EX-99.1 3 g75742ex99-1.txt AMERICAN CLASSIC VOYAGES-MARCH 02 OPERATING REPORT EXHIBIT 99.1 DEBTOR: AMERICAN CLASSIC VOYAGES CO. CASE NUMBER: 01-10954 (EIK) MONTHLY OPERATING REPORT AS OF MARCH 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 March 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 MARCH 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 March Monthly Operating Report
16-Apr-02 7:32AM Summary Of Bank And Investment Accounts Attachment 1 Summary American Classic Voyages Co American Classic Case No: 01-10954 (EIK) UNAUDITED Voyages Co For Month Of March, 2002
Balances ------------------------------- Receipts & Bank Opening Closing Disbursements Statements Account Account As Of 3/01/02 As Of 3/31/02 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 5,863.27 3,048.44 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 7,010.01 0.00 Yes No - Not Yes PAC Concentration LaSalle Bank Account Account # - 2355882 American Classic Voyages Co 8,035,212.82 6,146,055.96 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
16-Apr-02 7:33AM Receipts & Disbursements Attachment 2-1 R&D - Chase American Classic Voyages - AMCV Med Ben Case No: 01-10954 (EIK) UNAUDITED Chase AMCV Medical Benefits Account # - 002-2-426522 1 March 02 - 31 March 02 Opening Balance - 1 Mar 02 5,863.27 Receipts 13,983.43 From United Healthcare (Reversal) ---------- 13,983.43 Total Receipts Disbursements (16,798.26) To United Healthcare ---------- (16,798.26) Total Disbursements Closing Balance - 31 Mar 02 3,048.44 16-Apr-02 8:06AM Receipts & Disbursements Attachment 2-2 R&D - LaSalle American Classic Voyages - AMCV PAC Case No: 01-10954 (EIK) UNAUDITED LaSalle PAC Account # - 2355882 1 March 02 - 31 March 02 Opening Balance - 1 Mar 02 7,010.01 Receipts --------- 0.00 Total Receipts Disbursements (7,010.01) Distribution To Contributors --------- (7,010.01) Total Disbursements Closing Balance - 31 Mar 02 0.00 16-Apr-02 Receipts & Disbursements Attachment 2-3 8:08 AM American Classic Voyages R&D - Credit Case No: 01-10954 (EIK) UNAUDITED Suisse Investment Credit Suisse Account Investment Account Account # - 247003452 1 March 02 - 31 March 02 Opening Balance - 1 Mar 02 8,035,212.82 Receipts 10,843.14 Interest Earned ------------- 10,843.14 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 Mar 02 6,146,055.96 AMCV US SET OF BOOKS Date: 19-APR-02 08:27:24 INCOME STATEMENT - ATTACHMENT 4 Page: 1 Current Period: MAR-02 currency USD Company=10 (AMCV)
PTD-Actual 31-Mar-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 15,852.67 Sales & Marketing 0.00 Start-Up Costs 0.00 ------------- Total SG&A Expenses 15,852.67 ------------- EBITDA (15,852.67) Depreciation 14,984.80 ------------- Operating Income (30,837.47) Other Expense/(Income) Interest Income (436.91) Interest Expense 10,842.72 Equity in Earnings for Sub (4,131,863.02) Reorganization expenses 487,381.74 ------------- Total Other Expense/(Income) 4,629,650.57 ------------- Net Pretax Income/(Loss) (4,660,488.04) Income Tax Expense 0.00 ------------- ------------- Net Income/(Loss) -4,660,488.04 =============
AMCV US SET OF BOOKS Date: 18-APR-02 17:02:14 BALANCE SHEET - ATTACHMENT 5 Page: 1 Current Period: MAR-2 currency USD Company=10 (AMCV)
