Exhibit 99.1
United States Department of Justice
Office of the United States Trustee
Central District of California
In Re: |
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| CHAPTER 11 (BUSINESS) |
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Gardenburger, Inc. |
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| Case Number: |
| SA-05-19539-JB |
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| Operating Report Number: |
| 2 |
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| Debtor(s). |
| For Month Ending: |
| November 30, 2005 |
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| I. CASH RECEIPTS AND DISBURSEMENTS |
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| A. GENERAL ACCOUNT* |
| CASH BASIS |
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Beginnign Balance: |
| (2,147.76 | ) | ||||
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1. TOTAL RECEIPTS PER ALL PRIOR GENERAL ACCOUNTS REPORTS |
| 1,356,881.37 |
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2. LESS: TOTAL DISBURSEMENTS PER ALL PRIOR GENERAL ACCOUNT REPORTS: |
| (1,234,914.56 | ) | ||||
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3. BEGINNING BALANCE: |
| 119,819.05 |
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4. RECEIPTS DURING CURRENT PERIOD |
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Accounts receivable - Post filing |
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Accounts receivable - Pre filing |
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General Sales |
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Other (Specify) |
| Misc. See Attached |
| 33,270.23 |
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Other (Specify) |
| Loan Deposits |
| 2,574,458.12 |
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TOTAL RECEIPTS THIS PERIOD: |
| 2,607,728.35 |
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5. BALANCE: |
| 2,727,547.40 |
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6. LESS: TOTAL DISBURSEMENTS DURING CURRENT PERIOD |
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Transfers to Other DIP accounts (PAYROLL) |
| 97,333.37 |
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Transfers to Other DIP accounts (Zions) |
| 70,000.00 |
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Bank Fees |
| 2,547.61 |
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Prepetition checks Cleared |
| 3,440.69 |
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Bank Card Payment |
| 9,712.86 |
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Disbursements |
| 2,256,681.72 |
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7. TOTAL DISBURSEMENTS THIS PERIOD: |
| 2,439,716.25 |
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8. ENDING BALANCE: |
| 287,831.15 |
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| Unreconciled Difference |
| (2.97 | ) |
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General Account |
| 1459223132 |
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Depository Name & |
| Bank of America |
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| 1655 Grant Street, Building A, 10th Floor |
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| Concord, CA 94520-2445 |
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* All receipts must be deposited into the general account.
** Include receipts from the sale of any real or personal property out of the course of ordinary business: attach and exhibit specifying what was sold, to whom, terms, and date of Court Order or Report of Sale.
*** This amount should be the same as the total from attachments
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| I. CASH RECEIPTS AND DISBURSEMENTS |
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| B. Lock Box* |
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Beginning Balance |
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| 73,882.62 |
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1. TOTAL RECEIPTS PER ALL PRIOR GENERAL ACCOUNTS REPORTS |
| 2,005,755.57 |
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2. LESS: TOTAL DISBURSEMENTS PER ALL PRIOR GENERAL ACCOUNT REPORTS: |
| (1,745,873.72 | ) | ||||
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3. BEGINNING BALANCE: |
| 333,764.47 |
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4. RECEIPTS DURING CURRENT PERIOD |
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Accounts receivable |
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| 3,766,229.24 |
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General Sales |
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Other (Specify) |
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Other (Specify) |
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TOTAL RECEIPTS THIS PERIOD: |
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| 3,766,229.24 |
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5. BALANCE: |
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| 4,099,993.71 |
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6. LESS: TOTAL DISBURSEMENTS DURING CURRENT PERIOD |
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Swept to line of Credit |
| 3,977,097.92 |
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Disbursements - Bank service Charges |
| 696.47 |
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7. TOTAL DISBURSEMENTS THIS PERIOD: |
| 3,977,794.39 |
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8. ENDING BALANCE: |
| 122,199.32 |
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General Account |
| 8666503328 |
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Depository Name & Location |
| Bank of America |
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| 231 S Lasalle St |
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| Chicago, IL 60697 |
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* All receipts must be deposited into the general account.
** Include receipts from the sale of any real or personal property out of the course of ordinary business: attach and exhibit specifying what was sold, to whom, terms, and date of Court Order or Report of Sale.
