EX-99.13 15 g77172exv99w13.txt THE DELTA QUEEN STEAMBOAT CO. MAY 2002 EXHIBIT 99.13 DEBTOR: THE DELTA QUEEN STEAMBOAT COMPANY CASE NUMBER: 01-10970 (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: THE DELTA QUEEN STEAMBOAT COMPANY CASE NUMBER: 01-10970 (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 1:58 PM The Delta Queen Steamboat Co. Summary Case No: 01-10970 (JCA) UNAUDITED The Delta Queen Steamboat Co. For Month Of May, 2002
Balances --------------------------------- Receipts & Bank Opening Closing Disbursements Statements Account Account As Of 5/01/02 As Of 5/31/02 Included Included Reconciled ------- ------------- ------------- ------------- ---------- ---------- Delta Queen Controlled Disb 1,880.00 7,166.96 Yes Yes Yes Hibernia Account # - 542027373 Delta Queen Master Cash 128,924.83 250,991.17 Yes Yes Yes Hibernia Account # - 812-395-335 Delta Queen Payroll 21,560.90 58,433.00 Yes No - Not Yes Hibernia Concentration Account # - 812-395-289 Account The Delta Queen Steamboat Co. 0.00 0.00 No - No - No - LaSalle - Wealth Management Account Account Account Account # - TNE-043290 Closed Closed Closed The Delta Queen Steamboat Co. 0.00 0.00 No - No - No - AmSouth Account Account Account Account # - 19356307 Closed Closed Closed Delta Queen 0.00 0.00 No - No - No - LaSalle Account Account Account Account # - 5800155771 Closed Closed Closed DQ Credit Card 5,817.43 1,818.21 Yes No - Not Yes Bank One Concentration Account # - 552-0110062868 Account DQ Master Cash 0.00 0.00 No - No - No - Bank One Account Account Account Account # - 552-0110256700 Closed Closed Closed The Delta Queen Steamboat Co 70,786.19 120,808.76 Yes No - Not Yes Receipts Concentration Hibernia Account Account # - 882-390-047 The Delta Queen Steamboat Co 0.00 0.00 No - No - No - Receipts Account Account Account LaSalle Closed Closed Closed Account # - 5800155839
The Delta Queen Steamboat Co 1,025,906.60 0.00 Yes No - Not Yes Escrow Account Concentration LaSalle Account Account # - 62-8930-70-3 The Delta Queen Steamboat Co 0.00 750,000.00 Yes No - Not Yes Escrow Account - DQ/DN IDCC Concentration LaSalle Account Account # - 62-9003-40-1 The Delta Queen Steamboat Co 0.00 250,000.00 Yes No - Not Yes Escrow Account - DQ/DN - Seller Proration Concentration LaSalle Account Account # - 62-9003-42-7
28-Jun-02 Receipts & Disbursements Attachment 2-1 4:32 PM The Delta Queen Steamboat Co. R&D - Hibernia Case No: 01-10970 (JCA) UNAUDITED DQ Controlled Disb Hibernia Controlled Disbursements Account # - 542027373 1 May 02 - 31 May 02
Opening Balance - 1 May 02 1,880.00 Receipts 753,491.84 From The Delta Queen Steam Boat Co. - Hibernia - DQSC Master Cash - Account (812-395-335) (15,511.45) Reversal Back To The Delta Queen Steam Boat Co. - Hibernia - DQSC Master Cash - Account (812-395-335) ---------- 737,980.39 Total Receipts Disbursements (33,230.11) Crew Maintenance & Medical (223,710.38) Lay-Up (2,074.45) Office - Chicago (18,855.62) Office - NOLA (2,695.38) Office - Weston (34,994.90) Payroll Benefits (1,350.00) Coast Guard Fees (64,004.69) Professional Fees (6,958.40) Refunds (4,540.64) SG&A - Finance (3,170.98) SG&A - Hotel Ops (9,600.35) SG&A - HR (23,683.06) SG&A - IT (1,640.00) SG&A - Legal (284.50) SG&A - Marine Ops (3,846.25) SG&A - Passenger Services (10,056.16) SG&A - Risk (32,372.52) SG&A - Sales & Marketing (28,621.15) Start-Up - MQ (3,810.68) Vessel Ops - MQ (Pre-May 7) (6,753.43) Other Vessel Expense - Legal (25,583.86) Other Vessel Expense - Tie-Up ----------- (541,837.51) Total Disbursements (* See Footnote) Closing Balance - 31 May 02 7,166.96
