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UNITED STATES
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 (Date of earliest event reported):
March 28, 2006
INTEGRATED ELECTRICAL SERVICES, INC.
(Exact name of registrant as specified in its charter)
         
Delaware   001-13783   76-0542208
(State or other jurisdiction of   (Commission   (IRS Employer
incorporation)   File Number)   Identification No.)
     
1800 West Loop South, Suite 500    
Houston, Texas   77027
(Address of principal   (Zip Code)
executive offices)    
Registrant’s telephone number, including area code: (713) 860-1500
(Former name or former address, if changed since last report): Not applicable
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 

 

 

Item 7.01 Regulation FD Disclosure
     On March 28, 2006, Integrated Electrical Services, Inc. and certain of its direct and indirect subsidiaries (collectively, the “Debtors”), filed their Monthly Operating Report covering the month ended February 28, 2006 (the “Monthly Operating Report”), with the United States Bankruptcy Court for the Northern District of Texas, Dallas Division (the “Bankruptcy Court”). A copy of the Monthly Operating Report is attached to, and incorporated by reference in, this Current Report on Form 8-K as Exhibit 99.1.
     The Monthly Operating Report is limited in scope, covers a limited time period, and has been prepared solely for the purpose of complying with the monthly reporting requirements of the Bankruptcy Court. The financial information in the Monthly Operating Report is unaudited and does not purport to show the financial statements of any of the Debtors in accordance with accounting principles generally accepted in the United States (“GAAP”), and therefore excludes items required by GAAP, such as certain reclassifications, eliminations, accruals, and disclosure items. The Debtors caution readers not to place undue reliance upon the Monthly Operating Report. There can be no assurance that such information is complete. The Monthly Operating Report may be subject to revision. The Monthly Operating Report is in a format required by the Bankruptcy Code and should not be used for investment purposes. The information in the Monthly Operating Report should not be viewed as indicative of future results.
     In accordance with general instruction B.2 of Form 8-K, the information in this report (including exhibits) that is being furnished pursuant to Item 7.01 of Form 8-K shall not be deemed to be “filed” for the purposes of Section 18 of the Exchange Act, or otherwise subject to liabilities of that section, nor shall they be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as expressly set forth in such filing. This report will not be deemed an admission as to the materiality of any information in the report that is required to be disclosed solely by Regulation FD.
     This current report on Form 8-K includes certain statements that may be deemed to be “forward looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the Company ‘s expectations and involve risks and uncertainties that could cause the Company ‘s actual results to differ materially from those set forth in the statements. Such risks and uncertainties include, but are not limited to, the Company’s inability to complete a financial restructuring on terms acceptable to the Company or at all; the Debtors’ inability to obtain confirmation of a plan of reorganization; uncertainties affecting the monthly operating reports prepared in connection with the Chapter 11 Cases; and the outcome of the SEC investigation. You should understand that the foregoing important factors, in addition to those discussed in our other filings with the Securities and Exchange Commission, including those under the heading ‘Risk Factors” contained in our annual report on Form 10-K for the fiscal year ended September 30, 2005 and our quarterly report on Form 10-Q for the quarter ended December 31, 2005, could affect our future results and could cause results to differ materially from those expressed in such forward-looking statements. We undertake no obligation to publicly update or revise the Company’s borrowing availability, its cash position or any forward-looking statements to reflect events or circumstances that may arise after the date of this report.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
  (c)   Exhibits.
 
  Exhibit
Number 		  Description
 
  99.1*   Monthly Operating Report for the month of February 2006
 
  *   Furnished herewith

1

 

SIGNATURES
     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 hereunto duly authorized.
         
    INTEGRATED ELECTRICAL SERVICES, INC.
 
        
 
  By:   /s/ Curt L. Warnock
 
       
 
      Curt L. Warnock
 
      Senior Vice President and General Counsel
Date: March 30, 2006

2

 

EXHIBIT INDEX
  (c)   Exhibits.
 
  Exhibit
Number 		  Description
 
  99.1*   Monthly Operating Report for the month of February 2006
 
  *   Furnished herewith

3

exv99w1
 

Exhibit 99.1

Monthly Operating Report
         
         
 
CASE NAME: INTEGRATED ELECTRICAL SERVICES,
INC.,ET AL.
    ACCRUAL BASIS
         
 
 
      
         
 
CASE NUMBER: 06-30602-BJH-11 Chapter 11
    rwd, 1/05
         
 
 
      
         
 
JUDGE: HOUSER
      
         
UNITED STATES BANKRUPTCY COURT
NORTHERN DISTRICT OF TEXAS
DIVISION 6
MONTHLY OPERATING REPORT
MONTH ENDING: February 28, 2006
IN ACCORDANCE WITH TITLE 28, SECTION 1746, OF THE UNITED STATES CODE, I DECLARE UNDER PENALTY OF PERJURY THAT I HAVE EXAMINED THE FOLLOWING MONTHLY OPERATING REPORT (ACCRUAL BASIS-1 THROUGH ACCRUAL BASIS-7) AND THE ACCOMPANYING ATTACHMENTS AND, TO THE BEST OF MY KNOWLEDGE, THESE DOCUMENTS ARE TRUE, CORRECT AND COMPLETE. DECLARATION OF THE PREPARER (OTHER THAN RESPONSIBLE PARTY): IS BASED ON ALL INFORMATION OF WHICH PREPARER HAS ANY KNOWLEDGE.
     
RESPONSIBLE PARTY:
    
 
/s/ David A. Miller    CFO
 
    
ORIGINAL SIGNATURE OF RESPONSIBLE PARTY
  TITLE
 
David A. Miller    3-27-06 
 
    
PRINTED NAME OF RESPONSIBLE PARTY
  DATE
 
    
PREPARER:
    
 
    
 
    
ORIGINAL SIGNATURE OF PREPARER
  TITLE
 
    
 
    
PRINTED NAME OF PREPARER
  DATE

 

 

         
 
 
    Monthly Operating Report
         
 
CASE NAME: INTEGRATED ELECTRICAL SERVICES, INC., ET. AL.
      