*** This amount should be the same as the total from attachments
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| I. CASH RECEIPTS AND DISBURSEMENTS |
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| C. Lock Box* |
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1. TOTAL RECEIPTS PER ALL PRIOR GENERAL ACCOUNTS REPORTS |
| — |
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2. LESS: TOTAL DISBURSEMENTS PER ALL PRIOR GENERAL ACCOUNT REPORTS: |
| — |
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3. BEGINNING BALANCE: |
| — |
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4. RECEIPTS DURING CURRENT PERIOD |
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Accounts receivable |
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| 870,935.50 |
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General Sales |
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Other (Specify) |
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Other (Specify) |
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TOTAL RECEIPTS THIS PERIOD: |
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| 870,935.50 |
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5. BALANCE: |
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| 870,935.50 |
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6. LESS: TOTAL DISBURSEMENTS DURING CURRENT PERIOD |
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Swept to Bank of America |
| 628,384.88 |
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Disbursements - Bank service Charges |
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7. TOTAL DISBURSEMENTS THIS PERIOD: |
| 628,384.88 |
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8. ENDING BALANCE: |
| 242,550.62 |
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General Account |
| 412-1206403 |
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Depository Name & Location |
| Wells Fargo Bank |
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| P.O. Box 63020 |
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| San Francisco, CA 94163 |
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* All receipts must be deposited into the general account.
** Include receipts from the sale of any real or personal property out of the course of ordinary business: attach and exhibit specifying what was sold, to whom, terms, and date of Court Order or Report of Sale.
*** This amount should be the same as the total from attachments
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| I. CASH RECEIPTS AND DISBURSEMENTS |
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| E. Tax Account |
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1. TOTAL RECEIPTS PER ALL PRIOR GENERAL ACCOUNTS REPORTS |
| N/A |
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2. LESS: TOTAL DISBURSEMENTS PER ALL PRIOR GENERAL ACCOUNT REPORTS: |
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3. BEGINNING BALANCE: |
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| 0 |
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4. RECEIPTS DURING CURRENT PERIOD |
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Accounts receivable - Post filing |
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Accounts receivable - Pre filing |
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General Sales |
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Other (Specify) |
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Other (Specify) |
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TOTAL RECEIPTS THIS PERIOD: |
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| 0 |
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5. BALANCE: |