*$190,855.92 Of Disbursements Not Reflected In Disbursements Above Due To Being Reimbursed By Buyer Of Assets At Closing. 28-Jun-02 Receipts & Disbursements Attachment 2-2 4:35 PM The Delta Queen Steamboat Co. R&D - Hibernia Case No: 01-10970 (JCA) UNAUDITED DQ Master Cash Hibernia DQ Master Cash Account # - 812-395-335 1 May 02 - 31 May 02
Opening Balance - 1 May 02 128,924.83 Receipts 2,050,000.00 From American Classic Voyages Co - Credit Suisse Asset Management - Account (247003452) 296,000.00 From AMCV Cruise Operations, Inc. - First Union - AMCV Cruise Ops Master Cash - Account (2090002602362) 400,762.61 From Cape May Light L.L.C. - Hibernia Investments L.L.C. - Cape May Light Security - Account (4R6-771783) 15,511.45 From The Delta Queen Steam Boat Co. - Hibernia - DQSC Contr. Disb. - Account (542027373) 353,543.74 Misc Deposits - Primarily FY 02 Voyage Deposits 84,601.80 From Great Ocean Cruise Line, L.L.C. MQ Petty Cash 3,200,419.60 Total Receipts ------------- 61,000.00 Disbursements (753,491.84) To The Delta Queen Steam Boat Co. - Hibernia - DQSC Contr. Disb. - Account (542027373) (75,000.00) To Great Ocean Cruise Line, L.L.C. - Hibernia MQ Steamer - Account (812-502-719) (210,000.00) To Great Ocean Cruise Line, L.L.C. MQ Petty Cash (122,233.45) To The Delta Queen Steam Boat Co. - LaSalle DQSC FMC Escrow - Account (62-8930-70-3) (13,627.22) 401K Payroll Payments (152.93) To American Classic Voyages Co. - Chase - AMCV Medical Benefits - Account (002-2-426522) (50,000.00) To The Delta Queen Steam Boat Co. - Hibernia - DQSC Receipts - Account (882-390-047) (710,000.00) To The Delta Queen Steam Boat Co. - Hibernia - DQ Payroll - Account (812-395-289) (410,000.00) To Great River Cruise Line, LLC - Hibernia - DQ Steamer - Account (812-395-270) (70,207.49) Insurance (453,564.50) Professional Fees (83.13) Bank Fees (23,920.00) I.T. Support (3,621.33) Employee Replacement Checks (253.39) U.P.S. -------------- (2,896,155.28) Total Disbursements (* See Footnote) Closing Balance - 31 May 02 250,991.17
*$182,197.98 Of Disbursements Not Reflected In Disbursements Above Due To Being Reimbursed By Buyer Of Assets At Closing. 28-Jun-02 Receipts & Disbursements Attachment 2-3 4:36 PM The Delta Queen Steamboat Co. R&D - Hibernia Case No: 01-10970 (JCA) UNAUDITED DQ Payroll Hibernia DQ Payroll Account # - 812-395-289 1 May 02 - 31 May 02
Opening Balance - 1 May 02 21,560.90 Receipts 710,000.00 From The Delta Queen Steam Boat Co. - Hibernia - DQSC Master Cash - Account (812-395-335) 50,000.00 From Great Ocean Cruise Line - Hibernia - MQ Steamer - Account (812-502-719) 2,121.33 ACH Reversal ---------- 762,121.33 Total Receipts Disbursements (635,998.59) Payroll - Wires & Checks ----------- (635,998.59) Total Disbursements (* See Footnote) Closing Balance - 31 May 02 58,433.00
