<PAGE>
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) April 20, 2000
Physicians Resource Group, Inc.
(Exact name of registrant as specified in its charter)
Delaware 1-13778 76-0456864
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
14800 Landmark Blvd., Suite 500, Dallas, TX 75240
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (972) 892-7200
<PAGE>
Item 5. Other Events
On April 20, 2000, Physicians Resource Group, Inc. (the "Company"), a
debtor-in-possession, filed a monthly operating report for the period March 1,
2000 through March 31, 2000 with the United States Bankruptcy Court for the
Northern District of Texas, Dallas Division (the "Bankruptcy Court"), Case
Number 00-30748-RCM.
The Company's monthly operating reports for the periods from February 1,
2000 through February 29, 2000 and from March 1, 2000 through March 31, 2000
(collectively, the "Monthly Operating Reports") have been amended. The amended
Monthly Operating Reports were filed with the Bankruptcy Court on May 3, 2000
and are filed as exhibits to this Current Report on Form 8-K. The Monthly
Operating Reports were amended to reflect certain reclassifications of amounts
included in the prepetition and postpetition components of the Monthly Operating
Reports. As of March 31, 2000, the reclassifications resulted in an increase of
approximately $675,000 over previously reported "Prepetition Owner's Equity,"
with no change in the previously reported "Total Liabilities and Owner's
Equity."
Item 7. Financial Statements and Exhibits
(c) Exhibits:
99.1 Amended Monthly Operating Report for February 1, 2000 through
February 29, 2000
99.2 Amended Monthly Operating Report for March 1, 2000 through March
31, 2000
2
<PAGE>
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities and
Exchange Act of 1934, the Registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized.
PHYSICIANS RESOURCE GROUP, INC.
DATE: May 5, 2000 By: /s/ Michael Yeary
- ----------------------------------------
Michael Yeary, President and
Chief Restructuring Officer
3
<PAGE>
EXHIBIT 99.1
================================================================================
Monthly Operating Report
- ---------------------------------------------------
CASE NAME: Physicians Resource Group, Inc. ACCRUAL Basis
CASE NUMBER: 00-30748-RCM
JUDGE: Robert C. McGuire
- ----------------------------------------------------
UNITED STATES BANKRUPTCY COURT
NORTHERN DISTRICT OF TEXAS
DALLAS DIVISION
MONTH ENDING: February 29, 2000
AMENDED & RESTATED
I DECLARE UNDER PENALTY OF PERJURY THAT I HAVE EXAMINED THE FOLLOWING MONTHLY
OPERATING REPORT (ACCRUAL BASIS-1 THROUGH ACCRUAL BASIS-7) AND THE ACCOMPANYING
ATTACHMENTS AND THESE DOCUMENTS ARE TRUE, CORRECT AND COMPLETE. DECLARATION OF
THE PREPARER IS BASED ON ALL INFORMATION OF WHICH PREPARER HAS KNOWLEDGE.
RESPONSIBLE PARTY:
/s/ Michael W. Yeary Chief Restructuring Officer
- ----------------------------------------- -------------------------------
ORIGINAL SIGNATURE OF RESPONSIBLE PARTY TITLE
Michael W. Yeary 28-Apr-00
- ----------------------------------------- -------------------------------
PRINTED NAME OF RESPONSIBLE PARTY DATE
PREPARER:
/s/ Karen G. Nicolaou Controller - Secretary
- ----------------------------------------- -------------------------------
ORIGINAL SIGNATURE OF PREPARER TITLE
Karen G. Nicolaou 28-Apr-00
- ----------------------------------------- -------------------------------
PRINTED NAME OF RESPONSIBLE PARTY DATE
<PAGE>
<TABLE>
<CAPTION>
Monthly Operating Report
CASE NAME: PHYSICIANS RESOURCE GROUP, INC.
- -------------------------------------------------
ACCRUAL BASIS-1
CASE NUMBER: 00-30748-RCM
- -------------------------------------------------
COMPARATIVE BALANCE SHEET
UNAUDITED ******** AMOUNTS ARE UNAUDITED *******
- --------------------------------------------------------------------------------------------------------------------------
SCHEDULE JANUARY FEBRUARY MARCH
ASSETS AMOUNT (1)* AMENDED
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
1 UNRESTRICTED CASH 46,847,552 - 48,483,735
2 RESTRICTED CASH 899,566 - 905,566
3 TOTAL CASH 47,747,118 - 49,389,301
4 ACCOUNTS RECEIVABLE (NET) 2,963,426 - 10,561
5 INVENTORY - - -
6 NOTES REC (SEE SCHEDULE) 529,848 - 529,878
7 PREPAID EXPENSES 2,643,776 - 2,394,106
8 OTHER (ATTACH LIST) - - 459,532
9 TOTAL CURRENT ASSETS 53,884,168 - 52,783,378
10 PROPERTY, PLANT & EQUIPMENT 201,837 - 4,525,708
11 LESS: ACCUM DEPRECATION - - (3,281,910)
12 NET PROPERTY, PLANT & EQUIP 201,837 - 1,243,798
13 DUE FROM INSIDERS - - -
14 OTHER ASSETS NET (ATTACH LIST) 80,910,621 - 76,928,562
15 OTHER (ATTACH LIST) 40,390 - 40,390
16 TOTAL ASSETS 135,037,016 - 130,996,128
POSTPETITION LIABILITIES
- -------------------------------------------------------------------------------------------------------------------------
17 ACCOUNTS PAYABLE - 3,487
18 TAXES PAYABLE - -
19 NOTES PAYABLE -
20 PROFESSIONAL FEES - 435,600
21 SECURED DEBT -
22 OTHER (ATTACH LIST) - 131,847
23 TOTAL POSTPETITION LIABILITIES - 570,934
PREPETITION LIABILITIES
- --------------------------------------------------------------------------------------------------------------------------
24 SECURED DEBT - -
25 PRIORITY DEBT 569,603 - 569,603
26 UNSECURED DEBT 135,307,165 - 140,982,547
27 OTHER (ATTACH LIST) - - 442,726
28 TOTAL PREPETITION LIABILITIES 135,876,768 - 141,994,876
29 TOTAL LIABILITIES 135,876,768 - 142,565,810
EQUITY
- --------------------------------------------------------------------------------------------------------------------------
30 PREPETITION OWNERS EQUITY (839,752) - (10,944,475)
31 POSTPETITION CUMULATIVE PROFIT
OR (LOSS) - (625,207)
32 DIRECT CHARGES TO EQUITY - -
(ATTACH EXPLANATION)
33 TOTAL EQUITY (839,752) - (11,569,682)
34 TOTAL LIABILITIES & OWNERS EQUITY 135,037,016 - 130,996,128
-
==========================================================================================================================
* The balances reported in the "Schedule Amount" column represent the "current market value of the debtors
interest in property, without deducting any secured claim or exemption." The balances in the "February"
column represent Physician Resources Group, Inc.'s historical cost basis in the asset net of any allowance
for the impairment of the asset.
(1) Amounts included under the "Scheduled Amount" caption have been updated to reflect changes in reported
amounts subsequent to filing the debtor's Statement of Financial Affairs. PRG has filed amendments to the
original "Statement of Financial Affairs" and will continue to do so as an when appropriate.
</TABLE>
<PAGE>
- ----------------------------------------------------- DETAIL SCHEDULES
CASE NAME: PHYSICIANS RESOURCE GROUP, INC. ACCRUAL BASIS 1
CASE NUMBER: 00-30748-RCM MONTH: February 2000
-------------
- -----------------------------------------------------
<TABLE>
<CAPTION>
**** AMOUNTS ARE UNAUDITED ****
ITEM SCHEDULE FEBRUARY
NO DESCRIPTION AMOUNT JANUARY AMENDED MARCH
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
6
----------------------------------------------------
E. MOORE 2,225,000 2,225,000
HALEY 77,215 77,215
WYLL 76,227 76,227
WESTFIELD 250,000 250,000
FRITCH 300,000 300,000
SHAFRON 60,000 60,000
WILEY 150,000 150,000
DOCTORS VISION CENTER 146,314 146,314
----------- -----------
TOTAL NOTES RECEIVABLE 3,284,756 3,284,756
ESTIMATED RESERVE AMOUNT (2,754,878) (2,754,878)
----------- -----------
ESTIMATED NET PRINCIPAL BALANCE 529,878 529,878
=========== ===========
7 PREPAID EXPENSES
----------------------------------------------------
INSURANCE PREMIUMS 1,118,669 1,042,041
WOLIN RIDLEY - 40,875
RESOURCES CONNECTION - RETAINER/FEES 92,574 30,046
GEORGE, DONALDSON & FORD - RETAINER 35,000 35,000
ANDREWS & KURTH - RETAINER 283,863 283,863
ARENT FOX KINTER PLOTKIN & KAHN - RETAINER 14,926 14,926
HORNTHAL PILEY ELLIS & MALLAND - RETAINER 3,500 3,500
JAMES E. BOREN - RETAINER 8,709 8,709
LEE & McINNISH - RETAINER 709 709
MUNSCH HARDT KOPF & HARR - RETAINER 10,000 10,000
NEAL & HARWELL -RETAINER 3,611 3,611
FARRIS MATTHEWS BRANAN BOBANGO -RETAINER 7,218 7,218
SMYSER, KAPLAN & VESELKA -RETAINER 50,000 50,000
HOULIHAN & LOKEY - RETAINER 35,000 35,000
JACKSON & WALKER - RETAINER 250,000 250,000
JONES DAY REAVIS & POGUE -RETAINER 75,000 75,000
MANN FRANKFORT -RETAINER 80,000 80,000
LAURA JAMES -RETAINER 20,000 20,000
DICKSON FLATO -RETAINER 20,000 20,000
GRUBB CONSULTING -RETAINER 8,400 8,400
CLOUGH & DOUGHERTY, PLLC -RETAINER 12,500 12,500
QUANTUM INTERESTS/DAVID HORN -RETAINER 80,000 40,000
TONY ROVINSKY -RETAINER 8,000 5,034
DAVID SEGERS -RETAINER 6,600 6,600
AM SURG - PREPAID MANAGEMENT FEES 228,453 174,289
5005 RIVERWAY - PREPAID RENT 143,677 134,085
14800 LANDMARK - PREPAID RENT 38,793
BAKERSFIELD CBO - PREPAID RENT 3,174
ORLANDO CBO - PREPAID RENT 5,400 2,700
----------- -----------
TOTAL PREPAID EXPENSES 2,643,776 2,394,105
=========== ===========
8 OTHER CURRENT ASSETS
----------------------------------------------------
ACCRUED INTEREST ON NOTES RECEIVABLE - 459,532
----------- -----------
TOTAL OTHER CURRENT ASSETS - 459,532
=========== ===========
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
14 OTHER ASSETS NET OF AMORTIZATION
----------------------------------------------------
INVESTMENTS IN SUBSIDIARIES 80,910,621 76,928,562
----------- -----------
TOTAL OTHER ASSETS NET OF AMORTIZATION 80,910,621 76,928,562
=========== ===========
PRG HOLDS EQUITY INTERESTS IN APPROXIMATELY SEVENTY-FIVE MANAGEMENT SERVICE ORGANIZATIONS AND AMBULATORY
SURGICAL CENTERS. FOR AMOUNTS INCLUDED IN THE "SCHEDULE" COLUMN, PRG HAS ESTIMATED THE CURRENT MARKET
VALUE FOR THESE INTERESTS DISCOUNTED APPROPRIATELY FOR THE UNCERTAINTITIES ASSOCAITED WITH REALIZING
SUCH VALUE TO BE $80,910,621, EXCLUDING THE VALUE OF POTENTIAL CLAIMS WHICH MAY BE ASSERTED AGAINST THE
PRACTICES BY PRG. "FEBRUARY" BALANCES REPRESENT HISTORICAL COST BASIS LESS ANY RESERVE FOR IMPAIRMENT
OF THE ASSET.
