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 31, 1999
American Rice, Inc.
(Exact name of registrant as specified in its charter)
Texas
(State or other jurisdiction of incorporation)
0-17039 76-0231626
(Commission File Number) (I.R.S. Employer
Identification No.)
411 N. Sam Houston Parkway E.
Houston, Texas 77060
(Address of Principal (Zip Code)
Executive Offices)
(281) 272-8800
(Registrant's telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report
<PAGE>
Item 5 - Other Events
Monthly Operating Reports filed with United States Trustee
- ----------------------------------------------------------
As previously reported on Form 8-K, on August 11, 1998 American Rice, Inc.
(the "Company") filed a voluntary petition for reorganization under Chapter
11 of the U.S. Bankruptcy Code with the U.S. Bankruptcy Court for the
Southern District of Texas, Corpus Christi Division. Pursuant to Federal Rule
of Bankruptcy Procedure 2015 and the United States Trustee's Operating
Guidelines and Reporting Requirements for Chapter 11 cases, the Company must
file a Monthly Operating Report ("MOR") with the Office of the United States
Trustee. The MOR covering the period from inception of the bankruptcy through
May 31, 1999 was filed with the Office of the United States Trustee on June
12, 1999. A copy of this MOR is attached hereto as Exhibit 99 and is
incorporated herein by reference.
Item 7. Financial Statement and Exhibits
(c) Exhibits
Exhibit 99.1 - Monthly Operating Report
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.
Date: June 22, 1999 American Rice, Inc.
--------------------
(Registrant)
By: /s/ Joseph E. Westover
----------------------
Joseph E. Westover
Vice President and
Controller
CASE NAME: AMERICAN RICE, INC. UNITED STATES BANKRUPTCY COURT
CASE NUMBER: 98-21254-C-11 (RSS) SOUTHERN DISTRICT OF TEXAS
PETITION FILING DATE: AUGUST 11, 1998 CORPUS CHRISTI DIVISION
MONTHLY OPERATING REPORT SUMMARY FOR MONTH ENDING MAY 31, 1999
<TABLE>
<CAPTION>
($ Thousands)
MONTH (1) Sept. 30 (2) Oct. 31 Nov. 30 Dec. 31 Jan. 31 Feb. 28 Mar. 31
<S> <C> <C> <C> <C> <C> <C> <C>
REVENUES (MOR-6) $36,694 $25,182 $18,450 $20,992 $16,343 $25,024 $19,633
INCOME (LOSS) BEFORE INT, DEPREC./TAX (26) (390) 627 1,089 993 741 660
NET INCOME (LOSS) (MOR-6) (3) (2,455) (2,461) (835) (330) (293) (458) (13,025)
PAYMENTS TO INSIDERS (MOR-9) 390 293 256 220 214 227 183
PAYMENTS TO PROFESSIONALS (MOR-9) 98 174 65 532 105 825 428
TOTAL DISBURSEMENTS (MOR-8) 49,935 43,904 51,265 42,322 23,704 40,254 40,189
</TABLE>
<PAGE>
MONTHLY OPERATING REPORT SUMMARY FOR MONTH ENDING MAY 31, 1999 (continued)
<TABLE>
<CAPTION>
($ Thousands)
MONTH (1) Apr. 30 May. 31
<S> <C> <C>
REVENUES (MOR-6) $18,738 $13,860
INCOME (LOSS) BEFORE INT, DEPREC./TAX 887 700
NET INCOME (LOSS) (MOR-6) (3) (455) (304)
PAYMENTS TO INSIDERS (MOR-9) 165 161
PAYMENTS TO PROFESSIONALS (MOR-9) 58 47
TOTAL DISBURSEMENTS (MOR-8) 24,600 38,475
</TABLE>
REQUIRED INSURANCE MAINTAINED
AS OF SIGNATURE DATE EXP.
DATE
CASUALTY YES(X) NO( ) 12/15/99
LIABILITY YES(X) NO( ) 11/18/99
VEHICLE YES(X) NO( ) 11/18/99
WORKERS YES(X) NO( ) 2/1/00
OTHER YES(X) NO( ) 11/18/99
Are all accounts receivable being collected within terms? No.
Are all post-petition liabilities, including taxes, being paid
within terms ? Yes.
