8-K 1 matlack8k07-02.txt CURRENT REPORT UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 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): July 23, 2002 --------------------- MATLACK SYSTEMS, INC. (Debtor-In-Possession as of March 29, 2001) (Exact name of registrant as specified in its charter) Delaware 1-10105 51-0310173 -------------------------------------------------------------------------------- (State or Other Jurisdiction of (Commission (I.R.S. Employer Incorporation or Organization) File Number) Identification Number) One Rollins Plaza, Wilmington, Delaware 19803 -------------------------------------------------------------------------------- (Address of Principal Executive Offices) (Zip Code) Registrant's telephone number, including area code: (302) 426-2700 ----------------- N/A -------------------------------------------------------------------------------- (Former Name or Former Address, if Changed Since Last Report) Item 5. Other Events. Matlack Systems, Inc., a Delaware corporation (the "Company"), is filing herewith the Monthly Operating Report for the period from May 1, 2002 to May 31, 2002 and the Monthly Operating Report for the period from June 1, 2002 to June 30, 2002, which the Company has filed with the United States Bankruptcy Court for the District of Delaware, in connection with the ongoing proceeding under Chapter 11 of the United States Bankruptcy Code involving the Company and all of its wholly owned subsidiaries, Case No. 01-1114 (MFW). Item 7. Financial Statements, Pro Forma Financial Information, and Exhibits. (c) Exhibits: 99(o) Monthly Operating Report for the period from May 1, 2002 to May 31 30, 2002. 99(p) Monthly Operating Report for the period from June 1, 2002 to June 30, 2002. 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. MATLACK SYSTEMS, INC. Dated: July 31, 2002 By: /s/ Stephen E. Judge ------------------------------- Stephen E. Judge Chief Reorganization Officer EXHIBIT INDEX Exhibit No. Description ----------- ----------- 99(o) Monthly Operating Report for the period from May 1, 2002 to May 31, 2002. 99(p) Monthly Operating Report for the period from June 1, 2002 to June 30, 2002. Exhibit 99(o) UNITED STATES BANKRUPTCY COURT DISTRICT OF DELAWARE In re: Matlack Systems, Inc., et al. Case No. 01-1114 (MFW) Reporting Period: May 1, 2002 to May 31, 2002 MONTHLY OPERATING REPORT File with Court and submit copy to United States Trustee within 20 days after end of month

I declare under penalty of perjury (28 U.S.C. Section 1746) that this report and the attached documents are true and correct to the best of my knowledge and belief. --------------------------------------- ---------------------- Signature of Debtor Date --------------------------------------- ---------------------- Signature of Joint Debtor Date /s/ Stephen E. Judge July 17, 2002 --------------------------------------- ---------------------- Signature of Authorized Individual* Date Stephen E. Judge Chief Reorganization Officer --------------------------------------- -------------------------------- Printed Name of Authorized Individual Title of Authorized Individual Note 1: Detailed bank reconciliations available upon request. Note 2: Tax returns relating to the Post-Petition available upon request. Note 3: Debtor no longer has Accounts Receivable outstanding. In re: Matlack Systems, Inc., et al. Case No. 01-1114 (MFW) Reporting Period: May 1, 2002 to May 31, 2002 SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS Amounts reported should be per the debtor's books, not the bank statement. The beginning cash should be the ending cash from the prior month or, if this is the first report, the amount should be the balance on the date the petition was filed. The amounts reported in the "CURRENT MONTH - ACTUAL" column must equal the sum of the four bank account columns. The amounts reported in the "PROJECTED" columns should be taken from the SMALL BUSINESS INITIAL REPORT (FORM IR-1). Attach copies of the bank statements and the cash disbursements journal. The total disbursements listed in the disbursements journal must equal the total disbursements reported on this page. A bank reconciliation must be attached for each account. [See MOR-1 (CON'T)]