* $89,250.64 Of Disbursements Not Reflected In Disbursements Above Due to Being Reimbursed By Buyer Of Assets At Closing. 28-Jun-02 Receipts & Disbursements Attachment 2-4 2:01 PM The Delta Queen Steamboat Co. R&D - BankOne Case No: 01-10970 (JCA) UNAUDITED DQ Credit Cards Bank One Delta Queen Credit Cards Account # - 552-0110062868 1 May 02 - 31 May 02
Opening Balance - 1 May 02 5,817.43 Receipts --------- 0.00 Total Receipts Disbursements (3,999.22) Bank Fees - Most To Be Reversed In June --------- (3,999.22) Closing Balance - 31 May 02 1,818.21
28-Jun-02 Receipts & Disbursements Attachment 2-5 4:40 PM The Delta Queen Steamboat Co. R&D - Hibernia Case No: 01-10970 (JCA) UNAUDITED DQSC Receipts Hibernia DQSC Receipts Account # - 882-390-047 1 May 02 - 31 May 02
Opening Balance - 1 May 02 70,786.19 Receipts 50,000.00 From The Delta Queen Steamboat Co - Hibernia - DQ Master Cash - Account (812-395-335) 99,036.35 Paymentech Return Of Refunds Erroneously Withdrawn Previously Credit Card Chargeback Reversals 145.62 Chargeback Reversals ---------- 149,181.97 Total Receipts Disbursements (456.65) Credit Card Processor Fees (904.77) Credit Card Chargeback ---------- (1,361.42) Total Disbursements (* See Footnote) Closing Balance - 31 May 02 120,808.76
* $97,797.98 Of Disbursements Not Reflected In Disbursements Above Due To Being Reimbursed By Buyer Of Assets At Closing. 28-Jun-02 Receipts & Disbursements Attachment 2-6 4:41 PM The Delta Queen Steamboat Co. R&D - LaSalle Case No: 01-10970 (JCA) UNAUDITED DQSC Escrow LaSalle DQSC Escrow Account # - 62-8930-70-3 1 May 02 - 31 May 02
Opening Balance - 1 May 02 1,025,906.60 Receipts 122,233.45 From The Delta Queen Steamboat Company - Hibernia - DQ Master Cash Account (812-395-335) 780.39 Interest Income ------------ 123,013.84 Total Receipts Disbursements ------------ 0.00 Total Disbursements (* See Footnote) Closing Balance - 31 May 02 0.00
*$1,148,920.44 Of Disbursements Not Reflected In Disbursements Above Due To Being Reimbursed By Buyer Of Assets At Closing. 28-Jun-02 Receipts & Disbursements Attachment 2-7 2:12 PM The Delta Queen Steamboat Co. R&D - LaSalle Case No: 01-10970 (JCA) UNAUDITED DQ-DN IDCC Escrow LaSalle DQ-DN IDCC Escrow Account # - 62-9003-40-1 1 May 02 - 31 May 02
Opening Balance - 1 May 02 0.00 Receipts 750,000.00 From Delaware North ---------- 750,000.00 Total Receipts Disbursements ---------- 0.00 Total Disbursements Closing Balance - 31 May 02 750,000.00
28-Jun-02 Receipts & Disbursements Attachment 2-7 2:14 PM The Delta Queen Steamboat Co. R&D - LaSalle Case No: 01-10970 (JCA) UNAUDITED DQ-DN Seller proration Escrow LaSalle DQ-DN Seller Proration Escrow Account # - 62-9003-42-7 1 May 02 - 31 May 02
Opening Balance - 1 May 02 0.00 Receipts 250,000.00 From Delaware North ---------- 250,000.00 Total Receipts Disbursements ---------- 0.00 Total Disbursements Closing Balance - 31 May 02 250,000.00
AMCV US SET OF BOOKS Date: 27-JUN-02 16:30:33 INCOME STATEMENT - ATTACHMENT 4 Page: 1 Current Period: MAY-02 currency USD Company=20 (DELTA QUEEN STEAM CO)