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| 0 |
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6. LESS: TOTAL DISBURSEMENTS DURING CURRENT PERIOD |
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Transfers to Other DIP accounts (see attached) |
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Disbursements (see attached) |
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7. TOTAL DISBURSEMENTS THIS PERIOD: |
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8. ENDING BALANCE: |
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General Account |
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Depository Name & Location |
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* All receipts must be deposited into the general account.
** Include receipts from the sale of any real or personal property out of the course of ordinary business: attach and exhibit specifying what was sold, to whom, terms, and date of Court Order or Report of Sale.
*** This amount should be the same as the total from attachments
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| I. CASH RECEIPTS AND DISBURSEMENTS |
| ACCRUAL |
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| D. (PAYROLL ACCOUNT ) |
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1. TOTAL RECEIPTS PER ALL PRIOR GENERAL ACCOUNTS REPORTS |
| 240,534.83 |
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2. LESS: TOTAL DISBURSEMENTS PER ALL PRIOR GENERAL ACCOUNT REPORTS: |
| (227,257.20 | ) | ||||
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3. BEGINNING BALANCE: |
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| 13,277.63 |
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4. RECEIPTS DURING CURRENT PERIOD |
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Bank Transfers |
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| 97,333.37 |
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5. BALANCE: |
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| 110,611.00 |
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6. LESS: TOTAL DISBURSEMENTS DURING CURRENT PERIOD |
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Payroll Transfers & Cleared checks (See ADP Register) |
| (98,326.69 | ) | ||||
O/S payroll checks - (See bank reconciliation) |
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| (9,391.37 | ) | ||
ADP Fees |
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| (2,108.23 | ) | ||
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7. TOTAL DISBURSEMENTS THIS PERIOD: |
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| (109,826.29 | ) | ||
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8. ENDING BALANCE: |
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| 784.71 |
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General Account |
| 1459322675 |
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Depository Name & Location |
| Bank of America |
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| 1655 Grant Street, Building A, 10th Floor |
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| Concord, CA 94520-2445 |
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II. Status of Payments to Secured Creditors, Lessors and other parties to Executory Contracts
Creditor, Lessor, Etc. |
| Frequency of Payments |
| Amount of |
| Post Petition |
| Total Due |
| |
Capital Source - LOC |
| Daily |
| 7,280,154.54 |
| 0 |
| 0 |
| |
Irvine Company |
| Monthly |
| 12,103.30 |
| 0 |
| 0 |
| |
Freemont Center |
| Monthly |
| 47,944.00 |
| 0 |
| 0 |
| |
Well Fargo |
| Daily |
| 651,410.98 |
| 0 |
| 0 |
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Capital Source-Term Note |
