to Professional Fees Account Transfer to Professional Fees Account Transfer to Professional Fees Account Transfer to Professional Fees Account Transfer to Professional Fees Account Transfer to Professional Fees Account Transfer to Bank One Tax 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 Bank One Office Account 10,000 Transfer to NCB Office Account 39,788 Other Void Checks Returned Cobra Payments Paydown on line/fund general account Paydown on senior notes --------- --------- --------- -------- Ending Book Balance $ 33,519 $ - $ - $ - ========= ========= ========= ========
Health Benefit Professional Total Disbursement Fees Account All Accounts ------------------ ---------------- -------------- Bank Name National City National City Account # 754201570 754201618 Beginning Book Balance $ - $ 179,416 $(7,293,965)(1) Plus: Deposits - - 4,970,043 Less: Disbursements - - 896,785 Transfers/Other: Transfers Transfer to Professional Fees Account 21,515 - Transfer to Professional Fees Account 140,000 - Transfer to Professional Fees Account 18,989 - Transfer to Professional Fees Account 13,868 - Transfer to Professional Fees Account 15,103 - Transfer to Professional Fees Account 10,365 - Transfer to Professional Fees Account 7,841 - Transfer to Bank One Tax 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 Bank One Office Account - Transfer to NCB Office Account - Other Void Checks 3,588 Returned Cobra Payments (3,094) Paydown on line/fund general account (0) Paydown on senior notes (2,700,000) --------- --------- ------------- Ending Book Balance $ - $ 407,097 $ (5,920,213) ========= ========= =============
(1) The cash summary reconciles to the Monthly Operating Report as follows: March 29, 2003 May 3, 2003 ------------- -------------- Cash $ 436,023 $ 578,979 Restricted Cash 855,000 855,000 ------------- -------------- Total Cash $ 1,291,023 $ 1,433,979 ============= ============== The cash balance per this schedule is as follows: Total Cash per Above $ (7,293,965) $ (5,920,213) Less: Amount Reported as Line of Credit (8,584,988) (7,354,192) ------------- -------------- Cash Balance $ 1,291,023 $ 1,433,979 ============= ============== CASE NAME: Kentucky Electric Steel, Inc. COMPARATIVE BALANCE SHEET FORM OPR - 1 REV 2/90 CASE NUMBER: 03-10078 MONTH ENDED: APRIL
February 5, March 1, March 29, May 3, 2003 2003 2003 2003 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 2,842,297 ---------------- --------------- -------------- -------------- 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 1,811,666 ---------------- --------------- -------------- -------------- Investments - - - - ---------------- --------------- -------------- -------------- Other: Operating Supplies, rolls, molds, etc. 4,203,699 4,203,699 4,203,699 4,203,699 ---------------- --------------- -------------- -------------- Cash and Restricted cash 1,092,575 1,931,782 1,291,023 1,433,979 ---------------- --------------- -------------- -------------- Other Assets 64,794 61,294 60,935 50,953 ---------------- --------------- -------------- -------------- TOTAL CURRENT ASSETS $ 28,254,674 $ 24,952,739 $ 15,871,953 $ 10,342,594 ---------------- --------------- -------------- -------------- PROPERTY PLANT AND EQUIPMENT, $ - $ - $ - $ - AT COST ---------------- --------------- -------------- -------------- Less accumulated depreciation - - - - ---------------- --------------- -------------- -------------- NET PROPERTY PLANT AND EQUIPMENT 19,452,338 19,452,338 19,452,338 19,452,338 ---------------- --------------- -------------- -------------- Other non current assets 307,958 304,232 260,771 260,771 ---------------- --------------- -------------- -------------- Deferred finance charges 558,815 - - - ---------------- --------------- -------------- -------------- TOTAL ASSETS $ 48,573,785 $ 44,709,309 $ 35,585,062 $ 30,055,703 ---------------- --------------- -------------- --------------
* 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: APRIL
February 5, March 1, March 29, May 3, 2003 2003 2003 2003 LIABILITIES POST PETITION LIABILITIES $ 204,746 $ 702,564 $ 947,405 $ 1,111,679 ------------ ------------ ------------ ------------ PRE PETITION LIABILITIES ------------ ------------ ------------ ------------ Priority Debt 2,629,975 2,592,107 2,098,489 2,068,489 ------------ ------------ ------------ ------------ Secured Debt 30,530,705 27,658,910 23,544,655 19,613,859 ------------ ------------ ------------ ------------ Unsecured Debt 9,426,688 9,433,310 8,691,905 8,301,017 ------------ ------------ ------------ ------------ TOTAL PRE PETITION LIABILITIES $ 42,587,368 $ 39,684,328 $ 34,335,049 $ 29,983,364 ------------ ------------ ------------ ------------ TOTAL LIABILITIES $ 42,792,114 $ 40,386,892 $ 35,282,454 $ 31,095,043 ------------ ------------ ------------ ------------ SHAREHOLDERS' EQUITY (DEFICIT) PREFERRED STOCK $ - $ - $ - ------------ ------------ ------------ ------------ COMMON STOCK 50,516 50,516 50,516 50,516 ------------ ------------ ------------ ------------ PAID-IN CAPITAL 15,817,342 15,817,342 15,817,342 15,817,342 ------------ ------------ ------------ ------------ TREASURY STOCK (4,309,397) (4,309,397) (4,309,397) (4,309,397) ------------ ------------ ------------ ------------ RETAINED EARNINGS ------------ ------------ ------------ ------------ Through filing date (5,776,790) (5,776,790) (5,776,790) (5,776,790) ------------ ------------ ------------ ------------ Post filing date - (1,459,254) (5,479,063) (6,821,011) ------------ ------------ ------------ ------------ TOTAL SHAREHOLDERS' EQUITY $ 5,781,671 $ 4,322,417 $ 302,608 $( 1,039,340) ------------ ------------ ------------ ------------ TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 48,573,785 $ 44,709,309 $ 35,585,062 $ 30,055,703 ------------ ------------ ------------ ------------
CASE NAME: Kentucky Electric Steel, Inc. SUMMARY OF ACCOUNTS RECEIVABLE FORM OPR - 3 REV 2/90 CASE NUMBER: 03-10078 MONTH ENDED: APRIL
