8-K 1 psc_8k30417.txt ================================================================================ 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): February 21, 2003 PSC INC. ------------------------------------------------------ (Exact Name of Registrant as Specified in its Charter) NEW YORK 0-9919 16-0969362 -------- ------ ---------- (State or other jurisdiction (Commission (I.R.S. Employer of incorporation ) File Number) Identification No.) 111 S.W. FIFTH AVENUE, SUITE 4100,PORTLAND, OREGON 97204 -------------------------------------------------- ----- (Address of principal executive offices) (Zip Code) (503) 553-3920 ---------------------------------------------------- (Registrant's telephone number, including area code) Not applicable -------------------------------------------------------------- (Former name or former address; if changed since last report.) ================================================================================ Item 5. Other Events As previously reported, on November 22, 2002, PSC Inc. (the "Company") filed a voluntary bankruptcy petition for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Southern District of New York. Since the November 22, 2002 petition date, the Company has operated as a debtor in possession and is in compliance with all bankruptcy reporting requirements. As a result of the Chapter 11 proceeding, each month the Company is required to file with the Bankruptcy court a schedule of monthly income and expenses, along with selected balance sheet data (the "Monthly Operating Statement"). Registrant has filed a Monthly Operating Statement with the Bankruptcy Court covering the period of February 21, 2003 to March 28, 2003. This Monthly Operating Statement is filed as Exhibit 99.1 to this Current Report. The financial data included in the Monthly Operating Statement is not audited. The Monthly Operating Statement is in a format prescribed by applicable bankruptcy laws. There can be no assurance that, from the perspective of an investor or potential investor in the Company's securities, the Monthly Operating Statement is complete. The Monthly Operating Statement also contains information for periods different from those required in the Company's reports pursuant to the Securities Exchange Act of 1934, as amended ("the Exchange Act"). This 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 any Monthly Operating Statement should not be viewed as indicative of future results. Item 7. Financial Statements and Exhibits. (c) EXHIBITS. -------- EXHIBIT NO. DESCRIPTION 99.1 PSC Inc. Monthly Operating statement for the period from February 21, 2003 to March 28, 2003. FORWARD LOOKING STATEMENTS Certain statements in this Form 8-K are forward-looking statements that involve risk and uncertainties, which may cause actual results to differ materially from the statements made including market potential, regulatory clearances, business growth and other risks listed from time to time in the Company's Securities and Exchange Commission filings. These forward-looking statements represent the Company's judgment, as of the date of this release, and the Company disclaims any intent or obligation to update these forward-looking statements. 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. PSC INC. By: /s/ EDWARD J. BOREY ----------------------------------------------- Name: Edward J. Borey Title: President, Chief Executive Officer and Director Dated: April 17, 2003 EXHIBIT INDEX EXHIBIT NO. DESCRIPTION 99.1 PSC Inc. Monthly Operating statement for the period from February 21, 2003 to March 28, 2003.

MONTHLY OPERATING REPORT DEBTOR: PSC INC. -------------------- CASE #: 02-15876 (SMB) JOINTLY ADMINISTERED -------------------- REPORTING PERIOD: JANUARY, 2003 -------------------- Monthly Operating Report Prepared By Debtor ----------------- TABLE OF CONTENTS Form Number ----------------- Statement of Operations MOR 1 Balance Sheet MOR 2 Cashflow Statement MOR 3 Schedule of Cash Receipts and Disbursements MOR 4 Schedule of Cash Receipts and Disbursements - Detailed Report MOR 4-A Schedule of Accounts Payable MOR 5 Status of Post-Petition Taxes Sales Tax MOR 6 Payroll Taxes MOR 7 Property Taxes MOR 8 Accounts Receivable MOR 9 Debtor Questionnaire And Insurance Certification MOR 10 Notes To Financials MOR 11

Debtor: PSC Inc. 02-15876 (SMB) PSC Scanning, Inc. 02-15877 (SMB) Address: 111 SW Fifth Avenue, Suite 4100 Portland, OR 97204 Debtors' Attorneys: Schulte Roth & Zabel LLP 919 Third Avenue New York, NY 10022

----------------------------------------------------------- ------------------------------------------------ Signature of Authorized Individual Date Paul M. Brown Vice President and Chief Financial Officer ----------------------------------------------------------- ------------------------------------------------ Printed Name of Authorized Individual Title of Authorized Individual

