UNITED STATES BANKRUPTCY COURT

EASTERN DISTRICT OF MASSACHUSETTS

CASE NO:

03-12309

IN RE:

WELLS-CTI, INC

JUDGE:

Kenner

CHAPTER 11

DEBTOR(S)

MONTHLY OPERATING REPORT FOR MONTH ENDING

MARCH 29, 2003

COMES NOW,

Debtor-in-possession, and hereby submits its Monthly Operating Report for the period commencing

FEB 23, 2003

and ending

MARCH 29, 2003

as shown by the report and exhibits consisting

pages and containing the following, as indicated:

XXXXX

Monthly Reporting Questionnaire (Attachment 1)

XXXXX

Comparative Balance Sheets (Forms OPR-1 & OPR-2)

XXXXX

Summary of Accounts Receivable (Form OPR-3)

XXXXX

Schedule of Post-petition Liabilities (From OPR-4)

XXXXX

Income Statement (Form OPR-5)

XXXXX

Statement of Sources and Uses of Cash (Form OPR-6)

I declare under penalty of perjury that this report and all attachments are true and correct to the best

of my knowledge and belief.

Date:

15-Apr-03

DEBTOR(S)-IN-POSSESSION

By:

/s/ John J. Sheehan III

(Signature)

Name & Title:

JOHN J. SHEEHAN III

(Print or type)

Address:

2 TECHNOLOGY DRIVE

PEABODY, MA 01960

Telephone No.:

(978) 532-8800

ATTACHMENT 1 (Page 1)

CHAPTER 11

MONTHLY OPERATING REPORT

MONTHLY REPORT QUESTIONNAIRE

CASE NAME:

WELLS-CTI, INC

CASE NUMBER:

03-12309

MONTH OF:

MARCH 2003

Payroll:

State the amount of all executive wages paid and taxes withheld and paid

Name and Title

Wages Paid

Taxes Withheld

of Executive

Gross

Net

Due

Paid

JEFFREY A. FARNSWORTH

22,779.00

18,013.56

3,939.29

TOTAL EXECUTIVE PAYROLL

22,779.00

18,013.56

3,939.29

Insurance:

Is worker's compensation and other insurance in effect?

YES

Are payments

current?

YES

If any policy has lapsed, been replaced or renewed, state so

in the schedule below. Attach a copy of the new policy's binder or cover page.

Date

Carrier

Coverage

Expiration

Premium

Coverage

Type

Name

Amount

Policy #

Date

Amounts

Pd. Thru

Homeowners

Rental Property

Liability

Vehicle

Workers

Compensation

Other

ATTACHMENT 1 (Page 2)

REV. 1/92

CHAPTER 11

MONTHLY OPERATING REPORT

MONTHLY REPORT QUESTIONNAIRE

CASE NAME:

WELLS-CTI, INC

CASE NUMBER:

03-12309

MONTH OF:

MARCH 2003

Bank Accounts:

ACCOUNT TYPE

Operating

Corp

Payroll

Other

Total

Bank Name

SEE ATTACHED

Account #

BEGINNING BOOK BALANCE

PLUS:

Deposits

LESS:

Disbursements

Other:

Transfers In (Out)

ENDING BANK BALANCE

Post-petition payments: List any post-petition payments to professionals and payments on pre-petition debts in the schedule below (attach separate sheet if necessary).

Payments To/On

Amount

Date

Check #

Professionals (attorneys,

accountants, etc.):

NONE

Pre-petition debts:


WELLS-CTI, INC
ATTACHMENT TO CHAPTER 11 MONTHLY OPERATING REPORT
FOR THE PERIOD 3/22/03 - 3/29/03


TOTAL COLLECTIONS				276,474.56

TOTAL DISBURSEMENTS				90,784.10


WELLS-CT, INC	FORMS OPR-1 & OPR-2
BALANCE SHEET
AS AT MARCH 29, 2003


ASSETS:
Cash & Cash Equivlent		1,955
Accounts Receivable - Trade		1,169,391
Accounts Receivable - Other		-
Inventory		1,443,653
Prepaid Expenses		123,220
Total Current Assets		2,738,219

