UNITED STATES 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): November 24, 1998
Exact name of registrant as specified in its charter: MRS Technology, Inc.
State or other jurisdiction of incorporation: Massachusetts
Commission File Number: 000-21908
IRS Employer Identification Number: 04-2904966
Address of principal executive offices: 231 Sutton Street, No. Andover, MA
Zip Code: 01845
Registrant's telephone number, including area code: (978)682-4000
<PAGE>
Item 5. Other Events
MONTHLY OPERATING REPORTS FILED WITH FEDERAL TRUSTEE
On July 1, 1998, MRS Technology, Inc. (the "Company") filed a voluntary
petititon for reorganization under Chapter 11 of the U.S. Bankruptcy Code.
The petition was filed in the U.S. Bankruptcy court for the District of
Massachusetts (Western Division). The case number is 98-44938-JFQ.
Pursuant to Bankruptcy Rule 2015 and the United States Trustee's Operating
Guidelines and Reporting requirements for Chapter 11 cases, the Company is
obligated to file Monthly Operating Reports (MORs) with the Federal
Trustee. The Company's MORs for this case for the month ending October
31, 1998 was filed with the Federal Trustee at the U.S. Bankruptcy Court
in Worcester, Massachusetts on November 25, 1998.
Item 7. Financial Statements, Pro Forma Financial Statements and Exhibits
{c} Exhibits
<TABLE>
<CAPTION>
Exhibit Description of Document
- ------- -----------------------
<S> <C>
99.1 Monthly operating Report (Consolidated) of the Company for the
month ending October 31, 1998 (1)
</TABLE>
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by
the undersigned hereto autorized.
MRS Technology, Inc.
November 24, 1998
/s/ Patricia F. DiIanni
Vice President and Chief Financial Officer
EXHIBIT 99.1
UNITED STATES BANKRUPTCY COURT
WESTERN DIVISION OF MASSACHUSETTS
Case Name: MRS Technology, Inc.
Case Number: 98-44938-JFQ
CHAPTER 11 MONTHLY OPERATING REPORT
FOR MONTH ENDING OCTOBER,1998
Comes Now, MRS Technology, Inc.
Debtor-In-Possession, and hereby submits its Monthly Operating Report for
the period commencing October 1, 1998 and ending October 31, 1998 as shown
by the report and exhibits consisting of 17 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 Post-petition Liabilities (Form OPR-4)
(X) Income Statement (Form OPR-5)
(X) Statement of Sources and Uses of Cash (Form OPR-6)
I declare under penalty of perjury that this report and all attachments
are true and correct to the best of my knowledge and belief.
Date: November 24, 1998 DEBTOR(S)-IN-POSSESSION
/s/ Patricia F. DiIanni
Name & Title: Patricia F. DiIanni
Vice President and Chief
Financial Officer
Address: MRS Technology, Inc.
231 Sutton Street, Unit 1D
No. Anodver, MA 01845
Telephone No.: (978) 682-4000
<PAGE>
ATTACHMENT 1
CHAPTER 11
MONTHLY OPERATING REPORT
MONTHLY REPORTING QUESTIONNAIRE
Case Name: MRS Technology, Inc.
Case Number: 98-44938-JFQ
MONTH OF: October 1998
1. Payroll: State the amount of all executive wages paid and taxes
withheld and paid.
<TABLE>
<CAPTION>
Name and Title Wages Paid Taxes Withheld
Of Executive Gross Net Due Paid
<S> <C> <C> <C> <C>
C.P. Herrmann, CEO $14,615.40 $12,093.60 Weekly Weekly
Before Before
P.F. DiIanni, CFO $ 7,692.32 $ 5,507.72 Payday Payday
E. DaSilviera, VP $ 8,076.92 $ 5,898.97 Via ADP Via ADP
TOTAL EXECUTIVE PAYROLL: $30,384.64
</TABLE>
2. Insurance: Is workers' compensation and other insurance in effect?
Yes. Are payments current? Yes. If any policy has lapsed, been replaced
or renewed, state so in the schedule below. Attach a copy of the new
policy's binder or cover page.
Date
Carrier Coverage Expiration Premium Coverage
Type Name Amount Policy # Date Amounts Pd Thru
Homeowners
Rental Property
Liability
Vehicle
Workers
Compensation
Other
<PAGE>
CHAPTER 11 ATTACHMENT 1
MONTHLY OPERATING REPORT (Page 2)
DETAILED LISTING OF DISBURSEMENTS
CASE NAME: MRS Technology, Inc.
