Attached files
| file | filename |
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| 8-K - CURRENT REPORT - VELOCITY EXPRESS CORP | velocity-8k_127.htm |
Exhibit 99.1
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UNITED STATES BANKRUPTCY COURT |
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__________ DISTRICT OF ___________ |
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In re _Velocity Express Corporation |
Case No. _09-13294 |
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Reporting Period:_September 27, 2009 - October 24, 2009 | |||||
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MONTHLY OPERATING REPORT |
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File with Court and submit copy to United States Trustee within 20 days after end of month |
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Submit copy of report to any official committee appointed in the case. |
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Document |
Explanation | ||
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REQUIRED DOCUMENTS |
Form No. |
Attached |
Attached |
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Schedule of Cash Receipts and Disbursements |
MOR-1 |
Yes |
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Bank Reconciliation (or copies of debtor's bank reconciliations) |
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Copies of bank statements |
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Cash disbursements journals |
MOR-1 (Cont) |
Yes |
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Statement of Operations |
MOR-2 |
Yes |
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Balance Sheet |
MOR-3 |
Yes |
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Status of Postpetition Taxes |
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Copies of IRS Form 6123 or payment receipt |
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Copies of tax returns filed during reporting period |
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Summary of Unpaid Postpetition Debts |
MOR-4 |
Yes |
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Listing of aged accounts payable |
MOR-4 |
Yes |
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Accounts Receivable Reconciliation and Aging |
MOR-5 |
Yes |
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Debtor Questionnaire |
MOR-5 |
Yes |
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I declare under penalty of perjury (28 U.S.C. Section 1746) that this report and the attached documents |
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are true and correct to the best of my knowledge and belief. |
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_______________________________________ |
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Signature of Debtor |
Date |
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_______________________________________ |
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Signature of Joint Debtor |
Date |
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_______________________________________ |
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Signature of Authorized Individual* |
Date |
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_______________________________________ |
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Printed Name of Authorized Individual |
Title of Authorized Individual |
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*Authorized individual must be an officer, director or shareholder if debtor is a corporation; a partner if debtor is a partnership; a manager or member if debtor is a limited liability company.
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In re__Velocity Express____________________________ |
Case No. ___09-13294_____________________________________ |
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Debtor |
Reporting Period: __September 27, 2009 - October 24, 2009 |
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SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS |
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BANK ACCOUNTS |
CURRENT MONTH |
CUMULATIVE FILING TO DATE |
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OPER. |
PAYROLL |
TAX |
OTHER |
ACTUAL |
PROJECTED |
ACTUAL |
PROJECTED |
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RECEIPTS |
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CASH SALES |
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ACCOUNTS RECEIVABLE |
15,745,786.25 | 15,745,786.25 | 15,729,976.00 | 16,399,886.63 | 16,045,403.00 | |||||||||||||||||||||||||||
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LOANS AND ADVANCES |
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SALE OF ASSETS |
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OTHER (Transfer from Canadian sub) |
32,313.21 | 32,313.21 | 32,313.21 | |||||||||||||||||||||||||||||
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TRANSFERS (FROM DIP ACCTS) |
15,462,609.99 | 15,462,609.99 | 1,126,545.00 | 15,628,060.29 | 1,371,477.00 | |||||||||||||||||||||||||||
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TOTAL RECEIPTS |
31,240,709.45 | 31,240,709.45 | 16,856,521.00 | 32,060,260.13 | 17,416,880.00 | |||||||||||||||||||||||||||
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DISBURSEMENTS |
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NET PAYROLL |
2,332,022.11 | 2,332,022.11 | 2,591,109.00 | 2,421,301.11 | 2,642,745.00 | |||||||||||||||||||||||||||
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PAYROLL TAXES |
842,016.91 | 842,016.91 | 845,408.00 | 842,016.91 | 845,408.00 | |||||||||||||||||||||||||||
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SALES, USE, & OTHER TAXES |
34,733.10 | 34,733.10 | 42,679.00 | |||||||||||||||||||||||||||||
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INVENTORY PURCHASES |
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SECURED/ RENTAL/ LEASES |
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INSURANCE |
1,000,335.80 | 1,000,335.80 | 531,483.00 | 1,212,150.54 | 821,385.00 | |||||||||||||||||||||||||||
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ADMINISTRATIVE |
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SELLING |
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OTHER (ATTACH LIST) |
2,677,277.82 | 9,171,513.07 | 11,848,790.89 | 12,239,482.00 | 13,563,266.51 | 12,409,186.00 | ||||||||||||||||||||||||||
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OWNER DRAW |
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TRANSFERS (TO DIP ACCTS) |
15,501,713.98 | 15,501,713.98 | 69,040.00 | 15,867,434.92 | 71,489.00 | |||||||||||||||||||||||||||
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PROFESSIONAL FEES |
580,000.00 | 626,667.00 | ||||||||||||||||||||||||||||||
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U.S. TRUSTEE QUARTERLY FEES |
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COURT COSTS |
