8-K 1 aprilfinancials.txt APRIL 2002 2015 REPORT 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: June 10, 2002 JORE CORPORATION 000-26889 81-0465233 (Commission File Number) (IRS Employer Identification No.) A Montana Corporation 45000 Highway 93 South, Ronan, MT 59864 406/528-4350 Item 5. Other Events DECEMBER 2015 REPORT --------------------- On June 10, 2002 Jore Corporation filed its financial report (Form 2015) with the U.S. Bankruptcy Court in the District of Montana. This Form 2015 financial report, and required exhibits, is included herein. PERKINS COIE LLP Bruce G. ManIntyre Alan D. Smith 1201 Third Avenue, Suite 4800 Seattle, Washington 98101-3099 (206) 583-8888 (Counsel for Debtor) UNITED STATES BANKRUPTCY COURT DISTRICT OF MONTANA In re No. 01-31609-11 JORE CORPORATION, a.k.a. JB Tool, LLC, a.k.a. Jore, Inc., Debtor. [No Hearing Required] Taxpayer ID No. 81-0465223 -------------------------------------- FINANCIAL REPORT Jore Corporation, the debtor-in-possession in this case, hereby submits its Comparative Balance Sheet, Comparative Income Statement, Summary of Disbursements, Statement(s) of Cash Receipts and Disbursements, Statement of Aged Receivables, Statement of Aged Post-Petition Payables and Statement of Operations for the period ending April 24, 2002, in accordance with Rule 2015(b) of the Local Rules of this Court. Copies of this report have been served via first class mail, postage prepaid, or via email, to the parties listed on the attached affidavit of service. DATED this 11th day of June 10, 2002. PERKINS COIE LLP By /s/ Bruce G. MacIntyre ---------------------------------- Alan D. Smith, WSBA # 24964 Bruce G. MacIntyre, WSBA # 18984 Adriana Rodriguez, WSBA # 30785 Attorneys for Jore Corporation, Debtor UST-10 COVER SHEET MONTHLY FINANCIAL REPORT FOR CORPORATE OR PARTNERSHIP DEBTOR Case No: 01-31609-11 Report Month/Year April 24, 2002 Debtor: Jore Corporation Instructions: The debtor's monthly financial report shall include a cover sheet signed by the debtor and all UST forms and supporting documents. Exceptions, if allowed, are noted in the checklist below. Failure to comply with the reporting requirements of Local Bankruptcy Rule 2015-2(a), or the U.S. Trustee's reporting requirements, is cause for conversion or dismissal of the case. The debtor submits the following with this monthly financial report: Yes No UST-12 Comparative Balance Sheet, or debtor's balance sheet. Yes The debtor's balance sheet, if used, shall include a breakdown of pre-petition and post-petition liabilities. The breakdown may be provided as a separate attachment to the debtor's balance sheet. UST-13 Comparative Income Statement, or debtor's income statement. Yes UST-14 Summary of Disbursements Yes UST-14 Statement(s) of Cash Receipts and Disbursements Yes A continuation sheet shall be completed for each bank account or other source of funds and shall include a monthly bank statement and all supporting documents described in the instructions. UST-15 Statement of Aged Receivables Yes A detailed accounting of aged receivables shall be provided on, or in an attachment to, UST-15. UST-16 Statement of Aged Post-Petition Payables Yes A detailed accounting of aged post-petition payables shall be provided on, or in an attachment to UST-16. UST-17 Statement of Operations Yes When applicable, UST-17 shall include supporting documents such as an escrow statement for the sale of real property, an auctioneer's report for property sold at auction, or a certificate of insurance or copy of debtor's bond for any change in insurance or bond coverage. DEBTOR'S CERTIFICATION I certify under penalty of perjury that the information contained in this monthly financial report are complete, true, and accurate to the best of my knowledge, information, and belief. Debtor's Signature: \s\ Kelly Grove Date: June 10, 2002 The debtor, or trustee, if appointed, must sign the monthly financial report. Only an officer or director has authority to sign a financial report for a corporate debtor and only a general partner has authority to sign a financial report for a partnership debtor. Debtor's counsel may not sign a financial report for the debtor. Jore Corporation Case Number: 01-31609-11 BALANCE SHEET Rule 2015 Report for the Month and Year For the Periods Indicated of: April, 2002