BANK ACCOUNTS For the Current Period From ~~Apr.~~May 1, 2002 to ~~Apr.30~~May 31, 2002 Cumulative Since Filing OPERATING PAYROLL & TAX Actual Projected Actual Projected ~~--------- ------------- ------ --------- ------ ---------~~ (Note 1) Cash Receipts Collection of Accounts Receivable $ ~~14,669~~- $ ~~14,669~~- $ - $ 55,762,668 $ 56,532,000 ~~Receivable~~ Other ~~400~~46,964 ~~400~~46,964 - 7,~~447~~494,~~563~~527 4,635,916 -------------- --------------- -------------- --------------- ------------- ------------- Total Cash Receipts 1546,~~069~~964 1546,~~069~~964 0 63,~~210~~257,~~231~~195 61,167,916 -------------- --------------- -------------- --------------- ------------- ------------- Cash Disbursements Total Payroll - 5136,~~207~~746 5136,~~207~~746 40,~~760~~000 22,~~229~~266,~~759~~505 22,~~484~~524,583 Leased Operators - - 4,861,230 4,890,000 Operating Expenses Fuel ~~(8,758)~~- ~~(8,758)~~- - 4,238,356 5,037,000 Occupancy costs 1210,~~270~~706 1210,~~270~~706 4215,~~500~~000 2,~~151~~162,~~751~~457 2,~~755~~770,600 Equipment Costs 118,~~550~~197 118,~~550~~197 5,000 2,~~142~~160,~~761~~958 2,~~761~~766,800 Insurance ~~(33~~53,~~154)~~988 ~~(33~~53,~~154)~~988 5040,000 6,~~042~~096,~~836~~824 67,~~993~~033,800 Other Operating Expenses 38,~~330~~534 38,~~330~~534 10,000 8,~~486~~495,~~950~~484 10,~~805~~815,998 -------------- --------------- -------------- --------------- ------------- ------------- Total Operating Expenses ~~(24~~91,~~762)~~425 ~~(24~~91,~~762)~~425 ~~107~~70,~~500~~000 23,~~062~~154,~~654~~079 28,~~354~~424,198 Deposits with Key Vendors - - - 41,148 150,000 CAPEX - Equipment Refurbishment - - - 13,050 399,200 Deferred Rental and Leasing -34,000 - 34,000 63- 97,789 1,448,000 Costs Restructuring Costs 1123,~~808~~931 ~~2,226~~- 1423,~~034~~931 3925,~~500~~000 7,~~063~~087,~~843~~774 9,~~642~~667,097 Remittance of Equipment Sales 6,~~662~~512,766 - Proceeds to Secured Lender -(150,000) -(150,000) Inter - Account Transfer 5336,~~433~~746 (5336,~~433~~746) - -------------- --------------- -------------- --------------- ------------- ------------- Total Disbursements 4036,~~479~~102 - 4036,~~479~~102 ~~221~~135,~~760~~000 6364,~~998~~034,~~239~~341 67,~~368~~503,078 -------------- --------------- -------------- --------------- ------------- ------------- Net Cash Flow/Requirements ~~(25~~10,~~410)~~862 - ~~(25~~10,~~410)~~862 (~~221~~135,~~760~~000) (~~788~~777,~~008~~146) (6,~~200~~335,162) Opening Cash ~~153~~127,~~084~~674 ~~153~~127,~~084~~674 (4,~~661~~883,~~402~~162) 915,682 1,317,000 -------------- --------------- -------------- --------------- ------------- ------------- Closing Cash $ ~~127~~138,~~674~~536 $ ~~127~~138,~~674~~536 $ (45,~~883~~018,162) $ ~~127~~138,~~674~~536 $ (45,~~883~~018,162) ============== =============== ============== =============== ============= ============= THE FOLLOWING SECTION MUST BE COMPLETED DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES: (FROM CURRENT MONTH ACTUAL COLUMN) Q1 2001 Q2 2001 Q3 2001 04 2001 ------- ------- ------- ------- TOTAL DISBURSEMENTS $ 150,000 $ 31,512,851 $ 22,023,905 $ 6,840,682 LESS: TRANSFERS TO DEBTOR IN POSSESSION ACCOUNTS 0 0 0 PLUS: ESTATE DISBURSEMENTS MADE BY OUTSIDE SOURCES (i.e. from escrow accounts) 0 0 0 --------- ------------ ------------ ----------- TOTAL DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES $ 150,000 $ 31,512,851 $ 22,023,905 $ 6,840,682 ========= ============ ============ =========== Q1 2002 Q2 2002 ------- ------- TOTAL DISBURSEMENTS $ 3,430,322 $ 40,479 LESS: TRANSFERS TO DEBTOR IN POSSESSION ACCOUNTS 0 0 PLUS: ESTATE DISBURSEMENTS MADE BY OUTSIDE SOURCES (i.e. from escrow accounts) 0 0 ----------- --------- TOTAL DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES $ 3,430,322 $ 40,479 =========== =========

~~Expressed~~THE inFOLLOWING ~~USD~~SECTION ~~Converted~~MUST @BE ~~1:1.1.51~~COMPLETED ~~------------------------------------------------------------------------------------------------------~~DISBURSEMENTS 1FOR 3CALCULATING 4U.S. ~~Dec~~TRUSTEE 6QUARTERLY 9FEES: ~~12 Operating Operating Operating Tax Matlack~~ (~~Mellon~~FROM ~~Operating~~CURRENT ~~(First~~MONTH ~~Operating~~ACTUAL ~~Bank of Nova Prefunding Inc. Lockbox~~COLUMN) ~~(Mellon~~Q1 ~~DE)~~2001 ~~Union)~~Q2 ~~Mellon~~2001 ~~Scotia~~Q3 ~~Mellon~~2001 ~~Working~~Q4 ~~#145-2480~~2001 ~~#8016~~-~~376~~-~~9 #200003263225 #00909073 #00820~~-~~15 #021~~-~~8181 Funds Note 1 Note 3 Note 4 Note 5 Note 6 Note 9 Note 10 Grand Total~~ --- ------- ------- -------~~------------------------------------------------------------------------------~~ ~~BALANCE~~TOTAL ~~PER~~DISBURSEMENTS ~~BOOKS~~ $ ~~141~~150,~~041~~000 $ 431,~~890 $ 10~~512,~~823~~851 ($ 5922,~~421) $ 5~~023,~~848~~905 $ ~~0 $ 300 $ 103~~6,~~481~~840,682 ~~------------------------------------------------------------------------------------------------------------------------~~LESS: ~~BANK~~TRANSFERS ~~BALANCE~~TO $DEBTOR ~~141,041~~IN $POSSESSION ~~4,890~~ACCOUNTS $0 ~~10,823~~0 $ 0 $PLUS: ~~5,848~~ESTATE $DISBURSEMENTS 0MADE $0BY $OUTSIDE ~~162,602~~SOURCES (+)i.e. ~~DEPOSITS~~from INescrow $accounts) 0 $ 0 $ 0 $TOTAL 0DISBURSEMENTS $FOR 0CALCULATING $U.S. 0TRUSTEE ~~TRANSIT~~QUARTERLY ~~(-)~~FEES ~~OUTSTANDING (~~$ 34150,~~928)~~000 $ 031,512,851 $ 022,023,905 $ ~~0 $ 0 $ 0 ($ 34~~6,~~928)~~840,682 ~~CHECKS~~========== ~~OTHER~~============ $============ 0============ $Q1 02002 $Q2 02002 ~~$ 0 $ 0 $ 0~~ ------- -------~~----------------------------------------------------------------------------------------~~ ~~ADJUSTED~~TOTAL ~~BANK~~DISBURSEMENTS $ ~~106~~3,~~113~~430,322 $ 476,~~890~~581 $LESS: ~~10,823~~TRANSFERS $TO 0DEBTOR $IN ~~5,848~~POSSESSION $ACCOUNTS 0 $ 0 $PLUS: ~~127,674~~ESTATE BALANCE*DISBURSEMENTS MADE BY OUTSIDE SOURCES (i.e. from escrow accounts) 0 0 ---------------------------~~---------------------------------------------------------------------------~~ *TOTAL ~~Adjusted~~DISBURSEMENTS ~~bank~~FOR ~~(NOTE~~CALCULATING ~~11)~~U.S. ~~balance~~TRUSTEE ~~must~~QUARTERLY ~~equal~~FEES ~~balance~~$ ~~per~~3,430,322 ~~books~~$ ~~(see~~76,581 ~~Note 11) DEPOSITS IN None None None None None None None TRANSIT CHECKS Yes None None None None None None OUTSTANDING OTHER~~===========================

Note 1: The Operating Account represents the aggregate of the Company's operating accounts including $US & $Cnd Disbursement and Lockbox accounts. In re: Matlack Systems, Inc., et al. Case No. 01-1114 (MFW) Reporting Period: May 1, 2002 to May 31, 2002 BANK RECONCILIATIONS Continuation Sheet for MOR-1 A bank reconciliation must be included for each bank account. The debtor's bank reconciliation may be substituted for this page.