         
 
 
    ACCRUAL BASIS-1
         
 
 
      
         
 
CASE NUMBER: 06-30602-BJH-11 Chapter 11
    rwd, 1/05
         
 
 
      
 
 
    ALL DOLLAR AMOUNTS ARE
         
 
COMPARATIVE BALANCE SHEET
    IN THOUSANDS
         
                                     
        SCHEDULE     MONTH     MONTH     MONTH  
ASSETS       AMOUNT     FEBRUARY 2006                  
 
1.
   UNRESTRICTED CASH           $ 12,764                  
2.
   RESTRICTED CASH           $ 20,000                  
3.
   TOTAL CASH   $ 0     $ 32,764     $ 0     $ 0  
 
                          
4.
   ACCOUNTS RECEIVABLE (NET)           $ 168,646                  
5.
   INVENTORY           $ 23,935                  
6.
   NOTES RECEIVABLE                                
7.
   PREPAID EXPENSES           $ 30,659                  
8.
   OTHER (ATTACH LIST)           $ 69,740                  
9.
   TOTAL CURRENT ASSETS   $ 0     $ 325,744     $ 0     $ 0  
 
                          
10.
   PROPERTY, PLANT & EQUIPMENT           $ 81,027                  
11.
   LESS: ACCUMULATED                                
 
   DEPRECIATION / DEPLETION           $ 58,445                  
12.
   NET PROPERTY, PLANT &
                                
 
   EQUIPMENT   $ 0     $ 22,582     $ 0     $ 0  
 
                          
13.
   DUE FROM INSIDERS                                
14.
   OTHER ASSETS - NET OF
                                
 
   AMORTIZATION (ATTACH LIST)           $ 24,343                  
15.
   OTHER (ATTACH LIST)           $ 12,066                  
16.
   TOTAL ASSETS   $ 0     $ 384,735     $ 0     $ 0  
 
                          
 
POSTPETITION LIABILITIES                                
 
17.
   ACCOUNTS PAYABLE           $ 25,081                  
18.
   TAXES PAYABLE           $ 2,394                  
19.
   NOTES PAYABLE           $ 0                  
20.
   PROFESSIONAL FEES           $ 1,250                  
21.
   SECURED DEBT (1)           $ 0                  
22.
   OTHER (ATTACH LIST)           $ 43,121                  
23.
   TOTAL POSTPETITION
                                
 
   LIABILITIES           $ 71,846     $ 0     $ 0  
 
                          
 
PREPETITION LIABILITIES                                
 
24.
   SECURED DEBT           $ 41                  
25.
   PRIORITY DEBT (2)           $ 32,762                  
26.
   UNSECURED DEBT           $ 257,425                  
27.
   OTHER (ATTACH LIST)           $ 22,050                  
28.
   TOTAL PREPETITION LIABILITIES   $ 0     $ 312,278     $ 0     $ 0  
 
                          
29.
   TOTAL LIABILITIES   $ 0     $ 384,124     $ 0     $ 0  
 
EQUITY                                
 
30.
   PREPETITION OWNERS' EQUITY           $ 6,014                  
31.
   POSTPETITION CUMULATIVE
                                
 
   PROFIT OR (LOSS)             ($5,403 )                
32.
   DIRECT CHARGES TO EQUITY
                                
 
   (ATTACH EXPLANATION)                                
33.
   TOTAL EQUITY   $ 0     $ 611     $ 0     $ 0  
 
                          
34.
   TOTAL LIABILITIES &
                                
 
   OWNERS' EQUITY   $ 0     $ 384,735     $ 0     $ 0  
 
(1)   The court has authorized debtor-in-possession financing from each of Bank of America, Chubb, Suretec and IBCS. However, there are no outstanding borrowings as of February 28, 2006.
 
(2)   Includes an esimate of outstanding priority claims attributable to goods received within 20 days of the petition date.

 

 

CASE NAME: INTEGRATED ELECTRICAL SERVICES, Inc., et. al.
MONTHLY OPERATING REPORT
CONSOLIDATED BALANCE SHEET
DETAIL FOR OTHER ASSETS (LINES 8, 14, & 15)
($000’s)
         
OTHER ASSETS: Current - Line 8  
Retained Funds on Contracts
   $ 40,295  
Contract Underbillings
     24,808  
Deferred Tax Asset, net of valuation allowance
     2,312  
Other Miscellaneous
     2,325  
 
      
Total Other Current Assets
   $ 69,740  
 
      
         
OTHER ASSETS, Non-Current: Other Assets, Net of Amortization - Line 14  
Goodwill
   $ 24,343  
 
        
 
        
 
      
Total Other Non-Current Assets, Net of Amortization
   $ 24,343  
 
      
         
OTHER ASSETS: Non-Current Other Assets - Line 15  
Investments
   $ 3,562  
Deferred Financing Costs
   $ 4,915  
Long Term Notes Receivable
   $ 1,969  
Deferred Tax Asset, net of valuation allowance
     1,332  
Other
     288  
 
      
Total Other Non-Current Assets
   $ 12,066  
 
      

 

 

CASE NAME: INTEGRATED ELECTRICAL SERVICES, Inc., et. al.
MONTHLY OPERATING REPORT
CONSOLIDATED BALANCE SHEET
DETAIL FOR OTHER ASSETS (LINES 22 & 27)
($000’s)
         
OTHER LIABILITIES: Post-Petition - Line 22  
Accrued Compensation and Other Expenses
   $ 20,833  
Contract Overbillings
     21,049  
Reserve for Contract Losses
     1,239  
 
      
TOTAL OTHER LIABILITIES- POST PETITION
   $ 43,121  
 
      
         
OTHER LIABILITIES: Pre-Petition - Line 27  
Contract Overbillings
   $ 6,149  
Reserve for Contract Losses
     382  
Deferred Tax Liabilities
     15,519  
 
      
TOTAL OTHER LIABILITIES- PRE PETITION
   $ 22,050  
 
      

 

 

                         
 
 
    Monthly Operating Report                
                         
 
CASE NAME: INTEGRATED ELECTRICAL SERVICES, INC., ET. AL.
                      
                         
 
 
    ACCRUAL BASIS-2                
                         
 
 
                      
                         
 
CASE NUMBER: 06-30602-BJH-11 Chapter 11
    rwd, 1/05                
                         
 
 
                      
                         
 
 
    ALL DOLLAR AMOUNTS ARE                
 
INCOME STATEMENT
    IN THOUSANDS                
         
                                     
        MONTH (1)     MONTH     MONTH     QUARTER  
REVENUES       FEBRUARY 2006                     TOTAL  
 
1.
   GROSS REVENUES   $ 38,799                          
2.
   LESS: RETURNS & DISCOUNTS   $ 0                          
3.
   NET REVENUE   $ 38,799     $ 0     $ 0     $ 0  
 
COST OF GOODS SOLD                                
 
4.
   MATERIAL   $ 18,619                          
5.
   DIRECT LABOR   $ 8,826                          
6.
   DIRECT OVERHEAD   $ 6,144                          
7.
   TOTAL COST OF GOODS SOLD   $ 33,588     $ 0     $ 0     $ 0  
 
