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Previous: BNN CORP, 10QSB, 1997-05-15 |
Next: ENEX OIL & GAS INCOME PROGRAM IV SERIES 2 L P, 10QSB, 1997-05-15 |
<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): May 15, 1997 (March 30, 1997)
COMPTRONIX CORPORATION
- -------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
<TABLE>
<S> <C> <C>
Delaware 0-17743 63-0860282
---------------------------------------------- ----------------------- -------------------
(State or other jurisdiction of incorporation) (Commission File Number) (I.R.S. Employer
Identification No.)
5123 Virginia Way, Unit C-22, Brentood, Tennessee 37027
------------------------------------------------- ----------
(Address of principal executive offices) (Zip Code)
</TABLE>
Registrant's telephone number, including area code: (615) 377-3330
- -------------------------------------------------------------------------------
(Former name or former address, if changed since last report)
<PAGE> 2
Item 5. Other Events.
As previously reported, the Registrant filed a petition for
reorganization relief under Chapter 11 of the Bankruptcy Code in the United
States Bankruptcy Court for the Middle District of Tennessee (Case No.
396-06840) on August 8, 1996. Since that date, the Registrant has continued as
a debtor-in-possession pursuant to the Bankruptcy Code. On November 1, 1996,
the Registrant consummated the sale of substantially all of its assets to
Sanmina Corporation pursuant to the terms of an Asset Purchase Agreement which
was approved by the Bankruptcy Court pursuant to Section 363 of the Bankruptcy
Code. Proceeds from the sale were used to repay the Registrant's secured
indebtedness and the balance remaining after repaying all secured indebtedness
will be distributed to the Registrant's administrative and priority claimants
and unsecured creditors pursuant to the Registrant's proposed joint plan of
liquidation which is expected to be considered by the Bankruptcy Court in early
to mid-May. The Registrant believes that the plan will be approved since it
provides for the distribution of the Registrant's remaining assets and has been
jointly approved and proposed by the Registrant, as debtor, and the committee
representing all unsecured creditors. The Registrant has no operating business
at this time. Holders of the Registrant's Common Stock and Series A Convertible
Preferred Stock will receive no distributions pursuant to the joint plan of
liquidation. It is currently estimated that the Registrant's unsecured
creditors, including holders of the Registrant's Convertible Subordinated
Debentures, will receive approximately ten cents on the dollar for their
claims.
The Registrant is filing its report to the U.S. Bankruptcy Court for
the period ended March 30, 1997.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(a) Exhibits.
99 Report to U.S. Bankruptcy Court
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.
COMPTRONIX CORPORATION
Date: May 15, 1997 By: /s/ E. Townes Duncan
------------------------------------
E. Townes Duncan
Chairman of the Board
<PAGE> 1
Exhibit 99
UNITED STATES BANKRUPTCY COURT
MIDDLE DISTRICT OF TENNESSEE
In re: Case No. : 396-06840
---------------
Comptronix Corporation
----------------------------
Judge: Lundin
---------------------------- ---------------
Chapter 11
Debtor(s)
MONTHLY OPERATING REPORT FOR MONTH ENDING 3/30/97
------------------
COMES NOW, COMPTRONIX CORPORATION Debtor-In-Possession, and
hereby submits its Monthly Operating Report for the period commencing March 3,
1997 and ending March 30, 1997 as shown by the report and exhibits consisting
of pages and containing the following, as indicated:
X Monthly Reporting Questionnaire (Attachment 1)
-------
X Comparative Balance Sheets (Forms OPR-1 & OPR-2)
-------
X Summary of Accounts Receivable (Form OPR-3)
-------
X Schedule of Postpetition Liabilities (Form OPR-4)
-------
X Statement of Income (Loss) (Form OPR-5)
-------
I declare under penalty of perjury that this report and all
attachments are true and correct to the best of my knowledge and belief. I also
hereby certify that the original Monthly Operating Report was filed with the
Bankruptcy Court Clerk and a copy delivered to the U.S. Trustee.