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TOTAL DISBURSEMENTS |
20,056,077.61 | 2,332,022.11 | - | 9,171,513.07 | 31,559,612.79 | 16,856,522.00 | 33,948,848.99 | 17,416,880.00 | ||||||||||||||||||||||||
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NET CASH FLOW |
11,184,631.84 | -2,332,022.11 | 0.00 | -9,171,513.07 | -318,903.34 | -1.00 | -1,888,588.86 | 0.00 | ||||||||||||||||||||||||
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(RECEIPTS LESS DISBURSEMENTS) |
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THE FOLLOWING SECTION MUST BE COMPLETED |
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DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES: (FROM CURRENT MONTH ACTUAL COLUMN) |
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TOTAL DISBURSEMENTS |
31,559,612.79 |
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LESS: TRANSFERS TO DEBTOR IN POSSESSION ACCOUNTS |
15,501,713.98 |
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PLUS: ESTATE DISBURSEMENTS MADE BY OUTSIDE SOURCES (i.e. from escrow accounts) |
$ | |||
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TOTAL DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES |
16,057,898.81 |
MOR 1
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In re__Velocity Express____________________________ |
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Case No. ___09-13294_____________________________________ | ||||
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Reporting Period: __September 27, 2009 - October 24, 2009 |
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VELOCITY EXPRESS CORPORATION AND SUBSIDIARIES | ||||
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CONSOLIDATING STATEMENTS OF OPERATIONS | ||||
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Month Ended October 24, 2009 | ||||
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(Unaudited) | ||||
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(Amounts in thousands) | ||||
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Month Ended |
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October 24, 2009 |
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Revenue |
$ | 14,619 | ||
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Cost of services |
10,578 | |||
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Depreciation |
211 | |||
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Gross profit |
3,830 | |||
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Operating expenses: |
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Occupancy |
1,083 | |||
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Selling, general and administrative |
3,005 | |||
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Restructuring and Reorganization costs |
1,712 | |||
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Depreciation and amortization |
241 | |||
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Total operating expenses |
6,042 | |||
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Loss from operations |
(2,212 | ) | ||
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Other income (expense): |
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Interest expense, net |
(3,631 | ) | ||
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Loss before income taxes |
(5,843 | ) | ||
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Income taxes |
- | |||
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Net loss |
$ | (5,843 | ) | |
MOR 2
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In re__Velocity Express____________________________ |
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Case No. ___09-13294_____________________________________ |
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Reporting Period: __September 27, 2009 - October 24, 2009 |
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VELOCITY EXPRESS CORPORATION AND SUBSIDIARIES |
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CONDENSED BALANCE SHEET |
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(Unaudited) |
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(Amounts in thousands) |
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October 24, |
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2009 |
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ASSETS |
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Current assets: |
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Cash |
$ | 951 | ||
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Accounts receivable, net of allowance of $520 |
15,280 | |||
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Accounts receivable - other |
1,717 | |||
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Prepaid workers' compensation and auto liability insurance |
357 | |||
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Other prepaid expenses and other current assets |
1,810 | |||
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Total current assets |
20,115 | |||
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Property and equipment, net |
6,448 | |||
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Goodwill |
35,138 | |||
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Intangible assets, net |
18,489 | |||
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Deferred financing costs, net |
1,464 | |||
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Other assets |
6,437 | |||
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Total assets |
$ | 88,091 | ||
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LIABILITIES AND SHAREHOLDERS' DEFICIT |
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Current liabilities: |
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Trade accounts payable |
$ | 24,959 | ||
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Accrued wages and benefits |
2,676 | |||
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Accrued legal and claims |
847 | |||
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Accrued insurance and claims |
2,938 | |||
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Accrued interest |
11,396 | |||
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Other accrued liabilities |
2,611 | |||
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Revolving line of credit |
8,046 | |||
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Current portion of long-term debt |
1,495 | |||
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Total current liabilities |
54,968 | |||
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Long-term debt, less current portion |
90,391 | |||
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Accrued insurance and claims |
780 | |||
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Other long-term liabilities |
1,640 | |||
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Commitments and contingencies |
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Total shareholders' deficit |