                          
8.
   GROSS PROFIT   $ 5,211     $ 0     $ 0     $ 0  
 
OPERATING EXPENSES                                
 
9.
   OFFICER / INSIDER COMPENSATION   $ 127                          
10.
   SELLING & MARKETING   $ 165                          
11.
   GENERAL & ADMINISTRATIVE   $ 4,967                          
12.
   RENT & LEASE   $ 425                          
13.
   OTHER (ATTACH LIST)   $ 0                          
14.
   TOTAL OPERATING EXPENSES   $ 5,683     $ 0     $ 0     $ 0  
 
                          
15.
   INCOME BEFORE NON-OPERATING
INCOME & EXPENSE		     ($473 )   $ 0     $ 0     $ 0  
 
OTHER INCOME & EXPENSES                                
 
16.
   NON-OPERATING INCOME (ATT. LIST)   $ 82                          
17.
   NON-OPERATING EXPENSE (ATT. LIST)   $ 10                          
18.
   INTEREST EXPENSE   $ 821                          
19.
   DEPRECIATION / DEPLETION   $ 0                          
20.
   AMORTIZATION   $ 4,050                          
21.
   OTHER (ATTACH LIST)   $ 57                          
22.
   NET OTHER INCOME & EXPENSES   $ 4,856     $ 0     $ 0     $ 0  
 
REORGANIZATION EXPENSES                                
 
23.
   PROFESSIONAL FEES                                
24.
   U.S. TRUSTEE FEES                                
25.
   OTHER (ATTACH LIST)                                
26.
   TOTAL REORGANIZATION EXPENSES   $ 0     $ 0     $ 0     $ 0  
 
                          
27.
   INCOME TAX   $ 75                          
 
                          
28.
   NET PROFIT (LOSS)     ($5,403 )   $ 0     $ 0     $ 0  
 
(1)   Amounts are estimated for the period from the petition date of February 14, 2006 through the end of the month on February 28, 2006 (half of the month).

 

 

CASE NAME: INTEGRATED ELECTRICAL SERVICES, Inc., et. al.
MONTHLY OPERATING REPORT
CONSOLIDATED INCOME STATEMENT
DETAIL FOR OTHER INCOME & EXPENSE (LINES 16, 17, & 21)
($000’s)
         
OTHER: Non-Operating Income - Line 16  
Third Party Interest Income
   $ 74  
Miscellaneous
   $ 8  
 
      
TOTAL OTHER NON-OPERATING INCOME
   $ 82  
 
      
         
OTHER: Non-Operating Expense - Line 17  
Miscellaneous
   $ 10  
 
      
TOTAL OTHER NON-OPERATING EXPENSE
   $ 10  
 
      
         
OTHER: Income & Expense - Line 21  
(Gain)/Loss on Sales of Asset
   $ 71  
Other (Income) Expense
   $ (14 )
 
      
TOTAL OTHER INCOME & EXPENSES
   $ 57  
 
      

 

 

                         
 
 
    Monthly Operating Report                
                         
 
CASE NAME: INTEGRATED ELECTRICAL SERVICES, INC., ET. AL.
                      
                         
 
 
    ACCRUAL BASIS-3                
                         
 
 
                      
                         
 
CASE NUMBER: 06-30602-BJH-11 Chapter 11
    rwd, 1/05                
                         
 
 
                      
 
 
    ALL DOLLAR AMOUNTS ARE IN THOUSANDS                
         
                                     
CASH RECEIPTS AND     MONTH (1)     MONTH     MONTH     QUARTER  
DISBURSEMENTS       FEBRUARY 2006                     TOTAL  
 
1.
   CASH - BEGINNING OF MONTH   $ 39,842     $ 32,764     $ 32,764          
 
RECEIPTS FROM OPERATIONS                                
 
2.
   CASH SALES   $ 314                          
 
COLLECTION OF ACCOUNTS RECEIVABLE                                
 
3.
   PREPETITION   $ 65,174                          
4.
   POSTPETITION   $ 16,050                          
5.
   TOTAL OPERATING RECEIPTS   $ 81,538     $ 0     $ 0     $ 0  
 
NON — OPERATING RECEIPTS                                
 
6.
   LOANS & ADVANCES (ATTACH LIST)   $ 120                          
7.
   SALE OF ASSETS   $ 6                          
8.
   OTHER (ATTACH LIST)     ($404 )                        
9.
   TOTAL NON-OPERATING RECEIPTS     ($278 )   $ 0     $ 0     $ 0  
 
                          
10.
   TOTAL RECEIPTS   $ 81,260     $ 0     $ 0     $ 0  
 
                          
11.
   TOTAL CASH AVAILABLE   $ 121,102     $ 32,764     $ 32,764     $ 0  
 
OPERATING DISBURSEMENTS                                
 
12.
   NET PAYROLL   $ 19,944                          
13.
   PAYROLL TAXES PAID   $ 6,848                          
14.
   SALES, USE & OTHER TAXES PAID   $ 786                          
15.
   SECURED / RENTAL / LEASES   $ 1,219                          
16.
   UTILITIES   $ 257                          
17.
   INSURANCE   $ 1,555                          
18.
   INVENTORY PURCHASES   $ 32,260                          
19.
   VEHICLE EXPENSES   $ 1,214                          
20.
   TRAVEL   $ 195                          
21.
   ENTERTAINMENT   $ 149                          
22.
   REPAIRS & MAINTENANCE   $ 117                          
23.
   SUPPLIES   $ 511                          
24.
   ADVERTISING   $ 62                          
25.
   OTHER (ATTACH LIST)   $ 21,091                          
26.
   TOTAL OPERATING DISBURSEMENTS   $ 86,208     $ 0     $ 0     $ 0  
 
REORGANIZATION EXPENSES                                
 
27.
   PROFESSIONAL FEES   $ 2,130                          
28.
   U.S. TRUSTEE FEES                                
29.
   OTHER (ATTACH LIST)                                
30.
   TOTAL REORGANIZATION EXPENSES   $ 2,130     $ 0     $ 0     $ 0  
 
                          
31.
   TOTAL DISBURSEMENTS   $ 88,338     $ 0     $ 0     $ 0  
 
                          
32.
   NET CASH FLOW     ($7,078 )   $ 0     $ 0     $ 0  
 
                          
33.
   CASH - END OF MONTH   $ 32,764     $ 32,764     $ 32,764     $ 0  
 
(1)   Amounts represent the cash activity for the entire month of February, 2006.