15 OTHER NON-CURRENT ASSETS
----------------------------------------------------
DEPOSIT - CMD REALTY INVESTMENT DALLAS 38,790 38,790
DEPOSIT - CATALINA BARBER CORP BAKERSFIELD 1,600 1,600
----------- -----------
TOTAL OTHER NON-CURRENT ASSETS 40,390 40,390
=========== ===========
27 OTHER PRE-PETITION LIABILITIES
---------------------------------------------------
EMPLOYMENT TAX & W/H LIABILITY ESCROW - 442,726*
----------- -----------
TOTAL OTHER PRE PETITION LIABILITIES - 442,726
=========== ===========
* Accrued liability for adjustments which may arise from Ernst & Young's review of IRS transcripts of employment tax
activity of Physicians Resource Group, Inc. and affiliated entities. This amount is included in the Restricted Cash
Balance.
</TABLE>
<PAGE>
- --------------------------------------------------------------------------------
Monthly Operating Report
- ------------------------------------------
CASE NAME: PHYSICIANS RESOURCE GROUP, INC. ACCRUAL BASIS-2
CASE NUMBER: 00-30748-RCM
- ------------------------------------------
- ------------------------------------------
INCOME STATEMENT ****** AMOUNTS ARE UNAUDITED ******
UNAUDITED
- ------------------------------------------------------------------------------
JANUARY FEBRUARY MARCH QUARTER
REVENUES AMENDED TOTAL
- ------------------------------------------------------------------------------
1 GROSS REVENUES - - -
- ------------------------------------------------------------------------------
2 LESS: RETURNS & DISCOUNTS - - -
- ------------------------------------------------------------------------------
3 NET REVENUE - - - -
- ------------------------------------------------------------------------------
COST OF GOODS SOLD
- ------------------------------------------------------------------------------
4 MATERIAL - - -
- ------------------------------------------------------------------------------
5 DIRECT LABOR - - -
- ------------------------------------------------------------------------------
6 DIRECT OVERHEAD - - -
- ------------------------------------------------------------------------------
7 TOTAL COST OF GOODS SOLD - - - -
- ------------------------------------------------------------------------------
8 GROSS PROFIT - - - -
- ------------------------------------------------------------------------------
OPERATING EXPENSES
- ------------------------------------------------------------------------------
9 OFFICER/INSIDER COMPENSATION - 63,750 63,750
- ------------------------------------------------------------------------------
10 SELLING & MARKETING - - -
- ------------------------------------------------------------------------------
11 GENERAL & ADMINISTRATIVE - 509,714 509,714
- ------------------------------------------------------------------------------
12 RENT & LEASE - 55,586 55,586
- ------------------------------------------------------------------------------
13 OTHER (ATTACH LIST) - 54,165 54,165
- ------------------------------------------------------------------------------
14 TOTAL OPERATING EXPENSES - 683,214 - 683,214
- ------------------------------------------------------------------------------
INCOME(LOSS) BEFORE NON-
15 OPERATING INCOME & EXPENSE - (683,214) - (683,214)
- ------------------------------------------------------------------------------
OTHER INCOME & EXPENSE
- ------------------------------------------------------------------------------
16 NON-OPERATING INCOME - 547,291 547,291
- ------------------------------------------------------------------------------
17 NON-OPERATING EXPENSE - 108 108
- ------------------------------------------------------------------------------
18 INTEREST EXPENSE - - -
- ------------------------------------------------------------------------------
19 DEPRECIATION/DEPLETION - 54,283 54,283
- ------------------------------------------------------------------------------
20 AMORTIZATION - -
- ------------------------------------------------------------------------------
21 OTHER (ATTACH LIST) - -
- ------------------------------------------------------------------------------
22 NET OTHER INCOME & EXPENSES - 492,900 - 492,900
- ------------------------------------------------------------------------------
REORGANIZATION EXPENSES
- ------------------------------------------------------------------------------
23 PROFESSIONAL FEES - 433,643 433,643
- ------------------------------------------------------------------------------
24 U. S. TRUSTEE FEES - 1,250 1,250
- ------------------------------------------------------------------------------
25 OTHER (ATTACH LIST) - -
- ------------------------------------------------------------------------------
26 TOTAL REORGANIZATION EXPENSES - 434,893 - 434,893
- ------------------------------------------------------------------------------
27 INCOME TAX - -
- ------------------------------------------------------------------------------
28 NET PROFIT (LOSS) - (625,207) - (625,207)
- ------------------------------------------------------------------------------
==============================================================================
<PAGE>
- ----------------------------------------------------- DETAIL SCHEDULES
CASE NAME: PHYSICIANS RESOURCE GROUP, INC. ACCRUAL BASIS 2
CASE NUMBER: 00-30748-RCM MONTH: February 2000
-------------
- -----------------------------------------------------
<TABLE>
<CAPTION>
ITEM *** AMOUNTS ARE UNAUDITED ***
FEBRUARY
NO DESCRIPTION JANUARY AMENDED MARCH
- ----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
11 GENERAL & ADMINISTRATIVE:
----------------------------------
SALARIES 221,522
CONSULTING FEES 188,031
PAYROLL TAXES 22,068
INSURANCE 61,938
TRAVEL 2,342
LODGING 1,036
CONTRACT LABOR 6,732
OFFICE SUPPLIES & EXPENSE 4,070
POSTAGE & DELIVERY -
TELEPHONE 898
MAINTENANCE & REPAIR 456
DATA PROCESSING 623
-----------
TOTAL GENERAL & ADMINISTRATIVE 509,714
13 OTHER OPERATING EXPENSES
-----------------------------------
ASC MANAGEMENT FEES 54,165
-----------
TOTAL OTHER OPERATING EXPENSES 54,165
===========
16 NON-OPERATING INCOME
-----------------------------------
GAIN (LOSS) ON SALE OF ASSETS -
TAX REFUND 6,664
INTEREST INCOME 190,627
LEGAL EXPENSE REIMBURSEMENT 350,000
MISCELLANEOUS -
-----------
TOTAL OTHER INCOME & EXPENSE 547,291
===========
</TABLE>
<PAGE>
Monthly Operating Report
- -----------------------------------------------
CASE NAME: PHYSICIANS RESOURCE GROUP, INC.
CASE NUMBER: 00-30748-RCM ACCRUAL BASIS-3
- -----------------------------------------------
<TABLE>
<CAPTION>
****** AMOUNTS ARE UNAUDITED ******
---------------------------------------------------
- -------------------------------------------------------------------------------------------------------------
CASH RECEIPTS AND JANUARY FEBRUARY MARCH QUARTER
DISBURSEMENTS - UN AUDITED AMENDED TOTAL
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
1 BEGINNING BALANCE 47,747,118 47,747,118 49,389,301 47,747,118
- -------------------------------------------------------------------------------------------------------------
RECEIPTS FROM OPERATIONS
- -------------------------------------------------------------------------------------------------------------
2 CASH SALES - -
- -------------------------------------------------------------------------------------------------------------
COLLECTION OF ACCOUNTS RECEIVABLE
- -------------------------------------------------------------------------------------------------------------
3 PREPETITION - -
- -------------------------------------------------------------------------------------------------------------
4 POSTPETITION - -
- -------------------------------------------------------------------------------------------------------------
5 TOTAL OPERATING RECEIPTS - - - -
- -------------------------------------------------------------------------------------------------------------
NON-OPERATING RECEIPTS
- -------------------------------------------------------------------------------------------------------------
6 LOANS & ADVANCES (ATTACH LIST) - -
- -------------------------------------------------------------------------------------------------------------
7 SALE OF ASSETS - -
- -------------------------------------------------------------------------------------------------------------
8 OTHER (ATTACH LIST) - 2,100,148 2,100,148
- -------------------------------------------------------------------------------------------------------------
9 TOTAL NON-OPERATING RECEIPTS - 2,100,148 2,100,148
- -------------------------------------------------------------------------------------------------------------
10 TOTAL RECEIPTS - 2,100,148 2,100,148
- -------------------------------------------------------------------------------------------------------------
11 TOTAL CASH AVAILABLE 47,747,118 49,847,266 49,847,266
- -------------------------------------------------------------------------------------------------------------
OPERATING DISBURSEMENTS
- -------------------------------------------------------------------------------------------------------------
12 NET PAYROLL - 212,195 212,195
- -------------------------------------------------------------------------------------------------------------
13 PAYROLL TAXES PAID - 214,427 214,427
- -------------------------------------------------------------------------------------------------------------
14 SALES, USE & OTHER TAXES PAID - - -
- -------------------------------------------------------------------------------------------------------------
15 SECURED/ RENTAL/ LEASES - 350 350
- -------------------------------------------------------------------------------------------------------------
16 UTILITIES - 923 923
- -------------------------------------------------------------------------------------------------------------
17 INSURANCE - 1,927 1,927
- -------------------------------------------------------------------------------------------------------------
18 INVENTORY PURCHASES - - -
- -------------------------------------------------------------------------------------------------------------
19 VEHICLE EXPENSE - - -
- -------------------------------------------------------------------------------------------------------------
20 TRAVEL - 3,377 3,377
- -------------------------------------------------------------------------------------------------------------
21 ENTERTAINMENT - ONSITE MEALS - 764 764
- -------------------------------------------------------------------------------------------------------------
22 REPAIRS & MAINTENANCE - 456 456
- -------------------------------------------------------------------------------------------------------------
23 SUPPLIES - 6,066 6,066
- -------------------------------------------------------------------------------------------------------------
24 ADVERTISING - - -
- -------------------------------------------------------------------------------------------------------------
25 OTHER (ATTACH LIST) - 17,479 17,479
- -------------------------------------------------------------------------------------------------------------
26 TOTAL OPERATING DISBURSEMENTS - 457,965 - 457,965
- -------------------------------------------------------------------------------------------------------------
REORGANIZATION FEES
- -------------------------------------------------------------------------------------------------------------
27 PROFESSIONAL FEES - - -
- -------------------------------------------------------------------------------------------------------------
28 U. S. TRUSTEE FEES - - -
- -------------------------------------------------------------------------------------------------------------
29 OTHER (ATTACH LIST) - - -
- -------------------------------------------------------------------------------------------------------------
30 TOTAL REORGANIZATION EXPENSES - - -
- -------------------------------------------------------------------------------------------------------------
31 TOTAL DISBURSEMENTS - 457,965 - 457,965
- -------------------------------------------------------------------------------------------------------------
32 NET CASH FLOW - 1,642,183 - 1,642,183
- -------------------------------------------------------------------------------------------------------------
33 CASH - END OF MONTH 47,747,118 49,389,301 49,389,301 49,389,301
- -------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
- ------------------------------------------ DETAIL SCHEDULES
CASE NAME: PHYSICIANS RESOURCE GROUP, INC. ACCRUAL BASIS 3
CASE NUMBER: 00-30748-RCM MONTH: February 2000
- ------------------------------------------
<TABLE>
<CAPTION>
ITEM *** AMOUNTS ARE UNAUDITED ***
FEBRUARY
NO DESCRIPTION JANUARY AMENDED MARCH
- --------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
- --------------------------------------------------------------------------------------------------------------------
NON OPERATING RECEIPTS
---------------------------------------------
7 SALE OF ASSETS:
--------------------
SUB-TOTAL SALES OF ASSETS -
====================
8 OTHER:
COLLECTION ON NOTE RECEIVABLE 1,074
COLLECTION ON RECEIVABLE 1,681,243
D & O INSURANCE CLAIM REFUND 350,000
TAX REFUNDS 35,460
COBRA PAYMENTS RECEIVED 13,346
REPAYMENT WORKING CAPITAL ADV 12,000
SALE OF FURNITURE & FIXTURES (REMOTE OFCS) 6,654
REIMBURSEMENT OF ADMIN EXPENSES 371
--------------------
2,100,148
====================
TOTAL NON OPERATING RECEIPTS 2,100,148
====================
25 OTHER OPERATING DISBURSEMENTS
---------------------------------------------
61900 CONTRACT LABOR - OTHER 6,732
65800 PENALTIES & LATE FEES 108
69250 CONSULTING FEES 8,616
69300 DATA PROCESSING SERVICES 623
21250 TAX LIABILITY - CURRENT PORTION 1,400
--------------------
TOTAL OTHER OPERATING DISBURSEMENTS 17,479
====================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------
-------------------------------------------------- Monthly Operating Report
CASE NAME: PHYSICIANS RESOURCE GROUP, INC.
