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 8, 2005 (February 25, 2005)
___________________
TORCH OFFSHORE, INC.
(Exact Name of Registrant as Specified in its Charter)
000-32855
(Commission File Number)
Delaware 74-2982117
(State or Other Jurisdiction (IRS Employer
of Incorporation) Identification No.)
401 Whitney Avenue, Suite 400
Gretna, Louisiana 70056-2596
(Address of Principal Executive Offices) (Zip Code)
Registrant's Telephone Number, Including Area Code:
(504) 367-7030
___________________
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:
[ ] Written communications pursuant to Rule 425 under
the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under
the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule
14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
[ ] 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.
As previously reported, on January 7, 2005, Torch Offshore,
Inc. (the "Company") and its wholly owned subsidiaries,
Torch Offshore, L.L.C. and Torch Express, L.L.C., filed
voluntary petitions for reorganization under Chapter 11 of
the U.S. Bankruptcy Code with the United States Bankruptcy
Court for the Eastern District of Louisiana (the "Bankruptcy
Court") to facilitate a restructuring of their debt. The
cases were consolidated for the purpose of joint
administration and were assigned cased number 05-10137. The
Company continues to operate its business as debtors-in-
possession under the jurisdiction of the Bankruptcy Court
and in accordance with applicable provisions of the U.S.
Bankruptcy Code.
On February 25, 2005, the Company and its wholly owned
subsidiaries filed their monthly operating reports for the
period January 8, 2005 through January 31, 2005 with the
Bankruptcy Court (collectively, the "Monthly Operating
Reports"). The Monthly Operating Reports are on an
unconsolidated basis and therefore not comparable to the
Company's previous annual and quarterly reports. A copy of
the Monthly Operating Reports is furnished hereunder as
Exhibits 99.1, 99.2 and 99.3 to this Form 8-K.
Cautionary Statements Regarding Financial and Operating Data
The Company cautions investors and potential investors not
to place undue reliance upon the information contained in
the Monthly Operating Reports, as they were not prepared for
the purpose of providing the basis for an investment
decision relating to any of the securities of the Company.
The Monthly Operating Reports were not audited or reviewed
by independent accountants, are as prescribed by applicable
bankruptcy laws, and are subject to future adjustment and
reconciliation. There can be no assurance that, from the
perspective of an investor or potential investor in the
Company's securities, the Monthly Operating Reports are
complete.
The Monthly Operating Reports also contain information for
periods which are shorter or otherwise different from those
required in the Company's reports pursuant to the Securities
Exchange Act of 1934, as amended (the "Exchange Act"), and
such information might not be indicative of the Company's
financial condition or operating results for the period that
would be reflected in the Company's financial statements or
in its reports pursuant to the Exchange Act. Results set
forth in the Monthly Operating Reports should not be viewed
as indicative of future results.
Limitation on Incorporation by Reference
In accordance with General Instruction B.2 of Form 8-K, the
information in this Form 8-K furnished pursuant to Item 7.01
shall not be deemed to be "filed" for purposes of Section 18
of the Exchange Act, or otherwise subject to the liabilities
of that section, nor shall such information be deemed
incorporated by reference in any filing under the Exchange
Act or Securities Act of 1933, as amended, except as shall
be expressly set forth by specific reference in such a
filing.
Item 9.01 Financial Statements and Exhibits.
(c) Exhibits.
Exhibit Number Description
-------------- ------------------
99.1 Torch Offshore, Inc. Monthly Operating Report
for the period January 8, 2005 through
January 31, 2005.
99.2 Torch Offshore, L.L.C. Monthly Operating Report
for the period January 8, 2005 through
January 31, 2005.
99.3 Torch Express, L.L.C. Monthly Operating Report
for the period January 8, 2005 through
January 31, 2005.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act
of 1934, the Registrant has duly caused this report to be
signed on its behalf by the undersigned hereunto duly
authorized.
TORCH OFFSHORE, INC.
By: /s/ ROBERT E. FULTON
Date: March 8, 2005 -------------------------
Robert E. Fulton
Chief Financial Officer
EXHIBIT INDEX
Exhibit Number Description
-------------- ----------------------
99.1 Torch Offshore, Inc. Monthly Operating Report
for the period January 8, 2005 through
January 31, 2005.
99.2 Torch Offshore, L.L.C. Monthly Operating Report
for the period January 8, 2005 through
January 31, 2005.
99.3 Torch Express, L.L.C. Monthly Operating Report
for the period January 8, 2005 through
January 31, 2005.
EXHIBIT 99.1
Monthly Operating Report
Chapter 11
Case Names: Torch Offshore, Inc.(05-10137)
For Period: 1/8/2005 to 1/31/2005
Form Previously
Attached Waived Required Reports/Documents
-------- ---------- -----------------------------------
( X ) ( ) Comparative Balance Sheet (Form 2-B)
( X ) ( ) Profit and Loss Statement (Form 2-C)
( X ) ( ) Cash Receipts & Disbursements
Statement (Form 2-D)
( X ) ( ) Supporting Schedules (Form 2-E)
( X ) ( ) Narrative (Form 2-F)
( X ) ( ) Copies of Bank Statements and
Reconciliations of Bank Balance to
Book Balance for all Accounts
I declare under penalty of perjury that the following
Monthly Operating Report and any attachments thereto,
are true and correct to the best of my knowledge and belief.
Date: 2/25/2005 By: /s/ Robert E. Fulton
--------- --------------------
(Robert Fulton -
Chief Financial Officer)
Comparative Balance Sheet
-------------------------
Case Names: Torch Offshore, Inc. (05-10137)
UNCONSOLIDATED AND UNAUDITED
As of As of
1/7/2005 1/31/2005
---------- -----------
ASSETS
CURRENT ASSETS:
Cash (414,862.65) (136,944.19)
Due from affiliates 140,610,363.44 141,914,650.59
Accounts receivable-
Trade, Net 5,996,248.36 5,513,996.30
Other 1,510,412.34 -
Costs and estimated earnings
in excess of billings on
uncompleted contracts 55,306.00 116,224.74
Prepaid expenses and other 1,823,694.11 1,918,819.48
-------------- --------------
Total current assets 149,581,161.60 149,326,746.92
-------------- --------------
PROPERTY AND EQUIPMENT,at cost 25,918,255.91 25,951,198.70
Less: Accumulated Depreciation 2,828,709.23 3,006,152.54
-------------- --------------
NET PROPERTY AND EQUIPMENT 23,089,546.68 22,945,046.16
-------------- --------------
DEFERRED DRYDOCKING CHARGES - -
OTHER ASSETS 257,735.15 251,672.17
-------------- --------------
Total assets 172,928,443.43 172,523,465.25
============== ==============
LIABILITIES AND STOCKHOLDERS' EQUITY
POST-PETITION LIABILITIES
Accounts payable - trade - 85,431.59
Accrued expenses - 1,024,794.50
Accrued payroll and
related taxes - 838,358.39
Other - 2,616.45
-------------- --------------
TOTAL POST-PETITION LIABILITIES - 1,951,200.93
-------------- --------------
PRE-PETITION LIABILITIES -
SUBJECT TO COMPROMISE
Accounts payable - trade 10,265,679.77 10,265,679.77
Accrued expenses 4,819,162.69 4,740,526.71
Accrued payroll and
related taxes 314,428.72 -
Financed insurance premiums - -
Billings in excess of costs
and estimated earnings on
unbilled contracts - -
Finance Facility 78,480,670.81 78,480,670.81
Long-term debt 14,501,863.55 14,500,840.69
Non-revolving line of credit 4,854,535.00 4,854,535.00
Receivable line of credit 14,591,971.16 14,591,971.16
-------------- --------------
Total pre-petition
current liabilities 127,828,311.70 127,434,224.14
-------------- --------------
PRE-PETITION LIABILITIES -
SUBJECT TO COMPROMISE
Long-term debt, less
current portion - -
Other long-term liabilities - -
-------------- --------------
Total pre-petition long-
term liabilities - -
-------------- --------------
Total liabilities 127,828,311.70 129,385,425.07
-------------- --------------
STOCKHOLDERS' EQUITY:
Common stock 133,960.56 133,960.56
Preferred stock - -
Paid-in-capital 85,617,725.99 85,617,725.99
Treasury stock (4,258,064.76) (4,258,064.76)
Deferred compensation (227,718.45) (219,128.00)
Retained earnings
Through filing date (36,165,771.61) (36,165,771.61)
Post filing date - (1,970,682.00)
-------------- --------------
Total stockholders' equity 45,100,131.73 43,138,040.18
-------------- --------------
Total liabilities and
stockholders' equity 172,928,443.43 172,523,465.25
============== ==============
Profit and Loss Statement
-------------------------
Case Names: Torch Offshore, Inc. (05-10137)
UNCONSOLIDATED AND UNAUDITED
Period of
1/8/05 - 1/31/05