CASE NUMBER: 98-44938-JFQ
MONTH OF: October 1998
<TABLE>
<CAPTION>
3. Bank Accounts Account Type
Operating *MRSA Payroll Other Total
<S> <C> <C> <C> <C> <C>
Bank Name Fleet Japan BankBoston Petty
Cash
Account Number 94088-55556 N/A 896-60243 N/A
BEGINNING BOOK $143,202 $10,962 $ 26,879 $2,046 $183,089
BALANCE
PLUS:
Deposits 295,325 10,559 0 1,450 307,334
LESS:
Disbursements (105,132) (7,775) (99,270) (1,637) (213,814)
Other:
Transfers
In (Out) (105,000) 0 105,000 0 0
Foreign Exchange
Impact 1,878 1,878
ENDING BOOK
BALANCE $228,395 $15,624 $ 32,609 $1,859 $278,487
* MRS Asia is located in Japan and has one service employee.
</TABLE>
4. Post-Petition Payments: List any post-petition payments to
professionals and payments on Pre-petition debts in the schedule below
(attach separate sheet if necessary).
<TABLE>
<CAPTION>
Payments To/On Amount Date Check #
<S> <C> <C> <C>
Professionals (attorneys, None
Accountants, etc.):
Pre-petition Debts: None
</TABLE>
<PAGE>
COMPARATIVE BALANCE SHEETS FORM OPR-1
REV 7/92
Case Name: MRS Technology, Inc. Month Ended: October 1998
Case Number: 98-44938-JFQ
<TABLE>
<CAPTION>
FILING
DATE MONTH
ASSETS 7/1/98 July
<S> <C> <C>
CURRENT ASSETS
Cash $ 129,041 $ 212,290
Other negotiable instruments (i.e.
CD's, Treasury Bills, Etc.) 0 0
Accounts Receivable, Net (OPR-3) 201,899 412,005
Less allowance for doubtful accounts (21,045) (21,045)
Inventory, at cost 5,575,890 5,443,375
Prepaid expenses and deposits 132,884 131,300
Investments 0 0
Other: Uninvoiced Ship. 135,374 82,960
TOTAL CURRENT ASSETS $6,154,043 $6,260,885
PROPERTY, PLANT AND EQUIPMENT, AT COST 3,906,242 3,906,242
Less Accumulated Depreciation (3,775,570) (3,794,569)
NET PROPERTY, PLANT AND EQUIPMENT 130,672 111,673
+ OTHER ASSETS 29,339 29,091
TOTAL ASSETS $6,314,054 $6,401,648
+Itemize if value of "Other Assets" exceeds 10% of "Total Assets"
</TABLE>
<PAGE>
COMPARATIVE BALANCE SHEETS FORM OPR-1
REV 7/92
Case Name: MRS Technology, Inc. Month Ended: October 1998
Case Number: 98-44938-JFQ
<TABLE>
<CAPTION>
MONTH MONTH
ASSETS August September
<S> <C> <C>
CURRENT ASSETS
Cash $ 321,509 $ 183,089
Other negotiable instruments (i.e.
CD's, Treasury Bills, Etc.) 0 0
Accounts Receivable, Net (OPR-3) 266,224 255,532
Less allowance for doubtful accounts (21,045) (21,045)
Inventory, at cost 5,411,849 5,337,618
Prepaid expenses and deposits 130,245 80,179
Investments 0 0
Other: Uninvoiced Ship. 82,960 82,960
TOTAL CURRENT ASSETS $6,191,742 5,918,334
PROPERTY, PLANT AND EQUIPMENT, AT COST 3,906,242 3,891,499
Less Accumulated Depreciation (3,809,060) (3,823,244)
NET PROPERTY, PLANT AND EQUIPMENT 97,182 68,255
+ OTHER ASSETS 28,946 27,493
TOTAL ASSETS $6,317,870 $6,014,081
+Itemize if value of "Other Assets" exceeds 10% of "Total Assets"
</TABLE>
<PAGE>
COMPARATIVE BALANCE SHEETS FORM OPR-1
REV 7/92
Case Name: MRS Technology, Inc. Month Ended: October 1998
Case Number: 98-44938-JFQ
<TABLE>
<CAPTION>
MONTH
ASSETS October
<S> <C>
CURRENT ASSETS
Cash $ 278,488
Other negotiable instruments (i.e. 0
CD's, Treasury Bills, Etc.)
