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Previous: PHARMAPRINT INC, DEF 14A, 1999-07-30 |
Next: FIRST TRUST COMBINED SERIES 246, 497J, 1999-07-30 |
<PAGE> 1
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): JULY 14, 1999
AMPACE CORPORATION
(Exact name of registrant as specified in its charter)
DELAWARE
(State or other jurisdiction of incorporation)
0-25352 363988574
(Commission File Number) (I.R.S. Employer Identification No.)
201 PERIMETER PARK, SUITE A, KNOXVILLE TENNESSEE, 37922
(Address of principal executive offices, including Zip Code)
(423) 691-5799
(Registrant's telephone number, including Area Code)
NOT APPLICABLE
(Former name or former address, if changed since last report)
Item 5. Other Events.
Ampace Corporation (the "Company") is filing herewith the
Post-Confirmation Monthly Summary Report for the period ended June 30, 1999 that
the Company filed with the United States Bankruptcy Court - Region 3 on July 14,
1999 in connection with the Company's ongoing proceeding under chapter 11 of the
United States Bankruptcy Code.
<PAGE> 2
Item 7. Exhibits.
(c) Exhibits.
99 Post-Confirmation Monthly Summary Report for the period ended
June 30, 1999 (Certain schedules are omitted.)
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Corporation as registrant has duly caused this report to be signed on its
behalf by the undersigned hereunto duly authorized.
AMPACE CORPORATION
Dated: July 30, 1999 By: /s/ David Freeman
------------------------------------
David Freeman, Chief Executive
Officer
<PAGE> 1
Type: Ex-99
Secquence: 2
Description: Post-Confirmation Monthly Summary Report
<PAGE> 2
OFFICE OF THE UNITED STATES TRUSTEE - REGION 3
POST-CONFIRMATION MONTHLY SUMMARY REPORT
Debtor's Name: Ampace Corporation
-------------------------
Bankruptcy Number: 98-02772 THRU 98-02773
-------------------------
Date of Confirmation:
-------------------------
Reporting Period (month/year): June 1999
-------------------------
All disbursements or payments (including payments made under the confirmed plan)
made by the Debtor.
$ 643,672.57
--------------
Pursuant to 28 U.S.C. Section 1746(2), I hereby declare under penalty of perjury
that the foregoing is true and correct to the best of my knowledge and belief.
7/14/99 /s/ David C. Freeman
- -------- ----------------------
Date Name/Title
<PAGE> 3
Income Statement
June 1999
<TABLE>
<S> <C>
SALES
Operating 618,788.81
Revenue
OPERATING EXPENSES
Salary, Wages & Employee 261,895.08
Benefits
Rentals 14,743.09
Fuel 91,474.22
Depreciation & Amortization 72,887.44
Operating Supplies & Expenses 76,728.87
Insurance & 26,458.00
Claims
Operating Taxes & Licenses 14,443.97
General & Administrative 15,923.49
Communication & Utilities 4,036.37
-----------
TOTAL EXPENSES 578,590.53
-----------
Net Income from Continuing Operations 40,198.28
-----------
OTHER INCOME & EXPENSES
Interest 6,148.14
Income
Interest (2,474.06)
Expense
Estate (55,505.25)
Expenses
Expenses of Discontinued (34,686.77)
Operations
Reorganization Professional Fees & U.S. Trustee Fees (64,782.66)
-----------
TOTAL OTHER INCOME & EXPENSES (151,300.60)
===========
Net Income After Taxes (111,102.32)
===========
</TABLE>
* Interest accrued only on
overcollateralized secured debt.
<PAGE> 4
Ampace Freightlines, Inc.
