EX-99.1 3 g78052exv99w1.txt AMERICAN CLASSIC VOYAGES-MONTLY OPERATING REPORT EXHIBIT 99.1 DEBTOR: AMERICAN CLASSIC VOYAGES CO. CASE NUMBER: 01-10954 (JCA) MONTHLY OPERATING REPORT AS OF JULY 31, 2002 AND FOR THE MONTH THEN ENDED In accordance with title 28, section 1746, of the United States Code, I declare under penalty of perjury that I have examined the attached July Monthly Operating Report (Attachments 1 through 9) and, to the best of my knowledge, these documents are true, correct, and complete. /s/ STEVE MOELLER ------------------------- Steve Moeller Director, Accounting DEBTOR: AMERICAN CLASSIC VOYAGES CO. CASE NUMBER: 01-10954 (JCA) MONTHLY OPERATING REPORT AS OF JULY 31, 2002 AND FOR THE MONTH THEN ENDED CONTENTS Attachment 1 Summary of Bank and Investment Accounts Attachment 2 Schedule of Receipts and Disbursements Attachment 3 Bank and Investment Account Statements Attachment 4 Income Statement Attachment 5 Balance Sheet Attachment 6 Summary of Due To/Due From Intercompany Accounts Attachment 7 Accounts Receivable Aging Attachment 8 Accounts Payable Detail Attachment 9 Notes to July Monthly Operating Report
Summary Of Bank And Investment Accounts Attachment 1 American Classic Voyages Co Summary Case No: 01-10954 (JCA) UNAUDITED American Classic Voyages Co For Month Of July, 2002 Balances ------------------------------- Receipts & Bank Opening Closing Disbursements Statements Account Account As Of 7/01/02 As Of 7/31/02 Included Included Reconciled ------- ------------- ------------- -------- -------- ---------- AMCV Deferred Compensation 0.00 0.00 No - No - No - Bank One Account Account Account Account # - 1590101554 Closed Closed Closed AMCV Dental Benefits 0.00 0.00 No - No - No - Chase (JP Morgan Chase & Co) Account Account Account Account # - 002-2-426530 Closed Closed Closed AMCV Employee Stock Plan 0.00 0.00 No - No - No - LaSalle Bank Account Account Account Account # - 5800015140 Closed Closed Closed AMCV Insurance 0.00 0.00 No - No - No - LaSalle Bank Account Account Account Account # - 5800021411 Closed Closed Closed AMCV Medical Benefits 5,020.40 5,102.86 Yes No - Not Yes Chase (JP Morgan Chase & Co) Concentration Account # - 002-2-426522 Account American Classic Voyages Co 0.00 0.00 No - No - No - Master Cash Account Account Account LaSalle Bank Closed Closed Closed Account # - 2355464 American Classic Voyages Co 0.00 0.00 No - No - No - Payroll Account Account Account LaSalle Bank Closed Closed Closed Account # - 2369368 American Classic Voyages Co 0.00 0.00 No - No - No - PAC Account Account Account LaSalle Bank Closed Closed Closed Account # - 2355882 American Classic Voyages Co 34,695,730.63 1,760,963.47 Yes Yes Yes Investment Account Credit Suisse Asset Management Account # - 247003452 American Classic Voyages Co 0.00 0.00 No - No - No - Investment Account Account Account Account Goldman Sachs & Co. Closed Closed Closed Account # - 020-53613-2 American Classic Voyages Co 0.00 0.00 No - No - No - Investment Account Account Account Account Merrill Lynch Closed Closed Closed Account # - 318-3271750-7 American Classic Voyages Co 0.00 0.00 No - No - No - Investment Account Account Account Account Conifer Securities Closed Closed Closed Account # - 330-50683 1-8
Receipts & Disbursements Attachment 2-1 American Classic Voyages R&D - Chase - AMCV Med Ben Case No: 01-10954 (JCA) UNAUDITED Chase AMCV Medical Benefits Account # - 002-2-426522 1 July 02 - 31 July 02 Opening Balance - 1 July 02 5,020.40 Receipts 245.70 From United Healthcare (Reversal) --------- 245.70 Total Receipts Disbursements (163.24) To United Healthcare --------- (163.24) Total Disbursements Closing Balance - 31 July 02 5,102.86