----------------
REVENUES 763,379.00
COST OF REVENUES
Cost of Sales 1,781,558.00
------------
GROSS PROFIT (DEFICIT) (1,018,179.00)
Depreciation & Amortization 184,828.00
General and Administrative Expenses 266,948.00
Other Operating Cost -
------------
TOTAL COST OF REVENUES 451,776.00
------------
OPERATING INCOME (LOSS) (1,469,955.00)
------------
OTHER INCOME (EXPENSE)
Interest expense (500,727.00)
Interest income -
------------
Total other income (expense) (500,727.00)
------------
INCOME (LOSS) BEFORE INCOME TAXES (1,970,682.00)
------------
INCOME TAX EXPENSE -
------------
NET INCOME(LOSS) (1,970,682.00)
============
Cash Receipts and Disbursements Statement
-----------------------------------------
Case Names: Torch Offshore, Inc. (05-10137)
For Period: 1/8/2005 to 1/31/2005
Cash Reconciliation
1. Beginning Cash Balance (414,862.65)
2. Cash Receipts 724,687.86
3. Cash Disbursements 446,769.40
4. Net Cash Flow 277,918.46
----------
5. Ending Cash Balance (136,944.19)
==========
Cash Summary - Ending Balance
Account Name Account # Amount Financial Institution
--------------- ------------ ----------- ---------------------
Payroll Account 41-0508-1335 (153.31) Regions Bank
Employee Benefit 41-0508-2285 (176,790.88) Regions Bank
Account
Cash Collateral 41-0517-6247 - Regions Bank
Account
Cash Collateral 41-0517-6255 - Regions Bank
Account
Cash Collateral 41-0517-6263 - Regions Bank
Account
Nigeria Account n/a 40,000.00 n/a
----------
Total (136,944.19)
==========
Quarterly Fee Summary
---------------------
Case Names: Torch Offshore, Inc. (05-10137)
Cash Disbursements
Payment Date Torch Offshore, Inc. Check No. Date
(05-10137)
------------ -------------------- --------- ----
January 446,769.40
February
March
----------
Total 1st Quarter 446,769.40
----------
Quarterly Fee Due 3,750.00
----------
April
May
June
----------
Total 2nd Quarter -
----------
Quarterly Fee Due
----------
July
August
September
----------
Total 3rd Quarter -
----------
Quarterly Fee Due
----------
October
November
December
----------
Total 4th Quarter -
----------
Quarterly Fee Due
----------
Cash Receipts and Disbursements Statement
-----------------------------------------
Case Names: Torch Offshore, Inc. (05-10137)
For Period: 1/8/2005 to 1/31/2005
Cash Receipts Journal
Date Payee Account Amount Description
(Source)
--------- ------------- ---------------- ------ -----------
1/28/2005 David Gray Employee Benefit 48.47
Account
1/28/2005 David Gray Employee Benefit 706.46
Account
1/28/2005 Michael Nelson Employee Benefit 546.90
Account
1/28/2005 Michael Nelson Employee Benefit 39.09
Account
1/28/2005 Michael Nelson Employee Benefit 706.46
Account
1/28/2005 Michael Nelson Employee Benefit 48.47
Account
1/28/2005 Ronny Wagner Employee Benefit 45.42
Account
1/28/2005 Donald Breaux Employee Benefit 1412.92
Account
1/28/2005 Script Care Employee Benefit 741.99
Account
1/28/2005 Jasper Clark Employee Benefit 116.65
Account
1/28/2005 Elvie Ronquillo Employee Benefit 232.56
Account
1/28/2005 Elvie Ronquillo Employee Benefit 27.35
Account
1/28/2005 L. Buras Employee Benefit 706.46
Account
1/26/2005 TOL Employee Benefit253,605.16 Intercompany
Account Transfer
1/14/2005 TOL Payroll Account 33,521.62 Intercompany
Transfer
1/20/2005 TOL Payroll Account 421,181.88 Intercompany
Transfer
1/25/2005 TOL Payroll Account 11,000.00 Intercompany
Transfer
----------
Total Cash Receipts 724,687.86
==========
Cash Receipts and Disbursements Statement
-----------------------------------------
Case Names: Torch Offshore, Inc. (05-10137)
For Period: 1/8/2005 to 1/31/2005
Cash Disbursements Journal
Date Check No. Payee Amount Description
(Source)
--------- -------- ------- ---------- -----------
1/20/2005 Various Torch Employees 385,601.41 Torch Payroll
Direct Deposits Checks via DD
1/10/2005 79240 Torch Employee 124.32 Torch Payroll Check
1/10/2005 29241 Torch Employee 248.65 Torch Payroll Check
1/10/2005 79242 Torch Employee 213.11 Torch Payroll Check
1/10/2005 79243 Torch Employee 277.05 Torch Payroll Check
1/10/2005 79244 Torch Employee 418.41 Torch Payroll Check
1/21/2005 79245 Torch Employee 2,676.96 Torch Payroll Check
1/21/2005 79246 Torch Employee 2,450.63 Torch Payroll Check
1/21/2005 79247 Torch Employee 685.83 Torch Payroll Check
1/21/2005 79248 Torch Employee 1,369.12 Torch Payroll Check
1/21/2005 79249 Torch Employee 244.84 Torch Payroll Check
1/21/2005 79250 Torch Employee 1,557.03 Torch Payroll Check
1/21/2005 79251 Torch Employee 579.72 Torch Payroll Check
1/21/2005 79252 Torch Employee 374.24 Torch Payroll Check
1/21/2005 79253 Torch Employee 783.43 Torch Payroll Check
1/21/2005 79254 Torch Employee 235.84 Torch Payroll Check
1/21/2005 79255 Torch Employee 824.65 Torch Payroll Check
1/21/2005 79256 Torch Employee 2,563.20 Torch Payroll Check
1/21/2005 79257 Torch Employee 757.64 Torch Payroll Check
1/21/2005 79258 Torch Employee 1,228.41 Torch Payroll Check
1/21/2005 79259 Torch Employee 2,479.05 Torch Payroll Check
1/21/2005 79260 Torch Employee 3,301.46 Torch Payroll Check
1/21/2005 79261 Torch Employee 1,488.66 Torch Payroll Check
1/21/2005 79262 Torch Employee 1,638.60 Torch Payroll Check
1/21/2005 79263 Torch Employee 1,145.75 Torch Payroll Check
1/21/2005 79264 Torch Employee 1,697.41 Torch Payroll Check
1/21/2005 79265 Torch Employee 1,814.66 Torch Payroll Check
1/21/2005 79266 Torch Employee 509.97 Torch Payroll Check
1/21/2005 79267 Torch Employee 703.16 Torch Payroll Check
1/21/2005 79268 Torch Employee 1,413.80 Torch Payroll Check
1/21/2005 79269 Torch Employee 1,410.42 Torch Payroll Check
1/21/2005 79270 Torch Employee 1,645.99 Torch Payroll Check
1/21/2005 79275 Torch Employee 903.14 Torch Payroll Check
1/21/2005 79276 Torch Employee 921.61 Torch Payroll Check
1/21/2005 79277 Torch Employee 1,290.32 Torch Payroll Check
1/21/2005 79278 Torch Employee 704.15 Torch Payroll Check
1/21/2005 79279 Torch Employee 730.61 Torch Payroll Check
1/21/2005 79280 Torch Employee 1,070.33 Torch Payroll Check
1/21/2005 79281 Torch Employee 867.32 Torch Payroll Check
1/21/2005 79282 Torch Employee 1,304.21 Torch Payroll Check
1/21/2005 79283 Torch Employee 1,304.10 Torch Payroll Check
1/21/2005 79284 Torch Employee 207.21 Torch Payroll Check
1/21/2005 79285 Torch Employee 1,159.51 Torch Payroll Check
1/21/2005 79286 Torch Employee 1,229.41 Torch Payroll Check
1/21/2005 79287 Torch Employee 1,396.40 Torch Payroll Check
1/21/2005 79288 Torch Employee 365.03 Torch Payroll Check
1/18/2005 20483 Children's Clinic 33.16 Employee Benefit
of SW LA, Inc Check
1/18/2005 20484 CHMPC 8298 125.84 Employee Benefit
Check
1/18/2005 20516 Fleur de Lis 2,048.62 Employee Benefit
OB/GYN Check
1/18/2005 20534 Broussard & Company 500.00 Employee Benefit
Check
1/21/2005 20538 Internal Medicine Employee Benefit
Clinic Houma 69.28 Check
1/25/2005 20554 Carl T. Stirling 31.39 Employee Benefit
Check
1/25/2005 20555 Chiropractic Clinic Employee Benefit
of Gretna 55.15 Check
1/27/2005 20562 Alfredo Botero, MD 25.00 Employee Benefit
Check
1/27/2005 20565 Cotton D. Feray, MD 23.25 Employee Benefit
Check
1/27/2005 20567 Jose M. Marina, MD 14.04 Employee Benefit
Check
1/27/2005 20569 Michael R. Melancon, Employee Benefit
MD 70.00 Check
1/27/2005 20571 Quest Daignostics 90.08 Employee Benefit
Check
1/27/2005 20572 Ochsner Clinic 81.00 Employee Benefit
Slidell Check
1/27/2005 20576 Southeast Neuroscience Employee Benefit
Center 73.00 Check
1/27/2005 20577 Stephen D. Goodwin, Employee Benefit
MD 14.04 Check
1/27/2005 20583 Melvin Gitlin, MD 332.00 Employee Benefit
Check
1/27/2005 20585 Thomas R. Donner 1.00 Employee Benefit
Check
1/27/2005 20586 Richard G. Carney 92.00 Employee Benefit
Check
1/27/2005 20589 Chandra 2,561.56 Employee Benefit
Higginbotham Check
1/31/2005 20590 Anesthesia Conslt Employee Benefit
of the South 696.15 Check
1/31/2005 20591 Bruno U. K. Steiner Employee Benefit
Rehab Clinc 157.50 Check
1/31/2005 20592 Children's Medical Employee Benefit
Center 45.82 Check
1/31/2005 20593 Drs Haydel, Haydel & Employee Benefit
Spencer 195.30 Check
1/31/2005 20594 Internal Medicine Employee Benefit
Assoc. Houma 89.32 Check
1/31/2005 20595 Stephen D. Goodwin, Employee Benefit
MD 2,932.84 Check
1/31/2005 20600 West Jefferson Employee Benefit
Medical Center 138.24 Check
1/31/2005 20602 Melvin Gitlin, MD 316.80 Employee Benefit
Check
1/31/2005 20603 E. Marie Mendenhall, 40.25 Employee Benefit
MD Check
----------
Total Cash Disbursements 446,769.40
==========
Supporting Schedules
--------------------
Case Names: Torch Offshore, Inc. (05-10137)
For Period: 1/8/2005 to 1/31/2005
Post-Petition Accounts Payable Aging Report
31-60 Over 90
----- -------
Type 0-30 61-90
-------------------------------------------- ---- -----
Vendor 003 / A R T CATERING, INC Type:
CATERI 9,827.54 - - -
Vendor 028 / BAY TECH EQUIP. RENTALS, INC.