----------------- Indicated if this is an amended statement by checking here: AMENDED STATEMENT: -----------------

PSC INC. CASE #: 02-15876 (SMB) REPORTING PERIOD: JANUARY, 2003 $ AMOUNTS IN THOUSANDS ----------------------- --------------------- UNAUDITED UNAUDITED ----------------------- --------------------- December 31, January 24, CONSOLIDATED STATEMENT OF OPERATIONS (MOR-1) (a) 2002 2003 (b) ----------------------- --------------------- Sales to third parties $ 15,529 $ 11,523 Cost of Sales 11,261 7,172 ----------------------- --------------------- GROSS PROFIT 4,268 4,351 ----------------------- --------------------- Operating Expenses Sales & Marketing 3,526 2,382 Engineering, R&D 1,089 1,058 General & Administrative 1,304 804 Debt Restructuring Fees 450 503 Foreign Curr. (Gain) Loss (212) (114) Write-off of Debt Discount 732 Write-off of Goodwill - 633 ----------------------- --------------------- Total Operating Expenses 5,955 5,998 OPERATING PROFIT (LOSS) (1,687) (1,647) ----------------------- --------------------- Other (Income) Expense Other (Income) Expense (1,788) (26) Interest Expense 77 30 ----------------------- --------------------- Other (Income) Expense (1,711) 4 ----------------------- --------------------- INCOME (LOSS) BEFORE TAXES $ 24 $ (1,651) Tax Provision (Benefit) 338 (2) ----------------------- --------------------- NET INCOME (LOSS) $ (314) $ (1,649) ======================= =====================

PSC INC. Case #: 02-15876 (SMB) Reporting Period: January, 2003 $ Amounts in thousands --------------------- --------------------- --------------------- UNAUDITED UNAUDITED UNAUDITED --------------------- --------------------- --------------------- Consolidated Balance Sheet (MOR-2) 11/22/02 (Petition Date) 12/31/02 (a) 1/24/03 --------------------- --------------------- --------------------- LIABILITIES & SHAREHOLDERS' EQUITY ------------------------------------------- LIABILITIES (POST-PETITION) ------------------------------------------- CURRENT LIABILITIES DIP Financing Arrangement - 4,000 4,000 Accounts Payable - 4,945 6,004 Note Payable - - - Accrued Expenses - 151 2,144 Accrued Interest - 11 39 Deferred Revenue - 131 144 Accrued Warranty - 138 297 Accrued Taxes/VAT - 19 (172) Accrued Royalties - 535 855 Accrued Payroll and Commissions - 947 2,963 Accr. Acq. Related Restructuring Costs - 550 - Intercompany payable (receivable) - 170 (248) --------------------- --------------------- --------------------- TOTAL CURRENT LIABILITIES - 11,597 16,026 --------------------- --------------------- --------------------- LONG-TERM LIABILITIES Deferred Revenue - - 29 LT Warranty Accrual - 110 172 Other LT Liabilities (includes warrants) - - 160 --------------------- --------------------- --------------------- TOTAL LONG-TERM LIABILITIES - 110 361 --------------------- --------------------- --------------------- TOTAL LIABILITIES (POST-PETITION) - 11,707 16,387 --------------------- --------------------- --------------------- LIABILITIES (PRE-PETITION) ------------------------------------------- CURRENT LIABILITIES Secured debt 93,462 93,462 93,462 Priority debt 29,268 29,268 30,000 Note Payable 1,651 1,651 1,651 Accounts Payable 17,226 8,463 6,675 Accrued Expenses 8,543 6,956 5,977 Accrued Interest 14,128 13,927 13,928 Deferred Revenue 884 560 615 Accrued Warranty 1,519 1,387 1,239 Accrued Taxes/VAT (457) - 12 Accrued Royalties 1,637 716 716 Accrued Payroll and Commissions 2,983 1,639 539 Accr. Acq. Related Restructuring Costs - - - Intercompany payable (receivable) - - - --------------------- --------------------- --------------------- TOTAL CURRENT LIABILITIES 170,844 158,029 154,814 --------------------- --------------------- --------------------- LONG-TERM LIABILITIES Deferred Revenue 550 555 523 LT Warranty Accrual 1,557 1,497 1,441 Other LT Liabilities (includes warrants) 489 495 333 --------------------- --------------------- --------------------- TOTAL LONG-TERM LIABILITIES 2,596 2,547 2,297 --------------------- --------------------- --------------------- TOTAL LIABILITIES (PRE-PETITION) 173,440 160,576 157,111 --------------------- --------------------- --------------------- TOTAL LIABILITIES 173,440 172,283 173,498 --------------------- --------------------- --------------------- SHAREHOLDERS' EQUITY Preferred Stock 1 1 1 Common Shares 129 129 129 Additional Paid-in Capital 73,078 73,078 73,078 Cumulative Translation Adjustment (3,277) (2,593) (1,662) Retained earnings - prepetition (166,834) (166,834) (166,834) Retained earnings - postpetition - (314) (1,963) Less: Treasury Shares (1,357) (1,357) (1,357) --------------------- --------------------- --------------------- TOTAL SHAREHOLDERS' EQUITY (98,260) (97,890) (98,608) --------------------- --------------------- --------------------- TOTAL LIABILITIES AND SHAREHOLDERS, EQUITY 75,180 74,393 74,890 ===================== ===================== =====================

