EX-99.1 2 dex991.txt FINANCIAL INFORMATION EXHIBIT 99.1
------------------------------------------------------------------------------------------------------------------------------ CONVERSE INC. ------------------------------------------------------------------------------------------------------------------------------ Schedule of Cash Receipts & Disbursements Form MOR1 Actual Actual Actual Total ------------------------------------------------------------------------------------------------------------------------------ $=thousands 1/22-1/27 1/28-2/24 2/25-3/31 1/22-3/31 ------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------ JAN FEB MAR ------------------------------------------------------------------------------------------------------------------------------ CASH RECEIPTS: ------------------------------------------------------------------------------------------------------------------------------ Domestic Accounts 2,413 5887 10008 18,308 ------------------------------------------------------------------------------------------------------------------------------ Outlet Stores 255 1227 1533 3,015 ------------------------------------------------------------------------------------------------------------------------------ Int'l Distributors 2,315 1555 6839 10,709 ------------------------------------------------------------------------------------------------------------------------------ Subs- Europe 0 0 0 0 ------------------------------------------------------------------------------------------------------------------------------ Iberia 0 0 0 0 ------------------------------------------------------------------------------------------------------------------------------ Mexico 0 0 0 0 ------------------------------------------------------------------------------------------------------------------------------ Japan(CJI) 0 0 0 0 ------------------------------------------------------------------------------------------------------------------------------ Royalty Receipts 119 2411 385 2,915 ------------------------------------------------------------------------------------------------------------------------------ Other Receipts 127 116 243 ------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------ TOTAL RECEIPTS 5,102 11,207 18,881 35,190 ------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------ DISBURSEMENTS: ------------------------------------------------------------------------------------------------------------------------------ Accounts Payable ------------------------------------------------------------------------------------------------------------------------------ Raw Materials 69 188 111 368 ------------------------------------------------------------------------------------------------------------------------------ Duties/Customs 96 745 903 1,744 ------------------------------------------------------------------------------------------------------------------------------ Other Disbursements 14 920 1549 2,483 ------------------------------------------------------------------------------------------------------------------------------ Traffic 45 416 584 1,045 ------------------------------------------------------------------------------------------------------------------------------ Advertising/Mktg 0 287 75 362 ------------------------------------------------------------------------------------------------------------------------------ Player Contracts 0 59 42 101 ------------------------------------------------------------------------------------------------------------------------------ Rent 0 252 268 520 ------------------------------------------------------------------------------------------------------------------------------ Capital Expenditures 0 0 0 0 ------------------------------------------------------------------------------------------------------------------------------ Income/Frchise Tax Pmts 0 0 0 0 ------------------------------------------------------------------------------------------------------------------------------ Float Adjustment (224) (780) 214 (790) ------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------ Total Accounts Payable 0 2,087 3,746 5,833 ------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------ Foreign Fnshd Gds-L/C 1,141 6738 7665 15,544 ------------------------------------------------------------------------------------------------------------------------------ FFG-Open Acct 0 0 0 0 ------------------------------------------------------------------------------------------------------------------------------ Payroll 0 1605 2484 4,089 ------------------------------------------------------------------------------------------------------------------------------ Tax Payments 317 1053 1264 2,634 ------------------------------------------------------------------------------------------------------------------------------ Europe 0 0 0 0 ------------------------------------------------------------------------------------------------------------------------------ Mexico 0 0 0 0 ------------------------------------------------------------------------------------------------------------------------------ Japan 0 19 113 132 ------------------------------------------------------------------------------------------------------------------------------ Singapore 0 96 62 158 ------------------------------------------------------------------------------------------------------------------------------ Other 224 853 1190 2,267 ------------------------------------------------------------------------------------------------------------------------------ Restructuring Fees 0 65 52 117 ------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------ TOTAL CASH ------------------------------------------------------------------------------------------------------------------------------ DISBURSEMENTS 