EX-99.4 6 g77172exv99w4.txt CAPE MAY LIGHT, L.L.C. MAY 2002 EXHIBIT 99.4 DEBTOR: CAPE MAY LIGHT, L.L.C. CASE NUMBER: 01-10961 (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: CAPE MAY LIGHT, L.L.C. CASE NUMBER: 01-10961 (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 12:48 PM Petty Cash Accounts Summary Cape May Light, L.L.C. UNAUDITED Cape May Light, LLC Case No: 01-10961 (JCA) 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 Classic Voyages Co. 0.00 0.00 No - No - No - Bank of America Account Account Account Account # - 0030 6982 7205 Closed Closed Closed Cape May Light Escrow 785,839.00 785,839.00 No - Account Is No - Account Is No US Dept of Transportation Under Control Under Control Maritime Administration Of Maritime Of Maritime Administration Administration - No Statements American Classic Voyages Co. 0.00 0.00 No - No - No - Bank of America Account Account Account Account # - 0041 6103 2379 Closed Closed Closed Cape May Light 0.00 0.00 No - No - Not No - Petty Cash No Activity A Bank No Activity Account
7-Jun-02 Receipts & Disbursements Attachment 2 12:48 PM Cape May Light, L.L.C. Summary Case No: 01-10961 (JCA) Cape May Light, LLC For Month Of May, 2002 Attach 2 No Receipts Or Disbursements Due To No Bank Activity Or Investment Accounts 7-Jun-02 Concentration & Investment Attachment 3 12:48 PM Account Statements Summary Cape May Light, L.L.C. Cape May Light, LLC Case No: 01-10961 (JCA) Attach 3 For Month Of May, 2002 No Statements Due To No Concentration Or Investment Accounts AMCV US SET OF BOOKS Date: 27-JUN-02 16:30:23 INCOME STATEMENT - ATTACHMENT 4 Page: 1 Current Period: MAY-02 currency USD Company=31 (CAPE MAY LIGHT)
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 266.09 Vessel Expenses 2,168.68 Layup/Drydock Expense 0.00 Vessel Insurance 9,628.09 ---------- Total Operating Expenses 12,062.86 ---------- Gross Profit (12,062.86) SG&A Expenses Sales & Marketing 0.00 Start-Up Costs 0.00 ---------- Total SG&A Expenses 0.00 ---------- EBITDA (12,062.86) Depreciation 0.00 ---------- Operating Income (12,062.86) Other Expense/(Income) Interest Income 0.00 Interest Expense 8,724.01 Equity in Earnings for Sub 0.00 Reorganization expenses 0.00 ---------- Total Other Expense/(Income) 8,724.01 ---------- Net Pretax Income/(Loss) (20,786.87) Income Tax Expense 0.00 ---------- Net Income/(Loss) (20,786.87) ==========
AMCV US SET OF BOOKS Date: 27-JUN-02 16:29:27 BALANCE SHEET - ATTACHMENT 5 Page: 1 Current Period: MAY-02 currency USD Company=31 (CAPE MAY LIGHT)
YTD-Actual YTD-Actual 31-May-02 22-Oct-01 ------------- ------------- ASSETS Cash and Equivalent 0.00 29,003.54 Restricted Cash 785,839.00 785,839.00 Accounts Receivable 6,235.46 15,651.15 Inventories 720,354.12 750,424.74 Prepaid Expenses 0.00 71,343.83 Other Current Assets 0.00 0.00 ------------- ------------- Total Current Assets 1,512,428.58 1,652,262.26 Fixed Assets 42,083,338.72 42,033,338.72 Accumulated Depreciation (550,825.00) (550,825.00) ------------- ------------- Net Fixed Assets 41,532,513.72 41,482,513.72 Net Goodwill 0.00 0.00 Intercompany Due To/From (12,524,587.00) (12,278,102.19) Net Deferred Financing Fees 2,495,066.95 2,559,333.82 Net Investment in Subsidiaries 0.00 0.00 ------------- ------------- Total Other Assets (10,029,520.05) (9,718,768.37) ------------- ------------- Total Assets 33,015,422.25 33,416,007.61 ============= =============
AMCV US SET OF BOOKS Date: 27-JUN-02 16:29:27 BALANCE SHEET - ATTACHMENT 5 Page: 2 Current Period: MAY-02 currency USD Company=31 (CAPE MAY LIGHT)