PSC INC. Case #: 02-15876 (SMB) Reporting Period: January, 2003 -------------------------- -------------------------- $ Amounts in thousands UNAUDITED UNAUDITED -------------------------- -------------------------- CONSOLIDATED STATEMENT OF CASHFLOWS (MOR-3) (b) 12/31/02 (a) 01/24/02 -------------------------- -------------------------- CASH FLOWS FROM OPERATING ACTIVITIES Net income/(loss) (314) (1,649) Adjustments to reconcile net income to net cash: Depreciation 348 472 Amortization 95 Change in fair value of warrants - (10) (INCREASE) DECREASE IN ASSETS: Accounts receivable 631 (1,170) Inventories 2,770 832 Prepaid expenses and other (1,124) (778) INCREASE (DECREASE) IN LIABILITIES: Accounts payable (6,450) (42) Accrued expenses 1,771 (2,111) Accrued payroll & commissions (351) 916 Other Long-term liabilities (132) 79 -------------------------- -------------------------- Net Cash Provided by/(Used in) Operating Activities (2,756) (3,461) -------------------------- -------------------------- CASH FLOWS FROM INVESTING ACTIVITIES Capital expenditures, net (243) (61) Proceeds from sale of assets - Write-off of goodwill - 633 Write-off of discount related to sub-debt 2,383 Addition to intangible assets & other long-term assets, net (706) - -------------------------- -------------------------- Net Cash Provided by/(Used in) Investing Activities (949) 2,955 -------------------------- -------------------------- CASH FLOWS FROM FINANCING ACTIVITIES Additions to Debtor-In-Possession Financing Arrangement 4,000 - Additions (Payments) of long-term debt 1 -------------------------- -------------------------- Net Cash Provided by/(Used in) Financing Activities 4,001 - -------------------------- -------------------------- Effect of Exchange Rate Changes on Cash & Cash Equivalents 684 931 -------------------------- -------------------------- Net Increase (Decrease) in Cash & Cash Equivalents 980 425 CASH AND CASH EQUIVALENTS, beginning of period 2,328 3,308 -------------------------- -------------------------- CASH AND CASH EQUIVALENTS, end of period 3,308 3,733 ========================== ==========================

PSC INC. CASE #: 02-15876 (SMB) REPORTING PERIOD: JANUARY, 2003 $ AMOUNTS IN THOUSANDS --------------------- ---------------------- UNAUDITED UNAUDITED --------------------- ---------------------- SCHEDULE OF CASH RECEIPTS & DISBURSEMENTS (MOR-4) (a), (b) 12/31/02 01/24/02 --------------------- ---------------------- Cash Receipts ------------------------------------------------------------ Accounts Receivable Collections 10,394 7,780 Cash Repatriations From International Subsidiaries 3,681 3,176 Additions to Post-Petition Debt 4,000 - Other Cash Receipts - --------------------- ---------------------- Total Cash Receipts 18,075 10,956 --------------------- ---------------------- OPERATING DISBURSEMENTS (c) ------------------------------------------------------------ Payroll and Payroll Taxes 2,638 2,454 Accounts Payable And Accrued Liabilities 11,774 6,662 Consulting and Professionals In The Normal Course 201 125 Royalty Payments 921 30 Director & Officer Liability Insurance Payments 307 600 Rents 221 - Capital Expenditures 468 185 DIP Interest 11 --------------------- ---------------------- TOTAL OPERATING DISBURSEMENTS 16,530 10,067 --------------------- ---------------------- BANKRUPTCY-RELATED FEES AND EXPENSES ------------------------------------------------------------ Payments To Professionals - - US Trustee Fees - - Court Costs - - Other Costs - - --------------------- ---------------------- TOTAL BANKRUPTCY-RELATED FEES AND EXPENSES - --------------------- ---------------------- TOTAL CASH DISBURSEMENTS 16,530 10,067 --------------------- ---------------------- Net Change In Cash 1,545 889 Beginning Cash Balance, US Bank Accounts (282) 1,263 --------------------- ---------------------- ENDING CASH BALANCE, US BANK ACCOUNTS 1,263 2,152 ===================== ====================== RECONCILIATION TO BALANCE SHEET: Cash - US Bank Accounts 1,263 2,152 Cash - International Bank Accounts (Not In Chapter 11) 2,045 1,581 --------------------- ---------------------- TOTAL CASH PER BALANCE SHEET 3,308 3,733 ===================== ======================