| One time |
| 2,694,825.00 |
| 0 |
| 0 |
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| Total Due: |
| $ | — |
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III. Tax Liabilities
For the reporting Period: |
| November 30,2005 |
Gross Sales Subject to Sales Tax: |
| — |
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Total Wages Paid |
| 517,580.95 |
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| Total Post-Petition |
| Amount |
| Date Delinquent |
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Federal Withholding |
| — |
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State Withholding |
| — |
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FICA |
| — |
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FICA |
| — |
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Federal Unemployment |
| — |
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Sales and Use |
| 871.62 |
| 0 |
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Real Property |
| 6,797.28 |
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Other |
| — |
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| $ | 7,668.90 |
| $ | — |
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6
IV. Aging of Accounts payable and Receivable
|
| Accounts Payable |
| Accounts Receivable |
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|
| Post Petition |
| Pre-Petition |
| Post Petition |
|
30 Days or less |
| 1,303,993.63 |
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| 2,225,912.15 |
|
31 - 60 Days |
| 55,165.98 |
| 104,277.57 |
| 148,504.64 |
|
61 - 90 Days |
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| 79,002.86 |
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91 - 120 Days |
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| 110,243.82 |
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Over 120 Days |
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| 10,570.47 |
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Total |
| 1,359,159.61 |
| 304,094.72 |
| 2,374,416.79 |
|
V. Insurance Coverage
|
| Name of Carrier |
| Amount of Coverage |
| Policy Expiration Date |
| Premium Paid Through Date |
|
General Liability |
| WAUSAU |
| 2,000,000.00 |
| January 1, 2006 |
| January 1, 2006 |
|
Worker’s Comp |
| See List |
| 500,000/1,000,000 |
| December 31, 2005 |
| December 31, 2005 |
|
Casualty |
| Liberty Mutual |
| 32,250,000.00 |
| January 1, 2006 |
| January 1, 2006 |
|
Vehicle |
| WAUSAU |
| 1,000,000.00 |
| January 1, 2006 |
| January 1, 2006 |
|
Umbrella |
| WAUSAU |
| 10,000,000.00 |
| January 1, 2006 |
| January 1, 2006 |
|
D&O |
| Twin City Fire |
| 10,000,000.00 |
| April 12, 2006 |
| April 12, 2006 |
|
Crime |
| Federal Ins Co |
| 2,000,000.00 |
| January 1, 2006 |
| January 1, 2006 |
|
Excess Umbrella |
| WAUSAU |
| 10,000,000.00 |
| January 1, 2006 |
| January 1, 2006 |
|
VI: United States Trustee Quarterly Fees
(Total Payments)
Quarterly Period |
| Total Disbursements |
| Quarterly Fees |
| Date Paid |
| Amount Paid |
| Quarterly Fees Still Owing |
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Total |
| 0 |
| 0 |
| 0 |
| 0 |
| 0 |
|
7
VII. Schedule of Compensation Paid to Insiders
Name of Insider |
| Date of Order |
| Authorized Gross Compansation |
| Gross Compensation Paid |
|
Scott Wallace |
|
|
| Bi Weekly Payroll |
| 22,000.00 |
|
Robert Trebing |
|
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|
|
| — |
|
James Linford |
|
|
| Bi Weekly Payroll |
| 16,230.79 |
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| 38,230.79 |
|
VIII. Schedule of Other amounts paid to insiders
Name of Insider |
| Date of Order |
| Description |
