EX-99.23 25 g73863ex99-23.txt GREAT INDEPENDENCE SHIP - NOV 01 OPERATING REPORT EXHIBIT 99.23 CAT II, Inc. Monthly Operating Report As of December 31, 2001 And for the Period December 1, 2001 thru December 31, 2001 Attachment 8 Not Applicable DEBTOR: CAT II, INC. CASE NUMBER:01-10968 (EIK) MONTHLY OPERATING REPORT AS OF DECEMBER 31, 2001 AND FOR THE MONTH THEN ENDED ATTACHMENT 9 NOTES TO DECEMBER MONTHLY OPERATING REPORT The information contained herein is unaudited. All assets presented herein continue to be held at historical book values, net of accumulated depreciation or amortization. The Company has not attempted to adjust its books to reflect fair market values of its assets, nor has it attempted to adjust asset book values to reflect any potential impairments. 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. The accounts of the Debtor contain the accounts of two discrete accounting companies maintained on the Debtor's computer system. Therefore, the Debtor's balance sheet consists of the accounts contained on both Attachments 5-1 and 5-2, and the Debtor's income statement consists of the accounts contained on both Attachments 4-1 and 4-2. 1. 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 bases of assets and liabilities. The Debtor has not recorded adjustments to these amounts pending the outcome of Chapter 11 proceedings. 2. Amount represents pre-petition pre-paid airline tickets. Amounts representing liabilities to airlines for airline tickets and contained in "liabilities subject to compromise" may be setoff by pre-paid airline tickets. DEBTOR: GREAT INDEPENDENCE SHIP CO. CASE NUMBER: 01-10969 (EIK) MONTHLY OPERATING REPORT AS OF NOVEMBER 30, 2001 AND FOR THE PERIOD OCTOBER 23, 2001 THROUGH NOVEMBER 30, 2001 In accordance with title 28, section 1746, of the United States Code, I declare under penalty of perjury that I have examined the attached Preliminary December Monthly Operating Report (Attachments 1 through 9) and, to the best of my knowledge, these documents are true, correct, and complete. /s/ Nicholas J. Davison ------------------------------- Nicholas J. Davison Senior Vice President /s/ Randall L. Talcott ------------------------------- Randall L. Talcott Vice President - Finance DEBTOR: GREAT INDEPENDENCE SHIP CO. CASE NUMBER: 01-10969 (EIK) MONTHLY OPERATING REPORT AS OF NOVEMBER 30, 2001 AND FOR THE PERIOD OCTOBER 23, 2001 THROUGH NOVEMBER 30, 2001 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 November Monthly Operating Report Summary Of Bank And Investment Accounts Attachment 1 Summary Great Independence Ship Co. Great Independence Case No: 01-10969 (EIK) UNAUDITED Ship Co. For Period Of 23 October - 30 November. 2001
Balances ---------------------------------- Receipts & Bank Opening Closing Disbursements Statements Account Account As Of 10/23/01 As Of 11/30/01 Included Included Reconciled ------- -------------- -------------- ------------- ----------- ---------- Independence Steamer 3,542.35 3,542.35 Yes No - Not Yes Bank of Hawaii Concentration Account # - 0001-029126 Account
Receipts & Disbursements Attachment 2-1 Great independence Ship Co. R&D- Bank of Hawaii Case No: 01-10969 (EIK) Unaudited IND. Steamer Bank of Hawaii Independence Steamer Account # - 0001-029126 23 October 01 - 30 November 01 Opening Balance - 23 Oct 01 3,542.35 Receipts -------- 0.00 Total Receipts Disbursements -------- 0.00 Total Disbursements Closing Balance - 30 Nov 01 3,542.35
