UNITED STATES BANKRUPTCY COURT
DISTRICT OF DELAWARE
In re: NutraMax Products, Inc. Case No. 00-1838
-------------------------------------------
Debtor Reporting Period 10/1/00-10/28/00
MONTHLY OPERATING REPORT
File with Court and submit copy to United States Trustee
within 20 days after end of month.
Submit copy of report to any official committee appointed in the case.
-------------------------------------------------------------------------------
DOCUMENT EXPLANATION
REQUIRED DOCUMENTS FORM NO. ATTACHED ATTACHED
-------------------------------------------------------------------------------
Schedule of Cash Receipts and
Disbursements MOR-1 X
Bank Reconciliation (or copies
of debtor's bank
reconciliations) MOR-1 (con't) X
Copies of bank statements X
Cash disbursements journals X
Statement of Operations MOR-2 X
Balance Sheet MOR-3 X
Status of Postpetition Taxes MOR4 X
Copies of IRS Form 6123 or
payment receipt X
Copies of tax returns filed
during reporting period N/A
Summary of Unpaid Postpetition Debts MOR4 X
Listing of aged accounts
payable X
Accounts Receivable Reconciliation
and Aging MOR-5 X
Debtor Questionnaire MOR-5 X
-------------------------------------------------------------------------------
I declare under penalty of perjury (28 U.S.C. Section 1746) that this
report and the documents attached are true and correct to the best of my
knowledge and belief.
-------------------------------------------------------------------------------
Signature of Debtor Date
-------------------------------------------------------------------------------
Signature of Joint Debtor Date
/s/ Dawn E. Larson December 7, 2000
-------------------------------------------------------------------------------
Signature of Authorized Individual* Date
Dawn E. Larson Chief Financial Officer
-------------------------------------------------------------------------------
Printed Name of Authorized Individual Title of Authorized Individual
* AUTHORIZED INDIVIDUAL MUST BE AN OFFICER, DIRECTOR, OR SHAREHOLDER IF
DEBTOR IS A CORPORATION; A PARTNER IF DEBTOR IS A PARTNERSHIP; A MANAGER OR
MEMBER IF DEBTOR IS A LIMITED LIABILITY COMPANY.
Form MOR
<PAGE>
UNITED STATES BANKRUPTCY COURT
DISTRICT OF DELAWARE
In re: NutraMax Products, Inc. Case No. 00-1838
-------------------------------------------
Debtor Reporting Period 10/1/00-10/28/00
SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS
Amounts reported should be per the debtor's books, not the bank statement
The beginning cash should be the ending cash from the prior month or, if this
is the first report, the amount should be the balance on the date the
petition was filed. The amounts reported in the "CURRENT MONTH - ACTUAL"
column must equal the sum of the four bank account columns. The amounts
reported in the "PROJECTED" columns should be taken from the SMALL BUSINESS
INITIAL REPORT (FORM 1R-1). Attach copies of the bank statements and the
cash disbursements journal. The total disbursements listed in the
disbursements journal must equal the total disbursements reported on this
page. A bank reconciliation must be attached for each account [See MOR-1
(CON'T)]
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------------
CUMULATIVE
BANK ACCOUNTS CURRENT MONTH FILING TO DATE
OPER. PAYROLL TAX OTHER ACTUAL PROJECTED ACTUAL PROJECTED
-----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
CASH BEGINNING OF MONTH $ 1,125 $ 181,848 $ - $ 182,973 - $ 7,126 -
RECEIPTS
CASH SALES $ - $ - -
ACCOUNTS RECEIVABLE 9,226,239 $ 9,226,239 8,550,000 $ 54,323,567 40,182,000
SALE OF ASSETS $ - $ - -
OTHER (ATTACH LIST) 207,859 $ 207,859 $ 2,339,093 -
TRANSFERS (FROM DIP ACCTS) 15,518 751,043 6,049,533 $ 6,816,094 $ 38,222,338 -
ADVANCES FROM REVOLVER $ - 701,000 $ 2,192,321 3,772,000
TOTAL RECEIPTS 9,241,757 751,043 6,257,392 16,250,192 8,936,000 $ 97,077,319 43,954,000
DISBURSEMENTS
PAYROLL & TAXES 1,091,685 747,581 494,485 $ 2,333,751 2,310,000 $ 13,079,483 11,616,000
$ - $ - -
SALES, USE, & OTHER TAXES $ - $ - -