 

 

CASE NAME: INTEGRATED ELECTRICAL SERVICES, Inc., et. al.
MONTHLY OPERATING REPORT
CONSOLIDATED CASH RECEIPTS AND DISBURSEMENTS
OTHER DISBURSEMENTS (LINE 25)
($000’s)
         
OTHER: Operating Disbursements - Line 25  
Direct & Indirect Job Cost
   $ 11,070  
Subcontract Cost
   $ 3,467  
Other
   $ 6,555  
 
      
TOTAL OTHER OPERATING DISBURSEMENTS
   $ 21,091  
 
      

 

 

                         
 
 
    Monthly Operating Report                
                         
 
CASE NAME: INTEGRATED ELECTRICAL SERVICES, INC., ET. AL.
                      
                         
 
 
    ACCRUAL BASIS-4                
                         
 
 
                      
                         
 
CASE NUMBER: 06-30602-BJH-11 Chapter 11
    rwd, 1/05                
                         
 
 
                      
 
 
    ALL DOLLAR AMOUNTS ARE                
 
 
    IN THOUSANDS                
         
                                     
        SCHEDULE     MONTH     MONTH     MONTH  
ACCOUNTS RECEIVABLE AGING AMOUNT     FEBRUARY 2006                
 
1.
   0-30           $ 101,707                  
2.
   31-60           $ 26,431                  
3.
   61-90           $ 12,321                  
4.
   91+           $ 31,492                  
 
                          
5.
   TOTAL ACCOUNTS RECEIVABLE   $ 0     $ 171,951     $ 0     $ 0  
6.
   AMOUNT CONSIDERED UNCOLLECTIBLE           $ 3,305                  
 
                          
7.
   ACCOUNTS RECEIVABLE (NET)   $ 0     $ 168,646     $ 0     $ 0  
 
                         
                         
 
AGING OF POSTPETITION TAXES AND PAYABLES
    MONTH:   FEBRUARY 2006            
 
 
                     
         
                                             
        0-30     31-60     61-90     91+        
TAXES PAYABLE       DAYS     DAYS     DAYS     DAYS     TOTAL  
 
1.
   FEDERAL   $ 953                               953  
2.
   STATE   $ 1,273                               1273  
3.
   LOCAL   $ 141                               141  
4.
   OTHER (ATTACH LIST)   $ 27                               27  
 
                                
5.
   TOTAL TAXES PAYABLE   $ 2,394     $ 0     $ 0     $ 0     $ 2,394  
 
 
                                            
 
6.
   ACCOUNTS PAYABLE   $ 25,081                             $ 25,081  
 
                         
                         
 
STATUS OF POSTPETITION TAXES
    MONTH:   FEBRUARY 2006            
 
 
                     
         
                                     
        BEGINNING     AMOUNT             ENDING  
        TAX     WITHHELD AND/     AMOUNT     TAX  
FEDERAL       LIABILITY*     OR ACCRUED     PAID     LIABILITY  
 
1.
   WITHHOLDING**   $ 0     $ 1,822     $ 1,525     $ 297  
2.
   FICA-EMPLOYEE**   $ 0     $ 1,223     $ 1,015     $ 208  
3.
   FICA-EMPLOYER**   $ 0     $ 1,278     $ 1,015     $ 263  
4.
   UNEMPLOYMENT   $ 0     $ 196     $ 13     $ 183  
5.
   INCOME   $ 0     $ 0     $ 0     $ 0  
6.
   OTHER (ATTACH LIST)                                
 
                                
7.
   TOTAL FEDERAL TAXES   $ 0     $ 4,519     $ 3,568     $ 951  
 
STATE AND LOCAL                                
 
8.
   WITHHOLDING   $ 0     $ 396     $ 281     $ 115  
9.
   SALES   $ 0     $ 631     $ 58     $ 573  
10.
   EXCISE   $ 0     $ 2     $ 2     $ 0  
11.
   UNEMPLOYMENT   $ 0     $ 655     $ 57     $ 598  
12.
   REAL PROPERTY   $ 0     $ 71     $ 2     $ 69  
13.
   PERSONAL PROPERTY   $ 0     $ 52     $ 0     $ 52  
14.
   OTHER (ATTACH LIST)   $ 0     $ 41     $ 5     $ 36  
 
                                
15.
   TOTAL STATE & LOCAL   $ 0     $ 1,848     $ 405     $ 1,443  
 
                                
16.
   TOTAL TAXES   $ 0     $ 6,367     $ 3,973     $ 2,394  
 
 
*   The beginning tax liability should represent the liability from the prior month or, if this is the first operating report, the amount should be zero.
 
**   Attach photocopies of IRS Form 6123 or your FTD coupon and payment receipt to verify payment or deposit.

 

 

CASE NAME: INTEGRATED ELECTRICAL SERVICES, Inc., et. al.
MONTHLY OPERATING REPORT
BANK RECONCILIATIONS & INVESTMENT ACCOUNTS
($000’s)
BANK RECONCILIATIONS — ACCOUNTS 1 — 11
                                                                                                     
        Account #1     Account #2     Account #3     Account #4     Account #5     Account #6     Account #7     Account #8     Account #9     Account #10     Account #11        
A.   BANK:   Bank of America     Bank of America     Bank of America     Bank of America     Bank of America     First American     First American     Amegy     Wells Fargo     Regions Bank     LaSalle        
B.   ACCOUNT NUMBER:   0013-9000-0887     0013-9001-2079     375-666-2809     375-666-5754     0013-9006-4292     331-276-202     335-519-729     316-474     494-507-3211     78-8700-0154     5800384397        
C.   PURPOSE (TYPE):   Master Concentration     A/P Account     Business Capital     Operating Acct     BCBXTX Benefit     Master Concentration     P/R Tax Escrow     Master Concentration     Master Concentration     Master Concentration     Master Concentration     Total  
1.
   BALANCE PER BANK STATEMENT   $ 20     $ 0     $ 3,907     $ 20     $ 1,147     $ 182     $ 4,011     $ 211     $ 211     $ 287     $ 93     $ 10,089  
2.
   ADD: TOTAL DEPOSITS NOT CREDITED   $ 0     $ 0     $ 0     $ 0     $ 0     $ 0     $ 0     $ 0     $ 0     $ 0     $ 0     $ 0  
3.
   SUBTRACT: OUTSTANDING CHECKS   $ 0     $ 0     $ 0     $ 0     $ 0     $ 0     $ 0     $ 0     $ 0     $ 0     $ 0     $ 0  
4.
   OTHER RECONCILING ITEMS   $ (480 )   $ 1     $ 0     $ 0     $ 0     $ 99     $ (0 )   $ 0     $ 0     $ 0     $ 0     $ (381 )
5.
   MONTH END BALANCE PER BOOKS   $ (460 )   $ 1     $ 3,907     $ 20     $ 1,147     $ 281     $ 4,010     $ 211     $ 211     $ 287     $ 93     $ 9,709  
6.
   NUMBER OF LAST CHECK WRITTEN     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
BANK RECONCILIATIONS — ACCOUNTS 12 — 22
                                                                                                     