YTD-Actual YTD-Actual 31-May-02 22-Oct-01 ------------- ------------- LIABILITIES Accounts Payable 324.10 18,286.96 Accrued Liabilities 449,623.28 454,710.16 Deposits 0.00 0.00 ------------- ------------- Total Current Liabilities 449,947.38 472,997.12 Long Term Debt 0.00 0.00 Other Long Term Liabilities 0.00 0.00 ------------- ------------- Total Liabilities 449,947.38 472,997.12 OTHER Liabilities Subject to Compromise 39,927,754.81 39,937,580.57 ------------- ------------- Total Other 39,927,754.81 39,937,580.57 OWNER'S EQUITY Common Stock 0.00 0.00 Add'l Paid In Capital 0.00 0.00 Current Net Income (Loss) (272,198.96) (2,857,115.19) Retained Earnings (7,090,080.98) (4,137,454.89) ------------- ------------- Total Owner's Equity (7,362,279.94) (6,994,570.08) ------------- ------------- Total Liabilities & Equity 33,015,422.25 33,416,007.61 ============= =============
Cape May Light, LLC ATTACHMENT 6 01-10961 (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 657,443.89 -- 72.92 657,370.97 AMCV Cruise Operations, Inc. 01-10967 (8,119,626.84) -- 4,307.93 (8,123,934.77) The Delta Queen Steamboat Co. 01-10970 8,431,118.53 -- -- 8,431,118.53 DQSB II, Inc. 01-10974 (82.74) -- -- (82.74) Great AQ Steamboat, L.L.C. 01-10960 1,640,241.44 -- -- 1,640,241.44 Great Pacific NW Cruise Line, L.L.C. 01-10977 (5,380.67) -- -- (5,380.67) Great River Cruise Line, L.L.C. 01-10963 (33,543.95) -- -- (33,543.95) Great Ocean Cruise Line, L.L.C. 01-10959 (1,844.01) -- -- (1,844.01) Cruise America Travel, Incorporated 01-10966 (1,054,561.24) -- -- (1,054,561.24) Delta Queen Coastal Voyages, L.L.C. 01-10964 219,923.30 -- 7,682.01 212,241.29 Cape Cod Light, L.L.C. 01-10962 (8,675.31) -- -- (8,675.31) Project America, Inc. N/A (57,268.50) -- -- (57,268.50) Oceanic Ship Co. N/A 13,839.73 -- -- 13,839.73 Project America Ship II, Inc. N/A 412,316.64 -- -- 412,316.64 Ocean Development Co. 01-10972 (14,604,239.22) -- -- (14,604,239.22) Great Hawaiian Cruise Line, Inc. 01-10975 (8,411.75) -- -- (8,411.75) Great Hawaiian Properties Corporation 01-10971 4,188.00 -- -- 4,188.00 CAT II, Inc. 01-10968 2,038.56 -- -- 2,038.56 -------------- ----- --------- -------------- (12,512,524.14) -- 12,062.86 (12,524,587.00) ============== ===== ========= ==============
CAPE MAY LIGHT, L.L.C. CASE #: 01-10961 (JCA) ACCOUNTS RECEIVABLE RECONCILIATION AND AGING
DETAIL: 0-30 DAYS 31-60 DAYS 61-90 DAYS 91+ DAYS TOTAL Paymentech Credit Card Processor 6,235.46 6,235.46 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 6,235.46 6,235.46 ========= ========== ========== ======== ========
ATTACHMENT # 7 CAPE MAY LIGHT AP-STEAMER CHECKS 31-000-221300-00000 MAY-02 OUTSTANDING CHECKS: 1091 Multi-Marques 50.00 1162 K. McKnight-McRae's 100.00 1166 K. McKnight-Gordon's 100.00 1192 Donald Vivier-Capitol One 40.00 1195 Donald Vivier-Retailer Nat. Bank 20.00 1200 Joycelyn Owens-grats paid out 14.10 ------- Total per G/L: 324.10 =======
ATTACHMENT # 8 DEBTOR: CAPE MAY LIGHT, L.L.C. CASE NUMBER: 01-10961 (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 not been performed. Inventory amounts have been adjusted to amounts contained in the Debtor's computer systems. An evaluation of fuel inventory pricing has been performed and carrying values have been adjusted accordingly. 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 Cape May Light, 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. 4. Restricted cash represents escrowed proceeds from debt issued to finance the construction of the Cape May Light. The debt is guaranteed by, and the restricted cash is controlled by, the U.S. Maritime Administration. This account was last reconciled on October 22, 2001. The trustee has not provided to the Debtor additional information needed to reconcile the account since that date.