(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 =============== MONTH: APRIL - (May 3) $ 3,227,297 $ 758,907 $ 1,156,614 $ 637,812 $ 673,964 ------------------------- --------------- ------------ ------------- ------------- ------------- Allowance for doubtful accounts $ (385,000) --------------- ------------ ------------- ------------- ------------- Net accounts receivable $ 2,842,297 ===============
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: APRIL
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 $ 77,506 $ 77,506 $ - $ - $ - -------- ------ ------------- ----------- --------- --------- ---------- POSTPETITION SECURED DEBT See attached Exhibit B -------- ------ ------------- ----------- --------- --------- ---------- POSTPETITION UNSECURED DEBT -------- ------ ------------- ----------- --------- --------- ---------- ACCRUED INTEREST PAYABLE -------- ------ ------------- ----------- --------- --------- ---------- TRADE ACCOUNTS PAYABLE & OTHER: (list separately) Total Trade & Other Accounts Payable $1,034,173 $ 821,889 $111,641 $ 100,357 ------------------------------------ -------- ------ ------------- ----------- --------- --------- ---------- See attached Exhibit C ------------------------------------ -------- ------ ------------- ----------- --------- --------- ---------- ------------------------------------ -------- ------ ------------- ----------- --------- --------- ---------- ------------------------------------ -------- ------ ------------- ----------- --------- --------- ---------- ------------------------------------ -------- ------ ------------- ----------- --------- --------- ---------- ------------------------------------ -------- ------ ------------- ----------- --------- --------- ---------- TOTALS $1,111,679 $ 899,394 $111,641 $ 100,357 - -------- ------ ------------- ----------- --------- --------- ----------
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 May 3, 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 05/02/03 05/07/03 $ 1,362 $ 1,362 $ - $ - $ - FICA - Employer's Share Salary P/R - Retention Bonus 05/02/03 05/07/03 214 214 $ - $ - $ - FICA - Employee's Share Salary P/R - Retention Bonus 05/02/03 05/07/03 214 214 $ - $ - $ - Sales Tax February 04/30/03 05/25/03 7,937 7,937 $ - $ - $ - Property Tax 2003 Prop. Tax Accrual (3 months) 02/05/03 12/31/03 55,000 55,000 $ - $ - $ - Kentucky Income Tax Salary P/R - Retention Bonus 05/02/03 05/25/03 278 278 - - - Kentucky license Tax (3 months) 02/05/03 Various 5,000 5,000 $ - $ - $ - Deleware Franchise Tax (3 months) 02/05/03 Various 7,500 7,500 $ - $ - $ - --------- --------- --- --- --- TOTAL TAXES PAYABLE $ 77,506 $ 77,506 $ - $ - $ - ========= ========= === === === POSTPETITION SECURED DEBT - - - - - POSTPETITION UNSECURED DEBT - - - - - ACCRUED INTEREST PAYABLE - - - - -
Exhibit C Kentucky Electric Steel, Inc. Summary of Post Petition Liabilities - Trade Accounts Payables and Others May 3, 2003
DATE DATE TOTAL 0-30 31-60 61-90 OVER Accounts Payable INCURRED DUE DUE DAYS DAYS DAYS 90 DAYS - ---------------- -------- --- --- ---- ---- ---- ------- Trade Accounts Payable IVS Hyrdo 03/14/03 04/14/03 $ 2,175 $ - $ 2,175 $ - $ - Hewlett-Packard Company 04/29/03 05/29/03 2,179 2,179 - - - IBM Corporation 04/13/03 05/13/03 2,132 2,132 - - - IBM Corporation 04/13/03 05/13/03 1,382 1,382 - - - IKON Office Solutions 04/29/03 05/09/03 19 19 - - - Browning Ferris Industries 05/01/03 05/31/03 67 73 - - IKON Office Solutions 04/30/03 05/10/03 637 344 - - - The Reserves Network 04/29/03 05/29/03 1,113 1,113 - - - The Reserves Network 05/06/03 06/05/03 778 778 - - - The Wackenhut Corporation 04/27/03 05/27/03 1,069 1,069 - - - The Wackenhut Corporation 05/04/03 06/03/03 1,069 1,069 - - - BHE Environmental, Inc. 05/06/03 06/05/03 4,306 4,306 - - - Marcum Material Handling 05/05/03 06/05/03 850 850 - - - NationsRent 05/07/03 06/06/03 3,078 3,078 - - - A T & T 05/01/03 05/01/03 2,835 2,835 - - - Alltel 05/12/03 05/27/03 208 208 - - - IBM Corporation 04/13/03 05/13/03 1,382 1,382 - - - Lightyear Statement 05/01/03 05/31/03 697 697 - - - Core Risk Services 05/03/03 06/04/03 2,028 2,028 - - - Ashland Office Supply 04/08/03 05/08/03 1,040 1,040 - - - Custom Data Services 05/09/03 05/19/03 216 216 - - - CSX 04/04/03 04/19/03 25,000 25,000 - - - American Electric Power 05/03/03 05/15/03 21,000 21,000 All Crane and Equipment Rental 05/02/03 05/05/03 14,310 14,310 ------- ------- ------- ------- ------- Trade Accounts Payable $ 89,568 $ 87,106 $ 2,175 $ - $ - ------- ------- ------- ------- ------- Other Accrued Health Benefits 03/28/03 TBD 70,000 70,000 - - - Accrued Professional Fees 02/05/03 TBD 555,317 555,317 - - - Accrued Line of Credit Fee 03/28/03 TBD - - - - - Accrued sales leaseback transaction 03/28/03 TBD 319,289 109,466 109,466 100,357 - ------- ------- ------- ------- ------- Other Accounts Payable $ 944,606 $ 734,783 $109,466 $100,357 $ - ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- Total Accounts Payable $1,034,173 $ 821,889 $111,641 $100,357 $ - ------- ------- ------- ------- -------
CASE NAME: Kentucky Electric Steel, Inc. STATEMENT OF INCOME (LOSS) FORM OPR - 5 REV 2/90 CASE NUMBER: 03-10078 MONTH ENDED: APRIL
FILING FEBRUARY MARCH APRIL TO DATE NET REVENUE (INCOME) $ 2,600,739 $ 2,370,145 $ 1,782,455 $ 6,753,339 -------------- -------------- -------------- ------------- COST OF GOODS SOLD Materials - - - - -------------- -------------- -------------- ------------- Labor - Direct - - - - -------------- -------------- -------------- ------------- Manufacturing Overhead - - - - -------------- -------------- -------------- ------------- TOTAL COST OF GOODS SOLD (3,089,476) (6,532,328) (2,521,368) (12,143,172) -------------- -------------- -------------- ------------- GROSS PROFIT - - - - -------------- -------------- -------------- ------------- OPERATING EXPENSES - - - - -------------- -------------- -------------- ------------- Selling and Marketing - - - - -------------- -------------- -------------- ------------- General and Administrative (370,304) (393,192) (600,050) (1,363,546) -------------- -------------- -------------- ------------- Other: - - --------------------- -------------- -------------- -------------- ------------- TOTAL OPERATING EXPENSES $ (370,304) $ (393,192) $ (600,050) (1,363,546) INCOME BEFORE INTEREST, DEPRECIATION TAXES OR EXTRAORDINARY EXPENSES $ (859,041) $ (4,555,375) $ (1,338,963) $ (6,753,379) -------------- -------------- -------------- ------------- INTEREST EXPENSE (2,060) (2,403) (2,987) (7,450) -------------- -------------- -------------- ------------- MISCELLANEOUS - - 2 2 -------------- -------------- -------------- ------------- 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) $(1,341,948) $(6,821,011) ============== ============== ============== =============