Have any pre-petition liabilities been paid? Yes.
If so, describe. Court authorized payments to customers,
processor liens, non-debtor subsidiaries to extent of proceeds.
Are all funds received being deposited into DIP bank account? Yes.
Were any assets disposed of outside of the normal course of
business ? No. If so, describe.
Are all U. S. Trustee quarterly fee payments current? Yes.
What is the status of your Plan of Reorganization? In process.
I certify under penalty of perjury that the following complete
Monthly Operating Report (MOR), consisting of MOR-1 through
MOR-9 plus attachments, is true and correct.
SIGNED: /s/ Joseph E. Westover
TITLE: Vice-President
MOR-1 Footnotes follow MOR-9
<PAGE>
CASE NAME: AMERICAN RICE, INC.
CASE NUMBER: 98-21254-C-11 (RSS)
<TABLE>
<CAPTION>
COMPARATIVE BALANCE SHEETS
($ Thousands) Filing Date
MONTH Aug. 11 (1) Sept. 30 Oct. 31 Nov. 30 Dec. 31 Jan. 31 Feb. 28 Mar. 31
<S> <C> <C> <C> <C> <C> <C> <C> <C>
ASSETS
CURRENT ASSETS
Cash $913 $1,071 $216 $795 $541 $2,402 $4,291 $1,544
Accounts receivable, net (MOR-5) 33,914 39,725 34,456 33,667 28,317 33,173 28,843 25,257
Inventory: lower of cost or market 67,692 63,005 28,561 30,255 33,151 29,903 25,171 29,857
Prepaid expenses 3,603 3,468 1,727 1,595 2,612 2,468 1,704 1,958
Investments - - - - - - - -
Other - - 1,000 1,000 1,000 1,000 1,000 1,000
TOTAL CURRENT ASSETS 106,122 107,269 65,960 67,312 65,621 68,946 61,009 59,616
PROPERTY, PLANT, & EQUIPMENT @ COST 66,866 67,072 56,405 56,405 56,409 56,564 56,580 56,501
Less accumulated depreciation (27,631) (28,081) (26,768) (26,965) (27,227) (27,438) (27,607) (27,925)
NET BOOK VALUE OF PP&E 39,235 38,991 29,637 29,440 29,182 29,126 28,973 28,576
OTHER ASSETS
TAX DEPOSITS - - - - - - - -
INVESTMENTS IN SUBS (2) (2,472) (2,015) (2,225) (2,490) (2,491) (5,599) (5,431) (5,384)
OTHER INVESTMENTS 1,134 1,175 698 698 698 - - -
TRADEMARKS 11,847 11,801 11,416 11,387 11,361 11,329 11,300 11,160
RECEIVABLE FROM ERLY INDUSTRIES (3) 9,738 10,054 9,935 9,935 9,935 9,935 9,935 2,700
OTHER 1,708 1,666 689 689 689 571 1,173 960
TOTAL OTHER ASSETS 21,955 22,681 20,513 20,219 20,192 16,236 16,977 9,436
TOTAL ASSETS $167,312 $168,941 $116,110 $116,971 $114,995 $114,308 $106,959 $97,628
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
COMPARATIVE BALANCE SHEETS (continued)
($ Thousands)
MONTH Apr. 30 May 31
<S> <C> <C>
ASSETS
CURRENT ASSETS
Cash $1,074 $1,384
Accounts receivable, net (MOR-5) 29,606 21,166
Inventory: lower of cost or market 24,154 29,262
Prepaid expenses 1,856 2,127
Investments - -
Other 1,000 1,000
TOTAL CURRENT ASSETS 57,690 54,939
PROPERTY, PLANT, & EQUIPMENT @ COST 56,462 56,591
Less accumulated depreciation (28,086) (28,256)
NET BOOK VALUE OF PP&E 28,376 28,335
OTHER ASSETS
TAX DEPOSITS - -
INVESTMENTS IN SUBS (2) (5,386) (5,426)
OTHER INVESTMENTS - -
TRADEMARKS 11,131 11,102
RECEIVABLE FROM ERLY INDUSTRIES (3) 2,700 2,700
OTHER 960 960
TOTAL OTHER ASSETS 9,405 9,336
TOTAL ASSETS $95,471 $92,610
</TABLE>
MOR-2 Footnotes follow MOR-9
<PAGE>
CASE NAME: AMERICAN RICE, INC.
