ENERGY CONVERSION DEVICES INC - FORM 8-K - EX-99.2 - UNITED SOLAR OVONIC LLC MONTHLY OPERATING REPORTS - April 26, 2012
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| EX-99.1 - ENERGY CONVERSION DEVICES, INC. MONTHLY OPERATING REPORTS - ENERGY CONVERSION DEVICES INC | d340882dex991.htm | |||||
| 8-K - FORM 8-K - ENERGY CONVERSION DEVICES INC | d340882d8k.htm | |||||
EXHIBIT 99.2
UNITED STATES BANKRUPTCY COURT
FOR THE EASTERN DISTRICT OF MICHIGAN
TRANSMITTAL OF FINANCIAL REPORTS AND
CERTIFICATION OF COMPLIANCE WITH
UNITED STATES TRUSTEE OPERATING REQUIREMENTS FOR
THE PERIOD ENDED: March 31, 2012
| In re: United Solar Ovonic LLC | Case Number: 12-43167 | |
| Chapter 11 | ||
| Judge: Hon. Thomas J. Tucker | ||
| Debtor. |
||
United Solar Ovonic LLC/
As debtor in possession, I affirm:
| 1. | That I have reviewed the financial statements attached hereto, consisting of: |
| Operating Statement | (Form 2) | |||
| Balance Sheet | (Form 3) | |||
| Summary of Operations | (Form 4) | |||
| Monthly Cash Statement | (Form 5) | |||
| Statement of Compensation | (Form 6) | |||
| Schedule of In-Force Insurance | (Form 7) |
and that they have been prepared in accordance with normal and customary accounting practices, and fairly and accurately reflect the debtor’s financial activity for the period stated;
| 2. | That the insurance, including workers’ compensation and unemployment insurance, as described in Section 5 of the Operating Instructions and Reporting Requirements For Chapter 11 Cases, is in effect; and |
| (If not, attach a written explanation) |
YES x NO ¨ |
| 3. | That all post-petition taxes as described in Section 9 of the Operating Instructions and Reporting Requirements For Chapter 11 Cases are current. |
| (If not, attach a written explanation) |
YES x NO ¨ |
| 4. | No professional fees (attorney, accountant, etc.) have been paid without specific court authorization. |
| (If not, attach a written explanation) |
YES x NO ¨ |
| 5. | All United States Trustee Quarterly fees have been paid and are current. |
| YES x NO ¨ |
| 6. | Have you filed your pre-petition tax returns? |
| (If not, attach a written explanation) |
YES x NO ¨ |
I hereby certify, under penalty of perjury, that the information provided above and in the attached documents is true and correct to the best of my information and belief.
| Dated: April 23, 2012 | United Solar Ovonic LLC | |
| Debtor in Possession | ||
| /s/ William C. Andrews | ||
|
| ||
| Title: William C. Andrews | ||
|
Chief Financial Officer Phone: 248-299-6047 | ||
Form 1
OPERATING STATEMENT (P&L)(1)
Period Ending: March 31, 2012
Case No: 12-43167
| Current Month | Total Since Filing | |||||||
| Total Revenue |
$ | 3,661,904 | $ | 6,999,719 | ||||
| Cost of Sales(2) |
6,065,470 | 10,418,977 | ||||||
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| GROSS PROFIT |
(2,403,566 | ) | (3,419,258 | ) | ||||
| EXPENSES: |
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| Officer Compensation |
26,667 | 40,000 | ||||||
| Salary/Wages Expenses |
639,108 | 1,051,262 | ||||||
| Employee Benefits & Pensions |
196,089 | 344,912 | ||||||
| Payroll Taxes |
69,661 | 129,990 | ||||||
| Other Taxes |
9,526 | 12,505 | ||||||
| Rent and Lease Expense |
198,320 | 290,596 | ||||||
| Interest Expense(3) |
2,131,104 | 3,306,868 | ||||||
| Property Insurance |
1,054 | 1,630 | ||||||
| Automobile and Truck Expense |
— | — | ||||||
| Utilities |
38,329 | 38,517 | ||||||
| Depreciation |
24,746 | 35,196 | ||||||
| Travel and Entertainment |
34,418 | 39,259 | ||||||
| Repairs and Maintenance |