Date: 5/1/97 DEBTOR-IN-POSSESSION
--------------------------
By: /s/ E. Townes Duncan
--------------------------
Name & Title: E. Townes Duncan, CEO
--------------------------
Address: Paddock 111
--------------------------
5123 Virginia Way, Unit C-22
----------------------------------------
Brentwood, TN 37027
----------------------------------------
Telephone Number: 615-377-3330
-----------------
<PAGE> 2
ATTACHMENT 1
PAGE 1
CHAPTER 11
MONTHLY OPERATING REPORT
MONTHLY REPORTING QUESTIONNAIRE
CASE NAME: Comptronix Corporation
-------------------------------------------------------------
CASE NUMBER: 396-06840
-------------------------------------------------------------
MONTH OF: March 1997
-------------------------------------------------------------
1. Payroll State the amount of all executive wages paid and taxes
withheld and paid.
<TABLE>
<CAPTION>
Wages Paid Taxes
Name and Title -------------------------------- ---------------------------------
of Executive Gross Net Due Paid
-------------- -------------- -------------- ------------- ----------------
<S> <C> <C> <C> <C>
----------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------
Total Executive Payroll: - - - -
--------------------------------------------------------------------
</TABLE>
2. Insurance Are all premium payments current? yes Please detail
coverages in effect below. If any coverages have been changed or
renewed, please attach binder or certicate.
<TABLE>
<CAPTION>
Date
Name of Coverage Expiration Premium Coverage
Type Carrier Amount Policy # Date Amounts Pd. Thru
-----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Casualty
-----------------------------------------------------------------------------
Workers' comp Wausau Ins. $ 500,000 0217-02-075880 9/8/96 $ 2,570 9/8/96
-----------------------------------------------------------------------------
General liab.
-----------------------------------------------------------------------------
Vehicle
-----------------------------------------------------------------------------
Other (specify):
D&O St. Paul Surplus $ 3,000,000 SD05500726 7/1/97 $ 128,400 7/1/97
- ----------------------------------------------------------------------------------------------------
Excess D&O Tamarack Amer $ 2,000,000 TDX9823938 7/1/97 $ 64,200 7/1/97
- ----------------------------------------------------------------------------------------------------
Excess Workers' Comp Midwest Employ $ 2,000,000 4400-SA-AL 7/1/98 $ 41,920 7/1/97
- ----------------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 3
ATTACHMENT 1
PAGE 2
CHAPTER 11
MONTHLY OPERATING REPORT
MONTHLY REPORTING QUESTIONNAIRE
CASE NAME: Comptronix Corporation
----------------------------
CASE NUMBER: 396-06840
----------------------------
MONTH OF: March 1997
----------------------------
<TABLE>
<CAPTION>
3. Bank Accounts Account Type
------------------------------------------------------------------------
Operating Int Bearing Payroll Other Total
----------- -------------- ---------- ----------- -----------
<S> <C> <C> <C> <C> <C>
Lockbox
Bank name Amsouth Amsouth Amsouth NationsBank
----------- -------------- ---------- -----------
Account # 2791862 5300426253 2791870 102321446
----------- -------------- ---------- -----------
Beginning book balance 194,824 4,063,870 - - 4,258,694
----------- -------------- ---------- ----------- -----------
Plus: Deposits 3,262 82,800 - - 86,062
----------- -------------- ---------- ----------- -----------
(Attach detailed listing)
Less: Disbursements 50,072 - - 50,072
----------- -------------- ---------- ----------- -----------
(Attach detailed listing)
Other:
Transfers In (Out) - - - -
----------- -------------- ---------- ----------- -----------
Ending book balance 148,014 4,146,670 - - 4,294,684
----------- -------------- ---------- ----------- -----------
</TABLE>
4. Postpetition Payments List any postpetition payments to
professionals and payments on prepetition debts in the schedule below
(attach separate sheet if necessary).