Accounts Receivable, Net (OPR-3) 232,293
Less allowance for doubtful accounts (21,045)
Inventory, at cost 5,313,110
Prepaid expenses and deposits 78,045
Investments 0
Other: Uninvoiced Ship. 82,960
TOTAL CURRENT ASSETS $5,963,851
PROPERTY, PLANT AND EQUIPMENT, AT COST 3,891,499
Less Accumulated Depreciation (3,885,365)
NET PROPERTY, PLANT AND EQUIPMENT 6,134
+ OTHER ASSETS 27,380
TOTAL ASSETS $5,997,365
+Itemize if value of "Other Assets" exceeds 10% of "Total Assets"
</TABLE>
<PAGE>
COMPARATIVE BALANCE SHEETS FORM OPR-2
REV 7/92
Case Name: MRS Technology, Inc. Month Ended: October 1998
Case Number: 98-44938-JFQ
<TABLE>
<CAPTION>
TOTAL MONTH
LIABILITIES 7/1/98 July
<S> <C> <C>
POST PETITION LIABILITIES 0 98,018
Priority Debt/Secured &
Employee Expenses * $ 1,040,051 $ 1,070,538
Unsecured Debt 2,217,507 2,315,871
TOTAL PRE PETITION LIABILITIES 3,257,558 3,386,409
TOTAL LIABILITIES 3,257,558 3,484,427
SHAREHOLDER'S EQUITY (DEFICIT)
Preferred Stock 0 0
Common Stock 68,586 68,586
Paid-In Capital 36,511,205 36,511,205
Retained Earnings
Through Filing Date (33,523,295) (33,523,295)
Post Filing Date 0 (130,874)
TOTAL SHAREHOLDERS' EQUITY $ 3,056,496 $ 2,925,622
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY $ 6,314,054 $ 6,410,049
* Includes accrued interest and expenses.
</TABLE>
<PAGE>
COMPARATIVE BALANCE SHEETS FORM OPR-2
REV 7/92
Case Name: MRS Technology, Inc. Month Ended: October 1998
Case Number: 98-44938-JFQ
<TABLE>
<CAPTION>
MONTH MONTH
LIABILITIES August September
<S> <C> <C>
POST PETITION LIABILITIES $ 97,475 $ 144,022
Priority Debt/Secured &
Employee Expenses * $ 1,114,668 1,126,257
Unsecured Debt 2,343,878 2,167,668
TOTAL PRE PETITION LIABILITIES 3,458,546 3,293,925
TOTAL LIABILITIES 3,556,021 3,437,947
SHAREHOLDER'S EQUITY (DEFICIT)
Preferred Stock 0 0
Common Stock 68,585 68,588
Paid-In Capital 36,511,205 36,511,202
Retained Earnings
Through Filing Date (33,523,295) (33,523,295)
Post Filing Date (294,646) (480,361)
TOTAL SHAREHOLDERS' EQUITY $ 2,761,849 2,576,134
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY $ 6,317,870 6,014,081
* Includes accrued interest and expenses.
</TABLE>
<PAGE>
COMPARATIVE BALANCE SHEETS FORM OPR-2
REV 7/92
Case Name: MRS Technology, Inc. Month Ended: October 1998
Case Number: 98-44938-JFQ
<TABLE>
<CAPTION>
MONTH
LIABILITIES October
<S> <C> <C>
POST PETITION LIABILITIES $ 192,354
Priority Debt/Secured &
Employee Expenses * $ 1,140,333
Unsecured Debt 2,129,703
TOTAL PRE PETITION LIABILITIES 3,270,036
TOTAL LIABILITIES 3,462,390
SHAREHOLDER'S EQUITY (DEFICIT)
Preferred Stock 0
Common Stock 68,588
Paid-In Capital 36,511,202
Retained Earnings
Through Filing Date (33,523,295)
Post Filing Date (521,520)
TOTAL SHAREHOLDERS' EQUITY $ 2,534,975
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY $ 5,997,365
* Includes accrued interest and expenses.