Receipts & Disbursements Attachment 2-2 American Classic Voyages R&D - Credit Suisse Investment Account Case No: 01-10954 (JCA) UNAUDITED Credit Suisse Investment Account Account # - 247003452 1 July 02 - 31 July 02 Opening Balance - 1 July 02 34,695,730.63 Receipts 3,723.44 Interest Earned -------- 3,723.44 Total Receipts Disbursements (32,038,490.60) To The Delta Queen Steamboat Company - LaSalle Bank - Investment Cash Account (03-9042-30-4) (900,000.00) To The Delta Queen Steamboat Company - Hibernia - DQ Master Cash Account (812-395-335) -------- (32,938,490.60) Total Disbursements Closing Balance - 31 July 02 1,760,963.47
AMCV US SET OF BOOKS Date: 14-AUG-02 16:54:41 INCOME STATEMENT - ATTACHMENT 4 Page: 1 Current Period: JUL-02 currency USD Company=10 (AMCV)
PTD-Actual 31-Jul-02 ----------- Revenue Gross Revenue 0.00 Allowances 0.00 ----------- Net Revenue 0.00 Operating Expenses Air 0.00 Hotel 0.00 Commissions 0.00 Onboard Expenses 0.00 Passenger Expenses 0.00 Vessel Expenses 0.00 Layup/Drydock Expense 0.00 Vessel Insurance 0.00 ----------- Total Operating Expenses 0.00 Gross Profit 0.00 SG&A Expenses General and Admin Expenses 14,390.05 Sales & Marketing 0.00 Start-Up Costs 0.00 ----------- Total SG&A Expenses 14,390.05 ----------- EBITDA (14,390.05) Depreciation 13,786.61 ----------- Operating Income (28,176.66) Other Expense/(Income) Interest Income (4,940.98) Interest Expense 21,390.64 Equity in Earnings for Sub (176,302.22) Reorganization expenses 463,886.75 Other expense (550.00) ----------- Total Other Expense/(Income) 656,088.63 ----------- Net Pretax Income/(Loss) (684,265.29) Income Tax Expense 0.00 ----------- Net Income/(Loss) (684,265.29) ===========
AMCV US SET OF BOOKS Date: 14-AUG-02 17:12:07 BALANCE SHEET - ATTACHMENT 5 Page: 1 Current Period: JUL-02 currency USD Company=10 (AMCV)
YTD-Actual YTD-Actual 31-Jul-02 19-Oct-02 --------------- --------------- ASSETS Cash and Equivalent 1,760,963.47 10,343,248.25 Restricted Cash 80.78 0.00 Marketable Securities 0.00 337.15 Accounts Receivable 3,678,916.74 3,678,916.74 Inventories 0.00 0.00 Prepaid Expenses 79,453.96 0.00 Other Current Assets 0.00 0.00 --------------- --------------- Total Current Assets 5,519,414.95 14,022,502.14 Fixed Assets 4,972,716.68 4,979,716.68 Accumulated Depreciation (4,630,029.86) (4,497,369.91) --------------- --------------- Net Fixed Assets 342,686.82 482,346.77 Net Goodwill 0.00 81,420.64 Intercompany Due To/From 270,513,074.67 265,726,906.60 Net Deferred Financing Fees 3,208,595.90 3,408,954.89 Net Investment in Subsidiaries (555,226,677.75) 48,551,297.73 Other Non Current Assets 0.00 109,986.54 --------------- --------------- Total Other Assets (281,505,007.18) 317,878,566.40 --------------- --------------- Total Assets (275,642,905.41) 332,383,415.31 =============== ===============
AMCV US SET OF BOOKS Date: 14-AUG-02 17:12:07 BALANCE SHEET - ATTACHMENT 5 Page: 2 Current Period: JUL-02 currency USD Company=10 (AMCV)
YTD-Actual YTD-Actual 31-Jul-02 19-Oct-02 --------------- --------------- LIABILITIES Accounts Payable 0.00 0.00 Accrued Liabilities 1,783,392.72 1,089,864.63 Deposits 0.00 0.00 --------------- --------------- Total Current Liabilities 1,783,392.72 1,089,864.63 Long Term Debt 0.00 0.00 Other Long Term Liabilities (3,221,982.41) (3,434,093.96) --------------- --------------- Total Liabilities (1,438,589.69) (2,344,229.33) Liabilities Subject to Compromise 200,418,510.55 200,418,510.55 OWNER'S EQUITY Common Stock 211,013.08 211,013.08 Add'l Paid In Capital 204,438,037.35 204,438,037.35 Current Net Income (Loss) (605,251,409.70) (40,694,620.74) Retained Earnings (74,020,467.00) (29,645,295.60) --------------- --------------- Total Owner's Equity (474,622,826.27) 134,309,134.09 --------------- --------------- Total Liabilities & Equity (275,642,905.41) 332,383,415.31 =============== ===============