CASE NUMBER: 00-30748-RCM ACCRUAL BASIS-4
--------------------------------------------------
********** ALL AMOUNTS ARE UNAUDITED **********
- ---------------------------------------------------------------------------------------------------------------------
SCHEDULE JANUARY FEBRUARY MARCH
ACCOUNTS RECEIVABLE AGING AMOUNT AMENDED
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
1 0 - 60 -
- ---------------------------------------------------------------------------------------------------------------------
2 31 - 60 -
- ---------------------------------------------------------------------------------------------------------------------
3 61 - 90 -
- ---------------------------------------------------------------------------------------------------------------------
4 91 + -
- ---------------------------------------------------------------------------------------------------------------------
5 TOTAL ACCOUNTS RECEIVABLE - - - -
- ---------------------------------------------------------------------------------------------------------------------
6 AMOUNT CONSIDERED UNCORRECTABLE - - - -
- ---------------------------------------------------------------------------------------------------------------------
7 ACCOUNTS RECEIVABLE (NET) - - - -
- ---------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------
AGING OF POSTPETITION TAXES MONTH: February 2000
AND PAYABLES ----------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------
TAXES PAYABLE 0 - 30 DAYS 31 - 60 DAYS 61 - 90 DAYS TOTAL
- ---------------------------------------------------------------------------------------------------------------------
1 FEDERAL - -
- ---------------------------------------------------------------------------------------------------------------------
2 STATE - -
- ---------------------------------------------------------------------------------------------------------------------
3 LOCAL - -
- ---------------------------------------------------------------------------------------------------------------------
4 OTHER (ATTACH LIST) - -
- ---------------------------------------------------------------------------------------------------------------------
5 TOTAL TAXES PAYABLE - - - -
- ---------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------
6 ACCOUNTS PAYABLE -
- ---------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------
STATUS OF POSTPETITION TAXES MONTH: February 2000
-----------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------
FEDERAL (ADP REPORTS ATTACHED) BEGINNING TAX AMOUNT WITHHELD AMOUNT PAID ENDING TAX
LIABILITY* LIABILITY
- ---------------------------------------------------------------------------------------------------------------------
1 WITHHOLDING ** - 145,396 145,396 -
- ---------------------------------------------------------------------------------------------------------------------
2 FICA-EMPLOYEE ** - 32,415 32,415 -
- ---------------------------------------------------------------------------------------------------------------------
3 FICA-EMPLOYER ** - 32,415 32,415 -
- ---------------------------------------------------------------------------------------------------------------------
4 UNEMPLOYMENT - 586 586 -
- ---------------------------------------------------------------------------------------------------------------------
5 INCOME - - - -
- ---------------------------------------------------------------------------------------------------------------------
6 OTHER(ATTACH LIST) - - - -
- ---------------------------------------------------------------------------------------------------------------------
7 TOTAL FEDERAL TAXES - 210,812 210,812 -
- ---------------------------------------------------------------------------------------------------------------------
STATE AND LOCAL
- ---------------------------------------------------------------------------------------------------------------------
8 WITHHOLDING - 1,821 1,821 -
- ---------------------------------------------------------------------------------------------------------------------
9 SALES - - - -
- ---------------------------------------------------------------------------------------------------------------------
10 EXCISE - - - -
- ---------------------------------------------------------------------------------------------------------------------
11 UNEMPLOYMENT - 1,795 1,795 -
- ---------------------------------------------------------------------------------------------------------------------
12 REAL PROPERTY - - - -
- ---------------------------------------------------------------------------------------------------------------------
13 PERSONAL PROPERTY - - - -
- ---------------------------------------------------------------------------------------------------------------------
14 OTHER (ATTACH LIST) - - - -
- ---------------------------------------------------------------------------------------------------------------------
15 TOTAL STATE & LOCAL - 3,616 3,616 -
- ---------------------------------------------------------------------------------------------------------------------
16 TOTAL TAXES - 214,427 214,427 -
- ---------------------------------------------------------------------------------------------------------------------
-
</TABLE>
* 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 IRS Form 6123 or your FTD coupon and payment
receipt to verify payment or deposit.
<PAGE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------
--------------------------------------------- Monthly Operating Report
CASE NAME: PHYSICIANS RESOURCE GROUP, INC.
ACCRUAL BASIS-5
CASE NUMBER: 00-30748-RCM
---------------------------------------------
The debtor in possession must complete the reconciliation below for each bank account, including general, payroll and tax
accounts, as well as all savings and investment accounts, money market accounts, certificates of deposit, government
obligations, etc. Accounts with restricted funds should be identified by placing an asterisk next to the account number. Attach
additional sheets if necessary.
********** ALL AMOUNTS ARE UNAUDITED **********
---------------------------------------------
BANK RECONCILIATIONS MONTH: February 2000
----------------------------
<S> <C> <C> <C> <C> <C>
A. BANK SWBOT COMERICA *
- -------------------------------------------------------------------------------------------------------------------------
B. ACCOUNT NUMBER 326003 1880647522 TOTAL
- -------------------------------------------------------------------------------------------------------------------------
C. PURPOSE (TYPE) OPERATING (1) TAX ESCROW
- -------------------------------------------------------------------------------------------------------------------------
1 BALANCE PER BANK STATEMENT 3,384,313 3,384,313
- -------------------------------------------------------------------------------------------------------------------------
2 ADD: TOTAL DEPOSITS NOT CREDITED -
- -------------------------------------------------------------------------------------------------------------------------
3 SUBTRACT: OUTSTANDING CHECKS 25,705 25,705
- -------------------------------------------------------------------------------------------------------------------------
4 OTHER RECONCILING ITEMS -
- -------------------------------------------------------------------------------------------------------------------------
5 MONTH END BALANCE PER BOOKS 3,358,607 - 905,566 4,264,173
- -------------------------------------------------------------------------------------------------------------------------
6 NUMBER OF LAST CHECK WRITTEN 1212 N/A
- -------------------------------------------------------------------------------------------------------------------------
<CAPTION>
* Escrow for tax payments resulting from the Ernst & Young review of IRS transcripts for Physicians resource Group, Inc.
and affiliate companies.
(1) This is a zero balance account. Cash balances at the end of the day are swept into overnight interest bearing
investments.
---------------------------------------------
INVESTMENT ACCOUNTS MONTH: February 2000
- -------------------------------------------------------------------------------------------------------------------------
BANK ACCOUNT NAME AND NUMBER DATE OR TYPE OF PURCHASE CURRENT
PURCHASE INSTRUMENT PRICE VALUE
- -------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
7 Southwest Bank of Texas 2-Nov-99 US Treasury Bill 22,999,076 23,377,692
- -------------------------------------------------------------------------------------------------------------------------
8 Southwest Bank of Texas 21-Jan-00 US Treasury Bill 9,999,751 10,053,836
- -------------------------------------------------------------------------------------------------------------------------
9 Southwest Bank of Texas 4-Feb-00 US Treasury Bill 11,498,315 11,538,713
- -------------------------------------------------------------------------------------------------------------------------
10 Southwest Bank of Texas 21-Jan-00 Cert of Deposit 154,000 154,887
- -------------------------------------------------------------------------------------------------------------------------
11 TOTAL INVESTMENTS 44,651,142 45,125,128
- -------------------------------------------------------------------------------------------------------------------------
---------------------------------------------
CASH
- -------------------------------------------------------------------------------------------------------------------------
12 CURRENCY ON HAND -
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
13 TOTAL CASH - END OF MONTH 49,389,301
- -------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
Monthly Operating Report
- ------------------------------------------
CASE NAME: PHYSICIANS RESOURCE GROUP, INC.
CASE NUMBER: 00-30748-RCM ACCRUAL BASIS-6
- ------------------------------------------
MONTH: February 2000
-------------
*********ALL AMOUNTS ARE UNAUDITED**********
- --------------------------------------
PAYMENTS TO INSIDERS AND PROFESSIONALS
- --------------------------------------
OF THE TOTAL DISBURSEMENTS SHOWN FOR THE MONTH, LIST THE AMOUNT PAID TO
INSIDERS (AS DEFINED IN SECTION 101(31)(A)-(F) OF THE U.S. BANKRUPTCY CODE)
AND THE PROFESSIONALS. ALSO FOR INSIDERS, IDENTIFY THE TYPE OF COMPENSATION
PAID (e. g. SALARY, BONUS, COMMISSIONS, INSURANCE, HOUSING ALLOWANCE, TRAVEL,
CAR ALLOWANCE, ETC.) ATTACH ADDITIONAL SHEETS IF NECESSARY.
