EX-99.3 5 g77172exv99w3.txt GREAT AQ STEAMBOAT, L.L.C. MAY 2002 EXHIBIT 99.3 DEBTOR: GREAT AQ STEAMBOAT, L.L.C. CASE NUMBER: 01-10960 (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 AQ STEAMBOAT, L.L.C. CASE NUMBER: 01-10960 (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 12:39 PM Petty Cash Accounts Summary Great AQ Steamboat, L.L.C. UNAUDITED Great AQ Case No: 01-10960 (JCA) Steamboat, 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 ------- ------------- ------------- ------------- ---------- ---------- American Queen Steamer 0.00 0.00 No - No - Not No - Hibernia No Activity Concentration No Activity Account # - 812-395-343 Account American Queen 0.00 0.00 No - Not A Bank No - Petty Cash No Activity Account No Activity
7-Jun-02 Receipts & Disbursements Attachment 2 12:42 PM Great AQ Steamboat, L.L.C. Summary Case No: 01-10960 (JCA) Great AQ Steamboat, LLC For Month Of May, 2002 Attach 2 No Receipts Or Disbursements Due To All Accounts Closed 7-Jun-02 Concentration & Investment Attachment 3 12:42 PM Account Statements Summary Great AQ Steamboat, L.L.C. Great AQ Case No: 01-10960 (EIK) Steamboat, 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 16:30:21 INCOME STATEMENT - ATTACHMENT 4 Page: 1 Current Period: MAY-02 currency USD Company=23 (AMERICAN 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 167.97 Vessel Expenses 6,831.31 Layup/Drydock Expense 0.00 Vessel Insurance 14,353.47 ------------- Total Operating Expenses 21,352.75 ------------- Gross Profit (21,352.75) SG&A Expenses Sales & Marketing 0.00 Start-Up Costs 0.00 ------------- Total SG&A Expenses 0.00 ------------- EBITDA (21,352.75) Depreciation 0.00 ------------- Operating Income (21,352.75) Other Expense/(Income) Interest Income 0.00 Interest Expense 1,091,147.10 Equity in Earnings for Sub 0.00 Reorganization expenses (16,160,925.91) ------------- Total Other Expense/(Income) (15,069,778.81) ------------- Net Pretax Income/(Loss) 15,048,426.06 Income Tax Expense 0.00 ------------- Net Income/(Loss) 15,048,426.06 =============
AMCV US SET OF BOOKS Date: 27-JUN-02 16:29:20 BALANCE SHEET - ATTACHMENT 5 Page: 1 Current Period: MAY-02 currency USD Company=23 (AMERICAN QUEEN)
YTD-Actual YTD-Actual 31-May-02 22-Oct-01 ------------- ------------- ASSETS Cash and Equivalent 0.00 27,915.55 Restricted Cash 0.00 0.00 Accounts Receivable 18,398.71 100,111.04 Inventories 0.00 436,746.94 Prepaid Expenses 0.00 1,126.00 Other Current Assets 0.00 189,129.97 ------------- ------------- Total Current Assets 18,398.71 755,029.50 Fixed Assets 0.00 76,449,630.83 Accumulated Depreciation 0.00 (23,703,366.77) ------------- ------------- Net Fixed Assets 0.00 52,746,264.06 Net Goodwill 0.00 0.00 Intercompany Due To/From 33,526,033.89 11,900,053.46 Net Deferred Financing Fees 0.00 561,110.86 Net Investment in Subsidiaries 0.00 0.00 ------------- ------------- Total Other Assets 33,526,033.89 12,461,164.32 ------------- ------------- Total Assets 33,544,432.60 65,962,457.88 ============= =============
AMCV US SET OF BOOKS Date: 27-JUN-02 16:29:20 BALANCE SHEET - ATTACHMENT 5 Page: 2 Current Period: MAY-02 currency USD Company=23 (AMERICAN QUEEN)
YTD-Actual YTD-Actual 31-May-02 22-Oct-01 ------------- ------------- LIABILITIES Accounts Payable 1,774.58 5,469.58 Accrued Liabilities 0.00 754,127.79 Deposits 0.00 25.00 ------------- ------------- Total Current Liabilities 1,774.58 759,622.37 Long Term Debt 0.00 0.00 Other Long Term Liabilities 0.00 0.00 ------------- ------------- Total Liabilities 1,774.58 759,622.37 OTHER Liabilities Subject to Compromise 2,341,087.01 48,583,115.71 ------------- ------------- Total Other 2,341,087.01 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) 14,765,919.71 (493,470.71) Retained Earnings 12,374,651.30 13,052,190.51 ------------- ------------- Total Owner's Equity 31,201,571.01 16,619,719.80 ------------- ------------- Total Liabilities & Equity 33,544,432.60 65,962,457.88 ============= =============
Great AQ ATTACHMENT 6 01-10954 (JCA) Steamboat, 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 22,408,601.79 -- 1,606.50 22,406,995.29 AMCV Cruise Operations, Inc. 01-10967 (22,850,855.07) -- 7,586.89 (22,858,441.96) The Delta Queen Steamboat Co. 01-10970 17,085,065.28 21,835,498.73 11,565.82 38,908,998.19 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) -- 621.81 (168,013.44) 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) ------------- ------------- --------- ------------- 11,711,916.18 21,835,498.73 21,381.02 33,526,033.89 ============= ============= ========= =============
GREAT AQ STEAMBOAT, L.L.C. CASE #: 01-10960 (JCA) 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 0.00 Discover Credit Card Processor 0.00 Diners Credit Card Processor 0.00 Travel Agents 0.00 Crew Member 0.00 --------- ---------- ---------- --------- --------- Total 0.00 0.00 0.00 18,398.71 18,398.71 ========= ========== ========== ========= =========
ATTACHMENT # 7 AMERICAN QUEEN AP-STEAMER CHECKS 23-000-221300-00000 MAY-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: 1,774.58 =========
ATTACHMENT # 8 DEBTOR: GREAT AQ STEAMBOAT, L.L.C. CASE NUMBER: 01-10960 (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 sale included the Debtor's primary asset, the American Queen, and all inventories. In connection therewith, the Debtor recorded a gain on disposition of $16.2 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 Maritime Administration ("Marad") held a secured lien against the American Queen. In order to release the lien and complete the sale, the Debtor agreed to a payoff amount with Marad. The payoff amount, which was withheld from the purchase price and remitted directly to Marad, included additional interest expense that had not previously been recorded by the Debtor. The Debtor recorded the additional interest expense in the current period.