(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: APRIL REV 2/90
FILING FEBRUARY MARCH APRIL TO DATE SOURCES OF CASH Income (Loss) From Operations $ (1,459,254) $(4,019,809) $(1,341,948) $ (6,821,011) ----------- ----------- ----------- ----------- Add: Depreciation, Amortization & Other Non-Cash Items 558,815 (537,969) - 20,846 ----------- ----------- ----------- ----------- CASH GENERATED FROM OPERATIONS (900,439) (4,557,778) (1,341,948) (6,800,165) ----------- ----------- ----------- ----------- Add: Decrease in Assets: Accounts Receivable 1,259,490 2,505,711 3,140,372 6,905,573 ----------- ----------- ----------- ----------- Inventory 2,531,542 5,352,934 2,462,067 10,346,543 ----------- ----------- ----------- ----------- Prepaid Expenses & Deposits 350,110 581,381 69,875 1,001,366 ----------- ----------- ----------- ----------- 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 497,818 244,841 164,274 906,933 ----------- ----------- ----------- ----------- TOTAL SOURCES OF CASH (A) $ 3,742,247 $ 4,170,550 $ 4,494,641 $12,407,438 ----------- ----------- ----------- ----------- 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 $ 4,351,685 $12,066,035 ----------- ----------- ----------- ----------- Post Petition Liabilities - - ----------- ----------- ----------- ----------- TOTAL USES OF CASH (B) $ 2,903,040 $ 4,811,310 $ 4,351,685 $12,066,035 ----------- ----------- ----------- ----------- NET SOURCE (USE) OF CASH (A-B=NET) $ 839,207 $ (640,760) $ 142,956 $ 341,404 ----------- ----------- ----------- ----------- CASH - BEGINNING BALANCE (See OPR-1) $ 1,092,575 $ 1,931,782 $ 1,291,022 $ 1,092,575 ----------- ----------- ----------- ----------- CASH - ENDING BALANCE (See OPR-1) $ 1,931,782 $ 1,291,022 $ 1,433,979 $ 1,433,979 =========== =========== =========== ===========
CASE NAME: Kentucky Electric Steel, Inc. CASE NUMBER: 03-10078 CASH DISBURSEMENT DETAIL Date Payee Amount - ----------------- --------------------------------------------- ------------ Account #70936836 & 98239 3/31/2003 IBM Auto Wire $ 2,275 4/2/2003 Wire Transfer - AFCO Credit 100,000 4/2/2003 Wire Transfer - AFCO Credit 110,815 4/2/2003 NCB Line of Credit Fee 3,030 4/11/2003 Alltel 101 4/11/2003 AT&T 2,428 4/11/2003 Boyd Co United Way 40 4/11/2003 Browning Ferris Ind 361 4/11/2003 CNA 747 4/11/2003 Cannonsburg Water District 4,890 4/11/2003 At&T Wireless Service 189 4/11/2003 Collier Shannon Scott 344 4/11/2003 Columbia Gas Of Kentucky 17 4/11/2003 Community Trust Bank Na 50 4/11/2003 Ceridian Employer Services 954 4/11/2003 Core Risk Services 384 4/11/2003 CSX Transportation 2,370 4/11/2003 Custom Data Systems 180 4/11/2003 Department Of Tax And Revenue 1,009 4/11/2003 Farmer,Price,Hornsby & 90 4/11/2003 IBM Corporation 1,929 4/11/2003 IKON Office Solutions 655 4/11/2003 IOS Capital 379 4/11/2003 Kenesco Employees Credit Union 2,323 4/11/2003 American Electric Power 1,602 4/11/2003 Levee Lift Inc 5,830 4/11/2003 Metlife 24 4/11/2003 Professional Maintenance 1,239 4/11/2003 Reic 432 4/11/2003 The Reserves Network 2,450 4/11/2003 Storage On The Spot Inc. 466 4/11/2003 The Wackenhut Corporation 2,496 4/11/2003 Tres Of State Of Ohio 62 4/11/2003 Treasurer Ky Unemp. Ins Fund 38,267 4/23/2003 NCB Bank Charges 1,608 4/24/2003 American Electric Power 93,594 4/25/2003 Acorn Energy Services Inc 5,916 4/25/2003 Alltel 208 4/25/2003 Ashland Office Supply 114 4/25/2003 AT&T 1,168 4/25/2003 AT&T 23 4/25/2003 AT&T 1,053 4/25/2003 BHE Environmental Inc 4,361 4/25/2003 AT&T Wireless Service 1,349 4/25/2003 Collier Shannon Scott 275 4/25/2003 Columbia Gas Of Kentucky 4,613 4/25/2003 Ceridian Employer Services 162 4/25/2003 IBM Corporation 2,275 4/25/2003 IKON Office Solutions 424 4/25/2003 IOS Capital 2,231 4/25/2003 American Electric Power 964 4/25/2003 Lightyear Communications 1,272 4/25/2003 Marcum Material Handling 760 4/25/2003 Nations Rent 3,078 CASH DISBURSEMENT DETAIL Date Payee Amount - ----------------- --------------------------------------------- ------------ 4/25/2003 Nelson Technologies Inc 1,590 4/25/2003 North American Steel Alliance 1,795 4/25/2003 The Reserves Network 3,255 4/25/2003 The Wackenhut Corporation 2,122 4/25/2003 Xerox Corp 99 4/30/2003 IBM Auto Wire 2,275 4/30/2003 Wire Transfer - AFCO Credit 100,000 4/30/2003 Wire Transfer - AFCO Credit 110,815 5/2/2003 Southern Alloy 288 5/2/2003 Alltel 5,315 5/2/2003 Alltel 101 5/2/2003 Cna 481 5/2/2003 Cannonsburg Water District 4,890 5/2/2003 Ceridian Employer Services 283 5/2/2003 Department Of Tax And Revenue 324 5/2/2003 American Electric Power 102 5/2/2003 Levee Lift Inc 5,830 5/2/2003 Metlife 12 5/2/2003 PBCC 69 5/2/2003 The Reserves Network 798 5/2/2003 Richeys 45 5/2/2003 Storage On The Spot Inc. 466 5/2/2003 The Wackenhut Corporation 3,978 5/2/2003 U.S. Trustee 250 5/2/2003 Unity Communications Inc 1,248 Various FedEx 231 -------------------- $ 660,540 -------------------- Account 626225676 & 626225668 3/12/2003 Bank Service Charge - Feb $ 161 3/31/2003 Manual Check to Ruby Yates 613 3/31/2003 Bank Service Charge - Feb 6 4/1/2003 Wire Transfer - Sales and Use Tax - (March) 5,800 4/2/2003 Transfer 941 P/R Taxes Hourly Deposit # 8 6,677 4/2/2003 Transfer 941 P/R Taxes Hourly Deposit # 8 28,406 4/2/2003 Transfer 941 P/R Taxes Hourly Deposit # 8 6,677 4/2/2003 