<TABLE>
<CAPTION>
Payments To/On Amount Date Check # Order Date
------------------------------- ---------- ---------- --------------- --------------
<S> <C> <C> <C> <C>
Professionals (attorneys,
accountants, etc.):
Townes Duncan 4,840 Various Various
------------------------------- ---------- ---------- --------------- --------------
Kristi Hester 5,120 Various Various
------------------------------- ---------- ---------- --------------- --------------
------------------------------- ---------- ---------- --------------- --------------
------------------------------- ---------- ---------- --------------- --------------
------------------------------- ---------- ---------- --------------- --------------
------------------------------- ---------- ---------- --------------- --------------
Prepetition debts: (Payment to secured creditor)
------------------------------- ---------- ---------- --------------- --------------
------------------------------- ---------- ---------- --------------- --------------
------------------------------- ---------- ---------- --------------- --------------
</TABLE>
<PAGE> 4
ATTACHMENT 1
PAGE 3
CHAPTER 11
MONTHLY OPERATING REPORT
MONTHLY REPORTING QUESTIONNAIRE
CASE NAME: Comptronix Corporation
----------------------------------------------------
CASE NUMBER: 396-06840
----------------------------------------------------
MONTH OF: March 1997
----------------------------------------------------
BANK NAME: Amsouth Operating ACCOUNT #: 2791862
------------------------------------------ ------------
Detail of Receipts:
<TABLE>
<CAPTION>
Date Received from Explanation Amount
- -------- ---------------------------- ------------------------ -----------
<S> <C> <C> <C>
3,262.00
- -------- ---------------------------- ------------------------ -----------
- -------- ---------------------------- ------------------------ -----------
- -------- ---------------------------- ------------------------ -----------
- -------- ---------------------------- ------------------------ -----------
- -------- ---------------------------- ------------------------ -----------
- -------- ---------------------------- ------------------------ -----------
- -------- ---------------------------- ------------------------ -----------
- -------- ---------------------------- ------------------------ -----------
- -------- ---------------------------- ------------------------ -----------
- -------- ---------------------------- ------------------------ -----------
- -------- ---------------------------- ------------------------ -----------
- -------- ---------------------------- ------------------------ -----------
- -------- ---------------------------- ------------------------ -----------
- -------- ---------------------------- ------------------------ -----------
- -------- ---------------------------- ------------------------ -----------
</TABLE>
* Must agree to "Deposits" line of
Total Receipts 3,262.00 * Item 3 on Attachment 1 (Page 2).
---------------
<PAGE> 5
ATTACHMENT 1
PAGE 3
CHAPTER 11
MONTHLY OPERATING REPORT
MONTHLY REPORTING QUESTIONNAIRE
CASE NAME: Comptronix Corporation
----------------------------------------------------
CASE NUMBER: 396-06840
----------------------------------------------------
MONTH OF: March 1997
----------------------------------------------------
BANK NAME: AmSouth Interest Bearing Account ACCOUNT #: 5300426253
------------------------------------------ ------------
Detail of Receipts:
<TABLE>
<CAPTION>
Date Received from Explanation Amount
- -------- -------------------------- -------------------------- -----------
<S> <C> <C> <C>
Various AmSouth Bank Interest Earned on account 82,800.00
- -------- -------------------------- -------------------------- -----------
- -------- -------------------------- -------------------------- -----------
- -------- -------------------------- -------------------------- -----------
- -------- -------------------------- -------------------------- -----------
- -------- -------------------------- -------------------------- -----------
- -------- -------------------------- -------------------------- -----------
- -------- -------------------------- -------------------------- -----------
- -------- -------------------------- -------------------------- -----------
- -------- -------------------------- -------------------------- -----------
- -------- -------------------------- -------------------------- -----------
- -------- -------------------------- -------------------------- -----------
- -------- -------------------------- -------------------------- -----------
- -------- -------------------------- -------------------------- -----------
- -------- -------------------------- -------------------------- -----------
- -------- -------------------------- -------------------------- -----------
</TABLE>
* Must agree to "Deposits" line of
Total Receipts 82,800.00 * Item 3 on Attachment 1 (Page 2).