2,918 | 2,918 | ||||||
| Advertising |
— | — | ||||||
| Other – Miscellaneous |
585,983 | 632,731 | ||||||
| Other – Loss on Asset Disposal |
1,446,690 | 1,446,690 | ||||||
| Other Specify – European Costs |
247,473 | 388,515 | ||||||
| Other Specify – Restructuring |
363,442 | 363,442 | ||||||
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| TOTAL EXPENSES: |
6,015,529 | 8,125,031 | ||||||
| OPERATING PROFIT |
(8,419,095 | ) | (11,544,289 | ) | ||||
| Add: Non-Operating Income |
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| Total Interest Income |
— | — | ||||||
| Other (Income) |
191,225 | 135,581 | ||||||
| Less: Non-Operating Expenses |
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| Professional Fees(4) |
1,061,250 | 1,446,000 | ||||||
| Other – Income Taxes |
(227,076) | (216,206 | ) | |||||
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| NET INCOME/(LOSS) |
$ | (9,444,494 | ) | $ | (12,909,663 | ) | ||
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| (1) | The operating statement and balance sheet were prepared using accrual accounting. |
| (2) | Product sold during this period had an inventory value of $3,473,389.14. The balance of cost of sales is unabsorbed variance due to the production shutdown. |
| (3) | The effective annual interest rate for March 31, 2012 was 10.2%. |
| (4) | Professional fees are estimates. |
Form 2
BALANCE SHEET
Period Ending: March 31, 2012
Case No: 12-43167
| Current Month | Prior Month | At Filing | ||||||||||
| ASSETS: |
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| Cash and Cash Equivalents |
$ | 5,420,063 | $ | 4,491,493 | $ | 4,378,158 | ||||||
| Investments |
— | — | — | |||||||||
| Inventories, Net |
35,298,334 | 38,926,078 | 41,727,690 | |||||||||
| Accounts Receivable – Intercompany – USO CDN |
1,773,987 | 1,772,238 | 1,788,754 | |||||||||
| Accounts Receivable Intercompany SIT |
23,502,405 | 23,497,497 | 23,497,497 | |||||||||
| Accounts Receivable Trade – Net |
12,451,980 | 12,424,029 | 10,597,737 | |||||||||
| Land and Buildings |
24,397,111 | 29,010,567 | 29,010,567 | |||||||||
| Furniture, Fixtures & Equipment |
36,964,030 | 39,783,946 | 39,507,745 | |||||||||
| Accumulated Depreciation |
(7,747,471 | ) | (12,655,713 | ) | (12,471,130 | ) | ||||||
| Restricted Cash |
4,374,728 | 5,648,736 | 5,950,000 | |||||||||
| Prepaid |
742,863 | 904,397 | 664,094 | |||||||||
| Investment in Subsidiaries |
3,337,474 | 3,094,718 | 3,064,408 | |||||||||
| Other Assets |
2,473,445 | 1,776,152 | 2,053,050 | |||||||||
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| TOTAL ASSETS |
$ | 142,988,950 | $ | 148,674,139 | $ | 149,768,570 | ||||||
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| LIABILITIES: |
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| Post-petition Liabilities: |
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| Accounts Payable Trade – Net |
199,135 | 359,248 | — | |||||||||
| Accounts Payable Intercompany ECD |
— | (103,853 | ) | — | ||||||||
| Accounts Payable Intercompany USO EU |
214,581 | 78,045 | — | |||||||||
| Lease Payable |
— | — | — | |||||||||
| Warranty |
119,244 | — | — | |||||||||
| Other Current Liabilities |
493,950 | 121,093 | — | |||||||||
| Accrued Salaries and Wages |
283,298 | 274,874 | — | |||||||||
| Accrued Taxes |
209,800 | 134,252 | — | |||||||||
| Accrued Other |
1,368,165 | 348,615 | — | |||||||||
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| TOTAL Post-petition Liabilities |
2,888,172 | 1,212,274 | — | |||||||||
| Secured Liabilities: |
