EX-99.20 22 g77172exv99w20.txt GREAT PACIFIC NW CRUISE LINE, L.L.C. MAY 2002 EXHIBIT 99.20 DEBTOR: GREAT PACIFIC NW CRUISE LINE, L.L.C. CASE NUMBER: 01-10977 (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 PACIFIC NW CRUISE LINE, L.L.C. CASE NUMBER: 01-10977 (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
SUMMARY OF BANK, INVESTMENT & PETTY CASH ACCOUNTS ATTACHMENT 1 GREAT PACIFIC NW CRUISE LINE, L.L.C. CASE NO: 01-10977 (JCA) UNAUDITED FOR MONTH OF MAY, 2002 SUMMARY GREAT PACIFIC NW CRUISE LINE, LLC
BALANCES --------------------------------- RECEIPTS & BANK OPENING CLOSING DISBURSEMENTS STATEMENTS ACCOUNT ACCOUNT AS OF 5/01/02 AS OF 5/31/02 INCLUDED INCLUDED RECONCILED ------- ------------- ------------- ------------- ---------- ---------- Great Pacific NW Cruise Line 0.00 0.00 No - No - No - Payroll Account Account Account U.S. Bank Closed Closed Closed Account # - 153390417191 Great Pacific NW Cruise Line 0.00 0.00 No - No - No - Steamer Account Account Account U.S. Bank Closed Closed Closed Account # - 153390417191 Great Pacific NW Cruise Line 0.00 0.00 No - No - Not No - Columbia Queen Petty Cash No Activity Concentration No Activity Account
RECEIPTS & DISBURSEMENTS ATTACHMENT 2 GREAT PACIFIC NW CRUISE LINE, L.L.C. CASE NO: 01-10977 (JCA) FOR MONTH OF MAY, 2002 SUMMARY GREAT PACIFIC NW CRUISE LINE, LLC No Receipts Or Disbursements Due To All Accounts Closed CONCENTRATION & INVESTMENT ACCOUNT STATEMENTS ATTACHMENT 3 GREAT PACIFIC NW CRUISE LINE, L.L.C. CASE NO: 01-10977 (JCA) FOR MONTH OF MAY, 2002 SUMMARY GREAT PACIFIC NW CRUISE LINE, LLC No Statements Due To No Concentration Or Investment Accounts AMCV US SET OF BOOKS Date: 27-JUN-02 16:30:38 INCOME STATEMENT - ATTACHMENT 4 Page: 1 Current Period: MAY-02 currency USD Company=24 (COLUMBIA QUEEN)
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 10,931.54 Layup/Drydock Expense 0.00 Vessel Insurance 6,418.44 ----------- Total Operating Expenses 17,349.98 ----------- Gross Profit (17,349.98) SG&A Expenses Sales & Marketing 0.00 Start-Up Costs 0.00 ----------- Total SG&A Expenses 0.00 ----------- EBITDA (17,349.98) Depreciation 0.00 ----------- Operating Income (17,349.98) Other Expense/(Income) Interest Income 0.00 Interest Expense 9,013.14 Equity in Earnings for Sub 0.00 Reorganization expenses 0.00 ----------- Total Other Expense/(Income) 9,013.14 ----------- Net Pretax Income/(Loss) (26,363.12) Income Tax Expense 0.00 ----------- Net Income/(Loss) (26,363.12) ===========
AMCV US SET OF BOOKS Date: 27-JUN-02 16:29:52 BALANCE SHEET - ATTACHMENT 5 Page: 1 Current Period: MAY-02 currency USD Company=24 (COLUMBIA QUEEN)
YTD-Actual YTD-Actual 31-May-02 22-Oct-01 -------------- -------------- ASSETS Cash and Equivalent 0.00 31,623.21 Restricted Cash 0.00 0.00 Accounts Receivable 2,632.21 11,425.61 Inventories 173,958.61 199,562.38 Prepaid Expenses 0.00 2,800.00 Other Current Assets 0.00 0.00 -------------- -------------- Total Current Assets 176,590.82 245,411.20 Fixed Assets 45,093,524.95 45,093,524.95 Accumulated Depreciation (1,870,234.50) (1,870,234.50) -------------- -------------- Net Fixed Assets 43,223,290.45 43,223,290.45 Net Goodwill 0.00 0.00 Intercompany Due To/From (10,092,169.65) (9,983,225.62) Net Deferred Financing Fees 2,478,614.22 2,545,011.02 Net Investment in Subsidiaries 0.00 0.00 -------------- -------------- Total Other Assets (7,613,555.43) (7,438,214.60) -------------- -------------- Total Assets 35,786,325.84 36,030,487.05 ============== ==============