</TABLE>
<PAGE>
SUMMARY OF ACCOUNTS RECEIVABLE
FORM OPR-3
REV 7/92
Case Name: MRS Technology, Inc. Month Ended: October 1998
Case Number: 98-44938-JFQ
<TABLE>
<CAPTION>
0-30 31-60 61-90 OVER
TOTAl DAYS DAYS DAYS 90 DAYS
<S> <C> <C> <C> <C> <C>
DATE OF FILING:
7/1/98 $201,899 $146,526 $31,187 $ 5,779 $18,407
Allowance for
doubtful accounts -
General (21,045) ( ) ( ) ( ) ( )
MONTH: July 1998 $412,005 $333,558 $55,532 $ 9,371 $13,544
Allowance for
doubtful accounts -
General (21,045) ( ) ( ) ( ) ( )
MONTH: August 1998 $266,224 $128,918 $49,620 $67,842 $19,844
Allowance for
doubtful accounts (21,045) ( ) ( ) ( ) ( )
MONTH: September 98 $255,532 $120,380 $55,319 $ 5,500 $74,333
Allowance for
doubtful accounts
MONTH: October 1998 $232,293 $115,773 $42,387 $ 0 $74,133
Allowance for
doubtful accounts (21,045) ( ) ( ) ( ) ( )
MONTH:
Allowance for
doubtful accounts ( ) ( ) ( ) ( ) ( )
MONTH:
Allowance for
doubtful accounts ( ) ( ) ( ) ( ) ( )
</TABLE>
<PAGE>
SCHEDULE OF POST PETITION LIABILITIES
FORM OPR-4
REV 7/92
Case Name: MRS Technology, Inc. Month Ended: October 1998
Case Number: 98-44938-0JFQ
<TABLE>
<CAPTION>
DATE DATE TOTAL
INCURRED DUE DUE
<S> <C> <C> <C>
TAXES PAYABLE
Federal Income Taxes 0
FICA-Employer's Share 0
FICA-Employer's Share 0
Unemployment Tax 0
State Income Tax 0
State Sales & Use Tax 0
State Tax 0
Personal Property Tax 0
TOTAL TAXES PAYABLE 0
POSTPETITION SECURED DEBT 1,126,257
POSTPETITION UNSECURED DEBT 0 0
ACCRUED INTEREST PAYABLE 0 0
TRADE ACCOUNTS PAYABLE & OTHER:
(List Separately*)
See attached sheet $192,354
Totals $192,354
*Attach separate page if necessary.
</TABLE>
Note: Total postpetition liabilities shown here must agree with the same
item as shown on OPR-2 of this report.
<PAGE>
SCHEDULE OF POST PETITION LIABILITIES
FORM OPR-4
REV 7/92
Case Name: MRS Technology, Inc. Month Ended: October 1998
Case Number: 98-44938-JFQ
<TABLE>
<CAPTION>
0-30 31-60 11-90 OVER
DAYS DAYS DAYS 90 DAYS
<S> <C> <C> <C> <C>
TAXES PAYABLE
Federal Income Taxes
FICA-Employer's Share
FICA-Employer's Share
Unemployment Tax
State Income Tax
State Sales & Use Tax
State Tax
Personal Property Tax
TOTAL TAXES PAYABLE
POSTPETITION SECURED DEBT
POSTPETITION UNSECURED DEBT
ACCRUED INTEREST PAYABLE
TRADE ACCOUNTS PAYABLE & OTHER:
(List Separately*)
Totals
*Attach separate page if necessary.
</TABLE>
Note: Total postpetition liabilities shown here must agree with the same
item as shown on OPR-2 of this report.
