EX-99.12 14 g74425ex99-12.txt GREAT INDEPENDENCE SHIP CO. - JAN 02 REPORT EXHIBIT 99.12 DEBTOR: GREAT INDEPENDENCE SHIP CO. CASE NUMBER: 01-10969 (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: GREAT INDEPENDENCE SHIP CO. CASE NUMBER: 01-10969 (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 ATTACHMENT 1 Summary Of Bank And Investment Accounts Great Independence Ship Co. Summary Case No: 01-10969 (EIK) UNAUDITED Great Independence Ship Co. For Month Of January, 2002
Balances ------------------------------ Receipts & Bank Opening Closing Disbursements Statements Account Account As Of 1/01/02 As Of 1/31/02 Included Included Reconciled ------- ------------- ------------- ------------- ---------- ---------- Independence Steamer 0.00 0.00 No- No - Not No - Bank of Hawaii No Activity Concentration No Activity Account # - 0001-029126 Account
ATTACHMENT 2 Receipts & Disbursements Great Independence Ship Co. Summary Case No: 01-10969 (EIK) Great Independence Ship C For Month Of January, 2002 Attach 2&3 No Receipts Or Disbursements Due To No Active Accounts ATTACHMENT 3 Concentration & Investment Account Statements Great Independence Ship Co. Summary Case No: 01-10969 (EIK) Great Independence Ship C For Month Of January, 2002 Attach 2&3 No Statements Due To No Concentration Or Investment Accounts ATTACHMENT 4 AMCV US SET OF BOOKS INCOME STATEMENT - ATTACHMENT 4 CURRENT PERIOD: JAN-02 CURRENCY USD COMPANY=54 (S.S. INDEPENDENCE)
PTD-ACTUAL JAN-02 -------------- REVENUE GROSS REVENUE 3,861.10 ALLOWANCES 0.00 ------------ NET REVENUE 3,861.10 OPERATING EXPENSES AIR 67.31 HOTEL 88.96 COMMISSIONS 0.00 ONBOARD EXPENSES 0.00 PASSENGER EXPENSES (2,430.35) VESSEL EXPENSES 9,034.51 LAYUP/DRYDOCK EXPENSE 0.00 VESSEL INSURANCE 10,363.77 ------------ TOTAL OPERATING EXPENSES 17,124.20 ------------ GROSS PROFIT (13,263.10) SG&A EXPENSES GENERAL AND ADMIN EXPENSES (132,213.10) SALES & MARKETING 0.00 PRE-OPENING COSTS 0.00 ------------ TOTAL SG&A EXPENSES (132,213.10) ------------ EBITDA 118,950.00 DEPRECIATION 0.00 ------------ OPERATING INCOME 118,950.00 OTHER EXPENSE/(INCOME) INTEREST INCOME 0.00 INTEREST EXPENSE 4,191.38 EQUITY IN EARNINGS FOR SUB 0.00 REORGANIZATION EXPENSES 0.00 ------------ TOTAL OTHER EXPENSE/ (INCOME) 4,191.38 ------------ NET PRETAX INCOME/(LOSS) 114,758.62 ------------ INCOME TAX EXPENSE 0.00 ------------ NET INCOME/ (LOSS) 114,758.62 ------------
ATTACHMENT 5 AMCV US SET OF BOOKS BALANCE SHEET - ATTACHMENT 5 Current Period: JAN-02 currency USD Company=54 (S.S. INDEPENDENCE)
YTD-Actual YTD-Actual JAN-02 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 175,538.74 175,538.74 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 1,320,359.93 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 (17,782,354.24) (17,643,280.88) Net Deferred Financing Fees 695,767.98 709,459.82 Net Investment in Subsidiaries 0.00 0.00 Other Non Current Assets 0.00 0.00 --------------- --------------- Total Other Assets (17,086,586.26) (16,933,821.06) --------------- --------------- Total Assets 37,890,030.42 38,130,256.41 --------------- ---------------
ATTACHMENT 5 (CON'T) AMCV US SET OF BOOKS BALANCE SHEET - ATTACHMENT 5 Current Period: JAN-02 currency USD Company=54 (S.S. INDEPENDENCE)
YTD-Actual YTD-Actual JAN-02 OCT-01 ------------- ------------- LIABILITIES Accounts Payable 0.00 0.00 Accrued Liabilities 7,023.00 31,544.34 Deposits 0.00 0.00 ------------- ------------- Total Current Liabilities 7,023.00 31,544.34 Long Term Debt 0.00 0.00 Other Long Term Liabilities 1,266,494.79 1,266,494.79 ------------- ------------- Total Liabilities 1,273,517.79 1,298,039.13 OTHER Liabilities Subject to Compromise 32,349,773.96 32,372,521.16 ------------- ------------- Total Other 32,349,773.96 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) 114,758.62 (9,694,324.85) Retained Earnings (13,465,019.95) (3,462,979.03) ------------- ------------- Total Owner's Equity 4,266,738.67 4,459,696.12 ------------- ------------- Total Liabilities & Equity 37,890,030.42 38,130,256.41 ------------- -------------
ATTACHMENT 6 Great Independence Ship Co. 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 -------------- ----------- ------- ------ ------- ------- American Classic Voyages Co. 01-10954 (24,954,400.67) 135,221.84 129,763.75 (24,948,942.58) AMCV Cruise Operations, Inc. 01-10967 (36,632,816.41) -- 12,874.01 (36,645,690.42) The Delta Queen Steamboat Co. 01-10970 27,551.11 55,533.72 -- 83,084.83 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 1, Inc. N/A 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 -- 773.94 542,250.76 Cat II, Inc. 01-10968 (11,802,199.12) -- -- (11,802,199.12) -------------- ---------- ---------- -------------- (17,829,698.10) 190,755.56 143,411.70 (17,782,354.24) ============== ========== ========== ==============
ATTACHMENT #7 GREAT INDEPENDENCE SHIP, CO. CASE #: 01-10969 (EIK) ACCOUNTS RECEIVABLE RECONCILIATION AND AGING
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 12903.81 22553.26 Total 0 0 9649.45 175538.74 185188.19
GREAT INDEPENDENCE SHIP CO. ACCOUNTS PAYABLE DETAIL AS OF JANUARY 31, 2002 ATTACHMENT 8 NOT APPLICABLE DEBTOR: GREAT INDEPENDENCE SHIP CO. CASE NUMBER: 01-10969 (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. 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) PRELIMINARY MONTHLY OPERATING REPORT AS OF JANUARY 31, 2002 AND FOR THE MONTH THEN ENDED ATTACHMENT 9 NOTES TO JANUARY 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.