1,682 12,516 16,576 30,774 ------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------ NET CASH REC/DSB ------------------------------------------------------------------------------------------------------------------------------ BEFORE BA FIN 3,420 (1,309) 2,305 4,416 ------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------ Actual Actual Actual Total ------------------------------------------------------------------------------------------------------------------------------ 1/22-1/27 1/28-2/24 2/25-3/31 1/22-3/31 ------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------ ADD BA FINANCING 1,119 6,583 7,529 15,231 ------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------ LESS BA MATURITY 473 2,343 4,921 7,737 ------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------ NET CASH REC/DSB ------------------------------------------------------------------------------------------------------------------------------ AFTER BA FINANCING 4,066 2,931 4,913 11,910 ------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------ PAYROLL BKDWN. M 0 0 0 ------------------------------------------------------------------------------------------------------------------------------ (ACHed prior day T 0 0 0 ------------------------------------------------------------------------------------------------------------------------------ for value..) W 0 0 0 ------------------------------------------------------------------------------------------------------------------------------ Th 0 0 0 ------------------------------------------------------------------------------------------------------------------------------ F 0 0 0 ------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------ INTEREST/FEES: ------------------------------------------------------------------------------------------------------------------------------ BANKS 19 325 677 1,021 ------------------------------------------------------------------------------------------------------------------------------ NOTEHOLDERS 370 877 1,247 ------------------------------------------------------------------------------------------------------------------------------ CONVERTIBLE NOTES 0 ------------------------------------------------------------------------------------------------------------------------------ DIP FEE 393 393 ------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------ PROCEEDS SALE OF BLDG 0 0 ------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------ REVOLVER BALANCE 34,983 32747 29781 29781 ------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------ LETTERS OF CREDIT ------------------------------------------------------------------------------------------------------------------------------ ADD: 0 3397 4542 7,939 ------------------------------------------------------------------------------------------------------------------------------ SUBTRACT: 1,140 6736 7756 15,632 ------------------------------------------------------------------------------------------------------------------------------ TOTAL L/C 9,099 5760 2546 2546 ------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------ BA REFINANCING ------------------------------------------------------------------------------------------------------------------------------ ADD: 1,119 6583 7529 15,231 ------------------------------------------------------------------------------------------------------------------------------ SUBTRACT: 473 2342 4920 7,735 ------------------------------------------------------------------------------------------------------------------------------ TOTAL B/A REFI 11,345 15584 18193 18193 ------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------ STANDBY L/C 828 828 828 828 ------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------ TOTAL LINE UTILIS. 56,255 54920 51348 51348 ------------------------------------------------------------------------------------------------------------------------------
2 CONVERSE INC. CONSOLIDATED BALANCE SHEET CONVERSE INC. (DEBTOR) AND SUBSIDIARIES (NON-DEBTOR) JANUARY 2001 Ending Balance 1/27/01 --------------- ASSETS CURRENT ASSETS Cash and cash equivalents 2,558,772 Accounts receivables 33,775,523 Receivable from subsidiaries - Inventories 39,903,680 Prepaid expenses and other current assets 2,901,693 ------------ Total current assets 79,139,668 Net property, plant and equipment 5,953,382 Investment in subsidiaries - Other assets 10,513,887 ------------ 95,606,937 ============ LIABILITIES AND STOCKHOLDERS EQUITY (DEFICIENCY) Current liabilities: Credit facility 46,328,378 Current portion long-term debt 102,907,687 Notes payable (158,870) Accounts payable 40,783,999 Accrued expenses 16,710,215 Income taxes payable 6,339,566 ------------ Total current liabilities 212,910,975 Current assets in excess of reorganization value 23,892,791 Stockholders' equity (deficiency): Common stock 17,535,556 Additional paid in capital 4,449,390 Unearned compensation (245,010) Retained deficit (161,305,534) Cumulative currency translation adjustment (1,631,231) ------------ Total stockholders' equity (deficiency) (141,196,829) ------------ 95,606,937 ============ 3 CONVERSE INC. CONSOLIDATED INCOME STATEMENT CONVERSE INC. (DEBTOR) AND SUBSIDIARIES (NON-DEBTOR) MONTH OF JANUARY 2001 ------------------ Month of Jan. 2001 ------------------ Net revenue 13,840,786 Cost of sales 9,827,419 ------------------ Gross profit 4,013,367 Selling, general and administrative expenses 3,695,079 Royalty income 1,539,512 ------------------ Earnings from operations 1,857,800 Interest expense 2,069,775 Other (income) expense, net 606,396 ------------------ Net income before income tax (818,371) Income tax expense 228,815 ------------------ Net income (1,047,186) ================== 4