EX-99.7 19 g95749exv99w7.txt EX-99.7 DEBTORS MONTHLY FINANCIAL REPORTS 02/01/05-02/28/05 Exhibit 99.7 UNITED STATES BANKRUPTCY COURT SOUTHERN DISTRICT OF FLORIDA WEST PALM BEACH DIVISION In Re: Chapter 11 U.S. PLASTIC LUMBER CORP.; Jointly Administered Under U.S. PLASTIC LUMBER LTD., d/b/a Case No. 04-33579-BKC-PGH U.S. PLASTIC LUMBER, INC. = WORLDWIDE; THE EAGLEBROOK GROUP, INC.; U.S. PLASTIC LUMBER FINANCE CORPORATION; and U.S. PLASTIC LUMBER IP CORPORATION, Debtors. / ------------------------------------------------ DEBTOR'S MONTHLY FINANCIAL REPORTS (BUSINESS) FOR THE PERIOD FROM FEBRUARY 1, 2005 TO FEBRUARY 28, 2005 Comes now the above-named debtor and files its Periodic Financial Reports in accordance with the Guidelines established by the United States Trustee and FRBP 2015. STICHTER, RIEDEL, BLAIN & PROSSER, P.A. Counsel for Debtors Charles A. Postler (Fla. Bar #455318) 110 East Madison Street, Suite 200 Tampa, Florida 33602 Phone: (813) 229-0144 Fax: (813) 229-1811 and RICE PUGATCH ROBINSON & SCHILLER, P.A. Local Counsel for Debtors 848 Brickell Avenue, Suite 1100 Miami, Florida 33131 Phone: (305) 379-3121 Fax: (305) 379-4119 Debtor's Address and Telephone No. 2300 Glades Road By: /s/ Lisa M. Schiller #440W ------------------------------------- Boca Raton, FL 33431 LISA M. SCHILLER Phone: (561) 394-3511 Florida Bar No. 984426 MONTHLY FINANCIAL REPORT FOR BUSINESS FOR PERIOD BEGINNING FEBRUARY 1, 2005 AND ENDING FEBRUARY 28, 2005 Case No. 04-33579 U.S. Plastic Lumber Corp.