Balance Sheet
As of Period Ending June 30, 1999
<TABLE>
<CAPTION>
Balance
-------------
ASSETS
<S> <C>
- ------------------- Cash & Equivalents -------------------
Cash - Suntrust 16,301.00
Cash - LaSalle 138,526.98
Money Market 1,473,000.00
Landair Sale Escrow 55,000.00
------------
Total Cash & Equivalents 1,682,827.98
- -------------- Accounts Receivable - Trade ---------------
A/R - Trade 957,934.82
Allowance for Bad Debts (190,625.96)
------------
Total Accounts Receivable - Trade 767,308.86
- -------------- Accounts Receivable - Other ---------------
LT NR Cheshire - Current 95,039.91
Excise Taxes 91,712.00
A/R - Ampace Corporation 1,900.00
A/R - Owner Operators 359.18
A/R - Cash Advance 19,094.88
A/R - Miscellaneous 18,680.68
Interest Receivable 7,552.89
------------
Total Accounts Receivable - Other 234,339.54
- ----------------------- Inventory ------------------------
Parts & Shop Inventory - Calhoun 5,254.54
Tires Inventory - Calhoun 4,743.96
------------
Total Inventory 9,998.50
- -------------------- Prepaid Expenses --------------------
Prepaid - Taxes & Licenses 70,979.97
Prepaid - Insurance 13,870.50
Prepaid - Escrows 416,077.15
Prepaid - TIC Deposit 19,907.66
Prepaid - Comdata Deposit 5,000.00
------------
Total Prepaid Expenses 525,835.28
- ------------------ Other Current Assets ------------------
Current Assets - Other 36,180.00
Other Current Assets 72,678.00
------------
</TABLE>
<PAGE> 5
<TABLE>
<S> <C>
Total Other Current Assets 108,858.00
- ------------------ Property & Equipment ------------------
Land 228,430.25
Structures 548,049.17
Tractors - Owned 3,344,046.02
Tractors - Leased 472,238.69
Trailers - Owned 114,110.36
Trailers - Leased 1,607,545.00
Operating Equipment - Other 279,210.70
Shop Equipment, Machinery and Storage Trailers 12,676.00
Furniture & Fixtures 10,424.72
Computers Hardware & Software 189,961.42
Office Equipment 37,883.91
Automobiles & Vehicles 9,247.00
Leasehold Improvements 991.20
Accum Depr - Structures (92,609.08)
Accum Depr - Revenue Equip. & Operating Equip. (2,253,688.10)
Accum Depr - Furn. & Fixtures and Non-Revenue Equip. (151,597.90)
Accum Depr - Leasehold Improvements (921.84)
------------
Total Property & Equipment 4,355,997.52
- -------------- Goodwill & Other Intangibles --------------
Goodwill - Calhoun (Bar J) 222,092.32
Non-Competition Agreements 35,997.00
Accum Amort - Goodwill (21,996.09)
Accum Amort - Non-Competition (26,000.02)
------------
Total Goodwill & Other Intangibles 210,093.21
- ----------------- Other Long-Term Assets -----------------
Deposits 103,290.18
------------
Total Other Long-Term Assets 103,290.18
============
Total ASSETS 7,998,549.07
============
LIABILITIES
- ----------------- Trade Accounts Payable -----------------
Trade-Accounts Payable - Pre-petition 3,610,266.52
Trade-Accounts Payable - Post-petition 161,029.60
------------
Total Trade Accounts Payable 3,771,296.12
- -------------------- Accrued Expenses --------------------
Salaries & Wages Payable 99,865.84
O/O Payable 4,554.00
Bonus Payable - Drivers 6,476.25
Property and Franchise Taxes 18,020.00
Accrued Operating Taxes 2,941.59
</TABLE>
<PAGE> 6
<TABLE>
<S> <C>
Accrued Fuel Taxes 12,330.00
Refunds Due Customers 899.31
Interest Payable 13,197.08
Accrued Insurance - Liability 121,639.00
Accrued Insurance - Workmen's Comp 40,545.00
Accrued Insurance - Health 73,208.47
O/O Insurance Payable 172.20
O/O Escrow 2,000.21
Accrued Professional Fees 98,334.82
Accrued Expenses - Other 8,255.00
-------------
Total Accrued Expenses 502,438.77
- --------------- Non-Current - Pre-petition ---------------
FUTA Payable 2,913.50
Tennessee SUTA Payable 2,955.40
Louisiana SUTA Payable 3,680.00
North Carolina SUTA Payable 317.57
Georgia SUTA Payable 321.79
Kansas SUTA Payable 80.00
Operating Taxes Payable 71,688.77
Fuel Tax (IFTA) Payable 10,917.84
Accrued Rental Turn-in Expense 114,282.51
Freight Claims and Duplicate Payments Payable 89,025.00
Interest Payable 103,533.13
Accrued Insurance - Liability 415,474.57
Accrued Insurance - Cargo & Damage 26,387.60
Accrued Insurance - Workmen's Comp 127,558.41
Other Liabilities 45,649.34
Reserve for Missing Leased Trailers 164,953.12
Reserve for Missing Owned Trailers 85,000.00
Deferred Gain 130,793.45
Miscellaneous Liabilities 24,245.00
Notes Payable 4,174,923.00
LaSalle Line of Credit 2,215,000.00
Capital Lease Obligations 1,690,705.81
Non-Compete Agreements 371,330.76
-------------
Total Non-Current - Pre-petition 9,871,736.57
------------
Total LIABILITIES 14,145,471.46
-------------
EQUITY
- ------------------ Stockholder's Equity ------------------
Capital Stock 1,000.00
Common Stock 40,601.00
Additional Paid-In Capital 5,706,660.02
Retained Earnings - Prior Years (9,419,509.96)
Total Stockholder's Equity (3,671,248.94)
Year-to-date Net Income (2,475,673.45)
-------------
Total EQUITY (6,146,922.39)
-------------
-------------
Total Liabilities and Equity 7,998,549.07
=============
</TABLE>
<PAGE> 7
Debtor: Ampace Corporation ACCRUAL BASIS -4
Case Number: 98-02772 THRU 98-02773 Bank: All Accounts
<TABLE>
<CAPTION>
CASH RECEIPTS AND Month Month Month
--------------------------------------------------