~~Current~~Expressed ~~Cumulative~~in ~~Month~~USD ~~Filing~~Converted to@ ~~Date~~1:1.1.51 ----- -------------- ~~REVENUES Revenue (Net) $ 4,300 $ 40,040,921~~ -------------------------- --------------------------------------------------------- ~~OPERATING~~1 ~~EXPENSES~~3 ~~Owned~~4 ~~Compensation~~Dec 06 9~~,795,625~~ ~~Leased~~12 ~~Operator~~Operating ~~Compensation~~Operating 0Operating ~~5,000,307~~Tax ~~Fuel~~Matlack ~~Expense~~(Mellon Operating (~~8,758)~~First ~~3,002,342~~Operating ~~Misc~~Bank of Nova Prefunding Inc. ~~Direct~~Lockbox) ~~Costs~~(Mellon 0DE) ~~5,503,885~~Union) ~~Cleaning~~Mellon ~~Expenses~~Scotia 0Mellon ~~4,144,131~~Working ~~Mechanics~~#145-2480 ~~Compensation~~#8016-376-9 0#200003263225 ~~1,266,834~~#0090907 ~~Misc.~~#00820-15 ~~Maintenance~~#021-8181 ~~Expense~~Funds 0Note ~~2,189,685~~1 ~~Equipment~~Note ~~Costs~~3 0Note ~~7,808,778~~4 ~~Terminal~~3 ~~Expenses~~Note ~~49,083~~5 Note 6 Note 9~~,346,711~~ Note 10 Grand Total -------------------------- ------------------------ ~~TOTAL OPERATING EXPENSES 40,325 48,058,298~~ -------------------------- -------------------------- ~~GROSS~~BALANCE ~~PROFIT~~PER /BOOKS ~~(LOSS)~~$ 168,668 $ 3,795 $ 0 (36$ 58,~~025~~253) (8$ 5,~~017~~848 $ 0 $ 300 $ 120,~~377)~~358 -------------------------- ------------------------ ~~G&A EXPENSES 62,085 14,080,533~~ -------------------------- -------------------------------------------- ~~OPERATING~~BANK ~~PROFIT~~BALANCE /$ 168,668 $ 3,795 $ 0 $ 0 $ 5,848 $ 0 $0 $ 178,311 (~~LOSS~~+) DEPOSITS IN $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 TRANSIT (~~98,110~~-) OUTSTANDING (22$ 39,~~097,910~~775) ~~OTHER~~$ ~~INCOME~~0 /$ ~~EXPENSE~~0 ~~Gain/Loss~~$ on0 ~~Sale~~$ of0 ~~Equipment~~$ 0 (2$ 39,~~375~~775) ~~13,468,093~~CHECKS ~~Other~~OTHER ~~Income/Deductions~~$ 0 ~~528,580~~$ 0 $ 0 $ 0 $ 0 $ 0 -------------------------- ------------------------ ~~TOTAL OTHER INCOME/EXPENSES (2,375) 13,996,673~~ -------------------------- -------------------------- ~~PROFIT~~ADJUSTED /BANK ~~(LOSS)~~$ ~~(95~~128,~~735)~~893 ($ 363,~~094~~795 $ 0 $ 0 $ 5,~~583)~~848 $ 0 $ 0 $ 138,536 BALANCE* -------------------------- ---------------------------------------------------------------------------- * Adjusted bank (NOTE 11) balance must equal balance per books (see Note 11) DEPOSITS IN None None None None None None None TRANSIT CHECKS Yes None None None None None None OUTSTANDING OTHER

Note 1: This account is used primarily for collection of cash receipts on trade receivables, to wire funds to trade suppliers and to fund the payroll accounts, as well as to receive wire transfers of funds from outside parties. Note 3: This account is used for cash receipts unrelated to trade receivables. Note 4: This account is not active. Note 5: This account is used for disbursements to pay trade payables by check. The list of outstanding checks is attached to the Company's Bank reconciliation. Note 6: This account is used for $Cnd disbursements to pay trade payables and salaries by check. The list of outstanding checks is attached to the Company's Bank reconciliation. Note 9: These accounts are funded by the Mellon lockbox account to pay various taxes. Note 10: This represents the aggregate of the terminal working fund accounts, the funding of which are reflected as disbursements in the Schedule of Cash Receipts & Disbursements. In re: Matlack Systems, Inc., et al. Case No. 01-1114 (MFW) Reporting Period: May 1, 2002 to May 31, 2002 STATEMENT OF OPERATIONS (Income Statement) The Statement of Operations is to be prepared on an accrual basis. The accrual basis of accounting recognizes revenue when it is realized and expenses when they are incurred, regardless of when cash is actually received or paid.

