EX-99.2 4 g77172exv99w2.txt GREAT OCEAN CRUISE LINE, L.L.C. MAY 2002 EXHIBIT 99.2 DEBTOR: GREAT OCEAN CRUISE LINE, L.L.C. CASE NUMBER: 01-10959 (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: GREAT OCEAN CRUISE LINE, L.L.C. CASE NUMBER: 01-10959 (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 7-Jun-02 Summary Of Bank, Investment & Attachment 1 12:18 PM Petty Cash Accounts Summary Great Ocean Cruise Line, L.L.C. UNAUDITED Great Ocean Case No: 01-10959 (JCA) Cruise Line, LLC 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 ------- ------------- ------------- ------------- ---------- ---------- Mississippi Queen Steamer 100,000.00 48,196.81 Yes No - Not Yes Hibernia Concentration Account # - 812-502-719 Account Mississippi Queen 0.00 0.00 Yes Not A Bank Yes Petty Cash Account
28-Jun-02 Receipts & Disbursements Attachment 2-1 4:15 PM Great Ocean Cruise Line, L.L.C. R&D - Hibernia - Case No: 01-10959 (JCA) UNAUDITED MQ Steamer Hibernia Mississippi Queen Steamer Account Account # - 812-502-719 1 May 02 - 31 May 02 Opening Balance - 1 May 02 100,000.00 Receipts 75,000.00 From The Delta Queen Steamboat Company - Hibernia - Master Cash Account (812-395-335) ---------- 75,000.00 Total Receipts Disbursements ---------- 0.00 Total Disbursements (* See Footnote) Closing Balance - 31 May 02 48,196.81
* $126,803.19 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 1:01 PM Great Ocean Cruise Line, L.L.C. R&D - MQ - Petty Cash Case No: 01-10959 (JCA) UNAUDITED Mississippi Queen Petty Cash Account # - NA 1 May 02 - 31 May 02 Opening Balance - 1 May 02 0.00 Receipts 210,000.00 From The Delta Queen Steamboat Company - Hibernia - Master Cash Account (812-395-335) ---------- 210,000.00 Total Receipts Disbursements ---------- 0.00 Total Disbursements (* See Footnote) Closing Balance - 31 May 02 0.00
* $210,000 Of Disbursements Not Reflected In Disbursements Above Due To Being Reimbursed By Buyer Of Assets At Closing. 7-Jun-02 Concentration & Investment Attachment 3 12:31 PM Account Statements Summary Great Ocean Cruise Line, L.L.C. Great Ocean Case No: 01-10959 (JCA) Cruise Line, LLC For Month Of May, 2002 Attach 3 No Statements Due To No Concentration Or Investment Accounts AMCV US SET OF BOOKS Date: 27-JUN-02 17:31:03 INCOME STATEMENT - ATTACHMENT 4 Page: 1 Current Period: MAY-02 currency USD Company=21 (MISSISSIPPI QUEEN)
PTD-Actual 31-May-02 ------------ Revenue Gross Revenue (1,272.25) Allowances 115,961.33 ------------ Net Revenue 114,689.08 Operating Expenses Air 0.00 Hotel 0.00 Commissions 0.00 Onboard Expenses 43,203.92 Passenger Expenses 2,961.60 Vessel Expenses (32,925.21) Layup/Drydock Expense 0.00 Vessel Insurance 13,090.10 ------------ Total Operating Expenses 26,330.41 ------------ Gross Profit 88,358.67 SG&A Expenses Sales & Marketing 0.00 Start-Up Costs 289,847.84 ------------ Total SG&A Expenses 289,847.84 ------------ EBITDA (201,489.17) Depreciation 0.00 ------------ Operating Income (201,489.17) Other Expense/(Income) Interest Income 0.00 Equity in Earnings for Sub 0.00 Reorganization expenses 5,643,435.79 ------------ Total Other Expense/(Income) 5,643,435.79 ------------ Net Pretax Income/(Loss) (5,844,924.96) Income Tax Expense 0.00 ------------ Net Income/(Loss) (5,844,924.96) ============
AMCV US SET OF BOOKS Date: 27-JUN-02 16:29:13 BALANCE SHEET - ATTACHMENT 5 Page: 1 Current Period: MAY-02 currency USD Company=21 (MISSISSIPPI QUEEN)