INVENTORY PURCHASES 627,093 3,501,907 $ 4,129,000 4,320,000 $ 29,021,192 22,171,000
SECURED/RENTAL/LEASES 183,000 $ 183,000 352,000 $ 958,748 880,000
OPERATING EXPENSES 2,004,750 $ 2,004,750 1,600,000 $ 12,082,831 7,823,000
ADMINISTRATIVE 5,822 (5,822) $ - $ 20,000 -
SELLING $ - $ - -
LOAN PAYMENTS 266,610 $ 266,610 $ 2,131,154 95,000
CAPITAL EXPENDITURES - 50,000 43,311 369,000
OTHER (ATTACH LIST) 450,306 700 (106,178) $ 344,828 $ 700,782 -
OWNER DRAW* $ - $ - -
TRANSFERS (TO DIP ACCTS) 6,800,576 15,518 $ 6,816,094 $ 38,222,339 -
$ - $ - -
PROFESSIONAL FEES 172,000 $ 172,000 350,000 $ 628,723 1,000,000
U.S. TRUSTEE QUARTERLY FEES 13,250 $ 13,250 $ 26,000 -
COURT COSTS $ - $ - -
TOTAL DISBURSEMENTS 9,242,092 763,799 - 6,257,392 16,263,283 8,982,000 $ 96,914,563 43,954,000
NET CASH FLOW $ (335) (12,756) - - $ (13,091) - $ 162,756 -
(RECEIPTS LESS
DISBURSEMENTS)
CASH-END OF MONTH $ 790 169,092 - - $ 169,882 $ - $ 169,882 -
-----------------------------------------------------------------------------------------------------------------------------------
<FN>
* COMPENSATION TO SOLE PROPRIETORS FOR SERVICES RENDERED TO BANKRUPTCY ESTATE
</FN>
</TABLE>
<TABLE>
<CAPTION>
THE FOLLOWING SECTION MUST BE COMPLETED
-----------------------------------------------------------------------------------------------------------------------------------
<S> <C>
DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES: (FROM CURRENT MONTH ACTUAL COLUMN)
TOTAL DISBURSEMENTS 16,263,283
LESS TRANSFERS TO DEBTOR IN POSSESSION ACCOUNTS 6,816,094
PLUS ESTATE DISBURSEMENTS MADE BY OUTSIDE SOURCES (ie, from escrow accounts)
TOTAL DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES 9,447,189
-----------------------------------------------------------------------------------------------------------------------------------
Form MOR-1
</TABLE>
<PAGE>
UNITED STATES BANKRUPTCY COURT
DISTRICT OF DELAWARE
In re: NutraMax Products, Inc. Case No. 00-1838
-------------------------------------------
Debtor Reporting Period 10/1/00-10/28/00
SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS
<TABLE>
<CAPTION>
OTHER DETAIL
<S> <C> <C> <C> <C> <C>
Receipts:
reverse negative cash
reclass (1,653,392) $ (1,653,392)
Adjustment made to
reclass negative
cash balance to AP $ 1,794,744 $ 1,794,744
canceled checks $ 66,507 $ 66,507
TOTAL $ - - $ 207,859 $ 207,859
================================================= =================
Disbursements:
Variance between G/L &
manual records 450,306 700 - (106,178) $ 344,828
================================================= =================
</TABLE>
Note: For the Operating and the Other/Disbursements Account, the source for
the expense categorization is a manual log kept by the Treasurer. All
receipts data is from G/L entries as are Transfers to DIP Accounts and
Payroll and Taxes.
Form MOR-1(2)
<PAGE>
In re: NutraMax Products, Inc. Case No. 00-1838
-------------------------------------------
Debtor Reporting Period 08/27/00 0 09/30/00
Audit Adjustments
STATEMENT OF OPERATIONS
(INCOME STATEMENT)
The Statement of Operations is to be prepared on an accrual basis. The
accrual basis of accounting recognizes revenue when it is realized and
expenses when they are incurred, regardless of when cash is actually
received or paid.
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------
Cumulative Filing
REVENUES Month to Date
-------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Gross Revenues $ 1,649,730.00 $ 51,632,182.00
Less: Returns and Allowances $ 1,671,288.00
Net Revenue $ 1,649,730.00 $ 49,960,894.00
COST OF GOODS SOLD
Beginning Inventory $ 15,400,713.00
Add: Purchases $ 22,030,044.00
Add: Cost of Labor $ 5,721,418.00
Add: Other Costs (attach schedule) $ 14,451,526.00
Less: Ending Inventory $ $ 16,736,280.00
Cost of Goods Sold $ 1,888,117.00 $ 40,867,421.00
Gross Profit $ (238,387.00)$ 9,093,473.00
OPERATING EXPENSES
Advertising $ 318,854.00
Auto and Truck Expense $ 459.00
Bad Debts $ 417,000.00
Contributions $ 2,879.00