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| Secured Accounts Payable – ECD |
5,000,000 | 5,000,000 | 5,000,000 | |||||||||
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| Pre-petition Liabilities: |
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| Accounts Payable Trade – Net |
6,676,736 | 6,676,736 | 6,676,736 | |||||||||
| Accounts Payable Intercompany ECD |
795,485,836 | 793,295,055 | 792,119,291 | |||||||||
| Accounts Payable Intercompany SIT |
600,241 | 600,241 | 600,241 | |||||||||
| Accounts Payable Unsecured Liabilities |
— | — | — | |||||||||
| Lease Payable |
19,502,614 | 19,609,987 | 19,627,288 | |||||||||
| Warranty |
10,272,209 | 10,272,209 | 10,272,209 | |||||||||
| Other Current Liabilities |
637,324 | 637,324 | 637,324 | |||||||||
| Accrued Salaries and Wages |
677,100 | 677,100 | 677,100 | |||||||||
| Accrued Taxes |
636,431 | 636,431 | 636,431 | |||||||||
| Accrued Other |
2,711,705 | 2,711,705 | 2,711,705 | |||||||||
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| TOTAL Pre-petition Liabilities |
837,200,196 | 835,116,789 | 833,958,326 | |||||||||
| TOTAL LIABILITIES |
845,088,368 | 841,329,063 | 838,958,326 | |||||||||
| Equity: |
||||||||||||
| Owners Capital |
65,000,000 | 65,000,000 | 65,000,000 | |||||||||
| Additional Paid-In-Capital |
(27,351,380 | ) | (27,351,380 | ) | (27,351,380 | ) | ||||||
| Retained Earnings-Pre Petition |
(726,838,375 | ) | (726,838,375 | ) | (726,838,375 | ) | ||||||
| Retained Earnings-Post Petition |
(12,909,663 | ) | (3,465,169 | ) | — | |||||||
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| TOTAL Equity |
(702,099,418 | ) | (692,654,924 | ) | (689,189,755 | ) | ||||||
| TOTAL LIABILITIES AND EQUITY |
$ | 142,988,950 | $ | 148,674,139 | $ | 149,768,570 | ||||||
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Form 3
SUMMARY OF OPERATIONS
Period Ended: March 31, 2012
Case No: 12-43167
Schedule of Post-petition Taxes Payable
| Beginning Balance |
Accrued/ Withheld |
Payments/ Deposits |
Ending Balance |
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| Income Taxes Withheld |
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| Federal |
— | $ | 234,170.71 | $ | 234,170.71 | — | ||||||||||
| State |
— | 72,453.54 | 72,453.54 | — | ||||||||||||
| Local |
— | 40.51 | 40.51 | — | ||||||||||||
| FICA Withheld |
— | 105,834.73 | 105,834.73 | — | ||||||||||||
| Employers FICA |
— | 143,033.33 | 143,033.33 | — | ||||||||||||
| Unemployment Tax |
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| Federal |
— | 686.19 | 686.19 | — | ||||||||||||
| State |
— | 25,017.54 | 25,017.54 | — | ||||||||||||
| Sales, Use & Excise Taxes |
$ | 176.00 | 3,486.60 | — | $ | 3,662.60 | ||||||||||
| Property Taxes |
68,891.00 | 126,838.00 | — | 195,729.00 | ||||||||||||
| Workers’ Compensation(1) |
— | — | — | — | ||||||||||||
| Other |
— | — | — | — | ||||||||||||
| TOTALS |
$ | 69,067.00 | $ | 711,561.15 | $ | 1,423,122.30 | $ | 199,391.60 | ||||||||
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| (1) | Fully insured. |
AGING OF ACCOUNTS RECEIVABLE
AND POST-PETITION ACCOUNTS PAYABLE
| Age in Days | 0-30 | 31-60 | Over 60 | |||||||||
| Post Petition |
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| Accounts Payable |
$ | 188,313.85 | $ | 10,820.97 | $ | — | ||||||
| Accounts Receivable |
$ | 730,904.02 | $ | 4,187,369.57 | $ | 7,533,706.29 | ||||||
For all post-petition accounts payable over 30 days old, please attach a sheet listing each such account, to whom the account is owed, the date the account was opened, and the reason for non-payment of the account.