Current Cumulative ~~BREAKDOWN OF "OTHER" CATEGORY~~ Month Filing to Date REVENUES Revenue (Net) $ 4,300 $ 40,045,221 -------------------------- --- ----- ---------------- ~~Revenue~~OPERATING EXPENSES Owned ~~Linehaul~~Compensation ~~Revenue~~ 0 209,~~035~~795,~~706~~625 ~~Owned~~Leased ~~Accessorial~~Operator ~~Revenue~~Compensation 016,959 45,~~477~~017,~~068~~266 ~~Leased~~Fuel ~~Linehaul~~Expense ~~Revenue~~ 0 63,~~865~~002,~~934~~342 ~~Leased~~Misc. ~~Accessorial~~Direct ~~Revenue~~Costs 0 ~~774~~5,~~372~~503,885 Cleaning ~~Revenue~~Expenses 08,552 4,~~970~~152,~~227~~683 ~~Other~~Mechanics ~~Operating~~Compensation ~~Revenue~~0 ~~4,300~~ 1,~~607~~266,~~430~~834 ~~X-Rail~~Misc. ~~Revenue~~Maintenance Expense 0 ~~986~~2,~~185~~189,685 ~~Maintenance~~Equipment ~~Revenue~~Costs 0 ~~323~~7,~~999~~808,778 ~~------------------------~~Terminal ~~----------------------~~Expenses 426,~~300~~532 409,~~040~~373,~~921~~243 -------------------------- ------------------------ ~~Owned~~TOTAL ~~Compensation~~OPERATING ~~Driver~~EXPENSES ~~Pay Hourly 0 3~~52,~~091,600~~043 ~~Driver Overtime Pay 0 34~~48,~~120 Contractual Pay Mile 0 3~~110,~~554,726~~341 ~~Fringe Benefits 0 3,115,179~~ ------------------------ --~~--------------------~~ ~~0 9,795,625~~ ------------------------ ~~----------------------~~GROSS ~~Leased~~PROFIT ~~Operator~~/ ~~Comp~~(LOSS) ~~Leased~~(47,743) ~~Operator Comp 0 4~~(8,~~948~~065,~~634~~120) ~~Purchased Transportation 0 51,673~~ ------------------------ --~~--------------------~~ ~~0 5,000,307~~ ------------------------ ~~----------------------~~G&A ~~Fuel~~EXPENSES ~~Expense Fuel Terminal 0 1~~57,~~150,105~~844 ~~Fuel Outside (8~~14,~~758) 1~~138,~~820,865~~377 ~~Fuel Taxes 0 3,904 Oil and Oil Tax 0 27,468~~ ------------------------ --~~--------------------~~ ~~(8,758) 3,002,342~~ ------------------------ ~~----------------------~~OPERATING ~~Misc~~PROFIT ~~Direct~~/ ~~Costs~~(LOSS) ~~Utility Pay Hourly 0 203~~(105,~~219~~587) ~~Utility Fringe Benefits 0 7~~(22,~~902 Tire 0 2~~203,~~202,439~~497) ~~Hose~~OTHER 0INCOME ~~151,023~~/ ~~Meals~~EXPENSE 0Gain/Loss ~~218,725~~on ~~Lay~~Sale ~~Over~~of 0Equipment ~~611~~(43,~~616~~453) ~~Tolls 0 165~~13,~~110 Fines 0 14~~424,~~452~~640 ~~Mileage~~Other ~~Taxes~~Income/Deductions 0 ~~112~~528,~~494~~580 ~~Insurance 0 1,816,905~~ ------------------------ --~~--------------------~~ ~~0 5,503,885~~ ------------------------ ~~----------------------~~TOTAL ~~Cleaning~~OTHER ~~Expenses~~INCOME/EXPENSES ~~Cleaners Pay 0 1,040,407 Overtime Pay 0 42,431 Fringe Benefits 0 690,965 Cleaning Supplies 0 476,089 Waste Treatment 0 1,039,350 Outside Contractors 0 727,517 Net Cleaning Interbranch 0~~ (143,~~285~~453) ~~Environmental 0 128~~13,~~657~~953,220 ------------------------ --~~--------------------~~ ~~0 4,144,131~~ ------------------------ ~~----------------------~~PROFIT ~~Mechanics~~/ ~~Compensation~~(LOSS) ~~Mechanics Pay 0 772~~(62,~~715~~134) ~~Overtime~~($ ~~Pay 0 53~~36,~~916 Fringe Benefits 0 440~~156,~~203~~717) ~~Net Mechanics Interbranch 0 0~~ ------------------------ --~~--------------------~~ ~~0 1,266,834~~ ------------------------ ~~----------------------~~

In re: Matlack Systems, Inc., et al. Case No. 01-1114 (MFW) Reporting Period: May 1, 2002 to May 31, 2002 STATEMENT OF OPERATIONS - continuation sheet