- ---------------------------------------------------------------------------
INSIDERS
- ---------------------------------------------------------------------------
NAME TYPE OF AMOUNT TOTAL PAID
PAYMENT PAID TO DATE
- ---------------------------------------------------------------------------
1 LANE EDENBURN SALARY 14,583 14,583
- ---------------------------------------------------------------------------
2 KAREN NICOLAOU SALARY 11,667 11,667
- ---------------------------------------------------------------------------
3 MICHAEL YEARY SALARY 37,500 37,500
- ---------------------------------------------------------------------------
SUB-TOTAL COMPENSATION 63,750 63,750
- ---------------------------------------------------------------------------
4 KAREN NICOLAOU EXP REIMBRMT 1,550 1,550
- ---------------------------------------------------------------------------
5 MICHAEL YEARY EXP REIMBRMT 1,074 1,074
- ---------------------------------------------------------------------------
6 TOTAL PAYMENTS TO INSIDERS 66,374 66,374
- ---------------------------------------------------------------------------
NOTE: Compensation = MOR2 line 9. Expense reimbursement is included as part
of G&A, MOR2 line 11.
- -------------------------------------------------------------------------------
PROFESSIONALS
- -------------------------------------------------------------------------------
DATE OF TOTAL TOTAL
COURT ORDER AMOUNT AMOUNT PAID INCURRED
NAME AUTHORIZING APPROVED PAID TO & UNPAID *
PAYMENT DATE (1)
- -------------------------------------------------------------------------------
1 ANDREWS & KURTH - - 250,000
- -------------------------------------------------------------------------------
2 JACKSON & WALKER - - 185,600
- -------------------------------------------------------------------------------
3 MAN FRANKFORT - - -
- -------------------------------------------------------------------------------
ORDINARY COURSE
4 PROFESSIONALS 2,016 2,016 281,617
- -------------------------------------------------------------------------------
5 DAVID HORN 40,000 40,000 -
- -------------------------------------------------------------------------------
TOTAL PAYMENTS TO
6 PROFESSIONALS 42,016 42,016 717,217
- -------------------------------------------------------------------------------
* INCLUDE ALL FEES INCURRED, BOTH APPROVED AND UNAPPROVED.
(1) PURSUANT TO COURT ORDER, FEBRYARY INVOICES FOR THE REFERENCED PROFESSIONALS
ARE NOT DUE UNTIL 25MAR00.
AMOUNTS INCLUDED UNDER THE CAPTION "TOTAL INCURRED & UNPAID" REPRESENT GOOD
FAITH ESTIMATES OF AMOUNTS
DUE TO THE REFERENCED PROFESSIONAL FOR THE CURRENT REPORTING PERIOD.
- -------------------------------------------------------------------------------
POST PETITION STATUS OF SECURED NOTES, LEASES PAYABLE AND ADEQUATE PROTECTION
PAYMENTS
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
SCHEDULED AMOUNTS
NAME OF CREDITOR MONTHLY PAID DURING TOTAL UNPAID
PAYMENTS DUE MONTH POSTPETITION
- -------------------------------------------------------------------------------
1
- -------------------------------------------------------------------------------
2
- -------------------------------------------------------------------------------
3
- -------------------------------------------------------------------------------
4
- -------------------------------------------------------------------------------
5
- -------------------------------------------------------------------------------
6 TOTAL
- -------------------------------------------------------------------------------
===============================================================================
<PAGE>
- ------------------------------------------
CASE NAME: PHYSICIANS RESOURCE GROUP, INC. MONTHLY OPERATING REPORT
CASE NUMBER: 00-30748-RCM ACCRUAL BASIS - 7
- ------------------------------------------
MONTH: February, 2000
- ------------------------------------------ --------------
QUESTIONNAIRE
- -----------------------------------------------------------------------------
YES NO
- -----------------------------------------------------------------------------
1 Have any assets been sold or transferred outside the
normal course of business in this reporting period? X
- -----------------------------------------------------------------------------
2 Have any funds been disbursed from any account
other than a debtor in possession account? X
- -----------------------------------------------------------------------------
3 Are any postpetition receivables (accounts, notes
or loans) due from related parties? X
- -----------------------------------------------------------------------------
4 Have any payments been made on prepetition
liabilities this reporting period? X
- -----------------------------------------------------------------------------
5 Have any postpetition loans been received by the
debtor from any party? X
- -----------------------------------------------------------------------------
6 Are any postpetition payroll taxes past due? X
- -----------------------------------------------------------------------------
7 Are any postpetition state or federal income
taxes past due? X
- -----------------------------------------------------------------------------
8 Are any postpetition real estate taxes past due? X
- -----------------------------------------------------------------------------
9 Are any other postpetition taxes past due? X
- -----------------------------------------------------------------------------
10 Are any amounts owed to postpetition creditors
delinquent? X
- -----------------------------------------------------------------------------
11 Have any prepetition taxes been paid during the
reporting period? X
- -----------------------------------------------------------------------------
12 Are any wage payments past due. X
- -----------------------------------------------------------------------------
If the answer to any of the above questions is "yes," provide a detailed
explanation of each item. Attach additional sheets if necessary.
- -----------------------------------------------------------------------------
- -----------------------------------------------------------------------------
- ------------------------------------------
INSURANCE
- -----------------------------------------------------------------------------
YES NO
- -----------------------------------------------------------------------------
1 Are workers compensation, general liability and
other necessary insurance coverages in effect? X
- -----------------------------------------------------------------------------
2 Are all premium payments paid current. X
- -----------------------------------------------------------------------------
3 Please itemized policies below. SCHEDULE ATTACHED
- -----------------------------------------------------------------------------
If the answer to any of the above questions is "no", or if any policies have
been cancelled or not renewed during the reporting period, provide and
explanation below. Attach additional sheets if necessary.
- -----------------------------------------------------------------------------
- -----------------------------------------------------------------------------
- -----------------------------------------------------------------------------
INSTALLMENT PAYMENTS
- -----------------------------------------------------------------------------
TYPE OF POLICY CARRIER PERIOD PAYMENT
COVERED AMOUNT FREQUENCY
- -----------------------------------------------------------------------------
1 Property "all risk" except
policy exclusions Hartford 12/99-12/00 11,673 MNTHLY
- -----------------------------------------------------------------------------
2 Umbrella Liability excess
of schedule of underlying TIG
insurance Specialty 06/99-06/00 48,579 QTRLY
- -----------------------------------------------------------------------------
=============================================================================
<PAGE>
- ---------------------------------------------
CASE NAME: PHYSICIANS RESOURCE GROUP, INC.
RESPONSES TO QUESTIONNAIRE
CASE NUMBER: 00-30748-RCM
MONTH: FEBRUARY 2000
- --------------------------------------------- -------------
QUESTIONNAIRE
- ------------------------------------------------
2 Disbursements from non-DIP accounts.
-------------------------------------------
Payments from SWBOT accounts were made for post petition amounts subsequent
to the filing and prior to changing the account styling to included the DIP
designation.
4 Payments on pre-petition liabilities.
-------------------------------------------
The following amounts representing pre-petition claims were inadvertently
paid to creditors during the reporting period.
Automated Data Processing 446.58
Capital Services Corp 66.00
Pacific Gas & Electric 318.18
--------
Total payments on pre-petition liabilities 830.76
========
11 Prepetition taxes
-------------------------------------------
One thousand four hundred dollars ($1,400) was paid to the State of
Delaware for franchise taxes for Physician's Resource Group, Inc. and its
affiliated companies. A list of the Delaware file numbers and related
amounts is attached.
Insurance:
- ------------------------------------------------
2 Premiums paid currently.
-------------------------------------------
In accordance with the cash management orders, PRG instructed its bank not
to honor checks presented after 01FEB00 dated 31JAN00 and prior. Included
in these outstanding items were $12,200 in checks payable to AON Risk
Services of Texas. The company is currently in the process of reconciling
their account with AON, and the accounts will be brought current after
obtaining appropriate payment authority for the court. PRG has not received
notice of cancellation or potential cancellation.
<PAGE>
- -------------------------------------------
CASE NAME: PHYSICIANS RESOURCE GROUP, INC. MONTHLY OPERATING REPORT
CASE NUMBER: 00-30748-RCM SCHEDULE OF INSURANCE COVERAGE
- ------------------------------------------- MONTH: FEBRUARY, 2000
--------------
<TABLE>
<CAPTION>
POLICY PERIOD
------------------------- LIMIT OF
TYPE OF COVERAGE CARRIER INCEPTION EXPIRATION PREMIUM: LIABILITY
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
1 Directors, Officers and Corporate Liability 20-Apr-99 20-Apr-00 $724,000 $10,000,000
(Renewal and Extension) Co of Pittsburgh, PA
2 Directors, Officers and Corporate Liability National Union Fire 20-Apr-00 20-Apr-01 $450,000 $10,000,000
(One year extension of coverage) Insur Co of Pittsburgh,
PA
3 Directors, Officers and Corporate Liability National Union Fire Insur 20-Apr-01 20-Apr-07 $450,000 $10,000,000
(Six year run off.) Co of Pittsburgh, PA
4 Employed Lawyers Liability Insurance National Union Fire Insur 20-Apr-99 20-Apr-00 $ 9,160 $ 5,000,000
Co of Pittsburgh, PA
5 Commercial Crime National Union Fire Insur 20-Apr-99 20-Apr-00 $ 15,591 $ 5,000,000
Co of Pittsburgh, PA
6 Workers Compensation - Standard forms; Extended Hartford Insurance Co/ 31-Dec-99 31-Dec-00 $ 28,259 $ 1,000,000
Broad Form endorsement where applicable Hartford Mid West Insur
7 Auto Standard Forms & Broad Form Hartford Insurance Co 31-Dec-99 31-Dec-00 $ 2,300 $ 1,000,000
Auto Endorsement
8 Property Hartford Insurance Co 31-Dec-99 31-Dec-00 $140,073 $43,835,755
9 Umbrella Liability TIG Specialty Insurance 1-Jun-99 1-Jun-00 $185,061 $10,000,000
</TABLE>
<PAGE>
EXHIBIT 99.2
================================================================================
Monthly Operating Report
- --------------------------------------------
CASE NAME: Physicians Resource Group, Inc. ACCRUAL Basis
CASE NUMBER: 00-30748-RCM
JUDGE: Robert C. McGuire
- --------------------------------------------
UNITED STATES BANKRUPTCY COURT
NORTHERN DISTRICT OF TEXAS
DALLAS DIVISION
MONTH ENDING: March 31, 2000
I DECLARE UNDER PENALTY OF PERJURY THAT
I HAVE EXAMINED THE FOLLOWING MONTHLY
OPERATING REPORT (ACCRUAL BASIS-1 THROUGH
ACCRUAL BASIS-7) AND THE ACCOMPANYING
ATTACHMENTS AND THESE DOCUMENTS ARE TRUE,
CORRECT AND COMPLETE. DECLARATION OF THE
PREPARER IS BASED ON ALL INFORMATION OF
WHICH PREPARER HAS KNOWLEDGE.
RESPONSIBLE PARTY:
/s/ Michael W. Yeary Chief Restructuring Officer
- -------------------------------------- ----------------------------------------
ORIGINAL SIGNATURE OF RESPONSIBLE TITLE
PARTY
Michael W. Yeary 28-Apr-00
- -------------------------------------- ----------------------------------------
PRINTED NAME OF RESPONSIBLE PARTY DATE
PREPARER:
/s/ Karen G. Nicolaou Controller - Secretary
- -------------------------------------- ----------------------------------------
ORIGINAL SIGNATURE OF PREPARER TITLE
Karen G. Nicolaou 28-Apr-00
- -------------------------------------- ----------------------------------------
PRINTED NAME OF RESPONSIBLE PARTY DATE
<PAGE>
================================================================================
Monthly Operating Report
- -------------------------------------------
CASE NAME: PHYSICIANS RESOURCE GROUP, INC.