PSC INC. CASE #: 02-15876 (SMB) REPORTING PERIOD: JANUARY, 2003 --------- -------- ----------- --------- ------------ --------- $ AMOUNTS IN THOUSANDS PSC Inc. PSC Scanning TOTAL PSC Inc. PSC Scanning TOTAL ----------- --------- Only Only UNAUDITED Only Only ANAUDITED --------- -------- ----------- --------- ----------- --------- SCHEDULE OF CASH RECEIPTS & DISBURSEMENTS (a), (b) 12/31/02 12/31/02 12/31/02 01/24/02 01/24/02 01/24/02 (MOR-4A) --------- -------- ----------- ---------- ----------- --------- Cash Receipts ----------------------------------------- Accounts Receivable Collections - 10,394 10,394 - 7,780 7,780 Cash Repatriations From International Subsidiaries - 3,681 3,681 - 3,176 3,176 Additions to Post-Petition Debt - 4,000 4,000 - - - Other Cash Receipts - - - - - - --------- -------- ----------- ---------- ---------- --------- Total Cash Receipts 18,075 18,075 - 10,956 10,956 --------- -------- ----------- ---------- ---------- --------- OPERATING DISBURSEMENTS (c) ----------------------------------------- Payroll and Payroll Taxes 91 2,547 2,638 87 2,367 2,454 Accounts Payable And Accrued Liabilities 72 11,702 11,774 46 6,599 6,662 Consulting and Professionals In The Normal Course 214 (13) 201 25 100 125 Royalty Payments - 921 921 - 30 30 Director & Officer Liability Insurance Payments - 307 307 600 - 600 Rents 17 204 221 17 - - Capital Expenditures - 468 468 - 185 185 DIP Interest 11 11 --------- -------- ----------- ---------- ---------- --------- TOTAL OPERATING DISBURSEMENTS 394 16,136 16,530 775 9,281 10,067 --------- -------- ----------- ---------- ---------- --------- BANKRUPTCY-RELATED FEES AND EXPENSES ------------------------------------------------- Payments To Professionals - - US Trustee Fees - - Court Costs - - Other Costs - - ----------- --------- TOTAL BANKRUPTCY-RELATED FEES AND EXPENSES - - ----------- --------- TOTAL CASH DISBURSEMENTS 16,530 10,067 ----------- --------- Net Change In Cash 1,545 889 Beginning Cash Balance, US Bank Accounts (282) 1,263 ----------- --------- ENDING CASH BALANCE, US BANK ACCOUNTS 1,263 2,152 =========== ========= RECONCILIATION TO BALANCE SHEET: Cash - US Bank Accounts 1,263 2,152 Cash - International Bank Accounts (Not In Chapter 11) 2,045 1,581 ----------- --------- TOTAL CASH PER BALANCE SHEET 3,308 3,733 =========== =========