---------------
<PAGE> 6
ATTACHMENT 1
PAGE 4
CHAPTER 11
MONTHLY OPERATING REPORT
MONTHLY REPORTING QUESTIONNAIRE
CASE NAME: Comptronix Corporation
----------------------------------------------------
CASE NUMBER: 396-06840
----------------------------------------------------
MONTH OF: March 1997
----------------------------------------------------
BANK NAME: Amsouth Operating ACCOUNT #: 2791862
------------------------------------------ ------------
Detail of Receipts:
<TABLE>
<CAPTION>
Date Check # Paid To/In Payment Of Amount
- -------- ---------- ------------------------------------------ -----------
<S> <C> <C> <C>
See attached listing
- -------- ---------- ------------------------------------------ -----------
- -------- ---------- ------------------------------------------ -----------
- -------- ---------- ------------------------------------------ -----------
- -------- ---------- ------------------------------------------ -----------
- -------- ---------- ------------------------------------------ -----------
- -------- ---------- ------------------------------------------ -----------
- -------- ---------- ------------------------------------------ -----------
- -------- ---------- ------------------------------------------ -----------
- -------- ---------- ------------------------------------------ -----------
- -------- ---------- ------------------------------------------ -----------
- -------- ---------- ------------------------------------------ -----------
- -------- ---------- ------------------------------------------ -----------
- -------- ---------- ------------------------------------------ -----------
- -------- ---------- ------------------------------------------ -----------
- -------- ---------- ------------------------------------------ -----------
</TABLE>
* Must agree to "Deposits" line of
Total Disbursements 50,072.21 Item 3 on Attachment 1 (Page 2).
---------------
<PAGE> 7
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
194,824.00
3/5/97 Deposit x 5,641.48 200,465.48
3/5/97 4153 Berwind Financial Prof. fees 7,000.00 x 193,465.48
3/5/97 4154 Roadway Express freight 1,359.12 x 192,106.36
3/5/97 4155 Wilson, Price, Barranco Prof. Fees 7,000.00 x 185,106.36
3/5/97 4156 Arrow Tool and Stamping Parts 178.00 x 184,928.36
3/5/97 4157 Purchase Power Postage 165.00 x 184,763.36
3/5/97 4158 PBCC Postage Meter 222.91 x 184,540.45
3/5/97 4159 Electrocube Parts 504.98 x 184,035.47
3/5/97 4160 McGriff Dowdy & Assoc (MDA) Prof Fees 1,058.20 x 182,977.27
3/6/97 4161 Kristi Hester Contract Wages 2,560.00 x 180,417.27
3/6/97 4162 Kramer, Levin, Naftalis Prof. Fees 19,882.51 x 160,534.76
3/6/97 4163 CSE Freight 130.13 x 160,404.63
3/6/97 4164 Emery Worldwide Feight 900.63 x 159,504.00
3/6/97 4165 FedEx Freight 23.00 x 159,481.00
3/11/97 4166 Alabama Dept of Revenue 40.00 x 159,441.00
3/11/97 Returned Item x (2,379.00) 157,062.00
3/19/97 4167 Cellular One Telephone 81.90 x 156,980.10
3/19/97 4168 156,980.10
3/19/97 4169 Gullett Sanford Robinson Prof. Fees 4,427.34 x 152,552.76
3/19/97 4170 Invesco Prof. Fees 1,917.59 x 150,635.17
3/19/97 4171 Kristi Hester Contract Wages 2,560.00 x 148,075.17
3/Debit FedEx Freight 60.90 x 148,014.27
50,072.21 3,262.48
46809.73
</TABLE>
Page 7
<PAGE> 8
ATTACHMENT 1
PAGE 4
CHAPTER 11
MONTHLY OPERATING REPORT
MONTHLY REPORTING QUESTIONNAIRE
CASE NAME: Comptronix Corporation
--------------------------------------------------
CASE NUMBER: 396-06840
--------------------------------------------------
MONTH OF:
--------------------------------------------------
BANK NAME: AmSouth Interest Bearing Account ACCOUNT #: 5300426253
---------------------------------------- --------------
Detail of Disbursements:
<TABLE>
<CAPTION>
Date Check # Paid To/In Payment Of Amount
- ---------- -------- --------------------------------------- ---------------
<S> <C> <C> <C>
- ---------- -------- --------------------------------------- ---------------
- ---------- -------- --------------------------------------- ---------------
- ---------- -------- --------------------------------------- ---------------
- ---------- -------- --------------------------------------- ---------------
- ---------- -------- --------------------------------------- ---------------
- ---------- -------- --------------------------------------- ---------------
- ---------- -------- --------------------------------------- ---------------
- ---------- -------- --------------------------------------- ---------------
- ---------- -------- --------------------------------------- ---------------
- ---------- -------- --------------------------------------- ---------------
- ---------- -------- --------------------------------------- ---------------
- ---------- -------- --------------------------------------- ---------------
- ---------- -------- --------------------------------------- ---------------
- ---------- -------- --------------------------------------- ---------------
- ---------- -------- --------------------------------------- ---------------
</TABLE>
* Must agree to "Disbursements" line
Total Disbursements - * of Item 3 on Attachment 1 (Page 2).
