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Previous: RADYNE CORP, 10-K, 1998-03-27 |
Next: SCHAWK INC, 10-K405, 1998-03-27 |
<PAGE> 1
================================================================================
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): MARCH 18, 1998
STREAMLOGIC CORPORATION
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
DELAWARE 95-3093858
(STATE OR OTHER JURISDICTION OF (I.R.S. EMPLOYER
INCORPORATION OR ORGANIZATION) IDENTIFICATION NUMBER)
COMMISSION FILE NUMBER: 0-12046
8450 CENTRAL AVENUE
NEWARK, CALIFORNIA 94560
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES AND ZIP CODE)
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (510) 608-4000
================================================================================
<PAGE> 2
ITEM 3. BANKRUPTCY OR RECEIVERSHIP.
On June 26, 1997, StreamLogic Corporation (the "Company") filed a
voluntary petition in the United States Bankruptcy Court for the Northern
District of California, San Francisco Division ("Bankruptcy Court"), seeking
protection under Chapter 11 of the United States Bankruptcy Code. The Company
will continue to operate as a debtor-in-possession, with its existing directors
and officers, subject to the supervision and orders of the Bankruptcy Court.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
Exhibits
99.1 Monthly Operating Report for the Month of February 1998, as filed with
the United States Bankruptcy Court for the Northern District of
California, San Francisco Division.
2
<PAGE> 3
SIGNATURES
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.
STREAMLOGIC CORPORATION
(Registrant)
Date: March 25, 1998 By /s/ CHAPMAN STRANAHAN
-------------------------------------
Chapman Stranahan
President
3
<PAGE> 4
Exhibit Index
99.1 Monthly Operating Report for the Month of February 1998, as filed with
the United States Bankruptcy Court for the Northern District of
California, San Francisco Division.
4
<PAGE> 1
EXHIBIT 99.1
Monthly Operating Report for the Month of February 1998,
as filed with the United States Bankruptcy Court
for the Northern District of California, San Francisco Division.
<PAGE> 2
GOLDBERG, STINNETT, MEYERS & DAVIS
A PROFESSIONAL CORPORATION
MERLE C. MEYERS, ESQ. #66849
KATHERINE D. RAY, ESQ. #121002
KENNETH G. DEJARNETTE, ESQ. #168074
44 MONTGOMERY STREET, SUITE 2900
SAN FRANCISCO, CALIFORNIA 94104
TELEPHONE: (415) 362-5043
COUNSEL FOR DEBTOR-IN-POSSESSION
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF CALIFORNIA
SAN FRANCISCO DIVISION
IN RE ) CASE NO. 97-32984
)
STREAMLOGIC CORPORATION, ) UNDER CHAPTER 11
A DELAWARE CORPORATION, )
FORMERLY KNOWN AS )
MICROPOLIS CORPORATION, )
)
DEBTOR. )
TAX ID. NO. 95-3093858 )
MONTHLY OPERATING REPORT
FOR THE MONTH OF FEBRUARY 1998
------------------------------
<PAGE> 3
UNITED STATES BANKRUPTCY COURT
NORTHERN DISTRICT OF CALIFORNIA
IN RE: STREAM LOGIC CORPORATION CASE NO. 97-32984 DM
CHAPTER 11
MONTHLY OPERATING REPORT
(GENERAL BUSINESS CASE)
SUMMARY OF FINANCIAL STATUS
MONTH ENDED February 28, 1998
1. Debtor in possession (or trustee) hereby submits this Monthly Operating
Report on the Accrual Basis of accounting (or if checked here ___ the
Office of the U.S. Trustee or the Court has approved the Cash Basis of
Accounting for the Debtor). Dollars reported in ($ _____).