I declare under penalty of perjury that this statement and the accompanying documents and reports are true and correct to the best of my knowledge and belief. March 29, 2005 /s/ Steve Spitzer ------------------------------------ ATTACHMENT 1 MONTHLY ACCOUNTS RECEIVABLE AGING AND RECONCILIATION Name of Debtor: US Plastic Lumber Corp Case Number: ---------------------------- 04-33579 BKC-PGH Reporting Period beginning February 1, 2005 and ending February 28, 2005 ------------------- -------------------- ACCOUNTS RECEIVABLE AT PETITION DATE: ------------------------------------------ ACCOUNTS RECEIVABLE RECONCILIATION (Include all accounts receivable, pre-petition and post-petition, including charge card sales which have not been received): Beginning of Month Balance 0 ------------------------------------------ PLUS: Current Month New Billings 0 ------------------------------------------ LESS: Collection During the Month 0 ------------------------------------------ Disc/Allow 0 ------------------------------------------ End of Month Balance 0 ------------------------------------------ ------------------------------------------------------------------------------- AGING: (Show the total amount for each age group of accounts incurred since filing the petition) 0-30 Days 31-60 Days 61-90 Days Over 90 Days Total ------------------------------------------------------------------------------- NOT APPLICABLE ATTACHMENT 3 INVENTORY AND FIXED ASSETS REPORT Name of Debtor: US Plastic Lumber Corp Case Number: ----------------------------- 04-33579 BKC-PGH Reporting Period beginning February 1, 2005 and ending February 28, 2005 ------------------ -------------------- INVENTORY REPORT INVENTORY BALANCE PETITION DATE: N/A ------------------- INVENTORY RECONCILIATION Inventory Balance at Beginning of Month 0 ------------------- Inventory Purchased During Month (+Mrer) 0 ------------------- Inventory Used or Sold 0 ------------------- Inventory on Hand at End of Month 0 ------------------- METHOD OF COSTING INVENTORY: N/A -------------------------------- ------------------------------------------------------------------------------- FIXED ASSET REPORT FIXED ASSETS FAIR MARKET VALUE AT PETITION DATE: N/A ------------------- (Includes Property, Plant and Equipment) BRIEF DESCRIPTION (First Report Only): N/A ------------------- ------------------------------------------------------------------------------- FIXED ASSETS RECONCILIATION: Fixed Asset Book Value at Beginning of Month 0 ------------------- LESS: Depreciation Expense 0 ------------------- PLUS: New Purchases 0 ------------------- Ending Monthly Balance 0 ------------------- BRIEF DESCRIPTION OF FIXED ASSETS PURCHASES OR DISPOSED OF DURING THE REPORTING PERIOD: N/A ------------------------------------------------------------ ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- ATTACHMENT 4 MONTHLY BANK ACCOUNT RECONCILIATION Name of Debtor: US Plastic Lumber Corp Case Number: ----------------------------- 04-33579 BKC-PGH Reporting Period beginning February 1, 2005 and ending February 28, 2005 ------------------ ------------------ A separate sheet is required for each bank account, including all savings and investment accounts, i.e. certificates of deposits, money market accounts, stocks and bonds, etc. NAME OF BANK: BRANCH ---------------------------- ------------------- ACCOUNT NAME: ------------------------------------------------------- ACCOUNT NUMBER: ------------------------------------------------------- PURPOSE OF ACCOUNT: ------------------------------------------------------- Beginning Balance 0 -------------------------------------- Total of Deposits Made 0 -------------------------------------- Total Amount of Checks Written 0 -------------------------------------- Service Charges 0 -------------------------------------- Closing Balance 0 -------------------------------------- Number of First Check Written this Period All wires in/out ----------------------------- Number of Last Check Written this Period ----------------------------- Total Number of Checks Written this Period ----------------------------- INVESTMENT ACCOUNTS TYPE OF NEGOTIABLE INSTRUMENT FACE VALUE PURCHASE PRICE DATE OF PURCHASE ------------------- ---------- -------------- ---------------- ATTACHMENT 5 CHECK REGISTER Name of Debtor: US Plastic Lumber Corp Case Number: ---------------------------- 