Transfer 941 P/R Taxes Hourly Deposit # 7 2,842 4/2/2003 Transfer 941 P/R Taxes Hourly Deposit # 7 6,167 4/2/2003 Transfer 941 P/R Taxes Hourly Deposit # 7 2,842 4/2/2003 Transfer 941 P/R Taxes Hourly Deposit # 6 155 4/2/2003 Transfer 941 P/R Taxes Hourly Deposit # 6 174 4/2/2003 Transfer 941 P/R Taxes Hourly Deposit # 6 155 4/10/2003 Wire Transfer - Sales and Use Tax - (April) 7,782 4/10/2003 Transfer KIT Withholding 17,576 4/10/2003 Bank Service Charge - March 60 4/18/2003 Transfer 941 P/R Taxes Hourly Deposit # 1 1,650 4/18/2003 Transfer 941 P/R Taxes Hourly Deposit # 1 4,805 4/18/2003 Transfer 941 P/R Taxes Hourly Deposit # 1 1,650 4/18/2003 Transfer 1st Qrt 2003 Fed Unemployemnt Tax 4,179 4/18/2003 Transfer KIT Withholding 1,256 4/23/2003 Transfer 941 P/R Taxes Hourly Deposit # 2 343 4/23/2003 Transfer 941 P/R Taxes Hourly Deposit # 2 1,460 4/23/2003 Transfer 941 P/R Taxes Hourly Deposit # 2 343 4/30/2003 Transfer 941 P/R Taxes Hourly Deposit # 3 866 4/30/2003 Transfer 941 P/R Taxes Hourly Deposit # 3 3,122 CASH DISBURSEMENT DETAIL Date Payee Amount - ----------------- --------------------------------------------- ------------ 4/30/2003 Transfer 941 P/R Taxes Hourly Deposit # 3 866 4/30/2003 Transfer KIT Withholding 1,057 ---------------------- $ 107,687 ---------------------- Account #73404006 3/31/2003 Salary Payroll - Retention Bonus $ 63,973 3/31/2003 Salary Payroll 24,740 4/15/2003 Salary Payroll 17,473 4/18/2003 Salary Payroll 4,467 5/2/2003 Bank Service Charge - March and April 566 --------------------- $ 111,220 --------------------- Account #73404022 5/2/2003 Bank Service Charge - March and April $ 893 ----------------------- $ 893 ----------------------- Account # 39353008 4/3/2003 Jeb Ryder $ 1,080 4/7/2003 Jeb Ryder 240 4/7/2003 Ruby Yates 240 4/30/2003 Payroll - Salaried 11,506 5/2/2003 Payroll - Retention Bonus 3,379 ----------------------- $ 16,445 ----------------------- ----------------------- Total $ 896,785 ======================= CASE NAME: Kentucky Electric Steel, Inc. CASE NUMBER: 03-10078 CASH RECEIPTS DETAIL Date Payee Amount - ------------------ ------------------------------------ -------------------- Account #754119200 4/7/2003 A M Castle Hy Alloy Steel $ 2,749 4/7/2003 A M Castle Hy Alloy Steel 2,749 4/7/2003 A M Castle Hy Alloy Steel 2,749 4/7/2003 A M Castle Hy Alloy Steel 2,259 4/2/2003 Alro Steel Corp 20,806 4/2/2003 Alro Steel Corp 17,046 4/2/2003 Alro Steel Corp 3,546 4/2/2003 Alro Steel Corp 15,200 4/2/2003 Alro Steel Corp 1,294 4/2/2003 Alro Steel Corp 1,517 4/2/2003 Alro Steel Corp 1,310 4/2/2003 Alro Steel Corp 864 4/2/2003 Alro Steel Corp 2,649 4/2/2003 Alro Steel Corp 2,649 5/1/2003 Alro Steel Corp 729 5/1/2003 Alro Steel Corp 7,104 4/1/2003 American Compressed 280,334 4/4/2003 American Compressed 205,654 4/7/2003 American Compressed 51,827 4/8/2003 American Compressed 137,773 4/9/2003 American Compressed 35,587 4/10/2003 American Compressed 155,467 4/1/2003 Atlantic Broom Service Inc 7,223 4/1/2003 Atlantic Broom Service Inc 7,833 4/1/2003 Atlantic Broom Service Inc 7,799 4/1/2003 Atlantic Broom Service Inc 7,280 4/7/2003 Beall Manufacturing 3,576 4/9/2003 Beall Manufacturing 8,865 4/21/2003 Beall Manufacturing 7,346 4/25/2003 Beall Manufacturing 2,169 5/2/2003 Beall Manufacturing 8,513 4/2/2003 Benjamin Steel 785 4/2/2003 Benjamin Steel 1,532 4/2/2003 Benjamin Steel 1,148 4/2/2003 Benjamin Steel 1,914 4/2/2003 Benjamin Steel 2,530 4/22/2003 Benjamin Steel 714 4/22/2003 Benjamin Steel 510 4/22/2003 Benjamin Steel 367 4/22/2003 Benjamin Steel 1,836 4/22/2003 Benjamin Steel 734 4/22/2003 Benjamin Steel 736 4/22/2003 Benjamin Steel 1,754 4/23/2003 Benjamin Steel 5,128 4/3/2003 Bill Gerak 6,300 4/3/2003 Bill Gerak 3,683 4/2/2003 Bucyrus Blades Incorporated 6,456 5/2/2003 Bucyrus Blades Incorporated 5,661 5/2/2003 Bucyrus Blades Incorporated 5,661 5/2/2003 Bucyrus Blades Incorporated 5,661 4/23/2003 Cascade Corporation 11,288 4/28/2003 Ceco Buildings - Eastern 3,421 CASH RECEIPTS DETAIL Date Payee Amount - ------------------ ------------------------------------ -------------------- 4/28/2003 Ceco Buildings - Eastern 815 4/28/2003 Ceco Buildings - Eastern 2,492 4/28/2003 Ceco Buildings - Eastern 2,161 4/28/2003 Ceco Buildings - Eastern 4,926 4/28/2003 Ceco Buildings - Eastern 2,158 4/28/2003 Ceco Buildings - Eastern 2,054 4/2/2003 Ceco Buildings - Southern 2,270 4/2/2003 Ceco Buildings - Southern 2,295 4/23/2003 Ceco Buildings - Southern 3,156 4/2/2003 Central Steel And Wire Co Il 5,282 4/2/2003 Central Steel And Wire Co Il 3,704 4/2/2003 Central Steel And Wire Co Il 863 4/2/2003 Central Steel And Wire Co Il 705 4/2/2003 Central Steel And Wire Co Il 638 4/2/2003 Central Steel And Wire Co Il 4,405 4/2/2003 Central Steel And Wire Co Il 5,428 4/2/2003 Central Steel And Wire Co Il 5,441 4/2/2003 Central Steel And Wire Co Il 3,982 4/2/2003 Central Steel And Wire Co Il 2,772 4/2/2003 Central Steel And Wire Co Il 5,057 4/2/2003 Central Steel And Wire Co Il 377 4/2/2003 Contractors Steel Company 8,756 4/2/2003 Contractors Steel Company 2,310 4/2/2003 Contractors Steel Company 6,426 4/2/2003 Contractors Steel Company 6,481 4/2/2003 Contractors Steel Company 6,569 4/2/2003 Contractors Steel Company 5,783 4/2/2003 Contractors Steel Company 7,462 4/2/2003 Contractors Steel Company 6,129 4/2/2003 Contractors Steel Company 6,151 4/2/2003 Contractors Steel Company 6,150 4/2/2003 Contractors Steel Company 7,269 4/2/2003 Contractors Steel Company 5,288 4/2/2003 Contractors Steel Company 6,036 4/2/2003 Contractors Steel Company 10,948 4/2/2003 Contractors Steel Company 5,741 4/2/2003 Contractors Steel Company 5,288 4/2/2003 Contractors Steel Company 5,552 4/2/2003 Contractors Steel Company 5,686 4/2/2003 Contractors Steel Company 6,316 4/2/2003 Contractors Steel Company 459 4/2/2003 Contractors Steel Company 7,930 4/2/2003 Contractors Steel Company 5,475 5/1/2003 Contractors Steel Company 5,046 5/1/2003 Contractors Steel Company 9,584 5/1/2003 Contractors Steel Company 5,451 5/1/2003 Contractors Steel