<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): AUGUST 12, 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.)
11217 OUTLET DRIVE, KNOXVILLE TENNESSEE, 37932
(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 July 31, 1999 that
the Company filed with the United States Bankruptcy Court - Region 3 on August
12, 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.
<TABLE>
<S> <C>
99.1 Post-Confirmation Monthly Summary Report for the period ended
July 31, 1999 (Certain schedules are omitted.)
</TABLE>
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: September 8, 1999 By: /s/ David Freeman
---------------------------------------
David Freeman, Chief Executive Officer
<PAGE> 1
EXHIBIT 99.1
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): July 1999
-----------------------
All disbursements or payments (including payments made under the confirmed plan)
made by the Debtor.
$777,462.00
-----------
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.
8/12/99 /s/ David C. Freeman
- ---------- -------------------------------------------
Date Name/Title
<PAGE> 2
Income Statement
Ampace Freightlines, Inc.
JULY 1999
SALES
<TABLE>
<S> <C>
Operating Revenue 600,934.82
OPERATING EXPENSES
Salary, Wages & Employee Benefits 271,347.92
Rentals 12,249.58
Fuel 97,032.17
Depreciation & Amortization 78,253.06
Operating Supplies & Expenses 65,205.17
Insurance & Claims 26,458.00
Operating Taxes & Licenses 2,576.23
General & Administrative 15,064.01
Communication & Utilities 5,803.72
-------------
TOTAL EXPENSES 573,989.86
-------------
Net Income from Continuing Operations 26,944.96
-------------
OTHER INCOME & EXPENSES
Interest Income 4,351.07
Interest Expense (2,122.40)
Estate Expenses (59,215.64)
Expenses of Discontinued Operations (31,189.99)
Reorganization Professional Fees & U.S. Trustee Fees (a) (58,704.35)
-------------
TOTAL OTHER INCOME & EXPENSES (146,881.31)
=============
Net Income After Taxes (119,936.35)
=============
</TABLE>
(a) The July Reorganization Professional Fees & U.S. Trustee Fees accruals were
netted against favorable adjustments of approximately $26,000 to prior period
professional fee accruals.
*PRELIMINARY - Subject to audit adjustments. Interest accrued only on
overcollateralized secured debt.
<PAGE> 3
Ampace Freightlines, Inc.
Balance Sheet
As of Period Ending July 31, 1999
<TABLE>
<CAPTION>
Balance
----------------
<S> <C>
ASSETS
- ------------------- Cash & Equivalents -------------------
Cash - Suntrust 145,701.00
Cash - LaSalle 52,809.11
Money Market 1,174,420.00
Landair Sale Escrow 55,000.00
----------------
Total Cash & Equivalents 1,427,930.11
- -------------- Accounts Receivable - Trade ---------------
A/R - Trade 1,033,255.50
Allowance for Bad Debts (200,698.45)
----------------
Total Accounts Receivable - Trade 832,557.05
- -------------- 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 658.33
A/R - Cash Advance 12,647.97
A/R - Miscellaneous 18,680.68
Interest Receivable 7,892.53
----------------
Total Accounts Receivable - Other 228,531.42
- ----------------------- Inventory ------------------------
Parts & Shop Inventory - Calhoun 5,254.54
Tires Inventory - Calhoun 4,743.96
----------------
Total Inventory 9,998.50
- -------------------- Prepaid Expenses --------------------
Prepaid - Taxes & Licenses 64,691.50
Prepaid - Insurance 8,322.30
Prepaid - Escrows 441,146.15
Prepaid - TIC Deposit 27,484.16
Prepaid - Comdata Deposit 4,966.71
Prepaid - Others 641.35
----------------
Total Prepaid Expenses 547,252.17
- ------------------ Other Current Assets ------------------
Current Assets - Other 36,180.00
Other Current Assets 72,678.00
----------------
Total Other Current Assets 108,858.00
</TABLE>
<PAGE> 4
<TABLE>
<S> <C>
- ------------------ 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 1,603,545.00
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 (94,702.91)
Accum Depr - Revenue Equip. & Operating Equip. (2,332,018.43)
Accum Depr - Furn. & Fixtures and Non-Revenue Equip. (158,290.62)
Accum Depr - Leasehold Improvements (986.70)
----------------
Total Property & Equipment 4,264,815.78
- -------------- Goodwill & Other Intangibles --------------
Goodwill - Calhoun (Bar J) 224,861.26
Non-Competition Agreements 35,997.00
Accum Amort - Goodwill (23,134.83)
Accum Amort - Non-Competition (27,000.02)
----------------
Total Goodwill & Other Intangibles 210,723.41
- ----------------- Other Long-Term Assets -----------------
Deposits 88,763.99
----------------
Total Other Long-Term Assets 88,763.99
================
Total ASSETS 7,719,430.43
================
LIABILITIES
- ----------------- Trade Accounts Payable -----------------
Trade-Accounts Payable - Pre-petition 3,618,957.31
Trade-Accounts Payable - Post-petition 189,440.59
----------------
Total Trade Accounts Payable 3,808,397.90
- -------------------- Accrued Expenses --------------------
Salaries & Wages Payable 64,749.72
O/O Payable 2,824.56
Bonus Payable - Drivers 6,476.25