<PAGE>
<TABLE>
<CAPTION>
Schedule of Post Petition Liabilities - Form 4
Trade Accounts Payable & Other
Date Amount Vendor
<S> <C> <C>
10/20/98 $ 77.73 Allied Electric
10/14/98 12,353.96 Altid Enterprises
10/14/98 12,353.96 Altid Enterprises
10/14/98 12,353.96 Altid Enterprises
10/22/98 73.00 Alpine Precision
9/30/98 10.00 Browning-Ferris Industries
10/19/98 874.94 First National Bank of Boston
10/13/98 1,713.39 CGLIC
10/20/98 185.00 Cobra Resources
9/21/98 22,726.10 Cohn & Kelakos
10/29/98 1,510.20 Delta Dental
10/29/98 3,421.92 Patricia DiIanni
9/30/98 16.34 Electronic Fastners
10/15/98 474.91 Health Alliance Plan
10/14/98 1,082.82 HBS&R Client Trust
9/29/98 25.37 Hammond Office Products
10/17/98 10,196.77 Harvard Pilgrim Health Care
8/08/98 162.23 Investor Communications
10/10/98 6,788.50 ILC Technology
10/14/98 2,145.00 NetCom
10/22/98 97.51 Newark Electronics
10/29/98 539.58 Reliance Standard
10/22/98 400.15 UNUM
10/05/98 118.90 Xerox
ACCRUALS:
7/31/98 10,652.00 Vacation
7/31/98 66,000.00 Legal
7/31/98 20,000.00 Audit
7/31/98 6,000.00 Commissions
$192,354.24
</TABLE>
<PAGE>
INCOME STATEMENT
FORM OPR-5
REV 7/92
Case Name: MRS Technology, Inc. Month Ended: October 1998
Case Number: 98-44938-JFQ
<TABLE>
<CAPTION>
MONTH MONTH
July August
<S> <C> <C>
NET REVENUE (INCOME) $ 341,679 $ 130,808
COST OF GOODS SOLD
Materials 107,334 33,483
Labor-Direct 53,386 54,125
Manufacturing Overhead 109,768 57,663
TOTAL COST OF GOODS SOLD LIABILITIES 270,488 145,271
GROSS PROFIT 71,191 (14,463)
Selling and Marketing 17,465 266
General and Administrative 155,931 108,753
Other:Research & Development 16,110 1,967
Other (Income)/Expense (8,224) (4,639)
TOTAL OPERATING EXPENSES 181,282 106,347
INCOME BEFORE INTEREST, DEPRECIATION,
TAXES, OR EXTRAORDINARY EXPENSES (110,091) (120,810)
INTEREST EXPENSE 10,182 20,070
DEPRECIATION 19,000 14,492
INCOME TAX EXPENSE (BENEFIT) 0 0
EXTRAORDINARY INCOME (EXPENSE)* 0 0
NET INCOME (LOSS) (139,273) (155,372)
*Requires Footnote
</TABLE>
<PAGE>
INCOME STATEMENT
FORM OPR-5
REV 7/92
Case Name: MRS Technology, Inc. Month Ended: October 1998
Case Number: 98-44938-JFQ
<TABLE>
<CAPTION>
MONTH MONTH
September October
<S> <C> <C>
NET REVENUE (INCOME) $ 131,101 $140,656
COST OF GOODS SOLD
Materials 6,944 2,586
Labor-Direct 62,351 53,224
Manufacturing Overhead 188,710 141,697
TOTAL COST OF GOODS SOLD LIABILITIES 258,005 197,507
GROSS PROFIT (126,904) (56,851)
Selling and Marketing (5,472) 0
General and Administrative 119,766 77,415
Other:Research & Development 57,905 44,509
Other (Income)/Expense (136,142) (137,615)
TOTAL OPERATING EXPENSES 36,057 (15,691)
INCOME BEFORE INTEREST, DEPRECIATION,
TAXES, OR EXTRAORDINARY EXPENSES (162,961) (41,160)
INTEREST EXPENSE 10,012 0
DEPRECIATION 12,743 0
INCOME TAX EXPENSE (BENEFIT) 0 0
EXTRAORDINARY INCOME (EXPENSE)* 0 0
NET INCOME (LOSS) (185,716) (41,160)
*Requires Footnote
</TABLE>
<PAGE>
INCOME STATEMENT
FORM OPR-5
REV 7/92
Case Name: MRS Technology, Inc. Month Ended: October 1998
Case Number: 98-44938-JFQ
<TABLE>
<CAPTION>
FILING TO
DATE
<S> <C>
NET REVENUE (INCOME) $ 744,244
COST OF GOODS SOLD
Materials 150,347
Labor-Direct 223,086
Manufacturing Overhead 497,838
TOTAL COST OF GOODS SOLD LIABILITIES 871,271
GROSS PROFIT (127,027)
Selling and Marketing 12,259
General and Administrative 461,865
Other:Research & Development 120,491
Other (Income)/Expense (286,620)
TOTAL OPERATING EXPENSES 307,995
INCOME BEFORE INTEREST, DEPRECIATION,