        Account #12     Account #13     Account #14     Account #15     Account #16     Account #17     Account #18     Account #19     Account #20     Account #21     Account #22        
A.   BANK:   JP Morgan Chase     Wachovia     US Bank     JP Morgan Chase     Bank of America     Bank of America     JPM Chase     JP Morgan Chase     Bank of America     Bank of America     Bank of America        
B.   ACCOUNT NUMBER:   601-854-714     2000-0140-45185     4346-84-7728     323-297-692     0013-9001-2066     139-000-0890     601-854-706     601-854-698     442-620-1256     0013-9000-0900     0000-9929-8475        
C.   PURPOSE (TYPE):   A/P     Master Concentration     Master Concentration     Master Concentration     A/P (Closed)     A/P (Closed)     A/P Account (ZBA)     A/P Account (ZBA)     Payroll (ZBA)     Payroll (ZBA)     BCBSTX Benefit (Closed)     Total  
1.
   BALANCE PER BANK STATEMENT   $ 0     $ 599     $ 817     $ 426     $ 0     $ 0     $ 0     $ 0     $ 0     $ 0     $ 0     $ 1,842  
2.
   ADD: TOTAL DEPOSITS NOT CREDITED   $ 0     $ 0     $ 0     $ 0     $ 0     $ 0     $ 0     $ 0     $ 0     $ 0     $ 0     $ 0  
3.
   SUBTRACT: OUTSTANDING CHECKS   $ 921     $ 0     $ 0     $ 0     $ 10     $ 0     $ 37     $ 31     $ 0     $ 1     $ 0     $ 1,000  
4.
   OTHER RECONCILING ITEMS   $ (26 )   $ 0     $ 0     $ 0     $ 0     $ (39 )   $ 0     $ 0     $ 11     $ 193     $ 470     $ 608  
5.
   MONTH END BALANCE PER BOOKS   $ (947 )   $ 599     $ 817     $ 426     $ (10 )   $ (39 )   $ (37 )   $ (31 )   $ 11     $ 191     $ 470     $ 1,451  
6.
   NUMBER OF LAST CHECK WRITTEN     14236       n/a       n/a       n/a       3569       n/a       3295       7200       n/a       n/a       51404225       n/a  
BANK RECONCILIATIONS — ALL ACCOUNTS
                             
        TOTAL              
A.   BANK:   IES Corporate     IES Subsidiaries     TOTAL  
B.   ACCOUNT NUMBER:                  
C.   PURPOSE (TYPE):                  
1.
   BALANCE PER BANK STATEMENT   $ 11,932     not required          
2.
   ADD: TOTAL DEPOSITS NOT CREDITED   $ 0     not required          
3.
   SUBTRACT: OUTSTANDING CHECKS   $ 1,000     not required          
4.
   OTHER RECONCILING ITEMS   $ 228     not required          
5.
   MONTH END BALANCE PER BOOKS   $ 11,160       ($6,568 )   $ 4,592  
6.
   NUMBER OF LAST CHECK WRITTEN   see support                
INVESTMENT ACCOUNTS
                                 
        DATE OF     TYPE OF   PURCHASE     CURRENT  
BANK, ACCOUNT NAME & NUMBER   PURCHASE     INSTRUMENT   PRICE     VALUE  
7.
   Bank of America, Automated Overnight Investment, 1390000887     2/28/2006     Cash Reserves mutual fund   $ 3,118     $ 3,118  
8.
   Bank of America, 220-08522-1-4 EDW     2/2/2006     Money Market   $ 17     $ 17  
9.
   Bank of America, 249-00506-1-0 EDW*     2/3/2006     Money Market   $ 20,000     $ 20,000  
10.
   Bank of America, Automated Overnight Investment, 3756665754     2/28/2006     Cash Reserves mutual fund   $ 5,036     $ 5,036  
11.
   TOTAL INVESTMENTS               $ 28,172     $ 28,172  
CASH
         
12. CURRENCY ON HAND
   $ 0  
 
        
13. TOTAL CASH — END OF MONTH
   $ 32,764  

 

 

         
 
 
    Monthly Operating Report
         
 
CASE NAME: INTEGRATED ELECTRICAL SERVICES, INC., ET. AL.
      
         
 
 
    ACCRUAL BASIS-5
         
 
 
      
         
 
CASE NUMBER: 06-30602-BJH-11 Chapter 11
    rwd, 1/05
         
 
 
      
 
The debtor in possession must complete the reconciliation below for each bank account,
      
 
including all general, payroll and tax accounts, as well as all savings and investment
    ALL DOLLAR AMOUNTS ARE
 
accounts, money market accounts, certificates of deposit, government obligations, etc.
    IN THOUSANDS
 
Accounts with restricted funds should be identified by placing an asterisk next to the
      
 
account number. Attach additional sheets if necessary.
      
                         
                         
 
BANK RECONCILIATIONS
    MONTH:   FEBRUARY 2006            
 
 
                     
         
                                         
            Account #1     Account #2     Account #3          
         
  A.   BANK:     Summary
        
 
B.
   ACCOUNT NUMBER:     See Attached Schedule
   TOTAL
 
C.
   PURPOSE (TYPE):     IES Corporate
   IES Subsidiaries
                
 
1.
   BALANCE PER BANK STATEMENT     $ 11,932     not required                
 
2.
   ADD: TOTAL DEPOSITS NOT CREDITED     $ 0     not required                
 
3.
   SUBTRACT: OUTSTANDING CHECKS     $ 1,000     not required                
 
4.
   OTHER RECONCILING ITEMS     $ 228     not required                
 
5.
   MONTH END BALANCE PER BOOKS     $ 11,160       ($6,568 )   $ 0     $ 4,592  
 
6.
   NUMBER OF LAST CHECK WRITTEN     See Attached Schedule                        
         
 
 
                                      
                                     