Type: RENTAL 10,867.88 - - -
Vendor 083 / DIVERS SUPPLY, INC
76.12 - - -
Vendor 120 / GRAND RENTAL
1,680.00 - - -
Vendor 243 / SAMSON INDUSTRIAL
452.40 - - -
Vendor 256 / SOUTHLAND STEEL & SUPPLY
1,280.60 - - -
Vendor 276 / VACCO MARINE, INC.
2,065.50 - - -
Vendor 907 / DOUSSAN
1,900.97 - - -
Vendor 1065 / SAM BROUSSARD TRUCKING CO.
1,736.42 - - -
Vendor 1101 / HOSE SPECIALTY & SUPPLY CO.
1,459.90 - - -
Vendor 1117 / SEA-TRAC OFFSHORE SERVICE, INC
875.30 - - -
Vendor 1152 / SHIPYARD SUPPLY
8,556.01 - - -
Vendor 1171 / MAINTECH MAINTENANCE SERVICES,
789.63 - - -
Vendor 1245 / LAWSON AND CO., INC.
387.20 - - -
Vendor 1364 / B & B PUMP & EQUIPMENT RENTALS
1,440.00 - - -
Vendor 1431 / PACIFIC GULF WIRE ROPE, INC.
1,316.72 - - -
Vendor 2317 / GATOR EQUIPMENT RENTALS LLC
Type: HILTI 765.00 - - -
Vendor 2427 / STRATOS OFFSHORE SERVICE Type:
PHONE 7,661.19 - - -
Vendor 2623 / THOM ANDERSON Type: EMPLOY
1,318.14 - - -
Vendor 2692 / VENTURE TRANSPORT LOGISTICS
Type: TRUCK 2,089.38 - - -
Vendor 2697 / WHITCO SUPPLY CO Type: FLANGE
894.88 - - -
Vendor 2726 / BAYOU BLACK ELECTRIC, LLC
Type: ELECT 321.97 - - -
Vendor 2947 / DESTREHAN DISCOUNT PHARMACY
Type: DRUGS 79.69 - - -
Vendor 080 / DICK DILL BUSINESS FORMS 260.37 - - -
Vendor 150 / NEWSOUTH COMMUNICATIONS 681.22 - - -
Vendor 350 / BELL SOUTH LONG DISTANCE Type: 1,763.72 - - -
PHONE
Vendor 351 / UNITED PARCEL SERVICE Type: 32.00 - - -
POSTAG
Vendor 363 / UNISHIPPERS 149.21 - - -
Vendor 422 / XEROX CORPORATION 664.21 - - -
Vendor 639 / PERRY H. BEEBE & ASSO., INC. 1,904.00 - - -
Vendor 692 / DHL EXPRESS (USA), INC. Type: 242.66 - - -
POSTAG
Vendor 847 / CURTIS LEMONS 1,726.07 - - -
Vendor 1005 / SOUTHWESTERN BELL Type: PHONES 1,874.06 - - -
Vendor 1347 / KEN WALLACE 1,726.07 - - -
Vendor 1656 / SHAREHOLDER.COM 2,385.58 - - -
Vendor 1779 / CINGULAR WIRELESS 65.56 - - -
Vendor 1810 / BRADLEY LOWE 3,251.00 - - -
Vendor 1832 / ANDREW L. MICHEL 1,564.77 - - -
Vendor 2011 / EDWARD HOLLAND Type: EMPLOY 414.85 - - -
Vendor 2046 / ROBERT E. FULTON Type: EMPLOY 106.08 - - -
Vendor 2061 / MARY SCARDINO NASH Type: 373.45 - - -
EMPLOY
Vendor 2175 / DANIEL BABIN Type: EMPLOY 334.32 - - -
Vendor 2279 / JAMES SINGLETARY 550.55 - - -
Vendor 2337 / JOSEPH RAEDEKE Type: EMPLOY 250.00 - - -
Vendor 2388 / ASSOCIATED OFFICE SYSTEMS 342.05 - - -
Type: LABELS
Vendor 2501 / RICHARD J SHOPF Type: BOD 1,726.07 - - -
Vendor 2678 / RESTECH Type: SERVIC 281.25 - - -
Vendor 2699 / MICHAEL DOHM Type: EMPLOY 164.25 - - -
Vendor 2743 / LEE WARREN Type: EMPLOY 583.45 - - -
Vendor 2768 / BSFS EQUIPMENT LEASING Type: 2,964.49 - - -
PHONES
Vendor 2776 / THOMSON FINANCIAL CORP. GROUP 498.00 - - -
Type: FINANC
Vendor 2823 / INTEGRATED SOFTWARE SOLUTIONS 42.50 - - -
Vendor 2875 / DE LAGE LANDEN FINANCIAL SVCS 667.34 - - -
Type: COPIER
--------- -- -- --
85,431.59 - - -
========= == == ==
Supporting Schedules
--------------------
Case Names: Torch Offshore, Inc. (05-10137)
For Period: 1/8/2005 to 1/31/2005
Accounts Receivable Aging Report
Account Name 0-30 31-60 61-90 Over 90
-------------------- ------------ --------- ---------- ----------
ENERGY PARTNERS, LTD
1,894,770.13 - 499,736.17 -
HELIS
739,703.04 - - -
SONAT
1,140,304.05 - - -
TARPON OIL
511,653.84 - - -
WALTER OIL
- 614,388.77 - 30,333.33
WILLIAM G HELIS
205,334.97 - - -
Allowance for Doubtful
Accounts (122,228.00) - - -
-------------------- ------------ --------- ---------- ----------
Total Receivables at
1/31/05 4,369,538.03 614,388.77 499,736.17 30,333.33
============= ========== ========== ==========
Supporting Schedules
--------------------
Case Names: Torch Offshore, Inc. (05-10137)
For Period: 1/8/2005 to 1/31/2005
Insurance Schedule
Type Carrier/Agent Coverage($) Date of Premium
Expiration Paid
------------ -------------------- ---------- ---------- -------
Worker's LA Workers Comp Corp $1,000,000 1/26/06
Compensation
General Steadfast Ins. Co. $2,000,000 8/14/05
Liability
Property (Fire, LA Insurance $146,000 7/13/05
Theft) Underwriter
Association
Vehicle American Guarantee $1,000,000 8/14/05
and Liability
Excess XL Specialty $14,000,000 6/30/05
Fireman's Fund
Navigators
Primary Hull XL Specialty Various 6/30/05
Excess Hull GCM Underwriting Pool Various 6/30/05
Protection & American Steamship $2,000,000 5/21/05
Indemnity Owners Mutual P&I
Association, Inc.
Pollution Water Quality $5,000,000 4/10/05
Liability Insurance Syndicate
Equipment Commonwealth $9,493,579 4/10/05
Floater Insurance Co. of
America
Case Name: Torch Offshore, Inc.
Case Number: 05-10137
NARRATIVE STATEMENT
For Period January 8, 2005 to January 31, 2005
Please provide a brief description of the significant
business and legal action by the debtor, its creditors or
the court during the reporting period. Comments should
include any change in bank accounts, explanation of
extraordinary expenses and purposes of any new post-petition
financing. Comments should also include debtor's efforts
during the month to rehabilitate the business and to develop
a plan.
Torch Offshore, Inc. (the "Company") received final approval
from the U.S. Bankruptcy Court for the Eastern District of
Louisiana (the "Bankruptcy Court") of its debtor-in-
possession financing consisting of a $6.9 million revolving
credit facility and a $2.0 million discretionary letter of
credit facility (the "DIP Facility"). Regions Bank and
Export Development Canada are providing the DIP Facility.