Jore Corporation 01-31609-11 INCOME STATEMENT For the Periods Indicated April-02

UST-14 Summary of Disbursements Case Number: 01-31609-11 Rule 2015 Report for the Month and Year of: April, 2002 Statement of Cash Receipts and Disbursements Account Name: Jore Corporation DIP ---------------------- Summary of All Accounts

UST-14 Summary of Disbursements Case Number: 01-31609-11 Continued Rule 2015 Report for the Month and Year of: April, 2002 Account Name: Jore Corporation DIP ------------------------- Summary of All Accounts Payments on Pre-Petition Unsecured Debt (requires court approval) Did the debtor, or another party on behalf of the debtor, make any payments during this reporting month on pre-petition unsecured debt? Yes ___ No_X_ If yes, list each payment. Payee's name Nature of payment Payment date Payment amount Date court approval ----------------------------------------------------------------------------- N/A ----------------------------------------------------------------------------- ----------------------------------------------------------------------------- Payments to Attorneys and Other Professionals (requires court approval) Did the debtor, or another party on behalf of the debtor, make any payments during this reporting month to a professional such as an attorney, accountant, realtor, appraiser, auctioneer, business consultant, or other professional person? Yes __ No _X__ If yes, list each payment. Payee's name Nature of payment Payment date Payment amount Date court approval ----------------------------------------------------------------------------- N/A ----------------------------------------------------------------------------- ----------------------------------------------------------------------------- Payments to an Officer, Director, Partner, or Other Insider of the Debtor Did the debtor, or another party on behalf of the debtor, make any payments during this reporting month to an officer, director, partner, or other insider of the debtor? Yes ___ No X___ if yes, list each payment. Payee's name Nature of payment Payment date Payment amount Date court approval ----------------------------------------------------------------------------- N/A ----------------------------------------------------------------------------- ----------------------------------------------------------------------------- UST - 14, Continuation Sheet Case Number: 01-31609-11 Rule 2015 Report for the Month and Year April-02 Statement of Cash Receipts and Disbursements Account Name: Jore Corporation DIP Operating Account Account Number 495-0029603 Depository: Wells Fargo Cash Receipts Date Source $ Amount Balance -------------------------------------------------------------------------- Beginning Cash Balance (331,766.90) ------------------------------- Total Cash Receipts - Cash Disbursements Date Check # Payee $ Amount -------------------------------------------------------------------------------- ------------------------------- Total Disbursements (1,100,342.19) Transfers from Line of Credit Transfers from Line of Credit 1,590,424.80 ------------------------------- Total Transfers From Line of Credit 1,590,424.80 Transfers Between Accounts ------------------------------- Total Transfers Between Accounts - Book Adjustments wire#1643 written on dip acct but cleared the payroll acct 33,186.27 april int (230,584.36) unused int (2,532.91) correct april sweeps (115,211.60) april analysis fee (2,249.79) rclss feb 4 payroll tax paid out of dip not payroll (141,969.16) OTHER 301,045.84 ----------------- Book Adjustments (158,315.71) Ending Book Balance (0.00) ================= Bank Adjustments ----------------- - Balance in DIP Operating Account per 04/30/02 Bank Statement (0.00) ================= Attach Copy of Current Months Bank Statement UST - 14, Continuation Sheet Case Number: 01-31609-11 Rule 2015 Report for the Month and Year of: April-02 Statement of Cash Receipts and Disbursements Account Name:Jore Corporation Self-funded Health Insurance Account Number 5130002180 Depository: Wells Fargo Cash Receipts Source Description $ Amount Balance ----------------------------------------------------------------------------- Beginning Cash Balance (31,280.51) ----------------------------- Total Cash Receipts - Cash Disbursements Check # Payee Description $ Amount ----------------------------------------------------------------------------- ----------------------------- Total