Employee Federal Income Tax 758.28
FICA - Employee Withholding 37.64
FICA - Employer Payable 37.64
Property and Franchise Taxes 21,020.00
</TABLE>
<PAGE> 5
<TABLE>
<S> <C>
Accrued Operating Taxes 4,753.96
Accrued Fuel Taxes 6,805.39
Refunds Due Customers 630.00
Interest Payable 15,201.08
Accrued Insurance - Liability 140,441.00
Accrued Insurance - Workmen's Comp 46,812.00
Accrued Insurance - Health 31,395.16
O/O Insurance Payable 260.50
O/O Escrow 2,000.21
Accrued Professional Fees 96,566.82
Accrued Expenses - Other 3,172.67
----------------
Total Accrued Expenses 443,942.88
- --------------- 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 113,326.99
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 122,061.17
Other Liabilities 43,396.81
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 4,047,294.44
LaSalle Line of Credit 2,215,000.00
Capital Lease Obligations 1,689,251.48
Non-Compete Agreements 371,330.76
----------------
Total Non-Current - Pre-petition 9,733,948.39
----------------
Total LIABILITIES 13,986,289.17
----------------
EQUITY
- ------------------ Stockholder's Equity ------------------
Capital Stock 1,000.00
Common Stock 40,601.00
5,706,660.02
Additional Paid-In Capital (9,419,509.96)
Prior Period Retained Earnings ----------------
(3,671,248.94)
Total Stockholder's Equity (2,595,609.80)
Year-to-date Net Income ----------------
(6,266,858.74)
Total EQUITY ================
7,719,430.43
Total Liabilities and Equity ================
</TABLE>
<PAGE> 6
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 7/31/99 08/31/99 09/30/99
- ------------------------------------------------------------------------------------------
<S> <C> <C> <C>
1. Cash - Beginning of Month $1,627,827.98 $ - $ -
2. Cash Sales $ - $ - $ -
3. Collection of Accounts Receivable 514,830.18 - -
4. Loans & Advances (Attach List) - - -
5. Sale of Assets - - -
6. Other (Attach List) 7,733.95 - -
7. Total Receipts 522,564.13 - -
8. Total Cash Available 2,150,392.11 - -
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------
CURRENT MONTH DISBURSEMENTS
- ------------------------------------------------------------------------------------------
CHECK NUMBER DATE PAYEE PURPOSE AMOUNT
- ------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
A/P - Check # 137456 -137543 239,087.29
A/P -Wires # WRE85076-WRE85106 528,385.75
Total A/P Checks and Wires: 767,473.04
Payroll Check # 137457-137527 8,363.09
Bank service charges 1,625.87
Total Bank Disbursements $ 777,462.00
--------------------------------------------------------
End of Month Balance (Should equal Accrual $1,372,930.11
Basis-6, line5)
</TABLE>
<PAGE> 7
Debtor: Ampace Corporation ACCRUAL BASIS -5
Case Number: 98-02772 THRU 98-02773
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------
Accounts Receivable Aging
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
0 - 40 days old $ 671,054.63
-------------------------------------------------------------------------------------------
41 - 60 days old 40,808.70
-------------------------------------------------------------------------------------------
61 - 90 days old 50,710.52
-------------------------------------------------------------------------------------------
91+ days old 270,681.65
-------------------------------------------------------------------------------------------
Total Accounts Receivable 1,033,255.50
-------------------------------------------------------------------------------------------
Amount Considered Uncollectable 200,698.45
-------------------------------------------------------------------------------------------
Accounts Receivable (Net) $ 832,557.05
- ------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------
Aging of Postpetition Accounts Payable
- ------------------------------------------------------------------------------------------------------------------------
0 - 30 31 - 60 61 - 90 91+ Total
Days Days Days Days
-----------------------------------------------------------------------------
Accounts Payable 94,242.18 8,106.40 19,605.83 67,486.18 189,440.59
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 8
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------
Status of Postpetition Taxes
- ------------------------------------------------------------------------------------------------------------------------------
Beginning Amount Amount Ending Tax Delinquent
Tax Liability Withheld or Paid Liability Taxes
Accrued
=======================================================================================================================
<S> <C> <C> <C> <C> <C>
Federal
- ------------------------------------------------------------------------------------------------------------------------------
Withholding** $ - $ 3,791.40 $3,033.12 $ 758.28
- ------------------------------------------------------------------------------------------------------------------------------
FICA-Employee** - 665.35 627.71 37.64