<TABLE>
<CAPTION>
END OF END OF AS OF
CURRENT PRIOR PETITION
2. ASSET/LIABILITY SUMMARY MONTH MONTH FILING
<S> <C> <C> <C>
Current Assets (Market Value) $3,425,331 $2,709,281 $18,388,407 *
----------- ----------- -----------
Total Assets (Market Value) $6,527,831 $7,562,391 $22,312,581 *
----------- ----------- -----------
Current Liabilities $531,342 $527,631 $0
----------- ----------- -----------
Total Liabilities $30,868,342 $30,864,631 $28,859,237
----------- ----------- -----------
</TABLE>
<TABLE>
<CAPTION>
PETITION
CURRENT PRIOR DATE TO
3. STATEMENT OF CASH RECEIPTS & DISBURSEMENTS FOR MONTH MONTH MONTH MONTH END
<S> <C> <C> <C>
a. Total Receipts $1,672,956 $816,900 $8,342,513
----------- ----------- -----------
b. Total Disbursements $647,983 $721,615 $6,547,071
----------- ----------- -----------
c. Excess (Deficiency) of Receipts Over Disbursements (a - b) $1,024,973 $95,285 $1,795,442
----------- ----------- -----------
d. Cash Balance Beginning of Month $1,164,667 $1,069,082
----------- ----------- -----------
e. Cash Balance End of Month (c + d) $2,189,640 $1,164,667
========== ---------
</TABLE>
<TABLE>
<CAPTION>
4. POST-PETITION LIABILITIES & RECEIVABLES RECEIVABLES LIABILITIES
<S> <C> <C> <C>
Balance at End of Previous Month $539,132 $527,631
----------- ----------- -----------
Balance at End of Current Month $310,703 $531,342
----------- ----------- -----------
5. PAST DUE POST-PETITION LIABILITIES
Balance at End of Previous Month (over 30 days) $0
-----------
Balance at End of Current Month (over 30 days) $0
-----------
</TABLE>
<TABLE>
<CAPTION>
YES NO
<S> <C> <C>
6. Are all federal, state, and local taxes current? (if no,
attach schedule of unpaid items) Unknown**
--------- ---------
7. Have any payments been made to pre-petition creditors, other
than payments in the normal course to secured
creditors or lessors? (if yes, attach listing including
date of payment, amount of payment and name of payee) x ***
---------- --------
8. Have any payments been made to officers, insiders,
shareholders, relatives? (if yes, attach listing including date
of payment, amount and reason for payment, and name of payee)
[Excludes salaries to officers] x
----------- --------
9. Have any payments been made to professionals? (if yes,
attach listing including date of payment, amount of payment
and name of payee) x
----------- --------
10. If you answered yes to line 7,8, or 9, were all such
payments approved by the court? x
----------- --------
11. Is the estate insured for replacement cost of assets
and for general liability? x
----------- --------
12. Are U.S. Trustee quarterly fees current? x
----------- --------
</TABLE>
I declare under penalty of perjury that I have reviewed the above
summary and attached financial statements, and after making reasonable
inquiry believe that these documents are correct.
/s/ GEORGE OLIVA
-----------------------------------------------
Date: March 11, 1998 George Oliva - VP of Finance and Administration
* Valuation in Bankruptcy schedules based on historical book values as
maintained by prior management.
** Post petition payroll related taxes paid currently. Federal, State and
local prior period tax returns were not filed; related tax liabilities
are unknown.
*** Approximately $20K in misc prepetition checks cleared
post petition.
