Attached files
file | filename |
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EX-99.1 - MONTHLY OPERATING REPORT - MESA AIR GROUP INC | exhibit99-1.pdf |
8-K - 8-K - MESA AIR GROUP INC | body8k.htm |
Exhibit 99.1
UNITED STATES BANKRUPTCY COURT |
SOUTHERN DISTRICT OF NEW YORK |
Debtors: Mesa Air Group, Inc., ET AL. (1) |
Case Number: Jointly Administered 10-10018 (MG) |
Monthly Operating Report for the Period: |
Month ended December 31, 2010 |
Federal Tax ID # 85-0302351 |
Debtors' Address: |
410 N 44th Street Suite 700 |
Phoenix, AZ 85008 |
Monthly Net Income/(Loss): ($11.160) million |
Debtors' Attorney: |
Pachulski, Stang, Ziehl & Jones LLP |
780 Third Avenue, 36th Floor |
New York, NY 10017-2024 |
Telephone: (212) 561-7700 |
Fax: (212) 561-7777 |
http://www.pszjlaw.com |
Report Preparer: Mesa Air Group, Inc. |
The undersigned, having reviewed the attached report and being familiar with the Debtors' |
financial affairs, verifies under the penalty of perjury that the information contained therein is |
complete, accurate and truthful to the best of my knowledge. (2) |
Date: January 24, 2011 |
/s/ Mike Lotz |
(1) See next page for a listing of Debtors by case number. |
(2) All amounts herein are unaudited and subject to revision. The Debtors reserve all rights to revise this report. |
MESA AIR GROUP, INC., ET AL. | ||
MONTHLY OPERATING REPORT | ||
(1) The Debtors in these jointly administered cases are as follows: | ||
Case | ||
Debtor Name
|
Number
|
|
Mesa Air New York, Inc. | 10-10017 | |
Mesa Air Group, Inc. | 10-10018 | |
Mesa In-Flight, Inc. | 10-10019 | |
Freedom Airlines, Inc. | 10-10020 | |
Mesa Airlines, Inc. | 10-10021 | |
MPD, Inc. | 10-10022 | |
Ritz Hotel Management Corp. | 10-10023 | |
Regional Aircraft Services, Inc. | 10-10024 | |
Air Midwest, Inc. | 10-10025 | |
Mesa Air Group Airline Inventory Management, LLC | 10-10030 | |
Nilchi, Inc. | 10-10027 | |
Patar, Inc. | 10-10028 |
Case Number: 10-10018 (MG) (Jointly Administered)
- 2 -
MESA AIR GROUP, INC., ET AL. | ||||
SCHEDULE OF DISBURSEMENTS | ||||
Disbursements for | Disbursements for | Disbursements for | ||
Case | month ended | month ended | month ended | |
Debtor Name
|
Number
|
December 31, 2010
|
November 30, 2010
|
October 31, 2010
|
Mesa Air New York, Inc. | 10-10017 | - | - | - |
Mesa Air Group, Inc. | 10-10018 | 1,239,635 | 1,235,603 | 1,510,870 |
Mesa In-Flight, Inc. | 10-10019 | - | - | - |
Freedom Airlines, Inc. | 10-10020 | 120,454 | 284,979 | 306,684 |
Mesa Airlines, Inc. | 10-10021 | 39,465,756 | 38,975,470 | 37,390,290 |
MPD, Inc. | 10-10022 | 157,486 | 108,220 | 129,536 |
Ritz Hotel Management Corp. | 10-10023 | - | - | - |
Regional Aircraft Services, Inc. | 10-10024 | 794,829 | 530,217 | 533,859 |
Air Midwest, Inc. | 10-10025 | 289 | - | 211 |
Mesa Air Group Airline Inventory Management, LLC | 10-10030 | 7,483,573 | 4,159,024 | 8,107,204 |
Nilchi, Inc. | 10-10027 | - | - | - |
Patar, Inc. | 10-10028 | - | - | - |
Disbursements for | Disbursements for | Disbursements for | ||
Case | month ended | month ended | month ended | |
Debtor Name
|
Number
|
September 30, 2010
|
August 31, 2010
|
July 31, 2010
|
Mesa Air New York, Inc. | 10-10017 | - | - | - |
Mesa Air Group, Inc. | 10-10018 | 967,890 | 1,520,408 | 1,421,392 |
Mesa In-Flight, Inc. | 10-10019 | - | - | - |
Freedom Airlines, Inc. | 10-10020 | 986,910 | 1,681,799 | 1,615,132 |
Mesa Airlines, Inc. | 10-10021 | 39,452,779 | 32,573,328 | 42,081,014 |
MPD, Inc. | 10-10022 | 142,280 | 86,100 | 107,657 |
Ritz Hotel Management Corp. | 10-10023 | - | - | - |
Regional Aircraft Services, Inc. | 10-10024 | 498,269 | 552,482 | 571,129 |
Air Midwest, Inc. | 10-10025 | - | - | 342 |
Mesa Air Group Airline Inventory Management, LLC | 10-10030 | 3,345,808 | 6,858,455 | 6,127,031 |
Nilchi, Inc. | 10-10027 | - | - | - |
Patar, Inc. | 10-10028 | - | - | - |
Disbursements for | Disbursements for | Disbursements for | ||
Case | month ended | month ended | month ended | |
Debtor Name
|
Number
|
June 30, 2010
|
May 31, 2010
|
April 30, 2010
|
Mesa Air New York, Inc. | 10-10017 | - | - | - |
Mesa Air Group, Inc. | 10-10018 | 1,852,506 | 2,487,310 | 1,688,784 |
Mesa In-Flight, Inc. | 10-10019 | - | - | - |
Freedom Airlines, Inc. | 10-10020 | 2,019,124 | 1,898,294 | 2,339,613 |
Mesa Airlines, Inc. | 10-10021 | 49,986,705 | 36,930,775 | 45,289,526 |
MPD, Inc. | 10-10022 | 136,761 | 151,703 | 140,811 |
Ritz Hotel Management Corp. | 10-10023 | - | - | - |
Regional Aircraft Services, Inc. | 10-10024 | 803,034 | 531,676 | 526,302 |
Air Midwest, Inc. | 10-10025 | 10,500 | 51 | 21 |
Mesa Air Group Airline Inventory Management, LLC | 10-10030 | 7,688,568 | 6,541,883 | 8,900,924 |
Nilchi, Inc. | 10-10027 | - | - | - |
Patar, Inc. | 10-10028 | - | - | - |
Disbursements for | Disbursements for | Disbursements for | ||
Case | month ended | month ended | January 5, 2010 to | |
Debtor Name
|
Number
|
March 31, 2010
|
February 28, 2010
|
January 31, 2010
|
Mesa Air New York, Inc. | 10-10017 | - | - | - |
Mesa Air Group, Inc. | 10-10018 | 1,348,840 | 1,244,806 | 1,128,964 |
Mesa In-Flight, Inc. | 10-10019 | - | - | - |
Freedom Airlines, Inc. | 10-10020 | 2,275,702 | 1,945,715 | 1,137,194 |