DISBURSEMENTS 04/30/99 05/31/99 06/30/99
<C> <C> <C> <C>
1. Cash - Beginning of Month 1,650,711.87 1,612,478.12 1,584,831.60
2. Cash Sales - - -
3. Collection of Accounts Receivable 664,088.48 587,337.05 607,953.42
4. Loans & Advances (Attach List) - - -
5. Sale of Assets - - -
6. Other ( Attach List) 43,772.43 48,580.42 78,715.53
7. Total Receipts 707,860.91 635,917.47 686,668.95
8. Total Cash Available 2,358,572.78 2,248,395.59 2,271,500.55
</TABLE>
CURRENT MONTH DISBURSEMENTS
<TABLE>
<CAPTION>
CHECK NUMBER DATE PAYEE PURPOSE AMOUNT
<S> <C> <C> <C>
A/P - Check # 137368 -137458 190,703.58
A/P -Wires # WRE85006-WRE85037 444,787.79
Total A/P Checks and Wires: 635,491.37
Payroll Check # 137371-137431 6,557.12
Bank service charges 1,624.08
</TABLE>
<PAGE> 8
Debtor: Ampace Corporation ACCRUAL BASIS -5
Case Number: 98-02772 THRU 98-02773
Accounts Receivable Aging
<TABLE>
<S> <C> <C>
0 - 40 days 584,807.09
old
----------------------------------------------------------------------------------
41 - 60 days 62,668.17
old
----------------------------------------------------------------------------------
61 - 90 days 31,330.86
old
----------------------------------------------------------------------------------
91+ days old 279,128.70
----------------------------------------------------------------------------------
Total Accounts Receivable 957,934.82
----------------------------------------------------------------------------------
Amount Considered 190,625.96
Uncollectable
----------------------------------------------------------------------------------
Accounts Receivable (Net) 767,308.86
- --------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------
Aging of Postpetition Accounts Payable
- ----------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------
0 - 30 Days 31 - 60 Days 61 - 90 Days 91+Days Total
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Accounts Payable 59,411.40 19,605.83 22,058.93 59,953.44 161,029.60
- -------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 9
- --------------------------------------------------------------------------------
Status of Postpetition Taxes
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Beginning Tax Amount Amount Ending Tax Delinquent
Liability Withheld or Paid Liability Taxes
Accrued
=======================================================================================================================
Federal
=======================================================================================================================
<S> <C> <C> <C> <C> <C>
Withholding** 758.28 3,033.12 3,791.40 -
FICA-Employee** 198.60 794.40 993.00 -
FICA-Employer** 198.60 794.40 993.00 -
Unemployment - - - -
Income - - - -
Federal Highway Use Tax (b) - - - -
Total Federal Taxes 1,155.48 4,621.92 5,777.40 -
State and Local
Withholding -
Sales -
Excise 10,337.31 4,618.56 315.72 15,271.59
Unemployment - - - -
Real Property - - - -
Personal Property - - - -
State Franchise Taxes (a) 20.00 3,000.00 3,000.00 20.00
Total State and Local 10,357.31 7,618.56 3,315.72 15,291.59
Total Taxes 11,512.79 12,240.48 9,093.12 15,291.59
</TABLE>
* The beginning tax liability should represent the liability from the prior
month or, if this is the first operating report, the amount should be zero.
**Attach photocopies of ORS Form 6123 or your FTD coupon and payment receipt to
verify payment or deposit.
(a) Accrued state franchise taxes are offset by franchise tax payments of
$36,180 paid on March 15, 1999.
<PAGE> 10
<TABLE>
<CAPTION>
INSIDERS
- ---------------------------------------------------------------------------------- CUMULATIVE
TYPE OF AMOUNT UNPAID
NAME POSITION PAYMENT PAID BALANCE
- -----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
1. Dave Freeman President, CEO Salary 10,384.64
2. Dave Freeman President, CEO Exp. 607.92
reimbursement
3.
4.
5.
6.
TOTAL PAYMENTS TO INSIDERS 10,992.56
</TABLE>
<TABLE>
<CAPTION>
PROFESSIONALS
- -------------------------------------------------------------------------------------------------------------------------
TYPE OF DATE OF COURT
ORDER AMOUNT AMOUNT TOTAL PAID
NAME PROFESSIONAL AUTHORIZING APPROVED PAID TO DATE
PAYMENT
=========================================================================================================================
<S> <C> <C> <C> <C> <C>
1. Saul, Ewing, Remick & Saul LLP (a) debtor attorney -
222,641.74
2. Partners For Corporate Renewal consultant 9,544.50 109,460.79
3. Klehr, Harrison, Harvey, Branzburg Creditors attorney 26,880.76 66,455.46
& Ellers LLP
4.
5.
TOTAL PAYMENTS TO PROFESSIONALS 36,425.26 398,557.99
</TABLE>
<TABLE>
<CAPTION>
ADEQUATE PROTECTION PAYMENTS
- ------------------------------------------------------------------------------------------------
AMOUNTS
SCHEDULED MONTHLY PAID DURING TOTAL UNPAID
NAME OF CREDITOR PAYMENTS DUE MONTH POSTPETITION
- ------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
1.
2.
3.
4.
5.
6.
7.
8. Total
</TABLE>
(a) Transferred $91,807 during April from their retainer to pay February and
March invoices. The retainer transfer is included in the Total Paid to Date
column.
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