Company 5,484 5/1/2003 Contractors Steel Company 5,982 5/1/2003 Contractors Steel Company 5,647 5/1/2003 Contractors Steel Company 5,495 5/1/2003 Contractors Steel Company 5,145 5/1/2003 Contractors Steel Company 5,586 4/1/2003 Crawford Metal Corporation 1,518 CASH RECEIPTS DETAIL Date Payee Amount - ------------------ ------------------------------------ -------------------- 4/1/2003 Crawford Metal Corporation 1,147 4/1/2003 Crawford Metal Corporation 3,617 4/2/2003 Crown Steel Sales Inc 3,513 4/2/2003 Crown Steel Sales Inc 3,685 4/2/2003 Crown Steel Sales Inc 1,334 4/22/2003 Crown Steel Sales Inc 7,482 4/22/2003 Crown Steel Sales Inc 3,012 4/22/2003 Crown Steel Sales Inc 1,740 4/7/2003 Crucible Speciality Metal Co 7,547 4/7/2003 Crucible Speciality Metal Co 10,188 4/7/2003 Crucible Speciality Metal Co 4,392 4/7/2003 Crucible Speciality Metal Co 5,003 4/22/2003 Dakota Manufacturing Co 4,847 4/7/2003 Dayton Parts 5,272 4/7/2003 Dayton Parts 3,422 4/7/2003 Dayton Parts 6,412 4/7/2003 Dayton Parts 1,817 4/7/2003 Dayton Parts 1,124 4/7/2003 Dayton Parts 3,537 4/7/2003 Dayton Parts 3,558 4/7/2003 Dayton Parts 8,071 4/7/2003 Dayton Parts 8,141 4/7/2003 Dayton Parts 8,904 4/7/2003 Dayton Parts 9,132 4/7/2003 Dayton Parts 8,543 4/7/2003 Dayton Parts 8,978 4/7/2003 Dayton Parts 8,082 4/15/2003 Debro Steel 6,057 4/15/2003 Debro Steel 1,248 4/15/2003 Debro Steel 6,323 4/15/2003 Debro Steel 6,323 4/15/2003 Debro Steel 1,714 4/15/2003 Debro Steel 6,536 4/9/2003 Denman And Davis 5,583 4/21/2003 Doepker Industries 5,629 4/21/2003 Doepker Industries 1,732 4/21/2003 Doepker Industries 2,886 4/11/2003 Earle M Jorgensen Co (Emj) 12,325 4/23/2003 Earle M Jorgensen Co 12,203 4/4/2003 Earle M Jorgensen Co 11,968 CASH RECEIPTS DETAIL Date Payee Amount - ------------------ ------------------------------------ -------------------- 4/11/2003 Earle M Jorgensen Co 11,756 4/4/2003 Earle M Jorgensen Co 11,437 4/4/2003 Earle M Jorgensen Co 10,735 4/4/2003 Earle M Jorgensen Co 10,697 4/4/2003 Earle M Jorgensen Co 10,691 4/11/2003 Earle M Jorgensen Co (Emj) 10,534 4/21/2003 Earle M Jorgensen Co (Emj) 10,498 4/21/2003 Earle M Jorgensen Company 10,325 4/11/2003 Earle M Jorgensen Co 10,026 4/21/2003 Earle M Jorgensen Co (Emj) 9,746 4/21/2003 Earle M Jorgensen Company 9,407 4/21/2003 Earle M Jorgensen Company 9,312 4/4/2003 Earle M Jorgensen Co 9,257 4/4/2003 Earle M Jorgensen Co 8,827 4/4/2003 Earle M Jorgensen Co 8,667 4/21/2003 Earle M Jorgensen Company 8,376 4/23/2003 Earle M Jorgensen Co 8,203 4/21/2003 Earle M Jorgensen Company 8,175 4/4/2003 Earle M Jorgensen Co 7,883 4/11/2003 Earle M Jorgensen Co 7,824 4/4/2003 Earle M Jorgensen Co 7,771 4/21/2003 Earle M Jorgensen Company 7,701 4/23/2003 Earle M Jorgensen Co 7,668 4/21/2003 Earle M Jorgensen Company 7,563 4/23/2003 Earle M Jorgensen Co 7,507 4/23/2003 Earle M Jorgensen Co 7,412 4/4/2003 Earle M Jorgensen Co (Emj) 7,355 4/4/2003 Earle M Jorgenson Co (Emj) 7,337 4/23/2003 Earle M Jorgensen Co 7,229 4/11/2003 Earle M Jorgensen Co 7,212 4/4/2003 Earle M Jorgensen Co 7,141 4/11/2003 Earle M Jorgensen Co 7,134 4/11/2003 Earle M Jorgensen Co 7,060 4/21/2003 Earle M Jorgensen Company 7,049 4/4/2003 Earle M Jorgenson Co (Emj) 7,001 4/11/2003 Earle M Jorgensen Co 6,989 4/11/2003 Earle M Jorgensen Co 6,977 4/21/2003 Earle M Jorgensen Company 6,793 4/11/2003 Earle M Jorgensen Co 6,700 4/11/2003 Earle M Jorgenson Co (Emj) 6,584 4/11/2003 Earle M Jorgensen Co 6,565 4/11/2003 Earle M Jorgenson Co (Emj) 6,491 4/11/2003 Earle M Jorgensen Co (Emj) 6,388 4/21/2003 Earle M Jorgensen Company 6,377 4/4/2003 Earle M Jorgensen Co (Emj) 6,376 4/4/2003 Earle M Jorgensen Co 6,365 4/21/2003 Earle M Jorgensen Company 6,362 4/21/2003 Earle M Jorgensen Company 6,334 4/21/2003 Earle M Jorgensen Company 6,308 4/21/2003 Earle M Jorgensen Company 6,284 4/23/2003 Earle M Jorgensen Co 6,152 4/11/2003 Earle M Jorgensen Co 6,083 4/21/2003 Earle M Jorgensen Company 5,934 4/11/2003 Earle M Jorgensen Co (Emj) 5,915 4/23/2003 Earle M Jorgensen Co 5,836 4/11/2003 Earle M Jorgensen Co 5,774 4/11/2003 Earle M Jorgensen Co 5,773 4/23/2003 Earle M Jorgensen Co 5,657 4/4/2003 Earle M Jorgenson Co (Emj) 5,564 4/11/2003 Earle M Jorgensen Co 5,556 4/11/2003 Earle M Jorgensen Co 5,549 4/21/2003 Earle M Jorgensen Company 5,543 4/21/2003 Earle M Jorgensen Company 5,538 4/11/2003 Earle M Jorgensen Co 5,508 4/21/2003 Earle M Jorgensen Company 5,501 4/23/2003 Earle M Jorgensen Co 5,477 CASH RECEIPTS DETAIL Date Payee Amount - ------------------ ------------------------------------ -------------------- 4/21/2003 Earle M Jorgenson Co (Emj) 5,437 4/11/2003 Earle M Jorgensen Co 5,343 4/23/2003 Earle M Jorgensen Co 5,337 4/11/2003 Earle M Jorgensen Co (Emj) 5,307 4/11/2003 Earle M Jorgensen Co 5,270 4/21/2003 Earle M Jorgensen Company 5,233 4/4/2003 Earle M Jorgensen Co (Emj) 5,211 4/11/2003 Earle M Jorgensen Co (Emj) 5,185 4/21/2003 Earle M Jorgensen Company 5,163 4/11/2003 Earle M Jorgensen Co (Emj) 5,065 4/21/2003 Earle M Jorgensen Company 4,920 4/11/2003 Earle M Jorgensen Co 4,905 4/23/2003 Earle M Jorgensen Co 4,896 4/21/2003 Earle M Jorgensen Company 4,786 4/21/2003 Earle M Jorgensen Company 4,628 4/11/2003 Earle M Jorgensen Co 4,602 4/11/2003 Earle M Jorgenson Co (Emj) 4,564 4/11/2003 Earle M Jorgensen Co 4,539 4/21/2003 Earle M Jorgensen Company 4,481 4/11/2003 Earle M Jorgensen Co 4,401 4/23/2003 Earle M Jorgensen Co 4,270 4/21/2003 Earle M Jorgensen Company 4,228 4/21/2003 Earle M Jorgensen Company 4,219 4/11/2003 Earle M Jorgensen Co 4,213 4/11/2003 Earle M Jorgensen Co 4,158 4/23/2003 Earle M Jorgensen Co 4,150 4/21/2003 Earle M Jorgensen Company 4,075 4/4/2003 Earle M Jorgensen Co (Emj) 4,053 4/11/2003 Earle M Jorgensen Co (Emj) 3,975 4/11/2003 Earle M Jorgenson Co (Emj) 3,968 4/23/2003 Earle M Jorgensen Co 3,757 4/11/2003 Earle M Jorgensen Co (Emj) 3,725 4/11/2003 Earle M Jorgensen Co 3,715 4/23/2003 Earle M Jorgensen Co 3,701 4/11/2003 Earle M Jorgensen Co 3,677 4/21/2003 Earle M Jorgensen Company 3,675 4/23/2003 Earle M Jorgensen Co (Emj) 3,628 