CASE NUMBER: 98-21254-C-11 (RSS)
<TABLE>
<CAPTION>
COMPARATIVE BALANCE SHEETS
($ Thousands) Filing Date
MONTH Aug. 11 (1) Sept. 30 Oct. 31 Nov. 30 Dec. 31 Jan. 31 Feb. 28 Mar. 31
<S> <C> <C> <C> <C> <C> <C> <C> <C>
LIABILITIES AND OWNER'S EQUITY
LIABILITIES
POST PETITION LIABILITIES (MOR-4,5) - $28,703 $53,540 $57,926 $59,457 $59,140 $54,893 $59,384
PRE-PETITION LIABILITIES:
Notes payable - secured 192,900 165,454 114,545 112,652 112,652 111,666 111,666 111,666
Priority debt 448 448 448 448 448 448 448 448
Federal income tax - - - - - - - -
FICA / withholding - - - - - - - -
Unsecured debt 30,157 32,774 28,013 26,253 26,803 26,803 27,019 26,114
Other (2) 27,261 27,261 7,687 8,670 4,943 5,852 2,992 3,100
TOTAL PRE-PETITION LIABILITIES 250,766 225,937 150,693 148,023 144,846 144,769 142,125 141,328
TOTAL LIABILITIES 250,766 254,640 204,233 205,949 204,303 203,909 197,018 200,712
OWNER'S EQUITY (DEFICIT)
PREFERRED STOCK 3,878 3,878 3,878 3,878 3,878 3,878 3,878 3,878
COMMON STOCK 2,444 2,444 2,444 2,444 2,444 2,444 2,444 2,444
ADDITIONAL PAID-IN CAPITAL 25,286 25,286 25,286 25,286 25,286 25,286 25,286 25,286
RETAINED EARNINGS: post filing date - (2,455) (4,916) (5,751) (6,081) (6,374) (6,832) (22,007)
RETAINED EARNINGS: filing date (112,685) (112,685) (112,685) (112,685) (112,685) (112,685) (112,685) (112,685)
FOREIGN CURRENCY TRANS. ADJS. (2,377) (2,167) (2,130) (2,150) (2,150) (2,150) (2,150) (2,150)
TOTAL OWNER'S EQUITY (83,454) (85,699) (88,123) (88,978) (89,308) (89,601) (90,059) (103,084)
TOTAL LIABILITIES AND EQUITY $167,312 $168,941 $116,110 $116,971 $114,995 $114,308 $106,959 $97,628
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
COMPARATIVE BALANCE SHEETS (continued)
($ Thousands)
MONTH Apr. 30 May 31
<S> <C> <C>
LIABILITIES AND OWNER'S EQUITY
LIABILITIES
POST PETITION LIABILITIES (MOR-4,5) $57,705 $55,277
PRE-PETITION LIABILITIES:
Notes payable - secured 111,666 111,666
Priority debt 448 448
Federal income tax - -
FICA / withholding - -
Unsecured debt 26,083 26,037
Other (2) 3,105 3,022
TOTAL PRE-PETITION LIABILITIES 141,302 141,173
TOTAL LIABILITIES 199,007 196,450
OWNER'S EQUITY (DEFICIT)
PREFERRED STOCK 3,878 3,878
COMMON STOCK 2,444 2,444
ADDITIONAL PAID-IN CAPITAL 25,286 25,286
RETAINED EARNINGS: post filing date (22,459) (22,763)
RETAINED EARNINGS: filing date (112,685) (112,685)
FOREIGN CURRENCY TRANS. ADJS. - -
TOTAL OWNER'S EQUITY (103,536) (103,840)
TOTAL LIABILITIES AND EQUITY $95,471 $92,610
</TABLE>
MOR-3 Footnotes follow MOR-9
<PAGE>
CASE NAME: AMERICAN RICE, INC.