The DIP Financing, combined with the Company's cash from
operations will provide funding for the Company's operations
during the Chapter 11 process.
Also, as part of the first day motions handed down by the
Bankruptcy Court, the Company was given the permission to
pay pre-petition wages to all employees up to the $4,925
limit per employee.
The Company is working on a strategy for its plan of
reorganization.
EXHIBIT 99.2
Monthly Operating Report
Chapter 11
Case Names: Torch Offshore, LLC (05-10138)
For Period: 1/8/2005 to 1/31/2005
Form Previously
Attached Waived Required Reports/Documents
-------- ---------- -----------------------------------
( X ) ( ) Comparative Balance Sheet (Form 2-B)
( X ) ( ) Profit and Loss Statement (Form 2-C)
( X ) ( ) Cash Receipts & Disbursements
Statement (Form 2-D)
( X ) ( ) Supporting Schedules (Form 2-E)
( X ) ( ) Narrative (Form 2-F)
( X ) ( ) Copies of Bank Statements and
Reconciliations of Bank Balance to
Book Balance for all Accounts
I declare under penalty of perjury that the following
Monthly Operating Report and any attachments thereto,
are true and correct to the best of my knowledge and belief.
Date: 2/25/2005 By: /s/ Robert E. Fulton
--------- --------------------
(Robert Fulton -
Chief Financial Officer)
Comparative Balance Sheet
-------------------------
Case Names: Torch Offshore, LLC (05-10138)
UNCONSOLIDATED AND UNAUDITED
As of As of
1/7/2005 1/31/2005
---------- -----------
ASSETS
CURRENT ASSETS:
Cash 1,612,526.71 3,502,153.23
Accounts receivable-
Trade, Net 9,896,148.80 10,974,221.06
Other 52.69 34.33
Costs and estimated earnings
in excess of billings on
uncompleted contracts 452,872.00 742,626.00
Prepaid expenses and other 1,734,176.80 1,466,160.94
-------------- --------------
Total current assets 13,695,777.00 16,685,195.56
-------------- --------------
PROPERTY AND EQUIPMENT,at cost 63,396,619.21 63,430,399.07
Less: Accumulated Depreciation 26,869,627.29 27,209,822.76
-------------- --------------
NET PROPERTY AND EQUIPMENT 36,526,991.92 36,220,576.31
-------------- --------------
DEFERRED DRYDOCKING CHARGES 3,145,193.47 3,060,594.06
OTHER ASSETS - -
-------------- --------------
Total assets 53,367,962.39 55,966,365.93
============== ==============
LIABILITIES AND STOCKHOLDERS' EQUITY
POST-PETITION LIABILITIES
Accounts payable - trade - 506,953.19
Due to Torch Offshore, Inc. - 1,304,287.15
Accrued expenses - 138,370.27
Other - -
-------------- --------------
TOTAL POST-PETITION LIABILITIES - 1,949,610.61
-------------- --------------
PRE-PETITION LIABILITIES -
SUBJECT TO COMPROMISE
Accounts payable - trade 14,432,523.08 14,432,523.08
Due to Torch Offshore, Inc. 29,751,565.42 29,751,565.42
Accrued expenses 2,315,496.65 2,314,778.15
Accrued payroll and
related taxes - -
Financed insurance premiums 687,846.01 496,165.34
Capital lease obligation 56,015.00 56,015.00
Billings in excess of costs
and estimated earnings on
unbilled contracts - -
Finance Facility - -
Long-term debt 6,124,516.23 6,124,516.23
Non-revolving line of credit - -
Receivable line of credit - -
-------------- --------------
Total pre-petition
current liabilities 53,367,962.39 53,175,563.22
-------------- --------------
PRE-PETITION LIABILITIES -
SUBJECT TO COMPROMISE
Long-term debt, less
current portion - -
Other long-term liabilities - -
-------------- --------------
Total pre-petition long-
term liabilities - -
-------------- --------------
Total liabilities 53,367,962.39 53,175,563.22
-------------- --------------
STOCKHOLDERS' EQUITY:
Common stock - -
Preferred stock - -
Paid-in-capital - -
Treasury stock - -
Deferred compensation - -
Retained earnings
Through filing date - -
Post filing date - 841,192.10
-------------- --------------
Total stockholders' equity - 841,192.10
-------------- --------------
Total liabilities and
stockholders' equity 53,367,962.39 55,966,365.93
============== ==============
Profit and Loss Statement
-------------------------
Case Names: Torch Offshore, LLC (05-10138)
UNCONSOLIDATED AND UNAUDITED
Period of
1/8/05 - 1/31/05
----------------
REVENUES 3,082,294.00
COST OF REVENUES
Cost of Sales 1,668,574.90
------------
GROSS PROFIT (DEFICIT) 1,413,719.10
Depreciation & Amortization 417,410.00
General and Administrative Expenses -
Other Operating Cost -
------------
TOTAL COST OF REVENUES 417,410.00
------------
OPERATING INCOME (LOSS) 996,309.10
------------
OTHER INCOME (EXPENSE)
Interest expense (155,125.00)
Interest income 8.00
------------
Total other income (expense) (155,117.00)
------------
INCOME (LOSS) BEFORE INCOME TAXES 841,192.10
------------
INCOME TAX EXPENSE -
------------
NET INCOME(LOSS) 841,192.10
============
Cash Receipts and Disbursements Statement
-----------------------------------------
Case Names: Torch Offshore, LLC (05-10138)
For Period: 1/8/2005 to 1/31/2005
Cash Reconciliation
1. Beginning Cash Balance 1,612,526.71
2. Cash Receipts 4,496,730.26
3. Cash Disbursements 2,607,103.74
4. Net Cash Flow 1,889,626.52
------------
5. Ending Cash Balance 3,502,153.23
============
Cash Summary - Ending Balance
Account Name Account # Amount Financial Institution
--------------- ------------ ----------- ---------------------
Cash Collateral 41-0507-8431 384,468.00 Regions Bank
Capital Construct-41-0508-1327 6,556.01 Regions Bank
ion Fund
Operating Account 41-0508-1238 3,104,877.73 Regions Bank
Operating Account 41-0514-2105 (2,463.80)Regions Bank
EG Bank Account 371-506338-01 7,315.29 SGBGE
Dulac Petty Cash n/a 400.00 TOL
Gretna Petty Cash n/a 500.00 TOL
Houston Petty Cash n/a 500.00 TOL
------------
Total 3,502,153.23
============
Quarterly Fee Summary
---------------------
Case Names: Torch Offshore, LLC (05-10138)
Cash Disbursements
Payment Date Torch Offshore, Inc. Check No. Date
(05-10138)
------------ -------------------- --------- ----
January 2,607,103.74
February
March
------------
Total 1st Quarter 2,607.103.74
------------
Quarterly Fee Due 7,500.00
------------
April
May
June
------------
Total 2nd Quarter -
------------
Quarterly Fee Due
------------
July
August
September
------------
Total 3rd Quarter -
------------
Quarterly Fee Due
------------
October
November
December
------------
Total 4th Quarter -
------------
Quarterly Fee Due
------------
Cash Receipts and Disbursements Statement
-----------------------------------------
Case Names: Torch Offshore, LLC (05-10138)
For Period: 1/8/2005 to 1/31/2005
Cash Disbursements Journal
Date Payee Account Amount Description
(Source)
--------- ------------------ --------------- -------------- -----------
1/24/2005 Vintage Petroleum Cash Collateral 15,510.95
1/28/2005 Badger Oil Corp. Cash Collateral 4,368.00
1/24/2005 Taylor Energy Cash Collateral 223,119.35
1/12/2005 Hunt (Aviara) Cash Collateral 488,292.00
1/24/2005 Mariner Energy Cash Collateral 375,905.00
1/12/2005 Sonat Exploration Cash Collateral 539,000.00
1/12/2005 Stone Energy Corp. Cash Collateral 357,922.00
1/12/2005 Walter Oil & Gas Cash Collateral 463,296.25
1/21/2005 Walter Oil & Gas Cash Collateral 36,615.75
1/24/2005 W&T Offshore Cash Collateral 56,275.00
1/31/2005 W&T Offshore Cash Collateral 380,100.00
1/13/2005 Export Dev. Canada Operating Account 1,513,948.45
1/12/2005 Misc. Operating Account 30.00
1/24/2005 Misc. Operating Account 200.00
1/13/2005 Crosby Tugs Operating Account 42,140.00
1/31/2005 Regions Bank Capital Construction
Fund 7.51
------------
Total Cash Receipts 4,496,730.26
============
Cash Receipts and Disbursements Statement
-----------------------------------------
Case Names: Torch Offshore, LLC (05-10138)
For Period: 1/8/2005 to 1/31/2005
Cash Disbursements Journal
Date Check No. Payee Amount Description
(Source)
--------- -------- ------------------------- ---------- -----------
1/13/2005 463729 ABS AMERICAS
5,317.00
1/14/2005 463730 DELAWARE SECRETARY OF STATE
64,020.00
1/14/2005 463737 THE NASDAQ STOCK MARKET, INC.