Mesa Airlines, Inc. | 10-10021 | 77,630,776 | 30,568,004 | 20,791,947 |
MPD, Inc. | 10-10022 | 150,175 | 156,100 | 102,356 |
Ritz Hotel Management Corp. | 10-10023 | - | - | - |
Regional Aircraft Services, Inc. | 10-10024 | 262,892 | 519,981 | 575,558 |
Air Midwest, Inc. | 10-10025 | 2,249 | 147 | 195 |
Mesa Air Group Airline Inventory Management, LLC | 10-10030 | 7,614,996 | 5,833,085 | 811,717 |
Nilchi, Inc. | 10-10027 | - | - | - |
Patar, Inc. | 10-10028 | - | - | - |
Case Number: 10-10018 (MG) (Jointly Administered)
- 3 -
MESA AIR GROUP, INC., ET AL. | ||||
MONTHLY OPERATING REPORT | ||||
INDEX | ||||
Description | Page | |||
Condensed Consolidated Debtors-in-Possession Statement of Operations for the month ended | ||||
December 31, 2010 and filing to date | 5 | |||
Condensed Consolidated Debtors-in-Possession Balance Sheets as of December 31, 2010 | ||||
and all subsequent periods post-petition date | 8 | |||
Condensed Consolidated Debtors-in-Possession Statement of Cash Flows for the month ended | ||||
December 31, 2010 and filing to date | 11 | |||
Notes to the Condensed Consolidated Monthly Operating Report | 14 |
Case Number: 10-10018 (MG) (Jointly Administered)
- 4 -
MESA AIR GROUP, INC., ET AL. Case Number: 10-10018 (MG) (Jointly Administered)
- 5 -
MESA AIR GROUP, INC., ET AL. Case Number: 10-10018 (MG) (Jointly Administered)
- 6 -
MESA AIR GROUP, INC., ET AL. Case Number: 10-10018 (MG) (Jointly Administered)
- 7 -
MESA AIR GROUP, INC., ET AL. Case Number: 10-10018 (MG) (Jointly Administered)
- 8 -
MESA AIR GROUP, INC., ET AL. Case Number: 10-10018 (MG) (Jointly Administered)
- 9 -
MESA AIR GROUP, INC., ET AL. Case Number: 10-10018 (MG) (Jointly Administered)
- 10 -
MESA AIR GROUP, INC., ET AL.
The accompanying notes are an integral part of the financial statements.
Case Number: 10-10018 (MG) (Jointly Administered)
- 11 -
MESA AIR GROUP, INC., ET AL.
The accompanying notes are an integral part of the financial statements.
Case Number: 10-10018 (MG) (Jointly Administered)
- 12 -
MESA AIR GROUP, INC., ET AL.
The accompanying notes are an integral part of the financial statements.
Case Number: 10-10018 (MG) (Jointly Administered)
- 13 -
MESA AIR GROUP, INC., ET AL. 1. Background and Organization General - Mesa Air Group, Inc. ("Mesa" or the "Company") is a holding
company whose principal subsidiaries operate as regional air carriers providing scheduled passenger and airfreight service. As of December
31, 2010, the Company served 94 cities in 38 states, the District of Columbia and Mexico and operated a fleet of 76 aircraft with approximately
450 daily departures. Chapter 11 Reorganization Cases - On January 5, 2010 (the "Petition Date"), Mesa Air Group, Inc. and its
eleven subsidiaries (the "Debtors") filed voluntary petitions for relief under chapter 11 of the United States Bankruptcy Code (the
"Bankruptcy Code") in the United States Bankruptcy Court for the Southern District of New York (the "Court"). The
Debtors continue to operate their businesses as "debtors-in-possession" under the jurisdiction of the Court and in accordance with
the applicable provisions of the Bankruptcy Code and orders of the Court. On January 14, 2010, the Office of the United States Trustee for the
Southern District of New York appointed a statutory committee of unsecured creditors. 2. Basis of Presentation Condensed Consolidated Debtor-in-Possession Financial Statements - The unaudited financial
statements and supplemental information contained herein represent the condensed consolidated financial information for the Debtors. The
results of operations for the period from January 5, 2010 to January 31, 2010 were estimated based upon estimates that included the use of
statistical data, processed revenue, fuel purchases and a pro-ration of calendar days within the month of January. Amounts presented in the
unaudited Statement of Cash Flows for the period from January 5, 2010 to January 31, 2010 were based on estimated asset and liability
balances as of the filing date and actual balances as of January 31, 2010, as well as the aforementioned estimated results of operations for the
period from January 5, 2010 to January 31, 2010. American Institute of Certified Public Accountants Statement of Position 90-7, "Financial Reporting by Entities
in Reorganization under the Bankruptcy Code" ("SOP 90-7"), which is applicable to companies in chapter 11, generally
does not change the manner in which financial statements are prepared. It does, however, require that the financial statements for periods
subsequent to the filing of the chapter 11 petition distinguish transactions and events that are directly associated with the reorganization from
the ongoing operations of the business. The Debtors' financial statements contained herein have been prepared in accordance with the
guidance in SOP 90-7. Further information concerning the Debtors' accounting policies will be found in the footnotes to our Annual Report on
Form 10-K for the period ended September 30, 2009 once filed and subsequent filings on Form 10-Q when filed with the United States
Securities and Exchange Commission. The unaudited consolidated financial statements have been derived from the books and records of the Debtors.