Employee Benefits Programs $ 137,749.00
Insider Compensation* $ 738,809.00
Insurance $ 30,212.00
Management Fees/Bonuses $ 531,499.00
Office Expense $ 51,244.00
Pension & Profit Sharing Plans $ -
Repairs and Maintenance $ 51,684.00
Rent and Lease Expense $ 291,225.00
Salaries/Commissions/Fees $ -65,201.00 $ 1,891,691.00
Supplies $ 44,772.00
Taxes - Payroll $ 108,126.00
Taxes - Real Estate $ 1,480.00
Taxes - Other $ 31,126.00
Travel and Entertainment $ 100,598.00
Utilities $ 29,412.00
Other (attach schedule) $ 3,390,238.00
Total Operating Expenses Before Depreciation $ (65,201.00)$ 8,169,057.00
Depreciation/Depletion/Amortization $ 58,621.00
Net Profit (Loss) Before Other Income & Expenses $ (173,186.00)$ 865,795.00
OTHER INCOME AND EXPENSES
Other Income (attach schedule) $ 87,662.00 $ 92,754.00
Interest Expense $ $ 3,375,354.00
Other Expense (attach schedule)
Net Profit (Loss) Before Reorganization Items $ (85,524.00)$ (2,416,805.00)
REORGANIZATION ITEMS
Professional Fees $ 2,112,871.00
U.S. Trustee Quarterly Fees $ - $ 12,750.00
Interest Earned on Accumulated Cash from Chapter 11 (see continuation sheet) $ - $ -
Gain (Loss) from Sale of Equipment $ - $ -
Other Reorganization Expenses (attach schedu1e) $ $ 690,786.00
Total Reorganization Expenses $ - $ 2,816,407.00
Income Taxes $ 1,943,000.00 $ 1,943,603.00
Net Profit (Loss) $ (2,028,524.00)$ (7,176,815.00)
<FN>
* "Insider" is defined in 11 U.S.C. Section 101(31)
</FN>
</TABLE>
<PAGE>
In re: NutraMax Products, Inc. Case No. 00-1838
-------------------------------------------
Debtor Reporting Period 10/1/00-10/28/00
STATEMENT OF OPERATIONS
(INCOME STATEMENT)
The Statement of Operations is to be prepared on an accrual basis. The
accrual basis of accounting recognizes revenue when it is realized and
expenses when they are incurred, regardless of when cash is actually
received or paid.
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------
Cumulative Filing
REVENUES Month to Date
-------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Gross Revenues $ 9,532,592.00 $ 61,164,774.00
Less: Returns and Allowances 300,963.00 $ 1,972,251.00
Net Revenue $ 9,231,629.00 $ 59,192,523.00
COST OF GOODS SOLD
Beginning Inventory $ 16,736,280.00 $ 32,136,993.00
Add: Purchases $ 5,042,425.00 $ 27,072,469.00
Add: Cost of Labor $ 687,210.00 $ 6,408,628.00
Add: Other Costs (attach schedule) $ 2,298,229.00 $ 16,749,755.00
Less: Ending Inventory $ 17,249,588.00 $ 33,985,868.00
Cost of Goods Sold $ 7,514,556.00 $ 48,381,977.00
Gross Profit $ 1,717,073.00 $ 10,810,546.00
OPERATING EXPENSES
Advertising $ 161,328.00 $ 480,182.00
Auto and Truck Expense $ 1,962.00 $ 2,421.00
Bad Debts $ 83,000.00 $ 500,000.00
Contributions $ - $ 2,879.00
Employee Benefits Programs $ 10,608.00 $ 148,357.00
Insider Compensation* $ 90,538.00 $ 829,347.00
Insurance $ 10,208.00 $ 40,420.00
Management Fees/Bonuses $ 2,500.00 $ 533,999.00
Office Expense $ 8,047.00 $ 59,291.00
Pension & Profit Sharing Plans $ - $ -
Repairs and Maintenance $ 13,949.00 $ 65,633.00
Rent and Lease Expense $ 49,049.00 $ 340,274.00
Salaries/Commissions/Fees $ 488,707.00 $ 2,380,398.00
Supplies $ 5,923.00 $ 50,695.00
Taxes - Payroll $ 1,750.00 $ 109,876.00
Taxes - Real Estate $ 1,480.00 $ 2,960.00
Taxes - Other $ 9,500.00 $ 40,626.00
Travel and Entertainment $ (4,135.00)$ 96,463.00
Utilities $ 3,838.00 $ 33,250.00
Other (attach schedule) $ 902,294.00 $ 4,292,532.00
Total Operating Expenses Before Depreciation $ 1,840,546.00 $ 10,009,603.00
Depreciation/Depletion/Amortization $ 28,866.00 $ 87,487.00
Net Profit (Loss) Before Other Income & Expenses $ (152,339.00)$ 713,456.00
OTHER INCOME AND EXPENSES
Other Income (attach schedule) $ 960.00 $ 93,714.00
Interest Expense $ 594,462.00 $ 3,969,816.00
Other Expense (attach schedule) - -
Net Profit (Loss) Before Reorganization Items $ (745,841.00)$ (3,162,646.00)
REORGANIZATION ITEMS
Professional Fees $ 2,112,871.00
U.S. Trustee Quarterly Fees $ 13,472.00 $ 26,222.00