CASE NUMBER: 98-21254-C-11 (RSS)
<TABLE>
<CAPTION>
SCHEDULE OF POST-PETITION LIABILITIES
($ Thousands)
MONTH Sept. 30 Oct. 31 Nov. 30 Dec. 31 Jan. 31 Feb. 28 Mar. 31
<S> <C> <C> <C> <C> <C> <C> <C>
TRADE ACCOUNTS PAYABLE $482 $584 $2,484 $2,332 $2,500 $1,788 $2,071
TAX PAYABLE
Federal payroll taxes - - - - - - -
State payroll taxes - - - - - - -
Ad valorem taxes - - 107 147 176 176 111
other - - - - - - -
TOTAL TAXES PAYABLE - - 107 147 176 176 111
SECURED DEBT POST PETITION 21,950 42,622 45,222 48,133 52,000 45,700 46,000
ACCRUED INTEREST PAYABLE 630 579 426 505 449 372 419
PROFESSIONAL FEES 1,483 1,515 1,640 1,990 2,462 2,219 1,895
OTHER ACCRUED LIABILITIES
Growers 448 1,871 1,696 1,967 559 144 1,336
Other (1) 3,710 6,369 6,351 4,383 994 4,494 7,552
TOTAL POST-PETITION LIABILITIES (MOR-3) $28,703 $53,540 $57,926 $59,457 $59,140 $54,893 $59,384
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
SCHEDULE OF POST-PETITION LIABILITIES (continued)
($ Thousands)
MONTH Apr. 30 May 31
<S> <C> <C>
TRADE ACCOUNTS PAYABLE $2,011 $1,872
TAX PAYABLE
Federal payroll taxes - -
State payroll taxes - -
Ad valorem taxes 135 164
other - -
TOTAL TAXES PAYABLE 135 164
SECURED DEBT POST PETITION 46,100 41,600
ACCRUED INTEREST PAYABLE 410 382
PROFESSIONAL FEES 2,139 1,748
OTHER ACCRUED LIABILITIES
Growers 993 2,086
Other (1) 5,917 7,425
TOTAL POST-PETITION LIABILITIES (MOR-3) $57,705 $55,277
</TABLE>
MOR-4 Footnotes follow MOR-9
<PAGE>
CASE NAME: AMERICAN RICE, INC.
CASE NUMBER: 98-21254-C-11 (RSS)
POST-PETITION TRADE ACCOUNTS AND TAXES PAYABLE
MAY, 1999
($ Thousands)
TRADE FEDERAL STATE AD
DAYS TOTAL ACCTS TAXES TAXES VALOREM OTHER
0-30 $54,340 $935 - - $135 $53,270
31-60 88 - - - - -
61-90 - 88 - - - -
91+ 849 849 - - - -
TOTAL (MOR-3) $55,277 $1,872 - - $135 $53,270
<TABLE>
<CAPTION>
AGING OF ACCOUNTS RECEIVABLE
<S> <C> <C> <C> <C> <C> <C> <C>
MONTH Sept. 30 Oct. 31 Nov. 30 Dec. 31 Jan. 31 Feb. 28 Mar. 31
0-30 $35,790 $27,852 $29,202 $21,646 $27,876 $24,375 $18,530
31-60 1,745 1,679 2,869 4,019 1,450 2,190 6,316
61-90 910 798 316 1,586 2,514 1,094 263
91+ 1,280 4,127 1,280 1,066 1,333 1,184 148
TOTAL (MOR- $39,725 $34,456 $33,667 $28,317 $33,173 $28,843 $25,257
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
AGING OF ACCOUNTS RECEIVABLE (continued)
<S> <C> <C>
MONTH Apr. 30 May 31
0-30 $23,423 $18,740
31-60 3,186 823
61-90 2,534 981
91+ 463 622
TOTAL (MOR- $29,606 $21,166
</TABLE>
MOR-5 Footnotes follow MOR-9
<PAGE>
CASE NAME: AMERICAN RICE, INC.