-------------
<PAGE> 9
FORM OPR-1
CASE NAME: Comptronix Corporation COMPARATIVE BALANCE SHEETS
----------------------
CASE NUMBER: 396-06840 MONTH ENDED: 3/30/97
--------- -------
<TABLE>
<CAPTION>
FILING
DATE MONTH MONTH MONTH MONTH
8/8/96 9/29/96 10/27/96 11/24/96 12/31/96
ASSETS -------- --------- ----------- ---------- ----------
<S> <C> <C> <C> <C> <C>
CURRENT ASSETS
Cash - 910,343 1,067,914 5,352,153 4,310,109
---------- ---------- ------------ ---------- ----------
Other negotiable instruments (i.e.
CD's, Treasury bills, etc.) - - - -
---------- ---------- ------------ ---------- ----------
Accounts receivable, net (See OPR-3) 6,178,018 6,960,493 6,641,386 539,349 504,605
---------- ---------- ------------ ---------- ----------
Less allowance for doubtful accounts (267,662) (120,331) (124,331) -
---------- ---------- ------------ ---------- ----------
Inventory, at lower of cost or market 14,077,309 9,802,242 4,085,577 -
---------- ---------- ------------ ---------- ----------
Prepaid expenses and deposits 1,706,757 1,220,618 1,191,303 623,174 621,174
---------- ---------- ------------ ---------- ----------
Investments 3,024 3,024 3,024 3,024 3,024
---------- ---------- ------------ ---------- ----------
Other: OTHER RECEIVABLE 200,450 755,260 728,748 468,870 464,247
------------------- ---------- ---------- ------------ ---------- ----------
TOTAL CURRENT ASSETS 21,897,895 19,531,649 13,593,621 6,986,570 5,903,159
---------- ---------- ------------ ---------- ----------
PROPERTY, PLANT AND EQUIPMENT, AT COST 40,764,692 40,784,390 34,810,623 -
---------- ---------- ------------ ---------- ----------
Less accumulated depreciation 27,101,242 27,712,523 28,012,084 -
---------- ---------- ------------ ---------- ----------
NET PROPERTY, PLANT AND EQUIPMENT 13,663,449 13,071,867 6,798,539 -
---------- ---------- ------------ ---------- ----------
OTHER ASSETS
DEFERRED FINANCING COSTS * 1,017,907 972,157 - -
--------------------------- ---------- ---------- ------------ ---------- ----------
ASSETS HELD FOR SALE * 38,227 38,227 - -
--------------------------- ---------- ---------- ------------ ---------- ----------
TOTAL ASSETS 36,617,479 33,613,900 20,392,160 6,986,570 5,903,159
---------- ---------- ------------ ---------- ----------
<CAPTION>
MONTH MONTH MONTH
2/2/97 2/7/97 3/30/97
ASSETS ----------- --------- ---------
<S> <C> <C> <C>
CURRENT ASSETS
Cash 4,225,864 4,258,693 4,294,683
----------- --------- ---------
Other negotiable instruments (i.e.
CD's, Treasury bills, etc.)