Interest Earned on Accumulated Cash from Chapter 11 (see continuation sheet) $ - $ -
Gain (Loss) from Sale of Equipment $ - $ -
Other Reorganization Expenses (attach schedu1e) $ 201,667.00 $ 892,453.00
Total Reorganization Expenses $ 215,139.00 $ 3,031,546.00
Income Taxes $ - $ 1,943,603.00
Net Profit (Loss) $ (960,980.00)$ (8,137,795.00)
<FN>
* "Insider" is defined in 11 U.S.C. Section 101(31)
</FN>
Form MOR-2
</TABLE>
<PAGE>
In re: NutraMax Products, Inc. Case No. 00-1838
-------------------------------------
Debtor Reporting Period 08/27/00 - 09/30/00 Audit
<TABLE>
<CAPTION>
STATEMENT OF OPERATIONS - continuation sheet
-------------------------------------------------------------------------------------------------------------------
Cumulative Filing
BREAKDOWN OF "OTHER" CATEGORY Month to Date
-------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Other Costs
MFG,QA/QC,G&A $ 1,888,117.00 14,451,526.00
Other Operational Expenses
OUTSIDE LABOR 164,841.00
PROFESSIONAL SERVICES 102,872.00
RUBBISH REMOVAL 2,774.00
TELEPHONE/TELECOMMUNICATION 490,294.00
FREIGHT OUT 2,249,848.00
LICENSES & FEES (1,424.00)
RECRUITMENT 98,940.00
ROYALTIES 179,000.00
MISCELANEOUS 97,134.00
BANK SERVICE CHARGES 26,563.00
OTHER PROFESSIONAL FEES/RESTRUCTURING 289,296.00
MATERIAL HANDLING 8,399.00
DUES & SUBSCRIPTIONS 2,733.00
TRAINING AND EDUCATION 10,800.00
Other Income
INTEREST INCOME $5,092.00
MISCELANEOUS AUDIT ADJUSTMENTS $ 87,662.00 $87,662.00
Other Expenses
Other Reorganization Expenses
CIT DIP LOAN FEE AMORTIZATION $ 632,311.00
Printing Charges for Disclosure Statement, etc. $ 58,475.00
-----------------------------------------------------------------------------------------------------------------------
Reorganization Items - Interest Earned on Accumulated Cash from Chapter 11:
Interest earned on cash accumulated during the chapter 11 case, which would
not have been earned but for the bankruptcy proceeding, should be reported
as a reorganization item.
Form MOR-2 (CONT)
</TABLE>
In re: NutraMax Products, Inc. Case No. 00-1838
-------------------------------------------
Debtor Reporting Period 10/1/00-10/28/00
<TABLE>
<CAPTION>
STATEMENT OF OPERATIONS - continuation sheet
-------------------------------------------------------------------------------------------------------------------
Cumulative Filing
BREAKDOWN OF "OTHER" CATEGORY Month to Date
-------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Other Costs
MFG,QA/QC,G&A $ 2,298,229.00 16,749,755.00
Other Operational Expenses
OUTSIDE LABOR $ 17,963.00 182,804.00
PROFESSIONAL SERVICES $ 10,626.00 113,498.00
RUBBISH REMOVAL $ 4,871.00 7,645.00
TELEPHONE/TELECOMMUNICATION $ 17,900.00 508,194.00
FREIGHT OUT $ 415,937.00 2,665,785.00
LICENSES & FEES $ 1,662.00 238.00
RECRUITMENT $ 8,793.00 107,733.00
ROYALTIES $ 32,100.00 211,100.00
MISCELANEOUS $ 104,261.00 201,395.00
BANK SERVICE CHARGES $ 6,927.00 33,490.00
OTHER PROFESSIONAL FEES/RESTRUCTURING $ 273,855.00 563,151.00
MATERIAL HANDLING $ 1,878.00 10,277.00
DUES & SUBSCRIPTIONS $ 795.00 3,528.00
TRAINING AND EDUCATION $ 4,726.00 15,526.00
Other Income
INTEREST INCOME $ 960.00 6,052.00
Other Expenses
Other Reorganization Expenses
CIT DIP LOAN FEE AMORTIZATION $ 201,667.00 833,978.00
Printing Charges for Disclosure Statement, etc. $ - 58,475.00
-----------------------------------------------------------------------------------------------------------------------
Reorganization Items - Interest Earned on Accumulated Cash from Chapter 11:
Interest earned on cash accumulated during the chapter 11 case, which would
not have been earned but for the bankruptcy proceeding, should be reported
as a reorganization item.
Form MOR-2 (CONT)
</TABLE>
<PAGE>
In re: NutraMax Products, Inc. Case No. 00-01838
-------------------------------------------
Debtor Reporting Period 08/27/00-09/30/00
HERE
<TABLE>
<CAPTION>
REVISED BALANCE SHEET
The Balance Sheet is to be completed on an accrual basis only. Pre-petition
liabilities must be classified separately from postpetition obligations.