Summary Concentration & Investment Account Statements Attachment 3 Great Great Independence Ship Co. Independence Case No: 01-10969 (EIK) Ship C For Period Of 23 October - 30 November, 2001 Attach 2&3 No Statements Due To No Concentration Or Investment Accounts AMCV US SET OF BOOKS Attachment 4 INCOME STATEMENT Page: 1 Current Period: NOV-01 currency USD Company=54 (S.S. INDEPENDENCE)
PTD-Actual NOV-01 ----------- Revenue Gross Revenue 383.06 Allowances 0.00 ----------- Net Revenue 383.06 Operating Expenses Air (3,722.17) Hotel 88.96 Commissions 0.00 Onboard Expenses 260,780.46 Passenger Expenses (3,288.27) Vessel Expenses 60,821.61 Layup/Drydock Expense (9,649.45) Vessel Insurance 0.00 ----------- Total Operating Expenses 305,031.14 Gross Profit (304,648.08) SG&A Expenses Sales & Marketing 0.00 Pre-Opening costs 0.00 ----------- Total SG&A Expenses 0.00 ----------- EBITDA (304,648.08) Depreciation 0.00 ----------- Operating Income (304,648.08) Other Expense/(Income) Interest Income 0.00 Interest Expense 19,708.86 Equity in Earnings for Sub 0.00 ----------- Total Other Expense/(Income) 19,708.86 Net Pretax Income/(Loss) (324,356.94) ----------- Income Tax Expense 0.00 ----------- Net Income/(Loss) (324,356.94) -----------
AMCV US SET OF BOOKS Attachment 5 BALANCE SHEET Page: 1 Current Period: NOV-01 currency USD Company=54 (S.S. INDEPENDENCE)
YTD-Actual YTD-Actual NOV-01 OCT-O1 -------------- -------------- ASSETS Cash and Equivalent 3,542.35 64,505.83 Restricted Cash 0.00 0.00 Marketable Securities 0.00 0.00 Accounts Receivable 185,188.19 175,538.74 Inventories 1,144,821.19 (Note 4) 1,148,206.76 Prepaid Expenses 0.00 2,954.26 Other Current Assets 2,215.35 16,615.13 -------------- -------------- Total Current Assets 1,335,767.08 1,407,820.72 Fixed Assets 97,928,924.04 (Note 1) 97,928,924.04 Accumulated Depreciation (44,272,667.29) (Note 1) (44,272,667.29) -------------- -------------- Net Fixed Assets 53,656,256.75 53,656,256.75 Net Goodwill 0.00 0.00 Intercompany Due To/From (17,933,526.27) (17,643,280.88) Net Deferred Financing Fees 704,150.74 (Note 2) 709,459.82 Net Investment in Subsidiaries 0.00 0.00 Other Non Current Assets 0.00 0.00 -------------- -------------- Total Other Assets (17,229,375.53) (16,933,821.06) -------------- -------------- Total Assets 37,762,648.30 38,130,256.41 -------------- --------------
AMCV US SET OF BOOKS BALANCE SHEET Page: 2 Current Period: NOV-01 currency USD Company=54 (S.S. INDEPENDENCE)
YTD-Actual YTD-Actual NOV-01 OCT-01 -------------- ------------- LIABILITIES Accounts Payable 0.00 0.00 Accrued Liabilities 600.13 31,544.34 Deposits (3,003.00) (Note 5) 0.00 ------------- ------------- Total Current Liabilities 2,402.87) 31,544.34 Long Term Debt 0.00 0.00 Other Long Term Liabilities 1,266,494.79 (Note 3) 1,266,494.79 ------------- ------------- Total Liabilities 1,264,091.92 1,298,039.13 OTHER Liabilities Subject to Compromise 32,363,217.20 32,372,521.16 ------------- ------------- Total Other 32,363,217.20 32,372,521.16 OWNER'S EQUITY Common Stock 1,000.00 1,000.00 Add'1 Paid In Capital 17,616,000.00 17,616,000.00 Current Net Income (Loss) (10,018,681.79) (9,694,324.85) ------------- ------------- Retained Earnings (3,462,979.03) (3,462,979.03) ------------- ------------- Total Owner's Equity 4,135,339.18 4,459,696.12 ------------- -------------
Great Independence Ship Co. 01-10969 Summary List of Due To/Due From Accounts For the Period October 22, 2001 through November 30, 2001