<PAGE> 4
BALANCE SHEET
(GENERAL BUSINESS CASE)
FOR THE MONTH ENDED February 28, 1998
($___________)
ASSETS
<TABLE>
<CAPTION>
FROM SCHEDULES MARKET VALUE
-------------- ------------
CURRENT ASSETS
<S> <C> <C>
1 Cash and cash equivalents - unrestricted $2,189,640
----------
2 Cash and cash equivalents - restricted $287,651
----------
3 Accounts receivable (net) A $310,703
----------
4 Inventory (net) B $444,237
----------
5 Prepaid expenses $108,100
----------
6 Other: Receivable (estimated net) from estate auction $85,000
----------
7 $0
----------
8 TOTAL CURRENT ASSETS $3,425,331
----------
PROPERTY AND EQUIPMENT (MARKET VALUE)
9 Real property C $3,000,000
----------
10 Machinery and equipment D $25,000
----------
11 Furniture and fixtures D $25,000
----------
12 Office equipment D $50,000
----------
13 Leasehold improvements D $0
----------
14 Vehicles D $2,500
----------
15 Other: D
----------
16 D
----------
17 D
----------
18 D
----------
19 D
----------
20 TOTAL PROPERTY AND EQUIPMENT $3,102,500
----------
OTHER ASSETS
21 $0
----------
22
----------
23
----------
24
----------
25 TOTAL OTHER ASSETS $0
----------
26 TOTAL ASSETS $6,527,831
==========
</TABLE>
NOTE:
Indicate the method used to estimate the market value of assets (e.g.,
appraisals; familiarity with comparable market prices, etc.) and the
date the value was determined.
Inventory valued at historical cost less a $270K reserve for excess
quantity and/or obsolescence
Market Value of equipment based on management estimate
Accounts receivable are net of a substantial write-off due to
managements experience with the collections.
<PAGE> 5
LIABILITIES AND EQUITY
(GENERAL BUSINESS CASE)
($_______________ )
<TABLE>
<CAPTION>
LIABILITIES FROM SCHEDULES
--------------
<S> <C> <C>
POST-PETITION
CURRENT LIABILITIES
27 Salaries and wages
------------
28 Payroll taxes
------------
29 Real and personal property taxes unknown
------------
30 Income taxes unknown
------------
31 Notes payable (short term)
------------
32 Accounts payable (trade) A $50,000
------------
33 Real property lease arrearage
------------
34 Personal property lease arrearage $95,000
------------
35 Accrued professional fees (estimated amount) $335,000
------------
36 Current portion of long-term debt (due within 12 months) $0
------------
37 Other: Warranty Post Petition $51,342
------------
38
------------
39
------------
40 TOTAL CURRENT LIABILITIES $531,342
------------
41 LONG-TERM DEBT, NET OF CURRENT PORTION
------------
42 TOTAL POST-PETITION LIABILITIES $531,342
------------
PRE-PETITION LIABILITIES (ALLOWED AMOUNT)
43 Secured claims (excludes equipment lessors claims) E $252,000
------------
44 Priority unsecured claims (includes priority tax claims) E $85,000
------------
45 General unsecured claims E $30,000,000
------------
46 TOTAL PRE-PETITION LIABILITIES $30,337,000
------------
47 TOTAL LIABILITIES $30,868,342
------------
EQUITY (DEFICIT)
48
------------
49
------------
50
------------
51
------------
52 Market value adjustment ($24,340,511)
------------
53 TOTAL EQUITY (DEFICIT) ($24,340,511)
------------
54 TOTAL LIABILITIES AND EQUITY (DEFICIT) $6,527,831
============
</TABLE>
<PAGE> 6
SCHEDULES
(GENERAL BUSINESS CASE)
($________________ )
SCHEDULE A
ACCOUNTS RECEIVABLE(NET)/PAYABLE
<TABLE>
<CAPTION>
ACCOUNTS ACCOUNTS PAYABLE PAST DUE
Receivables and Payables Ageings RECEIVABLE [POST PETITION] POST PETITION DEBT
---------- ----------------- ------------------
<S> <C> <C> <C>
0 -30 Days $211,285 $50,000
-------- --------------
--
31-60 Days $83,555 $0
-------- --------
61-90 Days $104,984 $0
-------- -------- ------
91+ Days $60,245
--------- --------
Total accounts receivable/payable $460,069 $50,000
-------- ========
Allowance for doubtful accounts $149,366
--------
Accounts receivable (net) $310,703
========
</TABLE>
SCHEDULE B
INVENTORY/COST OF GOODS SOLD
TYPES AND AMOUNT OF INVENTORY(IES)
<TABLE>
<CAPTION>
INVENTORY(IES)
BALANCE AT
END OF MONTH
<S> <C>
Retail/Restaurants -
Product for resale
---------------
Distribution -
Product for resale
---------------
Manufacturer -
Raw materials $440,000
--------------
Work-in-progress $141,000
--------------
Finished goods $134,000
---------------
Other - ($270,763)
---------------
Explain Provision for Excess
and/or obsolete
TOTAL $444,237
===============
</TABLE>
METHOD OF INVENTORY CONTROL
Do you have a functioning perpetual inventory system?