-------------------------------------------------------------------------------------------------------
ORIGINAL BOOK VALUE AT REVISED BOOK VALUE
END OF SEPTEMBER SUMMARY OF AT END OF SEPTEMBER
ASSETS REPORTING MONTH AUDIT CHANGES REPORTING MONTH
-------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
CURRENT ASSETS
Unrestricted Cash and Equivalents $ 386,385.00 $ - $ 386,385.00
Restricted Cash and Cash
Equivalents (see continuation
sheet) $ 26,331.00 $ - $ 26,331.00
Accounts Receivable (Net) $ 12,726,929.00 $ 83,000.00 $ 12,809,929.00
Notes Receivable $ - $ - $ -
Inventories $ 16,736,280.00 $ (55,390.00) $ 16,680,890.00
Prepaid Expenses $ 5,776,648.00 $ 4,223.00 $ 5,780,871.00
Professional Retainers $ - $ - $ -
Other Current Assets (attach
schedule) $ 698,728.00 $ - $ 698,728.00
TOTAL CURRENT ASSETS $ 36,351,301.00 $ 31,833.00 $ 36,383,134.00
PROPERTY AND EQUIPMENT
Real Property and Improvements $ 11,478,211.00 $ (383,154.00) $ 11,095,057.00
Machinery and Equipment $ 44,833,634.00 $ 33,673.00 $ 44,867,307.00
Furniture, Fixtures, and
Office Equipment $ 3,042,252.00 $ - $ 3,042,252.00
Leasehold Improvements $ 2,922,238.00 $ - $ 2,922,238.00
Vehicles $ 120,610.00 $ (21.00) $ 120,589.00
Less Accumulated Depreciation $ 37,807,257.00 $ 5,000.00 $ 37,812,257.00
TOTAL PROPERTY & EQUIPMENT $ 24,589,688.00 $ (354,502.00) $ 24,235,186.00
OTHER ASSETS
Loans to Insiders* $ - $ - $ -
Other Assets (attach schedule) $ 131,089.00 $ - $ 131,089.00
TOTAL OTHER ASSETS $ 131,089.00 $ - $ 131,089.00
TOTAL ASSETS $ 61,072,078.00 $ (322,669.00) $ 60,749,409.00
-------------------------------------------------------------------------------------------------------
ORIGINAL BOOK VALUE AT REVISED BOOK VALUE
END OF SEPTEMBER SUMMARY OF AT END OF SEPTEMBER
LIABILITIES AND OWNER EQUITY REPORTING MONTH AUDIT CHANGES REPORTING MONTH
-------------------------------------------------------------------------------------------------------
LIABILITIES NOT SUBJECT TO
COMPROMISE (POSTPETITION)
Accounts Payable $ 5,159,984.00 $ (48,116.00) $ 5,111,868.00
Taxes Payable (refer to
Form MOR-4) $ 184,886.00 $ - $ 184,886.00
Wages Payable $ 1,281,838.00 $ (104,565.00) $ 1,177,273.00
Notes Payable $ 32,996,660.00 $ - $ 32,996,660.00
Rent/Leases - Building/
Equipment $ - $ - $ -
Secured Debt/Adequate
Protection Payments $ 3,211,093.00 $ - $ 3,211,093.00
Professional Fees $ 175,000.00 $ - $ 175,000.00
Amounts Due to Insiders* $ 679,700.00 $ - $ 679,700.00
Other Postpetition Liabilities
(attach schedule) $ 6,117,426.00 $ (660,392.00) $ 5,457,034.00
TOTAL POSTPETITION LIABILITIES $ 49,806,587.00 $ (813,073.00) $ 48,993,514.00
LIABILITIES SUBJECT TO
COMPROMISE (Pre-Petition)
Secured Debt $ 43,818,492.00 $ - $ 43,818,492.00
Priority Debt $ 1,274,632.00 $ 1,916,496.00 $ 3,191,128.00
Unsecured Debt $ 23,839,597.00 $ 903,439.00 $ 24,743,036.00
TOTAL PRE-PETITION LIABILITIES $ 68,932,721.00 $ 2,819,935.00 $ 71,752,656.00
TOTAL LIABILITIES $ 118,739,308.00 $ 2,006,862.00 $ 120,746,171.00
OWNER EQUITY $ - $ - $ -
Capital Stock $ 7,359.00 $ - $ 7,359.00
Additional Paid-In Capital $ 7,016,050.00 $ (835.00) $ 7,015,215.00
Partners' Capital Account $ - $ - $ -
Owner's Equity Account $ - $ - $ -
Retained Earnings - Pre-petition $ (59,540,146.00) $ - $ (59,540,146.00)
Retained Earnings - Postpetition $ (4,848,121.00) $ (2,328,696.00) $ (7,176,817.00)
Adjustments to Owner Equity
(attach schedule) $ (302,373.00) $ - $ (302,373.00)
Postpetition Contributions
(Distributions) (Draws)
(attach schedule) $ - $ - $ -
NET OWNER EQUITY $ (57,667,231.00) $ (2,329,531.00) $ (59,996,762.00)
TOTAL LIABILITIES AND OWNERS'
EQUITY $ 61,072,078.00 $ (322,669.00) $ 60,749,409.00
-------------------------------------------------------------------------------------------------------
* "Insider" is defined in 11 U.S.C. Section 101(31)
</TABLE>
Form MOR-3 (2)CHANGES
(9/99)
<PAGE>
In re: NutraMax Products, Inc. Case No. 00-1838
-------------------------------------------
Debtor Reporting Period 10/1/00-10/28/00
BALANCE SHEET
The Balance Sheet is to be completed on an accrual basis only. Pre-petition
liabilities must be classified separately from postpetition obligations.