Describe events or factors occurring during this reporting period materially affecting operations and formulation of a Plan of Reorganization: None
Form 4
MONTHLY CASH STATEMENT
Period Ending: March 31, 2012
Cash Activity Analysis (Cash Basis Only): Case No: 12-43167
| General Account |
Foreign Collection Account(2) |
L/C
Collateral Account |
Canadian Payroll Account(1) |
Petty Cash |
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| A. |
Beginning Balance | $ | 4,484,790.03 | $ | — | $ | 5,648,736.31 | $ | 7,753.97 | $ | 803.29 | |||||||||||
| B. |
Receipts | 4,297,852.09 | 588,676.00 | — | 10,000.00 | — | ||||||||||||||||
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| (Attach separate schedule) | ||||||||||||||||||||||
| C. |
Balance Available | 8,782,642.12 | 588,676.00 | 5,648,736.31 | 17,753.97 | 803.29 | ||||||||||||||||
| (A+B) | ||||||||||||||||||||||
| D. |
Less Disbursements | 3,076,002.92 | 588,676.00 | 1,274,008.27 | 13,917.67 | — | ||||||||||||||||
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| (Attach separate schedule) | ||||||||||||||||||||||
| E. |
ENDING BALANCE | $ | 5,706,639.20 | $ | — | $ | 4,374,728.04 | $ | 3,836.30 | $ | 803.29 | |||||||||||
| (C-D) | ||||||||||||||||||||||
| (1) | In Canadian Dollars |
| (2) | Account Closed 3/14/12 |
ATTENTION: Please enter the TOTAL DISBURSEMENT from all your accounts, including cash and excluding transfers, onto the line below. This is the number that will determine your quarterly fee payment: $3,089,920.59
(PLEASE ATTACH COPIES OF MOST RECENT RECONCILED BANK STATEMENTS FROM EACH ACCOUNT)
| General Account: |
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| 1. |
Depository Name & Location | JP Morgan Chase Bank, N.A. (MI); Detroit, Michigan | ||||
| 2. |
Account Number | 754130292 | ||||
| ForeignCollection Account: (account closed 3/14/12) |
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| 1. |
Depository Name & Location | JP Morgan Chase Bank, N.A. (MI); Detroit, Michigan | ||||
| 2. |
Account Number | 771064540 | ||||
| L/C Collateral Account: |
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| 1. |
Depository Name & Location | JP Morgan Chase Bank, N.A. (MI); Detroit, Michigan | ||||
| 2. |
Account Number | 983646019 | ||||
| CanadianPayroll Account: |
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| 1. |
Depository Name & Location | JP Morgan Chase Bank, N.A. Canada; Toronto, Ontario, Canada | ||||
| 2. |
Account Number | 4683000035 | ||||
Other monies on hand (specify type and location) i.e., CD’s, bonds, etc.):
None
| Date: April 23, 2012 |
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| United Solar Ovonic LLC | ||||||||
| Debtor in Possession | ||||||||
Form 5
MONTHLY STATEMENT OF INSIDER COMPENSATION/PAYMENTS
Period Ending: March 31, 2012
Case No: 12-43167
The following information is to be provided for each shareholder, officer, director, manager, insider, or owner that is employed by the debtor in possession. (Attach additional pages if necessary.)