5,000.00
1/14/2005 463738 E & E MACHINE SHOP & SERVICES
3,040.00
1/17/2005 463739 CUMMINS MID-SOUTH, INC.
8,225.42
1/17/2005 463740 LOUISIANA CEMENT PRODUCTS,
INC 2,396.80
1/18/2005 463776 WELCH EQUIPMENT RENTALS
858.56
1/18/2005 463777 3PS, INC.
7,570.00
1/19/2005 463781 AARON OIL COMPANY, INC.
882.50
1/20/2005 463788 EXPLORATION SUPPLIES
143.20
1/20/2005 463789 GENERAL MILLS
133.90
1/20/2005 463790 HEAD & ENGQUIST
1,026.58
1/20/2005 463791 HERCULES WIRE & ROPE
1,342.77
1/20/2005 463792 MITCHELL CRANE
584.10
1/20/2005 463793 SUBMAR, INC.
210.00
1/20/2005 463794 CHANNEL SIDE LEASING
5,496.75
1/20/2005 463795 BELL SOUTH
2,242.90
1/20/2005 463796 WHITNEY AVENUE L.L.C.
14,642.57
1/20/2005 463797 FUELMAN OF NEW ORLEANS
40.47
1/20/2005 463798 UNITED PARCEL SERVICE
16.00
1/20/2005 463799 FEDERAL EXPRESS
102.95
1/20/2005 463800 COMMUNITY COFFEE CO., L.L.C.
43.00
1/20/2005 463801 HARVEY JONES VESSEL AGENTS
6,897.12
1/20/2005 463802 XEROX CORPORATION
645.21
1/20/2005 463803 LOWER DULAC LEASING INC.
1,548.38
1/20/2005 463804 PERRY H. BEEBE & ASSO., INC.
2,927.50
1/20/2005 463805 MATT LOWREY * Employee
392.89
1/20/2005 463806 REGIS RADIATOR SERVICE
3,550.00
1/20/2005 463807 DOUSSAN
198.00
1/20/2005 463808 SOUTHWESTERN BELL
32.52
1/20/2005 463809 SAM BROUSSARD TRUCKING CO.
4,062.53
1/20/2005 463810 DIXIE OFFICE PRODUCTS
683.76
1/20/2005 463811 LAWSON AND CO., INC.
104.16
1/20/2005 463812 CT CORPORATION SYSTEM
284.40
1/20/2005 463813 TOMMY GIBILTERRA
375.00
1/20/2005 463814 PACIFIC GULF WIRE ROPE, INC.
1,420.80
1/20/2005 463815 INTL. OFFSHORE CONST., INC.
5,480.00
1/20/2005 463816 LAQUINTA INNS
68.28
1/20/2005 463817 SUPERIOR LABOR SERVICES, INC
2,880.00
1/20/2005 463818 MICHAEL WILLIAMS
26.00
1/20/2005 463819 DARIN PATRICK * Employee
36.83
1/20/2005 463820 BILL KIMSEY
187.50
1/20/2005 463822 A R T CATERING, INC
11,163.93
1/20/2005 463823 WASTE MGMT. OF SOUTH
LOUISIANA 4,000.00
1/21/2005 463825 BOLAND MARINE
14,000.00
1/21/2005 463826 JACKSON D.BULLOCK * Employee
5,000.00
1/21/2005 463827 AARON OIL COMPANY, INC.
973.75
1/21/2005 463828 JACKSON D.BULLOCK * Employee
904.40
1/24/2005 463829 CONSOLIDATED HEALTH PLANS
23,835.08
1/24/2005 463830 U.S. COAST GUARD
50.00
1/24/2005 463831 AMERITAS
10,146.84
1/24/2005 463832 PRUDENTIAL
17,213.32
1/25/2005 463833 BAYOU PIPE MANAGEMENT, INC.
270.00
1/27/2005 463834 THOMAS PIPE
6,821.80
1/27/2005 463839 A R T CATERING, INC
5,012.25
1/27/2005 463840 CENTRAL GULF TOWING, INC
6,160.00
1/27/2005 463841 EXPLORATION SUPPLIES
410.19
1/27/2005 463842 GENERAL MILLS
57.00
1/27/2005 463843 HEAD & ENGQUIST
18,306.70
1/27/2005 463844 HERCULES WIRE & ROPE
4,032.50
1/27/2005 463845 NES EQUIPMENT RENTAL LP
17,680.00
1/27/2005 463846 SOUTHLAND STEEL & SUPPLY
4,583.60
1/27/2005 463847 BELL SOUTH
87.18
1/27/2005 463848 MUDBUGS SELF STORAGE
156.00
1/27/2005 463849 FUELMAN OF NEW ORLEANS
309.39
1/27/2005 463850 UNITED PARCEL SERVICE
16.00
1/27/2005 463851 AT & T
158.64
1/27/2005 463852 FEDERAL EXPRESS
292.34
1/27/2005 463853 COMMUNITY COFFEE CO., L.L.C.
239.91
1/27/2005 463854 HARVEY JONES VESSEL AGENTS
6,218.13
1/27/2005 463855 SAIA MOTOR FREIGHT INC.
605.60
1/27/2005 463856 WILKENS WEATHER TECHNOLOGIES,
619.33
1/27/2005 463857 DELTA WAVE COMMUNICATIONS,
INC 776.00
1/27/2005 463858 DHL EXPRESS (USA), INC.
26.63
1/27/2005 463859 ARCH PAGING OF HOUMA
107.76
1/27/2005 463860 CURTIS LEMONS * Director
500.00
1/27/2005 463861 REGIS RADIATOR SERVICE
375.00
1/27/2005 463862 DOUSSAN
12,342.67
1/27/2005 463863 PUMP EQUIPMENT, INC.
288.05
1/27/2005 463864 SAM BROUSSARD TRUCKING CO.
735.48
1/27/2005 463865 DIXIE OFFICE PRODUCTS
224.37
1/27/2005 463866 CENTRAL GOVERNMENTAL
DEPOSITOR 276.93
1/27/2005 463867 OCCUPATIONAL MEDICINE CENTER
68.00
1/27/2005 463868 LAWSON AND CO., INC.
1,060.18
1/27/2005 463869 ILLINOIS STATE DISBURSEMENT
UN 68.24
1/27/2005 463870 EMPIRE FUEL & OIL
11,577.32
1/27/2005 463871 KEN WALLACE * Director
500.00
1/27/2005 463872 AT&T WIRELESS
63.96
1/27/2005 463873 ACADIANA CREW CHANGE SERVICE
345.00
1/27/2005 463874 BUSINESS WIRE
210.00
1/27/2005 463875 AIRDYNE
1,190.00
1/27/2005 463876 ANDREW L. MICHEL * Director
500.00
1/27/2005 463877 DEPT. OF SOCIAL SERVICES
147.20
1/27/2005 463878 HAROLD J. BARKLEY, JR.
153.47
1/27/2005 463879 SUPERIOR LABOR SERVICES, INC
960.00
1/27/2005 463880 THOMAS ARMSTRONG * Employee
374.50
1/27/2005 463881 ANGELA D. JOHNSON * Employee
189.83
1/27/2005 463882 THE KNOX COUNTY CLERKS OFFICE
284.00
1/27/2005 463883 MISS. DEPT OF HUMAN SERVICES
78.46
1/27/2005 463884 VERMONT OFFICE
312.50
1/27/2005 463885 ENERGY CATERING SERVICES, LLC
21,641.82
1/27/2005 463886 DEPARTMENT OF SOCIAL SERVICES
125.07
1/27/2005 463887 DAVID RATTRAY * Employee
131.62
1/27/2005 463888 CHILD SUPPORT PAYMENT CENTER
180.46
1/27/2005 463889 RIDGWAY'S HOUSTON
54.00
1/27/2005 463890 RICHARD J SHOPF * Director
500.00
1/27/2005 463891 MiSDU
155.50
1/27/2005 463892 OFFICE OF THE ATTORNEY
GENERAL 138.46
1/27/2005 463893 DEPT. OF SOCIAL SERVICES
300.00
1/27/2005 463894 MISS. DEPT. OF HUMAN SERVICES
48.47
1/27/2005 463895 DEPT OF SOCIAL SERVICES
20.78
1/27/2005 463896 WHITCO SUPPLY CO
2,127.67
1/27/2005 463897 OCSE CASE#566952933
269.54
1/27/2005 463898 BAYOU BLACK ELECTRIC, LLC
1,543.90
1/27/2005 463899 CHILD SUPPORT ENFORCEMENT
1,117.52
1/27/2005 463900 HOUR MESSENGER
22.00
1/27/2005 463901 BRETT BAROUSSE * Employee
331.22
1/27/2005 463902 DEPT OF SOCIAL SERVICES
304.46
1/27/2005 463903 DEPT. OF SOCIAL SERVICES
302.02
1/27/2005 463904 LARRY REID
414.95
1/27/2005 463905 DEPT. OF SOCIAL SERVICES
99.74
1/27/2005 463906 BOLAND MARINE
2,520.00
1/31/2005 463908 RETIF OIL & FUEL
1,529.00
1/31/2005 463909 PACIFIC GULF WIRE ROPE, INC.