- ------------------------------------------------------------------------------------------------------------------------------
FICA-Employer** - 665.35 627.71 37.64
- ------------------------------------------------------------------------------------------------------------------------------
Unemployment - - - -
- ------------------------------------------------------------------------------------------------------------------------------
Income - - - -
- ------------------------------------------------------------------------------------------------------------------------------
Federal Highway Use Tax - 2,567.00 - 2,567.00
- ------------------------------------------------------------------------------------------------------------------------------
Total Federal Taxes $ - $ 7,689.10 $4,288.54 $ 3,400.56
- ------------------------------------------------------------------------------------------------------------------------------
State and Local
- ------------------------------------------------------------------------------------------------------------------------------
Withholding $ - $ - $ - $ -
- ------------------------------------------------------------------------------------------------------------------------------
Sales - - - -
- ------------------------------------------------------------------------------------------------------------------------------
Excise (b) 15,271.59 (6,279.24) - 8,992.35
- ------------------------------------------------------------------------------------------------------------------------------
Unemployment - - - -
- ------------------------------------------------------------------------------------------------------------------------------
Real Property - - - -
- ------------------------------------------------------------------------------------------------------------------------------
Personal Property - - - -
- ------------------------------------------------------------------------------------------------------------------------------
State Franchise Taxes (a) 20.00 3,000.00 3,000.00 20.00
- ------------------------------------------------------------------------------------------------------------------------------
Total State and Local $15,291.59 $(3,279.24) $3,000.00 $ 9,012.35
- ------------------------------------------------------------------------------------------------------------------------------
Total Taxes $15,291.59 $ 4,409.86 $7,288.54 $12,412.91
- ------------------------------------------------------------------------------------------------------------------------------
</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.
(b) July excise tax accruals netted against favorable adjustments made to
overaccrued second quarter excise tax accruals.
All second quarter excise taxes payments were made on their due date of Monday
August 2, 1999.
<PAGE> 9
Debtor: Ampace Corporation ACCRUAL BASIS -7
Case Number: 98-02772 THRU 98-02773
- --------------------------------------------------------------------------------
PAYMENTS TO INSIDERS AND PROFESSIONALS
- --------------------------------------------------------------------------------
Of the total distributions shown for the month, list the amounts paid to
insiders (as defined in Section 101(31) (A) - (F) of the U.S. Bankruptcy Code)
and to professionals. For payments to insiders, identify the type of
Compensation paid (e.g. salary, bonus, commission, insurance, housing allowance,
travel, car allowance, etc.). Attach additional sheets if necessary.
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------
INSIDERS CUMULATIVE
- ------------------------------------------------------------------------------------------------------------
TYPE OF AMOUNT UNPAID
NAME POSITION PAYMENT PAID BALANCE
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
1. Dave Freeman President, CEO Salary $ 12,980.80
2. Dave Freeman President, CEO Exp. Reimbursement 2,260.97
3.
4.
5.
6.
TOTAL PAYMENTS TO INSIDERS $ 15,241.77
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------
PROFESSIONALS
- --------------------------------------------------------------------------------------------------------------------------
TYPE OF DATE OF COURT AMOUNT AMOUNT TOTAL PAID
ORDER
NAME PROFESSIONAL AUTHORIZING APPROVED PAID TO DATE
PAYMENT
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
1. Saul, Ewing, Remick & Saul LLP (a) Debtor $22,831.57 $259,999.50
Attorney
2. Partners For Corporate Renewal Consultant 12,547.40 122,008.19
3. Klehr, Harrison, Harvey, Creditors - 66,455.46
Branzburg & Ellers LLP Attorney
4.
5.
TOTAL PAYMENTS TO PROFESSIONALS 35,378.97 448,463.15
</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. Mercedes-Benz Credit Corporation $ 110,209.21
2.
3.
4.
5.
6.
7.
8. Total $ 110,209.21
</TABLE>
(a) Transferred $91,807 during April from their retainer to pay February and
March invoices. Additionally, transferred $14,526 during July from their
retainer to pay a portion of their May invoice. All retainer transfers are
included in the Total Paid to Date column.
