EX-99.1 3 g77172exv99w1.txt AMERICAN CLASSIC VOYAGES CO. MAY 2002 EXHIBIT 99.1 DEBTOR: AMERICAN CLASSIC VOYAGES CO. CASE NUMBER: 01-10954 (JCA) MONTHLY OPERATING REPORT AS OF MAY 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 May Monthly Operating Report (Attachments 1 through 9) and, to the best of my knowledge, these documents are true, correct, and complete. /s/ STEVE MOELLER ---------------------- Steve Moeller Director, Accounting DEBTOR: AMERICAN CLASSIC VOYAGES CO. CASE NUMBER: 01-10954 (JCA) MONTHLY OPERATING REPORT AS OF MAY 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 May Monthly Operating Report 28-Jun-02 Summary Of Bank And Investment Accounts Attachment 1 2:46 PM American Classic Voyages Co Summary Case No: 01-10954 (JCA) UNAUDITED American Classic For Month Of May, 2002 Voyages Co
Balances ------------------------------- Receipts & Bank Opening Closing Disbursements Statements Account Account As Of 5/01/02 As Of 5/31/02 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 0.00 5,020.40 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 0.00 0.00 No - No - No - PAC Account Account Account LaSalle Bank Closed Closed Closed Account # - 2355882 American Classic Voyages Co 4,549,322.15 36,351,784.01 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
28-Jun-02 Receipts & Disbursements Attachment 2-1 3:59 PM American Classic Voyages R&D - Chase - Case No: 01-10954 (JCA) UNAUDITED AMCV Med Ben Chase AMCV Medical Benefits Account # - 002-2-426522 1 May 02 - 31 May 02 Opening Balance - 1 May 02 0.00 Receipts 152.93 From The Delta Queen Steamboat Company - Hibernia - DQ Master Cash Account (812-395-335) 5,020.40 From United Healthcare (Reversal) -------- 5,173.33 Total Receipts Disbursements (152.93) To United Healthcare -------- (152.93) Total Disbursements Closing Balance - 31 May 02 5,020.40
28-Jun-02 Receipts & Disbursements Attachment 2-2 2:53 PM American Classic Voyages R&D - Credit Case No: 01-10954 (JCA) UNAUDITED Suisse Investment Credit Suisse Account Investment Account Account # - 247003452 1 May 02 - 31 May 02 Opening Balance - 1 May 02 4,549,322.15 Receipts 33,847,410.87 Sale Proceeds 5,050.99 Interest Earned ------------- 33,852,461.86 Total Receipts Disbursements (2,050,000.00) To The Delta Queen Steamboat Company - Hibernia - DQ Master Cash Account (812-395-335) ------------- (2,050,000.00) Total Disbursements Closing Balance - 31 May 02 36,351,784.01
AMCV US SET OF BOOKS Date: 27-JUN-02 16:19:40 INCOME STATEMENT - ATTACHMENT 4 Page: 1 Current Period: MAY-02 currency USD Company=10 (AMCV)
PTD-Actual 31-May-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 351,027.10 Sales & Marketing 0.00 Start-Up Costs 0.00 ------------ Total SG&A Expenses 351,027.10 ------------ EBITDA (351,027.10) Depreciation 13,928.82 ------------ Operating Income (364,955.92) Other Expense/(Income) Interest Income (6,317.19) Interest Expense 21,683.13 Equity in Earnings for Sub (7,819,454.62) Reorganization expenses 576,546.09 ------------ Total Other Expense/(Income) 8,411,366.65 ------------ Net Pretax Income/(Loss) (8,776,322.57) Income Tax Expense 0.00 ------------ Net Income/(Loss) (8,776,322.57) ============
AMCV US SET OF BOOKS Date: 27-JUN-02 16:29:06 BALANCE SHEET - ATTACHMENT 5 Page: 1 Current Period: MAY-02 currency USD Company=10 (AMCV)