8,600.00
1/31/2005 463910 OAKWOOD CORPORATE HOUSING
3,131.00
1/31/2005 463911 RASMUSSEN EQUIPMENT CO.
6,800.00
1/13/2005 61745 ASCO
17,000.00
1/14/2005 61746 ITC Ship Holding
252,796.80
1/14/2005 61747 USI Southwest Cash
Concentration 191,680.67
1/14/2005 61748 Fugro Chance
29,799.00
1/21/2005 61749 USI Southwest Cash
Concentration 194,017.83
1/21/2005 61750 USI Southwest Cash
Concentration 33,950.00
1/24/2005 61751 Fugro Chance
30,254.00
1/25/2005 61752 LWCC Operating Account
168,830.00
1/26/2005 61753 Jarvis International Freight
6,611.13
1/26/2005 61754 Texas Mutual Insurance Co.
4,731.00
1/26/2005 61755 ASCO
20,412.58
1/27/2005 61756 Quay Marine Associates
22,578.20
1/27/2005 61757 Retif Oil & Fuel
31,736.25
1/28/2005 61758 C-Port/Stone
114,400.00
1/28/2005 61759 Fugro Chance
40,254.00
1/26/2005 n/a TOI - Employee Benefit Intercompany
Account 253,605.16 Transfer
1/14/2005 n/a TOI - Payroll Account Intercompany
33,521.62 Transfer
1/20/2005 n/a TOI - Payroll Account Intercompany
421,181.88 Transfer
1/25/2005 n/a TOI - Payroll Account Intercompany
11,000.00 Transfer
1/24/2005 n/a IRS
191,758.17
1/10/2005 n/a Louisiana Dept. of Revenue
11,299.32
1/31/2005 n/a Regions Morgan Keegan Trust
16,972.46
1/14/2005 n/a Regions Bank
76,832.77
1/19/2005 n/a Regions Bank
1,265.57
1/12/2005 463731 NELSON, MIKE * Employee
2,500.86
1/12/2005 463732 PATRICE CHEMIN * Employee
532.55
1/12/2005 763733 DONALD BREAUX, III * Employee
279.88
1/12/2005 763734 ROBERT A. PREVOST * Employee
146.00
1/12/2005 763735 THOMAS BUDDE * Employee
39.50
1/12/2005 763736 DIVINE MOFA * Employee
94.90
1/12/2005 463741 ELTON JOHNO * Employee
524.66
1/12/2005 463742 CENTRAL GOVERNMENT DEPOSITOR
276.93
1/12/2005 463743 ILLINOIS STATE DISBURSEMENT
68.24
1/12/2005 463744 KEN BROOKS * Employee
119.49
1/12/2005 463745 SAM LIRETTE, SR * Employee
139.24
1/12/2005 463746 BRADLEY LOWE * Employee
226.89
1/12/2005 463747 DEPT. OF SOCIAL SERVICES
147.20
1/12/2005 463748 DEPT OF SOCIAL SERVICES
61.76
1/12/2005 463749 HAROLD J. BARKLEY, JR
391.50
1/12/2005 463750 ANGELA D. JOHNSON * Employee
127.51
1/12/2005 463751 THE KNOX COUNTY CLERKS OFFICE
284.00
1/12/2005 463752 JAMES SINGLETARY
965.55
1/12/2005 463753 MISS. DEPT OF HUMAN SERVICES
78.46
1/12/2005 463754 VERMONT OFFICE
312.50
1/12/2005 463755 MISS. DEPT OF HUMAN SERVICES
163.85
1/12/2005 463756 ROBERT JAMIE WISE * Employee
656.46
1/12/2005 463757 CHILD SUPPORT PAYMENT CENTER
180.46
1/12/2005 463758 MISDU
155.50
1/12/2005 463759 DEPT. OF SOCIAL SERVICES
300.00
1/12/2005 463760 ERNEST DAVID ALLEN III
707.56
1/12/2005 463761 MISS. DEPT. OF HUMAN SERVICES
48.47
1/12/2005 463762 DEPT OF SOCIAL SERVICES
54.78
1/12/2005 463763 DEPT. OF SOCIAL SERVICES
245.34
1/12/2005 463764 ALLEN TOMPKINS * Employee
135.09
1/12/2005 463765 OCSE CASE#566952933
269.54
1/12/2005 463766 CLYDE COBB * Employee
468.27
1/12/2005 463767 CHILD SUPPORT ENFORCEMENT
954.72
1/12/2005 463768 DEPT OF SOCIAL SERVICES
162.77
1/12/2005 463769 TEXAS CHILD SUPPORT SDU
127.85
1/12/2005 463770 TEXAS CHILD SUPPORT SDU
76.15
1/12/2005 463771 DEPT. OF SOCIAL SERVICES
302.02
1/12/2005 463772 DEPT. OF SOCIAL SERVICES
216.91
1/12/2005 463773 PETER TEMPLETON
362.06
1/12/2005 463774 24 JUDICIAL DISTRICT, DA'S
OFF 386.80
1/12/2005 463775 JOHN LAPEROUSE, JR
50.00
1/12/2005 463782 MISS. DEPT OF HUMAN SERVICES
78.46
1/12/2005 463784 MISS. DEPT OF HUMAN SERVICES
327.70
1/12/2005 463785 MISS. DEPT. OF HUMAN SERVICES
48.47
1/12/2005 463786 CHILD SUPPORT ENFROCEMENT
1,025.70
1/12/2005 463787 24 JUDICIAL DISTRICT, DA'S
OFF 565.63
1/12/2005 463824 JACKSON D. BULLOCK * Employee
2,040.38
1/12/2005 463835 MATT LOWREY * Employee
144.59
1/12/2005 463836 JIM MERMIS * Employee
786.89
1/12/2005 463837 DAVID RATTRAY * Employee
159.50
1/12/2005 463838 BRETT BAROUSSE * Employee
366.24
1/12/2005 463907 LA DEPT OF LABOR
10,847.57
Various n/a Wire Transfer Fees
277.00
------------
Total Cash Disbursements 2,607,103.74
============
Supporting Schedules
--------------------
Case Names: Torch Offshore, LLC (05-10138)
For Period: 1/8/2005 to 1/31/2005
Post-Petition Accounts Payable Aging Report
31-60 Over 90
----- -------
Type 0-30 61-90
-------------------------------------------- ---- -----
Vendor 003 / A R T CATERING, INC Type:
CATERI 18,333.17 - - -
Vendor 026 / BAKER LYMAN AND CO., INC
32.05 - - -
Vendor 028 / BAY TECH EQUIP. RENTALS, INC.
Type: RENTAL 11,180.00 - - -
Vendor 045 / NEFF RENTAL
1,090.80 - - -
Vendor 046 / BUD'S BOAT RENTAL, INC
8,345.00 - - -
Vendor 053 / CENTRAL GULF TOWING, INC
100,850.00 - - -
Vendor 062 / COASTLINE CRANE REPAIR
19,719.76 - - -
Vendor 087 / DREYFUS-CORTNEY, INC
35,044.75 - - -
Vendor 088 / DRINKWATER PRODUCTS
1,004.66 - - -
Vendor 100 / EXPLORATION SUPPLIES
497.26 - - -
Vendor 114 / GENERAL MARINE LEASING
8,610.00 - - -
Vendor 120 / GRAND RENTAL
1,982.40 - - -
Vendor 130 / HEAD & ENGQUIST
1,081.25 - - -
Vendor 133 / HERCULES WIRE & ROPE
1,340.00 - - -
Vendor 149 / INDUSTRIAL WELDING SUPPLY
141.70 - - -
Vendor 159 / K & S DIESEL
4,148.48 - - -
Vendor 164 / L & H ELECTRIC CO., INC.
145.00 - - -
Vendor 187 / MCMASTER CARR SUPPLY CO.
1,054.65 - - -
Vendor 236 / RICHARD'S RESTAURANT SUPPLY
905.00 - - -
Vendor 252 / SHANNON HARDWARE CO. LTD.
1,218.75 - - -
Vendor 256 / SOUTHLAND STEEL & SUPPLY
4,612.10 - - -
Vendor 265 / TECH OIL PRODUCTS
314.50 - - -
Vendor 276 / VACCO MARINE, INC.
8,097.00 - - -
Vendor 379 / LEBLANC & ASSOC.
1,652.82 - - -
Vendor 416 / HARVEY JONES VESSEL AGENTS
1,223.40 - - -
Vendor 651 / CUMMINS MID-SOUTH, INC.
3,701.57 - - -
Vendor 661 / DELTA WAVE COMMUNICATIONS,
INC 1,455.30 - - -
Vendor 879 / MARINE SPECIALTIES, INC.
880.00 - - -
Vendor 894 / REGIS RADIATOR SERVICE
2,450.00 - - -
Vendor 898 / MARINE SERVICE AND SUPPLY
160.00 - - -
Vendor 903 / ALLIED BEARING AND SUPPLY,
INC 1,258.92 - - -
Vendor 907 / DOUSSAN
15,433.10 - - -
Vendor 926 / CUMMINS SOUTHERN PLAINS, INC.
3,701.57 - - -
Vendor 1065 / SAM BROUSSARD TRUCKING CO.