YTD-Actual YTD-Actual 31-May-02 22-Oct-01 ------------- ------------- ASSETS Cash and Equivalent 31,878.22 91,427.94 Restricted Cash 0.00 0.00 Accounts Receivable 27,274.85 61,448.42 Inventories 0.00 387,173.50 Prepaid Expenses 0.00 9,438.70 Other Current Assets 0.00 (14,555.00) ------------- ------------- Total Current Assets 59,153.07 534,933.56 Fixed Assets 0.00 32,530,486.54 Accumulated Depreciation 0.00 (22,994,750.57) ------------- ------------- Net Fixed Assets 0.00 9,535,735.97 Net Goodwill 0.00 0.00 Intercompany Due To/From 21,754,996.22 19,836,574.32 Net Deferred Financing Fees 0.00 0.00 Net Investment in Subsidiaries 0.00 0.00 ------------- ------------- Total Other Assets 21,754,996.22 19,836,574.32 ------------- ------------- Total Assets 21,814,149.29 29,907,243.85 ============= =============
AMCV US SET OF BOOKS Date: 27-JUN-02 16:29:13 BALANCE SHEET - ATTACHMENT 5 Page: 2 Current Period: MAY-02 currency USD Company=21 (MISSISSIPPI QUEEN)
YTD-Actual YTD-Actual 31-May-02 22-Oct-01 ------------- ------------- LIABILITIES Accounts Payable 1,826.90 9,423.11 Accrued Liabilities 0.00 935,232.90 Deposits 0.00 0.00 ------------- ------------- Total Current Liabilities 1,826.90 944,656.01 Long Term Debt 0.00 0.00 Other Long Term Liabilities 0.00 0.00 ------------- ------------- Total Liabilities 1,826.90 944,656.01 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) (6,632,407.44) (984,131.23) Retained Earnings 21,206,142.72 22,548,071.66 ------------- ------------- Total Owner's Equity 19,144,735.28 26,134,940.43 ------------- ------------- Total Liabilities & Equity 21,814,149.29 29,907,243.85 ============= =============
Great American Cruise ATTACHMENT 6 01-10954 (JCA) Line, LLC 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 29,630,103.62 151.50 56,832.99 29,573,422.13 AMCV Cruise Operations, Inc. 01-10967 (21,632,478.01) 1,000,901.60 1,402,197.00 (22,033,773.41) The Delta Queen Steamboat Co. 01-10970 17,986,662.31 7,203,329.32 7,554,381.53 17,635,610.10 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 10,219.55 212,020.45 212,020.45 10,219.55 Great River Cruise Line, L.L.C. 01-10963 (242,859.89) 27,733.16 288,824.02 (503,950.75) Cruise America Travel, Incorporated 01-10966 (2,953,907.27) 4,171,666.50 4,171,666.50 (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 Cruise Line, Inc. 01-10975 (37,394.43) -- -- (37,394.43) Great Hawaiian Properties Corporation 01-10971 (34,964.32) -- -- (34,964.32) Great Independence Ship Co. 01-10969 (2,195.09) -- -- (2,195.09) ------------- ------------- ------------- ------------- 22,825,116.18 12,615,802.53 13,685,922.49 21,754,996.22 ============= ============= ============= =============
GREAT OCEAN CRUISE LINE, L.L.C. CASE #: 01-10959 (JCA) 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 0.00 Discover Credit Card Processor 0.00 Diners Credit Card Processor 0.00 Travel Agents 0.00 ---------- ----------- ----------- --------- --------- Total 0.00 0.00 0.00 27,274.85 27,274.85 ========== =========== =========== ========= =========
ATTACHMENT # 7 MISSISSIPPI QUEEN AP-STEAMER CHECKS 21-000-221300-00000 MAY-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: 1,826.90 =========
ATTACHMENT # 8 DEBTOR: GREAT OCEAN CRUISE LINE, L.L.C. CASE NUMBER: 01-10959 (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 assets on May 31, 2002 (the "Close date"). The sale included the Debtor's primary asset, the Mississippi Queen, and all inventories. In connection therewith, the Debtor recorded a loss on disposition of $5.6 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 Mississippi Queen resumed voyage sailing on May 7, 2002 (the "Cut-off date"). Pursuant to the asset purchase agreement, the revenue and expenses from the Cut-off date to the Close date accrued to the benefit of the Purchaser. The revenue and expenses are not reflected herein on Attachment 4 and the cash disbursements for such expenses were not reflected herein on Attachment 2. 3. As part of the asset sale, the Purchaser reimbursed the Debtor for credit card commission previously incurred which benefited future voyages. The Debtor recorded a credit to commission expense to reflect this reimbursement.