Yes [ ] No [X]
How often do you take a complete physical inventory?
Weekly
-----
Monthly
-----
Quarterly
-----
Semi-annually X
-----
Annually
----
Date of last physical inventory was 31-Dec-97
Date of next physical inventory is unknown
<TABLE>
<CAPTION>
COST OF GOODS SOLD
<S> <C>
Inventory Beginning of Month $786,312
--------
Add -
Net purchases $110,000
--------
Direct labor $3,000
--------
Manufacturing overhead $10,000
--------
Freight in $0
--------
Other:
--------
Less -
Inventory End of Month $715,000
--------
Shrinkage / writedowns
--------
Personal Use
--------
Cost of Goods Sold $194,312
========
INVENTORY VALUATION METHODS
Indicate by a checkmark method of inventory valuation used.
Valuation methods -
FIFO cost x
-------
LIFO cost
-------
Lower of cost or market
-------
Retail method
-------
Other -
Explain
-------
</TABLE>
<PAGE> 7
SCHEDULE C
REAL PROPERTY
<TABLE>
<CAPTION>
DESCRIPTION COST MARKET VALUE
- ----------- ---- ------------
<S> <C> <C>
Land, Building and Improvements $7,560,000 $3,000,000
---------- ----------
TOTAL $7,560,000 $3,000,000
========== ==========
</TABLE>
SCHEDULE D
OTHER DEPRECIABLE ASSETS
<TABLE>
<CAPTION>
DESCRIPTION COST MARKET VALUE
- ----------- ---- ------------
<S> <C> <C>
MACHINERY & EQUIPMENT -
Manufacturing Equipment $25,000 $25,000
---------- ----------
Tooling $0 $0
---------- ----------
Leased Equipment $0 $0
---------- ----------
TOTAL $25,000 $25,000
========== ==========
FURNITURE & FIXTURES -
Miscelleneous items $25,000 $25,000
---------- ----------
TOTAL $25,000 $25,000
========== ==========
OFFICE EQUIPMENT -
Equipment $0
---------- ----------
Software $0
---------- ----------
Computer Hardware $50,000 $50,000
---------- ----------
TOTAL $50,000 $50,000
========== ==========
LEASEHOLD IMPROVEMENTS -
$0 $0
---------- ----------
TOTAL $0 $0
========== ==========
VEHICLES -
1988 Chevrolet Van $15,000 $2,500
---------- ----------
TOTAL $15,000 $2,500
========== ==========
</TABLE>
SCHEDULE E
PRE-PETITION LIABILITIES
<TABLE>
<CAPTION>
CLAIMED ALLOWED
LIST TOTAL CLAIMS FOR EACH CLASSIFICATION - AMOUNT AMOUNT (B)
<S> <C> <C>
Secured claims (a) $670,000 $252,000
----------- -----------
Priority claims other than taxes $150,000 $35,000
----------- -----------
Priority tax claims $1,050,000 $200,000
----------- -----------
General unsecured claims $40,000,000 $30,000,000
----------- -----------
</TABLE>
(a) List total amount of claims even if under secured.
(b) Estimated amount of claim to be allowed after compromise or
litigation. As an example, you are a defendant in a lawsuit
alleging damage of $10,000,000 and a proof of claim is filed in
that amount. You believe that you can settle the case for a
claim of $3,000,000. For Schedule E reporting purposes you
should list $10,000,000 as the Claimed Amount and $3,000,000 as
the Allowed Amount.