| Amount Paid During |
|
Scott Wallace |
|
|
|
|
| — |
|
Robert Trebing |
|
|
| Semi Monthly Consulting fees |
| 17,000.00 |
|
James Linford |
|
|
|
|
| — |
|
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|
| 17,000.00 |
|
* Please indicate how compensation was identified in the order (e.g. $1,000/Week, $2,500/Month)
8
IX. Profit & Loss Statement
(Accrual Basis Only)
Sales/Revenue |
|
|
| Current |
| Cumulative |
|
|
| Gross Revenue |
| 3,464,008.65 |
| 7,236,874.55 |
|
|
| Less Returns/Discounts |
| (32,857.58 | ) | (44,125.54 | ) |
|
|
|
| 3,431,151.07 |
| 7,192,749.01 |
|
|
|
|
| — |
|
|
|
Cost of Goods Sold |
|
|
| — |
|
|
|
|
| Beginning Inventory |
| (6,490,229.27 | ) | (6,361,456.79 | ) |
|
| Cost of Goods Sold |
| (1,848,339.58 | ) | (3,877,644.93 | ) |
Gross Profit |
|
|
| 1,582,811.49 |
| 3,315,104.08 |
|
|
|
|
|
|
|
|
|
|
| Other Operating Income |
| 0.00 |
| — |
|
|
|
|
|
|
|
|
|
Operating Expenses |
|
|
|
|
|
|
|
|
| Payroll - Insiders |
| (38,230.79 | ) | (38,230.79 | ) |
|
| Payroll - Other Employees |
| (511,112.61 | ) | (1,070,108.83 | ) |
|
| Payroll Taxes |
| (34,049.86 | ) | (70,523.84 | ) |
|
| Other Taxes |
| 0.00 |
| — |
|
|
| Depreciation & Amortization |
| (196,682.06 | ) | (394,988.69 | ) |
|
| Rent |
| (54,707.11 | ) | (108,398.49 | ) |
|
| Lease Expense |
| (4,835.26 | ) | (9,767.18 | ) |
|
| Insurance |
| (34,593.38 | ) | (82,220.05 | ) |
|
| Real Property Taxes |
| (19,113.53 | ) | (38,227.06 | ) |
|
| Telephone & Utilities |
| (106,518.30 | ) | (220,816.28 | ) |
|
| Repairs & Maintenance |
| (86,361.05 | ) | (156,713.84 | ) |
740000 |
| Travel Expense |
| (600.91 | ) | (3,776.87 | ) |
740001 |
| Travel Expense Airfare |
| (3,124.59 | ) | (6,240.40 | ) |
740002 |
| Travel Expense Car rental |
| (1,492.24 | ) | (4,131.41 | ) |
740003 |
| Travel Expense Car Rental Gas |
| (21.20 | ) | (35.95 | ) |
740004 |
| Travel Expense-Taxi |
| — |
| (189.00 | ) |
740005 |
| Travel Expense-Lodging |
| (4,007.62 | ) | (13,249.46 | ) |
740009 |
| Travel Expense-Miscellaneous |
| (434.33 | ) | (1,068.06 | ) |
740020 |
| Meals & Entertainment |
| (73.04 | ) | (126.03 | ) |
740021 |
| Travel - Business Meals |
| (407.26 | ) | (3,255.94 | ) |
740022 |
| Travel-Business Entertainment |
| (238.11 | ) | (417.99 | ) |
|
| Travel |
| (10,399.30 | ) | (32,491.11 | ) |
|
| Miscellaneous Operating Expenses |
|
|
| — |
|
510015 |
| Workers’ Comp Expense |
| (2,255.80 | ) | (9,191.65 | ) |
510020 |
| Medical Benefits |
| (36,713.36 | ) | (87,881.20 | ) |
510025 |
| Employer 401K Benefits |
| (344.15 | ) | (2,059.05 | ) |
510030 |
| Employee Benefits-Other |
| (2,131.25 | ) | (4,403.92 | ) |
510100 |
| Temporary Labor |
| (53,884.07 | ) | (112,826.37 | ) |
511000 |
| Actual Direct Labor Costs |
| 331,233.63 |
| 710,211.71 |
|
520510 |
| Freight into Cold Storage |
| (4,714.66 | ) | (10,622.96 | ) |
520513 |
| Freight-In DC to DC |
| (50,761.02 | ) | (131,881.91 | ) |
520514 |
| Freight Out-Pick Charge |
| (12,042.84 | ) | (22,184.21 | ) |
520518 |
| Product Storage |
| (71,296.22 | ) | (139,133.77 | ) |
520519 |
| Product Storage-Club |
| (8,488.21 | ) | (13,488.41 | ) |
520520 |
| Laundry Expense |
| (9,894.33 | ) | (16,846.78 | ) |
520540 |
| Production Supplies |
| (16,786.51 | ) | (28,325.59 | ) |
520541 |
| Pallet Expense |
| (4,084.49 | ) | (5,228.93 | ) |
520544 |
| Lecithin Expense |
| (5,343.99 | ) | (7,540.74 | ) |
520546 |
| Dalsorb |
| (1,151.11 | ) | (1,198.75 | ) |
520580 |
| Supplies Nitrogen |
| (3,132.00 | ) | 4,537.00 |
|
520600 |
| Overhead Allocation |
| (520,461.08 | ) | (1,073,723.93 | ) |
521000 |
| Actual Overhead Costs |
| 702,690.24 |
| 1,427,546.43 |
|
521010 |
| Overhead Alloc-Frght & Strge |
| 91,827.26 |