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 Sales & Marketing 0.00 Start-Up Costs 0.00 ------------ Total SG&A Expenses 0.00 ------------ EBITDA 0.00 Depreciation 40,399.04 ------------ Operating Income (40,399.04) Other Expense/(Income) Interest Income 0.00 Equity in Earnings for Sub 2,685,831.01 Reorganization expenses 2,077,283.11 ------------ Total Other Expense/(Income) (608,547.90) ------------ Net Pretax Income/(Loss) 568,148.86 Income Tax Expense 0.00 ------------ Net Income/(Loss) 568,148.86 ============
AMCV US SET OF BOOKS Date: 27-JUN-02 16:29:41 BALANCE SHEET - ATTACHMENT 5 Page: 1 Current Period: MAY-02 currency USD Company=20 (DELTA QUEEN STEAM CO)
YTD-Actual YTD-Actual 31-May-02 22-Oct-01 ------------- ------------- ASSETS Cash and Equivalent 288,200.93 2,494,983.63 Restricted Cash 1,000,000.00 0.00 Accounts Receivable 264,161.02 0.00 Inventories 0.00 840,779.06 Prepaid Expenses 0.00 13,147.33 Other Current Assets 0.00 0.00 ------------- ------------- Total Current Assets 1,552,361.95 3,348,910.02 Fixed Assets 0.00 8,202,345.75 Accumulated Depreciation 0.00 (5,195,800.16) ------------- ------------- Net Fixed Assets 0.00 3,006,545.59 Net Goodwill 0.00 0.00 Intercompany Due To/From 42,151,633.02 37,437,552.28 Net Deferred Financing Fees 0.00 5,434.15 Net Investment in Subsidiaries 33,288,180.97 33,999,708.26 ------------- ------------- Total Other Assets 75,439,813.99 71,442,694.69 ------------- ------------- Total Assets 76,992,175.94 77,798,150.30 ============= =============
AMCV US SET OF BOOKS Date: 27-JUN-02 16:29:41 BALANCE SHEET - ATTACHMENT 5 Page: 2 Current Period: MAY-02 currency USD Company=20 (DELTA QUEEN STEAM CO)
YTD-Actual YTD-Actual 31-May-02 22-Oct-01 ------------- ------------- LIABILITIES Accounts Payable 0.00 0.00 Accrued Liabilities 2,302,416.76 0.00 Deposits 0.00 0.00 ------------- ------------- Total Current Liabilities 2,302,416.76 0.00 Long Term Debt 0.00 0.00 Other Long Term Liabilities 9,993,779.93 9,993,779.93 ------------- ------------- Total Liabilities 12,296,196.69 9,993,779.93 OTHER Liabilities Subject to Compromise 577,835.68 577,835.68 ------------- ------------- Total Other 577,835.68 577,835.68 OWNER'S EQUITY Common Stock 1,000.00 1,000.00 Add'l Paid In Capital 33,564,332.71 33,564,332.71 Current Net Income (Loss) (2,237,384.62) (2,866,520.92) Retained Earnings 32,790,195.48 36,527,722.90 ------------- ------------- Total Owner's Equity 64,118,143.57 67,226,534.69 ------------- ------------- Total Liabilities & Equity 76,992,175.94 77,798,150.30 ============= =============
The Delta Queen Steamboat Co. 01-10970 (JCA) ATTACHMENT 6 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 American Classic Voyages Co. 01-10954 (6,324,564.18) 22,302.71 - (6,302,261.47) AMCV Cruise Operations, Inc. 01-10967 102,596,577.85 35,681,482.88 4,413,407.03 133,864,653.70 Great AQ Steamboat, L.L.C. 01-10960 (17,085,065.28) 11,565.82 21,835,498.73 (38,908,998.19) Great Pacific NW Cruise Line, L.L.C. 01-10977 (8,422,821.07) 6,418.44 - (8,416,402.63) Great River Cruise Line, L.L.C. 