EX-99.2 4 g75742ex99-2.txt GREAT OCEAN CRUISE LINE-MARCH 02 OPERATING REPORT EXHIBIT 99.2 DEBTOR: GREAT OCEAN CRUISE LINE, L.L.C. CASE NUMBER: 01-10959 (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: GREAT OCEAN CRUISE LINE, L.L.C. CASE NUMBER: 01-10959 (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 Summary Of Bank, Investment & Attachment 1 8:53 AM Petty Cash Accounts Summary Great Ocean Cruise Line, L.L.C. Great Ocean Cruise Case No: 01-10959 (EIK) UNAUDITED Line, LLC 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 ------- ------------- ------------- ------------- -------------- ---------- Mississippi Queen Steamer 100,000.00 100,000.00 Yes No - Not Yes Hibernia Concentration Account # - 812-502-719 Account Mississippi Queen 0.00 0.00 No - Not A Bank No - Petty Cash No Activity Account No Activity
16-Apr-02 Receipts & Disbursements Attachment 2-1 8:50 AM Great Ocean Cruise Line, L.L.C. R&D - Hibernia - Case No: 01-10959 (EIK) UNAUDITED MQ Steamer Hibernia Mississippi Queen Steamer Account Account # - 812-502-719 1 March 02 - 31 March 02 Opening Balance - 1 Mar 02 100,000.00 Receipts ---------- 0.00 Total Receipts Disbursements ---------- 0.00 Total Disbursements Closing Balance - 31 Mar 02 100,000.00 16-Apr-02 Concentration & Investment Account Statements Attachment 3 8:54 AM Great Ocean Cruise Line, L.L.C. Summary Case No: 01-10959 (EIK) Great Ocean For Month Of March, 2002 Cruise Line, LLC Attach 3 No Statements Due To No Concentration Or Investment Accounts 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=21 (MISSISSIPPI QUEEN)
PTD-Actual 31-Mar-02 ----------- Revenue Gross Revenue (2,456.42) Allowances (48,711.19) ----------- Net Revenue (51,167.61) Operating Expenses Air 0.00 Hotel 0.00 Commissions 0.00 Onboard Expenses 146.81 Passenger Expenses (678.57) Vessel Expenses 36,370.37 Layup/Drydock Expense 0.00 Vessel Insurance 72,068.14 ----------- Total Operating Expenses 107,906.75 ----------- Gross Profit (159,074.36) SG&A Expenses Sales & Marketing 0.00 Start-Up Costs 1,451.50 ----------- Total SG&A Expenses 1,451.50 ----------- EBITDA (160,525.86) Depreciation 0.00 ----------- Operating Income (160,525.86) Other Expense/(Income) Interest Income 0.00 Equity in Earnings for Sub 0.00 Reorganization expenses 0.00 ----------- Total Other Expense/(Income) 0.00 ----------- Net Pretax Income/(Loss) (160,525.86) Income Tax Expense 0.00 ----------- Net Income/(Loss) (160,525.86) ===========
AMCV US SET OF BOOKS Date: 18-APR-02 17:03:50 BALANCE SHEET - ATTACHMENT 5 Page: 1 Current Period: MAR-2 currency USD Company=21 (MISSISSIPPI QUEEN)
YTD-Actual YTD-Actual 31-Mar-02 22-Oct-01 -------------- -------------- ASSETS Cash and Equivalent 100,000.00 91,427.94 Restricted Cash 0.00 0.00 Accounts Receivable 27,274.85 61,448.42 Inventories 301,281.55 387,173.50 Prepaid Expenses 0.00 9,438.70 Other Current Assets 0.00 (14,555.00) -------------- -------------- Total Current Assets 428,556.40 534,933.56 Fixed Assets 32,530,486.54 32,530,486.54 Accumulated Depreciation (22,994,750.57) (22,994,750.57) -------------- -------------- Net Fixed Assets 9,535,735.97 9,535,735.97 Net Goodwill 0.00 0.00 Intercompany Due To/From 21,706,040.13 19,836,574.32 Net Deferred Financing Fees 0.00 0.00 Net Investment in Subsidiaries 0.00 0.00 -------------- -------------- Total Other Assets 21,706,040.13 19,836,574.32 -------------- -------------- Total Assets 31,670,332.50 29,907,243.85 ============== ==============
AMCV US SET OF BOOKS Date: 18-APR-02 17:03:50 BALANCE SHEET - ATTACHMENT 5 Page: 2 Current Period: MAR-2 currency USD Company=21 (MISSISSIPPI QUEEN)