TAXES, OR EXTRAORDINARY EXPENSES (435,022)
INTEREST EXPENSE 40,264
DEPRECIATION 46,235
INCOME TAX EXPENSE (BENEFIT) 0
EXTRAORDINARY INCOME (EXPENSE)* 0
NET INCOME (LOSS) (521,521)
*Requires Footnote
</TABLE>
<PAGE>
STATEMENT OF SOURCES AND USES OF CASH
FORM OPR-6
REV 7/92
Case Name: MRS Technology, Inc. Month Ended: October 1998
Case Number: 98-44938-JFQ
<TABLE>
<CAPTION>
MONTH
JULY
<S> <C>
SOURCES OF CASH
Income (Loss) From Operations (139,273)
Add: Depreciation, Amortization &
Other Non-Cash 19,000
CASH GENERATEED FROM OPERATIONS (120,273)
Add: Decrease in Assets:
Accounts Receivable 0
Inventory 132,515
Prepaid Expenses & Deposits 1,584
Property, Plant & Equipment 0
Other- Uninvoiced Shipments & Other 52,662
Increase in Liabilities
Pre-Petition Liabilities 128,851
Post Petition Liabilities 98,018
TOTAL SOURCES OF CASH (A) $293,357
USES OF CASH
Increase in Assets:
Accounts Receivable $210,105
Inventory
Prepaid Expenses & Deposts 0
Property, Plant & Equipment 0
Other 0
Decrease in Liabilities
Pre-Petition Liabilities 0
Post Petition Liabilities 0
TOTAL USES OF CASH (B) 210,105
NET SOURCE (USE) OF CASH (A-B=NET) 83,252
CASH - BEGINNING BALANCE (See OPR-1) 129,041
CASH - ENDING BALANCE (See OPR-1) 212,290
</TABLE>
<PAGE>
STATEMENT OF SOURCES AND USES OF CASH
FORM OPR-6
REV 7/92
Case Name: MRS Technology, Inc. Month Ended: October 1998
Case Number: 98-44938-JFQ
<TABLE>
<CAPTION>
MONTH MONTH
August September
<S> <C> <C>
SOURCES OF CASH
Income (Loss) From Operations (155,372) $(185,716)
Add: Depreciation, Amortization &
Other Non-Cash 14,492 28,927
CASH GENERATEED FROM OPERATIONS (140,880) (156,789)
Add: Decrease in Assets:
Accounts Receivable 145,781 10.691
Inventory 31,526 74,100
Prepaid Expenses & Deposits 1,055 50,066
Property, Plant & Equipment 0 0
Other- Uninvoiced Shipments & Other 145 1,453
Increase in Liabilities
Pre-Petition Liabilities 72,137 0
Post Petition Liabilities 0 46,547
TOTAL SOURCES OF CASH (A) $109,764 26,068
USES OF CASH
Increase in Assets:
Accounts Receivable $ 0 0
Inventory
Prepaid Expenses & Deposts
Property, Plant & Equipment 0 0
Other 0 0
Decrease in Liabilities
Pre-Petition Liabilities 0 (164,621)
Post Petition Liabilities (543) 0
TOTAL USES OF CASH (B) (543) (164,621)
NET SOURCE (USE) OF CASH (A-B=NET) 109,221 (138,553)
CASH - BEGINNING BALANCE (See OPR-1) 212,290 321,509
CASH - ENDING BALANCE (See OPR-1) 321,509 183,089
</TABLE>
STATEMENT OF SOURCES AND USES OF CASH
FORM OPR-6
REV 7/92
Case Name: MRS Technology, Inc. Month Ended: October 1998
Case Number: 98-44938-JFQ
<TABLE>
<CAPTION>
MONTH
October
<S> <C>
SOURCES OF CASH
Income (Loss) From Operations $(41,160)
Add: Depreciation, Amortization &
Other Non-Cash 62,121
CASH GENERATEED FROM OPERATIONS 20,961
Add: Decrease in Assets:
Accounts Receivable 23,239
Inventory 24,508
Prepaid Expenses & Deposits 2,134
Property, Plant & Equipment 0
Other- Uninvoiced Shipments & Other 113
Increase in Liabilities
Pre-Petition Liabilities 0
Post Petition Liabilities 48,332
TOTAL SOURCES OF CASH (A) $119,287
USES OF CASH
Increase in Assets:
Accounts Receivable $ 0
Inventory 0
Prepaid Expenses & Deposts 0
Property, Plant & Equipment 0
Other 0
Decrease in Liabilities
Pre-Petition Liabilities (23,889)
Post Petition Liabilities 0
TOTAL USES OF CASH (B) (23,889)
NET SOURCE (USE) OF CASH (A-B=NET) 95,398
CASH - BEGINNING BALANCE (See OPR-1) 183,089
CASH - ENDING BALANCE (See OPR-1) 278,487
</TABLE>