Plant, Property, & Equip. - Gross		16,200,184
Accm/Depr		12,528,308
Total Fixed Assets		3,671,876

Deposits		33,422
Investments		200,000
Other Assets		-
Total Other Assets		233,422

TOTAL ASSETS		6,643,517

LIABILITIES & EQUITY
Total Debt		41,584,610
Accounts Payable		234,350
Accrued Expenses		1,756,174
Total Current Liab.		43,575,134

Other Liab.		-
Total Liabilities		43,575,134

EQUITY
Common Stock/PIC		70,157,595
Beginning R/E		(106,806,091)
Current Earnings		(283,121)
Total Equity		(36,931,617)

TOTAL LIAB. & EQUITY		6,643,517

CASE NAME:

WELLS-CTI, INC

FORM OPR - 3

SUMMARY OF ACCOUNTS RECEIVABLE

CASE NUMBER:

03-12309

MONTH ENDED:

Mar-03

0 - 30

31 - 60

61 - 90

OVER

TOTAL

DAYS

90 DAYS

DATE OF FILING:

21-Mar-03

1,331,961

773,653

404,886

26,075

127,347

Allowance for doubtful accounts

(60,570)

1,271,391

MONTH:

29-Mar-03

1,229,962

700,451

379,069

109,671

40,771

Allowance for doubtful accounts

(60,570)

1,169,392

MONTH:

Allowance for doubtful accounts

MONTH:

Allowance for doubtful accounts

MONTH:

Allowance for doubtful accounts

MONTH:

Allowance for doubtful accounts

MONTH:

Allowance for doubtful accounts

CASE NAME:

WELLS-CTI, INC

FORM OPR - 4

SCHEDULE OF POST PETITION LIABILITIES

CASE NUMBER:

03-12309

MONTH ENDED:

MARCH 2003

DATE

TOTAL

0-30

31-60

61-90

OVER

INCURRED

DUE

DAYS

90 DAYS

TAXES PAYABLE:

Federal Income Taxes

6,872

FICA - Employer's share

5,144

FICA - Employee's share

5,144

Unemployment Tax

State Income Tax - PREPETITION

1,533

State Sales & Use Tax

State Income Tax W/H

Personal Property Tax - PREPETITION

52,431

TOTAL TAXES PAYABLE

PREPETITION SECURED DEBT

41,584,610

PREPETITION UNSECURED DEBT

331,081

ACCRUED INTEREST PAYABLE

1,447,589

TRADE ACCOUNTS PAYABLE & OTHER:

(list separately*)

Vendor Payables-Post Petition

w/e 3/29

Various

57,510

Accrued Wages - Post Petition

w/e 3/29

3/31/03

17,797

Other Accruals (GAAP)

65,415

TOTALS

43,575,134

*Attach separate page if necessary.

Note: Total post petition liabilities shown here must agree with the same item as shown on Form OPR-2 of this report.


WELLS-CTI, INC		FORM OPR-5
INCOME STATEMENT
FOR THE MONTH OF MARCH 2003


Total Sales		706,347
Cost Of Sales		444,289

Gross Margin		262,058

Selling/General/Administrative		290,669

Operating Profit		(28,611)

Other Exp/(Income)		(47,752)

Pretax Income/(Loss)		19,141
Taxes		-

Net Income/(Loss)		19,141


WELLS-CTI, INC			FORM OPR-6
CASH FLOWS
MONTH OF MARCH 2003



SOURCES:
Net Income from Operations		19,141
Depreciation and Amortization		132,407

	TOTAL	151,548


APPLICATIONS:
Accounts Receivable		127,978
Inventory		(69,399)
Capital Equipment		36,566
Accounts Payable		(54,634)
Other Working Capital		138,728

	TOTAL	179,238

NET CASH FLOW		(27,690)

BEGINNING CASH		29,645

ENDING CASH		1,955


OTHER WORKING CAPITAL
Prepaid Assets		14,474
Intercompany		(313,359)
Other Assets		(34,886)
Accrued Expenses/Payroll		472,499

	TOTAL	138,728

PCD INC 8-K