CASE NUMBER: 98-21254-C-11 (RSS)
<TABLE>
<CAPTION>
STATEMENT OF INCOME (LOSS)
($ Thousands)
MONTH Sept. 30 Oct. 31 Nov. 30 Dec. 31 Jan. 31 Feb. 28 Mar. 31
<S> <C> <C> <C> <C> <C> <C> <C>
REVENUES $36,694 $25,182 $18,450 $20,992 $16,343 $25,024 $19,633
COST OF SALES 31,899 21,672 16,844 18,245 14,244 22,607 17,104
GROSS PROFIT 4,795 3,510 1,606 2,747 2,099 2,417 2,529
OPERATING EXPENSES
Sales, general and administrative 4,391 3,609 766 1,438 892 1,449 1,686
Insider's compensation 390 293 256 220 214 227 183
Professional fees - - - - - - -
Other - - - - - - -
TOTAL OPERATING EXPENSES 4,781 3,902 1,022 1,658 1,106 1,676 1,869
INCOME BEFORE INT, DEPREC./TAX (MOR-1) 14 (392) 584 1,089 993 741 660
INTEREST EXPENSE 1,130 864 421 504 423 367 758
DEPRECIATION 490 344 226 288 247 247 484
OTHER (INCOME) EXPENSE 12 10 6 15 7 5 233
INTEREST IN (EARNINGS) LOSSES / OF SUBS. (246) 247 245 2 12 (168) (47)
REORGANIZATION EXPENSE (1) 1,083 604 521 610 597 748 12,257
OTHER - - - - - - -
NET INCOME BEFORE TAXES (2,455) (2,461) (835) (330) (293) (458) (13,025)
FEDERAL INCOME TAX - - - - - - -
NET INCOME (LOSS) (MOR-1) ($2,455) ($2,461) ($835) ($330) ($293) ($458) ($13,025)
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
STATEMENT OF INCOME (LOSS) (continued)
($ Thousands) FILING
MONTH Apr. 30 May 31 TO DATE
<S> <C> <C> <C>
REVENUES $18,738 $13,860 $194,916
COST OF SALES 16,526 11,780 170,921
GROSS PROFIT 2,212 2,080 23,995
Sales, general and administrative 1,160 1,219 16,610
Insider's compensation 165 161 2,109
Professional fees - - -
Other - - -
TOTAL OPERATING EXPENSES 1,325 1,380 18,719
INCOME BEFORE INT, DEPREC./TAX (MOR-1) 887 700 5,276
INTEREST EXPENSE 552 450 5,469
DEPRECIATION 198 198 2,722
OTHER (INCOME) EXPENSE 5 6 299
INTEREST IN (EARNINGS) LOSSES / OF SUBS. 2 40 87
REORGANIZATION EXPENSE (1) 585 310 17,315
OTHER - - -
NET INCOME BEFORE TAXES (455) (304) (20,616)
FEDERAL INCOME TAX - - -
NET INCOME (LOSS) (MOR-1) ($455) ($304) ($20,616)
</TABLE>
MOR-6 Footnotes follow MOR-9
<PAGE>
CASE NAME: AMERICAN RICE, INC.
CASE NUMBER: 98-21254-C-11 (RSS)
<TABLE>
<CAPTION>
STATEMENT OF SOURCES AND USES OF CASH
($ Thousands)
MONTH Sept. 30 Oct. 31 Nov. 30 Dec. 31 Jan. 31 Feb. 28 Mar. 31
<S> <C> <C> <C> <C> <C> <C> <C>
NET INCOME (LOSS) (MOR-6) ($2,455) ($2,461) ($835) ($330) ($293) ($458) ($13,025)
ADD: DEPRECIATION & AMORTIZATION 450 (1,313) 197 262 211 169 318
CASH GENERATED FROM OPERATIONS (2,005) (3,774) (638) (68) (82) (289) (12,707)
ADD: DECREASE IN ASSETS
Accounts receivable - 5,269 789 5,350 - 4,330 3,586
Inventory 4,687 34,444 - - 3,248 4,732 -
Prepaid expenses 135 1,741 132 - 144 764 -
Property, plant, and equipment - 10,667 - - - - 79
Other (1) 210 2,205 274 27 3,956 - 7,541
ADD: INCREASE IN LIABILITIES
Post-petition liabilities 28,703 24,837 4,386 1,531 - - 4,491
Pre-petition liabilities - - - - - - -
TOTAL SOURCES OF CASH (A) 31,730 75,389 4,943 6,840 7,266 9,537 2,990
USES OF CASH:
INCREASES IN ASSETS
Accounts receivable 5,811 - - - 4,856 - -
Inventory - - 1,694 2,896 - - 4,686
Prepaid expenses - - - 1,017 - - 254