Certain financial information, however, has not been subject to procedures that typically would be applied to financial information presented in
accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP") and, upon the application
of such procedures, the Debtors believe that the financial information will be subject to changes. These changes could be material. The
information furnished in this report includes primarily normal recurring adjustments, but does not include all of the adjustments that typically
would be made for quarterly financial statements in accordance with U.S. GAAP. Certain prepaid balances and pre- and post-petition trade
accounts payable balances are subject to further review and reclassification. In addition, certain information and footnote disclosures normally
included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. Therefore, this report should be
read in conjunction with our consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the period
ended September 30, 2009 once filed and subsequent filings on Form 10-Q when filed with the United States Securities and Exchange
Commission. The results of operations contained herein are not necessarily indicative of results that may be expected from any other
period or for the full year, and may not necessarily reflect the consolidated results of operations, financial position and cash flows of the
Debtors in the future.
Case Number: 10-10018 (MG) (Jointly Administered)
- 14 -
Intercompany Transactions - Intercompany transactions between Debtors have been eliminated in the
financial statements contained herein. Property and Equipment, net - Recorded at cost net of accumulated deprecation. Taxes - Income taxes are accounted for under the asset and liability method. Deferred tax assets and
liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of
existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities
are measured using enacted tax rates expected to apply to taxable income in future years in which those temporary differences are expected
to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that
includes the enactment date. The Company records deferred tax assets for the value of benefits expected to be realized from the utilization of
alternative minimum tax credit carry forward, capital loss carryforward and state and federal net operating loss carryforward. We periodically
review these assets to determine the likelihood of realization. To the extent we believe some portion of the benefit may not be realizable, an
estimate of the unrealized position is made and an allowance recorded. The Company and its consolidated subsidiaries file a consolidated
federal income tax return. As of December 31, 2010, the Company estimated an effective tax rate of 36.85%. The Debtors have
received approval to pay pre-petition employee withholding obligations in addition to employment and wage-related taxes, sales and use taxes,
and certain other taxes due in the normal course of business through certain first day motions. As such, the Debtors have paid such taxes
when due. In addition, all post-petition tax obligations have been fully paid to the proper taxing authorities to the extent they were due during
the current reporting period. Further, employee withholding obligations are pre-funded by the Debtors and paid directly by the Debtors' payroll
contractor, Automatic Data Processing, Inc. ("ADP"). Thus, no further information regarding taxes is included in this report. 3. Insurance All insurance premiums have been paid to the proper insurance company or broker when due during the current
reporting period, and all insurance policies are in force as of the filing of this report. 4. Cash Management System & Use of Cash The Court has entered orders authorizing the Debtors to continue to use their existing cash management system
including: (i) investment guidelines; (ii) maintenance of existing bank accounts and business forms; and (iii) the authorization to open and close
bank accounts. The Debtors are continuing to collect and disburse cash since the Petition Date using the existing cash management system,
as modified to comply with applicable orders of the Court.
Case Number: 10-10018 (MG) (Jointly Administered)
- 15 -
5. Reorganization items SOP 90-7 requires separate disclosure of reorganization items such as realized gains and losses from the settlement
of pre-petition liabilities, provisions for losses resulting from the reorganization and restructuring of the business, as well as professional fees
directly related to the process of reorganizing the Debtors under Chapter 11. The Debtors' reorganization items consist of the following: Professional fees directly related to the reorganization ("Professional Fees") include fees associated with
advisors to the Debtors, the statutory committee of unsecured creditors and certain secured creditors. Professional Fees are estimated by the
Debtors and will be reconciled to actual invoices when received. Of the 93 aircrafts that have either been rejected or abandoned since the approval of the Rejection Procedures (as
defined below), the Debtors have booked the damages arising from the rejection/abandonment of 92 of these aircraft and estimated them to be
approximately $910,000,000, which amount is subject to the final settlement between the Debtors and the applicable aircraft parties.
Case Number: 10-10018 (MG) (Jointly Administered)
- 16 -
6. Liabilities Subject to Compromise As a result of the Chapter 11 Filings, most pre-petition indebtedness is subject to compromise or other treatment
under a plan of reorganization. Generally, actions to enforce or otherwise affect payment of pre- Chapter 11 liabilities are stayed. At hearings
held in January and February, the Court granted final approval of many of the Debtors' "first day" motions covering, among other
things, human capital obligations, supplier relations (including fuel supply and fuel contracts), insurance, customer relations, business
operations, certain tax matters, industry agreements, utilities, case management and retention of professionals. The Debtors have been paying and intend to continue to pay undisputed post-petition claims in the ordinary course of
business. In addition, the Debtors may reject pre-petition executory contracts and unexpired leases with respect to the Debtors' operations,
with the approval of the Bankruptcy Court. Damages resulting from rejection of executory contracts and unexpired leases are generally treated
as general unsecured claims and will be classified as liabilities subject to comprise. Holders of pre-petition claims will be required to file proofs
of claims by a bar date to be determined by the Court. The deadline for the filing of proofs of claims against the Debtors was May 21, 2010,
with certain exceptions pursuant to the bar date order entered by the Court. A bar date is the date by which claims against the Debtors must be filed if the claimants wish to receive any distribution
in the Chapter 11 cases. Differences between liability amounts estimated by the Debtors and claims filed by creditors will be investigated and,
if necessary, the Court will make a final determination of the allowable claim. The determination of how liabilities will ultimately be treated
cannot be made until the Court approves a Chapter 11 plan of reorganization. Accordingly, the ultimate amount or treatment of such liabilities
is not determinable at this time. SOP 90-7 requires pre-petition liabilities that are subject to compromise to be reported at the amounts expected to be
allowed, even if they may be settled for lesser amounts. The amounts currently classified as liabilities subject to compromise may be subject
to future adjustments depending on Court actions, further developments with respect to disputed claims, determinations of the secured status
of certain claims, the values of any collateral securing such claims, or other events.
Case Number: 10-10018 (MG) (Jointly Administered)
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Liabilities Subject to Compromise consist of the following: Liabilities subject to compromise include trade accounts payable related to pre-petition purchases, all of which were
scheduled for payment in the post-petition period. As a result, the cash flows from operations were favorably affected by the stay of payment
related to these accounts payable. Of the 93 aircraft that have either been rejected or abandoned since the approval of the Rejection Procedures (as
defined below), the Debtors have booked the damages arising from the rejection/abandonment of 92 of these aircraft and estimated them to be
approximately $910,000,000, which amount is subject to the final settlement between the Debtors and the applicable aircraft parties. 7. Post-petition Accounts Payable To the best of the Debtors' knowledge, all undisputed post-petition accounts payable have been and are being
paid under agreed-upon payment terms except for approximately $3.8 million of invoices received, not yet paid, as of December 31, 2010.
