EX-99.24 26 g73863ex99-24.txt GREAT INDEPENDENCE SHIP - DEC 01 OPERATING REPORT EXHIBIT 99.24 DEBTOR: GREAT INDEPENDENCE SHIP CO. CASE NUMBER: 01-10969 (EIK) MONTHLY OPERATING REPORT AS OF DECEMBER 31, 2001 AND FOR THE MONTH THEN ENDED Great Independence Ship Co. (the "Debtor") received the information required to analyze and reconcile the accounts and other information contained in the attached December Monthly Operating Report too late to perform such analyses and reconciliations prior to the report's filing. Accordingly, the accounts and other information contained in the December Monthly Operating Report are subject to adjustment and reconciliation and may change materially once the analyses and reconciliations are performed. Subject to the foregoing possible material modifications and possible revisions, in accordance with title 28, section 1746, of the United States Code, I declare under penalty of perjury that I have examined the attached December Monthly Operating Report (Attachments 1 through 9) and the accompanying attachments 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 DECEMBER 31, 2001 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 December Monthly Operating Report 19-Jan-02 Summary Of Bank And Investment Accounts Attachment 1 4:07 PM Great Independence Ship Co. SUMMARY Case No: 01-10969 (EIK) UNAUDITED GREAT INDEPENDENCE SHIP CO. For Month Of December. 2001
Balances Receipts & Bank Opening Closing Disbursements Statements Account Account As Of 12/01/01 As Of 12/31/01 Included Included Reconciled Independence Steamer 3,542.35 0.00 Yes No - Not No Bank of Hawaii Concentration Account # - 0001-029126 Account
19-Jan-02 Receipts & Disbursements Attachment 2-1 4:12 PM 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 1 December 01 - 31 December 01 Opening Balance - 1 Dec 01 3,542.35 Receipts -------- 0.00 Total Receipts Disbursements (3,542.35) To The Delta Queen Steam Boat Co. - Hibernia - DQSC Master Cash - Account (812-395-335) -------- (3,542.35) Total Disbursements Closing Balance - 31 Dec 01 0.00 20-Jan-02 Concentration & Investment Account Statements Attachment 3 12:34 PM Great Independence Ship Co. Summary Case No: 01-10969- (EIK) Great Independence Ship C For Month Of December, 2001 Attach 2&3
No Statements Due To No Concentration Or Investment Accounts Attachment 4 AMCV US SET OF BOOKS Date: 21-JAN-02 18:34:04 INCOME STATEMENT Page: 1 Current Period: DEC-O1 Currency USD Company=54 (S.S. INDEPENDENCE)
PTD-Actual DEC-O1 -------------- 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 (18,797.36) Vessel Expenses (7,253.24) Layup/Drydock Expense 0.00 Vessel Insurance 0.00 -------------- Total Operating Expenses (26,050.60) -------------- Gross Profit 26,050.60 G&A Expenses Sales & Marketing 0.00 Pre-Opening Costs 0.00 -------------- Total SG&A Expenses 0.00 -------------- EBITDA 26,050.60 Depreciation 0.00 Operating Income 26,050.60 Other Expense/(Income) Interest Income 0.00 Interest Expense 6,406.73 Equity in Earnings for Sub 0.00 -------------- Total Other Expense/(Income) 6,406.73 -------------- Net Pretax Income/(Loss) 19,643.87 -------------- Income Tax Expense 0.00 -------------- Net Income/(Loss) 19,643.87 --------------
Attachment 5-1 AMCV US SET OF BOOKS Date: 21-JAN-02 18:59:29 BALANCE SHEET Page: 1 Current Period: DEC-O1 Currency USD Company=54 (S.S. INDEPENDENCE)
YTD-Actual YTD-Actual DEC-01 OCT-01 --------------- --------------- ASSETS Cash and Equivalent 0.00 64,505.83 Restricted Cash 0.00 0.00 Marketable Securities 0.00 0.00 Accounts Receivable 181,834.52 175,538.74 Inventories 1,144,821.19 1,148,206.76 Prepaid Expenses 0.00 2,954.26 Other Current Assets 0.00 16,615.13 --------------- --------------- Total Current Assets 1,326,655.71 1,407,820.72 Fixed Assets 97,928,924.04 97,928,924.04 Accumulated Depreciation (44,272,667.29) (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 (17,829,698.10) (17,643,280.88) Net Deferred Financing Fees 699,959.36 709,459.82 Net Investment in Subsidiaries 0.00 0.00 Other Non Current Assets 0.00 0.00 --------------- --------------- Total Other Assets 17,129,738.74) 16,933,821.06) --------------- --------------- Total Assets 37,853,173.72 38,130,256.41 --------------- ---------------
Attachment 5-2 AMCV US SET OF' BOOKS Date: 21-JAN-02 18:59:29 BALANCE SHEET Page: 2 Current Period: DEC-O1 Currency USD Company=54 (S.S. INDEPENDENCE)
YTD-Actual YTD-Actual DEC-01 OCT-01 --------------- --------------- LIABILITIES Accounts Payable 0.00 0.00 Accrued Liabilities 71,481.68 31,544.34 Deposits (3,003.00) 0.00 --------------- --------------- Total Current Liabilities 68,478.68 31,544.34 Long Term Debt 0.00 0.00 Other Long Term Liabilities 1,266,494.79 1,266,494.79 --------------- --------------- Total Liabilities 1,334,973.47 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) (9,999,037.92) (9,694,324.85) Retained Earnings (3,462,979.03) (3,462,979.03) --------------- --------------- Total Owner's Equity 4,154,983.05 4,459,696.12 --------------- --------------- Total Liabilities & Other & 37,853,173.72 38,130,256.41 --------------- ---------------
Attachment 6 Great Independence Ship Co. Case #: 01-10969 Summary List of Due To/Due From Accounts For the Period Ending December 31, 2001
BEGINNING ENDING AFFILIATE NAME CASE NUMBER BALANCE DEBITS CREDITS BALANCE American Classic Voyages Co. 01-10954 (25,058,081.78) 243,574.38 143,435.62 (24,957,943.02) AMCV Cruise Operations, Inc. 01-10967 (36,632,816.41) -- -- (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 543,024.70 -- -- 543,024.70 Cat 11, Inc. 01-10968 (11,802,346.18) 147.06 -- (11,802,199.12) -------------------------------------------------------------------- (17,933,526.27) 243,721.44 143,435.62 (17,833,240.45) ====================================================================
Great Independence Ship Co. Monthly Operating Report As of December 31, 2001 And for the Period December 1, 2001 thru December 31, 2001 Attachment 7 Not Applicable Great Independence Ship Co. Monthly Operating Report As of December 31, 2001 And for the Period December 1, 2001 thru December 31, 2001 Attachment 8 Not Applicable DEBTOR: GREAT INDEPENDENCE SHIP CO. CASE NUMBER: 01-10969 (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. 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 ceased accruing for the 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) MONTHLY OPERATING REPORT AS OF DECEMBER 31, 2001 AND FOR THE MONTH THEN ENDED ATTACHMENT 9 NOTES TO 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.