| 174,806.38 |
|
550690 |
| Std O/H-Line 1 |
| 163,207.44 |
| 371,747.84 |
|
550692 |
| Std O/H-Line 2 |
| 346,737.74 |
| 654,640.92 |
|
550700 |
| Standard Overhead Total |
| (509,945.18 | ) | (1,026,388.76 | ) |
600040 |
| Worker’s Compensation Exp |
| (1,158.86 | ) | (4,722.08 | ) |
600050 |
| Medical Benefits |
| (21,490.63 | ) | (44,551.48 | ) |
600060 |
| Employer 401K Benefits |
| 327.93 |
| (1,337.73 | ) |
600070 |
| Employee Outplacement |
| (2,000.00 | ) | (4,000.00 | ) |
600080 |
| Employee Benefits-Auto |
| (4,200.00 | ) | (8,400.00 | ) |
600100 |
| Employee Benefits-Events |
| (3,416.00 | ) | (3,388.00 | ) |
600150 |
| Employee Benefits-Recognition |
| — |
| (103.95 | ) |
600190 |
| Employee Benefits-Other |
| (3,064.93 | ) | (6,287.22 | ) |
600195 |
| Employee Benefits-KARMA |
| (114.81 | ) | (1,352.54 | ) |
600200 |
| Training & Education |
| (1,250.00 | ) | (1,750.33 | ) |
600490 |
| H/R Other |
| — |
| 75.00 |
|
600500 |
| Recruiting Fees |
| (495.00 | ) | (495.00 | ) |
700060 |
| Postage |
| (1,276.73 | ) | (1,917.57 | ) |
700070 |
| Air Freight & Delivery-Admin |
| (1,526.55 | ) | (4,915.72 | ) |
700080 |
| Office Supplies |
| (2,611.21 | ) | (7,559.32 | ) |
710010 |
| Board Expenses |
| (9,668.00 | ) | (19,336.00 | ) |
710020 |
| Investor Report-O/S Consulting |
| — |
| (85.00 | ) |
710035 |
| Securities Fees |
| (1,192.76 | ) | (2,867.77 | ) |
710060 |
| Bank Charges |
| (3,231.08 | ) | (10,053.74 | ) |
710070 |
| Outside Services |
| (51,790.27 | ) | (127,128.78 | ) |
720000 |
| Computer Expenses |
| — |
| (960.55 | ) |
720030 |
| Expensed Equipment |
| (711.14 | ) |
|
|
720040 |
| Vehicles Expense |
| (183.16 | ) | (288.60 | ) |
9
750000 |
| Dues & Subscriptions |
| (2,042.25 | ) | (2,262.25 | ) |
750020 |
| Contributions-Product |
| (6,318.38 | ) | (7,069.51 | ) |
750050 |
| Taxes & Licenses |
| (6,321.09 | ) | (12,640.33 | ) |
750051 |
| Software Licenses & Maint |
| (2,740.50 | ) | (5,481.00 | ) |
760000 |
| Customer A/R Discount |
| (73,415.46 | ) | (141,101.32 | ) |
760010 |
| A/P Discounts Earned |
| 980.01 |
| 1,825.75 |
|
760015 |
| A/R Payment Differences |
| (12,157.57 | ) | (31,394.60 | ) |
760040 |
| Spoilage Expense **NEW** |
| (18,098.05 | ) | (103,547.59 | ) |
790000 |
| Other Operating Expenses |
| (69.24 | ) | (69.24 | ) |
799990 |
| Overhead Allocation |
| 520,461.08 |
| 1,073,723.93 |
|
800210 |
| Media Expense-Print |
| — |
| (3,000.00 | ) |
800230 |
| Materials Production |
| (37,055.00 | ) | (57,340.00 | ) |
800310 |
| PR-Nat’l Publicity |
| (6,628.63 | ) | (15,128.63 | ) |
800325 |
| PR-New Products |
| — |
| (398.35 | ) |
800425 |
| Promo’s-Other Trial Programs |
| (14,030.48 | ) | (25,891.14 | ) |
800505 |
| Coupon Exp-FSI Insertion |
| — |
| 315.69 |
|
800510 |
| Coupon Exp-Printing |
| (1,201.01 | ) | (10,311.01 | ) |
800515 |
| Coupon Exp-Redemption |
| (3,544.17 | ) | (8,343.83 | ) |
800616 |
| Website Exp-Promo’s |
| (4,076.56 | ) | (4,076.56 | ) |
800670 |
| Merchandising-Materials |
| 3,999.45 |
| (8,575.55 | ) |
800700 |
| Market Research |
| (5,680.43 | ) | (11,360.86 | ) |
800705 |
| Research-Cons. Insight |
| — |
| (3,500.00 | ) |
800805 |
| Existing Pkg Updates |
| (3,090.69 | ) | (19,867.91 | ) |
800824 |
| New Prod-Intro 4 |
| (35,000.00 | ) | (55,000.00 | ) |
800845 |
| New Prod-Misc Packaging |
| (2,803.00 | ) | (2,953.00 | ) |
800875 |
| New Prod Testing-Materials |
| (2,564.79 | ) | (7,397.68 | ) |
800885 |
| Product Testing |
| (770.86 | ) | (2,156.93 | ) |
800920 |
| Freight Out-POS |
| (5.91 | ) | (187.94 | ) |
800930 |
| Other Marketing Exp |
| (25.00 | ) | (25.00 | ) |
810008 |
| Demo Exp-2005 |
| — |
| (1,551.04 | ) |
810009 |
| Demo Exp-2006 |
| (51,172.43 | ) | (84,670.80 | ) |