Accounts receivable, net (See OPR-3) 504,605 504,605 504,605
----------- --------- ---------
Less allowance for doubtful account
Inventory, at lower of cost or market
Prepaid expenses and deposits 621,174 597,776 597,776
----------- --------- ---------
Investments 3,024 3,024 3,024
----------- --------- ---------
Other: OTHER RECEIVABLE 464,247 464,247 464,247
------------------- ----------- --------- ---------
TOTAL CURRENT ASSETS 5,818,914 5,822,345 5,864,335
----------- --------- ---------
PROPERTY, PLANT AND EQUIPMENT, AT COST
----------- --------- ---------
Less accumulated depreciation
----------- --------- ---------
NET PROPERTY, PLANT AND EQUIPMENT
----------- --------- ---------
OTHER ASSETS
DEFERRED FINANCING COSTS *
--------------------------- ----------- --------- ---------
ASSETS HELD FOR SALE *
--------------------------- ----------- --------- ---------
TOTAL ASSETS 5,818,914 5,828,346 5,864,336
----------- --------- ---------
</TABLE>
* Itemize on separate page if value of "Other Assets" exceeds 10% of "Total
Assets".
<PAGE> 10
FORM OPR-3
CASE NAME: Comptronix Corporation SUMMARY OF ACCOUNTS RECEIVABLE
----------------------
CASE NUMBER: 396-06840 MONTH ENDED: 3/30/97
--------- -------
<TABLE>
<CAPTION>
0-30 31-60 61-90 OVER
TOTAL DAYS DAYS DAYS 90 DAYS
------- ------ ------ ------ ---------
<S> <C> <C> <C> <C> <C>
DATE OF FILING: 8/8/96 6,178,018 3,112,009 2,245,054 525,722 295,234
------- --------- --------- --------- ------- --------
Allowance for doubtful accounts (267,662) (267,662)
--------- --------- --------- ------- --------
MONTH: August - Ending 8/25/96 6,759,103 3,659,066 1,892,451 929,043 278,543
-------------------------- --------- --------- --------- ------- --------
Allowance for doubtful accounts (271,662) (271,662)
--------- --------- --------- --------- --------
MONTH: September - Ending 9/29/96 6,960,493 3,688,742 1,961,765 1,012,861 297,126
-------------------------- --------- --------- --------- --------- --------
Allowance for doubtful accounts (120,331) (120,331)
--------- --------- --------- --------- --------
MONTH: October - Ending 10/27/96 6,641,386 3,558,288 1,858,472 1,088,644 135,982
-------------------------- --------- --------- --------- --------- --------
Allowance for doubtful accounts (124,331) (124,331)
--------- --------- --------- --------- --------
MONTH: November - Ending 11/24/96 539,349 34,744 504,605
-------------------------- --------- --------- --------- --------- --------
Allowance for doubtful accounts -
--------- --------- --------- --------- --------
MONTH: December - Ending 12/31/96 504,605 504,605
-------------------------- --------- --------- --------- --------- --------
Allowance for doubtful accounts
--------- --------- --------- --------- --------
MONTH: January - Ending 2/2/97 504,605 504,605
----------------------- --------- --------- --------- --------- --------
Allowance for doubtful accounts
--------- --------- --------- --------- --------
MONTH: March 1997 504,605 504,605
----------------------- --------- --------- --------- --------- --------
Allowance for doubtful accounts
--------- --------- --------- --------- --------
</TABLE>
NOTE: Total accounts receivable and total allowance for doubtful accounts
shown here must agree with the same items as shown on Form OPR-1.
<PAGE> 11
FORM OPR-4
CASE NAME: Comptronix Corporation SCHEDULE OF POST PETITION LIABILITIES
----------------------
CASE NUMBER: 396-06840 MONTH ENDED: 3/30/97
--------- -----------
<TABLE>
<CAPTION>
DATE DATE TOTAL 0-30 31-60 61-90 OVER
INCURED DUE DUE DAYS DAYS DAYS 90 DAYS
-------- -------- -------- -------- --------- -------- --------
<S> <C> <C> <C> <C> <C> <C> <C>
TAXES PAYABLE
Federal/State Income Tax Withholding -------- -------- -------- -------- --------- -------- --------
FICA -------- -------- -------- -------- --------- -------- --------
Unemployment Tax -------- -------- -------- -------- --------- -------- --------
Sales Tax -------- -------- -------- -------- --------- -------- --------
Personal Property Tax -------- -------- -------- -------- --------- -------- --------
TOTAL TAXES PAYABLE -------- -------- -------- -------- --------- -------- --------
POSTPETITION SECURED DEBT -------- -------- -------- -------- --------- -------- --------
POSTPETITION UNSECURED DEBT -------- -------- -------- -------- --------- -------- --------
ACCRUED INTEREST PAYABLE -------- -------- -------- -------- --------- -------- --------
TRADE ACCOUNTS PAYABLE & OTHER:
(list separately*)
Miscellaneous Accruals Various Various 590,909.00 590,909.00
---------------------- ------- ------- ---------- ---------- --------- -------- --------
----------------------- ------- ------- ----------- ---------- --------- -------- --------
----------------------- ------- ------- ----------- ---------- --------- -------- --------
----------------------- ------- ------- ----------- ---------- --------- -------- --------
----------------------- ------- ------- ----------- ---------- --------- -------- --------
TOTALS 590,909.00 590,909.00 - - -
------- ------- ----------- ---------- --------- -------- --------
</TABLE>
* Attach separate page if necessary.
