EX-99.3 5 g75742ex99-3.txt GREAT AQ STEAMBOAT - MARCH 02 OPERATING REPORT EXHIBIT 99.3 DEBTOR: GREAT AQ STEAMBOAT, L.L.C. CASE NUMBER: 01-10960 (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 AQ STEAMBOAT, L.L.C. CASE NUMBER: 01-10960 (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 9:06AM & Petty Cash Accounts Summary Great AQ Steamboat, L.L.C. Great AQ Case No: 01-10960 (EIK) UNAUDITED Steamboat, 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 ------- ------------- ------------- ------------- ------------- ---------- American Queen Steamer 10,000.00 100,000.00 Yes No - Not Yes Hibernia Concentration Account # - 812-395-343 Account American Queen 0.00 0.00 No - Not A Bank No - Petty Cash No Activity Account No Activity
16-Apr-02 9:07AM Receipts & Disbursements Attachement 2-1 R&D - Hibernia Great AQ Steamboat, L.L.C. - AQ Steamer Case No: 01-10960 (EIK) UNAUDITED Hibernia American Queen Steamer Account Account # - 812-395-343 1 March 02 - 31 March 02 Opening Balance - 1 Mar 02 10,000.00 Receipts 90,000.00 From The Delta Queen Steamboat Company - Hibernia - DQ Master Cash Account (812-395-335) ---------- 90,000.00 Total Receipts Disbursements ---------- 0.00 Total Disbursements Closing Balance - 31 Mar 02 100,000.00 16-Apr-02 9:08AM Concentration & Investment Account Statements Attachment 3 Summary Great AQ Steamboat, L.L.C. Great AQ Case No: 01-10960 (EIK) Steamboat, LLC For Month Of March, 2002 Attach 3 No Statements Due To No Concentration Or Investment Accounts AMCV US SET OF BOOKS Date: 19-APR-02 08:27:28 INCOME STATEMENT - ATTACHMENT 4 Page: 1 Current Period: MAR-02 currency USD Company=23 (AMERICAN QUEEN)
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 (5,152.00) Passenger Expenses (9,619.21) Vessel Expenses 54,803.40 Layup/Drydock Expense 0.00 Vessel Insurance 68,988.41 ---------- Total Operating Expenses 109,020.60 ---------- Gross Profit (109,020.60) SG&A Expenses Sales & Marketing 0.00 Start-Up Costs 0.00 ---------- Total SG&A Expenses 0.00 ---------- EBITDA (109,020.60) Depreciation 0.00 ---------- Operating Income (109,020.60) Other Expense/(Income) Interest Income 0.00 Interest Expense 21,296.70 Equity in Earnings for Sub 0.00 Reorganization expenses 0.00 ---------- Total Other Expense/(Income) 21,296.70 ---------- Net Pretax Income/(Loss) (130,317.30) Income Tax Expense 0.00 ---------- Net Income/(Loss) (130,317.30) ==========
AMCV US SET OF BOOKS Date: 18-APR-02 17:03:57 BALANCE SHEET - ATTACHMENT 5 Page: 1 Current Period: MAR-2 currency USD Company=23 (AMERICAN QUEEN)
YTD-Actual YTD-Actual 31-Mar-02 22-Oct-01 ------------- ------------- ASSETS Cash and Equivalent 100,000.00 27,915.55 Restricted Cash 0.00 0.00 Accounts Receivable 18,533.71 100,111.04 Inventories 376,419.95 436,746.94 Prepaid Expenses 0.00 1,126.00 Other Current Assets 89,641.06 189,129.97 ------------- ------------- Total Current Assets 584,594.72 755,029.50 Fixed Assets 76,449,630.83 76,449,630.83 Accumulated Depreciation (23,703,366.77) (23,703,366.77) ------------- ------------- Net Fixed Assets 52,746,264.06 52,746,264.06 Net Goodwill 0.00 0.00 Intercompany Due To/From 11,638,521.24 11,900,053.46 Net Deferred Financing Fees 547,992.28 561,110.86 Net Investment in Subsidiaries 0.00 0.00 ------------- Total Other Assets 12,186,513.52 12,461,164.32 ------------- ------------- Total Assets 65,517,372.30 65,962,457.88 ============= =============
AMCV US SET OF BOOKS Date: 18-APR-02 17:03:57 BALANCE SHEET - ATTACHMENT 5 Page: 2 Current Period: MAR-2 currency USD Company=23 (AMERICAN QUEEN)