810018 |
| Slotting Fees-2005 |
| (2,599.60 | ) | (2,599.60 | ) |
810019 |
| Slotting Fees-2006 |
| (10,863.57 | ) | (45,863.57 | ) |
810035 |
| Contract Expense |
| (67,158.34 | ) | (134,316.68 | ) |
810048 |
| Audit Deductions 2006 |
| (3,838.02 | ) | (4,788.09 | ) |
810059 |
| TS - Accrual (Prior FY) |
| 105,882.33 |
| 427,054.43 |
|
810068 |
| TS - Accrual (Current FY) |
| (226,029.71 | ) | (455,306.98 | ) |
810076 |
| Misc Trade Spending |
| (2,989.55 | ) | (3,822.55 | ) |
810087 |
| TS-Admin Fees - 2005 |
| (400.00 | ) | (2,153.47 | ) |
810100 |
| Brokers/Merch Commissions |
| (117,426.60 | ) | (228,171.95 | ) |
810110 |
| Distr Headquarters Prog |
| (66,879.12 | ) | (135,749.89 | ) |
810120 |
| Broker/Merch Incentives |
| — |
| (1,038.00 | ) |
810202 |
| Freight Out-Pick Charge Alloc. |
| (12,042.83 | ) | (22,184.20 | ) |
810205 |
| Freight |
| (84,926.46 | ) | (169,346.13 | ) |
810210 |
| Cust Freight Allowance |
| (4,217.60 | ) | (9,606.83 | ) |
810220 |
| Storage - Allocated |
| (79,784.44 | ) | (152,622.19 | ) |
810300 |
| Product Samples Cost |
| (17,008.80 | ) | (38,169.70 | ) |
810317 |
| Trade Show Expense-2005 |
| (215.00 | ) | (4,224.53 | ) |
810318 |
| Trade Show Expense-2006 |
| (2,648.65 | ) | (20,655.29 | ) |
811003 |
| Trade Promo/Off Inv-2005 |
| (29,347.70 | ) | (40,092.70 | ) |
811004 |
| Trade Promo/Off Inv-2006 |
| (170,212.43 | ) | (296,287.04 | ) |
811053 |
| Allowance 3rd Party-2005 |
| (53,698.84 | ) | (129,387.96 | ) |
811054 |
| Allowance 3rd Party-2006 |
| (38,734.88 | ) | (45,914.85 | ) |
811103 |
| Trade Promo/Allow-2005 |
| (63,300.84 | ) | (245,700.75 | ) |
811104 |
| Trade Promo/Allow-2006 |
| (29,841.61 | ) | (53,489.95 | ) |
811153 |
| Trade Spending-2005 |
| (10,203.88 | ) | (25,182.91 | ) |
811154 |
| Trade Spending-2006 |
| (7,396.81 | ) | (30,650.62 | ) |
811203 |
| Trade Promos/Ads-2005 |
| (5,024.07 | ) | (27,974.37 | ) |
811204 |
| Trade Promos/Ads-2006 |
| (17,500.00 | ) | (23,500.00 | ) |
811253 |
| Trade Promos/Mktg Prog-2005 |
| (20,475.00 | ) | (42,244.21 | ) |
811254 |
| Trade Promos/Mktg Prog-2006 |
| (7,275.00 | ) | (56,087.50 | ) |
|
|
|
|
|
|
|
|
|
| Miscelaneous Operating Expenses |
| (595,604.00 | ) | (1,171,088.95 | ) |
Net Gain/(Loss) From Operations |
|
|
| (109,395.76 | ) | (78,471.03 | ) |
|
|
|
|
|
|
|
|
Non Operating Income: |
|
|
| 2,947.71 |
| 2,947.71 |
|
|
|
|
| 2,947.71 |
| 2,947.71 |
|
Non Operating Expenses: |
|
|
|
|
| — |
|
900040 |
|
|
|
|
| — |
|
900050 |
| Interest Exp-Financing Fees |
| (70,259.78 | ) | (295,630.19 | ) |
980000 |
| Interest Expense |
| (151,634.70 | ) | (224,821.65 | ) |
710040 |
| Dividends Payable |
| — |
| (157,289.92 | ) |
710045 |
| Legal Fees-Corporate |
| (134,169.09 | ) | (343,598.58 | ) |
710000 |
| Legal Fees-Trademark Defense |
| (4,052.50 | ) | (5,920.60 | ) |
|
| Accounting Fees |
| (36,640.00 | ) | (65,052.50 | ) |
|
| Non-Operating Expenses |
| (396,756.07 | ) | (1,092,313.44 | ) |
|
|
|
|
|
| — |
|
Net Income/(Loss) |
|
|
|
|
| — |
|
|
|
|
| (503,204.12 | ) | (1,167,836.76 | ) |
10
X. Balance Sheet
(Accrual Basis Only)
Assets |
|
|
|
|
|
|
| Unrestricted Cash |
| 13,560.20 |
|
|
| Restricted Cash |
| 122,199.32 |
|
|
| Accounts Receivable |
| 1,751,224.75 |
|
|
| Inventory |
| 6,505,042.91 |
|
|
| PrepaidExpenses |
| 1,587,641.41 |
|
|
| Total Current Assets |
| 9,979,668.59 |
|
|
|
|
|
|
|
|
| Property, Plant & Equipment |
| 23,486,394.59 |
|
|
| Accumulated Depreciation |
| (15,458,357.54 | ) |
|
| Net Property Plant & Equipment |
| 8,028,037.05 |
|
|
|
|
|
|
|
|
| Other Assets (Net of Amoritzation) |
| 1,187,603.86 |
|
|
| Due From Insiders |
| 0.00 |
|
Total Assets |
|
|
| 19,195,309.50 |
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