5,071.58 - - -
Vendor 1090 / DARCEY'S UPHOLSTERY & GLASS
330.90 - - -
Vendor 1107 / DIXIE OFFICE PRODUCTS
223.63 - - -
Vendor 1117 / SEA-TRAC OFFSHORE SERVICE,
INC 1,562.34 - - -
Vendor 1152 / SHIPYARD SUPPLY
5,600.00 - - -
Vendor 1171 / MAINTECH MAINTENANCE
SERVICES, 2,355.74 - - -
Vendor 1214 / CROSS SERVICES, INC.
13,527.75 - - -
Vendor 1245 / LAWSON AND CO., INC.
1,053.76 - - -
Vendor 1300 / EMPIRE FUEL & OIL
190.00 - - -
Vendor 1364 / B & B PUMP & EQUIPMENT
RENTALS 1,620.00 - - -
Vendor 1423 / F&M MAFCO, INC.
3,509.00 - - -
Vendor 1431 / PACIFIC GULF WIRE ROPE, INC.
17,324.63 - - -
Vendor 1436 / CROSS RENTALS
9,350.00 - - -
Vendor 1596 / BATON ROUGE INDUSTRIES, INC
416.67 - - -
Vendor 1712 / BAYOU PIPE MANAGEMENT, INC.
400.00 - - -
Vendor 1797 / INTL. OFFSHORE CONST., INC.
549.04 - - -
Vendor 1826 / AIRDYNE
3,900.00 - - -
Vendor 1835 / MARSIANIN Type: LABOR
5,727.00 - - -
Vendor 2077 / SUPERIOR LABOR SERVICES, INC
Type: LABOR 12,486.00 - - -
Vendor 2253 / BAY TECH INDUSTRIES, INC.
526.40 - - -
Vendor 2411 / ENERGY CATERING SERVICES,
LLC Type: CATERI 50,107.10 - - -
Vendor 2553 / C&D MARINE, LLC Type:
CHARTE 46,524.21 - - -
Vendor 2622 / TESLA OFFSHORE, LLC Type:
SURVEY 1,500.00 - - -
Vendor 2690 / LARRY A. BARRETT Type:
EMPLOY 141.12 - - -
Vendor 2692 / VENTURE TRANSPORT LOGISTICS
Type: TRUCK 285.17 - - -
Vendor 2697 / WHITCO SUPPLY CO Type:
FLANGE 1,388.22 - - -
Vendor 2726 / BAYOU BLACK ELECTRIC, LLC
Type: ELECT 300.44 - - -
Vendor 2829 / SPELL & SPELL oFFSHORE
7,843.98 - - -
Vendor 2899 / DIXIE MAT & HARDWOOD Type:
MATS 1,680.00 - - -
Vendor 2946 / TRI-STAR SUPPLY CO., INC.
Type: SUPPLY 112.00 - - -
Vendor 2947 / DESTREHAN DISCOUNT PHARMACY
Type: DRUGS 364.19 - - -
Vendor 100 / EXPLORATION SUPPLIES 432.76 - - -
Vendor 120 / GRAND RENTAL 1,822.24 - - -
Vendor 145 / MAKO TECHNOLOGIES, INC. 284.25 - - -
Vendor 149 / INDUSTRIAL WELDING SUPPLY 586.50 - - -
Vendor 184 / MARK TOOL & RUBBER CO. 4,105.86 - - -
Vendor 256 / SOUTHLAND STEEL & SUPPLY 10,769.03 - - -
Vendor 331 / ELTON JOHNO 279.84 - - -
Vendor 347 / FUELMAN OF NEW ORLEANS Type: 304.36 - - -
GAS
Vendor 355 / WASTE MGMT. OF SOUTH 1,124.76 - - -
LOUISIANA
Vendor 394 / SOUTH LA. ELECTRIC CORP. 449.96 - - -
Vendor 424 / CONSOLIDATED WATERWORKS 233.70 - - -
Vendor 452 / TERREBONNE GENERAL MEDICAL 650.50 - - -
Vendor 617 / SECON 690.00 - - -
Vendor 894 / REGIS RADIATOR SERVICE 201.19 - - -
Vendor 907 / DOUSSAN 871.44 - - -
Vendor 1065 / SAM BROUSSARD TRUCKING CO. 808.92 - - -
Vendor 1107 / DIXIE OFFICE PRODUCTS 632.40 - - -
Vendor 1500 / SAM LIRETTE, SR 24.00 - - -
Vendor 1542 / AARON OIL COMPANY, INC. 125.00 - - -
Vendor 1797 / INTL. OFFSHORE CONST., INC. 11,745.00 - - -
Vendor 1914 / IMPERIAL PREMIUM FINANCING 0.00 - - -
INC Type: FINANC
Vendor 2410 / METALLURGICAL & MATERIALS 31.60 - - -
Type: LEGAL
Vendor 2427 / STRATOS OFFSHORE SERVICE 945.73 - - -
Type: PHONE
Vendor 2697 / WHITCO SUPPLY CO Type: 7,763.58 - - -
FLANGE
Vendor 2726 / BAYOU BLACK ELECTRIC, LLC 4,050.80 - - -
Type: ELECT
Vendor 2950 / DANIEL FOSTER Type: EMPLOY 383.96 - - -
---------- -- -- --
506,953.21 - - -
========== == == ==
Supporting Schedules
--------------------
Case Names: Torch Offshore, LLC (05-10138)
For Period: 1/8/2005 to 1/31/2005
Accounts Receivable Aging Report
Account Name 0-30 31-60 61-90 Over 90
-------------------- ------------ --------- ---------- ----------
DMT
- - 204,510.03 -
EXXON MOBIL
374,480.39 - - -
HELIS
672,865.00 373,870.00 - -
HUNT
541,257.00 - - -
MARATHON
4,063,103.25 963,437.20 - -
MARINER
48,668.00 - - -
MEXSUB
- - - 771,650.00
OCEAN/BLUE
- - - 715,213.19
PALACE OPERATING
COMPANY 1,670,862.00 - - -
REMINGTON OIL & GAS
1,301,764.00 - - -
SPINNAKER EXPLORATION
328,260.00 144,060.90 250,724.10 -
TAYLOR
149,380.00 - - -
WESTPORT
91,489.00 - - -
Allowance for Doubtful
Accounts (1,691,373.00) - - -
------------ ----------- ---------- ------------
Total Receivables at
1/31/05 7,550,755.64 1,481,368.10 455,234.13 1,486,863.19
============ =========== ========== ============
Supporting Schedules
--------------------
Case Names: Torch Offshore, LLC (05-10138)
For Period: 1/8/2005 to 1/31/2005
Insurance Schedule
Type Carrier/Agent Coverage($) Date of Premium
Expiration Paid
------------ -------------------- ---------- ---------- -------
Worker's LA Workers Comp Corp $1,000,000 1/26/06
Compensation
General Steadfast Ins. Co. $2,000,000 8/14/05
Liability
Property (Fire, LA Insurance $146,000 7/13/05
Theft) Underwriter
Association
Vehicle American Guarantee $1,000,000 8/14/05
and Liability
Excess XL Specialty $14,000,000 6/30/05
Fireman's Fund
Navigators
Primary Hull XL Specialty Various 6/30/05
Excess Hull GCM Underwriting Pool Various 6/30/05
Protection & American Steamship $2,000,000 5/21/05
Indemnity Owners Mutual P&I
Association, Inc.
Pollution Water Quality $5,000,000 4/10/05
Liability Insurance Syndicate
Equipment Commonwealth $9,493,579 4/10/05
Floater Insurance Co. of
America
Case Name: Torch Offshore, L.L.C.
Case Number: 05-10138
NARRATIVE STATEMENT
For Period January 8, 2005 to January 31, 2005
Please provide a brief description of the significant
business and legal action by the debtor, its creditors or
the court during the reporting period. Comments should
include any change in bank accounts, explanation of
extraordinary expenses and purposes of any new post-petition
financing. Comments should also include debtor's efforts
during the month to rehabilitate the business and to develop
a plan.
Torch Offshore, L.L.C. (the "Company") received final
approval from the U.S. Bankruptcy Court for the Eastern
District of Louisiana (the "Bankruptcy Court") of its debtor-
in-possession financing consisting of a $6.9 million
revolving credit facility and a $2.0 million discretionary
letter of credit facility (the "DIP Facility"). Regions Bank
and Export Development Canada are providing the DIP
Facility. The DIP Financing, combined with the Company's
cash from operations will provide funding for the Company's
operations during the Chapter 11 process.
The Company is working on a strategy for its plan of
reorganization.
EXHIBIT 99.3
Monthly Operating Report
Chapter 11
Case Names: Torch Express, LLC (05-10140)
For Period: 1/8/2005 to 1/31/2005
Form Previously
Attached Waived Required Reports/Documents
-------- ---------- -----------------------------------
( X ) ( ) Comparative Balance Sheet (Form 2-B)
( X ) ( ) Profit and Loss Statement (Form 2-C)
( X ) ( ) Cash Receipts & Disbursements
Statement (Form 2-D)
( X ) ( ) Supporting Schedules (Form 2-E)
( X ) ( ) Narrative (Form 2-F)
( X ) ( ) Copies of Bank Statements and
Reconciliations of Bank Balance to
Book Balance for all Accounts
I declare under penalty of perjury that the following
Monthly Operating Report and any attachments thereto,
are true and correct to the best of my knowledge and belief.