4/23/2003 Earle M Jorgensen Co (Emj) 3,487 4/4/2003 Earle M Jorgensen Co (Emj) 3,467 4/11/2003 Earle M Jorgensen Co 3,439 4/23/2003 Earle M Jorgensen Co 3,347 4/11/2003 Earle M Jorgensen Co 3,270 4/21/2003 Earle M Jorgensen Company 3,112 4/11/2003 Earle M Jorgensen Co (Emj) 3,106 4/21/2003 Earle M Jorgensen Company 3,082 4/21/2003 Earle M Jorgensen Company 3,067 4/11/2003 Earle M Jorgensen Co (Emj) 3,040 4/4/2003 Earle M Jorgensen Co (Emj) 3,021 4/4/2003 Earle M Jorgensen Co 2,985 4/11/2003 Earle M Jorgensen Co (Emj) 2,948 4/21/2003 Earle M Jorgensen Company 2,945 4/4/2003 Earle M Jorgensen Co (Emj) 2,756 4/11/2003 Earle M Jorgensen Co (Emj) 2,753 CASH RECEIPTS DETAIL Date Payee Amount - ------------------ ------------------------------------ -------------------- 4/21/2003 Earle M Jorgensen Company 2,752 4/4/2003 Earle M Jorgensen Co 2,713 4/21/2003 Earle M Jorgensen Company 2,675 4/23/2003 Earle M Jorgensen Co (Emj) 2,673 4/21/2003 Earle M Jorgensen Company 2,651 4/21/2003 Earle M Jorgensen Co (Emj) 2,625 4/23/2003 Earle M Jorgensen Co 2,580 4/11/2003 Earle M Jorgensen Co 2,575 4/23/2003 Earle M Jorgensen Co 2,572 4/23/2003 Earle M Jorgensen Co 2,572 4/4/2003 Earle M Jorgensen Co (Emj) 2,566 4/11/2003 Earle M Jorgensen Co 2,550 4/21/2003 Earle M Jorgensen Company 2,530 4/21/2003 Earle M Jorgensen Company 2,498 4/11/2003 Earle M Jorgensen Co 2,470 4/23/2003 Earle M Jorgensen Co 2,465 4/11/2003 Earle M Jorgensen Co 2,447 4/11/2003 Earle M Jorgensen Co 2,444 4/4/2003 Earle M Jorgensen Co (Emj) 2,390 4/21/2003 Earle M Jorgensen Company 2,380 4/21/2003 Earle M Jorgensen Co (Emj) 2,378 4/23/2003 Earle M Jorgensen Co 2,369 4/11/2003 Earle M Jorgensen Co (Emj) 2,369 4/21/2003 Earle M Jorgensen Company 2,366 4/21/2003 Earle M Jorgensen Company 2,357 4/21/2003 Earle M Jorgenson Co (Emj) 2,320 4/21/2003 Earle M Jorgensen Company 2,291 4/11/2003 Earle M Jorgensen Co (Emj) 2,276 4/11/2003 Earle M Jorgensen Co 2,208 4/11/2003 Earle M Jorgensen Co (Emj) 2,204 4/11/2003 Earle M Jorgensen Co (Emj) 2,199 4/21/2003 Earle M Jorgensen Company 2,193 4/23/2003 Earle M Jorgensen Co (Emj) 2,181 4/23/2003 Earle M Jorgensen Co (Emj) 2,146 4/11/2003 Earle M Jorgensen Co 2,116 4/21/2003 Earle M Jorgensen Co (Emj) 2,109 4/21/2003 Earle M Jorgensen Co (Emj) 2,109 4/23/2003 Earle M Jorgensen Co (Emj) 2,095 4/23/2003 Earle M Jorgensen Co 2,092 4/21/2003 Earle M Jorgensen Company 2,088 4/11/2003 Earle M Jorgensen Co (Emj) 2,072 4/11/2003 Earl M. Jorgensen - Rochester 2,069 4/23/2003 Earle M Jorgensen Co 2,069 4/11/2003 Earle M Jorgensen Co 2,067 4/23/2003 Earle M Jorgensen Co (Emj) 2,055 4/11/2003 Earle M Jorgensen Co (Emj) 2,001 4/11/2003 Earle M Jorgensen Co (Emj) 1,992 4/4/2003 Earle M Jorgenson Co (Emj) 1,989 4/23/2003 Earle M Jorgensen Co (Emj) 1,885 4/21/2003 Earle M Jorgensen Company 1,854 4/11/2003 Earle M Jorgensen Co 1,839 4/23/2003 Earle M Jorgensen Co 1,826 4/4/2003 Earle M Jorgensen Co (Emj) 1,753 CASH RECEIPTS DETAIL Date Payee Amount - ------------------ ------------------------------------ -------------------- 4/23/2003 Earle M Jorgensen Co 1,744 4/23/2003 Earle M Jorgensen Co (Emj) 1,740 4/4/2003 Earle M Jorgensen Co (Emj) 1,738 4/23/2003 Earle M Jorgensen Co 1,707 4/11/2003 Earle M Jorgensen Co (Emj) 1,700 4/21/2003 Earle M Jorgensen Company 1,696 4/11/2003 Earle M Jorgensen Co 1,686 4/11/2003 Earle M Jorgensen Co 1,668 4/21/2003 Earle M Jorgensen Co (Emj) 1,646 4/11/2003 Earle M Jorgensen Co (Emj) 1,620 4/21/2003 Earle M Jorgenson Co (Emj) 1,611 4/4/2003 Earle M Jorgensen Co (Emj) 1,586 4/11/2003 Earle M Jorgensen Co (Emj) 1,561 4/11/2003 Earle M Jorgenson Co (Emj) 1,525 4/23/2003 Earle M Jorgensen Co 1,518 4/23/2003 Earle M Jorgensen Co 1,499 4/21/2003 Earle M Jorgensen Company 1,492 4/11/2003 Earle M Jorgensen Co 1,469 4/4/2003 Earle M Jorgensen Co (Emj) 1,464 4/11/2003 Earle M Jorgensen Co (Emj) 46 4/30/2003 Erb Roberts Inc 1,000 4/10/2003 Fort Howard Steel 5,689 4/10/2003 Fort Howard Steel 2,471 4/10/2003 Fort Howard Steel 3,810 4/10/2003 Fort Howard Steel 4,424 4/10/2003 Fort Howard Steel 1,777 4/2/2003 Gautier Steel, Ltd. 3,410 4/2/2003 Gautier Steel, Ltd. 3,440 4/2/2003 General Bearing Corp 8,834 4/2/2003 General Bearing Corp 7,951 4/2/2003 General Bearing Corp 8,098 4/15/2003 Haultec Trailers 10,529 4/11/2003 Hendrickson Spring 2,717 5/1/2003 Hendrickson Spring 6,972 5/1/2003 Hendrickson Spring 6,864 5/1/2003 Hendrickson Spring 6,864 5/1/2003 Hendrickson Spring 7,615 4/18/2003 Hickman Williams & Company 55,000 5/1/2003 Impact Metal Products 6,553 5/1/2003 Impact Metal Products 6,505 5/1/2003 Impact Metal Products 6,553 5/1/2003 Impact Metal Products 6,106 5/1/2003 Impact Metal Products 6,553 4/11/2003 Industrias Montacargas,S.A. De 13,334 4/2/2003 J Rubin & Co. 783 4/2/2003 J Rubin & Co. 1,507 4/2/2003 J Rubin & Co. 847 4/2/2003 J Rubin & Co. 1,527 4/2/2003 J Rubin & Co. 1,337 4/2/2003 J Rubin & Co. 2,261 4/11/2003 J Rubin & Co. 936 4/11/2003 J Rubin & Co. 812 4/11/2003 J Rubin & Co. 1,217 CASH RECEIPTS DETAIL Date Payee Amount - ------------------ ------------------------------------ -------------------- 4/11/2003 J Rubin & Co. 1,688 4/11/2003 J Rubin & Co. 1,130 4/11/2003 J Rubin & Co. 1,196 4/11/2003 J Rubin & Co. 764 4/21/2003 J Rubin & Co. 987 4/21/2003 J Rubin & Co. 1,279 4/21/2003 J Rubin & Co. 1,368 4/21/2003 J Rubin & Co. 690 4/21/2003 J Rubin & Co. 1,853 4/21/2003 J Rubin & Co. 764 4/21/2003 J Rubin & Co. 1,727 4/28/2003 J Rubin & Co. 2,849 4/28/2003 J Rubin & Co. 2,700 4/28/2003 J Rubin & Co. 2,489 4/28/2003 J Rubin & Co. 681 4/22/2003 J.T. Ryerson & Son Inc. 1,369 4/7/2003 Jeffrey Chain 1,554 4/7/2003 Jeffrey Chain 1,664 4/7/2003 Jeffrey Chain 2,262 4/7/2003 Jeffrey Chain 5,103 4/7/2003 Jeffrey Chain 4,370 4/17/2003 Jeffrey Chain 11,422 4/11/2003 Jorgensen Steel & Aluminum 1,761 4/11/2003 Jorgensen Steel & Aluminum 567 4/11/2003 Jorgensen Steel & Aluminum 703 4/11/2003 Jorgensen Steel & Aluminum 657 4/11/2003 Jorgensen Steel & Aluminum 1,909 4/11/2003 Jorgensen Steel & Aluminum 5,794 4/11/2003 Jorgensen Steel & Aluminum 727 