YTD-Actual YTD-Actual 31-Mar-02 19-Oct-01 ------------- ------------- LIABILITIES Accounts Payable 1,774.58 5,469.58 Accrued Liabilities 731,294.50 754,127.79 Deposits 0.00 25.00 ------------- ------------- Total Current Liabilities 733,069.08 759,622.37 Long Term Debt 0.00 0.00 Other Long Term Liabilities 0.00 0.00 ------------- ------------- Total Liabilities 733,069.08 759,622.37 OTHER Liabilities Subject to Compromise 48,582,746.01 48,583,115.71 ------------- ------------- Total Other 48,582,746.01 48,583,115.71 OWNER'S EQUITY Common Stock 1,000.00 1,000.00 Add'l Paid In Capital 4,060,000.00 4,060,000.00 Current Net Income (Loss) (234,094.09) (493,470.71) Retained Earnings 12,374,651.30 13,052,190.51 ------------- Total Owner's Equity 16,201,557.21 16,619,719.80 ------------- ------------- Total Liabilities & Equity 65,517,372.30 65,962,457.88 ============= =============
BEGINNING ENDING AFFILIATE NAME CASE ID # BALANCE DEBITS CREDITS BALANCE American Classic Voyages Co. 01-10954 22,410,666.55 485.75 -- 22,411,152.30 AMCV Cruise Operations, Inc. 01-10967 (22,771,729.84) -- 60,947.23 (22,832,677.07) The Delta Queen Steamboat Co. 01-10970 17,101,370.49 39,922.57 150,351.23 16,990,941.83 DQSB II, Inc. 01-10974 (919.60) -- -- (919.60) Great Pacific NW Cruise Line, L.L.C 01-10977 5,552.79 -- -- 5,552.79 Great River Cruise Line, L.L.C 01-10963 (167,391.63) -- -- (167,391.63) Great Ocean Cruise Line, L.L.C 01-10959 (14,507.47) -- -- (14,507.47) Cruise America Travel, Incorporated 01-10966 (3,165,198.27) -- -- (3,165,198.27) Delta Queen Coastal Voyages, L.L.C 01-10964 144,264.37 -- -- 144,264.37 Cape Cod Light, L.L.C 01-10962 (500,000.00) -- -- (500,000.00) Cape May Light, L.L.C 01-10961 (1,640,241.44) -- -- (1,640,241.44) Project America, Inc. N/A (15,864.24) -- -- (15,864.24) Oceanic Ship Co. N/A (7,408.30) -- -- (7,408.30) Project America Ship I, Inc. N/A 459,787.19 -- -- 459,787.19 Great Hawaiian Properties Corporation 01-10971 (22,591.38) -- -- (22,591.38) American Hawaii Properties Corporation 01-10976 (1,496.24) -- -- (1,496.24) Great Independence Ship Co. 01-10969 (4,881.60) -- -- (4,881.60) ----------------------------------------------------------------- 11,809,411.38 40,408.32 211,298.46 11,638,521.24 =================================================================
GREAT AQ STEAMBOAT, L.L.C. CASE #: 01-10960 (EIK) ACCOUNTS RECEIVABLE RECONCILIATION AND AGING
DETAIL: 0-30 DAYS 31-60 DAYS 61-90 DAYS 91+ DAYS TOTAL Paymentech Credit Card Processor 18,398.71 18,398.71 American Express Credit Card Processor -- Discover Credit Card Processor -- Diners Credit Card Processor -- Travel Agents -- Crew Member 135.00 135.00 ----------------------------------------------------------------------- Total -- 135.00 -- 18,398.71 18,533.71 =======================================================================
ATTACHMENT # 7 AMERICAN QUEEN AP-STEAMER CHECKS 23-000-221300-00000 MARCH-02
OUTSTANDING CHECKS: 17707 Tashanda Morreno-Amber Hensley 60.00 17732 Peter Levaneur-Sally Ralicki 100.00 17768 Bryant Johnson-Kenshell Lang 80.00 17779 Mark King-Rosa Trumble 170.00 17820 Joe Willett-NARP 28.00 17827 B. Grisham-AG Edwards 100.00 17828 Mark King 340.00 17837 Daniel Smith-Anastastia Jones 75.00 17848 J. Hill-Neurosurgical Specialties 117.00 17850 E. Newman- R. Ryan 250.00 17851 Louis Ford-SJ Beaulieau 225.00 17852 Jocelyn Beasley-Payoff Voucher 95.47 17853 Ben Vandeven 17.18 17854 Matt Copeland 16.93 17863 Julia Hill-Sears 100.00 Total per G/L: 1774.58 =======
ATTACHMENT # 8 DEBTOR: GREAT AQ STEAMBOAT, L.L.C. CASE NUMBER: 01-10960 (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 not been performed. Inventory amounts have been adjusted to amounts contained in the Debtor's computer systems. An evaluation of fuel inventory pricing has been performed and carrying values have been adjusted accordingly. 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. 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. The Debtor ceased operating its primary asset, the American Queen, on October 22, 2001. In connection therewith, the Debtor ceased accruing for its next scheduled lay-up, ceased recording depreciation, and has not adjusted related lay-up accrual or asset values pending the outcome of Chapter 11 proceedings. 4. 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.