<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): SEPTEMBER 17, 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 August 31, 1999
that the Company filed with the United States Bankruptcy Court - Region 3 on
September 17, 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.
99.1 Post-Confirmation Monthly Summary Report for the period ended
August 31, 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: October 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): August 1999
-------------------------------------------
All disbursements or payments (including payments made under the confirmed plan)
made by the Debtor.
$784,112.07
------------------
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.
9/17/99 /s/ David C. Freeman
- -------------- ---------------------------------------
Date Name/Title
<PAGE> 2
Income Statement
Ampace Freightlines, Inc.
August 1999
<TABLE>
SALES
<S> <C>
Operating Revenue 608,954.11
OPERATING EXPENSES
Salary, Wages & Employee Benefits 272,362.18
Rentals 10,714.00
Fuel 98,164.24
Depreciation & Amortization 77,248.32
Operating Supplies & Expenses 65,639.12
Insurance & Claims 30,266.59
Operating Taxes & Licenses 11,258.84
General & Administrative 15,526.89
Communication & Utilities 5,169.19
-----------
TOTAL EXPENSES 586,349.37
-----------
Net Income from Continuing Operations 22,604.74
-----------
OTHER INCOME & EXPENSES
Interest Income 4,042.39
Interest Expense (2,449.92)
Estate Expenses (56,005.16)
Expenses of Discontinued Operations (a) (45,016.88)
Reorganization Professional Fees & U.S. Trustee Fees (79,712.55)
-----------
TOTAL OTHER INCOME & EXPENSES (179,142.12)
===========
Net Income After Taxes (156,537.38)
===========
</TABLE>
<PAGE> 3
(a) Discontinued Operations provided cash of $4,773.74 during August
1999. The $4,773.74 positive cash flow is the net amount of all cash
receipts and disbursements associated with Discontinued Operations.
Material Discontinued Operations' expenses that did not require cash
disbursements included depreciation of fixed assets not being
utilized by Ampace's ongoing operations ($12,839) and a write-off of
uncollectible accounts receivable ($32,629) for which no reserve had
been previously established.
PRELIMINARY - Subject to Audit Adjustments
Interest accrued only on overcollaterized secured debt.
<PAGE> 4
Ampace Freightlines, Inc.
Balance Sheet
As of Period Ending August 31, 1999
<TABLE>
<CAPTION>
Balance
-------------
<S> <C>
ASSETS
- ------------------- Cash & Equivalents -------------------
Cash - Suntrust 35,778.00
Cash - LaSalle 108,307.02
Money Market 1,160,149.00
Landair Sale Escrow 55,000.00
-------------
Total Cash & Equivalents 1,359,234.02
- -------------- Accounts Receivable - Trade ---------------
A/R - Trade 917,973.03
Allowance for Bad Debts (214,668.04)
-------------
Total Accounts Receivable - Trade 703,304.99
- -------------- 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 19,823.65
A/R - Miscellaneous 18,680.68
Interest Receivable 7,552.89
-------------
Total Accounts Receivable - Other 235,068.31
- ----------------------- Inventory ------------------------
Parts & Shop Inventory - Calhoun 5,254.54
Tires Inventory - Calhoun 4,743.96
-------------
Total Inventory 9,998.50
- -------------------- Prepaid Expenses --------------------
Prepaid - Taxes & Licenses 60,969.70
Prepaid - Insurance 2,774.10
Prepaid - Escrows 466,215.15
Prepaid - TIC Deposit 6,410.07
Prepaid - Comdata Deposit 18,595.21
Prepaid - Others 320.68
-------------
Total Prepaid Expenses 555,284.91
- ------------------ Other Current Assets ------------------
Current Assets - Other 36,180.00
Other Current Assets 72,678.00
-------------
Total Other Current Assets 108,858.00
</TABLE>
<PAGE> 5
<TABLE>
<S> <C>
- ------------------ Property & Equipment ------------------
Land 228,430.25
Structures 548,049.17
Tractors - Owned 3,344,046.02
Tractors - Leased 156,238.69
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 (96,796.84)
Accum Depr - Revenue Equip. & Operating Equip (2,288,250.35)
Accum Depr - Furn. & Fixtures and Non-Revenue Equip (164,983.79)
Accum Depr - Leasehold Improvements (1,051.56)
-------------
Total Property & Equipment 3,983,731.90
- -------------- Goodwill & Other Intangibles --------------
Goodwill - Calhoun (Bar J) 227,434.05
Non-Competition Agreements 35,997.00
Accum Amort - Goodwill (24,288.10)
Accum Amort - Non-Competition (28,000.02)
-------------
Total Goodwill & Other Intangibles 211,142.93
- ----------------- Other Long-Term Assets -----------------
Deposits 240,825.99
-------------
Total Other Long-Term Assets 240,825.99
=============
Total ASSETS 7,407,449.55
=============
LIABILITIES
- ----------------- Trade Accounts Payable -----------------
Trade-Accounts Payable - Pre-petition 3,640,971.57
Trade-Accounts Payable - Post-petition 205,749.63
-------------
Total Trade Accounts Payable 3,846,721.20
- -------------------- Accrued Expenses --------------------
Salaries & Wages Payable 92,664.96
O/O Payable 964.98
Bonus Payable - Drivers 6,476.25
Employee Federal Income Tax 758.28
FICA - Employee Withholding 37.64
FICA - Employer Payable 37.64
</TABLE>
<PAGE> 6
<TABLE>
<S> <C>
Property and Franchise Taxes 24,020.00
Accrued Operating Taxes 1,094.82
Accrued Fuel Taxes 3,402.00
Refunds Due Customers 324.40
Interest Payable 17,205.08
Accrued Insurance - Liability 159,243.00
Accrued Insurance - Workmen's Comp 53,079.00
Accrued Insurance - Health 30,947.38
O/O Insurance Payable 368.88
O/O Escrow 2,200.21
Accrued Professional Fees 103,257.32
Accrued Accident Repairs 3,500.00
Accrued Expenses - Other 5,923.67
-------------
Total Accrued Expenses 505,505.51
- --------------- 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 116,521.19
Other Liabilities 18,223.81
Reserve for Missing Leased Trailers 164,953.12
Reserve for Missing Owned Trailers 85,000.00
Deferred Gain 155,038.45