AMCV US SET OF BOOKS Date: 27-JUN-02 16:29:52 BALANCE SHEET - ATTACHMENT 5 Page: 2 Current Period: MAY-02 currency USD Company=24 (COLUMBIA QUEEN)
YTD-Actual YTD-Actual 31-May-02 22-Oct-01 -------------- -------------- LIABILITIES Accounts Payable 235.00 180.00 Accrued Liabilities 330,121.68 331,444.68 Deposits 0.00 0.00 -------------- -------------- Total Current Liabilities 330,356.68 331,624.68 Long Term Debt 0.00 0.00 Other Long Term Liabilities 0.00 0.00 -------------- -------------- Total Liabilities 330,356.68 331,624.68 OTHER Liabilities Subject to Compromise 37,788,314.80 37,792,814.64 -------------- -------------- Total Other 37,788,314.80 37,792,814.64 OWNER'S EQUITY Common Stock 0.00 0.00 Add'l Paid In Capital 0.00 0.00 Current Net Income (Loss) (147,439.83) 18,578.51 Retained Earnings (2,184,905.81) (2,112,530.78) -------------- -------------- Total Owner's Equity (2,332,345.64) (2,093,952.27) -------------- -------------- Total Liabilities & Equity 35,786,325.84 36,030,487.05 ============== ==============
Great Pacific NW Cruise Line, LLC ATTACHMENT 6 01-10977 (JCA) 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 15,481,864.66 -- 3,410.46 15,478,454.20 AMCV Cruise Operations, Inc. 01-10967 (9,424,393.70) -- 4,761.08 (9,429,154.78) The Delta Queen Steamboat Co. 01-10970 8,422,821.07 -- 6,418.44 8,416,402.63 DQSB II, Inc. 01-10974 (339.49) -- -- (339.49) Great AQ Steamboat, L.L.C 01-10960 (5,552.79) -- -- (5,552.79) Great River Cruise Line, L.L.C 01-10963 (2,052.08) -- 2,760.00 (4,812.08) Great Ocean Cruise Line, L.L.C 01-10959 (10,219.55) 1,420.00 1,420.00 (10,219.55) Cruise America Travel, Incorporated 01-10966 (674,733.24) -- -- (674,733.24) Delta Queen Coastal Voyages, L.L.C 01-10964 118,887.26 -- -- 118,887.26 Cape May Light, L.L.C 01-10961 5,380.67 -- -- 5,380.67 Project America, Inc. N/A (27,500.00) -- -- (27,500.00) Oceanic Ship Co. N/A 1,701.33 -- -- 1,701.33 Project America Ship I, Inc. N/A 291,567.65 -- -- 291,567.65 Ocean Development Co. 01-10972 (24,185,738.20) -- -- (24,185,738.20) Great Hawaiian Properties Corporation 01-10971 (66,513.26) -- -- (66,513.26) -------------- -------- --------- -------------- (10,074,819.67) 1,420.00 18,769.98 (10,092,169.65) ============== ======== ========= ==============
GREAT PACIFIC NW CRUISE LINE, L.L.C. CASE #: 01-10977 (EIK) ACCOUNTS RECEIVABLE RECONCILIATION AND AGING
DETAIL: 0-30 DAYS 31-60 DAYS 61-90 DAYS 91+ DAYS TOTAL --------- ---------- ---------- -------- -------- Paymentech Credit Card Processor 2,632.21 2,632.21 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 2,632.21 2,632.21 ========= ========== ========== ======== ========
ATTACHMENT # 7 COLUMBIA QUEEN AP-STEAMER CHECKS 24-000-221300-00000 MAY-02 OUTSTANDING CHECKS: 1566 K Tinnin (American Express) 180.00 1611 Charles Saporiti 55.00 ------- TOTAL PER G/L: 235.00 =======
ATTACHMENT # 8 DEBTOR: GREAT PACIFIC NW CRUISE LINE, L.L.C. CASE NUMBER: 01-10977 (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. 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 now 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. 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 Columbia 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.