PSC, INC. PSC Inc. Case #: 02-15876 (SMB) Reporting Period: January, 2003 $ Amounts in thousands -------------------- -------------------- UNAUDITED UNAUDITED -------------------- -------------------- SCHEDULE OF ACCOUNTS PAYABLE (MOR-5) 12/31/02 1/24/2003 -------------------- -------------------- Trade Accounts Payable US Pre-Petition Accounts Payable 7,870 6,675 US Post-Petition Accounts Payable 4,945 5,551 Foreign Subsidiary Accounts Payable 593 453 -------------------- -------------------- TOTAL CONSOLIDATED ACCOUNTS PAYABLE 13,408 12,679 ==================== ==================== -------------------- -------------------- Payable Payable INTERCOMPANY TRADE ACCOUNTS (a) (Receivable) (Receivable) -------------------- -------------------- PSC Inc. (debtor) 9,715 14,012 PSC Scanning, Inc (debtor) (19,765) (21,708) PSC UK (233) (337) PSC France 686 623 PSC Italy 2,551 2,713 PSC Germany 3,559 3,594 PSC Australia 10 (138) PSC Japan 268 287 Consolidation Eliminations 3,209 954 -------------------- -------------------- TOTAL INTERCOMPANY TRADE ACCOUNTS - - ==================== ====================

PSC INC. CASE #: 02-15876 (SMB) ----------- REPORTING PERIOD: JANUARY, 2003 UNAUDITED ----------- SCHEDULE OF SALES AND USE TAXES (MOR-6) ------------------------------------------------------------------------------------------ SALES & USE TAX LIABILITY ------------------------------------------------------------------------------------------ JURISDICTION 12/31/02 TOTAL PAYMENTS PAYMENTS 01/24/03 BALANCE COLLECTED DISCOUNT COLLECTIONS MADE DATE BALANCE ------------------------------------------------------------------------------------------ Canada 1,518 (3,147) 3,147 (2,726) 1/17/03 1,939 Arkansas 208 (322) 322 (208) 1/17/03 322 Arizona (7,386) (253) 253 (7,132) California (1,692) (1,252) 1,252 (14) 1/17/03 (454) Colorado 212 (170) 170 (212) 1/17/03 170 Florida 1,382 (415) 415 (1,382) 1/17/03 415 Georgia 1,085 (2,069) 2,069 (1,085) 1/17/03 2,069 Hawaii/adj to be made (22) - (22) Illinois 1,678 (1,215) 1,215 (1,678) 1/17/03 1,215 Indiana (9,162) (278) 278 (8,884) Louisiana/adj to be made (6) - (6) Massachusetts (665) 27 (27) (692) Maryland 126 (27) 27 (126) 1/17/03 27 Michigan 820 (310) 310 (820) 1/10/03 310 Minnesota 3,866 (11) 11 3,877 Minnesota/adj to be made 1,305 - 1,305 North Carolina 11,372 (893) 893 (11,372) 1/13/03 893 New Jersey (6,693) 14 (14) (6,707) New York 1,266 681 (681) (1,266) 1/17/03 (681) Ohio (1,322) (2,530) 2,530 1,208 Oklahoma (46) - (46) Pennsylvania 1,143 (2,283) 2,283 (1,143) 1/17/03 2,283 Tennessee (877) (1,392) 1,392 515 Texas 3,120 (1,329) 1,329 (3,120) 1/17/03 1,329 Virginia 1,275 (135) 135 (1,275) 1/17/03 135 Washington (616) (148) 148 (38) 1/17/03 (506) Posting errors to be adj 76 - 6 ------------------------------------------------------------------------------------------ Total 1,967 (17,458) - 17,458 (26,465) (7,108) ==========================================================================================