  INVESTMENT ACCOUNTS                                  
         
                                     
        DATE OF     TYPE OF     PURCHASE     CURRENT  
BANK, ACCOUNT NAME & NUMBER   PURCHASE     INSTRUMENT     PRICE     VALUE  
 
7.
   Bank of America, Automated                                
 
   Overnight Investment, 1390000887     02/28/06     Cash Reserves mutual fund   $ 3,118     $ 3,118  
8.
   Bank of America, 220-08522-1-4 EDW     02/02/06     Money Market   $ 17     $ 17  
9.
   Bank of America, 249-00506-1-0 EDW*     02/03/06     Money Market   $ 20,000     $ 20,000  
10.
   Bank of America, Automated                                
 
   Overnight Investment, 3756665754     02/28/06     Cash Reserves mutual fund   $ 5,036     $ 5,036  
11.
   TOTAL INVESTMENTS                   $ 28,172     $ 28,172  
 
 
                                    
 
CASH
                                    
 
12.   CURRENCY ON HAND                           $ 0  
 
 
                                    
 
13.   TOTAL CASH — END OF MONTH                           $ 32,764  
 

 

 

         
 
 
    Monthly Operating Report
         
 
CASE NAME: INTEGRATED ELECTRICAL SERVICES, INC., ET. AL.
      
         
 
 
    ACCRUAL BASIS-6
         
 
 
      
         
 
CASE NUMBER: 06-30602-BJH-11 Chapter 11
    rwd, 1/05
         
 
 
    MONTH:FEBRUARY 2006 
 
 
    ALL DOLLAR AMOUNTS ARE
         
 
PAYMENTS TO INSIDERS AND PROFESSIONALS
    IN THOUSANDS
         
OF THE TOTAL DISBURSEMENTS SHOWN FOR THE MONTH, LIST THE AMOUNT PAID TO INSIDERS (AS DEFINED IN SECTION 101 (31) (A)-(F) OF THE U.S. BANKRUPTCY CODE) AND TO PROFESSIONALS. ALSO, FOR PAYMENTS TO INSIDERS, IDENTIFY THE TYPE OF COMPENSATION PAID (e.g. SALARY, BONUS, COMMISSIONS, INSURANCE, HOUSING ALLOWANCE, TRAVEL, CAR ALLOWANCE, ETC.). ATTACH ADDITIONAL SHEETS IF NECESSARY.
                         
    INSIDERS  
        TYPE OF   AMOUNT     TOTAL PAID  
    NAME   PAYMENT   PAID     TO DATE  
 
1.
   See attached schedule   Salary   $ 118     $ 118  
2.
   See attached schedule   Auto Allowance   $ 7     $ 7  
3.
   See attached schedule   Executive Disability   $ 0     $ 0  
4.
   See attached schedule   401 (k) Match   $ 1     $ 1  
5.
                        
6.
   TOTAL PAYMENTS                    
 
   TO INSIDERS       $ 127     $ 127  
                                                 
    PROFESSIONALS        
          DATE OF COURT                         TOTAL  
          ORDER AUTHORIZING     AMOUNT     AMOUNT     TOTAL PAID     INCURRED  
      NAME     PAYMENT   APPROVED     PAID     TO DATE     & UNPAID *  
 
1.
   See attached schedule     3/13/2006     see schedule   $ 15     $ 15     $ 1,250  
2.
                                                
3.
                                                
4.
                                                
5.
                                                
6.
   TOTAL PAYMENTS                                        
 
   TO PROFESSIONALS           $ 0     $ 15     $ 15     $ 1,250  
 
 
*   INCLUDE ALL FEES INCURRED, BOTH APPROVED AND UNAPPROVED

POSTPETITION STATUS OF SECURED NOTES, LEASES PAYABLE AND ADEQUATE PROTECTION PAYMENTS
                             
        SCHEDULED     AMOUNTS        
        MONTHLY     PAID     TOTAL  
        PAYMENTS     DURING     UNPAID  
    NAME OF CREDITOR   DUE     MONTH     POSTPETITION  
 
1.
   N/A - no schedule of liabilities for filing   $ 0     $ 0     $ 0  
2.
                            
3.
                            
4.
                            
5.
                            
6.
   TOTAL   $ 0     $ 0     $ 0  
 

 

 

CASE NAME: INTEGRATED ELECTRICAL SERVICES, Inc., et. al.
MONTHLY OPERATING REPORT
PAYMENTS TO INSIDERS (LINE ITEM 6 INSIDERS)
($000’s)
INSIDER 1 PAYMENTS
FEBRUARY 14-28, 2006
                         
        TYPE OF   AMOUNT     TOTAL PAID  
    NAME   PAYMENT   PAID     TO DATE  
1
   Cyrus B. Snyder   Salary   $ 10.42     $ 10.42  
 
   Cyrus B. Snyder   Auto Allowance   $ 0.75     $ 0.75  
2
   Richard C. Humphrey   Salary   $ 12.50     $ 12.50  
 
   Richard C. Humphrey   Auto Allowance   $ 0.75     $ 0.75  
 
   Richard C. Humphrey   Executive Disability   $ 0.14     $ 0.14  
 
   Richard C. Humphrey   401(k) Match   $ 0.20     $ 0.20  
3
   David A. Miller   Salary   $ 11.46     $ 11.46  
 
   David A. Miller   Auto Allowance   $ 0.75     $ 0.75  
 
   David A. Miller   Executive Disability   $ 0.10     $ 0.10  
 
   David A. Miller   401(k) Match   $ 0.17     $ 0.17  
4
   Curtlon L. Warnock   Salary   $ 9.38     $ 9.38  
 
   Curtlon L. Warnock   Auto Allowance   $ 0.75     $ 0.75  
 
   Curtlon L. Warnock   401(k) Match   $ 0.15     $ 0.15  
5
   Robert B. Callahan   Salary   $ 7.30     $ 7.30  
 
   Robert B. Callahan   Auto Allowance   $ 0.75     $ 0.75  
6
   Robert L. Wilson   Salary   $ 10.42     $ 10.42  
 
   Robert L. Wilson   Auto Allowance   $ 0.75     $ 0.75  
 
   Robert L. Wilson   401(k) Match   $ 0.08     $ 0.08  
7
   Michael Bertoldi   Salary   $ 9.38     $ 9.38  
 
   Michael Bertoldi   Auto Allowance   $ 0.75     $ 0.75  
 
   Michael Bertoldi   401(k) Match   $ 0.15     $ 0.15  
8
   Johnny Menninga   Salary   $ 9.38     $ 9.38  
 
   Johnny Menninga   Auto Allowance   $ 0.75     $ 0.75  
 
   Johnny Menninga   401(k) Match   $ 0.22     $ 0.22  
9
   Glenn Schaefer   Salary   $ 10.42     $ 10.42  
 