Cumulative BREAKDOWN OF "OTHER" CATEGORY Month Filing to Date ----------------------------- ----- -------------- ~~Misc~~Revenue ~~Maintenance~~Owned ~~Expense~~Linehaul ~~Parts~~Revenue ~~Expense~~0 20,035,706 Owned Accessorial Revenue 0 14,~~213~~477,~~644~~068 ~~Outside~~Leased ~~Repairs~~Linehaul Revenue 0 ~~752~~6,~~782~~865,934 ~~Tire~~Leased ~~Repair~~Accessorial Revenue 0 89774,~~458~~372 ~~Shop~~Cleaning ~~Expense~~Revenue 0 ~~133~~4,~~801~~970,227 Other Operating Revenue 4,300 1,611,730 X-Rail Revenue 0 986,185 Maintenance Revenue 0 323,999 ------------------------ ---------------------- 04,300 240,~~189~~045,~~685~~921 ------------------------ ---------------------- ~~Equipment~~Owned ~~Costs~~Compensation ~~Tractor~~Driver ~~Depreciation~~Pay 0Hourly ~~59,706 Tractor Rent~~ 0 23,~~541~~091,~~450~~600 ~~Trailer~~Driver ~~Depreciation~~Overtime 0Pay ~~1,044,877 Trailer Rent~~ 0 ~~102~~34,~~087~~120 ~~License~~Contractual 0Pay ~~952,435~~Mile ~~Permit~~ 0 963,~~312~~554,726 ~~Interest~~Fringe Benefits 0 3,~~011~~115,~~911~~179 ------------------------ ---------------------- 0 79,~~808~~795,~~778~~625 ------------------------ ---------------------- ~~Terminal~~Leased ~~Expenses~~Operator ~~Terminal~~Comp ~~Salary~~Leased &Operator ~~Fringe~~Comp 0 34,~~695~~948,~~416~~634 ~~Utilities~~Purchased 2Transportation 16,~~396~~959 ~~975~~68,~~611~~632 ~~Communication~~------------------------ ~~Equipment~~---------------------- 016,959 ~~102~~5,~~886~~017,266 ~~Communication~~------------------------ ~~Usage~~---------------------- ~~1,129~~Fuel ~~715,187~~Expense ~~Facility~~Fuel ~~Maintenance~~Terminal 0 ~~290~~1,~~991~~150,105 ~~Facility~~Fuel ~~Occupancy~~Outside 0 1,~~476~~820,~~650~~865 ~~Transportation~~Fuel ~~General~~Taxes 450 3,~~558~~904 2Oil and Oil Tax 0 27,~~089,970~~468 ------------------------ ---------------------- ~~49,083~~0 93,~~346~~002,~~711~~342 ------------------------ ---------------------- ~~G&A~~Misc ~~Expenses~~Direct ~~Salaries~~Costs ~~Expense~~Utility ~~46,079~~Pay 5Hourly 0 203,~~982,124~~219 Utility Fringe Benefits 0 ~~(79~~7,~~434)~~902 ~~Communications~~Tire ~~Basic~~0 ~~66 75~~2,~~022~~202,439 ~~Communication~~Hose ~~Services~~0 151,023 Meals 0 7218,~~732~~725 ~~Facilities~~Lay -Over ~~Rents~~0 2611,~~656~~616 ~~317,750~~Tolls ~~General~~0 ~~Office~~165,110 ~~Supplies~~Fines ~~1,101~~0 4314,~~837~~452 ~~IBM~~Mileage ~~Supplies~~Taxes 0 4112,~~147~~494 ~~Conventions~~Insurance ~~& Seminars~~ 0 141,~~322~~816,905 ~~Postage~~------------------------ ---------------------- 0 815,~~962~~503,885 ~~Travel~~------------------------ &---------------------- ~~Other~~Cleaning ~~1,023~~Expenses ~~184,644~~Cleaners ~~Outside~~Pay ~~Services~~0 91,~~279 4~~040,~~854,343~~407 ~~Computer~~Overtime ~~Software~~Pay 0 3642,~~225~~431 ~~General~~Fringe &Benefits ~~Admin~~ 0 ~~199~~690,~~933~~965 ~~Marketing~~Cleaning ~~Promotions~~Supplies 0 7476,~~010~~089 ~~Legal~~Waste ~~130~~Treatment ~~323~~0 1,~~404~~039,350 ~~Insurance~~Outside Contractors 0 ~~288~~727,~~363~~517 ~~Dues~~Net &Cleaning ~~Contributions~~Interbranch 0 ~~361~~(1,285) ~~Depreciation~~Environmental 08,552 ~~118~~137,~~339~~209 ~~Depreciation~~------------------------ ---------------------- ~~Leasehold~~8,552 4,152,683 ------------------------ ---------------------- Mechanics Compensation Mechanics Pay 0 40772,~~740~~715 ~~Computer~~Overtime ~~Equipment~~Pay ~~Rent~~0 153,~~751~~916 ~~359~~Fringe Benefits 0 440,~~618~~203 ~~Other~~Net ~~Expense/Terminal~~Mechanics ~~Exp.~~Interbranch 0 ~~1,220,091~~0 ------------------------ ---------------------- ~~62,085~~0 141,~~080~~266,~~533~~834 ------------------------ ----------------------

In re: Matlack Systems, Inc., et al. Case No. 01-1114 (MFW) Reporting Period: May 1, 2002 to May 31, 2002 STATEMENT OF OPERATIONS - continuation sheet