Case Number: 10-10018 (MG) (Jointly Administered)
- 18 -
8. Owned and Leased Aircraft On January 26, 2010, the Court approved the abandonment of twenty (20) Beech 1900D aircraft and related
airframe, engines, propellers, avionics and all other equipment, parts and components installed in or on, or acceded to, or associated with the
related aircraft and the rejection of five (5) aircraft engine leases. On February 23, 2010, the Court approved procedures for the
rejection of aircraft related leases and the abandonment of aircraft subject to security agreements (the "Rejection
Procedures"). Since the approval of the Rejection Procedures, the Debtors have filed twenty-three (23) notices of rejection with
respect to the leases of seven (7) aircraft engines and ninety-three (93) aircraft. The Debtors continue to evaluate their aircraft fleet and will address the remaining leased and owned as necessary. During this
time, the Debtors continue to accrue lease and interest expenses in accordance with pre-petition contracts until the lease or debt agreements
are rejected or abandoned, as the case may be, and new leases or debt agreements are finalized and approved by the Court. The
line item labeled Flight Operations - Nonoperating Aircraft includes lease expense related to aircraft currently not in operation. 9. Other, Net Other, Net includes gain / (loss) on disposal of assets, debt conversion expense, recognition of our share of gain/(loss) in our
Hawaiian joint venture and other miscellaneous expenses. This total excludes gains / (losses) on minority investments that are reported
quarterly. 10. Payments to Insiders Of the total disbursements listed herein, the amounts paid to insiders during the current reporting period are as follows:
Case Number: 10-10018 (MG) (Jointly Administered)
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MONTHLY OPERATING REPORT
CONDENSED CONSOLIDATED DEBTORS-IN-POSSESSION STATEMENT OF OPERATIONS
(In $U.S. 000's)
Month ended
Month ended
Month ended
Month ended
Month ended
December 31, 2010
November 30, 2010
October 31, 2010
September 30, 2010
August 31, 2010
Revenues:
Passenger
$ 58,323
$ 55,461
$ 57,080
$ 60,733
$ 65,145
Cargo
-
-
-
-
-
Other
266
301
334
456
406
Total Revenue
58,589
55,762
57,413
61,188
65,551
Operating Expenses:
Flight Operations
15,173
15,042
14,983
14,270
16,942
Flight Operations - Nonoperating Aircraft
-
13
25
1,029
1,068
Aircraft Fuel
18,322
18,694
18,283
17,392
18,643
Aircraft and traffic servicing
3,807
3,835
3,798
3,567
4,008
Maintenance
12,295
9,797
13,481
8,300
12,508
Promotion and sales
501
372
468
363
449
General and administrative
1,926
4,019
4,322
4,804
3,501
Depreciation and amortization
2,822
2,951
2,942
2,879
3,160
Impairment of long-lived asset
-
-
-
-
-
Total operating expenses
54,846
54,721
58,304
52,605
60,279
Operating Income (Loss)
3,743
1,041
(890)
8,584
5,272
Nonoperating income (expense)
Interest Income
370
369
370
315
370
Interest Expense
(1,191)
(1,183)
(1,199)
(954)
(567)
Other, net (Note 9)
(581)
(562)
(336)
(708)
(469)
Total Nonoperating income (expense)
(1,402)
(1,375)
(1,165)
(1,348)
(666)
Income (Loss) before reorganization items and income taxes
2,341
(334)
(2,055)
7,236
4,605
Income taxes
(6,512)
(178)
(6,322)
(44,824)
(116,776)
Loss (Gain) on reorganization items (Note 5) (1)
20,014
148
14,664
134,345
322,859
Income (Loss) before discontinued operations
(11,160)
(304)
(10,398)
(82,285)
(201,478)
Loss (Gain) from discontinued operations
-
-
-
(262)
-
Net Income (Loss)
(11,160)
(304)
(10,398)
(82,023)
(201,478)
The accompanying notes are an integral part of the financial statements.
(1) The majority of reorganization expense in August, September, October and December was for unsecured claims related to the rejection of aircraft leases.
MONTHLY OPERATING REPORT
CONDENSED CONSOLIDATED DEBTORS-IN-POSSESSION STATEMENT OF OPERATIONS
(In $U.S. 000's)
Month ended
Month ended
Month ended
Month ended
July 31, 2010
June 30, 2010
May 31, 2010
April 30, 2010
Revenues:
Passenger
$ 65,917
$ 73,955
$ 65,209
$ 70,078
Cargo
-
-
-
-
Other
425
469
424
509
Total Revenue
66,342
74,424
65,632
70,586
Operating Expenses:
Flight Operations(1)
17,538
17,654
18,692
20,426
Flight Operations - Nonoperating Aircraft(1)
2,622
752
5,790
4,615
Aircraft Fuel
18,190
17,900
18,635
18,635
Aircraft and traffic servicing
3,929
3,751
3,604
4,258
Maintenance
17,148
12,142
12,288
14,217
Promotion and sales
472
738
468
263
General and administrative
3,095
4,449
3,169
3,330
Depreciation and amortization
3,215
3,343
3,328
3,330
Impairment of long-lived asset
-
-
-
-
Total operating expenses
66,208
60,729
65,974
69,072
Operating Income (Loss)
134
13,695
(341)
1,514
Nonoperating income (expense)
Interest Income
393
441
370
381
Interest Expense
(1,316)
(1,270)
(1,349)
(1,334)
Other, net (Note 9)
(133)
(1,693)
(312)
(519)
Total Nonoperating income (expense)
(1,057)
(2,523)
(1,291)
(1,472)
Income (Loss) before reorganization items and income taxes
(923)
11,173
(1,632)
42
Income taxes
(16,449)
(162,400)
(1,553)
(937)
Loss (Gain) on reorganization items (Note 5) (2)
43,414
448,910
2,553
2,590
Income (Loss) before discontinued operations
(27,888)
(275,336)
(2,633)
(1,612)
Loss (Gain) from discontinued operations
-
-
-
-
Net Income (Loss)
(27,888)
(275,336)
(2,633)
(1,612)
The accompanying notes are an integral part of the financial statements.
(1 ) In June adjustments were booked reducing lease expense for rejected aircraft leases. Actual expense in June was $17,994 for flight operations and $2,558 for
flight operations - nonoperating aircraft.
(2) The majority of reorganization expense in June and July were for unsecured claims related to the rejection of aircraft leases.