Disbursements - Transfers Transfers from Line of Credit ----------------------------- Total Transfers - Transfers Between Accounts ----------------------------- Total Transfers Between Accounts - Book Adjustments void prepetition checks 79,643.25 (48,362.74) ------------- Total Book Adjustments 31,280.51 Ending Book Balance 0.00 ================ Bank Adjustments - ---------------- 0.00 ================ Attach Copy of Current Months Bank Statement UST - 14, Continuation Sheet Case Number: 01-31609-11 Rule 2015 Report for the Month and Year of: April, 2002 Statement of Cash Receipts and Disbursements Account Name: Jore Corporation Bancontrol Account Account Number:003-0082267 Depository: Wells Fargo Cash Receipts Source Description $ Amount Balance -------------------------------------------------------------------------------- Beginning Cash Balance 231,921.97 Total A/R Trade Cash Recipts 3,957,709.33 Total Other Cash Receipts ----------------------------- Total Cash Receipts 3,957,709.33 Cash Disbursements Check # Payee Description $ Amount -------------------------------------------------------------------------------- ----------------------------- Total Disbursements - Transfers Transfers to Line of Credit (713,100.74) transfer to DIP & payroll acct (2,174,565.71) ----------------------------- Total Transfers (2,887,666.45) Transfers Between Accounts Zero Balance Account Transfer from 5130001216 ----------------------------- Total Transfers Between Accounts - Book Adjustments tansfer to ronan st bank (1,283,449.40) --------------- Total Book Adjustments (1,290,291.85) Ending Book Balance 11,673.00 ============== -------------- 11,673.00 ============== Attach Copy of Current Months Bank Statement 0.00 UST - 14, Continuation Sheet Case Number: 01-31609-11 Rule 2015 Report for the Month and Year of: April, 2002 Statement of Cash Receipts and Disbursements Account Name: Jore Corporation Lock Box Account Account Number5130001216 Depository: Wells Fargo Cash Receipts Source Description $ Amount Balance -------------------------------------------------------------------------------- Beginning Cash Balance - Total A/R Trade Cash Recipts - ------------------------- Total Cash Receipts - Cash Disbursements Check # Payee Description $ Amount -------------------------------------------------------------------------------- ------------------------- Total Disbursements - Transfers Sweep to Line of Credit 0.00 ------------------------- Total Transfers 0.00 Transfers Between Accounts ------------------------- Total Transfers Between Accounts - Book Adjustments --------------- Total Book Adjustments - ------------- Ending Book Balance 0.00 ============= ------------- 0.00 ============= Attach Copy of Current Months Bank Statement UST - 14, Continuation Sheet Case Number: 01-31609-11 Rule 2015 Report for the Month and Year of: April-02 Statement of Cash Receipts and Disbursements Account Name: Jore Corporation Payroll Account Account Number 5130001935 Depository: Wells Fargo Cash Receipts Source Description $ Amount Balance -------------------------------------------------------------------------------- Beginning Cash Balance 158,848.06 ----------------------------- Total Cash Receipts - Cash Disbursements Check # Payee Description $ Amount -------------------------------------------------------------------------------- --------------------------------- Total Disbursements (901,663.41) Transfers Transfers from Line of Credit 584,140.91 --------------------------------- Total Transfers 584,140.91 Transfers Between Accounts --------------------------------- Total Transfers Between Accounts - Book Adjustments Total Book Adjustments 158,718.64 Ending Book Balance 44.20 ================== Total Bank Adjustments 4,318.96 ------------------ 4,363.16 ================== Attach Copy of Current Months Bank Statement UST - 14, Continuation Sheet Case Number: 01-31609-11 Rule 2015 Report for the Month and Year of: Apr-02 Statement of Cash Receipts and Disbursements Account Name: Jore Corporation RSB Investments Account Number CD 15767 & 15374 Depository: Wells Fargo Cash Receipts Source Description $ Amount Balance -------------------------------------------------------------------------------- Beginning Cash Balance 131,240.85 ------------------------------- Cash