Property, plant, and equipment 206 - - 4 155 16 -
Other 726 1,000 - - - 741 -
DECREASES IN LIABILITIES
Post-petition liabilities - - - - 317 4,247 -
Pre-petition liabilities 24,829 75,244 2,670 3,177 77 2,644 797
TOTAL USES OF CASH (B) 31,572 76,244 4,364 7,094 5,405 7,648 5,737
NET SOURCES (USES) OF CASH (A-B) 158 (855) 579 (254) 1,861 1,889 (2,747)
CASH - BEGINNING BALANCE 913 1,071 216 795 541 2,402 4,291
CASH - ENDING BALANCE (MOR-2) $1,071 $216 $795 $541 $2,402 $4,291 $1,544
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
STATEMENT OF SOURCES AND USES OF CASH (continued)
($ Thousands) FILING
MONTH Apr. 30 May 31 TO DATE
<S> <C> <C> <C>
NET INCOME (LOSS) (MOR-6) ($455) ($304) ($20,616)
ADD: DEPRECIATION & AMORTIZATION 161 170 625
CASH GENERATED FROM OPERATIONS (294) (134) (19,991)
ADD: DECREASE IN ASSETS
Accounts receivable - 8,440 27,764
Inventory 5,703 - 52,814
Prepaid expenses 102 - 3,018
Property, plant, and equipment 39 - 10,785
Other (1) 34 69 14,316
ADD: INCREASE IN LIABILITIES
Post-petition liabilities - - 63,948
Pre-petition liabilities - -
TOTAL SOURCES OF CASH (A) 5,584 8,375 152,654
USES OF CASH:
INCREASES IN ASSETS
Accounts receivable 4,349 - 15,016
Inventory - 5,108 14,384
Prepaid expenses - 271 1,542
Property, plant, and equipment - 129 510
Other - - 2,467
DECREASES IN LIABILITIES
Post-petition liabilities 1,679 2,428 8,671
Pre-petition liabilities 26 129 109,593
TOTAL USES OF CASH (B) 6,054 8,065 152,183
NET SOURCES (USES) OF CASH (A-B) (470) 310 471
CASH - BEGINNING BALANCE 1,544 1,074 913
CASH - ENDING BALANCE (MOR-2) $1,074 $1,384 $1,384
</TABLE>
MOR-7 Footnotes follow MOR-9
<PAGE>
CASE NAME: AMERICAN RICE, INC.
CASE NUMBER: 98-21254-C-11 (RSS)
<TABLE>
<CAPTION>
CASH ACCOUNT RECONCILIATION
MAY, 1999
($ Thousands)
BANK NAME CIBC(1) CIBC (1) Nat'bank So'west 1st Union
ACCOUNT NUMBER 04- 26623 - Bank 2000000 -
40213 1338315 73389 328170 371753
ACCOUNT TYPE Lockbox Operating Operating Lockbox Operating
<S> <C> <C> <C> <C> <C>
BANK BALANCE $45 $28 $65 $354 $359
DEPOSITS IN TRANSIT - - - - -
OUTSTANDING CHECKS - - - - -
ADJUSTED BANK BALANCE $45 $28 $65 $354 $359
BEGINNING CASH PER BOOKS $16 $28 $66 $186 $73
RECEIPTS 29 - - 3,446 17,392
TRANSFERS BETWEEN ACCOUNTS - - - (3,278) (4,083)
CHECKS / OTHER DISBURSEMENTS(2) - - (1) - (13,023)
ENDING CASH PER BOOKS (MOR-2) $45 $28 $65 $354 $359
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
BANK NAME 1st Union 1st Union 1st Union Harris
ACCOUNT NUMBER 207989 - 207992 - 207992- Trust
1226349 19508 19511 173-846-7 Petty
ACCOUNT TYPE Collateral Disbursement Segregated Cash Adjs(2) Total
<S> <C> <C> <C> <C> <C> <C>
BANK BALANCE $112 - $594 $36 $32 $1,625
DEPOSITS IN TRANSIT - - - - 1,197 1,197
OUTSTANDING CHECKS - (1,438) - - - (1,438)
ADJUSTED BANK BALANCE $112 ($1,438) $594 $36 $1,229 $1,384
BEGINNING CASH PER BOOKS $808 ($1,486) $424 $36 $923 $1,074
RECEIPTS 17,918 - - - - 38,785
TRANSFERS BETWEEN ACCOUNTS 3,278 3,911 170 2 -
CHECKS / OTHER DISBURSEMENTS (21,892) (3,863) - - 304 (38,475)
ENDING CASH PER BOOKS (MOR-2) $112 ($1,438) $594 $36 $1,229 $1,384