MONTHLY OPERATING REPORT
CONDENSED CONSOLIDATED DEBTORS-IN-POSSESSION STATEMENT OF OPERATIONS
(In $U.S. 000's)
Month ended
Month ended
January 5, 2010
Filing
March 31, 2010
February 28, 2010
to January 31, 2010
to Date
Revenues:
Passenger
$ 72,669
$ 65,457
$ 61,488
$ 771,512
Cargo
-
-
-
-
Other
474
463
381
4,908
Total Revenue
73,143
65,921
61,869
776,420
Operating Expenses:
Flight Operations(1)
20,697
19,787
20,719
211,924
Flight Operations - Nonoperating Aircraft(1)
4,512
5,291
2,163
27,878
Aircraft Fuel
18,745
14,992
15,953
214,382
Aircraft and traffic servicing
4,506
3,701
3,897
46,660
Maintenance
16,001
13,788
10,826
152,792
Promotion and sales
471
333
190
5,088
General and administrative
3,316
3,342
3,040
42,311
Depreciation and amortization
3,304
3,322
2,926
37,522
Impairment of long-lived asset
-
-
-
-
Total operating expenses
71,551
64,556
59,714
738,557
Operating Income (Loss)
1,592
1,365
2,155
37,863
Nonoperating income (expense)
Interest Income
370
369
322
4,439
Interest Expense
(1,381)
(1,565)
(1,343)
(14,653)
Other, net (Note 9)
244
309
(323)
(5,084)
Total Nonoperating income (expense)
(767)
(887)
(1,344)
(15,298)
Income (Loss) before reorganization items and income taxes
824
478
811
22,565
Income taxes
(1,373)
(132)
(87)
(357,543)
Loss (Gain) on reorganization items (Note 5)
4,525
854
1,060
995,936
Income (Loss) before discontinued operations
(2,328)
(244)
(162)
(615,828)
Loss (Gain) from discontinued operations
-
2
(704)
(964)
Net Income (Loss)
(2,328)
(246)
542
(614,864)
The accompanying notes are an integral part of the financial statements.
(1) For presentation purposes, the March flight operation expense has been adjusted from what was reported on the March MOR to properly reflect the expense for nonoperating aircraft.
The net adjustment between the two line items is zero.
MONTHLY OPERATING REPORT
CONDENSED CONSOLIDATED DEBTORS-IN-POSSESSION BALANCE SHEETS
(In $U.S. 000's, except share data)
December 31, 2010
November 30, 2010
October 31, 2010
September 30, 2010
ASSETS
Current Assets:
Cash and cash equivalents
43,422
62,526
60,482
57,733
Short-term investments
-
1,747
1,681
-
Restricted investments
9,620
9,692
9,692
9,692
Receivables, net of allowance
18,926
15,154
6,088
6,278
Inventories, net of allowance
20,984
27,488
27,000
26,636
Prepaid expenses and other assets
84,596
91,403
96,269
95,320
Total current assets
177,548
208,010
201,212
195,659
Property and equipment, net
473,245
492,006
494,442
496,856
Security and other deposits
6,494
6,484
6,433
6,430
Other assets
492,935
477,685
478,177
476,879
Total Assets
1,150,221
1,184,184
1,180,264
1,175,823
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities not subject to compromise:
Current Liabilities:
Accounts payable (Note 7)
3,768
14,540
6,622
5,891
Air traffic liability
5,401
5,085
5,171
4,950
Other accrued expenses
46,082
55,624
52,890
42,611
Income tax payable
2,568
2,595
2,597
2,586
Deferred revenue and other current liabilities
-
-
-
-
Total current liabilities not subject to compromise
57,818
77,844
67,279
56,039
Deferred credits and other liabilities
55,101
55,586
57,827
59,107
Long term deferred income tax
156,719
156,719
156,719
156,719
Other long-term debt post petition
-
-
-
-
Total liabilities not subject to compromise
211,820
212,306
214,546
215,827
Liabilities subject to compromise (Note 6)
1,389,906
1,392,232
1,396,368
1,388,378
Total liabilities
1,659,545
1,682,382
1,678,194
1,660,244
Stockholders' equity:
Preferred stock, no par value, authorized
2,000,000 shares; none issued
-
-
-
-
Common stock, no par value and additional paid-in capital,
900,000,000 shares authorized; 175,217,249 and
175,217,249 shares issued and outstanding, respectively
115,500
115,500
115,500
118,676
Deferred Stock Compensation
1,803
1,768
1,732
1,667
Retained Earnings
(626,626)
(615,466)
(615,162)
(604,764)
Total stockholders' equity
(509,324)
(498,198)
(497,930)
(484,421)
Total liabilities and stockholders' equity
1,150,221
1,184,184
1,180,264
1,175,823
The accompanying notes are an integral part of the financial statements.
MONTHLY OPERATING REPORT
CONDENSED CONSOLIDATED DEBTORS-IN-POSSESSION BALANCE SHEETS
(In $U.S. 000's, except share data)
August 31, 2010
July 31, 2010
June 30, 2010
May 31, 2010
ASSETS
Current Assets:
Cash and cash equivalents
58,207
53,275
52,165
60,833
Short-term investments
1,478
1,405
-
1,258
Restricted investments
10,351
11,125
11,117
11,341
Receivables, net of allowance
19,458
17,962
17,307
8,024
Inventories, net of allowance
26,840
27,872
27,670
27,631
Prepaid expenses and other assets
111,230
132,124
129,831
127,244
Total current assets
227,565
243,763
238,090
236,333
Property and equipment, net
515,264
537,707
540,650
546,281
Security and other deposits
7,329
7,929
8,393
12,192
Other assets (1)
431,586
134,127
134,389
133,713
Total Assets
1,181,745
923,525
921,522
928,518
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities not subject to compromise:
Current Liabilities:
Accounts payable (Note 7)
3,638
1,990
3,220
3,415
Air traffic liability
4,653
4,276
4,767
4,909
Other accrued expenses
54,587
52,174
40,641
48,317
Income tax payable
2,217
(180,339)
(164,192)
(1,774)
Deferred revenue and other current liabilities
-
-
-
-
Total current liabilities not subject to compromise
65,095
(121,899)
(115,564)
54,868
Deferred credits and other liabilities
95,672
96,435
97,989
97,388
Long term deferred income tax
156,719
156,719
156,719
156,719
Other long-term debt post petition
-
-
-
-
Total liabilities not subject to compromise
252,391
253,154
254,708
254,107
Liabilities subject to compromise (Note 6)
1,269,227
995,476
957,716
519,577
Total liabilities
1,586,713
1,126,731
1,096,860
828,552
Stockholders' equity:
Preferred stock, no par value, authorized
2,000,000 shares; none issued
-
-
-
-
Common stock, no par value and additional paid-in capital,
900,000,000 shares authorized; 175,217,249 and
175,217,249 shares issued and outstanding, respectively
118,676
118,676
118,676
118,676
Deferred Stock Compensation
1,634
1,658
1,637
1,605
Retained Earnings
(525,279)
(323,540)
(295,652)
(20,316)
Total stockholders' equity
(404,968)
(203,206)
(175,338)
99,966
Total liabilities and stockholders' equity
1,181,745
923,525
921,522
928,518
The accompanying notes are an integral part of the financial statements.