--------------------------------------------------------------------------------
BOOK VALUE AT END OF
CURRENT REPORTING BOOK VALUE ON
ASSETS MONTH PETITION DATE
--------------------------------------------------------------------------------
CURRENT ASSETS
Unrestricted Cash and Equivalents $ 238,610.00 $ 1,000,229.00
Restricted Cash and Cash
Equivalents (see continuation
sheet) $ 26,331.00 $ 792,103.00
Accounts Receivable (Net) $ 12,917,624.00 $ 11,016,161.00
Notes Receivable $ - $ -
Inventories $ 17,194,198.00 $ 15,400,713.00
Prepaid Expenses $ 6,357,489.00 $ 1,268,263.00
Professional Retainers $ - $ -
Other Current Assets (attach
schedule) $ 699,428.00 $ 705,643.00
TOTAL CURRENT ASSETS $ 37,433,680.00 $ 30,183,112.00
PROPERTY AND EQUIPMENT
Real Property and Improvements $ 11,095,057.00 $ 11,477,757.00
Machinery and Equipment $ 44,888,388.00 $ 44,790,150.00
Furniture, Fixtures, and
Office Equipment $ 3,204,291.00 $ 2,897,200.00
Leasehold Improvements $ 2,926,038.00 $ 2,922,238.00
Vehicles $ 120,589.00 $ 120,610.00
Less Accumulated Depreciation $ 38,081,922.00 $ 36,705,379.00
TOTAL PROPERTY & EQUIPMENT $ 24,152,441.00 $ 25,502,576.00
OTHER ASSETS
Loans to Insiders* $ - $ -
Other Assets (attach schedule) $ 131,239.00 $ (17,227.00)
TOTAL OTHER ASSETS $ 131,239.00 $ (17,227.00)
TOTAL ASSETS $ 61,717,360.00 $ 55,668,462.00
--------------------------------------------------------------------------------
BOOK VALUE AT END OF
CURRENT REPORTING BOOK VALUE ON
LIABILITIES AND OWNER EQUITY MONTH PETITION DATE
--------------------------------------------------------------------------------
LIABILITIES NOT SUBJECT TO
COMPROMISE (POSTPETITION)
Accounts Payable $ 6,447,746.00 $ -
Taxes Payable (refer to
Form MOR-4) $ 237,341.00 $ -
Wages Payable $ 1,448,453.00 $ -
Notes Payable $ 32,563,384.00 $ -
Rent/Leases - Building/
Equipment $ - $ -
Secured Debt/Adequate
Protection Payments $ 3,657,844.00 $ -
Professional Fees $ 175,000.00 $ 765,232.00
Amounts Due to Insiders* $ 669,558.00 $ -
Other Postpetition Liabilities
(attach schedule) $ 5,801,491.00 $ 1,617,415.00
TOTAL POSTPETITION LIABILITIES $ 51,000,817.00 $ 2,382,647.00
LIABILITIES SUBJECT TO
COMPROMISE (Pre-Petition)
Secured Debt $ 43,760,883.00 $ 77,623,015.00
Priority Debt $ 3,191,128.00 $ 3,346,223.00
Unsecured Debt $ 24,722,274.00 $ 25,136,522.00
TOTAL PRE-PETITION LIABILITIES $ 71,674,285.00 $ 106,105,760.00
TOTAL LIABILITIES $ 122,675,102.00 $ 108,488,407.00
OWNER EQUITY $
Capital Stock $ 7,359.00 $ 7,359.00
Additional Paid-In Capital $ 7,015,215.00 $ 7,015,215.00
Partners' Capital Account $ - $ -
Owner's Equity Account $ - $ -
Retained Earnings - Pre-petition $ (59,540,146.00) $ (59,540,146.00)
Retained Earnings - Postpetition $ (8,137,797.00)
Adjustments to Owner Equity
(attach schedule) $ (302,373.00) $ (302,373.00)
Postpetition Contributions
(Distributions) (Draws)
(attach schedule) $ - $ -
NET OWNER EQUITY $ (61,717,360.00) $ (52,819,945.00)
TOTAL LIABILITIES AND OWNERS'
EQUITY $ 61,072,078.00 $ 55,668,462.00
--------------------------------------------------------------------------------
* "Insider" is defined in 11 U.S.C. Section 101(31)
Form MOR-3
<PAGE>
In re: NutraMax Products, Inc. Case No. 00-1838
-------------------------------------------
Debtor Reporting Period 08/27/00-09/30/00
<TABLE>
<CAPTION>
REVISED BALANCE SHEET - continuation sheet
-------------------------------------------------------------------------------------------------------
ORIGINAL BOOK VALUE AT REVISED BOOK VALUE
END OF SEPTEMBER SUMMARY OF AT END OF SEPTEMBER
ASSETS REPORTING MONTH AUDIT ADJUSTMENTS REPORTING MONTH
-------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
OTHER CURRENT ASSETS