04-33579 BKC-PGH Reporting Period beginning February 1, 2005 and ending February 28, 2005 ------------------ --------------------- NAME OF BANK: BRANCH ---------------------------- ------------------ ACCOUNT NAME: ------------------------------------------------------- ACCOUNT NUMBER: ------------------------------------------------------- PURPOSE OF ACCOUNT: ------------------------------------------------------- Account for All Check Numbers, Including Voided, Lost, Stopped Payment, Etc. DATE CHECK NUMBER PAYEE PURPOSE AMOUNT ---- ------------ ----- ------- ------ NOT APPLICABLE ATTACHMENT 6 MONTHLY TAX REPORT Name of Debtor: US Plastic Lumber Corp Case Number: ----------------------------- 04-33579 BKC-PGH Reporting Period beginning February 1, 2005 and ending February 28, 2005 ------------------ --------------------- TAXES PAID DURING THE MONTH Report all post-petition taxes paid directly or deposited into the tax account. DATE BANK DESCRIPTION AMOUNT ---- ---- ----------- ------ SEE ATTACHED ------------------------------------------------------------------------------- TAXES OWED AND DUE Report all unpaid post-petition taxes including Federal and State withholding FICA, State sales tax, property tax, unemployment tax, and State workmen's compensation. Date last return filed Period ---------------------------------------- ------------------------------- NAME OF DATE TAXING PAYMENT AUTHORITY DUE DESCRIPTION AMOUNT --------- -------- ----------- ------ ATTACHMENT 7 SUMMARY OF OFFICER OR OWNER COMPENSATION SUMMARY OF PERSONNEL AND INSURANCE COVERAGE Name of Debtor: US Plastic Lumber Corp Case Number: ---------------------------- 04-33579 BKC-PGH Reporting Period beginning February 1, 2005 and ending February 28, 2005 ------------------ --------------------- Report all compensation received during the month. Do not include reimbursement for expenses incurred for which you have receipts. Name of Officer or Owner Title Amount Paid ------------------------------ ---------------------- ------------------------ ------------------------------------------------------------------------------ PERSONNEL REPORT Full Time Part Time Number of employees at beginning of period 0 --------- --------- Number hired during the period 0 --------- --------- Number terminated during the period 0 --------- --------- Number of employees at end of period 0 --------- --------- ------------------------------------------------------------------------------ CONFIRMATION OF INSURANCE List all policies of insurance in effect, including but not limited to workers' compensation, liability, fire, theft, comprehensive, vehicle, health and life. AGENT & DATE PHONE COVERAGE EXPIRATION PREMIUM CARRIER NUMBER POLICY NO. TYPE DATE DUE ------- ------ ---------- -------- ---------- -------- SEE ATTACHED ATTACHMENT 8 SIGNIFICANT DEVELOPMENT DURING REPORTING PERIOD Case No. 04-33579 BKC-PGH NONE We anticipate filing a Plan of Reorganization and Disclosure Statement on or before ___________________________. UNITED STATES BANKRUPTCY COURT SOUTHERN DISTRICT OF FLORIDA WEST PALM BEACH DIVISION IN RE: CHAPTER 11 U.S. PLASTIC LUMBER CORP.; JOINTLY ADMINISTERED UNDER U.S. PLASTIC LUMBER LTD., d/b/a CASE NO. 04-33580-BKC-PGH U.S. PLASTIC LUMBER, INC. = WORLDWIDE; THE EAGLEBROOK GROUP, INC.; U.S. PLASTIC LUMBER FINANCE CORPORATION; and U.S. PLASTIC LUMBER IP CORPORATION, DEBTORS.________________ / DEBTOR'S MONTHLY FINANCIAL REPORTS (BUSINESS) FOR THE PERIOD FROM FEBRUARY 1, 2005 TO FEBRUARY 28, 2005 Comes now the above-named debtor and files its Periodic Financial Reports in accordance with the Guidelines established by the United States Trustee and FRBP 2015. STICHTER, RIEDEL, BLAIN & PROSSER, P.A. Counsel for Debtors Charles A. Postler (Fla. Bar #455318) 110 East Madison Street, Suite 200 Tampa, Florida 33602 Phone: (813) 229-0144 Fax: (813) 229-1811 And RICE PUGATCH ROBINSON & SCHILLER, P.A. Local Counsel for Debtors 848 Brickell Avenue, Suite 1100 Miami, Florida 33131 Phone: (305) 379-3121 Fax: (305) 379-4119 Debtor's Address and Telephone No. 2300 Glades Road By: /s/ Lisa M. Schiller #440W ------------------------------------ Boca Raton, FL 33431 LISA M. SCHILLER Phone: (561) 394-3511 Florida Bar No. 984426 MONTHLY FINANCIAL REPORT FOR BUSINESS FOR PERIOD BEGINNING FEBRUARY 1, 2005 AND ENDING FEBRUARY 28, 2005 Case No. 04-33580 U.S. Plastic Lumber Ltd..