~~BOOK~~Cumulative ~~VALUE~~BREAKDOWN ~~AT END~~ OF ~~BOOK~~"OTHER" ~~VALUE~~CATEGORY ONMonth ~~ASSETS~~Filing ~~CURRENT~~to ~~REPORTING~~Date ~~MONTH~~Misc ~~PETITION~~Maintenance ~~DATE~~Expense ~~-----------------------------------------------------------------------------------------------------------~~Parts ~~CURRENT~~Expense ~~ASSETS~~0 ~~Cash $ 103~~1,~~481 $ 389~~213,~~571~~644 ~~Restricted~~Outside ~~Cash~~Repairs ~~38,144,952 Accounts Receivable (Net)~~ 0 18752,~~045,306~~782 ~~Inventories~~Tire Repair 0 389,~~639,142~~458 ~~Prepaid~~Shop ~~Expenses~~Expense ~~390,000~~0 2133,~~108,548~~801 ------------------------~~---------~~ ----------------------~~-------~~ ~~TOTAL~~0 ~~CURRENT ASSETS 38~~2,~~637~~189,~~433~~685 ~~24,182,567~~ ------------------------~~---------~~ ----------------------~~-------~~ ~~PROPERTY~~Equipment ~~AND~~Costs ~~EQUIPMENT~~Tractor ~~Revenue~~Depreciation ~~Equipment~~0 -59,706 ~~Cost~~Tractor Rent 0 982,~~199~~541,~~269~~450 ~~Less:~~Trailer ~~Accumulated~~ Depreciation ~~(Revenue)~~ 0 ~~(75~~1,~~767~~044,~~277)~~877 ~~Other~~Trailer ~~Property~~Rent &0 ~~Equipment~~102,087 -License ~~Cost~~0 2952,~~322,465~~435 ~~72,633,319~~Permit ~~Less:~~0 ~~Accumulated~~96,312 ~~Depreciation~~Interest ~~(Other)~~0 (13,~~330~~011,~~730)~~911 ~~(41,326,073)~~ ------------------------~~---------~~ ----------------------~~-------~~ ~~TOTAL~~0 ~~PROPERTY & EQUIPMENT 991~~7,~~735 53~~808,~~739,238~~778 ------------------------~~---------~~ ----------------------~~-------~~ ~~OTHER~~Terminal ~~ASSETS~~Expenses ~~Goodwill~~Terminal Salary & Fringe 0 ~~744~~3,~~016~~695,416 ~~Other~~Utilities ~~Assets~~227 ~~400~~975,~~000~~838 ~~937~~Communication Equipment 0 102,~~839~~886 ~~---------------------------------~~Communication ~~-----------------------------~~Usage ~~TOTAL~~22 ~~OTHER~~715,209 ~~ASSETS~~Facility ~~400~~Maintenance 0 290,~~000~~991 Facility Occupancy 6,871 1,~~681~~483,~~855~~521 Transportation General 19,412 2,109,382 ------------------------~~---------~~ ----------------------~~-------~~ ~~TOTAL ASSETS $ 40~~26,~~030,168~~532 ~~$ 79~~9,~~603~~373,~~660~~243 ------------------------~~---------~~ ----------------------~~-------~~ ~~BOOK~~G&A ~~VALUE~~Expenses ATSalaries ~~END~~Expense OF27,232 ~~BOOK VALUE ON LIABILITIES AND OWNER EQUITY CURRENT REPORTING MONTH PETITION DATE LIABILITIES NOT SUBJECT TO COMPROMISE (Postpetition) Accounts Payable 1~~6,~~280~~009,~~117~~356 ~~Accrued~~Fringe ~~Wages &~~ Benefits ~~408,694~~0 ~~Accrued Interest 3~~(79,~~011,910~~434) ~~Accrued~~Communications ~~Professional~~Basic ~~Fees~~66 ~~(Note 1) 573~~75,~~829~~088 ~~Accrued~~Communication ~~Taxes~~Services ~~(refer~~0 to7,732 ~~FORM~~Facilities ~~MOR~~-4) ~~214,370~~Rents ~~Accrued Insurance~~2,656 ~~Environmental & Other (937~~320,~~767)~~406 ~~Amounts~~General ~~Due~~Office toSupplies ~~Insiders~~45 ~~(Note~~43,882 1)IBM ~~---------------------------------~~Supplies ~~-----------------------------~~0 ~~TOTAL~~4,147 ~~POSTPETITION~~Conventions ~~LIABILITIES~~& ~~4,551,153~~Seminars 0 ~~---------------------------------~~14,322 ~~-----------------------------~~Postage ~~LIABILITIES~~0 ~~SUBJECT~~81,962 TOTravel ~~COMPROMISE~~& ~~(Pre-Petition)~~Other ~~Secured~~814 ~~Debt 46~~185,~~234,256~~458 ~~46,234,256~~Outside ~~Priority~~Services ~~Debt 2~~23,~~272,119~~249 94,~~330~~877,~~355~~592 ~~Unsecured~~Computer ~~Debt~~Software ~~32,153,819~~0 3336,~~125,644~~225 ~~---------------------------------~~General ~~-----------------------------~~& ~~TOTAL~~Admin ~~PRE-PETITION~~0 ~~LIABILITIES 80~~199,~~660,193~~933 ~~88,690,255~~Marketing ~~---------------------------------~~Promotions ~~-----------------------------~~0 ~~---------------------------------~~7,010 ~~-----------------------------~~Legal ~~TOTAL LIABILITIES 85~~2,~~211,346~~279 88325,~~690,255~~683 ~~---------------------------------~~Insurance ~~-----------------------------~~0 ~~OWNER~~288,363 ~~EQUITY~~Dues ~~Capital~~& ~~Stock~~Contributions ~~8,814,434~~0 ~~8,814,434~~361 ~~Capital~~Depreciation ~~Surplus~~0 10118,~~619,341~~339 ~~10,619,341~~Depreciation ~~Retained Earnings~~ - ~~Pre-Petition~~Leasehold ~~(28,520,370)~~0 ~~(28~~40,~~520,370)~~740 ~~Retained~~Computer ~~Earnings~~Equipment -Rent ~~Post-Petition~~1,503 ~~(36~~361,~~094,583)~~121 ~~Post-Petition~~Other ~~Contributions~~Expense/Terminal ~~(Distributions)~~Exp. ~~(Draws)~~0 ~~(attach schedule) -------------------------------- ------------------------------ NET OWNER EQUITY (45~~1,~~181~~220,~~178)~~091 ~~(9,086,595)~~ ------------------------~~--------~~ ----------------------~~--------~~ ~~TOTAL LIABILITIES AND OWNERS' EQUITY $40~~57,~~030,168~~844 ~~$79~~14,~~603~~138,~~660~~377 ------------------------~~--------~~ ----------------------~~--------~~

In re: Matlack Systems, Inc., et al. Case No. 01-1114 (MFW) Reporting Period: May 1, 2002 to May 31, 2002 BALANCE SHEET The Balance Sheet is to be completed on an accrual basis only. Pre-petition liabilities must be classified separately from postpetition obligations.