(1) For presentation purposes income taxes payable have been moved from the Income tax payable line item in current liabilities to Other assets as income taxes payable
are an asset as of August 2010.
MONTHLY OPERATING REPORT
CONDENSED CONSOLIDATED DEBTORS-IN-POSSESSION BALANCE SHEETS
(In $U.S. 000's, except share data)
April 30, 2010
March 31, 2010
February 28, 2010
January 31, 2010
ASSETS
Current Assets:
Cash and cash equivalents
57,484
54,109
78,707
67,471
Short-term investments
850
-
873
885
Restricted investments
11,348
10,971
11,660
12,764
Receivables, net of allowance
6,694
9,766
15,600
10,130
Inventories, net of allowance
27,776
27,352
27,329
27,267
Prepaid expenses and other assets
140,167
147,607
125,212
141,547
Total current assets
244,319
249,806
259,380
260,063
Property and equipment, net
547,983
550,505
550,459
552,378
Security and other deposits
12,192
12,192
11,787
11,786
Other assets
134,156
133,884
134,057
133,964
Total Assets
938,650
946,387
955,683
958,191
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities not subject to compromise:
Current Liabilities:
Accounts payable (Note 7)
4,061
5,912
4,634
4,817
Air traffic liability
4,140
4,146
4,151
3,791
Other accrued expenses
49,207
49,282
42,205
41,659
Income tax payable
(216)
231
3,460
3,597
Deferred revenue and other current liabilities
-
-
-
-
Total current liabilities not subject to compromise
57,192
59,570
54,450
53,863
Deferred credits and other liabilities
99,738
101,968
102,581
104,612
Long term deferred income tax
156,719
156,719
156,719
156,719
Other long-term debt post petition
-
-
-
-
Total liabilities not subject to compromise
256,457
258,688
259,300
261,332
Liabilities subject to compromise (Note 6)
522,435
524,868
536,132
537,002
Total liabilities
836,085
843,126
849,882
852,196
Stockholders' equity:
Preferred stock, no par value, authorized
2,000,000 shares; none issued
-
-
-
-
Common stock, no par value and additional paid-in capital,
900,000,000 shares authorized; 175,217,249 and
175,217,249 shares issued and outstanding, respectively
118,676
118,676
118,676
118,676
Deferred Stock Compensation
1,571
1,555
1,469
1,417
Retained Earnings
(17,683)
(16,971)
(14,345)
(14,098)
Total stockholders' equity
102,565
103,261
105,801
105,995
Total liabilities and stockholders' equity
938,650
946,387
955,683
958,191
The accompanying notes are an integral part of the financial statements.
MONTHLY OPERATING REPORT
CONDENSED CONSOLIDATED DEBTORS-IN-POSSESSION STATEMENT OF CASH FLOWS
(In $U.S. 000's)
Month ended
Month ended
Month ended
Month ended
Month ended
December 31, 2010
November 30, 2010
October 31, 2010
September 30, 2010
August 31, 2010
Cash flows from operating activities:
Net income (loss) from continuing operations
$ (11,160)
$ (304)
$ (10,398)
$ (82,285)
$ (201,478)
Net income (loss) from discontinued operations
$ -
$ -
$ -
$ 262
$ -
Net income (loss)
$ (11,160)
$ (304)
$ (10,398)
$ (82,023)
$ (201,478)
Adjustments to reconcile net income/(loss) to net cash used
in operating activities:
Depreciation and amortization
2,822
2,951
2,942
2,879
3,160
Impairment charges
-
-
-
-
-
Amortization of deferred credits
105
(758)
(794)
(34,949)
(870)
Amortization of restricted stock awards
35
36
65
33
(23)
Amortization of contract incentive payments
24
24
24
27
27
Provision for obsolete expendable parts and supplies
(1,111)
101
105
136
477
Changes in operating assets and liabilities:
Net (purchases) sales of investment securities
1,747
(66)
(1,681)
1,478
(73)
Receivables
(3,772)
(9,066)
190
13,181
(1,496)
Expendable parts and supplies
7,615
(589)
(469)
67
555
Prepaid expenses and other assets
6,807
4,866
(1,623)
15,910
20,894
Other assets
50
50
50
-
690
Accounts Payable
(20,240)
9,047
9,960
(11,215)
456
Income taxes payable
(6,539)
(180)
(6,311)
(44,252)
(117,413)
Air traffic liability
-
-
-
-
-
Other accrued liabilities
26,145
(1,199)
14,661
149,831
343,235
Net cash provided by (used in) operating activities
2,527
4,912
6,722
11,104
48,142
Cash flows from reorganization activities
Net cash provided by (used in) reorganization activities
(20,014)
(148)
(12,879)
(134,345)
(322,877)
Total net cash provided by (used in) operating activities
(17,487)
4,765
(6,157)
(123,241)
(274,735)
Cash flows from investing activities:
Capital expenditures
730
(514)
(922)
(1,607)
1,762
Proceeds from sale of flight equipment and expendable inventory
Change in restricted cash
72
-
-
659
774
Equity method investment
320
584
353
637
128
Investment deposits
-
-
-
-
-
Change in other assets
1
5
1,412
1
156
Net returns (payments) of lease and equipment deposits
(10)
(51)
(3)
899
599
Net cash (used in) provided by investing activities
1,114
24
841
588
3,419
Cash flows from financing activities:
Unsecured claims for rejected aircrafts
-
-
10,883
124,701
279,150
Principal payments on long-term borrowings
(2,731)
(2,744)
(2,817)
(2,523)
(2,902)
Net cash (used in) provided by financing activities
(2,731)
(2,744)
8,066
122,178
276,248
Increase (decrease) in cash and cash equivalents
(19,104)
2,044
2,749
(474)
4,932
Cash and cash equivalents at beginning of period
62,526
60,482
57,733
58,207
53,275
Cash and cash equivalents at end of period
43,422
62,526
60,482