| Name: Joseph P. Conroy, Executive Vice President, ECD; | Capacity: | x Shareholder | ||||
| Senior Vice President, USO Operations |
x Officer | |||||
| ¨ Director | ||||||
| x Insider | ||||||
Detailed Description of Duties:
| • | Provides leadership to all operations and manufacturing related activity (Auburn Hills, Greenville 1&2, Tijuana, China JV and Marcegaglia) |
| • | Responsible for building new equipment to support the company’s technology efforts |
| • | Provides leadership to all manufacturing, engineering, quality functions (ensures the production of all manufacturing products) |
| Current Compensation Paid: |
Weekly | Or | Monthly | |||||||||
| $ | 26,666.68 | |||||||||||
| Current Benefits Paid: |
Weekly | Or | Monthly | |||||||||
| Health Insurance |
$ | 849.92 | ||||||||||
| Life Insurance |
$ | 72.15 | ||||||||||
| Accidental Death & Dismemberment Insurance |
$ | 9.62 | ||||||||||
| Long-Term and Short-Term Disability Insurance |
$ | 72.50 | ||||||||||
| Employee Assistance Program |
$ | 1.69 | ||||||||||
| Retirement |
$ | — | ||||||||||
| Company Vehicle |
$ | — | ||||||||||
| Entertainment |
$ | — | ||||||||||
| Travel |
$ | — | ||||||||||
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| Total Benefits |
$ | 1,005.88 | ||||||||||
| Current Other Payments Paid: |
Weekly | Or | Monthly | |||||||||
| Rent Paid |
$ | — | ||||||||||
| Loans |
$ | — | ||||||||||
| Other (Describe) |
$ | — | ||||||||||
| Other (Describe) |
$ | — | ||||||||||
| Other (Describe) |
$ | — | $ | — | ||||||||
| Total Other Payments |
$ | — | $ | — | ||||||||
| Weekly | Or | Monthly | ||||||||||
| CURRENT TOTAL OF ALL PAYMENTS: |
$ | 27,672.56 | ||||||||||
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| Dated: April 23, 2012 |
Joseph P. Conroy | |||||||
Form 6
SCHEDULE OF IN-FORCE INSURANCE
Period Ending: March 31, 2012
Case No: 12-43167
| INSURANCE TYPE |
CARRIER |
EXPIRATION DATE | ||
| Workers’ Compensation | Valley Forge Insurance Company | 02/01/2013 | ||
| Workers’ Compensation | American Casualty Company of Reading PA | 02/01/2013 | ||
| General Liability | American Casualty Company of Reading PA | 02/01/2013 | ||
| Property (1st Layer) | Allianz Global Risk US Insurance Company | 02/01/2013 | ||
| Property (2nd Layer) | Lexington Insurance Company | 02/01/2013 | ||
| Automobile Policy | Continental Casualty Company | 02/01/2013 | ||
| Umbrella Policy | Continental Casualty Company | 02/01/2013 | ||
| Foreign Package | Continental Casualty Company | 02/01/2013 | ||
| Special Risk Coverage | Great American Insurance Company | 03/18/2013 | ||
| Directors & Officers | Allied World National Assurance Company | 09/30/2012 | ||
| Directors & Officers | Illinois National Insurance Company | 09/30/2012 | ||
| Directors & Officers | Beazley Insurance Company, Inc. (Lloyd’s of London) | 09/30/2012 | ||
| Employee Practices Liability | Starr Indemnity & Liability Company | 09/30/2012 | ||
| Fiduciary Liability | Starr Indemnity & Liability Company | 09/30/2012 | ||
| Fidelity Bond | Starr Indemnity & Liability Company | 09/30/2012 | ||
| Primary Directors & Officers | Starr Indemnity & Liability Company | 09/30/2012 | ||
| ERISA Bond | Travelers Casualty and Surety Company of America | 11/16/2014 | ||
| Pollution Liability Coverage | Chartis Specialty Insurance | 02/01/2014 |
Form 7
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