Date: 2/25/2005 By: /s/ Robert E. Fulton
--------- --------------------
(Robert Fulton -
Chief Financial Officer)
Comparative Balance Sheet
-------------------------
Case Names: Torch Express, LLC (05-10140)
UNCONSOLIDATED AND UNAUDITED
As of As of
1/7/2005 1/31/2005
---------- -----------
ASSETS
CURRENT ASSETS:
Cash - -
Accounts receivable-
Trade, Net 1,609,199.56 1,609,199.56
Other - -
Costs and estimated earnings
in excess of billings on
uncompleted contracts - -
Prepaid expenses and other 569,241.45 426,603.19
-------------- --------------
Total current assets 2,178,441.01 2,035,802.75
-------------- --------------
PROPERTY AND EQUIPMENT,at cost 113,029,457.70 113,029,457.70
Less: Accumulated Depreciation 405,958.00 715,820.02
-------------- --------------
NET PROPERTY AND EQUIPMENT 112,623,499.70 112,313,637.68
-------------- --------------
DEFERRED DRYDOCKING CHARGES - -
OTHER ASSETS - -
-------------- --------------
Total assets 114,801,940.71 114,349,440.43
============== ==============
LIABILITIES AND STOCKHOLDERS' EQUITY
POST-PETITION LIABILITIES
Accounts payable - trade - 29,001.82
Other - 522.00
-------------- --------------
TOTAL POST-PETITION LIABILITIES - 29,523.82
-------------- --------------
PRE-PETITION LIABILITIES -
SUBJECT TO COMPROMISE
Accounts payable - trade 3,943,142.69 3,943,142.69
Due to Torch Offshore, Inc. 110,858,798.02 110,858,798.02
Accrued expenses - -
Accrued payroll and
related taxes - -
Financed insurance premiums - -
Billings in excess of costs
and estimated earnings on
unbilled contracts - -
-------------- --------------
Total pre-petition
current liabilities 114,801,940.71 114,801,940.71
-------------- --------------
PRE-PETITION LIABILITIES -
SUBJECT TO COMPROMISE
Long-term debt, less
current portion - -
Other long-term liabilities - -
-------------- --------------
Total pre-petition long-
term liabilities - -
-------------- --------------
Total liabilities 114,801,940.71 114,831,464.53
-------------- --------------
STOCKHOLDERS' EQUITY:
Common stock - -
Preferred stock - -
Paid-in-capital - -
Retained earnings
Through filing date - -
Post filing date - (482,024.10)
-------------- --------------
Total stockholders' equity - (482,024.10)
-------------- --------------
Total liabilities and
stockholders' equity 114,801,940.71 114,349,440.43
============== ==============
Profit and Loss Statement
-------------------------
Case Names: Torch Express, LLC (05-10140)
UNCONSOLIDATED AND UNAUDITED
Period of
1/8/05 - 1/31/05
----------------
REVENUES -
COST OF REVENUES
Cost of Sales 172,162.10
------------
GROSS PROFIT (DEFICIT) (172,162.10)
Depreciation & Amortization 309,862.00
General and Administrative Expenses -
Other Operating Cost -
------------
TOTAL COST OF REVENUES 309,862.00
------------
OPERATING INCOME (LOSS) (482,024.10)
------------
OTHER INCOME (EXPENSE)
Interest expense -
Interest income -
------------
Total other income (expense) -
------------
INCOME (LOSS) BEFORE INCOME TAXES (482,024.10)
------------
INCOME TAX EXPENSE -
------------
NET INCOME(LOSS) (482,024.10)
============
Cash Receipts and Disbursements Statement
-----------------------------------------
Case Names: Torch Express, LLC (05-10140)
For Period: 1/8/2005 to 1/31/2005
Cash Reconciliation
1. Beginning Cash Balance -
2. Cash Receipts -
3. Cash Disbursements -
4. Net Cash Flow -
----------
5. Ending Cash Balance -
==========
Cash Summary - Ending Balance
Account Name Account # Amount Financial Institution
--------------- ------------ ----------- ---------------------
None applicable.
----------
Total -
==========
Quarterly Fee Summary
---------------------
Case Names: Torch Express, LLC (05-10140)
Cash Disbursements
Payment Date Torch Offshore, Inc. Check No. Date
(05-10140)
------------ -------------------- --------- ----
January -
February
March
----------
Total 1st Quarter -
----------
Quarterly Fee Due 250.00
----------
April
May
June
----------
Total 2nd Quarter -
----------
Quarterly Fee Due
----------
July
August
September
----------
Total 3rd Quarter -
----------
Quarterly Fee Due
----------
October
November
December
----------
Total 4th Quarter -
----------
Quarterly Fee Due
----------
Cash Receipts and Disbursements Statement
-----------------------------------------
Case Names: Torch Express, LLC (05-10140)
For Period: 1/8/2005 to 1/31/2005
Cash Receipts Journal
Date Payee Account Amount Description
(Source)
--------- ------------- ---------------- ------ -----------
None applicable.
------
Total Cash Receipts -
======
Cash Receipts and Disbursements Statement
-----------------------------------------
Case Names: Torch Express, LLC (05-10140)
For Period: 1/8/2005 to 1/31/2005
Cash Disbursements Journal
Date Check No. Payee Amount Description
(Source)
--------- -------- ------- ---------- -----------
None applicable.
----------
Total Cash Disbursements -
==========
Supporting Schedules
--------------------
Case Names: Torch Express, LLC (05-10140)
For Period: 1/8/2005 to 1/31/2005
Post-Petition Accounts Payable Aging Report
31-60 Over 90
----- -------
Type 0-30 61-90
-------------------------------------------- ---- -----
Vendor 003 / A R T CATERING, INC Type:
CATERI 8,855.82 - - -
Vendor 026 / Baker Lyman and Co., Inc. 132.97 - - -
Vendor 036 / Boland Marine 14,000.00 - - -
Vendor 355 / Waste Mgmt. of South Louisiana 432.80 - - -
Vendor 421 / Saia Motor Freight Inc. Type:
FREIGH 604.50 - - -
Vendor 1065 / Sam Broussard Trucking Co. 455.76 - - -
Vendor 2427 / Stratos Offshore Service Type:
PHONE 4,519.97 - - -
--------- -- -- --
29,001.82 - - -
========= == == ==
Supporting Schedules
--------------------
Case Names: Torch Express, LLC (05-10140)
For Period: 1/8/2005 to 1/31/2005
Accounts Receivable Aging Report
Account Name 0-30 31-60 61-90 Over 90
-------------------- ------------ --------- ---------- ----------
ENERGY PARTNERS, LTD
156,327.08 1,452,872.48 - -
-------------------- ------------ --------- ---------- ----------
Total Receivables at
1/31/05 156,327.08 1,452,872.48 - -
============= ========== ========== ==========
Supporting Schedules
--------------------
Case Names: Torch Express, LLC (05-10140)
For Period: 1/8/2005 to 1/31/2005
Insurance Schedule
Type Carrier/Agent Coverage($) Date of Premium
Expiration Paid
------------ -------------------- ---------- ---------- -------
Worker's LA Workers Comp Corp $1,000,000 1/26/06
Compensation
General Steadfast Ins. Co. $2,000,000 8/14/05
Liability
Property (Fire, LA Insurance $146,000 7/13/05
Theft) Underwriter
Association
Vehicle American Guarantee $1,000,000 8/14/05
and Liability
Excess XL Specialty $14,000,000 6/30/05
Fireman's Fund
Navigators
Primary Hull XL Specialty Various 6/30/05
Excess Hull GCM Underwriting Pool Various 6/30/05
Protection & American Steamship $2,000,000 5/21/05
Indemnity Owners Mutual P&I
Association, Inc.
Pollution Water Quality $5,000,000 4/10/05
Liability Insurance Syndicate
Equipment Commonwealth $9,493,579 4/10/05
Floater Insurance Co. of
America
Case Name: Torch Express, L.L.C.
Case Number: 05-10140
NARRATIVE STATEMENT
For Period January 8, 2005 to January 31, 2005
Please provide a brief description of the significant
business and legal action by the debtor, its creditors or
the court during the reporting period. Comments should
include any change in bank accounts, explanation of
extraordinary expenses and purposes of any new post-petition
financing. Comments should also include debtor's efforts
during the month to rehabilitate the business and to develop
a plan.
Torch Express, L.L.C. (the "Company") received final
approval from the U.S. Bankruptcy Court for the Eastern
District of Louisiana (the "Bankruptcy Court") of its debtor-
in-possession financing consisting of a $6.9 million
revolving credit facility and a $2.0 million discretionary
letter of credit facility (the "DIP Facility"). Regions Bank
and Export Development Canada are providing the DIP
Facility. The DIP Financing, combined with the Company's
cash from operations will provide funding for the Company's
operations during the Chapter 11 process.
The Midnight Express was returned to the Company during the
week of January 10, 2005 via a court order. The vessel
remains in port at Braithwaite, Louisiana.
The Company is working on a strategy for its plan of
reorganization.