YTD-Actual YTD-Actual 31-Mar-02 19-Oct-01 -------------- -------------- ASSETS Cash and Equivalent 6,146,055.96 10,343,248.25 Restricted Cash 499,877.32 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 588,507.00 0.00 Other Current Assets 0.00 0.00 -------------- -------------- Total Current Assets 10,913,357.02 14,022,502.14 Fixed Assets 4,979,716.68 4,979,716.68 Accumulated Depreciation (4,573,506.53) (4,497,369.91) -------------- -------------- Net Fixed Assets 406,210.15 482,346.77 Net Goodwill 79,850.94 81,420.64 Intercompany Due To/From 267,462,638.19 265,726,906.60 Net Deferred Financing Fees 3,294,158.46 3,408,954.89 Net Investment in Subsidiaries 37,431,844.07 48,551,297.73 Other Non Current Assets 0.00 109,986.54 -------------- -------------- Total Other Assets 308,268,491.66 317,878,566.40 -------------- -------------- Total Assets 319,588,058.83 332,383,415.31 ============== ==============
AMCV US SET OF BOOKS Date: 18-APR-02 17:02:14 BALANCE SHEET - ATTACHMENT 5 Page: 2 Current Period: MAR-2 currency USD Company=10 (AMCV)
YTD-Actual YTD-Actual 31-Mar-02 19-Oct-01 -------------- -------------- LIABILITIES Accounts Payable 0.00 0.00 Accrued Liabilities 1,672,990.86 1,089,864.63 Deposits 0.00 0.00 -------------- -------------- Total Current Liabilities 1,672,990.86 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 (1,548,991.55) (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'l Paid In Capital 204,438,037.35 204,438,037.35 Current Net Income (Loss) (9,910,043.60) (40,694,620.74) Retained Earnings (74,020,467.00) (29,645,295.60) -------------- -------------- Total Owner's Equity 120,718,539.83 134,309,134.09 -------------- -------------- Total Liabilities & Equity 319,588,058.83 332,383,415.31 ============== ==============
American Classic Voyages, Co. ATTACHMENT 6 01-10954(JCA) Summary List of Due To/Due From Accounts For the Month Ended March 31, 2002
BEGINNING ENDING AFFILIATE NAME CASE ID # BALANCE DEBITS CREDITS BALANCE -------------- --------- --------- ------ ------- ------- AMCV Cruise Operations, Inc. 01-10967 78,732,843.30 1,352,211.22 572,249.31 79,512,805.21 The Delta Queen Steamboat Co. 01-10970 6,325,037.83 4,581.88 2,406.72 6,327,212.99 DQSB II, Inc. 01-10974 22,836.06 -- -- 22,836.06 Great AQ Steamboat, L.L.C 01-10960 (22,410,666.55) -- 485.75 (22,411,152.30) Great Pacific NW Cruise Line, L.L.C 01-10977 (15,487,540.41) -- -- (15,487,540.41) Great River Cruise Line, L.L.C 01-10963 6,707,630.20 -- 4,709.58 6,702,920.62 Great Ocean Cruise Line, L.L.C 01-10959 (29,613,350.37) 76.41 -- (29,613,273.96) 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 (657,659.57) -- -- (657,659.57) Project America, Inc. N/A (29,154,390.86) -- -- (29,154,390.86) Oceanic Ship Co. N/A 41,557,089.74 -- -- 41,557,089.74 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 206,379,952.56 -- -- 206,379,952.56 Great Hawaiian Cruise Line, Inc. 01-10975 3,599,725.67 -- -- 3,599,725.67 Great Hawaiian Properties Corporation 01-10971 (51,110,970.59) -- -- (51,110,970.59) American Hawaii Properties Corporation 01-10976 2,484,165.74 -- -- 2,484,165.74 Great Independence Ship Co. 01-10969 24,948,942.58 -- -- 24,948,942.58 CAT II, Inc. 01-10968 15,959,416.62 -- -- 15,959,416.62 ---------------------------------------------------------------------- 266,685,620.04 1,356,869.51 579,851.36 267,462,638.19 ======================================================================
American Classic Voyages Co. 01-10954 (EIK) Accounts Receivable Aging As of March 31, 2002 Attachment 7 Not Applicable American Classic Voyages Co. 01-10954 (EIK) Accounts Payable Detail As of March 31, 2002 Attachment 8 Not Applicable DEBTOR: AMERICAN CLASSIC VOYAGES CO. CASE NUMBER: 01-10954 (JCA) PRELIMINARY MONTHLY OPERATING REPORT AS OF MARCH 31, 2002 AND FOR THE MONTH THEN ENDED ATTACHMENT 9 NOTES TO MARCH 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. 5. The Company's self-funded health plan was terminated as of December 31, 2001. The Company is carrying a reserve for late claims. An evaluation of this reserve was conducted at the end of the first quarter and the results are reflected herein.