YTD-Actual YTD-Actual 31-Mar-02 22-Oct-01 -------------- -------------- LIABILITIES Accounts Payable 1,826.90 9,423.11 Accrued Liabilities 1,209,204.06 935,232.90 Deposits 2,623,097.77 0.00 -------------- ------------- Total Current Liabilities 3,834,128.73 944,656.01 Long Term Debt 0.00 0.00 Other Long Term Liabilities 0.00 0.00 -------------- ------------- Total Liabilities 3,834,128.73 944,656.01 OTHER Liabilities Subject to Compromise 2,667,587.11 2,827,647.41 -------------- ------------- Total Other 2,667,587.11 2,827,647.41 OWNER'S EQUITY Common Stock 0.00 0.00 Add'l Paid In Capital 4,571,000.00 4,571,000.00 Current Net Income (Loss) (608,526.06) (984,131.23) Retained Earnings 21,206,142.72 22,548,071.66 -------------- ------------- Total Owner's Equity 25,168,616.66 26,134,940.43 -------------- ------------- Total Liabilities & Equity 31,670,332.50 29,907,243.85 ============== =============
GREAT OCEAN CRUISE ATTACHMENT 6 01-10959 (JCA) LINE, L.L.C. 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 -------------- --------- -------------- ------------ ----------- --------------- American Classic Voyages Co. 01-10954 29,613,350.37 -- 76.41 29,613,273.96 AMCV Cruise Operations, Inc. 01-10967 (21,419,111.30) -- 35,273.10 (21,454,384.40) The Delta Queen Steamboat Co. 01-10970 14,935,686.13 1,693,478.13 170,017.90 16,459,146.36 DQSB II, Inc. 01-10974 (877.52) -- -- (877.52) Great AQ Steamboat, L.L.C. 01-10960 14,507.47 -- -- 14,507.47 Great Pacific NW Cruise Line, L.L.C. 01-10977 10,219.55 -- -- 10,219.55 Great River Cruise Line, L.L.C. 01-10963 49,604.28 -- 82,682.65 (33,078.37) Cruise America Travel, Incorporated 01-10966 (2,953,907.27) -- -- (2,953,907.27) Delta Queen Coastal Voyages, L.L.C. 01-10964 85,950.95 -- -- 85,950.95 Cape Cod Light, L.L.C. 01-10962 4,980.00 -- -- 4,980.00 Cape May Light, L.L.C. 01-10961 1,844.01 -- -- 1,844.01 Project America, Inc. N/A (4,475.20) -- -- (4,475.20) Great Hawaiian Properties Corporation 01-10971 (34,964.32) -- -- (34,964.32) Great Independence Ship Co. 01-10969 (2,195.09) -- -- (2,195.09) ------------------------------------------------------------------------ 20,300,612.06 1,693,478.13 288,050.06 21,706,040.13 ========================================================================
GREAT OCEAN CRUISE LINE, L.L.C. CASE #: 01-10959 (EIK) ACCOUNTS RECEIVABLE RECONCILIATION AND AGING
DETAIL: 0-30 DAYS 31-60 DAYS 61-90 DAYS 91+ DAYS TOTAL ------- --------- ---------- ---------- --------- --------- Paymentech Credit Card Processor 27,274.85 27,274.85 American Express Credit Card Processor -- Discover Credit Card Processor -- Diners Credit Card Processor -- Travel Agents -- -------------------------------------------------------------------------------- Total 0 0 0 27,274.85 27,274.85 ================================================================================
ATTACHMENT # 7 MISSISSIPPI QUEEN AP-STEAMER CHECKS 21-000-221300-00000 MARCH-02 OUTSTANDING CHECKS: 17103 Garrett TV & Appliances 498.75 17104 Marvin Ross 957.96 17165 Jim Coulson-MCI 50.69 17183 S. Baham-Spiegel 20.00 17190 C. Sisson-J. Sisson 199.50 17248 A. Sisson-J. Sisson 100.00 Total per G/L: 1826.90 ======= ATTACHMENT # 8 DEBTOR: GREAT OCEAN CRUISE LINE, L.L.C. CASE NUMBER: 01-10959 (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. Physical inventory counts have been performed internally for food and beverage. An evaluation of fuel inventory pricing has been performed and carrying values have been adjusted accordingly. Other inventory amounts have been adjusted to amounts contained in the Debtor's computer systems. The Debtor estimates that it would cost up to $50,000 to perform physical counts of the inventories of The Delta Queen Steamboat Company and its subsidiaries. Should physical inventory counts be performed, amounts recorded as inventory on the Debtor's books and records could change materially. 2. The Debtor ceased operating its primary asset, the Mississippi Queen, on October 22, 2001. In connection therewith, the Debtor ceased recording depreciation and has not adjusted asset values pending the outcome of Chapter 11 proceedings. The Debtor has ceased recording lay-up accruals as it is currently in lay-up and is scheduled to be sold shortly thereafter. 3. The Debtor has been unable to negotiate acceptable contract terms with credit card processors other than its primary processor, Paymentech. Accordingly, the Debtor has written off prepetition receivables that cannot be processed for collection.