Notes Payable 4,017,294.44
LaSalle Line of Credit 2,215,000.00
Capital Lease Obligations 1,494,635.03
Non-Compete Agreements 371,330.76
-------------
Total Non-Current - Pre-petition 9,478,618.96
-------------
Total LIABILITIES 13,830,845.67
-------------
EQUITY
- ------------------ Stockholder's Equity ------------------
Capital Stock 1,000.00
Common Stock 40,601.00
Additional Paid-In Capital 5,706,660.02
</TABLE>
<PAGE> 7
<TABLE>
<S> <C>
Retained Earnings - Prior Periods (9,419,509.96)
-------------
Total Stockholder's Equity (3,671,248.94)
Year-to-date Net Income (2,752,147.18)
-------------
Total EQUITY (6,423,396.12)
-------------
Total Liabilities and Equity 7,407,449.55
=============
</TABLE>
<PAGE> 8
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 $1,372,930.11 -
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
2. Cash Sales - - -
- ----------------------------------------------------------------------------------------------------------------------
3. Collection of Accounts Receivable 514,830.18 702,617.29 -
- ----------------------------------------------------------------------------------------------------------------------
4. Loans & Advances (Attach List) - - -
- ----------------------------------------------------------------------------------------------------------------------
5. Sale of Assets - - -
- ----------------------------------------------------------------------------------------------------------------------
6. Other ( Attach List) 7,733.95 12,798.69 -
- ----------------------------------------------------------------------------------------------------------------------
7. Total Receipts 522,564.13 715,415.98 -
- ----------------------------------------------------------------------------------------------------------------------
8. Total Cash Available 2,150,392.11 2,088,346.09 -
- ----------------------------------------------------------------------------------------------------------------------
CURRENT MONTH DISBURSEMENTS
- ----------------------------------------------------------------------------------------------------------------------
CHECK NUMBER DATE PAYEE PURPOSE AMOUNT
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
A/P - Check # 137544 -137622 191,315.73
- ----------------------------------------------------------------------------------------------------------------------
A/P - Check # 4447 3,699.08
- ----------------------------------------------------------------------------------------------------------------------
A/P -Wires # WRE85107-WRE85138 580,471.26
- ----------------------------------------------------------------------------------------------------------------------
Total A/P Checks and Wires: 775,486.07
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Payroll Check # 137547-137604 7,200.96
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Bank service charges 1,425.04
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Total Bank Disbursements $784,112.07
-----------------------------------------------------------------------------
End of Month Balance (Should equal Accrual
Basis-6, line5) $1,304,234.02
- ----------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 9
Debtor: Ampace Corporation ACCRUAL BASIS -5
Case Number: 98-02772 THRU 98-02773
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------
Accounts Receivable Aging
- ----------------------------------------------------------------------------------------------------------------------
<S> <C>
0 - 40 days
old $539,977.87
-----------------------------------------------------------------------------------------------
41 - 60 days
old 59,493.87
-----------------------------------------------------------------------------------------------
61 - 90 days
old 21,927.81
-----------------------------------------------------------------------------------------------
91+ days old 296,573.48
-----------------------------------------------------------------------------------------------
Total Accounts Receivable 917,973.03
-----------------------------------------------------------------------------------------------
Amount Considered
Uncollectable 214,668.04
-----------------------------------------------------------------------------------------------
Accounts Receivable (Net) $703,304.99
- ----------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------
Aging of Postpetition Accounts Payable
- ----------------------------------------------------------------------------------------------------------------------
0 - 30 31 - 60 61 - 90 91+ Total
Days Days Days Days
---------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Accounts Payable 55,975.45 40,049.58 8,106.40 101,618.20 205,749.63
- ----------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 10
<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** $ 758.28 $ 3,033.12 $ 3,033.12 $ 758.28
- -------------------------------------------------------------------------------------------------------------------------------
FICA-Employee** 37.64 150.56 150.56 37.64
- -------------------------------------------------------------------------------------------------------------------------------
FICA-Employer** 37.64 150.56 150.56 37.64
- -------------------------------------------------------------------------------------------------------------------------------
Unemployment - - - -
- -------------------------------------------------------------------------------------------------------------------------------
Income - - - -
- -------------------------------------------------------------------------------------------------------------------------------
Federal Heavy Vehicle Use Tax (b) 2,567.00 2,567.00 7,700.00 (2,566.00)
- -------------------------------------------------------------------------------------------------------------------------------