~~Beginning~~BOOK ~~Amount~~VALUE ~~Ending~~AT ~~Tax~~END ~~Withheld~~OF ~~Amount~~BOOK ~~Date~~VALUE ~~Check~~ON ~~No.~~ASSETS ~~Tax~~CURRENT ~~Liability~~REPORTING orMONTH ~~Accrued~~PETITION ~~Paid~~DATE ~~Paid~~CURRENT orASSETS ~~EFT~~Cash ~~Liability~~$ 120,358 $ 389,571 Restricted Cash 0 Accounts Receivable (Net) 4,000 18,045,306 Inventories 0 3,639,142 Prepaid Expenses 390,000 2,108,548 --------- ---------- ---- ---- ------ ----------------------------- ~~Federal~~TOTAL ~~Withholding~~CURRENT 0ASSETS 5514,~~717~~358 524,~~717~~182,567 ~~Various~~--------------------------------- ~~EFT~~----------------------------- 0PROPERTY ~~FICA~~AND EQUIPMENT Revenue Equipment - ~~Employee~~Cost 0 198,~~807 1~~199,~~807~~269 ~~Various~~Less: ~~EFT~~Accumulated Depreciation (Revenue) 0 ~~FICA~~(75,767,277) -Other ~~Employer~~Property 0& 1Equipment - Cost 2,~~807~~322,465 172,~~807~~633,319 ~~Various~~Less: ~~EFT~~Accumulated 0Depreciation ~~Unemployment~~(Other) (1,~~177~~330,730) ~~0 1~~(41,~~177~~326,073) 0--------------------------------- ~~Other~~----------------------------- 0TOTAL 0PROPERTY 0& 0EQUIPMENT 991,735 53,739,238 ------------ --------------------- ------------ ----------------- OTHER ASSETS Goodwill 0 744,016 Other Assets 400,000 937,839 --------------------------------- ----------------------------- ~~Total~~TOTAL ~~Federal~~OTHER ~~Taxes~~ASSETS 1400,~~177~~000 91,~~331 10~~681,~~508~~855 0 ------------ --------------------- ------------ ----------------- TOTAL ASSETS $ 1,906,093 $ 79,603,660 --------------------------------- ----------------------------- ~~State~~BOOK ~~and~~VALUE ~~Local~~AT ~~Withholding~~END ~~20,386~~OF ~~1,486~~BOOK ~~20,386~~VALUE ~~Various~~ON ~~EFT~~LIABILITIES ~~1,486~~AND ~~Sales~~OWNER ~~72,596~~EQUITY 0CURRENT 0REPORTING ~~Various~~MONTH ~~72,596~~PETITION ~~Income~~DATE 0LIABILITIES 0NOT 0SUBJECT 0TO ~~Unemployment~~COMPROMISE 3(Postpetition) Accounts Payable 1,~~367~~258,181 0Accrued Wages & Benefits 363,829 Accrued Interest 3,~~367~~011,910 0Accrued ~~Real~~Professional &Fees ~~Personal~~(Note ~~Property~~1) ~~125~~323,~~195~~256 0Accrued 0Taxes ~~Various~~(refer ~~125~~to FORM MOR-4) 214,~~195~~370 ~~Other~~Accrued ~~390~~Insurance,~~771~~ 0Environmental 0& ~~Various~~Other ~~390~~(937,~~771~~382) Amounts Due to Insiders (Note 1) ------------ --------------------- ------------ ----------------- TOTAL POSTPETITION LIABILITIES 4,234,164 0 --------------------------------- ----------------------------- ~~Total~~LIABILITIES ~~State~~SUBJECT ~~and~~TO ~~Local~~COMPROMISE ~~611~~(Pre-Petition) Secured Debt 46,~~074~~234,256 146,~~486~~234,256 23Remittance of Sale Proceeds to Secured Lenders (37,~~753~~744,952) ~~590~~Priority Debt 2,~~048~~272,119 9,330,355 Unsecured Debt 32,153,819 33,125,644 ------------ ------------ --------- --- ------------ -------------- TOTAL PRE-PETITION LIABILITIES 42,915,241 88,690,255 ----------- ~~Total Taxes 611,821 10,817 34,261 590,048~~ ------------ ---------- -- ------------ ------------ --- TOTAL LIABILITIES 47,149,405 88,690,255 ---------- ------------ ~~SUMMARY OF UNPAID POSTPETITION DEBITS Attach aged listing of accounts payable. Number of Days Past Due Current 0~~-~~30 31~~-~~60 61~~-~~90 Over 90 Total~~ -------- ---- ----- ----- ------- -------- ~~Accounts~~OWNER ~~Payable~~EQUITY ~~1,280,117~~Capital 0Stock 18,~~280~~814,~~117~~434 ~~Accrued Wages & Benefits 408~~8,~~694 408~~814,~~694~~434 ~~Accrued~~Capital ~~Interest~~Surplus 310,~~011~~619,~~910~~341 310,~~011~~619,~~910~~341 ~~Accrued~~Retained ~~Professional~~Earnings ~~Fees~~- ~~573,829~~Pre-Petition ~~573~~(28,~~829~~520,370) ~~Accrued Taxes~~ (~~refer~~28,520,370) toRetained ~~FORM~~Earnings ~~MOR~~-4) ~~214,370~~Post-Petition ~~214~~(36,~~370 Accrued Insurance~~156,717) ~~Environmental~~Post-Petition &Contributions (~~937,767~~Distributions) (~~937,767~~Draws) ~~Other~~(attach schedule) ------------ -------------------- ------------ ------------------ NET OWNER EQUITY (45,243,312) (9,086,595) ------------- ------------ ~~Total Post~~-~~Petition~~------ ~~Debts 4,551,153 0 0 0 4,551,153~~ ------------ ------------------ TOTAL LIABILITIES AND OWNERS' EQUITY $1,906,093 $79,603,660 ------------ -------------------- ------------- -----------------

Note 1: Amounts due to insiders are included in Accounts Payables and Accrued Wages. In re: Matlack Systems, Inc., et al. Case No. 01-1114 (MFW) Reporting Period: May 1, 2002 to May 31, 2002 STATUS OF POSTPETITION TAXES The beginning tax liability should be the ending liability from the prior month or, if this is the first report, the amount should be zero. Attach photocopies of IRS Form 6123 or payment receipt to verify payment or deposit of federal payroll taxes. Attach photocopies of any tax returns filed during the reporting period.

~~ACCOUNTS~~Beginning ~~RECEIVABLE~~Amount ~~RECONCILIATION~~Ending ~~AND~~Tax ~~AGING~~Withheld ~~Accounts~~Amount ~~Receivable~~Date ~~Reconciliation~~Check ~~Amount~~No. Tax Liability or Accrued Paid Paid or EFT Liability --------- ---------- ---- ---- ------- --------- ~~Total~~Federal ~~Accounts~~Withholding ~~Receivable~~0 at4,160 ~~the~~4,160 ~~beginning~~Various ofEFT ~~the~~0 ~~reporting~~FICA ~~period~~- $Employee 0 +1,441 ~~Amounts~~1,441 ~~billed~~Various ~~during~~EFT ~~the period~~ 0 ~~(Note~~FICA 1) - ~~Amounts~~Employer ~~collected during the period~~ 0 -1,441 ~~Bad~~1,441 ~~Debt~~Various ~~and~~EFT ~~other~~0 ~~write-offs~~Unemployment 0 +0 ~~Change~~0 ~~in Reserve~~ 0 - Other ~~during~~0 ~~the~~0 ~~period~~0 $ 0 ~~Total~~------------ ~~Accounts~~------------ ~~Receivable~~------------ at------------ ~~the~~------------- ~~end~~------------ ofTotal ~~the~~Federal ~~reporting~~Taxes ~~period~~1,177 $7,042 7,042 0 ~~Accounts~~------------ ~~Receivable~~------------ ~~Aging~~------------ ~~Amount~~ ------------ ------------- ------ 0 ------ 30State ~~days~~and ~~old~~Local 0Withholding 311,486 -1,153 ~~60 days old~~ 0 612,639 -Sales 9072,596 ~~days~~0 ~~old~~ 0 9172,596 +Income ~~days~~0 ~~old~~0 0 0 ~~Foreign~~Unemployment ~~exchange,~~0 ~~Revenue~~0 ~~Recognition,~~0 ~~Sales~~0 ~~Accrual~~Real ~~Adjustments~~ & ~~Write-offs~~Personal 0Property ~~Amount~~125,195 ~~considered~~0 ~~uncollectible (Bad Debt)~~ 0 ~~Accounts~~125,195 ~~Receivable~~Other ~~(Net)~~390,771 $0 0 ~~DEBTOR~~390,771 ~~QUESTIONNAIRE~~------------ ~~Must be completed each month Yes No~~ ------------ ------------ ------------ ------------- ------------ 1.Total ~~Have~~State ~~any~~and ~~assets~~Local ~~been~~611,074 ~~sold~~1,153 or0 ~~transferred~~591,201 ~~outside~~------------ ~~the~~------------ ~~normal~~------------ ~~course~~------------ X------------- of------------ ~~business~~Total ~~this~~Taxes ~~reporting period? If yes~~611,821 ~~provide an explanation below. 2 Have any funds been disbursed from any account other than a debtor X in possession account this reporting period? If yes~~8,195 ~~provide an explanation below. 3. Have all postpetition tax returns been timely filed? If no~~7,042 ~~X provide an explanation below. 4. Are workers compensation~~591,201 ~~general~~------------ ~~liability~~------------ ~~and~~------------ ~~other~~------------ ~~necessary~~------------- ~~X insurance coverages in effect? If no, provide an explanation below.~~------------