ACCRUAL BASIS-1
CASE NUMBER: 00-30748-RCM
- -------------------------------------------
<TABLE>
<CAPTION>
- -------------------------------------------
COMPARATIVE BALANCE
SHEET UNAUDITED ********AMOUNTS ARE UNAUDITED*******
- ------------------------------------------------------------------------------------------------------------------------
SCHEDULE JANUARY FEBRUARY MARCH
ASSETS AMOUNT (1) *
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
1 UNRESTRICTED CASH 46,847,552 - 48,483,735 48,254,575
- ------------------------------------------------------------------------------------------------------------------------
2 RESTRICTED CASH 899,566 - 905,566 832,117
- ------------------------------------------------------------------------------------------------------------------------
3 TOTAL CASH 47,747,118 - 49,389,301 49,086,692
- ------------------------------------------------------------------------------------------------------------------------
4 ACCOUNTS RECEIVABLE (NET) 2,963,426 - 10,561 6,991
- ------------------------------------------------------------------------------------------------------------------------
5 INVENTORY - - - -
- ------------------------------------------------------------------------------------------------------------------------
6 NOTES REC (SEE SCHEDULE) 529,848 - 529,878 519,948
- ------------------------------------------------------------------------------------------------------------------------
7 PREPAID EXPENSES 2,643,776 - 2,394,106 2,227,692
- ------------------------------------------------------------------------------------------------------------------------
8 OTHER (ATTACH LIST) - - 459,533 520,581
- ------------------------------------------------------------------------------------------------------------------------
9 TOTAL CURRENT ASSETS 53,884,168 - 52,783,378 52,361,903
- ------------------------------------------------------------------------------------------------------------------------
10 PROPERTY, PLANT & EQUIPMENT 201,837 - 4,525,708 4,485,554
- ------------------------------------------------------------------------------------------------------------------------
11 LESS: ACCUM DEPRECATION - - (3,281,910) (3,322,094)
- ------------------------------------------------------------------------------------------------------------------------
12 NET PROPERTY, PLANT & EQUIP 201,837 - 1,243,798 1,163,461
- ------------------------------------------------------------------------------------------------------------------------
13 DUE FROM INSIDERS - - - -
- ------------------------------------------------------------------------------------------------------------------------
14 OTHER ASSETS NET (ATTACH 80,910,621 - 76,928,562 76,936,716
LIST)
- ------------------------------------------------------------------------------------------------------------------------
15 OTHER (ATTACH LIST) 40,390 - 40,390 20,072
- ------------------------------------------------------------------------------------------------------------------------
16 TOTAL ASSETS 135,037,016 - 130,996,128 130,482,152
- ------------------------------------------------------------------------------------------------------------------------
POSTPETITION LIABILITIES
- ------------------------------------------------------------------------------------------------------------------------
17 ACCOUNTS PAYABLE - 3,487 57,986
- ------------------------------------------------------------------------------------------------------------------------
18 TAXES PAYABLE - - -
- ------------------------------------------------------------------------------------------------------------------------
19 NOTES PAYABLE - - -
- ------------------------------------------------------------------------------------------------------------------------
20 PROFESSIONAL FEES - 435,600 815,800
- ------------------------------------------------------------------------------------------------------------------------
21 SECURED DEBT - - -
- ------------------------------------------------------------------------------------------------------------------------
22 OTHER (ATTACH LIST) - 131,847 124,705
- ------------------------------------------------------------------------------------------------------------------------
23 TOTAL POSTPETITION - 570,934 998,491
LIABILITIES
- ------------------------------------------------------------------------------------------------------------------------
PREPETITION LIABILITIES
- ------------------------------------------------------------------------------------------------------------------------
24 SECURED DEBT - - - -
- ------------------------------------------------------------------------------------------------------------------------
25 PRIORITY DEBT 569,603 - 569,603 569,603
- ------------------------------------------------------------------------------------------------------------------------
26 UNSECURED DEBT 135,307,165 - 140,982,547 141,098,226
- ------------------------------------------------------------------------------------------------------------------------
27 OTHER (ATTACH LIST) - - 442,726 442,726
- ------------------------------------------------------------------------------------------------------------------------
28 TOTAL PREPETITION LIABILITIES 135,876,768 - 141,994,876 142,110,554
- ------------------------------------------------------------------------------------------------------------------------
29 TOTAL LIABILITIES 135,876,768 - 142,565,810 143,109,045
- ------------------------------------------------------------------------------------------------------------------------
EQUITY
- ------------------------------------------------------------------------------------------------------------------------
30 PREPETITION OWNERS EQUITY (839,752) - (10,944,475) (11,050,372)
- ------------------------------------------------------------------------------------------------------------------------
31 POSTPETITION CUMULATIVE - (625,207) (1,576,520)
PROFIT OR (LOSS)
- ------------------------------------------------------------------------------------------------------------------------
32 DIRECT CHARGES TO EQUITY - -
(ATTACH EXPLANATION)
- ------------------------------------------------------------------------------------------------------------------------
33 TOTAL EQUITY (839,752) - (11,569,682) (12,626,893)
- ------------------------------------------------------------------------------------------------------------------------
34 TOTAL LIABILITIES & OWNERS 135,037,016 - 130,996,128 130,482,152
EQUITY
- ------------------------------------------------------------------------------------------------------------------------
========================================================================================================================
</TABLE>
* The balances reported in the "Schedule Amount" column represent the
"current market value of the debtors interest in property, without
deducting any secured claim or exemption." The balances in the
"February" column represent Physician Resources Group, Inc.'s
historical cost basis in the asset net of any allowance for the
impairment of the asset.
(1) Amounts included under the "Scheduled Amount" caption have been
updated to reflect changes in reported amounts subsequent to filing
the debtor's Statement of Financial Affairs. PRG has filed amendments
to the original "Statement of Financial Affairs" and will continue to
do so as an when appropriate.
<PAGE>
DETAIL SCHEDULE
- ----------------------------------------- ACCRUAL BASIS 1
CASE NAME PHYSICIANS RESOURCE GROUP, INC.
CASE NUMBER: 00-30748-RCM MONTH: March 2000
----------
- -----------------------------------------
<TABLE>
<CAPTION>
**** AMOUNTS ARE UNAUDITED ****
ITEM SCHEDULE
NO DESCRIPTION AMOUNT JANUARY FEBRUARY MARCH
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
6 NOTES RECEIVABLE
----------------------------------------
E. MOORE 2,225,000 2,225,000 2,225,000
HALEY 77,215 77,215 77,215
WYLL 76,227 76,227 76,227
WESTFIELD 250,000 250,000 247,186
FRITCH 300,000 300,000 292,819
SHAFRON 60,000 60,000 60,000
WILEY 150,000 150,000 150,000
DOCTORS VISION CENTER 146,314 146,314 146,314
----------- ----------- -----------
TOTAL NOTES RECEIVABLE 3,284,756 3,284,756 3,274,761
ESTIMATED RESERVE AMOUNT (2,754,878) (2,754,878) (2,754,813)
----------- ----------- -----------
ESTIMATED NET PRINCIPAL BALANCE 529,878 529,878 519,948
=========== =========== ===========
7 PREPAID EXPENSES
----------------------------------------
INSURANCE PREMIUMS 1,118,669 1,042,041 983,619
RESOURCES CONNECTION - RETAINER/FEES 92,574 30,046 29,006
GEORGE, DONALDSON & FORD - RETAINER 35,000 35,000 35,000
ANDREWS & KURTH - RETAINER 283,863 283,863 283,863
ARENT FOX KINTER PLOTKIN & KAHN - RETAINER 14,926 14,926 18,373
HORNTHAL PILEY ELLIS & MALLAND - RETAINER 3,500 3,500 3,500
JAMES E. BOREN - RETAINER 8,709 8,709 8,709
LEE & McINNISH - RETAINER 709 709 709
MUNSCH HARDT KOPF & HARR - RETAINER 10,000 10,000 10,000
NEAL & HARWELL -RETAINER 3,611 3,611 3,611
WOLIN, RIDLEY & MILLER - RETAINER 40,875 40,875
FARRIS MATTHEWS BRANAN BOBANGO -RETAINER 7,218 7,218 7,218
SMYSER, KAPLAN & VESELKA -RETAINER 50,000 50,000 50,000
HOULIHAN & LOKEY - RETAINER 35,000 35,000 35,000
JACKSON & WALKER - RETAINER 250,000 250,000 250,000
JONES DAY REAVIS & POGUE -RETAINER 75,000 75,000 75,000
MANN FRANKFORT -RETAINER 80,000 80,000 80,000
LAURA JAMES -RETAINER 20,000 20,000 20,000
DICKSON FLATO -RETAINER 20,000 20,000 20,000
GRUBB CONSULTING -RETAINER 8,400 8,400 8,400
CLOUGH & DOUGHERTY, PLLC -RETAINER 12,500 12,500 12,500
QUANTUM INTERESTS/DAVID HORN -RETAINER 80,000 40,000 -
TONY ROVINSKY -RETAINER 8,000 5,034 2,674
DAVID SEGERS -RETAINER 6,600 6,600 6,600
AM SURG - PREPAID MANAGEMENT FEES 228,453 174,289 120,124
5005 RIVERWAY - PREPAID RENT 143,677 134,085 122,911
14800 LANDMARK - PREPAID RENT 38,793 -
BAKERSFIELD CBO - PREPAID RENT 3,174 -
ORLANDO CBO - PREPAID RENT 5,400 2,700 -
----------- ----------- -----------
TOTAL PREPAID EXPENSES 2,643,776 2,394,106 2,227,692
=========== =========== ===========
8 OTHER CURRENT ASSETS
----------------------------------------
ACCRUED INTEREST ON NOTES RECEIVABLE - 459,532 520,581
----------- ----------- -----------
TOTAL OTHER CURRENT ASSETS - 459,532 520,581
=========== =========== ===========
</TABLE>
<PAGE>
<TABLE>
14 OTHER ASSETS NET OF AMORTIZATION
----------------------------------------
<S> <C> <C> <C>
INVESTMENTS IN SUBSIDIARIES 80,910,621 76,928,562 76,936,716
----------- ----------- -----------
TOTAL OTHER ASSETS NET OF AMORTIZATION 80,910,621 76,928,562 76,936,716
=========== =========== ===========
<CAPTION>
PRG HOLDS EQUITY INTERESTS IN APPROXIMATELY SEVENTY-FIVE MANAGEMENT SERVICE ORGANIZATIONS AND AMBULATORY SURGICAL CENTERS.
FOR AMOUNTS INCLUDED IN THE "SCHEDULE" COLUMN, PRG HAS ESTIMATED THE CURRENT MARKET VALUE TO BE APPROXIMATELY $80MM FOR
THESE INTERESTS DISCOUNTED APPROPRIATELY FOR THE UNCERTAINTITIES ASSOCIATED WITH REALIZING SUCH VALUE, AND EXCLUDING THE
VALUE OF POTENTIAL CLAIMS WHICH MAY BE ASSERTED AGAINST THE PRACTICES BY PRG. "MARCH" BALANCES REPRESENT HISTORICAL COST
BASIS LESS ANY RESERVE FOR IMPAIRMENT OF THE ASSET.