SCHEDULE F
RENTAL INCOME INFORMATION
Not applicable to general business cases.
<PAGE> 8
STATEMENT OF OPERATIONS
(General Business Case)
FOR THE MONTH ENDED 2/28/98
$________________
<TABLE>
<CAPTION>
CURRENT MONTH
- --------------------------------------------------
ACTUAL FORECAST VARIANCE
------ -------- --------
<S> <C> <C>
$258,000 $250,000 $8,000
- ------------- -------------- -------------
$0 $0 $0
- ------------- -------------- -------------
$258,000 $250,000 $8,000
- ------------- -------------- -------------
$194,312 $185,000 $9,312
- ------------- -------------- -------------
$63,688 $65,000 ($1,312)
- ------------- -------------- -------------
$0
- ------------- -------------- -------------
$0
- ------------- -------------- -------------
$63,688 $65,000 ($1,312)
- ------------- -------------- -------------
$32,308 $32,308 $0
- ------------- -------------- -------------
$149,197 $188,692 $39,495
- ------------- -------------- -------------
$0
- ------------- -------------- -------------
$5,000 $5,000 $0
- ------------- -------------- -------------
$0
- ------------- -------------- -------------
$17,495 $21,000 $3,505
- ------------- -------------- -------------
$0
- ------------- -------------- -------------
$0
- ------------- -------------- -------------
$6,000 $10,000 $4,000
- ------------- -------------- -------------
$152,000 $135,000 ($17,000)
- ------------- -------------- -------------
$0 $0 $0
- ------------- -------------- -------------
$0
- ------------- -------------- -------------
$0
- ------------- -------------- -------------
$0
- ------------- -------------- -------------
$0
- ------------- -------------- -------------
$0
- ------------- -------------- -------------
$0
- ------------- -------------- -------------
$0
- ------------- -------------- -------------
$362,000 $392,000 $30,000
- ------------- -------------- -------------
($298,312) ($327,000) $28,688
- ------------- -------------- -------------
$0 $0 $0
- ------------- -------------- -------------
$0
- ------------- -------------- -------------
$5,339 $3,000 ($2,339)
- ------------- -------------- -------------
$0
- ------------- -------------- -------------
$0
- ------------- -------------- -------------
$0
- ------------- -------------- -------------
($5,339) ($3,000) $2,339
- ------------- -------------- -------------
($292,973) ($324,000) $31,027
- ------------- -------------- -------------
$0
- ------------- -------------- -------------
($292,973) ($324,000) $31,027
============= ============== =============
</TABLE>
<TABLE>
<CAPTION>
CUMULATIVE NEXT MONTH
REVENUES (CASE TO DATE) FORECAST
-------- ------------- ----------
<S> <C> <C>
1 Gross Sales $5,134,150 $515,000
------------ ----------
2 less: Sales Returns & Allowances ($160,000) $0
------------ ----------
3 Net Sales $4,974,150 $515,000
------------ ----------
4 less: Cost of Goods Sold (Schedule 'B') $3,713,317 $360,500
------------ ----------
5 Gross Profit $1,260,833 $154,500
------------ ----------
6 Interest
------------ ----------
7 Other Income:
------------ ----------
8
------------ ----------
9
------------ ----------
10 TOTAL REVENUES $1,260,833 $154,500
------------ ----------
EXPENSES
11 Compensation to Owner(s)/Officer(s) $329,304 $32,308
------------ ----------
12 Salaries/Commissions $1,417,865 $123,692
------------ ----------
13 Management Fees
------------ ----------
14 Depreciation $120,000 $2,500