   Glenn Schaefer   Auto Allowance   $ 0.75     $ 0.75  
 
   Glenn Schaefer   401(k) Match   $ 0.16     $ 0.16  
10
   Robert Lewey   Salary   $ 7.08     $ 7.08  
 
   Robert Lewey   401(k) Match   $ 0.09     $ 0.09  
11
   Jefford Dixon   Salary   $ 6.67     $ 6.67  
 
   Jefford Dixon   401(k) Match   $ 0.09     $ 0.09  
12
   Gregory Upham   Salary   $ 7.08     $ 7.08  
13
   Philip deLoache   Salary   $ 6.88     $ 6.88  
 
                    
    TOTAL PAYMENTS TO INSIDERS   $ 126.64     $ 126.64  
 
                    
                         
1.
   Total   Salary   $ 118.34     $ 118.34  
2.
   Total   Auto Allowance   $ 6.75     $ 6.75  
3.
   Total   Executive Disability   $ 0.23     $ 0.23  
4.
   Total   401(k) Match   $ 1.32     $ 1.32  
5.
                        
 
                    
6.   TOTAL PAYMENTS TO INSIDERS   $ 126.64     $ 126.64  
 
                    
 
1   Defined as Officer and Directors of Integrated Electrical Services, Inc.

 

 

CASE NAME: INTEGRATED ELECTRICAL SERVICES, Inc., et. al.
MONTHLY OPERATING REPORT
PAYMENTS TO PROFESSIONALS (LINE ITEM 6 PROFESSIONALS)
($000’s)
                                           
PROFESSIONALS  
        DATE OF COURT                           TOTAL  
        ORDER AUTHORIZING     AMOUNT   AMOUNT     TOTAL PAID     INCURRED  
NAME   PAYMENT     APPROVED   PAID **     TO DATE **     & UNPAID *  
1.
   Vinson & Elkins     3/13/2006     80% of billed     $ 0     $ 0     $ 719  
2.
   Glass     3/13/2006     No preset limit     $ 0     $ 0     $ 110  
3.
   Gordian     3/13/2006     100% of billed     $ 0     $ 0     $ 0  
4.
   Financial Balloting Group     3/13/2006     No preset limit     $ 15     $ 15     $ 0  
5.
   Scott Clingan     3/13/2006     No preset limit     $ 0     $ 0     $ 101  
6.
   Weil Gotshal     3/13/2006     80% of billed     $ 0     $ 0     $ 320  
7.
   Conway Del Genio     3/13/2006     80% of billed     $ 0     $ 0     $ 0  
8.
   Patton & Boggs     3/13/2006     No preset limit     $ 0     $ 0     $ 0  
9.
   FTI     3/13/2006     No preset limit     $ 0     $ 0     $ 0  
10.
   Jenner & Block     3/13/2006     80% of billed     $ 0     $ 0     $ 0  
11.
   Guiliani Capital     3/13/2006     80% of billed     $ 0     $ 0     $ 0  
 
   TOTAL PAYMENTS TO PROFESSIONALS           $ 0   $ 15     $ 15     $ 1,250  
 
*   INCLUDE ALL FEES INCURRED, BOTH APPROVED AND UNAPPROVED
 
**   NO PAYMENTS MADE BETWEEN FEBRUARY 14-28, COURT APPROVAL AHTHIRIZING PAYMENT NOT RECEIVED UNTIL 03/13/06.
THE ONLY EXCEPTION WAS FOR FINANCIAL BALLOTING GROUP IN WHICH LEGAL ADVISED & APPROVED PAYMENT.

 

 

                 
 
 
    Monthly Operating Report        
                 
 
CASE NAME: INTEGRATED ELECTRICAL SERVICES, INC., ET. AL.
              
                 
 
 
    ACCRUAL BASIS-7        
                 
 
 
              
                 
 
CASE NUMBER: 06-30602-BJH-11 Chapter 11
    rwd, 1/05        
                 
 
 
    MONTH:FEBRUARY 2006         
 
 
    ALL DOLLAR AMOUNTS ARE IN THOUSANDS        
                 
 
QUESTIONAIRE
              
         
             
        YES   NO
 
1.
  HAVE ANY ASSETS BEEN SOLD OR TRANSFERRED OUTSIDE THE NORMAL COURSE OF BUSINESS THIS REPORTING PERIOD?       X
2.
  HAVE ANY FUNDS BEEN DISBURSED FROM ANY ACCOUNT OTHER THAN A DEBTOR IN POSSESSION ACCOUNT?       X
3.
  ARE ANY POSTPETITION RECEIVABLES (ACCOUNTS, NOTES, OR LOANS) DUE FROM RELATED PARTIES?       X
4.
  HAVE ANY PAYMENTS BEEN MADE ON PREPETITION LIABILITIES THIS REPORTING PERIOD?   X    
5.
  HAVE ANY POSTPETITION LOANS BEEN RECEIVED BY THE DEBTOR FROM ANY PARTY?       X
6.
  ARE ANY POSTPETITION PAYROLL TAXES PAST DUE?       X
7.
  ARE ANY POSTPETITION STATE OR FEDERAL INCOME TAXES PAST DUE?       X
8.
  ARE ANY POSTPETITION REAL ESTATE TAXES PAST DUE?       X
9.
  ARE ANY OTHER POSTPETITION TAXES PAST DUE?       X
10.
  ARE ANY AMOUNTS OWED TO POSTPETITION CREDITORS DELINQUENT?       X
11.
  HAVE ANY PREPETITION TAXES BEEN PAID DURING THE REPORTING PERIOD?   X    
12.
  ARE ANY WAGE PAYMENTS PAST DUE?       X
 
IF THE ANSWER TO ANY OF THE ABOVE QUESTIONS IS “YES,” PROVIDE A DETAILED EXPLANATION OF EACH ITEM. ATTACH ADDITIONAL SHEETS IF NECESSARY.
2. All disbursements are made from accounts which are part of the court approved cash management system.
 
4. The Company filed a motion with the bankruptcy court seeking authority to pay all undisputed pre-petition trade vendor claims in the ordinary course of business (the “Trade Vendor Motion”). The court approved this motion on February 15, 2006. Any payments made on pre-petition liabilities in this reporting period were under ordinary course of business. Any vendor that required court order to receive payment were not paid until such authorization had been granted on March 13, 2006.
 
5. While there is no funded debt outstanding as of February 28, 2006, the court has approved financing agreements with Bank of America, Chubb, Suretec and IBCS.
 
11. The company entered a motion with the court on February 14, 2006 seeking authority to pay pre-petition taxes in the ordinary course of business. The court approved this motion on February 15, 2006.
 