American Classic Voyages Co. ATTACHMENT 6 01-10954 (JCA) Summary List of Due To/Due From Accounts For the Month Ended July 31, 2002 BEGINNING ENDING AFFILIATE NAME CASE NUMBER BALANCE DEBITS CREDITS BALANCE AMCV Cruise Operations, Inc. 01-10967 50,176,429.28 32,954,350.65 491,326.84 82,639,453.09 The Delta Queen Steamboat Co. 01-10970 6,235,723.33 -- 31,052.89 6,204,670.44 DQSB II, Inc. 01-10974 22,836.06 -- -- 22,836.06 Great AQ Steamboat, L.L.C 01-10960 (22,407,920.91) -- 168.00 (22,408,088.91) Great Pacific NW Cruise Line, L.L.C 01-10977 (15,472,854.20) -- -- (15,472,854.20) Great River Cruise Line, L.L.C 01-10963 6,702,386.55 -- -- 6,702,386.55 Great Ocean Cruise Line, L.L.C 01-10959 (29,578,514.46) -- -- (29,578,514.46) Cruise America Travel, Incorporated 01-10966 103,377.71 -- -- 103,377.71 Delta Queen Coastal Voyages, L.L.C 01-10964 934,299.38 -- -- 934,299.38 Cape Cod Light, L.L.C 01-10962 (1,670,131.78) -- -- (1,670,131.78) Cape May Light, L.L.C 01-10961 (656,724.33) 350.00 -- (656,374.33) Project America, Inc. N/A (29,154,390.86) -- -- (29,154,390.86) Oceanic Ship Co. N/A 41,569,662.42 120.00 -- 41,569,782.42 Project America Ship I, Inc. N/A 1,793,166.15 -- -- 1,793,166.15 Project America Ship II, Inc. N/A 27,241,846.63 -- -- 27,241,846.63 Ocean Development Co. 01-10972 206,389,119.70 -- -- 206,389,119.70 Great Hawaiian Cruise Line, Inc. 01-10975 3,571,229.75 -- -- 3,571,229.75 Great Hawaiian Properties Corporation 01-10971 (51,110,970.59) -- -- (51,110,970.59) American Hawaii Properties Corporation 01-10976 2,484,040.72 -- -- 2,484,040.72 Great Independence Ship Co. 01-10969 24,948,774.58 -- -- 24,948,774.58 CAT II, Inc. 01-10968 15,959,416.62 -- -- 15,959,416.62 --------------------------------------------------------------------- 238,080,801.75 32,954,820.65 522,547.73 270,513,074.67 =====================================================================
American Classic Voyages Co. 01-10954 (JCA) Accounts Receivable Aging As of July 31, 2002 Attachment 7 Not Applicable American Classic Voyages Co. 01-10954 (JCA) Accounts Payable Detail As of July 31, 2002 Attachment 8 Not Applicable DEBTOR: AMERICAN CLASSIC VOYAGES CO. CASE NUMBER: 01-10954 (JCA) PRELIMINARY MONTHLY OPERATING REPORT AS OF JULY 31, 2002 AND FOR THE MONTH THEN ENDED ATTACHMENT 9 NOTES TO JULY MONTHLY OPERATING REPORT The information contained herein is unaudited. Liabilities included in these financial statements reflect amounts known by the Company to have been incurred. The Company has listed in prior filings with the United States Trustee potential additional claims it believes may be asserted against the Company. To the best of the Debtor's knowledge and belief, based on currently available information, all Federal income and payroll taxes due and owing have been paid. 1. Deferred financing costs represent costs incurred in connection with placing pre-petition debt instruments. Deferred financing costs are being amortized to interest expense over the term of the applicable debt instrument. 2. Other long-term liabilities consists of deferred tax assets and liabilities, net. Deferred tax assets and liabilities have been recognized for the expected future tax consequences of temporary differences between carrying amounts and the tax basis of assets and liabilities. The Debtor has not recorded adjustments to these amounts pending the outcome of Chapter 11 proceedings. 3. The Debtor has ceased recording accruals for distributions on its Trust Preferred securities. Historically, these accruals for these distributions were charged to "interest expense and other financing costs." 4. Accounts Receivable represents pre-petition total hold-backs by Paymentech, Inc., the Debtor's credit card processing agent against pre-petition customer deposits. Detail for such hold-backs has not been received from Paymentech, Inc. 5. The cash proceeds of $33.8 million from sale of assets by some of the Debtors were received on May 31, 2002. The proceeds were transferred to the appropriate Debtor, the Delta Queen Steamboat Co.