Repairs & Maintenance 10,000 572,840 Payment to Secured Creditors -- 99,202 Bank Charges 630 14,981 Other Operating Expenses (incl Interco with Ltd.) 30,556 2,155,327 ------------ ------------ TOTAL CASH DISBURSEMENTS 986,648 10,520,017 ------------ ------------ ENDING CASH BALANCE $ 265,251 $ 265,250 ------------ ------------

AGING: (Show the total amount for each age group of accounts incurred since filing the petition) ~~0-30 Days 31-60 Days 61-90 Days Over 90 Days Total~~

ATTACHED US PLASTIC LUMBER ACCOUNTS RECEIVABLE SUMMARY AS OF FEBRUARY 28, 2005

ATTACHMENT 2 MONTHLY ACCOUNTS PAYABLE AND SECURED PAYMENTS REPORT Name of Debtor: US Plastic Lumber Ltd. Case Number: 04-33580 BKC-PGH Reporting Period beginning February 1, 2005 and ending February 28, 2005 In the space below list all invoices or bills incurred and not paid since the filing of the petition. Do not include amounts owed prior to filing the petition.

ATTACHED ACCOUNTS PAYABLE RECONCILIATION (Post Petition Only): Opening Balance (total from prior report) 696,544 ------- PLUS: New Indebtedness Incurred This Month 764,550 ------- LESS: Amount Paid on Prior Accounts Payable 998,160 ------- Ending Month Balance 462,934 -------

SECURED; List the status of Payments to Secured Creditors and Lessors (Post Petition Only)

ATTACHED US PLASTIC LUMBER ACCOUNTS PAYABLE SUMMARY AS OF FEBRUARY, 2005

ATTACHMENT 3 INVENTORY AND FIXED ASSETS REPORT Name of Debtor: US Plastic Lumber Ltd. Case Number: 04-33580 BKC-PGH Reporting Period beginning February 1, 2005 and ending February 28, 2005 INVENTORY REPORT INVENTORY BALANCE PETITION DATE: _________________________________________ INVENTORY RECONCILIATION: Inventory Balance at Beginning of Month 1,307,631 ---------- Inventory Purchased During Month (+Mrer) 1,498,052 ---------- Inventory Used or Sold (1,718,120) ---------- Inventory on Hand at End of Month 1,087,563 ----------

METHOD OF COSTING INVENTORY: _____________________________________________ FIXED ASSET REPORT FIXED ASSETS FAIR MARKET VALUE AT PETITION DATE: Undetermined (Includes Property, Plant and Equipment) BRIEF DESCRIPTION (First Report Only): N/A FIXED ASSETS RECONCILIATION: Fixed Asset Book Value at Beginning of Month 44,049,889 ---------- LESS: Depreciation Expense (269,969) ---------- PLUS: New Purchases 0 ---------- Ending Monthly Balance 43,779,920 ----------

BRIEF DESCRIPTION OF FIXED ASSETS PURCHASES OR DISPOSED OF DURING THE REPORTING PERIOD: Tool/die for extruder ATTACHMENT 4 MONTHLY BANK ACCOUNT RECONCILIATION Name of Debtor: US Plastic Lumber Ltd. Case Number: 04-33580 BKC-PGH Reporting Period beginning February 1, 2005 and ending February 28, 2005 A separate sheet is required for each bank account, including all savings and investment accounts, i.e. certificates of deposits, money market accounts, stocks and bonds, etc. NAME OF BANK: Wachovia Bank BRANCH _________________________________________ ACCOUNT NAME: US Plastic Lumber Ltd. ACCOUNT NUMBER: xxxx PURPOSE OF ACCOUNT: ____________________________________________________________ Beginning Balance 238,794 ---------- Total of Deposits Made 983,442 ---------- Total Amount of Checks Written (1,033,894) ---------- Service Charges (26,821) ---------- Closing Balance 161,520 ----------

Number of First Check Written this Period N/A Number of Last Check Written this Period N/A Total Number of Checks Written this Period 0 INVESTMENT ACCOUNTS Type of Negotiable

ATTACHMENT 4 MONTHLY BANK ACCOUNT RECONCILIATION Name of Debtor: US Plastic Lumber Ltd. Case Number: 04-33580 BKC-PGH Reporting Period beginning February 1, 2005 and ending February 28, 2005 A separate sheet is required for each bank account, including all savings and investment accounts, i.e. certificates of deposits, money market accounts, stocks and bonds, etc. NAME OF BANK: City National Bank BRANCH ______________________________________ ACCOUNT NAME: American Pacific Financial Corp Trust Account ACCOUNT NUMBER: xxxx PURPOSE OF ACCOUNT: ____________________________________________________________ Beginning Balance 24,458 --------- Total of Deposits Made 1,033,894 --------- Total Amount of Checks Written (950,000) --------- Service Charges (630) --------- Closing Balance 107,723 ---------

Number of First Check Written this Period N/A Number of Last Check Written this Period N/A Total Number of Checks Written this Period 0 INVESTMENT ACCOUNTS Type of Negotiable

