EX-99.1 3 g74425ex99-1.txt AMERICAN CLASSIC VOYAGES CO. - JAN 02 REPORT EXHIBIT 99.1 DEBTOR: AMERICAN CLASSIC VOYAGES CO. CASE NUMBER: 01-10954 (EIK) MONTHLY OPERATING REPORT AS OF JANUARY 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 January 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, Finance DEBTOR: AMERICAN CLASSIC VOYAGES CO. CASE NUMBER: 01-10954 (EIK) MONTHLY OPERATING REPORT AS OF JANUARY 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 January 2002 Monthly Operating Report
Summary Of Bank And Investment Accounts Attachment 1 American Classic Voyages Co Summary Case No: 01-10954 (EIK) UNAUDITED American Classic For Month Of January, 2002 Voyages Co
Balances ------------------------------ Receipts & Bank Opening Closing Disbursements Statements Account Account As Of 1/01/02 As Of 1/31/02 Included Included Reconciled ------- ------------- ------------- ------------- ---------- ---------- AMCV Deferred Compensation 0.00 0.00 No - No- No - Bank One No Activity No Activity No Activity Account # - 1590101554 AMCV Dental Benefits 0.00 0.00 No- No - No - Chase (JP Morgan Chase & Co) No Activity No Activity No Activity Account # - 002-2-426530 AMCV Employee Stock Plan 0.00 0.00 No - No - No - LaSalle Bank No Activity No Activity No Activity Account # - 5800015140 AMCV Insurance 0.00 0.00 No- No - No - LaSalle Bank No Activity No Activity No Activity Account # - 5800021411 AMCV Medical Benefits 9,369.77 22,327.70 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 No Activity No Activity No Activity LaSalle Bank Account # - 2355464 American Classic Voyages Co 8,373.53 0.00 Yes No - Not Yes Payroll Concentration LaSalle Bank Account Account # - 2369368 American Classic Voyages Co 7,040.64 7,025.87 Yes No - Not Yes PAC Concentration LaSalle Bank Account Account # - 2355882 American Classic Voyages Co 10,317,837.87 8,424,806.59 Yes Yes Yes Investment Account Credit Suisse Asset Management Account # - 247003452 American Classic Voyages Co 0.00 10.72 Yes Yes Yes Investment Account Goldman Sachs & Co. Account # - 020-53613-2 American Classic Voyages Co 0.00 0.00 No- No - No - Investment Account No Activity No Activity No Activity Merrill Lynch Account # - 318-3271750-7 American Classic Voyages Co 0.42 0.42 No- No - No - Investment Account No Activity No Activity No Activity Conifer Securities Account # - 330-50683 1-8
Receipts & Disbursements Attachment 2-1 American Classic Voyages R&D - Chase - Case No: 01-10954 (EIK) Unaudited AMCV Med Ben Chase AMCV Medical Benefits Account # - 002-2-426522 1 January 02 - 31 January 02 Opening Balance - 1 Jan02 9,369.77 Receipts 105,000.00 From The Delta Queen Steamboat Company - Hibernia - DQ Master Cash Account (812-395-335) 5,657.03 From United Healthcare (Reversal) ----------- 110,657.03 Total Receipts Disbursements (97,699.10) To United Healthcare ----------- (97,699.10) Total Disbursements Closing Balance-31Jan02 22,327.70
Receipts & Disbursements Attachment 2-2 American Classic Voyages R&D -LaSalle- Case No: 01-10954 (EIK) Unaudited AMCV Payroll LaSalle AMCV Payroll Account # - 2369368 1 January 02 - 31 January 02 Opening Balance - 1 Jan 02 8,373.53 Receipts ---------- 0.00 Total Receipts Disbursements (328.35) LaSalle Bank Fees (8,045.18) To Delta Queen Steamboat Company - Hibernia - DQ Payroll Account (812-395-289) ---------- (8,373.53) Total Disbursements Closing Balance - 31 Jan 02 0.00