Post-Petition Liabilities |
|
|
| ||
|
| Accounts Payable |
| (1,359,159.61 | ) |
|
| Taxes Payable |
| (87,265.27 | ) |
|
| Notes Payable |
|
|
|
|
| Professional Fees |
| (213,822.70 | ) |
|
| Secured Debt |
| (7,138,000.00 | ) |
|
| Other Liabilities |
|
|
|
200010 |
| A/P Accrued-Inventory |
| (9,443.82 | ) |
230000 |
| Accr Salaries & Wages |
| (182,205.55 | ) |
230190 |
| Accrued Vacation |
| (209,963.22 | ) |
230040 - 230100 |
| Accr Payroll Taxes less Workers comp |
| (28,719.56 | ) |
200020 |
| A/P Accrued-Non Inventory |
| (952.77 | ) |
200030 |
| A/P Accrued-Manual Entries |
| (401,097.09 | ) |
210100 |
| Accrued Coupon Liability |
| (1,950.65 | ) |
210300 |
| Accr Broker’s Commissions |
| (28,929.60 | ) |
210430 |
| Accr Interest-Capital Source |
| (7,757.64 | ) |
230080 |
| Accr Worker’s Comp |
| (71.99 | ) |
230130 |
| Other Employee Withholdings |
| (353.84 | ) |
230140 |
| Accrued Flex Spending |
| (1,585.38 | ) |
230150 |
| Accrued 401k |
| (4,907.47 | ) |
230160 |
| Accrued Sales Bonuses |
| (65,047.00 | ) |
240000 |
| Other Short Term Liabilities |
| (12,035.88 | ) |
240005 |
| Contract Liabilities |
| (324,147.56 | ) |
|
| Total Other Post-Petition Liabilities |
| (1,279,169.02 | ) |
|
| Total Post-Petition Liabilities |
| (10,077,416.60 | ) |
|
|
|
|
|
|
Pre-Petition Liabilities |
|
|
| ||
|
|
|
|
|
|
250001 |
| Capital Source LOC-ST N/P |
| 0.00 |
|
250002 |
| Cap. Source LT N/P Cur Portion |
| 0.00 |
|
|
| Secured Debt |
| 0.00 |
|
|
| Priority Liabilities |
| (37,797.08 | ) |
|
| Accounts Payable Trade |
| (2,696,748.93 | ) |
250003 |
| Sub N/P Current Portion |
| (28,121,941.86 | ) |
230180 |
| Accr Exec Profit Sharing |
| (899,454.00 | ) |
|
| Unsecured Liabiliteis |
| (31,718,144.79 | ) |
|
| Other (Itemize) |
| 0.00 |
|
|
| Total Pre-Petition Liabilities |
| (31,755,941.87 | ) |
Total Liabilities |
|
|
| (41,833,358.47 | ) |
|
|
|
|
|
|
300000 |
| Capital Common Stock |
| (11,188,961.28 | ) |
300001 |
| Con Preferred Stock |
| (60,508,661.33 | ) |
300035 |
| Capital Paid-In Surplus |
| (12,500,026.65 | ) |
310000 |
| Effect of Foreign Curr Transln |
| (2,580.15 | ) |
330000 |
| Retained Earnings |
| 106,838,278.15 |
|
|
| Prepetition Owners Equity |
| 22,638,048.74 |
|
|
| Post-Petition Profit/(Loss) |
| 0.00 |
|
|
| Direct Charges to Equity |
| 0.00 |
|
|
|
|
|
|
|
Total Liabilities & Equity |
| (19,195,309.73 | ) |
11
XI. Questionnaire
1. Has the debtor-in-possession made any payments on its pre-petition unsecured debt, except as have been authorized by the court? If “Yes”, explain below.
|
| No ý Yes o |
| ||
|
2. Has the debtor-in-possession during this reporting period provided compensation or remune-ration to any officers, directors, principals, or other insiders without appropriate authorization?
If “YES”, explain below.
|
| No ý Yes o |
| ||
|
3. State what progress was made during the reporting period toward filing a plan of reorganization.
We filed the Plan on December 09, 2005. |
|
|
|
4. Describe potential future developments which may have a significant impact on the case:
None. |
|
|
|
5. Attach copies of all Orders granting relief from the automatic stay that were entered during the reporting period.
6. Did you receive any exempt income this month, which is not set forth in the operation report? If “Yes”, please set forth the amounts and sources of the income below.
No. |
|
|
|
| /s/ Richard D. Werblin |
|
| |
|
| Richard D. Werblin |
| Director of Finance |
declare under penalty of perjury that I have fully read and understood the foregoing debtor-in-possession operating report and that the information contained herein is true and complete to the best of my knowledge.
12