SUMMARY OF UNPAID POSTPETITION DEBITS Attach aged listing of accounts payable.

Explain how and when the Debtor intends to pay any past-due post-petition debts. In re: Matlack Systems, Inc., et al. Case No. 01-1114 (MFW) Reporting Period: May 1, 2002 to May 31, 2002

Exhibit 99(p) UNITED STATES BANKRUPTCY COURT DISTRICT OF DELAWARE In re: Matlack Systems, Inc., et al. Case No. 01-1114 (MFW) Reporting Period: June 1, 2002 to June 30, 2002 MONTHLY OPERATING REPORT File with Court and submit copy to United States Trustee within 20 days after end of month

I declare under penalty of perjury (28 U.S.C. Section 1746) that this report and the attached documents are true and correct to the best of my knowledge and belief. -------------------------------------- ---------------------- Signature of Debtor Date -------------------------------------- ---------------------- Signature of Joint Debtor Date /s/ Stephen E. Judge July 19, 2002 -------------------------------------- ---------------------- Signature of Authorized Individual* Date Stephen E. Judge Chief Reorganization Officer -------------------------------------- -------------------------------- Printed Name of Authorized Individual Title of Authorized Individual Note 1: Detailed bank reconciliations available upon request. Note 2: Tax returns relating to the Post-Petition available upon request. Note 3: Debtor no longer has Accounts Receivable outstanding. In re: Matlack Systems, Inc., et al. Case No. 01-1114 (MFW) Reporting Period: June 1, 2002 to June 30, 2002 SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS Amounts reported should be per the debtor's books, not the bank statement. The beginning cash should be the ending cash from the prior month or, if this is the first report, the amount should be the balance on the date the petition was filed. The amounts reported in the "CURRENT MONTH - ACTUAL" column must equal the sum of the four bank account columns. The amounts reported in the "PROJECTED" columns should be taken from the SMALL BUSINESS INITIAL REPORT (FORM IR-1). Attach copies of the bank statements and the cash disbursements journal. The total disbursements listed in the disbursements journal must equal the total disbursements reported on this page. A bank reconciliation must be attached for each account. [See MOR-1 (CON'T)]

Note 1: The Operating Account represents the aggregate of the Company's operating accounts including $US & $Cnd Disbursement and Lockbox accounts. In re: Matlack Systems, Inc., et al. Case No. 01-1114 (MFW) Reporting Period: June 1, 2002 to June 30, 2002 BANK RECONCILIATIONS Continuation Sheet for MOR-1 A bank reconciliation must be included for each bank account. The debtor's bank reconciliation may be substituted for this page.

Note 1: This account is used primarily for collection of cash receipts on trade receivables, to wire funds to trade suppliers and to fund the payroll accounts, as well as to receive wire transfers of funds from outside parties. Note 3: This account is used for cash receipts unrelated to trade receivables. Note 4: This account is not active. Note 5: This account is used for disbursements to pay trade payables by check. The list of outstanding checks is attached to the Company's Bank reconciliation. Note 6: This account is used for $Cnd disbursements to pay trade payables and salaries by check. The list of outstanding checks is attached to the Company's Bank reconciliation. Note 9: These accounts are funded by the Mellon lockbox account to pay various taxes. Note 10: This represents the aggregate of the terminal working fund accounts, the funding of which are reflected as disbursements in the Schedule of Cash Receipts & Disbursements. In re: Matlack Systems, Inc., et al. Case No. 01-1114 (MFW) Reporting Period: June 1, 2002 to June 30, 2002 STATEMENT OF OPERATIONS (Income Statement) The Statement of Operations is to be prepared on an accrual basis. The accrual basis of accounting recognizes revenue when it is realized and expenses when they are incurred, regardless of when cash is actually received or paid.

In re: Matlack Systems, Inc., et al. Case No. 01-1114 (MFW) Reporting Period: June 1, 2002 to June 30, 2002 STATEMENT OF OPERATIONS - continuation sheet

In re: Matlack Systems, Inc., et al. Case No. 01-1114 (MFW) Reporting Period: June 1, 2002 to June 30, 2002 STATEMENT OF OPERATIONS - continuation sheet

In re: Matlack Systems, Inc., et al. Case No. 01-1114 (MFW) Reporting Period: June 1, 2002 to June 30, 2002 BALANCE SHEET The Balance Sheet is to be completed on an accrual basis only. Pre-petition liabilities must be classified separately from postpetition obligations.

Note 1: Amounts due to insiders are included in Accounts Payables and Accrued Wages. In re: Matlack Systems, Inc., et al. Case No. 01-1114 (MFW) Reporting Period: June 1, 2002 to June 30, 2002 STATUS OF POSTPETITION TAXES The beginning tax liability should be the ending liability from the prior month or, if this is the first report, the amount should be zero. Attach photocopies of IRS Form 6123 or payment receipt to verify payment or deposit of federal payroll taxes. Attach photocopies of any tax returns filed during the reporting period.

SUMMARY OF UNPAID POSTPETITION DEBITS Attach aged listing of accounts payable.

Explain how and when the Debtor intends to pay any past-due post-petition debts. In re: Matlack Systems, Inc., et al. Case No. 01-1114 (MFW) Reporting Period: June 1, 2002 to June 30, 2002 ACCOUNTS RECEIVABLE RECONCILIATION AND AGING

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