Receipts & Disbursements Attachment 2-3 American Classic Voyages R&D - LaSalle - Case No: 01-10954_(EIK) Unaudited AMCV PAC LaSalle PAC Account # - 2355882 1 January 02 - 31 January 02 Opening Balance - 1 Jan 02 7,040.64 Receipts ---------- 0.00 Total Receipts Disbursements (14.77) LaSalle Bank Fees ---------- (14.77) Total Disbursements Closing Balance - 31 Jan 02 7,025.87
Receipts & Disbursements Attachment 2-4 American Classic Voyages R&D - Credit Suisse Case No: 01-10954(EIK) Unaudited Investment Account Credit Suisse Investment Account Account # - 247003452 1 January 02 - 31 January 02 Opening Balance - 1 Jan 02 10,317,837.87 Receipts 6,968.72 Interest Earned -------------- 6,968.72 Total Receipts Disbursements (1,900,000.00) To The Delta Queen Steamboat Company - Hibernia - DQ Master Cash Account (812-395-335) -------------- (1,900,000.00) Total Disbursements Closing Balance - 31 Jan 02 8,424,806.59
Receipts &Disbursements Attachmentt 2-5 American Classic Voyages R&D -Goldman Sachs Case No: 01-10954 (EIK) Unaudited Investment Account Goldman Sachs Investment Account Account # - 020-53613-2 1 January 02 - 31 January 02 Opening Balance - 1 Jan 02 0.00 Receipts 10.72 Interest Earned ------ 10.72 Total Receipts Disbursements ------ 0.00 Total Disbursements Closing Balance - 31 Jan 02 10.72
AMCV US SET OF BOOKS INCOME STATEMENT - ATTACHMENT 4 Current Period: JAN-02 currency USD Company=10 (AMCV)
PTD-Actual JAN-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 7,960.34 Sales & Marketing 0.00 Pre-Opening Costs 0.00 ------------- Total SG&A Expenses 7,960.34 ------------- EBITDA (7,960.34) Depreciation 15,277.32 ------------- Operating Income (23,237.66) Other Expense/(Income) Interest Income (25,452.06) Interest Expense 27,304.37 Equity in Earnings for Sub (2,316,856.38) Reorganization expenses 1,194,245.58 ------------- Total Other Expense/(Income) 3,512,954.27 ------------- Net Pretax Income/(Loss) (3,536,191.93) ------------- Income Tax Expense 0.00 ------------- Net Income/(Loss) (3,536,191.93) -------------
AMCV US SET OF BOOKS BALANCE SHEET - ATTACHMENT 5 Current Period: JAN-02 currency USD Company=10 (AMCV)
YTD-Actual YTD-Actual JAN-02 OCT-01 --------------- -------------- ASSETS Cash and Equivalent 8,431,843.18 10,343,248.25 Restricted Cash 239,567.00 0.00 Marketable Securities 0.42 337.15 Accounts Receivable 3,678,916.74 3,678,916.74 Inventories 0.00 0.00 Prepaid Expenses 588,507.00 0.00 Other Current Assets 0.00 0.00 -------------- -------------- Total Current Assets 12,938,834.34 14,022,502.14 Fixed Assets 4,979,716.68 4,979,716.68 Accumulated Depreciation (4,543,318.55) (4,497,369.91) -------------- -------------- Net Fixed Assets 436,398.13 482,346.77 Net Goodwill 80,435.92 81,420.64 Intercompany Due To/From 266,227,828.68 265,726,906.60 Net Deferred Financing Fees 3,336,939.74 3,408,954.89 Net Investment in Subsidiaries 42,704,842.88 48,551,297.73 Other Non Current Assets 0.00 109,986.54 -------------- -------------- Total Other Assets 312,350,047.22 317,878,566.40 -------------- -------------- Total Assets 325,725,279.69 332,383,415.31 -------------- --------------
AMCV US SET OF BOOKS BALANCE SHEET - ATTACHMENT 5 Current Period: JAN-02 currency USD Company=10 (AMCV)