YTD-Actual YTD-Actual 31-May-02 19-Oct-01 -------------- -------------- ASSETS Cash and Equivalent 36,351,783.16 10,343,248.25 Restricted Cash 0.00 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 126,493.48 0.00 Other Current Assets 0.00 0.00 -------------- -------------- Total Current Assets 40,157,193.38 14,022,502.14 Fixed Assets 4,979,716.68 4,979,716.68 Accumulated Depreciation (4,602,341.22) (4,497,369.91) -------------- -------------- Net Fixed Assets 377,375.46 482,346.77 Net Goodwill 79,265.96 81,420.64 Intercompany Due To/From 236,656,664.11 265,726,906.60 Net Deferred Financing Fees 3,251,377.18 3,408,954.89 Net Investment in Subsidiaries 28,407,072.75 48,551,297.73 Other Non Current Assets 0.00 109,986.54 -------------- -------------- Total Other Assets 268,394,380.00 317,878,566.40 -------------- -------------- Total Assets 308,928,948.84 332,383,415.31 ============== ==============
AMCV US SET OF BOOKS Date: 27-JUN-02 16:29:06 BALANCE SHEET - ATTACHMENT 5 Page: 2 Current Period: MAY-02 currency USD Company=10 (AMCV)
YTD-Actual YTD-Actual 31-May-02 19-Oct-01 -------------- -------------- LIABILITIES Accounts Payable 0.00 0.00 Accrued Liabilities 1,650,228.36 1,089,864.63 Deposits 0.00 0.00 -------------- -------------- Total Current Liabilities 1,650,228.36 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 (1,571,754.05) (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) (20,546,391.09) (40,694,620.74) Retained Earnings (74,020,467.00) (29,645,295.60) -------------- -------------- Total Owner's Equity 110,082,192.34 134,309,134.09 -------------- -------------- Total Liabilities & Equity 308,928,948.84 332,383,415.31 ============== ==============
American Classics ATTACHMENT 6 01-10954 (JCA) Voyages Co. Summary List of Due To/ Due From Accounts For the Month Ended May 31, 2002
BEGINNING ENDING AFFILIATE NAME CASE NUMBER BALANCE DEBITS CREDITS BALANCE AMCV Cruise Operations, Inc. 01-10967 80,160,257.79 3,204,520.62 34,670,835.12 48,693,943.29 The Delta Queen Steamboat Co. 01-10970 6,324,564.18 -- 22,302.71 6,302,261.47 DQSB II, Inc. 01-10974 22,836.06 -- -- 22,836.06 Great AQ Steamboat, L.L.C. 01-10960 (22,408,601.79) 1,606.50 -- (22,406,995.29) Great Pacific NW Cruise Line, L.L.C. 01-10977 (15,481,864.66) 3,410.46 -- (15,478,454.20) Great River Cruise Line, L.L.C. 01-10963 6,701,911.57 897.51 -- 6,702,809.08 Great Ocean Cruise Line, L.L.C. 01-10959 (29,630,103.62) 56,681.49 -- (29,573,422.13) 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 (657,443.89) 72.92 -- (657,370.97) Project America, Inc. N/A (29,154,390.86) -- -- (29,154,390.86) Oceanic Ship Co. N/A 41,570,650.91 -- 1,680.00 41,568,970.91 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 3,571,229.75 -- -- 3,571,229.75 Great Hawaiian Properties Corporation 01-10971 (51,110,970.59) -- -- (51,110,970.59) American Hawaii Properties Corporation 01-10976 2,485,515.74 -- -- 2,485,515.74 Great Independence Ship Co. 01-10969 24,948,774.58 -- -- 24,948,774.58 CAT II, Inc. 01-10968 15,959,416.62 -- -- 15,959,416.62 -------------- ------------ ------------- -------------- 268,084,292.44 3,267,189.50 34,694,817.83 236,656,664.11 ============== ============ ============= ==============
American Classic Voyages Co. 01-10954 (JCA) Accounts Receivable Aging As of May 31, 2002 Attachment 7 Not Applicable American Classic Voyages Co. 01-10954 (JCA) Accounts Payable Detail As of May 31, 2002 Attachment 8 Not Applicable DEBTOR: AMERICAN CLASSIC VOYAGES CO. CASE NUMBER: 01-10954 (JCA) MONTHLY OPERATING REPORT AS OF MAY 31, 2002 AND FOR THE MONTH THEN ENDED ATTACHMENT 9 NOTES TO MAY 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. Accounts Receivable 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 cash proceeds of $33.8 million from sale of assets by some of the Debtors were received on May 31, 2002. The proceeds will be transferred to the appropriate Debtor after final calculation of all closing costs and declaration of the purchase price allocation by the purchaser.