EMPLOYEE LOANS $ 5,162.00 $ - $ 5,162.00
PAYROLL EXCHANGE $ (33,560.00) $ - $ (33,560.00)
OTHER CURRENT ASSETS $ 727,126.00 $ - $ 727,126.00
REFUNDABLE INCOME TAXES $ - $ - $ -
OTHER ASSETS
RENT & UTILITY DEPOSITS $ 131,089.00 $ - $ 131,089.00
-------------------------------------------------------------------------------------------------------
ORIGINAL BOOK VALUE AT REVISED BOOK VALUE
END OF SEPTEMBER SUMMARY OF AT END OF SEPTEMBER
LIABILITIES AND OWNER EQUITY REPORTING MONTH AUDIT ADJUSTMENTS REPORTING MONTH
-------------------------------------------------------------------------------------------------------
OTHER POSTPETITION LIABILITIES
ACCRUED INSURANCE $ 1,498,047.00 $ (337,639.00) $ 1,160,408.00
OTHER ACCRUED EXPENSES $ (332,850.00) $ 112,766.00 $ (220,084.00)
ACCRUED FREIGHT $ 51,370.00 $ - $ 51,370.00
ACCRUED EMPLOYEE RELOCATING
& RECRUTING $ 55,000.00 $ - $ 55,000.00
ACCRUED COMMISSIONS $ 353,668.00 $ - $ 353,668.00
ACCRUED ROYALTIES $ 13,359.00 $ (181,719.00) $ (168,360.00)
ACCRUED 401 K PLAN $ 81,784.00 $ - $ 81,784.00
ACCRUED STATE EXCISE TAX $ - $ - $ -
ACCRUED PROMOTION & DEVELOPMENT $ 109,973.00 $ - $ 109,973.00
RESTRUCTURING RESERVE $ 2,915,361.00 $ 3,634.00 $ 2,918,995.00
UNEARNED INCOME $ 881,826.00 $ (558,441.00) $ 323,385.00
DEFERRED RENT $ 178,318.00 $ - $ 178,318.00
DISCONTINUED OPERATIONS $ 311,570.00 $ 301,007.00 $ 612,577.00
ADJUSTMENTS TO OWNER EQUITY
TREASURY STOCK $ 302,373.00 $ - $ 302,373.00
POSTPETITION CONTRIBUTIONS
(DISTRIBUTIONS)(DRAWS)
-------------------------------------------------------------------------------------------------------
Restricted Cash: Cash that is restricted for a specific use andnot available
to fund operations. Typically, restricted cash is segregated
into a separate account, such as an escrow account.
</TABLE>
Form MOR-3 (CONT)CHANGES
(9/99)
<PAGE>
In re: NutraMax Products, Inc. Case No. 00-1838
-------------------------------------------
Debtor Reporting Period 10/1/00-10/28/00
BALANCE SHEET - continuation sheet
--------------------------------------------------------------------------------
BOOK VALUE AT END OF
CURRENT REPORTING BOOK VALUE ON
ASSETS MONTH PETITION DATE
--------------------------------------------------------------------------------
OTHER CURRENT ASSETS
EMPLOYEE LOANS $ - $ 4,980.00
PAYROLL EXCHANGE $ (32,707.00) $ (26,463.00)
OTHER CURRENT ASSETS $ 727,126.00 $ 727,126.00
OTHER ASSETS
RENT & UTILITY DEPOSITS $ 131,089.00 $ (17,227.00)
--------------------------------------------------------------------------------
BOOK VALUE ON
LIABILITIES AND OWNER EQUITY PETITION DATE
--------------------------------------------------------------------------------
OTHER POSTPETITION LIABILITIES
ACCRUED INSURANCE $ 930,459.00 $ -
OTHER ACCRUED EXPENSES $ (514,336.00) $ -
ACCRUED FREIGHT $ 239,402.00 $ -
ACCRUED EMPLOYEE RELOCATING
& RECRUTING $ 55,000.00 $ 123,802.00
ACCRUED COMMISSIONS $ 345,043.00 $ -
ACCRUED ROYALTIES $ 45,459.00 $ -
ACCRUED 401 K PLAN $ (113,689.00) $ -
GARNISHMENT/CHILD SUPPORT $ 3,255.00 $ -
ACCRUED UNION DUES $ 2,620.00 $ -
CAPITAL LEASE OBLIGATION (4,394.00)
ACCRUED EMPLOYEE FRINGE BENEFITS $ 577,798.00
RESTRUCTURING RESERVE $ 2,557,825.00 $ 114,604.00
UNEARNED INCOME $ 881,826.00 $ 881,826.00
DEFERRED RENT $ 483,662.00 $ 156,634.00
DISCONTINUED OPERATIONS $ 311,561.00 $ 340,549.00
ADJUSTMENTS TO OWNER EQUITY
TREASURY STOCK $ (302,373.00) $ (302,373.00)
POSTPETITION CONTRIBUTIONS
(DISTRIBUTIONS)(DRAWS)
--------------------------------------------------------------------------------
Restricted Cash: Cash that is restricted for a specific use and not
available to fund operations. Typically, restricted cash
is segregated into a separate account, such as an escrow
account.