</TABLE>
<TABLE>
<PAGE>
<CAPTION>
CASH RECEIPTS AND DISBURSEMENTS
MONTH Sept. 30 Oct. 31 Nov. 30 Dec. 31 Jan. 31 Feb. 28 Mar. 31 Apr. 30
<S> <C> <C> <C> <C> <C> <C> <C> <C>
BEGINNING CASH $455 $1,071 $216 $795 $541 $2,402 $4,291 $1,544
TOTAL RECEIPTS 50,551 43,049 51,844 42,068 25,565 42,143 37,442 24,130
TOTAL DISBURSEMENTS (MOR-1) (49,935) (43,904) (51,265) (42,322) (23,704) (40,254) (40,189) (24,600)
ENDING CASH (MOR-2) $1,071 $216 $795 $541 $2,402 $4,291 $1,544 $1,074
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
CASH RECEIPTS AND DISBURSEMENTS (continued)
MONTH May 31
<S> <C>
BEGINNING CASH $1,074
TOTAL RECEIPTS 38,785
TOTAL DISBURSEMENTS (MOR-1) (38,475)
ENDING CASH (MOR-2) $1,384
</TABLE>
MOR-8 Footnotes follow MOR-9
<PAGE>
CASE NAME: AMERICAN RICE, INC.
CASE NUMBER: 98-21254-C-11 (RSS)
<TABLE>
<CAPTION>
PAYMENTS TO INSIDERS AND PROFESSIONALS
INSIDERS COMP.
NAME TYPE Sept. 30 Oct. 31 Nov. 30 Dec. 31 Jan. 31 Feb. 28 Mar. 31 Apr. 30
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Bill McFarland Salary $31,333 $18,631 $35,283 - - $54,500 - -
Bill McFarland Expenses - 35,425 - 1,266 2,362 14,029 - -
C.B. Schultz Salary 16,745 9,956 9,504 9,956 9,504 9,051 10,306 9,858
C.B. Schultz Expenses 868 1,016 - 3,044 2,022 638 528 924
Dan Kelly Salary 15,034 8,939 13,206 26,150 - - - -
Dan Kelly Expenses 12,807 8,769 - 4,906 188 - - -
David Kay Salary 16,529 9,828 9,381 9,828 9,381 8,935 10,173 9,731
David Kay Expenses 5,868 4,699 2,168 2,591 174 1,843 1,579 925
Doug Murphy Salary 38,807 23,075 22,026 23,075 22,026 20,977 23,885 22,846
Doug Murphy Expenses 7,538 1,065 3,014 9,879 5,763 613 857 -
Gerald Murphy Salary 50,306 29,912 28,552 29,912 28,552 27,192 30,962 29,615
Gerald Murphy Expenses 8,578 - - - 1,837 5,603 6,000 -
Joe Westover Salary 15,667 9,315 8,892 9,315 8,892 8,468 9,642 9,223
Joe Westover Expenses 715 125 1,037 - 1,955 - 544 -
Karen Porter Salary 10,888 6,474 6,179 6,474 6,179 5,885 6,701 6,410
Karen Porter Expenses 1,693 6,000 - - - - - -
L.M. Pullen Salary 19,116 11,366 24,108 - 33,250 - - -
L.M. Pullen Expenses 1,777 4,515 5,780 3,854 925 331 - -
Lee Adams Salary 25,872 15,383 14,684 15,231 14,684 13,985 15,923 15,231
Lee Adams Expenses 720 10,558 - 1,784 4,677 - 3,559 2,500
Ray Koza Salary 13,712 8,153 7,782 8,153 7,782 7,412 8,439 8,072
Ray Koza Expenses 1,616 475 5,990 857 2,352 3,139 4,709 1,069
Richard McCombs Salary 26,590 24,794 7,187 - - - - -
Richard McCombs Expenses 14,368 2,653 - - 1,023 - - -
Richard McCombs Diretors Fees - - - - 1,326 - 1,500 -
Urbain Tran Salary 12,677 7,538 7,195 7,538 7,195 6,852 7,802 7,463
Urbain Tran Expenses 7,380 1,645 8,056 13,779 3,237 4,652 520 7,772
S.C. Bain, Jr. Directors Fees - - - - 3,109 - 3,688 -
William H. Burgess Directors Fees - - - - 3,109 - 3,500 -
411 NSHP LP Office rent 32,845 32,645 36,161 32,645 32,645 32,645 32,645 33,192
TOTAL INSIDERS (MOR-1) $390,048 $292,953 $256,185 $220,237 $214,150 $226,751 $183,462 $164,831
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
PROFESSIONALS COMP.