Total Federal Taxes $ 3,400.56 $ 5,901.24 $11,034.24 $ (1,732.44)
- -------------------------------------------------------------------------------------------------------------------------------
State and Local
- -------------------------------------------------------------------------------------------------------------------------------
Withholding - - - -
- -------------------------------------------------------------------------------------------------------------------------------
Sales - - - -
- -------------------------------------------------------------------------------------------------------------------------------
Excise 8,992.35 2,346.67 6,842.20 4,496.82
- -------------------------------------------------------------------------------------------------------------------------------
Unemployment - - - -
- -------------------------------------------------------------------------------------------------------------------------------
Real Property - - - -
- -------------------------------------------------------------------------------------------------------------------------------
Personal Property - - - -
- -------------------------------------------------------------------------------------------------------------------------------
State Franchise Taxes (a) 20.00 3,000.00 3,000.00 20.00
- -------------------------------------------------------------------------------------------------------------------------------
Total State and Local $ 9,012.35 $ 5,346.67 $ 9,842.20 $ 4,516.82
- -------------------------------------------------------------------------------------------------------------------------------
Total Taxes $12,412.91 $11,247.91 $20,876.44 $ 2,784.38
- -------------------------------------------------------------------------------------------------------------------------------
</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) The Federal Heavy Vehicle Use Tax payment of $7,700 paid on August 31, 1999
was for the tax period July 1, 1999 through September 30, 1999.
The $2,566 prepayment balance was reclassed to the asset account Prepaid - Taxes
& Licenses on the August 31, 1999 balance sheet.
<PAGE> 11
Debtor: Ampace Corporation
Case Number: 98-02772 THRU 98-02773
PAYMENT 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 $10,384.64
- ----------------------------------------------------------------------------------------------------------------------------
2. Dave Freeman President, CEO Exp. reimbursement 913.63
- ----------------------------------------------------------------------------------------------------------------------------
3. Doug Harper Board of Directors Meeting Fee 200.00
Member
- ----------------------------------------------------------------------------------------------------------------------------
4. Dave Lyman Board of Directors Meeting Fee
Member 200.00
- ----------------------------------------------------------------------------------------------------------------------------
5. Jay Taylor Board of Directors Meeting Fee
Member 200.00
- ----------------------------------------------------------------------------------------------------------------------------
6.
- ----------------------------------------------------------------------------------------------------------------------------
TOTAL PAYMENTS TO INSIDERS $11,898.27
- ----------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------
PROFESSIONALS
- ----------------------------------------------------------------------------------------------------------------------------
TYPE OF DATE OF COURT ORDER AMOUNT AMOUNT TOTAL PAID
NAME PROFESSIONAL AUTHORIZING PAYMENT APPROVED PAID TO DATE
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
1. Saul, Ewing, Remick & Saul LLP Debtor attorney
(a) $44,577.52 $304,577.02
- ----------------------------------------------------------------------------------------------------------------------------
2. Partners For Corporate Renewal Consultant
14,779.50 136,787.69
- ----------------------------------------------------------------------------------------------------------------------------
3. Klehr, Harrison, Harvey, Creditors attorney
Branzburg & Ellers LLP 12,576.08 79,031.54
- ----------------------------------------------------------------------------------------------------------------------------
4.
- ----------------------------------------------------------------------------------------------------------------------------
5.
- ----------------------------------------------------------------------------------------------------------------------------
TOTAL PAYMENTS TO PROFESSIONALS $71,933.10 $520,396.25
- ----------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 12
<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 $ 17,419.35
- ----------------------------------------------------------------------------------------------------------------------------
2.
- ----------------------------------------------------------------------------------------------------------------------------
3.
- ----------------------------------------------------------------------------------------------------------------------------
4.
- ----------------------------------------------------------------------------------------------------------------------------
5.
- ----------------------------------------------------------------------------------------------------------------------------
6.
- ----------------------------------------------------------------------------------------------------------------------------
7.
- ----------------------------------------------------------------------------------------------------------------------------
8. Total $ 17,419.35
- ----------------------------------------------------------------------------------------------------------------------------
</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.