Form MOR-3 (CONT)
<PAGE>
In re: NutraMax Products, Inc. Case No. 00-1838
-------------------------------------------
Debtor Reporting Period 10/1/00-10/28/00
STATUS OF POSTPETITION TAXES
The beginning tax liability should be the ending liability from the prior
month or, if this is the first report, the amount should be zero. Attach
photocopies of IRS Form 6123 or payment receipt to verify payment or
deposit of federal payroll taxes. Attach photocopies of any tax returns
filed during the reporting period.
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------------------------
AMOUNT ENDING
BEGINNING WITHHELD AMOUNT CHECK NO. TAX
TAX LIABILITY OR ACCRUED PAID DATE PAID OR EFT LIABILITY
----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
FEDERAL
Withholding $ - $ 283,953 $ 283,953 see attached $ -
FICA-Employee $ - $ 98,829 $ 98,829 see attached $ -
FICA-Employer $ - $ 98,829 $ 98,829 see attached $ -
Unemployment $ - $ 1,355 $ 1,355 see attached $ -
Income $ - $ - - see attached $ -
Other: _________________________ $ - $ 188 $ 188 see attached $ -
Total Federal Taxes $ - $ 483,154 $ 483,154 $ - $ -
STATE AND LOCAL
Withholding $ - $ 64,784 $ 64,784 see attached
Sales $ - $ - $ - see attached
Excise $ - $ - $ - see attached
Unemployment $ 1,543 $ 4,682 $ 6,225 see attached $ -
Real Property $ 170,073 $ 44,498 $ - various $214,571
Personal Property $ - $ - $ - $ -
Other: Franchise Tax_________________ $ 13,270 $ 9,500 $ - $ 22,770
Total State and Local $ 184,886 $ 123,464 $ 71,009 $ - $ - $237,341
TOTAL TAXES $ 184,886 $ 606,618 $ 554,163 $ - $ - $237,341
---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
SUMMARY OF UNPAID POSTPETITION DEBTS
Attach aged listing of accounts payable.
---------------------------------------------------------------------------------------------------------------------------------
Number of Days Past Due
-----------------------------------------------------------------
Current 0-30 31-60 61-90 Over 90 Total
--------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Accounts Payable $ 6,447,746
Wages Payable $ 1,448,453
Taxes Payable $ 237,341
Rent/Leases-Building $ -
Rent/Leases-Equipment $ -
Secured Debt/Adequate Protection Payments $ 3,657,844
Professional Fees $ 175,000
Amounts Due to Insiders* $ 669,558.00
Other:NOTES PAYABLE $ 32,563,384
Other: OTHER POST PETITION $5,801,491.00
TOTAL POSTPETITION DEBTS $ 51,000,817 $ - $ - $ - $ - $ - $ -
--------------------------------------------------------------------------------------------------------------------------------
Explain how and when the Debtor intends to pay any past-due postpetition debts.
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<FN>
*"Insider" is defined in 11 U.S.C. Section 101(31)
</FN>
Form MOR-4
</TABLE>
<PAGE>
In re: NutraMax Products, Inc. Case No. 00-1838
-------------------------------------------
Debtor Reporting Period 10/1/00-10/28/00
ACCOUNTS RECEIVABLE RECONCILIATION AND AGING
-------------------------------------------------------------------------------
Accounts Receivable Reconciliation Amount
-------------------------------------------------------------------------------
Total Accounts Receivable at the
beginning of the reporting period $15,353,489.00
+ Amounts billed during the period $ 9,392,296.00
- Amounts collected during the period $ 9,226,239.00
Total Accounts Receivable at the end of
the reporting period $15,519,546.00
Accounts Receivable Aging
0-30 days old $13,713,777.00
31-60 days old $ 1,466,629.00
61-90 days old $ 378,761.00
91+ days old $ (39,621.00)
Total Accounts Receivable $15,519,546.00
Amount considered uncollectible (Bad Debt) $(2,601,922.00)
Accounts Receivable (Net) $12,917,624.00
-------------------------------------------------------------------------------
DEBTOR QUESTIONNAIRE
-------------------------------------------------------------------------------
Yes No
-------------------------------------------------------------------------------
1. Have any assets been sold or transferred outside the
normal course of business this reporting period? If
yes, provide an explanation below. X
2. Have any funds been disbursed from any account other
than a debtor in possession account this reporting
period? If yes, provide an explanation below. X
3. Have all postpetition tax returns been timely filed? If
no, provide an explanation below. X
4. Are workers' compensation, general liability, and other
necessary insurance coverages in effect? If no, provide
an explanation below. X
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Form MOR-5