ATTACHMENT 4 MONTHLY BANK ACCOUNT RECONCILIATION Name of Debtor: US Plastic Lumber Ltd. Case Number: 04-33580 BKC-PGH Reporting Period beginning February 1, 2005 and ending February 28, 2005 A separate sheet is required for each bank account, including all savings and investment accounts, i.e. certificates of deposits, money market accounts, stocks and bonds, etc. NAME OF BANK: Wachovia Bank BRANCH ____________________________________________ ACCOUNT NAME: US Plastic Lumber Ltd - Payroll ACCOUNT NUMBER: xxxx PURPOSE OF ACCOUNT: Payroll-Ltd Beginning Balance 23,441 -------- Total of Deposits Made 176,208 -------- Total Amount of Checks Written (155,583) -------- Service Charges (2,483) -------- Closing Balance 41,583 --------

Number of First Check Written this Period 41,421 Number of Last Check Written this Period 41,669 Total Number of Checks Written this Period 248 INVESTMENT ACCOUNTS Type of Negotiable

ATTACHMENT 4 MONTHLY BANK ACCOUNT RECONCILIATION Name of Debtor: US Plastic Lumber Ltd. Case Number: 04-33580 BKC-PGH Reporting Period beginning February 1, 2005 and ending February 28, 2005 A separate sheet is required for each bank account, including all savings and investment accounts, i.e. certificates of deposits, money market accounts, stocks and bonds, etc. NAME OF BANK: Wachovia Bank BRANCH __________________________________________ ACCOUNT NAME: US Plastic Lumber Ltd - Main Concentration ACCOUNT NUMBER: xxxx PURPOSE OF ACCOUNT: Operating Beginning Balance 131,621 --------- Total of Deposits Made 950,000 --------- Total Amount of Checks Written 1,043,709 --------- Service Charges 0 --------- Closing Balance 37,912 ---------

Number of First Check Written this Period 115245 Number of Last Check Written this Period 115351 Total Number of Checks Written this Period 107 INVESTMENT ACCOUNTS Type of Negotiable

ATTACHMENT 5 CHECK REGISTER Name of Debtor: US Plastic Lumber Ltd. Case Number: 04-33580 BKC-PGH Reporting Period beginning February 1, 2005 and ending February 28, 2005 NAME OF BANK: Wachovia BRANCH __________________________________________ ACCOUNT NAME: US Plastic Lumber LTD ACCOUNT NUMBER: xxxx PURPOSE OF ACCOUNT: Operating Account for All Check Numbers, Including Voided, Lost, Stopped Payment, Etc.

SEE ATTACHED ATTACHMENT 6 MONTHLY TAX REPORT Name of Debtor: US Plastic Lumber Ltd. Case Number: 04-33580 BKC-PGH Reporting Period beginning February 1, 2005 and ending February 28, 2005 TAXES PAID DURING THE MONTH Report all post-petition taxes paid directly or deposited into the tax account.

SEE ATTACHED TAXES OWED AND DUE Report all unpaid post-petition taxes including Federal and State withholding FICA, State sales tax, property tax, unemployment tax, and State workmen's compensation. Date last return filed ___________________________ Period ___________________________

ATTACHMENT 6 MONTHLY TAX REPORT US PLASTIC LUMBER LTD - 04-33580 Payroll Taxes Paid ADP 5-Feb $ 7,957.19 ADP 12-Feb $ 21,341.09 ADP 19-Feb $ 8,543.58 ADP 26-Feb $ 22,716.10 $ -- ----------- Total $ 60,557.96

ATTACHMENT 7 SUMMARY OF OFFICER OR OWNER COMPENSATION SUMMARY OF PERSONNEL AND INSURANCE COVERAGE Name of Debtor: US Plastic Lumber Ltd. Case Number: 04-33580 BKC-PGH Reporting Period beginning February 1, 2005 and ending February 28, 2005 Report all compensation received during the month. Do not include reimbursement for expenses incurred for which you have receipts.

PERSONNEL REPORT

CONFIRMATION OF INSURANCE List all policies of insurance in effect, including but not limited to workers' compensation, liability, fire, theft, comprehensive, vehicle, health and life.

SEE ATTACHED ATTACHMENT 8 SIGNIFICANT DEVELOPMENT DURING REPORTING PERIOD Case No. 04-33580 BKC-PGH NONE We anticipate filing a Plan of Reorganization and Disclosure Statement on or before ___________________________.

U S PLASTIC LUMBER CORP 8-K