01-10963 (6,758,836.66) 1,078,422.25 4,741,570.12 (10,421,984.53) Great Ocean Cruise Line, L.L.C. 01-10959 (17,986,662.31) 7,829,192.16 7,478,139.95 (17,635,610.10) Cruise America Travel, Incorporated 01-10966 309,751.39 79,602.43 132,850.00 256,503.82 Delta Queen Coastal Voyages, L.L.C. 01-10964 (519,611.16) 14,128.56 400,541.48 (906,024.08) Cape Cod Light, L.L.C. 01-10962 (1,404,059.37) - - (1,404,059.37) Cape May Light, L.L.C. 01-10961 (8,431,118.53) - - (8,431,118.53) Project America, Inc. N/A (2,935,356.03) 1,008.00 - (2,934,348.03) Oceanic Ship Co. N/A (136,810.43) - - (136,810.43) Project America Ship I, Inc. N/A 255,723.41 - - 255,723.41 Project America Ship II, Inc. N/A (142,646.25) - - (142,646.25) Ocean Development Co. 01-10972 2,214,633.49 - - 2,214,633.49 Great Hawaiian Cruise Line, Inc. 01-10975 (7,057.02) - - (7,057.02) Great Hawaiian Properties Corporation 01-10971 1,247,073.77 - - 1,247,073.77 American Hawaii Properties Corporation 01-10976 43,550.29 - - 43,550.29 Great Independence Ship Co. 01-10969 (83,084.83) - - (83,084.83) CAT II, Inc. 01-10968 (100.00) - - (100.00) --------------------------------------------------------------------- 36,429,517.08 44,724,123.25 39,002,007.31 42,151,633.02 =====================================================================
THE DELTA QUEEN STEAMBOAT COMPANY CASE #: 01-10970 (JCA) ACCOUNTS RECEIVABLE RECONCILIATION AND AGING
DETAIL: 0-30 DAYS 31-60 DAYS 61-90 DAYS 91+ DAYS TOTAL Paymentech Credit Card Processor 8,199.26 8,199.26 American Express Credit Card Processor 0.00 Discover Credit Card Processor 0.00 Diners Credit Card Processor 0.00 Travel Agents 0.00 Delaware North Companies 255,961.76 255,961.76 ---------- ----------- ----------- ---------- ---------- Total 264,161.02 0.00 0.00 0.00 264,161.02 ========== =========== =========== ========== ==========
ATTACHMENT # 7 The Delta Queen Steamboat Company 01-10970 (JCA) Accounts Payable Detail As of May 31, 2002 Attachment 8 Not Applicable DEBTOR: THE DELTA QUEEN STEAMBOAT COMPANY CASE NUMBER: 01-10970 (JCA) PRELIMINARY 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. 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. The Debtor completed a sale of its fixed assets and inventories on May 31, 2002. In connection therewith, the Debtor recorded a loss on disposition of $2.1 million. This amount, which is included in reorganization expenses, is an estimate that will be adjusted when the Debtor receives a final allocation of the purchase price from the Purchaser. The asset purchase agreement allows the Purchaser sixty days to provide an allocation between the purchased assets. 2. The asset sale has resulted in several timing differences that have been reflected on the Debtor's books. Pursuant to the asset purchase agreement, a $1 million escrow has been set-up. A receivable has been established for monies due from the Purchaser subject to final calculation of all closing adjustments. An accrual has been recorded in the amount of $1.9 million to reflect fees and commission incurred in connection with the sale. 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.