Note: Total postpetition liabilities shown here must agree with the same item
as shown on Form OPR-2 of this report.
<PAGE> 12
FORM OPR-5
CASE NAME: Comptronix Corporation STATEMENT OF INCOME (LOSS)
----------------------
CASE NUMBER 396-06840 MONTH ENDED: 3/30/97
--------- --------------------
<TABLE>
<CAPTION>
FILING
MONTH MONTH MONTH MONTH MONTH MONTH MONTH TO DATE
SEPTEMBER OCTOBER NOVEMBER DECEMBER JANUARY FEBRUARY MARCH
----------- ---------- -------- --------- --------- -------- -------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
NET REVENUE (INCOME) 4,658,022 3,345,428 394,765 10,548,753
----------- ---------- -------- --------- --------- -------- -------- ----------
COST OF GOODS SOLD
Material 3,136,107 3,990,275 311,460 8,879,226
----------- ---------- -------- --------- --------- -------- -------- ----------
Labor-Direct 646,885 426,149 101,695 1,402,177
----------- ---------- -------- --------- --------- -------- -------- ----------
Manufacturing Overhead 1,016,584 421,596 359,434 181,779 3,444,348
----------- ---------- -------- --------- --------- -------- -------- ----------
TOTAL COST OF GOODS SOLD 4,799,576 4,838,019 772,589 181,779 13,725,751
----------- ---------- -------- --------- --------- -------- -------- ----------
GROSS PROFIT (141,554) (1,492,591) (377,824) (181,779) (3,176,998)
----------- ---------- -------- --------- --------- -------- -------- ----------
OPERATING EXPENSES
Selling and Marketing
General and Administrative 461,869 321,931 374,387 105,959 (62,233) 9,431 35,990 1,796,539
----------- ---------- -------- --------- --------- -------- -------- ----------
Other: Amortization and Misc. 997,222 1,174 (33,218) (27,763) 979,561
---------------------- ----------- ---------- -------- --------- --------- -------- -------- ----------
TOTAL OPERATING EXPENSES 1,459,091 323,105 341,169 78,196 2,792,911
----------- ---------- -------- --------- --------- -------- -------- ----------
INCOME BEFORE INTEREST, DEPRECIATION,
TAXES OR EXTRAORDINARY EXPENSES (1,600,645) (1,815,697) (718,992) (259,975) (62,233) 9,431 (6,022,711)
----------- ---------- -------- --------- --------- -------- -------- ----------
INTEREST EXPENSE (4,926) 117,062 (85,355) 199,567
----------- ---------- -------- --------- --------- -------- -------- ----------
DEPRECIATION 302,589 299,561 789,752
----------- ---------- -------- --------- --------- -------- -------- ----------
LOSS ON SALE OF ASSETS (EST) 9,854,558 (1,405,268) 8,449,290
----------- ---------- -------- --------- --------- -------- -------- ----------
PREFERRED DIVIDENDS (ACCRUAL) (49,910) 49,910
----------- ---------- -------- --------- --------- -------- -------- ----------
NET INCOME (11,702,955) (2,232,319) 771,631 (259,975) (62,233) 9,431 35,990 (15,475,239)
----------- ---------- -------- --------- --------- -------- -------- ----------
</TABLE>
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