YTD-Actual YTD-Actual JAN-02 OCT-01 -------------- -------------- LIABILITIES Accounts Payable 0.00 0.00 Accrued Liabilities 1,648,471.60 1,089,864.63 Deposits 0.00 0.00 -------------- -------------- Total Current Liabilities 1,648,471.60 1,089,864.63 Long Term Debt 0.00 0.00 Other Long Term Liabilities (3,434,093.96) (3,434,093.96) -------------- -------------- Total Liabilities (1,785,622.36) (2,344,229.33) OTHER Liabilities Subject to Compromise 200,418,510.55 200,418,510.55 -------------- -------------- Total Other 200,418,510.55 200,418,510.55 OWNER'S EQUITY Common Stock 211,013.08 211,013.08 Add'1 Paid In Capital 204,438,037.35 204,438,037.35 Current Net Income (Loss) (3,536,191.93) (40,694,620.74) Retained Earnings (74,020,467.00) (29,645,295.60) -------------- -------------- Total Owner's Equity 127,092,391.50 134,309,134.09 -------------- -------------- Total Liabilities & Equity 325,725,279.69 332,383,415.31 -------------- --------------
American Classic Voyages Co. ATTACHMENT 6 Summary List of Due To/Due From Accounts For the Period Ending January 31, 2002
BEGINNING ENDING AFFILIATE NAME CASE NUMBER BALANCE DEBITS CREDITS BALANCE AMCV Cruise Operations, Inc. 01-10967 77,872,449.87 1,484,962.66 692,398.82 78,665,013.71 The Delta Queen Steamboat Co. 01-10970 3,762,286.54 2,252,715.89 154,786.09 5,860,216.34 DQS13 II, Inc. 01-10974 22,836.06 -- -- 22,836.06 Great AQ Steamboat, L.L.C 01-10960 (22,537,128.61) 126,929.47 -- (22,410,199.14) Great Pacific NW Cruise Line, L.L.C 01-10977 (15,474,968.76) -- 13,065.65 (15,488,034.41) Great River Cruise Line, L.L.C 01-10963 5,793,600.38 890,863.52 30,000.00 6,654,463.90 Great Ocean Cruise Line, L.L.C 01-10959 (29,500,443.08) 10,026.77 -- (29,490,416.31) Cruise America Travel, Incorporated 01-10966 138,559.52 -- 33,239.67 105,319.85 Delta Queen Coastal Voyages, L.L.C 01-10964 934,299.38 -- -- 934,299.38 Cape Cod Light, L.L.C 01-10962 (1,671,121.78) 990.00 -- (1,670,131.78) Cape May Light, L.L.C 01-10961 (668,425.74) 10,766.17 -- (657,659.57) Project America, Inc. N/A (29,154,375.55) -- 15.31 (29,154,390.86) Oceanic Ship Co. N/A 41,561,793.40 -- 4,703.66 41,557,089.74 Project America Ship I, Inc. N/A 1,794,833.65 -- 1,667.50 1,793,166.15 Project America Ship II, Inc. N/A 27,241,846.63 -- -- 27,241,846.63 Ocean Development Co. 01-10972 206,437,497.45 -- 57,544.89 206,379,952.56 Great Hawaiian Cruise Line, Inc. 01-10975 3,585,960.47 448,453.40 434,688.20 3,599,725.67 Great Hawaiian Properties Corporation 01-10971 (50,672,102.38) 70.68 438,938.89 (51,110,970.59) American Hawaiian Properties Corporation 01-10976 2,408,905.56 75,335.15 74.97 2,484,165.74 Great Independence Ship Co. 01-10969 25,058,081.78 129,763.75 238,902.95 24,948,942.58 Cat II, Inc. 01-10968 16,695,057.39 -- 732,464.36 15,962,593.03 --------------------------------------------------------------------- 263,629,442.18 5,430,877.46 2,832,490.96 266,227,828.68 =====================================================================
AMERICAN CLASSIC VOYAGES CO. ACCOUNTS RECEIVABLE AGING AS OF JANUARY 31, 2002 ATTACHMENT 7 NOT APPLICABLE AMERICAN CLASSIC VOYAGES CO. ACCOUNTS PAYABLE DETAIL AS OF JANUARY 31, 2002 ATTACHMENT 8 NOT APPLICABLE DEBTOR: AMERICAN CLASSIC VOYAGES CO. CASE NUMBER: 01-10954 (EIK) PRELIMINARY MONTHLY OPERATING REPORT AS OF JANUARY 31, 2002 AND FOR THE MONTH THEN ENDED ATTACHMENT 9 NOTES TO JANUARY 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. 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 bases 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. Amount 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.