57,733
58,207
MONTHLY OPERATING REPORT
CONDENSED CONSOLIDATED DEBTORS-IN-POSSESSION STATEMENT OF CASH FLOWS
(In $U.S. 000's)
Month ended
Month ended
Month ended
Month ended
July 31, 2010
June 30, 2010
May 31, 2010
April 30, 2010
Cash flows from operating activities:
Net income (loss) from continuing operations
$ (27,888)
$ (275,336)
$ (2,633)
$ (1,612)
Net income (loss) from discontinued operations
$ -
$ -
$ -
$ -
Net income (loss)
$ (27,888)
$ (275,336)
$ (2,633)
$ (1,612)
Adjustments to reconcile net income/(loss) to net cash used
in operating activities:
Depreciation and amortization
3,215
3,343
3,328
3,330
Impairment charges
-
-
-
-
Amortization of deferred credits
(1,565)
(494)
(1,357)
(1,363)
Amortization of restricted stock awards
21
32
33
16
Amortization of contract incentive payments
27
27
27
27
Provision for obsolete expendable parts and supplies
107
155
301
122
Changes in operating assets and liabilities:
Net (purchases) sales of investment securities
(1,405)
1,258
(408)
(850)
Receivables
(644)
(9,283)
(1,331)
3,072
Expendable parts and supplies
(308)
(195)
(155)
(546)
Prepaid expenses and other assets
(2,254)
(5,165)
12,922
7,441
Other assets
50
50
50
188
Accounts Payable
10,882
(6,948)
(1,398)
(1,270)
Income taxes payable
(16,148)
(162,418)
(1,557)
(447)
Air traffic liability
-
-
-
-
Other accrued liabilities
42,388
452,445
2,005
1,259
Net cash provided by (used in) operating activities
6,476
(2,526)
9,828
9,367
Cash flows from reorganization activities
Net cash provided by (used in) reorganization activities
(43,414)
(448,910)
(2,553)
(2,590)
Total net cash provided by (used in) operating activities
(36,938)
(451,436)
7,275
6,777
Cash flows from investing activities:
Capital expenditures
-
2,314
(1,599)
(781)
Proceeds from sale of flight equipment and expendable inventory
-
-
Change in restricted cash
(8)
225
7
(377)
Equity method investment
151
(785)
334
516
Investment deposits
-
-
-
-
Change in other assets
7
5
6
(130)
Net returns (payments) of lease and equipment deposits
(90)
(14)
-
-
Net cash (used in) provided by investing activities
60
1,745
(1,253)
(772)
Cash flows from financing activities:
Unsecured claims for rejected aircrafts
40,587
443,717
-
-
Principal payments on long-term borrowings
(2,599)
(2,695)
(2,673)
(2,629)
Net cash (used in) provided by financing activities
37,988
441,023
(2,673)
(2,629)
Increase (decrease) in cash and cash equivalents
1,110
(8,668)
3,350
3,375
Cash and cash equivalents at beginning of period
52,165
60,833
57,484
54,109
Cash and cash equivalents at end of period
53,275
52,165
60,833
57,484
MONTHLY OPERATING REPORT
CONDENSED CONSOLIDATED DEBTORS-IN-POSSESSION STATEMENT OF CASH FLOWS
(In $U.S. 000's)
Month ended
Month ended
January 5, 2010
Filing to
March 31, 2010
February 28, 2010
to January 31, 2010
Date
Cash flows from operating activities:
Net income (loss) from continuing operations
$ (2,328)
$ (248)
$ (162)
$ (615,832)
Net income (loss) from discontinued operations
$ (0)
$ 2
$ 704
$ 968
Net income (loss)
$ (2,328)
$ (246)
$ 542
$ (614,864)
Adjustments to reconcile net income/(loss) to net cash used
in operating activities:
Depreciation and amortization
3,304
3,323
3,362
37,959
Impairment charges
-
-
(1,080)
(1,080)
Amortization of deferred credits
(512)
(1,464)
(1,338)
(45,360)
Amortization of restricted stock awards
86
52
65
452
Amortization of contract incentive payments
27
27
27
317
Provision for obsolete expendable parts and supplies
148
108
127
777
Changes in operating assets and liabilities:
Net (purchases) sales of investment securities
873
12
(885)
-
Receivables
5,834
(5,470)
3,626
(5,158)
Expendable parts and supplies
(171)
(170)
(13)
5,620
Prepaid expenses and other assets
(22,396)
16,335
19,133
72,871
Other assets
50
50
50
1,327
Accounts Payable
5,219
1,098
9,026
4,617
Income taxes payable
(3,230)
(137)
569
(358,062)
Air traffic liability
-
-
-
-
Other accrued liabilities
(2,339)
916
9,188
1,038,535
Net cash provided by (used in) operating activities
(15,435)
14,435
42,399
137,951
Cash flows from reorganization activities
Net cash provided by (used in) reorganization activities
(1,186)
(854)
(1,060)
(990,830)
Total net cash provided by (used in) operating activities
(16,621)
13,581
41,339
(852,879)
Cash flows from investing activities:
Capital expenditures
(3,324)
(1,378)
(1,538)
(6,858)
Proceeds from sale of flight equipment and expendable inventory
-
-
-
-
Change in restricted cash
688
1,104
3,144
Equity method investment
(238)
(213)
340
2,126
Investment deposits
-
-
-
-
Change in other assets
9
16
11
1,500
Net returns (payments) of lease and equipment deposits
(404)
(1)
(47)
879
Net cash (used in) provided by investing activities
(3,269)
(471)
(1,235)
790
Cash flows from financing activities:
Unsecured claims for rejected aircrafts
-
-
-
899,038
Principal payments on long-term borrowings
(4,708)
(1,874)
(1,867)
(32,761)
Net cash (used in) provided by financing activities
(4,708)
(1,874)
(1,867)
866,277
Increase (decrease) in cash and cash equivalents
(24,598)
11,236
38,238
14,189
Cash and cash equivalents at beginning of period
78,707
67,471
29,233
29,233
Cash and cash equivalents at end of period
54,109
78,707
67,471