                 
                 
 
INSURANCE
             
         
             
        YES   NO
 
1.
  ARE WORKER’S COMPENSATION, GENERAL LIABILITY AND OTHER NECESSARY INSURANCE COVERAGES IN EFFECT?   X    
2.
  ARE ALL PREMIUM PAYMENTS PAID CURRENT?   X    
3.
  PLEASE ITEMIZE POLICIES BELOW.        
 
IF THE ANSWER TO ANY OF THE ABOVE QUESTIONS IS “NO,” OR IF ANY POLICIES HAVE BEEN CANCELLED OR NOT RENEWED DURING THIS REPORTING PERIOD, PROVIDE AN EXPLANATION BELOW. ATTACH ADDITIONAL SHEETS IF NECESSARY.
 
 
                   
INSTALLMENT PAYMENTS
TYPE OF                 PAYMENT AMOUNT
POLICY     CARRIER     PERIOD COVERED     & FREQUENCY
                   
See Attached Schedule
                  
                   
 
                  
                   
 
                  
                   
 
                  
                   
 
                  
                   

 

 

CASE NAME: INTEGRATED ELECTRICAL SERVICES, Inc., et. al.
MONTHLY OPERATING REPORT
INSURANCE INSTALLMENT PAYMENTS
($000’S)
                         
INSTALLMENT PAYMENTS
TYPE OF               PAYMENT AMOUNT
POLICY   CARRIER   PERIOD COVERED   & FREQUENCY ($000’s)
Workers Compensation—Deductible (All States except Monopolistic States and OR, AZ, NJ & CA)
  American Casualty Co — E.L. Limit $1MM   11/01/05   11/01/06   $ 115.84     MONTHLY
Workers Compensation—Deductible (All States except Monopolistic States and OR, AZ, NJ & CA)
  American Casualty Co — Surcharges/Fees   11/01/05   11/01/06   $ 1.38     MONTHLY
Workers Compensation—Deductible (All States except Monopolistic States and OR, AZ, NJ & CA)
  American Casualty Co — Terrorism   11/01/05   11/01/06   $ 5.77     MONTHLY
Workers Compensation—CA
  American Casualty Co — E.L. Limit $1MM   11/01/05   11/01/06   $ 4.59     MONTHLY
Workers Compensation—CA
  American Casualty Co — Surcharges/Fees   11/01/05   11/01/06   $ 0.38     MONTHLY
Workers Compensation—CA
  American Casualty Co — Terrorism   11/01/05   11/01/06   $ 0.23     MONTHLY
Workers Compensation—Retro OR, AZ, NJ
  Transportation Ins Co — E.L. Limit $1MM   11/01/05   11/01/06   $ 5.12     MONTHLY
Workers Compensation—Retro OR, AZ, NJ
  Transportation Ins Co — Surcharges/Fees   11/01/05   11/01/06   $ 0.17     MONTHLY
Workers Compensation—Retro OR, AZ, NJ
  Transportation Ins Co — Terrorism   11/01/05   11/01/06   $ 0.35     MONTHLY
Stop Gap Liability
  Transportation Ins Co   11/01/05   11/01/06   $ 0.01     MONTHLY
Business Auto
  Continental Casualty — $1MM CSL   11/01/05   11/01/06   $ 56.42     MONTHLY
Business Auto
  Continental Casualty — Terrorism   11/01/05   11/01/06   $ 0.06     MONTHLY
General Liability
  Interstate Fire & Casualty — $1MM / $2MM / $10MM   11/01/05   11/01/06   $ 94.00     MONTHLY
General Liability
  Interstate Fire & Casualty — Terrorism   11/01/05   11/01/06   $ 3.76     MONTHLY
General Liability
  Interstate Fire & Casualty — State Tax & Stamping Fee   11/01/05   11/01/06   $ 4.84     MONTHLY
Umbrella Liability
  RSUI Indemnity Co — Primary $25MM   11/01/05   11/01/06   $ 97.25     MONTHLY
Umbrella Liability
  RSUI Indemnity Co — Terrorism   11/01/05   11/01/06   $ 2.08     MONTHLY
Umbrella Liability
  American Guarantee — Next $25MM   11/01/05   11/01/06   $ 22.92     MONTHLY
Umbrella Liability
  American Guarantee — Terrorism   11/01/05   11/01/06   $ 0.23     MONTHLY
Umbrella Liability
  Westchester Fire   11/01/05   11/01/06   $ 10.00     MONTHLY
Umbrella Liability
  Great American — Next $25MM   11/01/05   11/01/06   $ 8.33     MONTHLY
Umbrella Liability
  Great American — Terrorism   11/01/05   11/01/06   $ 0.08     MONTHLY
Employment Practices Liability (EPL)
  National Union Fire   11/01/05   11/01/06   $ 15.22     MONTHLY
Crime
  Federal Insurance Co   11/01/05   11/01/06   $ 9.17     MONTHLY
Fiduciary
  St. Paul Mercury   11/01/05   11/01/06   $ 1.29     MONTHLY
Inland Marine Package
  National Fire Ins Hartford   11/01/05   11/01/06   $ 23.37     MONTHLY
Loss Control Services
  Bowen, Miclette & Britt   11/01/05   11/01/06   $ 12.25     MONTHLY
Agency Fee
  Bowen, Miclette & Britt   11/01/05   11/01/06   $ 41.35     MONTHLY
Property
  Travelers Property & Cas   12/15/05   12/15/06   $ 18.00     MONTHLY
Boiler & Machinery
  Continental Casualty   12/15/05   12/15/06   $ 0.06     MONTHLY
Directors & Officers Liability
  XL Specialty Ins Co   12/15/05   03/01/07   $ 57.26     MONTHLY
Directors & Officers Liability
  American Cas of Reading   12/15/05   03/01/07   $ 22.67     MONTHLY
Directors & Officers Liability
  Platte River Ins Co   12/15/05   03/01/07   $ 14.41     MONTHLY
Directors & Officers Liability
  RSUI Indemnity   12/15/05   03/01/07   $ 12.58     MONTHLY
Directors & Officers Liability
  St. Paul Mercury Ins Co   12/15/05   03/01/07   $ 6.44     MONTHLY
Aviation — Primary
  U. S. Specialty   01/29/06   01/29/07   $ 0.25     MONTHLY
Kidnap & Ransom/Extortion
  National Union Fire   04/21/03   04/21/06   $ 1.20     MONTHLY
Foreign Package
  Ins Co of the State of PA   06/17/05   06/17/06   $ 0.50     MONTHLY