BEGINNING ENDING AFFILIATE NAME CASE NUMBER BALANCE DEBITS CREDITS BALANCE American Classic Voyages Co. 01-10954 (25,048,066.36) 246,631.66 256,647.08 (25,058,081.78) AMCV Cruise Operations, Inc. 01-10967 (36,557,401.02) 150,266.32 225,681.71 (36,632,816.41) The Delta Queen Steamboat Co. 01-10970 27,551.11 -- -- 27,551.11 Great AQ Steamboat, L.L.C 01-10960 4,881.60 -- -- 4,881.60 Great Ocean Cruise Line, L.L.C 01-10959 2,195.09 -- 2,195.09 Cruise America Travel, Incorporated 01-10966 (16,321.27) -- -- (16,321.27) Cape Cod Light, L.L.C 01-10962 (32,099.49) -- -- (32,099.49) Project America, Inc. N/A 21,415.35 -- -- 21,415.35 Oceanic Ship Co. N/A 1,172,074.09 -- -- 1,172,074.09 Project America Ship I, Inc. NIA 277,329.74 -- -- 277,329.74 Great Hawaiian Cruise Line, Inc. 01-10975 24,661,273.21 -- -- 24,661,273.21 Great Hawaiian Properties Corporation 01-10971 28,898,393.97 -- -- 28,898,393.97 American Hawaiian Properties Corporation 01-10976 747,034.73 75,482.98 279,493.01 543,024.70 Cat 11, Inc. 01-10968 (11,801,541.63) -- 804.55 (11 802 346 18) -------------- ---------- ---------- -------------- (17,643,280.88) 472,380.96 762,626.35 (17,933,526.27) ============== ========== ========== ==============
Attachment 7 GREAT INDEPENDENCE SHIP CO 54 CASE # 01-10969 (EIK) ACCOUNTS RECEIVABLE RECONCILIATION AND AGING Accounts Receivable Reconciliation
Detail: 0-30 DAYS 31-60 DAYS 61-90 DAYS 91+ DAYS TOTAL Paymentech Credit Card Processor 132528.09 132528.09 American Express Credit Card Processor 9897.46 9897.46 Discover Credit Card Processor 19562.88 19562.88 Diners Credit Card Processor 646.5 646.5 Travel Agents 9649.45 1596.01 6003.61 5304.19 22553.26 Total 9649.45 164230.94 6003.61 5304.19 185188.19
Great Independence Ship Co. Monthly Operating Report As of November 30, 2001 And for the Period October 23, 2001 thru November 30, 2001 Attachment 8 Not Applicable DEBTOR: GREAT INDEPENDENCE SHIP CO. CASE NUMBER: 01-10969 (EIK) PRELIMINARY MONTHLY OPERATING REPORT AS OF NOVEMBER 30, 2001 AND FOR THE PERIOD OCTOBER 23, 2001 THROUGH NOVEMBER 30, 2001 ATTACHMENT 9 NOTES TO NOVEMBER MONTHLY OPERATING REPORT The information contained herein is unaudited. All assets presented herein continue to be held at historical book values, net of accumulated depreciation or amortization. The Company has not attempted to adjust its books to reflect fair market values of its assets, nor has it attempted to adjust asset book values to reflect any potential impairments. 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. On October 22, 2001, the Debtor ceased all operations, and the U.S. Maritime Administration took possession of the ss Independence, the Debtor's primary asset, in connection with the uncontested foreclosure of its marine lien on the vessel. In connection therewith, the Debtor ceased recording depreciation expense and released the entire accrual for the vessel's next scheduled dry-dock. 2. 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. The Debtor has ceased paying cash interest on its long-term debt, and accordingly, has ceased accruing for such payments as interest expense. 3. 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 bases of assets and liabilities. The Debtor has not recorded adjustments to these amounts pending the outcome of Chapter 11 proceedings. 4. Prepaid insurance and accruals for self-insured claims are un-reconciled pending receipt and final review of required information. DEBTOR: GREAT INDEPENDENCE SHIP CO. CASE NUMBER: 01-10969 (EIK) PRELIMINARY MONTHLY OPERATING REPORT AS OF NOVEMBER 30, 2001 AND FOR THE PERIOD OCTOBER 23, 2001 THROUGH NOVEMBER 30, 2001 ATTACHMENT 9 NOTES TO PRELIMINARY DECEMBER MONTHLY OPERATING REPORT 5. Food and beverage inventories for the ss Independence have been adjusted to reflect physical inventory counts on board the ship on October 20, 2001. All other inventory values are based on information contained in the computer systems. See Note 1.