PSC INC. CASE #: 02-15876 (SMB) ---------- REPORTING PERIOD: JANUARY, 2003 UNAUDITED ---------- SCHEDULE OF PAYROLL & PAYROLL TAXES (MOR-7) ------------------------------ ------------------------- ------------------------------- ----------------- EMPLOYEE EMPLOYER DATE GROSS SALARY/WAGES PAID PAYROLL TAXES WITHHELD PAYROLL TAXES CONTRIBUTIONS TAXES REMITTED JURISDICTION 1/3/03 1/17/03 TOTAL 1/3/03 1/17/03 TOTAL 1/3/03 1/17/03 TOTAL 1/3/03 1/17/03 ------------------------------ ------------------------- ------------------------------- ----------------- 1,097,614 1,111,575 2,209,189 Federal 23,168 128,616 251,784 - 1/3/03 1/17/03 EIC - - Social Security 66,091 66,946 133,036 66,091 66,946 133,036 1/3/03 1/17/03 Medicare 15,457 15,657 31,113 15,457 15,657 31,113 1/3/03 1/17/03 FUTA - 8,353 7,243 15,596 1/3/03 1/17/03 California 1,516 1,328 2,844 1,456 978 2,434 1/3/03 1/17/03 Colorado 127 111 238 101 91 192 1/3/03 1/17/03 Florida - 149 106 255 1/3/03 1/17/03 Georgia 1,773 1,616 3,388 - 1/3/03 1/17/03 Indiana 82 70 152 74 64 138 1/3/03 1/17/03 Massachusetts 112 95 208 43 38 80 1/3/03 1/17/03 Maryland - - North Carolina 147 121 268 52 45 97 1/3/03 1/17/03 New Jersey 188 151 339 188 165 353 1/3/03 1/17/03 Nevada - 103 93 196 1/3/03 1/17/03 New York 699 610 1,309 495 421 916 1/3/03 1/17/03 Ohio 2,366 2,246 4,612 820 445 1,265 1/3/03 1/17/03 Oregon 51,474 50,930 102,404 23,810 23,816 47,626 1/3/03 1/17/03 Pennsylvania 472 1,155 1,627 272 124 395 1/3/03 1/17/03 Texas - 105 125 230 1/3/03 1/17/03 Utah 147 124 271 3 3 5 1/3/03 1/17/03 Washington - 98 73 171 1/3/03 1/17/03 Canada 5,575 5,335 10,910 1,901 1,750 3,650 427 408 834 12/30/02 1/15/03 --------- --------- --------- ------- ------- ------- ------- ------- ------- Total 1,103,189 1,116,910 2,220,100 265,719 271,525 537,244 118,095 116,839 234,934 ========= ========= ========= ======= ======= ======= ======= ======= =======

PSC INC. ---------- CASE #: 02-15876 (SMB) UNAUDITED ---------- Reporting Period: January, 2003 SCHEDULE OF PROPERTY TAXES (MOR-8) ------------------------------------------------------- PROPERTY TAXES -------------------------------------------------------------------------- ------------------------------------------------------- 1/1 - 1/24 ACCRUED PAID/ DATE Jurisdication Location Asset Description EXPENSED LIABILITY TOTAL (REFUND) PAID -------------------------------------------------------------------------- ------------------------------------------------------- Boulder County Boulder, CO Tooling (scrapped in 2001) 3,925 3,925 3,925 1/16/2003 Miami Dade County Miami, CA office furniture/equip 222 222 222 1/16/2003 Citicorp Vendor Finance Philadelphia, PA 2 photo copiers 132 132 132 1/16/2003 Siemens Financial Chicago, IL Manufacturing Equip. 25,881 25,881 Not Due Clark County Vancouver, WA Tooling 18,490 18,490 34,233 1/31/2003 Clark County Vancouver, WA Refund of prior payments (8,611) Nielsen Family Partnership Eugene, OR Building Rent 5,911 5,911 5,911 1/16/2003 Sonoma County Sonoma, CA 239 239 239 1/16/2003 Lane County Eugene, OR various asset classes 27,102 27,102 ------------------------------------------ TOTAL 54,800 27,102 81,902 36,051 ==========================================

PSC INC. CASE #: 02-15876 (SMB) ---------------------------- REPORTING PERIOD: JANUARY, 2003 UNAUDITED ---------------------------- SCHEDULE OF INCOMETAXES (MOR-9) --------------------------------------------------------------------------------------------------- 12/31/2002 TAX TAX TAX TAX 1/24/2003 TAX LIABILITY REFUNDS DUE WITHHELD PAYMENTS TAX LIABILITY --------------------------------------------------------------------------------------------------- Federal Income Tax - - - - - - - State Income Tax - - - - - - Pennsylvania Refund - - - - - - NY State Refund - - - - - - Foreign Income Tax - - - - - - -------------------------------------------------------------------------------------------- TOTAL - - - - - - ============================================================================================

PSC INC. CASE #: 02-15876 (SMB) REPORTING PERIOD: JANUARY, 2003 $ AMOUNTS IN THOUSANDS SCHEDULE OF ACCOUNTS RECEIVABLE (MOR-9) ------------------ UNAUDITED ------------------ January 24, 2003 ------------------ US 15,668 Europe 13,253 Asia 1,908 Total Accounts Receivable 30,829 ------------------ Allowance For Doubtful Accounts (647) ------------------ Net Accounts Receivable 30,182 ==================

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