(59,689 | ) | ||
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Total liabilities and shareholders' deficit |
$ | 88,091 | ||
MOR 3
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Post Petition |
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Description |
Liabilities |
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Current Portion - Cap Lse-Pmt |
758,488.80 | |||
| 758,488.80 | ||||
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Chase - AP Outstanding Checks |
893,318.91 | |||
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Chase - IC Pay Outstanding |
4,400,810.05 | |||
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Chase - Clayton IC Pay |
71,239.83 | |||
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IC Payables-System |
2,504,730.27 | |||
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AP-System |
772,644.16 | |||
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AP-Manual Accruals |
1,285,141.41 | |||
| 9,927,884.63 | ||||
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Accrued Payroll Expense |
1,548,962.62 | |||
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Chase - Payroll Outstanding |
145,792.28 | |||
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Accrued Commissions |
77,515.00 | |||
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Accrued Vacation Pay |
7,957.87 | |||
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Accrued FICA Tax |
202,232.36 | |||
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Accr Fed Unemployment Tax |
1,047.51 | |||
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Accr State & Local Unemploymen |
12,983.23 | |||
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Accrued Withholding - SDI |
2,310.48 | |||
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Flexible Spending HSA |
34,762.81 | |||
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Accrued Local Withholding |
12,278.22 | |||
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401A Withholding |
53,922.31 | |||
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Garnishment Payable |
23,817.43 | |||
| 2,123,582.12 | ||||
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Accrued Sales Tax |
6,066.45 | |||
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Accrued Taxes - Other |
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| 6,066.45 | ||||
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Accrued Interest |
1,507,338.60 | |||
| 1,507,338.60 | ||||
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Accrued Cargo Claims |
16,996.67 | |||
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IC driver deductions - Other |
62.00 | |||
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Accrued IC Medical Insurance |
9,360.02 | |||
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Accrued Benefits |
110,000.00 | |||
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IC Occ Accid Injury Plan |
187,642.00 | |||
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Accrued Insurance, Captive |
93,225.33 | |||
| 417,286.02 | ||||
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Accrued Legal Fees |
320.00 | |||
| 320.00 | ||||
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Accrued Liabilities |
- | |||
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Accrued Rent |
14,750.63 | |||
| 14,750.63 | ||||
| 14,755,717.25 | ||||
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Revolving Line of Credit |
8,045,739.10 | |||
| 8,045,739.10 | ||||
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Cap Lease Oblig-Copiers/Furn |
384,448.39 | |||
| 384,448.39 | ||||
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Other Long-Term Liabilities |
178.18 | |||
| 178.18 | ||||
| 8,430,365.67 | ||||
| 23,186,082.92 | ||||
MOR 4
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In re__Velocity Express____________________________ |
Case No. _______________________ |
Case No. ___09-13294____________________________ | |
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Debtor |
Reporting Period:__________________ |
Reporting Period: __September 27, 2009 - October 24, 2009 | |
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ACCOUNTS RECEIVABLE RECONCILIATION AND AGING |
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Accounts Receivable Reconciliation |
Amount |
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Total Accounts Receivable at the beginning of the reporting period |
15,903,394.74 |
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+ Amounts billed during the period |
15,966,061.15 |
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- Amounts collected during the period |
(15,422,407.97) |
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- Credit memos |
(351,212.94) |
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+ finance charges |
11,398.49 |
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Total Accounts Receivable at the end of the reporting period |
16,107,233.47 |
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Accounts Receivable Aging |
Amount |
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0 - 30 days old |
14,310,607.08 |
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31 - 60 days old |
1,241,301.36 |
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61 - 90 days old |
292,677.50 |
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91+ days old |
262,647.53 |
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Total Accounts Receivable |
16,107,233.47 |
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Amount considered uncollectible (Bad Debt) |
(520,423.83 |
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Accounts Receivable (Net) |
15,586,809.64 |
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DEBTOR QUESTIONNAIRE |
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Must be completed each month |
Yes |
No |
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1. Have any assets been sold or transferred outside the normal course of business this reporting period? If yes, provide an explanation below. |
X | |
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2. Have any funds been disbursed from any account other than a debtor in possession account this reporting period? If yes, provide an explanation below. |
X |
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2. Have any funds been disbursed from any account other than a debtor in possession account this reporting period? If yes, provide an explanation below. |
X |
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3. Have all postpetition tax returns been timely filed? If no, provide an explanation below. |
X |
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4. Are workers compensation, general liability and other necessary insurance coverages in effect? If no, provide an explanation below. |
X |
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Funds are disbursed from disbursement accounts which are funded by the debtor in possession account |
MOR 5