<S> <C> <C> <C>
15 OTHER NON-CURRENT ASSETS
----------------------------------------
DEPOSIT - CMD REALTY INVESTMENT DALLAS 38,790 38,790 20,072
DEPOSIT - CATALINA BARBER CORP BAKERSFIELD 1,600 1,600 -
----------- ----------- -----------
TOTAL OTHER NON-CURRENT ASSETS 40,390 40,390 20,072
=========== =========== ===========
22 OTHER POST-PETITION LIABILITIES
----------------------------------------
ACCRUALS FOR ORDINARY COURSE PROFESSIONAS 122,205
ACCRUAL FOR US TRUSTEE FEE 2,500
----------- -----------
124,705
=========== ===========
27 OTHER PRE-PETITION LIABILITIES
----------------------------------------
EMPLOYMENT TAX & W/H LIABILITY ESCROW - 442,726 * 442,726
----------- ----------- -----------
TOTAL OTHER PRE PETITION LIABILITIES - 442,726 442,726
=========== =========== ===========
</TABLE>
* Accrued liability for adjustments which may arise from Ernst & Young's
review of IRS transcripts of employment tax activity of Physicians
Resource Group, Inc. and affiliated entities. This amount is included
in the Restricted Cash Balance.
<PAGE>
================================================================================
Monthly Operating Report
- ------------------------------------------
CASE NAME: PHYSICIANS RESOURCE GROUP, INC.
ACCRUAL BASIS-2
CASE NUMBER: 00-30748-RCM
- ------------------------------------------
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------
INCOME STATEMENT ****** AMOUNTS ARE UNAUDITED ******
UNAUDITED --------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
JANUARY FEBRUARY MARCH QUARTER
REVENUES TOTAL
- -------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
1 GROSS REVENUES - - - -
- -------------------------------------------------------------------------------------------------------------------------
2 LESS: RETURNS & DISCOUNTS - - - -
- -------------------------------------------------------------------------------------------------------------------------
3 NET REVENUE - - - -
- -------------------------------------------------------------------------------------------------------------------------
COST OF GOODS SOLD
- -------------------------------------------------------------------------------------------------------------------------
4 MATERIAL - - - -
- -------------------------------------------------------------------------------------------------------------------------
5 DIRECT LABOR - - - -
- -------------------------------------------------------------------------------------------------------------------------
6 DIRECT OVERHEAD - - - -
- -------------------------------------------------------------------------------------------------------------------------
7 TOTAL COST OF GOODS SOLD - - - -
- -------------------------------------------------------------------------------------------------------------------------
8 GROSS PROFIT - - - -
- -------------------------------------------------------------------------------------------------------------------------
OPERATING EXPENSES
- -------------------------------------------------------------------------------------------------------------------------
9 OFFICER/INSIDER COMPENSATION - 63,750 63,750 127,500
- -------------------------------------------------------------------------------------------------------------------------
10 SELLING & MARKETING - - -
- -------------------------------------------------------------------------------------------------------------------------
11 GENERAL & ADMINISTRATIVE - 509,714 600,460 1,110,174
- -------------------------------------------------------------------------------------------------------------------------
12 RENT & LEASE - 55,586 83,135 138,721
- -------------------------------------------------------------------------------------------------------------------------
13 OTHER (ATTACH LIST) - 54,165 54,165 108,329
- -------------------------------------------------------------------------------------------------------------------------
14 TOTAL OPERATING EXPENSES - 683,214 801,510 1,484,724
- -------------------------------------------------------------------------------------------------------------------------
15 INCOME(LOSS) BEFORE - (683,214) (801,510) (1,484,724)
NON-OPERATING INCOME & EXPENSE
- -------------------------------------------------------------------------------------------------------------------------
OTHER INCOME & EXPENSE
- -------------------------------------------------------------------------------------------------------------------------
16 NON-OPERATING INCOME - 547,292 296,243 843,534
- -------------------------------------------------------------------------------------------------------------------------
17 NON-OPERATING EXPENSE - 108 - 108
- -------------------------------------------------------------------------------------------------------------------------
18 INTEREST EXPENSE - - - -
- -------------------------------------------------------------------------------------------------------------------------
19 DEPRECIATION/DEPLETION - 54,284 59,625 113,908
- -------------------------------------------------------------------------------------------------------------------------
20 AMORTIZATION - -
- -------------------------------------------------------------------------------------------------------------------------
21 OTHER (ATTACH LIST) - 33,953 33,953
- -------------------------------------------------------------------------------------------------------------------------
22 NET OTHER INCOME & EXPENSES - 492,900 202,666 695,566
- -------------------------------------------------------------------------------------------------------------------------
REORGANIZATION EXPENSES
- -------------------------------------------------------------------------------------------------------------------------
23 PROFESSIONAL FEES - 433,643 351,219 784,862
- -------------------------------------------------------------------------------------------------------------------------
24 U. S. TRUSTEE FEES - 1,250 1,250 2,500
- -------------------------------------------------------------------------------------------------------------------------
25 OTHER (ATTACH LIST) - -
- -------------------------------------------------------------------------------------------------------------------------
26 TOTAL REORGANIZATION EXPENSES - 434,893 352,469 787,362
- -------------------------------------------------------------------------------------------------------------------------
27 INCOME TAX - -
- -------------------------------------------------------------------------------------------------------------------------
28 NET PROFIT (LOSS) - (625,207) (951,313) (1,576,520)
- -------------------------------------------------------------------------------------------------------------------------
=========================================================================================================================
</TABLE>
<PAGE>
DETAIL SCHEDULES
- -------------------------------------------
CASE NAME: PHYSICIANS RESOURCE GROUP, INC. ACCRUAL BASIS 2
CASE NUMBER: 00-30748-RCM MONTH: MARCH 2000
----------
- -------------------------------------------
<TABLE>
<CAPTION>
ITEM *** AMOUNTS ARE UNAUDITED ***
NO DESCRIPTION JANUARY FEBRUARY MARCH
- -----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
11 GENERAL & ADMINISTRATIVE:
-------------------------------------
SALARIES 221,522 231,687
CONSULTING FEES 188,031 164,569
PAYROLL TAXES 22,068 42,398
INSURANCE 61,938 58,888
TRAVEL 2,342 8,108
LODGING 1,036 3,839
CONTRACT LABOR 6,732 12,149
OFFICE SUPPLIES & EXPENSE 4,070 5,185
POSTAGE & DELIVERY - 6,554
TELEPHONE 898 23,527
MAINTENANCE & REPAIR 456 42,651
DATA PROCESSING 623 906
----------- -----------
TOTAL GENERAL & ADMINISTRATIVE 509,715 600,460
=========== ===========
13 OTHER OPERATING EXPENSES
-------------------------------------
ASC MANAGEMENT FEES 54,165 54,165
----------- -----------
TOTAL OTHER OPERATING EXPENSES 54,165 54,165
=========== ===========
16 NON-OPERATING INCOME
-------------------------------------
GAIN (LOSS) ON SALE OF ASSETS - (22,077)
TAX REFUND 6,664 -
INTEREST INCOME 190,627 315,080
LEGAL EXPENSE REIMBURSEMENT 350,000 -
MISCELLANEOUS - 3,240
----------- -----------
TOTAL OTHER INCOME & EXPENSE 547,291 296,243
=========== ===========
21 NON-OPERATING EXPENSES
-------------------------------------
PENALTIES & LATE FEES - 20,096
PROPERTY TAXES - 13,857
----------- -----------
TOTAL OTHER NON OPERATING EXPENSES 33,953
=========== ===========
</TABLE>
<PAGE>
- -------------------------------------------------------------------------------
Monthly Operating Report
- ------------------------------------------
CASE NAME: PHYSICIANS RESOURCE GROUP, INC. ACCRUAL BASIS-3
CASE NUMBER: 00-30748-RCM
- ------------------------------------------
******AMOUNTS ARE UNAUDITED******
- --------------------------------------------------------------------------------
CASH RECEIPTS AND JANUARY FEBRUARY MARCH QUARTER
DISBURSEMENTS - UN AUDITED TOTAL
- --------------------------------------------------------------------------------
1 BEGINNING BALANCE 47,747,118 47,747,118 49,389,301 47,747,118
- --------------------------------------------------------------------------------
RECEIPTS FROM OPERATIONS
- --------------------------------------------------------------------------------
2 CASH SALES - -
- --------------------------------------------------------------------------------
COLLECTION OF ACCOUNTS RECEIVABLE
- --------------------------------------------------------------------------------
3 PREPETITION - -
- --------------------------------------------------------------------------------
4 POSTPETITION - -
- --------------------------------------------------------------------------------
5 TOTAL OPERATING RECEIPTS - - - -
- --------------------------------------------------------------------------------
NON-OPERATING RECEIPTS
- --------------------------------------------------------------------------------
6 LOANS & ADVANCES (ATTACH LIST) - -
- --------------------------------------------------------------------------------
7 SALE OF ASSETS - -
- --------------------------------------------------------------------------------
8 OTHER (ATTACH LIST) - 2,100,148 317,019 2,417,168
- --------------------------------------------------------------------------------
9 TOTAL NON-OPERATING RECEIPTS - 2,100,148 317,019 2,417,168
- --------------------------------------------------------------------------------
10 TOTAL RECEIPTS - 2,100,148 317,019 2,417,168
- --------------------------------------------------------------------------------
11 TOTAL CASH AVAILABLE 47,747,118 49,847,266 49,706,320 50,164,286
- --------------------------------------------------------------------------------
OPERATING DISBURSEMENTS
- --------------------------------------------------------------------------------
12 NET PAYROLL - 212,195 156,307 368,503
- --------------------------------------------------------------------------------
13 PAYROLL TAXES PAID - 214,427 76,264 290,691
- --------------------------------------------------------------------------------
14 SALES, USE & OTHER TAXES PAID - - 73,449 73,449
- --------------------------------------------------------------------------------
15 SECURED/ RENTAL/ LEASES - 350 93,108 93,459
- --------------------------------------------------------------------------------
16 UTILITIES - 923 24,575 25,497
- --------------------------------------------------------------------------------
17 INSURANCE - 1,927 17,581 19,508
- --------------------------------------------------------------------------------
18 INVENTORY PURCHASES - - - -
- --------------------------------------------------------------------------------
19 VEHICLE EXPENSE - - - -
- --------------------------------------------------------------------------------
20 TRAVEL - 3,377 9,233 12,610
- --------------------------------------------------------------------------------
21 ENTERTAINMENT-ONSITE MEALS - 764 340 1,104
- --------------------------------------------------------------------------------
22 REPAIRS & MAINTENANCE - 456 5,479 5,935
- --------------------------------------------------------------------------------
23 SUPPLIES - 6,066 8,801 14,867
- --------------------------------------------------------------------------------
24 ADVERTISING - - - -
- --------------------------------------------------------------------------------
25 OTHER (ATTACH LIST) - 17,479 145,324 162,802
- --------------------------------------------------------------------------------
26 TOTAL OPERATING DISBURSEMENTS - 457,965 610,460 1,068,425
- --------------------------------------------------------------------------------
REORGANIZATION FEES
- --------------------------------------------------------------------------------
27 PROFESSIONAL FEES - - - -
- --------------------------------------------------------------------------------
28 U.S. TRUSTEE FEES - - - -
- --------------------------------------------------------------------------------
29 OTHER (ATTACH LIST) - - 9,169 9,169
- --------------------------------------------------------------------------------
30 TOTAL REORGANIZATION EXPENSES - - 9,169 9,169
- --------------------------------------------------------------------------------
31 TOTAL DISBURSEMENTS - 457,966 619,628 1,077,593
- --------------------------------------------------------------------------------
32 NET CASH FLOW - 1,642,183 (302,608) 1,339,574
- --------------------------------------------------------------------------------
33 CASH - END OF MONTH 47,747,118 49,389,301 49,086,692 49,086,692
- --------------------------------------------------------------------------------
================================================================================
DIFFERENCE
<PAGE>
DETAIL SCHEDULES
- ------------------------------------------
CASE NAME: PHYSICIANS RESOURCE GROUP, INC. ACCRUAL BASIS 3
CASE NUMBER: 00-30748-RCM MONTH: March 2000
- ------------------------------------------ ----------
ITEM *** AMOUNTS ARE UNAUDITED ***
NO DESCRIPTION JANUARY FEBRUARY MARCH
- ------------------------------------------------------------------------------
NON OPERATING RECEIPTS
-----------------------------------------
7 SALE OF ASSETS:
--------- ---------
SUB-TOTAL SALES OF ASSETS - -
========= =========
8 OTHER:
COLLECTION ON RECEIVABLE 1,682,317 47,462
INTEREST INCOME - 204,985
D & O INSURANCE CLAIM REFUND 350,000 -
TAX REFUNDS 35,460 -
COBRA PAYMENTS RECEIVED 13,346 17,667
REPAYMENT WORKING CAPITAL ADV 12,000 -
SALE OF FURNITURE & FIXTURES (REMOTE OFCS) 6,654 3,274
RETURNED CHECKS - 41,521
REIMBURSEMENT OF ADMIN EXPENSES 371 2,111
--------- ---------
2,100,148 317,019
========= =========
TOTAL NON OPERATING RECEIPTS 2,100,148 317,019
========= =========
25 OTHER OPERATING DISBURSEMENTS
-----------------------------------------
INVESTOR RELATIONS - 3,500
CONTRACT LABOR - OTHER 6,732 10,992
PENALTIES & LATE FEES 108 65
CONSULTING FEES 8,616 129,425
DATA PROCESSING SERVICES 623 906
TAX LIABILITY - CURRENT PORTION 1,400 435
--------- ---------
TOTAL OTHER OPERATING DISBURSEMENTS 17,479 145,323
========= =========
29 OTHER REORGANIZATION FEES
-----------------------------------------
ADVERTISING OF BANKRUPTCY IN
WSJ & OTHER PUBS - 5,669
========= =========
<PAGE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------
------------------------------------------------- Monthly Operating Report
CASE NAME: PHYSICIANS RESOURCE GROUP, INC.