Disbursements Check # Payee Description $ Amount -------------------------------------------------------------------------------- ------------------------------- Total Disbursements - Transfers ------------------------------- Total Transfers - Transfers Between Accounts ------------------------------- Total Transfers Between Accounts - Book Adjustments ------------- Total Book Adjustments - Ending Book Balance 131,240.85 ================== Interest recorded by bank 645.05 - ------------------ 131,885.90 ================== Attach Copy of Current Months Bank Statement UST - 14, Continuation Sheet Case Number: 01-31609-11 Rule 2015 Report for the Month and Year of: Apr-02 Statement of Cash Receipts and Disbursements Account Name: Jore Corporation Wisconsin Imprest Account Number 2015068521 Depository: Wells Fargo Cash Receipts

Case Number: 01-31609-11 Rule 2015 Report for the Month and Year of: Apr-02 UST-15, Statement of Aged Receivables Total Due (0-30 Days) (31-60 Days)(61-90 Days) (91 & Over) Amount Considered Uncollectible Post-Petition Receivables ----------------- $5,279,406.12 $4,756,525.65 $89,867.91 $33,668.20 $399,344.36 $ 35,035.00 ----------------- Pre-Petition Receivables ------------------------------------------------------------------------------- $22,628.37 $22,628.37 ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- $5,279,406.12 $4,756,525.65 $89,867.91 $33,668.20 $421,972.73 $57,663.37 =============================================================================== Accounts Receivable Reconciliation 1. Opening Balance 3/31/02 $6,801,066.13 2. Sales on Account this Month $1,755,228.00 2a. Adjustments ($592,293.15) -------------- 3. Balance (add lines 1, 2, & 2a) 4/30/02 $7,964,000.98 -------------- 4. Amounts Collected on Receivables ($2,684,585.54) -------------- 5. Closing Balance 4/30/02 $5,279,415.44 ============== Reserved for Uncollectible accounts ($146,901.13) Reserved for Sales Alllowance, Returns, Promo accounts ($729,897.89) -------------- Per Balance Sheet 4/30/02 $4,402,616.42 ============== Explain what efforts the debtor made during this reporting month to collect receivables over 60 days past due? 1. Contacted customers that required additional proof of delivery on payments past due which were provided to get payments scheduled. Customers have paid on some of these and they are looking at the remainder should be receiving payments soon. This has been normal course of business with some of the larger retailers the Company sells to. 2. The collectables are being reviewed on a weekly basis. Adjustments will be made when payments are received. Does the debtor have any accounts receivable due from an officer, director, partner, or other insider of the debtor? On the Balance sheet in a separate line item there are Notes Receivable from Shareholders. The totals are not reflected in the above A/R aging. Case Number: 01-31609-11 Rule 2015 Report for the Month and Year of: Apr-02 UST-16, Statement of Post Petition Payables Part A - Taxes

Case Number: 01-31609-11 Rule 2015 Report for the Month and Year of: Apr-02 UST-16, Statement of Postpetition Payables Part B - Other Payables Reconciliation of Post-Petition Payables (excluding taxes and professional fees) Closing balance from prior month $1,829,597.86 New payables added 4/01/02 thru 4/24/02 $1,656,542.65 Less payments made 4/01/02 thru 4/24/02 ($1,102,059.33) Balance for aging as of 4/24/02 $2,384,081.18 Statement of Postpetition Payments on Executory Contracts & Leases -------------------------------------------------------------------------- -------------------------------------------------------------------------- -------------------------------------------------------------------------------- Entity Paid Total amount of Total amount Total Postpetition payments due payments made Delinquency -------------------------------------------------------------------------------- -------------------------------------------------------------------------- -------------------------------------------------------------------------- -------------------------------------------------------------------------- -------------------------------------------------------------------------- -------------------------------------------------------------------------- CANADIAN DETAILING $ 297.85 $ 297.85 -------------------------------------------------------------------------- -------------------------------------------------------------------------- MISSION VALLEY POWER $ 15,000.00 $ 15,000.00 -------------------------------------------------------------------------- -------------------------------------------------------------------------- PROFESSIONAL RETAIL MERCHANDIS $ 11,854.72 $ 11,854.72 -------------------------------------------------------------------------- -------------------------------------------------------------------------- SCOTTDALE RETAIL SERVICES $ 5,226.69 $ 5,226.69 -------------------------------------------------------------------------- -------------------------------------------------------------------------- VERIZON NORTH $ 350.79 $ 350.79 -------------------------------------------------------------------------- -------------------------------------------------------------------------- BOBROW PALUMBO $ 5,944.00 $ 5,944.00 -------------------------------------------------------------------------- -------------------------------------------------------------------------- Total $ 38,674.05 $ 38,674.05 $0.00 -------------------------------------------------------------------------- -------------------------------------------------------------------------- ------------------------------------------------------------------------------- Case Number: 01-31609-11 Rule 2015 Report for the Month and Year of: April, 2002 UST-16, Statement of Postpetition Payables Part C - Estimated Professional Fees Schedule of Payment to Professional (Attorney accountant, appraiser, consultant) Type of Professional Amount of Fees and Fees and Total fees (Nature of service) retainer (if expenses expenses added expenses applicable) from prior this month at month end Perkins Coie (Debtor Attorney) - 1,607,085 119,077 1,726,162 Glass & Associates (Management Consultants- 1,352,896 13,023 1,365,919 Dye & Moe (Debtor Attorney) 73,738 478 74,216 US Trustee 32,750 5,000 37,750 Trustee's Council - - - Shulkin (Creditors' Committee Council) - 149,597 (31,580) 118,017 Creditors' Committee other professional - 72,052 (3,711) 68,341 Christensen Connor Johnson 209,192 4,381 213,573 Hilco Appraisal Services 53,633 9,000 62,633 Wells Fargo 399,092 (106,000) 293,092 ------------------------------------------------------- $ - $ 3,950,034 $ 9,668 $ 3,959,702 ======================================================= Reference Court order dated 6/28/01 allowing interim billings of 80% of professional fees and 100% of expenses. Professional fees accrued in each month are based upon estimates and may be different than actual fees and expenses. Estimates will be adjusted to actuals upon receipt of invoices. Still some unbilled services as of 5/31/02 - based on estimates. Case Number: 01-31609-11 Rule 2015 Report for the Month and Year of: Apr-02 UST-17, Statement of Operations INSTRUCTIONS: Answer each question fully and attach additional sheets if necessary to provide a complete response. Yes No -------------- Question 1 - Sale of Debtor's Assets. Did the debtor, or Yes another party on behalf of the debtor, sell, transfer, or otherwise dispose of any of the debtor's assets during the reporting month? Include only sales out of the ordinary course. If yes, identify each asset, date of court approval for the sale, method of disposition, and gross and net sale proceeds received. If real property was sold, attach a copy of the closing statement. If assets were sold at auction, attach a copy of the auctioneer's report. April 15th, 2002 sale of all assets approved by the court to Western Mortgage and Realty Company. Question 2 - Financing. During the reporting month, did the No debtor receive any funds from an outside funding source? If yes, indicate the source of funds, date paid to debtor, dollar amount, and date of court approval. Question 3 - Insider Loans. During the reporting month, did No the debtor receive any funds from an officer, director, partner, or other insider of the debtor? If yes, indicate the source of funds, date paid to debtor, dollar amount, and date of court approval. Question 4 - Insurance and Bond Coverage. Did the debtor No renew or replace any insurance policies during this reporting month? If yes, attach a certificate of insurance for each renewal or change in coverage. Were any of the debtor's insurance policies canceled