4/11/2003 Jorgensen Steel & Aluminum 885 4/11/2003 Jorgensen Steel & Aluminum 1,293 4/11/2003 Jorgensen Steel & Aluminum 727 4/11/2003 Jorgensen Steel & Aluminum 1,808 4/11/2003 Jorgensen Steel & Aluminum 1,353 4/11/2003 Jorgensen Steel & Aluminum 2,859 4/11/2003 Jorgensen Steel & Aluminum 592 4/11/2003 Jorgensen Steel & Aluminum 2,382 4/11/2003 Jorgensen Steel & Aluminum 1,266 4/11/2003 Jorgensen Steel & Aluminum 4,908 4/11/2003 Jorgensen Steel & Aluminum 1,147 4/23/2003 Jorgensen Steel & Aluminum 2,228 4/23/2003 Jorgensen Steel & Aluminum 556 4/23/2003 Jorgensen Steel & Aluminum 857 4/23/2003 Jorgensen Steel & Aluminum 774 4/23/2003 Jorgensen Steel & Aluminum 323 4/23/2003 Jorgensen Steel & Aluminum 1,453 4/10/2003 KIUC 8,738 4/7/2003 Landoll Corp 2,249 4/7/2003 Lapham Hickey Steel Wi Divisi 11,438 4/10/2003 Leeco Steel Products Inc 5,000 4/7/2003 Liebovich Steel & Aluminum Co 10,875 4/16/2003 Linale Mfg 5,303 4/16/2003 Linale Mfg 2,920 CASH RECEIPTS DETAIL Date Payee Amount - ------------------ ------------------------------------ -------------------- 4/7/2003 Lodeking Industries 9,737 4/7/2003 Lodeking Industries 10,151 4/17/2003 Lodeking Industries 8,617 4/17/2003 Marshall Steel Inc 6,880 4/22/2003 Mcallister Spring Ltd 9,092 4/7/2003 Mcsweeneys Inc 6,169 4/7/2003 Mcsweeneys Inc 6,169 4/28/2003 Mcsweeneys Inc 1,012 4/17/2003 Montlevine Inc 5,514 4/17/2003 Montlevine Inc 4,869 5/2/2003 Niagara Cold Drawn Corp 16,271 5/2/2003 Niagara Cold Drawn Corp 15,978 4/2/2003 Niagara Cold Drawn Corp 15,954 5/2/2003 Niagara Cold Drawn Corp 15,760 5/2/2003 Niagara Cold Drawn Corp 15,576 5/2/2003 Niagara Cold Drawn Corp 15,501 4/2/2003 Niagara Cold Drawn Corp 14,851 4/2/2003 Niagara Cold Drawn Corp 14,823 5/2/2003 Niagara Cold Drawn Corp 14,791 4/2/2003 Niagara Cold Drawn Corp 14,767 4/2/2003 Niagara Cold Drawn Corp 14,452 5/2/2003 Niagara Cold Drawn Corp 14,170 5/2/2003 Niagara Cold Drawn Corp 14,170 4/2/2003 Niagara Cold Drawn Corp 13,848 4/2/2003 Niagara Cold Drawn Corp 13,767 4/2/2003 Niagara Cold Drawn Corp 13,558 5/2/2003 Niagara Cold Drawn Corp 13,555 4/2/2003 Niagara Cold Drawn Corp 13,396 4/2/2003 Niagara Cold Drawn Corp 13,394 5/2/2003 Niagara Cold Drawn Corp 13,366 5/2/2003 Niagara Cold Drawn Corp 13,323 4/2/2003 Niagara Cold Drawn Corp 13,064 4/2/2003 Niagara Cold Drawn Corp 13,064 4/2/2003 Niagara Cold Drawn Corp 13,064 5/2/2003 Niagara Cold Drawn Corp 12,846 5/2/2003 Niagara Cold Drawn Corp 12,833 5/2/2003 Niagara Cold Drawn Corp 12,807 4/2/2003 Niagara Cold Drawn Corp 12,732 5/2/2003 Niagara Cold Drawn Corp 12,539 4/2/2003 Niagara Cold Drawn Corp 12,404 4/2/2003 Niagara Cold Drawn Corp 12,350 4/2/2003 Niagara Cold Drawn Corp 12,091 4/2/2003 Niagara Cold Drawn Corp 11,449 5/2/2003 Niagara Cold Drawn Corp 10,841 4/2/2003 Niagara Cold Drawn Corp 9,918 5/2/2003 Niagara Cold Drawn Corp 9,265 5/2/2003 Niagara Cold Drawn Corp 9,263 5/2/2003 Niagara Cold Drawn Corp 9,074 4/2/2003 Niagara Cold Drawn Corp 8,854 5/2/2003 Niagara Cold Drawn Corp 8,836 5/2/2003 Niagara Cold Drawn Corp 8,729 5/2/2003 Niagara Cold Drawn Corp 8,729 5/2/2003 Niagara Cold Drawn Corp 8,697 CASH RECEIPTS DETAIL Date Payee Amount - ------------------ ------------------------------------ -------------------- 4/2/2003 Niagara Cold Drawn Corp 8,629 5/2/2003 Niagara Cold Drawn Corp 8,609 4/2/2003 Niagara Cold Drawn Corp 8,593 5/2/2003 Niagara Cold Drawn Corp 8,539 5/2/2003 Niagara Cold Drawn Corp 8,539 4/2/2003 Niagara Cold Drawn Corp 8,519 4/2/2003 Niagara Cold Drawn Corp 8,507 5/2/2003 Niagara Cold Drawn Corp 8,504 5/2/2003 Niagara Cold Drawn Corp 8,446 5/2/2003 Niagara Cold Drawn Corp 8,446 4/2/2003 Niagara Cold Drawn Corp 8,444 5/2/2003 Niagara Cold Drawn Corp 8,188 4/2/2003 Niagara Cold Drawn Corp 8,150 5/2/2003 Niagara Cold Drawn Corp 8,129 5/2/2003 Niagara Cold Drawn Corp 8,099 4/2/2003 Niagara Cold Drawn Corp 7,905 5/2/2003 Niagara Cold Drawn Corp 7,882 4/2/2003 Niagara Cold Drawn Corp 7,874 5/2/2003 Niagara Cold Drawn Corp 7,870 5/2/2003 Niagara Cold Drawn Corp 7,841 5/2/2003 Niagara Cold Drawn Corp 7,817 5/2/2003 Niagara Cold Drawn Corp 7,783 5/2/2003 Niagara Cold Drawn Corp 7,783 4/2/2003 Niagara Cold Drawn Corp 7,774 4/2/2003 Niagara Cold Drawn Corp 7,769 4/2/2003 Niagara Cold Drawn Corp 7,702 4/2/2003 Niagara Cold Drawn Corp 7,702 4/2/2003 Niagara Cold Drawn Corp 7,694 5/2/2003 Niagara Cold Drawn Corp 7,676 4/2/2003 Niagara Cold Drawn Corp 7,676 4/2/2003 Niagara Cold Drawn Corp 7,674 5/2/2003 Niagara Cold Drawn Corp 7,674 4/2/2003 Niagara Cold Drawn Corp 7,608 4/2/2003 Niagara Cold Drawn Corp 7,585 5/2/2003 Niagara Cold Drawn Corp 7,565 5/2/2003 Niagara Cold Drawn Corp 7,562 5/2/2003 Niagara Cold Drawn Corp 7,562 5/2/2003 Niagara Cold Drawn Corp 7,557 5/2/2003 Niagara Cold Drawn Corp 7,486 4/2/2003 Niagara Cold Drawn Corp 7,466 5/2/2003 Niagara Cold Drawn Corp 7,462 5/2/2003 Niagara Cold Drawn Corp 7,442 4/2/2003 Niagara Cold Drawn Corp 7,401 5/2/2003 Niagara Cold Drawn Corp 7,401 5/2/2003 Niagara Cold Drawn Corp 7,367 5/2/2003 Niagara Cold Drawn Corp 7,367 5/2/2003 Niagara Cold Drawn Corp 7,367 5/2/2003 Niagara Cold Drawn Corp 7,367 5/2/2003 Niagara Cold Drawn Corp 7,367 4/2/2003 Niagara Cold Drawn Corp 7,304 5/2/2003 Niagara Cold Drawn Corp 7,281 5/2/2003 Niagara Cold Drawn Corp 7,281 5/2/2003 Niagara Cold Drawn Corp 7,255 CASH RECEIPTS DETAIL Date Payee Amount - ------------------ ------------------------------------ -------------------- 5/2/2003 Niagara Cold Drawn Corp 7,238 4/2/2003 Niagara Cold Drawn Corp 7,174 5/2/2003 Niagara Cold Drawn Corp 7,153 4/2/2003 Niagara Cold Drawn Corp 7,148 5/2/2003 Niagara Cold Drawn Corp 7,148 4/2/2003 Niagara Cold Drawn Corp 7,097 4/2/2003 Niagara Cold Drawn Corp 7,031 4/2/2003 Niagara Cold Drawn Corp 7,027 4/2/2003 Niagara Cold Drawn Corp 7,025 4/2/2003 Niagara Cold Drawn Corp 7,025 4/2/2003 Niagara Cold Drawn Corp 7,025 5/2/2003 Niagara Cold Drawn Corp 7,016 5/2/2003 Niagara Cold Drawn Corp 7,016 4/2/2003 Niagara Cold Drawn Corp 6,989 5/2/2003 Niagara Cold Drawn Corp 6,942 5/2/2003 Niagara Cold Drawn Corp 6,942 