ACCRUAL BASIS-4
CASE NUMBER: 00-30748-RCM
-------------------------------------------------
********** ALL AMOUNTS ARE UNAUDITED **********
-------------------------------------------------------------------------------------------------------------------
SCHEDULE JANUARY FEBRUARY MARCH
ACCOUNTS RECEIVABLE AGING AMOUNT
-------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
1 0 - 60 -
-------------------------------------------------------------------------------------------------------------------
2 31 - 60 -
-------------------------------------------------------------------------------------------------------------------
3 61 - 90 -
-------------------------------------------------------------------------------------------------------------------
4 91 + -
-------------------------------------------------------------------------------------------------------------------
5 TOTAL ACCOUNTS RECEIVABLE - - - -
-------------------------------------------------------------------------------------------------------------------
6 AMOUNT CONSIDERED - - - -
UNCORRECTABLE
-------------------------------------------------------------------------------------------------------------------
7 ACCOUNTS RECEIVABLE (NET) - - - -
-------------------------------------------------------------------------------------------------------------------
<CAPTION>
-------------------------------------------------
AGING OF POSTPETITION TAXES MONTH: March 2000
AND PAYABLES ----------------------------------
-------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
TAXES PAYABLE 0 - 30 DAYS 31 - 60 DAYS 61 - 90 DAYS TOTAL
-------------------------------------------------------------------------------------------------------------------
1 FEDERAL - -
-------------------------------------------------------------------------------------------------------------------
2 STATE - -
-------------------------------------------------------------------------------------------------------------------
3 LOCAL - -
-------------------------------------------------------------------------------------------------------------------
4 OTHER (ATTACH LIST) -
-------------------------------------------------------------------------------------------------------------------
5 TOTAL TAXES PAYABLE - - -
-------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------
6 ACCOUNTS PAYABLE 57,986 57,986
-------------------------------------------------------------------------------------------------------------------
<CAPTION>
-------------------------------------------------
STATUS OF POSTPETITION TAXES MONTH: March 2000
----------------------------------
-------------------------------------------------------------------------------------------------------------------
FEDERAL (ADP REPORTS ATTACHED) BEGINNING TAX AMOUNT WITHHELD AMOUNT PAID ENDING TAX
LIABILITY * LIABILITY
-------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
1 WITHHOLDING ** - 49,255 49,255 -
-------------------------------------------------------------------------------------------------------------------
2 FICA-EMPLOYEE ** - 12,848 12,848 -
-------------------------------------------------------------------------------------------------------------------
3 FICA-EMPLOYER ** - 12,848 12,848 -
-------------------------------------------------------------------------------------------------------------------
4 UNEMPLOYMENT - 120 120 -
-------------------------------------------------------------------------------------------------------------------
5 INCOME - - - -
-------------------------------------------------------------------------------------------------------------------
6 OTHER(ATTACH LIST) - - - -
-------------------------------------------------------------------------------------------------------------------
7 TOTAL FEDERAL TAXES - 75,071 75,071 -
-------------------------------------------------------------------------------------------------------------------
STATE AND LOCAL
-------------------------------------------------------------------------------------------------------------------
8 WITHHOLDING - 707 707 -
-------------------------------------------------------------------------------------------------------------------
9 SALES - - - -
-------------------------------------------------------------------------------------------------------------------
10 EXCISE - - - -
-------------------------------------------------------------------------------------------------------------------
11 UNEMPLOYMENT (Note 1) - 2,434 2,434 -
-------------------------------------------------------------------------------------------------------------------
12 REAL PROPERTY - - - -
-------------------------------------------------------------------------------------------------------------------
13 PERSONAL PROPERTY - - - -
-------------------------------------------------------------------------------------------------------------------
14 OTHER (ATTACH LIST) - - - -
-------------------------------------------------------------------------------------------------------------------
15 TOTAL STATE & LOCAL - 3,141 3,141 -
-------------------------------------------------------------------------------------------------------------------
16 TOTAL TAXES - 78,211 78,211 -
-------------------------------------------------------------------------------------------------------------------
<CAPTION>
* 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 IRS Form 6123 or your FTD coupon and payment receipt to verify payment or deposit.
Note: AB-3 includes amounts from ADP reports only. This total includes an adjustment picked up on the bank
reconciliation.
=====================================================================================================================
</TABLE>
<PAGE>
Monthly Operating Report
- ------------------------------------------
CASE NAME: PHYSICIANS RESOURCE GROUP, INC. ACCRUAL BASIS-5
CASE NUMBER: 00-30748-RCM
- ------------------------------------------
The debtor in possession must complete the reconciliation below for each bank
account, including general, payroll and tax accounts, as well as all savings and
investment accounts, money market accounts, certificates of deposit, government
obligations, etc. Accounts with restricted funds should be identified by placing
an asterisk next to the account number. Attach additional sheets if necessary.
********** ALL AMOUNTS ARE UNAUDITED **********
<TABLE>
<CAPTION>
- ------------------------------------------
BANK RECONCILIATIONS MONTH: March 2000
----------------
<S> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------------------------
A. BANK SWBOT COMERICA *
- ------------------------------------------------------------------------------------------------------------------
B. ACCOUNT NUMBER 326003 1880647522 TOTAL
- ------------------------------------------------------------------------------------------------------------------
C. PURPOSE (TYPE) OPERATING (1) TAX ESCROW
- ------------------------------------------------------------------------------------------------------------------
1 BALANCE PER BANK STATEMENT 3,077,896 3,077,896
- ------------------------------------------------------------------------------------------------------------------
2 ADD: TOTAL DEPOSITS NOT CREDITED -
- ------------------------------------------------------------------------------------------------------------------
3 SUBTRACT: OUTSTANDING CHECKS 168,348 168,348
- ------------------------------------------------------------------------------------------------------------------
4 OTHER RECONCILING ITEMS 11,995 11,995
- ------------------------------------------------------------------------------------------------------------------
5 MONTH END BALANCE PER BOOKS 2,921,542 - 832,117 3,753,659
- ------------------------------------------------------------------------------------------------------------------
6 NUMBER OF LAST CHECK WRITTEN 1369 N/A
- ------------------------------------------------------------------------------------------------------------------
* Escrow for tax payments resulting from the Ernst & Young review of IRS transcripts for Physicians resource
Group, Inc. and affiliate companies.
(1) This is a zero balance account. Cash balances at the end of the day are swept into overnight interest bearing
investments.
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------
INVESTMENT ACCOUNTS MONTH: March 2000
----------------
<S> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------------------------
DATE OR TYPE OF PURCHASE CURRENT
BANK ACCOUNT NAME AND NUMBER PURCHASE INSTRUMENT PRICE VALUE
- ------------------------------------------------------------------------------------------------------------------
7 Southwest Bank of Texas 2-Mar-00 US Treasury Bill 23,384,140 23,482,691
- ------------------------------------------------------------------------------------------------------------------
8 Southwest Bank of Texas 21-Jan-00 US Treasury Bill 9,999,751 10,101,334
- ------------------------------------------------------------------------------------------------------------------
9 Southwest Bank of Texas 4-Feb-00 US Treasury Bill 11,498,315 11,593,416
- ------------------------------------------------------------------------------------------------------------------
10 Southwest Bank of Texas 21-Jan-00 Cert of Deposit 154,000 155,592
- ------------------------------------------------------------------------------------------------------------------
11 TOTAL INVESTMENTS 45,036,206 45,333,033
- ------------------------------------------------------------------------------------------------------------------
- ------------------------------------------
CASH
- ------------------------------------------------------------------------------------------------------------------
12 CURRENCY ON HAND -
- ------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------
13 TOTAL CASH - END OF MONTH 49,086,692
- ------------------------------------------------------------------------------------------------------------------
==================================================================================================================
</TABLE>
<PAGE>
================================================================================
Monthly Operating Report
- -------------------------------------------
CASE NAME: PHYSICIANS RESOURCE GROUP, INC.