or No otherwise terminated for any reason during the reporting month? If yes, explain. Were any claims made during this reporting month against the No debtor's bond? (Answer "No" if the debtor is not required to have a bond.) If yes, explain. Question 5 - Personnel Changes. Complete the following: Full-time Part-time and Temp Number of employees at beginning of month April 215 30 Employees added 0 0 Employees resigned/terminated -6 0 ------------------------------- Number employees at end of month 209 30 =============================== Gross Monthly Payroll and Taxes $ 509,570 ---------------- Question 6 - Significant Events. Explain any significant new developments during the reporting month. See narrative. Question 7 - Case Progress. Explain what progress the debtor made during the reporting month toward confirmation of a plan reorganization. See narrative. WHERE TO FILE A MONTHLY FINANCIAL REPORT: The debtor is required to file its monthly report with the U.S. Bankruptcy Court, and to serve copies of such report on the U.S. Trustee, and on each member of any committees elected or appointed to the Bankruptcy Code and to their authorized agents. File the original Send a copy to each of the following: United States Bankruptcy Court Office of the United States Trustee P.O. Box 689 P.O. Box 3509 Butte, MT 59703 Great Falls, MT 59403 If applicable, each member of any committees elected or appointed, and to their authorized agents. Debtor's counsel. Case No. 01-31609-11 Jore Corporation Rule 2015 Report for the month ending April 30, 2002 Narrative Report - Final Report Total sales for the month of April 2002 were $2.5 million, a 1.5% decrease over the same period in 2001. Actual sales exceeded budgeted sales of $1.87 Million by 136%. Since the assets of the Company were purchased on April 25, 2002 the financial statements are showing the results of "Old Jore" through April 24th. In that period there were $1.7 million in sales. April 's gross profit was -17.6% compared to a plan of -17.6%. The prior year gross profit was -4.8% of sales. If excess depreciation were excluded, April's Gross Profit would be -2.2%. Selling and Marketing costs were higher than budget due to the higher volume of sales. Several of the costs in Selling and Marketing are directly related to sales such as commissions, brand fees, and advertising, and as sales increase, this line item will also increase. General & Administrative costs were lower than budget as the Company is tightly controlling costs. Operating Expenses were 21.9% of Sales versus a prior year of 40.5% and a plan of 38.6%. All of these figures are for the entire month of April including the 6 days of operations as New Jore. Interest expense is comprised of interest on the Company's debtor-in-possession facility. The Company is not accruing interest expense on its long-term debt. Year to Date Earnings before interest, taxes, depreciation and amortization (EBITDA) is currently at positive $471k versus a plan of negative $1.368k and versus a prior year of negative $3.565M. Bankruptcy administration expenses include amounts paid or due to professionals, primarily legal counsel of the interested parties in Jore's bankruptcy case. Some of these amounts are estimated as actual invoices have not yet been received. On the April 15th the court approved a sale of all of the assets of Jore Corporation to Western Mortgage and Realty Company of Pasco Washington. The closing date of the sale occurred on April 24th and New Jore Corporation began operations on April 25, 2002. Old Jore Corporation is shell Company with virtually no assets. An update on the status of the Bankruptcy case is expected to be submitted to the court on June 14, 2002. (C) Exhibits Exhibit Number Description 99.K Wells Fargo Debtor In Possession Bank Statement Ending 04/30/02 99.K Wells Fargo Self-Funded Insurance Bank Statement Ending 04/30/02 99.K Wells Fargo Bancontrol Bank Statement ending 04/30/02 99.K Wells Fargo Lockbox Bank Statement Ending 04/30/02 99.K Wells Fargo Payroll Bank Statement Ending 04/30/02 99.K Ronan State Bank Time Certificate Statements 99.K Wells Fargo Debtor In Possesion Bank Statement - Edgerton SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. JORE CORPORATION June 10, 2002 By: /s/ Kelly Grove ------------------ Kelly Grove Controller

Filing Compare · JORE CORP