------------ ----------
15 Taxes:
------------ ----------
16 Employer Payroll Taxes $121,861 $12,664
------------ ----------
17 Real Property Taxes
------------ ----------
18 Other Taxes
------------ ----------
19 Other Selling $40,000 $28,000
------------ ----------
20 Other Administrative $1,109,353 $150,000
------------ ----------
21 Interest $0 $0
------------ ----------
22 Other Expenses:
23 Misc
------------ ----------
24
------------ ----------
25
------------ ----------
26
------------ ----------
27
------------ ----------
28
------------ ----------
29
------------ ----------
30
------------ ----------
31 TOTAL EXPENSES $3,138,383 $349,164
------------ ----------
32 SUBTOTAL ($1,877,550) ($194,664)
------------ ----------
REORGANIZATION ITEMS
33 Professional Fees $0 $0
------------ ----------
34 Provisions for Rejected Executory Contracts
------------ ----------
Interest Earned on Accumulated Cash
35 Resulting from Chp 11 Case $17,302 $5,000
------------ ----------
36 Gain or (Loss) from Sale of Equipment
------------ ----------
37
------------ ----------
38
------------ ----------
39 TOTAL REORGANIZATION ITEMS ($17,302) ($5,000)
------------ ----------
40 NET PROFIT (LOSS) BEFORE FEDERAL & STATE TAXES ($1,860,248) ($189,664)
------------ ----------
41 Federal & State Income Taxes
------------ ----------
42 NET PROFIT (LOSS) ($1,860,248) ($189,664)
============ ==========
</TABLE>
EXPLANATION OF VARIANCE TO STATEMENT OF OPERATIONS
(FOR VARIANCES GREATER THAN +/- 10% ONLY)
Line 12 Salaries Salaries expense is lower than forecast due to a
reduction in headcount during the month that wasn't
forecasted.
Line 16 Employer P/R taxes Forecast did not anticipate the reduction in
headcount.
Line 19 Other Selling Exp Spending was lower than forecast due to selling
costs delayed until next month.
Line 20 Other Admin Spending higher than forecast mainly to higher
than anticipated travel costs.
Line 40 Interest Earned Interest Earned was higher than forecast due to
the receipt of $1.2 M from the sale of concentric
stock
Line 33 Professional Fees Professional fees not reflected in Statement of
Operations.
<PAGE> 9
SUMMARY OF CASH RECEIPTS AND DISBURSEMENTS
(GENERAL BUSINESS CASE)
FOR THE MONTH ENDED February 28, 1998
<TABLE>
<S> <C>
CASH BALANCE BEGINNING OF MONTH $1,164,667
----------
CASH RECEIPTS(1) $1,672,956
----------
CASH DISBURSEMENTS(1) $647,983
----------
EXCESS (DEFICIENCY) OF RECEIPTS OVER DISBURSEMENTS $1,024,973
----------
CASH BALANCE END OF MONTH $2,189,640
==========
</TABLE>
RECAPITULATION OF FUNDS HELD AT END OF MONTH
<TABLE>
<CAPTION>
ACCOUNT 1 ACCOUNT 2 ACCOUNT 3 ACCOUNT 4
--------- --------- --------- ---------
<S> <C> <C> <C> <C>
BANK Wells Fargo Bank of America Bank of America Bank of America
ACCOUNT TYPE Checking Investment #1 Investment #2 Checking
ACCOUNT NO. 4091-390302 15810-21069 15810-21073 15814-14194
ACCOUNT PURPOSE Main operating Estate Proceeds(2) Estate Proceeds(2) operating account
BALANCE, END OF MONTH $94,000 $1,723,759 $137,381 $234,500
TOTAL FUNDS ON HAND FOR ALL ACCOUNTS $2,189,640
</TABLE>
(1) Excluding bank transfers between your accounts.
(2) INCLUDES PROCEEDS FROM SALE OF ASSETS. INVESTMENT ACCT #1 INCLUDES
FARRINGTON LTD AND CONCENTRIC STOCK PROCEEDS LESS APPROVED PAYMENTS
OF LEGAL FEES. INVESTMENT ACCT #2 INCLUDE PROCEEDS FROM PTG INVENTORY
SALE.
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