CASE NUMBER: 00-30748-RCM ACCRUAL BASIS-6
- -------------------------------------------
MONTH: MARCH 2000
----------
********** ALL AMOUNTS ARE UNAUDITED **********
-------------------------------------------------
PAYMENTS TO INSIDERS AND PROFESSIONALS
-------------------------------------------------
OF THE TOTAL DISBURSEMENTS SHOWN FOR THE MONTH, LIST THE AMOUNT PAID TO
INSIDERS (AS DEFINED IN SECTION 101(31)(A)-(F) OF THE U.S. BANKRUPTCY CODE)
AND THE PROFESSIONALS. ALSO FOR INSIDERS, IDENTIFY THE TYPE OF COMPENSATION
PAID (e. g. SALARY, BONUS, COMMISSIONS, INSURANCE, HOUSING ALLOWANCE,
TRAVEL, CAR ALLOWANCE, ETC.) ATTACH ADDITIONAL SHEETS IF NECESSARY.
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
INSIDERS
- -----------------------------------------------------------------------------------------------------------------------------------
NAME TYPE OF AMOUNT PAID TOTAL PAID
PAYMENT TO DATE
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
1 LANE EDENBURN SALARY 14,583 29,167
- -----------------------------------------------------------------------------------------------------------------------------------
2 KAREN NICOLAOU SALARY 11,667 23,334
- -----------------------------------------------------------------------------------------------------------------------------------
3 MICHAEL YEARY SALARY 37,500 75,000
- -----------------------------------------------------------------------------------------------------------------------------------
SUBTOTAL 63,750 127,500
- -----------------------------------------------------------------------------------------------------------------------------------
4 KAREN NICOLAOU EXP REIMBRMT 2,604 4,154
- -----------------------------------------------------------------------------------------------------------------------------------
5 MICHAEL YEARY EXP REIMBRMT 2,122 3,196
- -----------------------------------------------------------------------------------------------------------------------------------
6 LANE EDENBURN EXP REIMBRMT 682 682
- -----------------------------------------------------------------------------------------------------------------------------------
6 TOTAL PAYMENTS TO INSIDERS 68,476 134,850
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Note: Insiders Salary is reported on line 9, MOR-2.
Expense reimbursements for insiders is included in line
11, MOR-2
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
PROFESSIONALS
- -----------------------------------------------------------------------------------------------------------------------------------
DATE OF COURT
NAME ORDER AUTHORIZING AMOUNT APPROVED AMOUNT PAID TOTAL PAID TO TOTAL
PAYMENT DATE INCURRED &
UNPAID * (1)
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
1 ANDREWS & KURTH - - 389,200
- -----------------------------------------------------------------------------------------------------------------------------------
2 JACKSON & WALKER - - 371,200
- -----------------------------------------------------------------------------------------------------------------------------------
3 MANN FRANKFORT - - -
- -----------------------------------------------------------------------------------------------------------------------------------
4 DAVID HORN 40,000 80,000 -
- -----------------------------------------------------------------------------------------------------------------------------------
5 TOTAL PAYMENTS TO
PROFESSIONALS 40,000 80,000 760,400
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
* INCLUDE ALL FEES INCURRED, BOTH APPROVED AND UNAPPROVED.
- -------------------------------------------------------------------------------
POST PETITION STATUS OF SECURED NOTES, LEASES PAYABLE AND ADEQUATE PROTECTION
PAYMENTS
- -------------------------------------------------------------------------------
SCHEDULED
MONTHLY AMOUNTS PAID TOTAL UNPAID
PAYMENTS DUE DURING MONTH POSTPETITION
NAME OF CREDITOR
- -------------------------------------------------------------------------------
1
- -------------------------------------------------------------------------------
2
- -------------------------------------------------------------------------------
3
- -------------------------------------------------------------------------------
4
- -------------------------------------------------------------------------------
5
- -------------------------------------------------------------------------------
6 TOTAL
- -------------------------------------------------------------------------------
<PAGE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
- --------------------------------------------------
CASE NAME: PHYSICIANS RESOURCE GROUP, INC. MONTHLY OPERATING REPORT
CASE NUMBER: 00-30748-RCM ACCRUAL BASIS - 7
- --------------------------------------------------
QUESTIONNAIRE MONTH: March, 2000
------------
- --------------------------------------------------------------------------------
YES NO
- --------------------------------------------------------------------------------
<S> <C> <C>
1 Have any assets been sold or transferred outside X
the normal course of business in this reporting
period?
- --------------------------------------------------------------------------------
2 Have any funds been disbursed from any account X
other than a debtor in possession account?
- --------------------------------------------------------------------------------
3 Are any postpetition receivables (accounts, notes X
or loans) due from related parties?
- --------------------------------------------------------------------------------
4 Have any payments been made on prepetition X
liabilities this reporting period?
- --------------------------------------------------------------------------------
5 Have any postpetition loans been received by the X
debtor from any party?
- --------------------------------------------------------------------------------
6 Are any postpetition payroll taxes past due? X
- --------------------------------------------------------------------------------
7 Are any postpetition state or federal income X
taxes past due?
- --------------------------------------------------------------------------------
8 Are any postpetition real estate taxes past due? X
- --------------------------------------------------------------------------------
9 Are any other postpetition taxes past due? X
- --------------------------------------------------------------------------------
10 Are any amounts owed to postpetition creditors X
delinquent?
- --------------------------------------------------------------------------------
11 Have any prepetition taxes been paid during the X
reporting period?
- --------------------------------------------------------------------------------
12 Are any wage payments past due. X
- --------------------------------------------------------------------------------
<CAPTION>
If the answer to any of the above questions is "yes," provide a detailed
explanation of each item. Attach additional sheets if necessary.
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------
INSURANCE
- --------------------------------------------------------------------------------
YES NO
- --------------------------------------------------------------------------------
<S> <C> <C>
1 Are workers compensation, general liability and X
other necessary insurance coverages in effect?
- --------------------------------------------------------------------------------
2 Are all premium payments paid current. X
- --------------------------------------------------------------------------------
3 Please itemized policies below. SCHEDULE ATTACHED
- --------------------------------------------------------------------------------
<CAPTION>
If the answer to any of the above questions is "no", or if any policies have
been cancelled or not renewed during the reporting period, provide and
explanation below. Attach additional sheets if necessary.
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
INSTALLMENT PAYMENTS
- ------------------------------------------------------------------------------------------------------------------------------------
TYPE OF POLICY CARRIER PERIOD PAYMENT
------------------------
COVERED AMOUNT FREQUENCY
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
1 Property "all risk" except policy exclusions Hartford 12/99 - 12/00 11,673 MNTHLY
- ------------------------------------------------------------------------------------------------------------------------------------
2 Umbrella Liability excess of schedule of underlying insurance TIG Specialty 06/99 - 06/00 48,579 QTRLY
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------
CASE NAME: PHYSICIANS RESOURCE GROUP, INC.
RESPONSES TO QUESTIONNAIRE
CASE NUMBER: 00-30748-RCM
------------------------------------------ MONTH: MARCH 2000
-------------------
QUESTIONNAIRE
- ------------------------------------------------
2 Disbursements from non-DIP accounts.
-------------------------------------------
Payment was made from Comerica account that is an escrow
account that is restricted to payment of tax liabilities
per Ernst & Young review. Payment is described below as
item 11. Payment was made prior to changing the account
styling to included the DIP designation. First day motions
have been sent to bank to change account styling.
11 Prepetition taxes
-------------------------------------------
Seventy three thousand four hundred forty eight dollars and seventy
five cents ($73,448.75) was paid to the Texas Workforce Commission for
unemployment taxes for an affiliated company of PRG. Payment was issued
from our restricted cash account at Comerica.
Thirty-five dollars ($35) was paid to the North Carolina Department of
Revenue for franchise taxes for Physician's Resource Group, Inc. and its
affiliated companies.
Twenty-five dollars ($25) was paid to the State Tax Commission of Missippi
for franchise taxes for Physician's Resource Group, Inc. and its affiliated
companies.
Three hundred twenty five dollars ($325) was paid to the New York State
Corp. Tax for franchise taxes for Physician's Resource Group, Inc. and its
affiliated companies.
Twenty five dollars ($25) was paid to the South Carolina Dept. Of Rev. for
franchise taxes for Physician's Resource Group, Inc. and its affiliated
companies.
Twenty five dollars and thirty four cents ($25.34) was paid to the
Louisiana Dept. Of Rev. for franchise taxes for Physician's Resource Group,
Inc. and its affiliated companies.
Insurance:
- ------------------------------------------------
2 Premiums paid currently.
-------------------------------------------
In accordance with the cash management orders, PRG instructed
its bank not to honor checks presented after 01FEB00 dated
31JAN00 and prior. Included in these outstanding items were
$12,200 in checks payable to AON Risk Services of Texas. The
company is currently in the process of reconciling their
account with AON, and the accounts will be brought current after
obtaining appropriate payment authority from the court. PRG has not
received notice of cancellation or potential cancellation.
<PAGE>
<TABLE>
<CAPTION>
CASE NAME: PHYSICIANS RESOURCE GROUP, INC. MONTHLY OPERATING REPORT
CASE NUMBER: 00-30748-RCM SCHEDULE OF INSURANCE COVERAGE
MONTH: MARCH, 2000
POLICY PERIOD LIMIT OF
-----------------------
TYPE OF COVERAGE CARRIER INCEPTION EXPIRATION PREMIUM: LIABILITY
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
1 Directors, Officers and Corporate Liability National Union Fire Insur 20-Apr-99 20-Apr-00 $724,000 $10,000,000
(Renewal and Extension) Co of Pittsburgh, PA
2 Directors, Officers and Corporate Liability National Union Fire Insur 20-Apr-00 20-Apr-01 $450,000 $10,000,000
(One year extension of coverage) Co of Pittsburgh, PA
3 Directors, Officers and Corporate Liability National Union Fire Insur 20-Apr-01 20-Apr-07 $450,000 $10,000,000
(Six year run off.) Co of Pittsburgh, PA
4 Employed Lawyers Liability Insurance National Union Fire Insur 20-Apr-99 20-Apr-00 $ 9,160 $ 5,000,000
(Note 1) Co of Pittsburgh, PA
5 Commercial Crime National Union Fire Insur 20-Apr-99 20-Apr-00 $ 15,591 $ 5,000,000
(Note 2) Co of Pittsburgh, PA
6 Workers Compensation - Standard forms; Hartford Insurance Co/ 31-Dec-99 31-Dec-00 $ 28,259 $ 1,000,000
Extended Broad Form endorsement where Hartford Mid West Insur
applicable
7 Auto Standard Forms & Broad Form Auto Hartford Insurance Co 31-Dec-99 31-Dec-00 $ 2,300 $ 1,000,000
Endorsement
8 Property Hartford Insurance Co 31-Dec-99 31-Dec-00 $140,073 $43,835,755
9 Umbrella Liability TIG Specialty Insurance 1-Jun-99 1-Jun-00 $185,061 $10,000,000
</TABLE>
Note 1: Policy has been extended for a period of one year on terms substantially
the same as the expiring coverage.
Note 2: Policy has been extended for a period of approximately thirty days
pending completion of negotiations with the underwriter.