43,422
NOTES TO MONTHLY OPERATING REPORT
(In $U.S. 000's)
Month ending
Month ending
Month ending
Month ending
December 31, 2010
November 30, 2010
October 31, 2010
September 30, 2010
Professional fees directly related to reorganization
$ 1,479
$ 968
$ 949
$ 1,063
Loss on rejection of aircraft leases (1)
18,480
(1,050)
12,870
129,427
Cost related to the early return and sale of aircraft
54
516
413
509
Abandonment of real property (1)
-
-
-
-
Write off of LOC for engine lease termination & return of aircraft
-
-
-
-
Write-off engine lease termination expenses
-
(286)
432
3,545
Other
-
-
-
(199)
Total loss/(gain) on reorganization items
20,014
148
14,664
134,345
Month ending
Month ending
Month ending
Month ending
August 31, 2010
July 31, 2010
June 30, 2010
May 31, 2010
Professional fees directly related to reorganization
$ 1,048
$ 465
$ 1,059
$ 691
Loss on rejection of aircraft leases
309,361
26,384
446,630
-
Cost related to the early return and sale of aircraft
2,012
1,231
1,221
1,862
Abandonment of real property
-
215
-
-
Write off of LOC for engine lease termination & return of aircraft
774
-
-
-
Write-off engine lease termination expenses
9,665
15,119
-
-
Other
-
-
-
-
Total loss/(gain) on reorganization items
322,859
43,414
448,910
2,553
January 5, 2010
Month ending
Month ending
Month ending
to
April 30, 2010
March 31, 2010
February 28, 2010
January 31, 2010
Professional fees directly related to reorganization
$ 2,590
$ 1,186
$ 854
$ 1,060
Loss on rejection of aircraft leases
-
-
-
-
Cost related to the early return and sale of aircraft
-
-
-
-
Abandonment of real property
-
-
-
-
Write off of LOC for engine lease termination & return of aircraft
-
2,027
-
-
Write-off engine lease termination expenses
-
1,312
-
-
Other
-
-
-
-
Total loss/(gain) on reorganization items
2,590
4,525
854
1,060
Filing to
Date
Professional fees directly related to reorganization
$ 13,412
Loss on rejection of aircraft leases
$ 942,103
Cost related to the early return and sale of aircraft
$ 7,818
Abandonment of real property
$ 215
Write off of LOC for engine lease termination & return of aircraft
$ 2,801
Write-off engine lease termination expenses
$ 29,786
Other
$ (199)
Total loss/(gain) on reorganization items
995,936
(1) For presentation purposes the abandonment of real property and loss on rejection of aircraft leases in July were adjusted to properly reflect these transactions.
The net adjustment between the two line items is zero.
(In $U.S. 000's)
Dec 31,
Nov 30,
Oct 31,
Sep 30,
2010
2010
2010
2010
Accounts payable and other accrued expenses
$ 61,817
$ 62,397
$ 62,781
$ 62,832
Accrued interest expense
4,035
4,016
4,041
4,023
Secured aircraft debt
359,859
362,572
365,245
367,935
Other secured debt
5,605
5,622
5,695
5,908
Unsecured debt
32,321
32,321
32,321
32,321
Bankruptcy related unsecured claims
910,108
909,185
910,210
899,553
Bankruptcy related admin claims
6,975
6,975
6,975
6,750
Convertible bonds (1)
9,186
9,143
9,100
9,057
Total liabilities subject to compromise
1,389,906
1,392,232
1,396,368
1,388,378
Aug 31,
July 31,
June 30,
May 31,
2010
2010
2010
2010
Accounts payable and other accrued expenses
$ 62,745
$ 64,373
$ 63,388
$ 62,058
Accrued interest expense
4,055
4,803
4,805
4,997
Secured aircraft debt
370,797
373,381
379,490
382,100
Other secured debt
8,693
9,174
10,369
10,377
Unsecured debt
32,321
32,321
32,321
51,158
Bankruptcy related unsecured claims
775,751
498,402
454,439
-
Bankruptcy related admin claims
5,850
4,050
3,975
-
Convertible bonds (1)
9,014
8,972
8,930
8,888
Total liabilities subject to compromise
1,269,227
995,476
957,716
519,577
April 30,
March 31,
February 28,
January 31,
2010
2010
2010
2010
Accounts payable and other accrued expenses
$ 62,364
$ 62,316
$ 68,090
$ 66,810
Accrued interest expense
4,914
4,903
5,937
6,197
Secured aircraft debt
384,767
387,289
391,771
393,692
Other secured debt
10,385
10,393
10,407
10,414
Unsecured debt
51,160
51,163
59,928
59,889
Bankruptcy related unsecured claims
-
-
-
-
Bankruptcy related admin claims
-
-
-
-
Convertible bonds (1)
8,846
8,804
-
-
Total liabilities subject to compromise
522,435
524,868
536,132
537,002
(1) Convertible bonds were listed under unsecured debt in January and February 2010.
Name
Type of Payment
Amount Paid (Dec 1 - Dec 31)
Ornstein, Jonathan G
Wages / Expenses
53,129.05
Gillman, Brian S
Wages / Expenses
46,790.00
Lotz, Michael J
Wages / Expenses
46,153.89
Foley, Paul F
Wages / Expenses
40,331.93
Appling, Gary W
Wages / Expenses
38,249.89
Butler, David K
Wages / Expenses
34,615.24
Kranzow, Keith C
Wages / Expenses
29,884.60
Ferverda, Michael L
Wages / Expenses
21,153.86
Pappaioanou, Chris J
Wages / Expenses
20,428.85
Swigart, James
Wages / Expenses
19,416.38
Hornberg, Robert A
Wages / Expenses
18,923.11
Gomes, Edward P
Wages / Expenses
17,637.22
Brown, Kenley B
Wages / Expenses
16,384.58
Gumm, Ryan J
Wages / Expenses
0.00
Gust, Eric W
Wages / Expenses
0.00
Thayer, Richard
Wages / Expenses
0.00
Beleson, Robert
Wages / Expenses
0.00
Altobello, Daniel
Wages / Expenses
0.00
Manson III, Joseph
Wages / Expenses
0.00
Nostrand, Peter
Wages / Expenses
0.00
Parker, Maurice
Wages / Expenses
0.00
Bonilla, Carlos
Wages / Expenses
0.00
$403,098.60