5/2/2003 Niagara Cold Drawn Corp 6,866 5/2/2003 Niagara Cold Drawn Corp 6,859 5/2/2003 Niagara Cold Drawn Corp 6,859 5/2/2003 Niagara Cold Drawn Corp 6,859 5/2/2003 Niagara Cold Drawn Corp 6,859 4/2/2003 Niagara Cold Drawn Corp 6,828 5/2/2003 Niagara Cold Drawn Corp 6,707 5/2/2003 Niagara Cold Drawn Corp 6,634 5/2/2003 Niagara Cold Drawn Corp 6,630 5/2/2003 Niagara Cold Drawn Corp 6,568 5/2/2003 Niagara Cold Drawn Corp 6,537 5/2/2003 Niagara Cold Drawn Corp 4,498 4/2/2003 Obrien Steel Service 117 4/2/2003 Obrien Steel Service 10,658 4/2/2003 Obrien Steel Service 11,714 4/21/2003 Oneal Steel Inc 1,403 4/22/2003 Oneal Steel Inc 1,547 4/22/2003 Oneal Steel Inc 2,296 4/28/2003 Oneal Steel Inc 3,575 4/28/2003 Oneal Steel Inc 817 4/28/2003 Oneal Steel Inc 808 4/28/2003 Oneal Steel Inc 2,754 4/10/2003 Precise Manufacturing & Engine 10,151 4/3/2003 Pro Trade Steel Company 185,650 4/10/2003 Pro Trade Steel Company 21,446 5/2/2003 Protrade 273,775 4/1/2003 Quanex Corporation 2 4/7/2003 R P Foster Inc 3,074 4/7/2003 R P Foster Inc 6,665 4/10/2003 Rockwell American Manufacturin 7,321 4/2/2003 Ryerson Tull 3,914 4/14/2003 Ryerson Tull 5,725 4/14/2003 Ryerson Tull 2,994 4/22/2003 Ryerson Tull 3,557 4/22/2003 Ryerson Tull 2,587 4/22/2003 Ryerson Tull 1,457 4/22/2003 Ryerson Tull 1,163 CASH RECEIPTS DETAIL Date Payee Amount - ------------------ ------------------------------------ -------------------- 4/22/2003 Ryerson Tull 1,495 4/30/2003 Ryerson Tull 3,303 4/30/2003 Ryerson Tull 1,343 4/30/2003 Ryerson Tull 5,449 4/30/2003 Ryerson Tull 1,803 4/30/2003 Ryerson Tull 3,186 4/30/2003 Ryerson Tull 1,564 4/30/2003 Ryerson Tull 1,261 4/30/2003 Ryerson Tull 1,889 4/2/2003 Ryerson Tull Procurement Corp 871 5/2/2003 Ryerson Tull Procurement Corp 2,675 4/2/2003 Ryerson/ Tull Procurement Corp 5,990 4/2/2003 Ryerson/ Tull Procurement Corp 5,990 4/16/2003 Sheffield Steel, Corp. 4,097 4/16/2003 Sheffield Steel, Corp. 4,140 4/16/2003 Sheffield Steel, Corp. 4,104 4/16/2003 Sheffield Steel, Corp. 4,111 4/16/2003 Sheffield Steel, Corp. 4,039 4/21/2003 Sheffield Steel, Corp. 4,122 4/21/2003 Sheffield Steel, Corp. 4,115 4/21/2003 Sheffield Steel, Corp. 4,095 4/22/2003 Sheffield Steel, Corp. 3,576 4/22/2003 Sheffield Steel, Corp. 3,657 4/10/2003 Siskin Steel Supply 4,372 4/10/2003 Siskin Steel Supply 3,790 4/10/2003 Siskin Steel Supply 1,961 4/10/2003 Siskin Steel Supply 1,197 5/1/2003 Siskin Steel Supply 1,631 5/1/2003 Siskin Steel Supply 1,703 5/1/2003 Siskin Steel Supply 1,777 5/1/2003 Siskin Steel Supply 1,594 4/10/2003 Siskin Steel Supply 3,759 4/10/2003 Siskin Steel Supply 818 4/10/2003 Siskin Steel Supply 3,868 5/1/2003 Siskin Steel Supply 1,927 5/1/2003 Siskin Steel Supply 2,474 5/1/2003 Siskin Steel Supply 1,807 5/1/2003 Siskin Steel Supply 1,907 5/1/2003 Siskin Steel Supply 1,917 5/1/2003 Siskin Steel Supply 3,022 5/1/2003 Siskin Steel Supply 2,351 5/1/2003 Siskin Steel Supply 794 4/2/2003 Southeastern Forge Inc 861 4/2/2003 Southeastern Forge Inc 6,116 4/2/2003 Southeastern Forge Inc 1,656 4/17/2003 Southeastern Forge Inc 997 4/17/2003 Southeastern Forge Inc 7,520 4/22/2003 Southeastern Forge Inc 1,974 4/28/2003 Steel And Pipe Supply Inc 122 4/10/2003 Suspensiones Dsp,Sa De Cv 4,594 4/17/2003 Timberline Steel 4,527 4/15/2003 Titan Trailers Inc 11,615 4/10/2003 Transcraft Corp 19,129 CASH RECEIPTS DETAIL Date Payee Amount - ------------------ ------------------------------------ -------------------- 4/28/2003 Transcraft Corp 18,541 4/10/2003 Tri State Radiology 70 4/10/2003 Tri State Radiology 105 4/2/2003 Triangle Auto Spring 4,179 4/2/2003 Triangle Auto Spring 3,916 4/2/2003 Triangle Auto Spring 6,403 4/2/2003 Triangle Auto Spring 6,264 4/2/2003 Triangle Auto Spring 7,187 4/2/2003 Triangle Auto Spring 7,187 4/2/2003 Triangle Auto Spring 1,219 4/2/2003 Triangle Auto Spring 3,633 4/2/2003 Triangle Auto Spring 2,396 4/2/2003 Triangle Auto Spring 5,989 4/2/2003 Triangle Auto Spring 784 4/2/2003 Triangle Auto Spring 7,187 4/16/2003 Triangle Auto Spring 1,219 4/16/2003 Triangle Auto Spring 4,924 4/16/2003 Triangle Auto Spring 1,332 4/10/2003 University Physicians 175 4/7/2003 Valk Manufacturing Co 633 4/7/2003 Valk Manufacturing Co 3,532 4/7/2003 Valk Manufacturing Co 1,382 4/7/2003 Valk Manufacturing Co 2,421 4/7/2003 Valk Manufacturing Co 3,875 4/7/2003 Valk Manufacturing Co 8,286 4/7/2003 Valk Manufacturing Co 8,184 4/11/2003 Valk Manufacturing Co 5,047 4/11/2003 Valk Manufacturing Co 8,123 4/11/2003 Valk Manufacturing Co 959 4/11/2003 Valk Manufacturing Co 5,414 4/23/2003 Valk Manufacturing Co 1,016 4/23/2003 Valk Manufacturing Co 3,026 4/23/2003 Valk Manufacturing Co 2,837 4/23/2003 Valk Manufacturing Co 4,828 4/30/2003 Vanguard Steel Ltd. 10,301 4/17/2003 Westerncullenhayes Inc 6,597 4/23/2003 Williams Steel & Hardware Co. 1,000 4/2/2003 Wilton Precision Steel 2,773 4/2/2003 Wilton Precision Steel 6,231 4/2/2003 Wilton Precision Steel 5,065 4/2/2003 Wilton Precision Steel 3,166 4/2/2003 Wilton Precision Steel 4,457 4/2/2003 Wilton Precision Steel 3,024 4/2/2003 Wilton Precision Steel 4,122 4/2/2003 Wilton Precision Steel 926 4/2/2003 Wilton Precision Steel 1,740 4/2/2003 Wilton Precision Steel 2,043 4/2/2003 Wilton Precision Steel 2,990 4/2/2003 Wilton Precision Steel 1,786 4/2/2003 Wilton Precision Steel 842 4/2/2003 Wilton Precision Steel 2,908 4/2/2003 Wilton Precision Steel 2,785 4/2/2003 Wilton Precision Steel 2,948 CASH RECEIPTS DETAIL Date Payee Amount - ------------------ ------------------------------------ -------------------- 4/22/2003 Wilton Precision Steel 7,366 4/22/2003 Wilton Precision Steel 2,482 4/22/2003 Wilton Precision Steel 12,470 4/22/2003 Wilton Precision Steel 7,673 4/22/2003 Wilton Precision Steel 4,969 4/2/2003 Worthington Industries Inc 8,620 --------------- $ 4,970,026 --------------- Account #626225676 & 626225668 4/1/2003 Interest Earned on Bank One Acct $ 11 4/3/2003 Interest Earned on Bank One Acct 6 --------------- $ 17 --------------- --------------- $ 4,970,043 =============== -----END PRIVACY-ENHANCED MESSAGE-----