NAME TYPE Sept. 30 Oct. 31 Nov. 30 Dec. 31 Jan. 31 Feb.28 Mar. 31 Apr. 30
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Jordan, Hyden, Womble & Culbreth $37,520 $37,480 - - - - $50,000 -
Policano & Manzo, L.L.C. 60,093 136,660 64,846 32,338 - - 100,000 58,158
Jay Alix and Associates - - - 499,913 - $185,964 186,473 -
Wachtell Lipton - - - - 105,000 136,941 - -
Pachulski, Stang, Zeihl, & Young - - - - - 450,000 56,923 -
Bracewell & Patterson - - - - - 52,008 - -
A.S.K. - - - - - - 35,000 -
TOTAL PROFESSIONALS (MOR-1) $97,612 $174,139 $64,846 $532,251 $105,000 $824,913 $428,396 $58,158
</TABLE>
MOR-9 Footnotes follow
<PAGE>
CASE NAME: AMERICAN RICE, INC.
CASE NUMBER: 98-21254-C-11 (RSS)
<TABLE>
<CAPTION>
PAYMENTS TO INSIDERS AND PROFESSIONALS (continued)
INSIDERS COMP.
NAME TYPE MAY 31
<S> <C> <C>
C.B. Schultz Salary 9,410
C.B. Schultz Expenses -
David Kay Salary 9,288
David Kay Expenses 689
Doug Murphy Salary 21,808
Doug Murphy Expenses -
Gerald Murphy Salary 28,269
Gerald Murphy Expenses 2,169
Joe Westover Salary 8,804
Joe Westover Expenses 2,677
Karen Porter Salary 6,118
Karen Porter Expenses -
Lee Adams Salary 14,538
Lee Adams Expenses 1,001
Ray Koza Salary 7,705
Ray Koza Expenses 2,797
Richard McCombs Diretors Fees -
Urbain Tran Salary 7,124
Urbain Tran Expenses 3,354
S.C. Bain, Jr. Directors Fees -
William H. Burgess Directors Fees -
411 NSHP LP Office rent 34,838
TOTAL INSIDERS (MOR-1) $160,590
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
PROFESSIONALS COMP.
NAME TYPE May 31
<S> <C>
Jordan, Hyden, Womble & Culbreth $15,940
Policano & Manzo, L.L.C. 22,511
Jay Alix and Associates -
Wachtell Lipton -
Pachulski, Stang, Zeihl, & Young -
Bracewell & Patterson 8,457
A.S.K. -
TOTAL PROFESSIONALS (MOR-1) $46,908
</TABLE>
MOR-9 Footnotes follow
<PAGE>
CASE NAME: AMERICAN RICE, INC.
CASE NUMBER: 98-21254-C-11 (RSS)
FOOTNOTES TO MOR SCHEDULES
MOR-1
1. Excepting large transactions which are recorded in the calendar
month in which they occur, the Company follows the practice of
cutting off transactions on a 4-4-5 week basis.
2. Period from August 12, 1998 through September, 1998.
MOR-2
1. Book value.
2. Includes 100% ownership of Rice Corp. of Haiti. However,
documentation of ownership is inconsistent and unclear.
MOR-3
1. Book value.
2. Reserves for losses on Early California Foods.
MOR-4
1. Includes residual loss reserve for olive divestments.
MOR-7
1. Includes foreign currency translation gain or loss.
MOR-8
1. Canadian Imperial Bank of Canada.
2. Includes cutoff date differences between bank and financials.
See MOR-1 Note 1.
